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0270 ORDINANCE NO. 270 AN ORD IN~NCE AUTNORIZING THE ISSUANCE OF $400,000 GENERAL OBLIGATION BONDS. WHEREAS, pursuant to an election held in the City of Southlake, Texas, on the 19th day of December, 1981, this City Council became authorized to issue general obligation bonds in the amount of $600,000 for the purpose of constructing permanent waterworks system improvements, revenue bonds in the amount of $500,000 for the purpose of constructing permanent waterworks system i~)rovements, general obligation bonds in the amount of $50,000 for the purpose of acquiring a site for an elevated water storage facility and water well, genera] obligation bonds in the amount of $]00,000 for purchasing fire fighting equipment, and general obligation bonds in the amount of $250,000 for constructing improvements to fhe City }]all; and ~{EREAS, this City Council now deems it in the best interest of said City to issue general obligation bonds in the principal amount of $400,000, of which total $50,000 will be used to purc}~ase ]and to be used as a site for an elevated water storage facility and wa~:cr well, $100,000 wJl] be used to purchase fire ~iqhting equJlomcnt and $250,000 will be used to construct improvements to the City Hall, all as authorized at the aforesaid election; now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS: That the bonds of said City, to be known as "CITY OF SOUTHLAKE, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1982", be issued under and in strict conformity with the Constitution and ]aws of the State of Texas, including particularly Articles 823 and 835n, V.A.T.C.S., in the principal amount of Four Hundred Thousand Dollars ($400,000), of which total sum $50,000 will be used for acquirin~ land to be used as a site for an additional elevated water storage facility and water well (beinq improvements to the City's Waterworks System), $100,000 will be used to purchase fire fighting equipment and $250,000 wi/] be used to construct permanent imorovements to the City Hall of the City. That said bonds sha!l be numbered consecutively from One (1) to Eighty (80), both inclusive, each in the denomination of Five Thousand Dollars ($5,000), aggregating the principal sum of Four Hundred Thousand Dollars ($400,000). That said bonds shall be dated February 1, 1982, shall become due and payable serially on February 1 in each of the years and shall bear interest in accordance with the following schedule: BONDS NOS. DATE OF INTEREST (Both Incl.) MATURITY RATES AMOUNT ] 1983 14.00% $ 5,000 2 1904 14.00% 5,000 3 ]985 14.00% 5,000 4 1986 14.00% 5,000 5 1987 14.00% 5,000 6 1988 14.00% 5,000 7 1989 14.00% 5,000 8 1990 14.00% 5,000 9 - 10 1991 14.00% 10,000 ]1 - 18 1992 14.00% 40,000 ]9 27 1993 14.00% 45,000 28 - 38 1994 ]3.00% 55,000 39 - 50 1995 13.25% 60,000 5] - 64 1996 13.40% 70,000 65 - 80 ]997 13.50% 80,000 PROVIDED, HOWEIfER, that the City reserves the right to redeem the bonds of this series maturing in the years 1995 and thereafter, in whole or any part thereof, in inverse numerical order, on February 1, 1994, or on any interest payment date thereafter, at the price o~ par plus accrued interest to the date fixed for redemption, PROVIDED FURTHER, that at least thirty (30) days prior to a date any of said bonds are to be redeemed, a notice of redemption, signed by the City Secretary (specifying the serial numbers and amounts of bonds to be redeemed) shall be filed with the paying agent named in each of said bonds; and if by the date so fixed for redemption the City shall have made available funds in amounts sufficient to pay the bonds to be redeemed and accrued interest thereon, any bond or bonds not presented for redemption pursuant to such notice shall cease to bear interest from and after the date so fixed for redemption. That said bonds shall each bear interest per annum from their date until paid at the per annum rates shown above; said interest shall be payable on February 1, 1983, and semi-annually thereafter on August 1 and February 1 in each year while said bonds, or any of them, are outstanding, which interest shall be evidenced by Drooer COUpOns attached to each of said bonds. That the principal of and interest on said bonds shall be payable, without exchange or collection charges to the holder, at the First National Bank of Grapevine, Grapevine, Texas, in lawful money of the United States of America, upon presentation and surrender of b~3nd or proper interest coupons, as they severally mature. VI. That, in accordance with the provisions of Article 717j-1, as amended, Vernon's Revised Civil Statutes of Texas, each of said bonds shall be executed by the imprinted or impressed facsimile signature of the Mayor, and shall be countersigned by the imprinted or impressed facsimile signature of the City Secretary; that each of the interest coupons annexed to such bonds shall be executed by the imprinted or impressed facsimile signatures of said Mayor and City Secretary; that such imprinted or impressed facsimile signatures shall have the same effect as iF each such bond and interest coupon had been manually signed by each of said officials; that the City Secretary is hereby authorized to cause the seal of said City to be imprinted or impressed in facsimile on each of said bonds; and that the imprinting or impression of the seal of the