HomeMy WebLinkAbout1982-1392 - Ordinance - 11/16/1982ORDINANCE NO. 1392
ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND
DELIVERY OF THE CITY'S $6,590,000 GENERAL
OBLIGATION BONDS, SERIES II 1982, PROVIDING THE
DETAILS RELATING THERETO AND PROVIDING THAT
SAID ORDINANCE SHALL BE EFFECTIVE
IMMEDIATELY UPON ITS ADOPTION
WHEREAS, pursuant to an election duly called and
held in the City of College Station, Texas (the "City "), on
April 4, 1981, the City Council of the City was authorized
to issue General Obligation Bonds of the City in the aggre-
gate principal amount of $10,795,000 for the following
purposes and amounts respectively:
$5,760,000 for the purpose of constructing
improvements to the streets of the City, including
necessary drainage in connection therewith;
$1,805,000 for the purpose of constructing r
purchasing public building g
$2,080,000 for the purpose of improving the
existing public parks in the City; and
$1,150,000 for the purpose of purchasing land
for park purposes; and
WHEREAS, the City Council of the City has previously
authorized the issuance and sale of a first installment of
said bonds, designated as the City's General Obligation
Bonds, Series 1981, in the aggregate principal amount of
$1,500,000, of which $1,165,000 was issued for the purpose
of constructing improvements to the streets of the City,
including necessary drainage in connection therewith; $240,000
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for the purpose of constructing or purchasing public build-
ings; and $95,000 for the purpose of improving the existing
public parks in the City; and
WHEREAS, the City Council of the City has pre-
viously authorized the issuance and sale of a second install-
ment of said bonds, designated as the City's General Obligation
Bonds, Series 1982, in the aggregate principal amount of
$2,705,000, of which $1,150,000 was issued for the purpose
of constructing improvements to the streets of the City,
including necessary drainage in connection therewith; $1,005,000
for the purpose of constructing or purchasing public buildings;
and $550,000 for the purpose of improving the existing
public parks in the City; and
WHEREAS, the City Council of the City has determined
that it is necessary to issue a third and final installment
of said bonds for the purposes and in the amounts, respectively,
as follows: $3,445,000 for the purpose of constructing
improvements to the streets of the City, including necessary
drainage in connection therewith, constituting all of the
remaining bonds authorized for such purpose; $560,000 for
the purpose of constructing or purchasing public buildings,
constituting all of the remaining bonds authorized for such
purpose; $1,435,000 for the purpose of improving the exist-
ing public parks in the City, constituting all of the remain-
ing bonds authorized for such purpose; and $1,150,000 for
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the purpose of purchasing land for park purposes, consti-
tuting all of the bonds authorized for such purpose; and
WHEREAS, the City Council desires to proceed with
the authorization, issuance and sale of said bonds; there-
fore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
COLLEGE STATION:
Section 1: That the coupon bonds of the City of
College Station, Texas, to be known and designated as "CITY
OF COLLEGE STATION, TEXAS, GENERAL OBLIGATION BONDS, SERIES II
1982" (the "Bonds "), are hereby authorized to be issued in
the aggregate principal amount of $6,590,000 for the purpose
of making the following permanent public improvements,
r to -wit:
$3,445,000 (out of $5,760,000 authorized) for
the purpose of constructing improvements to
the streets in the City, including necessary
drainage in connection therewith, consti-
tuting all of the remaining bonds authorized
for such purpose; $560,000 (out of $1,805,000
authorized) for the purpose of constructing
or purchasing public buildings, constituting
all of the remaining bonds authorized for
such purpose; $1,435,000 (out of $2,080,000
authorized) for the purpose of improving the
existing public parks in the City, consti-
tuting all of the remaining bonds authorized
for such purpose; and $1,150,000 (out of
$1,150,000 authorized) for the purpose of
purchasing land for park purposes, consti-
tuting all of the bonds authorized for such
purpose;
under and by virtue of the Constitution and laws of the
State of Texas and as authorized at the bond election held
in the City on the 4th day of April, 1981.
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Section 2: That the Bonds shall be dated November 15,
1982, shall be numbered consecutively from 1 through 1,318,
shall be in the denomination of $5,000 each, and shall
mature and become due and payable serially on February 15 in
each of the years and in the amounts specified in the following
schedule:
Year
Amount
Year
Amount
1984
$290,000
1993
$475,000
1985
300,000
1994
475,000
1986
300,000
1995
475,000
1987
300,000
1996
475,000
1988
300,000
1997
475,000
1989
300,000
1998
475,000
1990
300,000
1999
475,000
1991
300,000
2000
475,000
1992
400,000
Provided, however, that the City reserves the
right to redeem, in whole or in part, all of the Bonds maturing
in the years 1993 through 2000 on February 15, 1992, or any
interest payment date thereafter by paying the principal
thereof and accrued interest thereon. If less than all of
the Bonds then outstanding are called for redemption, then
the Bonds shall be called in inverse numerical order.
Notice of such redemption shall be given in writing to the
University National Bank, College Station, Texas, at least
thirty (30) days prior to the date fixed for redemption and
written notice shall also be given by publishing a copy of
said notice in a financial publication of general circula-
tion in the United States one (1) time at least thirty (30)
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days prior to the date fixed for redemption. Any bond or
bonds called for redemption, due provision for the payment
of which having been timely made, shall cease to bear interest
from and after the date fixed for redemption.