City in facsimile on each of said bonds shall have the same legal effect as the imprinting or impression of the seal of the City on each of said bonds. That the registration certificate of the Comptroller of Public Accounts of the State of Texas (which certificate is to be imprinted on the back of each of said bonds as provided for hereinafter in Section IX of this ordinance) shall be manually signed by the Comptroller or by a Deputy designated in writing to act ~or said C©mptro]ler. VII. That the form of each of said bonds shall be substantially as follows, to-wit: NO. $ 5,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF SOUTHLAKE, TEXAS, GENERAL OBLIGATION BOND, SERIES 1982 KNOW ALL MEN BY THESE PRESENTS: That the City of Sou%hlake, Texas (the "City"), a municipal corporation duly incorporated under the laws of the Stale of Texas, FOR VALUE RECEIVED, acknowledges itself indebted to and hereby promises to Day to bearer lIVE THOUSAND DOLLARS ($5,000) in lawful money of the Unlted States of America, on the 1st day of February, 19 , with interest thereon from date hereof at the rate of Percent ( %) per annum; interest payable on February 1, 1983~ and semi-annually thereafter on August 1 and February 1 of each year, upon presentation of bond or proper annexed interest coupon as they severally mature. BOTH PRINCIPAL OF AND INTEREST ON this bond are hereby made payable, without e×change or collection charges to the holder, at the First National Bank of Grapevine, Grapevine, Texas, and for the DromDt payment thereof at maturity, ~he full fait~, credit and resources of the City are hereby irrevocably pledged. THIS BOND is one of a series of Eighty (80) bonds, numbered consecutively from One (1) to Eighty (80), both inclusive, each in the denomination of Five Thousand Dollars ($5,000), aggregating Four Hundred Thousand Dollars ($400,000), issued for the purpose of making waterworks system improvements, purchasing fire fighting equipment and improving the City Hall, in and for said City, under and in strict confirmity with the Constitution and laws of the State of Texas, and in pursuance of an ordinance passed by the City Council of said City, which ordinance is of reccrd in the minutes of said City Council. AS SPECIFIED in the ordinance hereinabove mentioned, the City reserves the right to redeem the bonds of said series maturing in the years 1995 and thereafter, in whole or any part thereof, in inverse nLmerical order, on February 1, 1994, or on any interest payment date thereafter, at the price of par plus accrued interest to the date fixed for redemption; PROVIDED, HOWEVER, that at ]east thirty (30) days prior to a date any of said bonds are to be redeemed, a notice of redemption, signed by the City Secretary (specifying the serial numbers and amounts of bonds to be redeemed) shall have been filed with the paying agent bank; and if by the date so fixed for redemption the City shall have made available funds in amounts sufficient to pay the bonds to be redeemed and accrued interest thereon, any bond or bonds not presented for redemption pursuant to such notice shall cease to bear interest from and after the date so fixed for redemption. THE DATE of this bond, in conformity with the ordinance above referred to, is February 1, 1982. IT IS HEREBY CERTIFIED AND RECITED that the issuance of this bond, and the series of which it is a part, is duly authorized by law and by a majority vote of the resident qualified electors of the City, voting at an election held for that purpose within the City on December 19, 1981; that all acts, conditions and things required to be done precedent to and in the issuance of this series of bonds and of this bond have been properly done, performed and have happened in due time, form and manner, as required by law; that sufficient and proper provision for the levy and collection of taxes has been made, which taxes, when collected, shall be appropriated exclusively to the payment of this bond, and to the series of which it is a part, and to the payment of the interest coupons thereto annexed as the same shall become due, and that the total indebtedness of said City, including this bond and the entire series of which it is a part, does not exceed any Constitutional or statutory limitation. IN WITNESS ~EREOF, the City of Southlake, Texas, by its City Council, has caused its corporate seal to be imprinted or ~mDressed hereon in facsimile, and this bond to be executed by imprinting or impressing hereon the facsimile signature of the Mayor, and countersigned by imDrinting or impressing hereon the facsimile signature of the City Secretary; and the interest coupons attached hereto to be executed by the imprinted or impressed facsimile signatures of said Mayor and City Secretary (in accordance with the provisions of Article 717j-1, as amended, Revised Civil Statutes of Texas), as of the date of this bond, the 1ST DAY OF FEBRUARY, 1982. (SEAL OF CITY) VIII. That the form of the interest coupons shall be substantially as follows, to-wit: ON THE 1ST DAY OF , 19 , unless the bond to which this coupon pertains has been properly called for redemption in accordance with its terms, the City of Southlake, Texas, promises to pay to bearer, without exchange or collection charges to the holder, at the First National Bank of Grapevine, Grapevine, Texas, the amount shown hereon in lawful money of the United States of America, being the interest due that day on CITY OF SOUTHLAKE, TEXAS, GENERAL OBLIGATION BOND, SERIES 1982, dated February 1, 1982, Bond No. IX. That the bonds authorized herein being a public security which, under the laws of the State of Texas, is required to be registered by the Comptrol]er of Public Accounts o~ the State of Texas, accordingly there shall be printed on the back of each of said bonds substantially the following certificate, which as to the registration of each of said bonds by the Comptroller of Public Accounts of the State of Texas, shall be manually signed by the Comp~roller or by a deputy designated in writing to act for said Comptroller: OFFICE OF THE STATE COPiPTROLLER ~ REGISTER NO. STATE OF TEXAS ~ I HEREBY CERTIEY that there is on file and of record in my office a certificate of the Attorney General of the State of Texas to the effect that this bond has been examined by him as required by law and that he finds this bond has been issued in conformity with the Constitution and laws of the State of Texas and that it is a valid and binding obligation upon said City of Southlake, Texas, and said bond has this day been registered by me. WITNESS MY HAND AND SEAL OF OFFICE AT AUSTIN, TEXAS, this Comptroller of Public Accounts of the State of Texas That to provide for the payment of the debt service requirements on the said bonds, being (i) the interest on said bonds, and (ii) a sinking fund for their redemption at maturity or a sinking fund of 2% (whichever amount shall be greater), there shall be and there is hereby levied for the current year and each succeeding year thereafter while said bonds or interest thereon shall remain outstanding and unpaid, a sufficient tax on each One Hundred Dollars valuation of taxable property in said City adequate to pay such debt service requirements, full allowance being made for delinquencies and costs of collection; said tax shall be assessed and collected each year and applied to the payment of the said debt service requirements. The taxes so levied shall be paid into a fund known as "SPECIAL SERIES 1982 GENERAL OBLIGATION BOND FUND" which is hereby established for the payment of the obligations herein authorized. The City Council hereby declares its purpose and intent to provide and levy a tax legally and fully sufficient for such bonds, it having been determined that the existing and available taxing authority of the City for such purpose is adequate to permit a legally and fully sufficient tax in consideration of all other outstanding obligations. XI. That the City hereby covenants that the proceeds from the sale of said bonds will be used as soon as practicable for the purposes for which said bonds are issued; that such proceeds will not be invested in any securities or obligations except for the temporary period pending such use; and that such proceeds will not be used directly or indirectly so as to cause all or any part of the said bonds to be or become "arbitrage bonds" within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings prescribed or made pursuant thereto. That the Mayor of the City of Southlake, Texas, shall be and he is hereby authorized to take and have charge of all necessary records pending investigation by the Attorney General of Texas, and shall take and have charge and control of the bonds herein author]zed pending approval by said Attorney General and registration by the Comptroller of Public Accounts of the State of Texas. After the records and bonds have been approved by said Attorney General, the bonds shall be delivered to the Comptroller of Public Accounts. for registration, and said Comptroller of Public Accounts is hereby authorized to deliver the registered bonds to First City National Bank, Austin, , Texas, where they will be taken up and paid for by the purchaser. That the bid of Rauscher Pierce Refsnes, Inc. for the bonds herein authorized, at the price of par and accrued interest to date of delivery, plus a cash premium of $ having been heretofore accepted, sale of said bonds to said purchaser shall be and the same is hereby confirmed; and the Mayor and City Secretary are hereby authorized, directed and instructed to do all things necessary to deliver said bonds to said purchaser at and for the aforesaid price. That the purchaser above named, having purchased the bonds herein authorized, subject to the final approving opinion of Messrs. Dumas, Huguenin, Boothman & Morrow, Attorneys at Law, approving the validity of such bonds, which approving opinion is to be dated as of the date of delivery of and payment for said bonds herein authorized, the printing of a true and correct copy of said approving opinion on the reverse side of each of said bonds with an appropriate certificate pertaining thereto, executed by the facsimile signature of the City Secretary is hereby approved and authorized. XV. CUSIP numbers may be printed on the bonds herein authorized. It is expressly provided, however, that the presence or absence of CUSIP numbers on the bonds shall be of no significance or effect as regards the legality thereof and neither the City nor attorneys approving said bonds as to legality are to be held responsible for CUSIP numbers incorrectly printed on the bonds. PASSED, ADOPTED AND APPROVED on this, the t6th day of March, 19~2. ~ ATT.ST: City Secretary (SF~.L OF CITY)