Section 3: That the Bonds shall bear interest per
annum from their date until maturity, unless called sooner
for prior redemption
in accordance with the
provisions
hereof, at the following rates:
Year of Interest
Year of
Interest
Maturity
Rate
Maturity
Rate
1984
11.00%
1993
9.20%
1985
11.00%
1994
9.40%
1986
11.00%
1995
9.60%
1987
11.00%
1996
9.80%
1988
11.00%
1997
10.00%
1989
11.00%
1998
10.10%
1990
9.10%
1999
10.20%
1991
9.00%
2000
9.00%
1992
9.00%
with said interest to be evidenced by interest coupons
payable on August 15,
1983, and
semiannually
thereafter on
each February 15 and
August 15,
until the principal sum is
paid in full.
Section 4: That both the principal of and interest
on the Bonds shall be payable to bearer, in lawful money of
the United States of America, without exchange or collection
charges to the bearer, upon presentation and surrender of
the Bonds or proper interest coupon, as the case may be, at
the University National Bank, College Station, Texas, the
paying agent for the Bonds.
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Section 5: That each of the Bonds and interest
coupons shall be signed by the imprinted or lithographed
facsimile signature of the Mayor and countersigned by the
imprinted or lithographed facsimile signature of the City
Secretary, and the official seal of the City shall be im-
pressed, imprinted or lithographed on each of the Bonds.
Such facsimile signatures on the Bonds and interest coupons
and said facsimile seal on the Bonds shall have the same
effect as if the Mayor and City Secretary had in person and
manually signed each Bond and interest coupon and as if the
official seal of the City had been manually impressed upon
each Bond.
Section 6: That the form of the Bonds, including
the form of Registration Certificate of the Comptroller of
Public Accounts of the State of Texas to be printed and
endorsed on each Bond, and the form of interest coupons to
be attached to the Bonds shall be, respectively, substan-
tially as follows:
(FORM OF BOND)
No. $5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF BRAZOS
CITY OF COLLEGE STATION, TEXAS
GENERAL OBLIGATION BOND
SERIES II 1982
On February 15, , the City of College Station,
in the County of Brazos, State of Texas, for value received,
hereby promises to pay to bearer the principal amount of
FIVE THOUSAND DOLLARS
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and to pay interest thereon, from the date hereof, at the
rate of _/ per annum, evidenced by interest coupons payable
August 15, 1983, and semiannually thereafter on February 15
and August 15 of each year while this bond is outstanding.
The principal of this bond and the interest coupons attached
hereto shall be payable to bearer, in lawful money of the
United States of America, without exchange or collection
charges to the bearer, upon presentation and surrender of
this bond or proper interest coupon at the University National
Bank, College Station, Texas, the paying agent for this
series of bonds.
PROVIDED, HOWEVER, that said City reserves the
right to redeem, in whole or in part, all bonds of said
series maturing in the years 1993 through 2000 on February 15,
1992, or on any interest payment date thereafter by paying
the principal thereof and accrued interest thereon. If less
than all of said bonds then outstanding are called for
redemption, then the bonds shall be called in inverse numerical
order. Notice of such redemption shall be given in writing
to the University National Bank, College Station, Texas, at
least thirty (30) days prior to the date fixed for redemption
and written notice shall also be given by publishing a copy
of said notice in a financial publication of general circula-
tion in the United States one (1) time at least thirty (30)
days prior to the date fixed for redemption. Any bond or
bonds called for redemption, due provision for the payment
of which having been made, shall cease to bear interest from
and after the date fixed for redemption.
THIS BOND IS ONE OF A SERIES OF COUPON BONDS dated
November 15, 1982, issued in the aggregate principal amount
of $6,590,000 and, together with the other bonds of said
series, is issued for the purpose of making the following
permanent public improvements, to wit: $3,445,000 (out of
$5,760,000 authorized) for the purpose of constructing
improvements to the streets of the City, including necessary
drainage in connection therewith, constituting all of the
remaining bonds authorized for such purpose; $560,000 (out
of $1,805,000 authorized) for the purpose of constructing or
purchasing public buildings, constituting all of the remaining
bonds authorized for such purpose; $1,435,000 (out of $2,080,000
authorized) for the purpose of improving the existing public
parks in the City, constituting all of the remaining bonds
authorized for such purpose; and $1,150,000 for the purpose
of purchasing land for park purposes, constituting all of
the bonds authorized-for such purpose; and under and in strict
conformity with the Constitution and laws of the State of Texas,
particularly Chapters 1 and 7 of Title 22, Revised Civil Statutes
of Texas, 1925, as amended, and by authority of a bond election
held within said City on April 4, 1981, and pursuant to an
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ordinance lawfully
which ordinance is
City Council.
adopted by the City Council of said City,
of record in the official minutes of said
IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED
that the issuance of this bond, and the series of which it
is a part, is duly authorized by law; that all acts, condi-
tions and things necessary to be done precedent to and in
the issuance of this bond and this series of bonds, in order
to render the same legal, valid and binding obligations of
said City, have been done, have happened, and have been
performed in regular and due time, form and manner, as
required by law; that due provision has been made for the
payment of the principal of and interest on this bond, and
the series of which it is a part, by the levy of a direct
annual ad valorem tax upon all taxable property within said
City sufficient for said purposes; and that the total indebted-
ness of said City, including the entire series of bonds of
which this is one, does not exceed any Constitutional or
statutory limitation.
IN WITNESS WHEREOF, this bond and the interest
coupons attached hereto have been signed by the imprinted or
lithographed facsimile signature of the Mayor of said City
r and countersigned by the imprinted or lithographed facsimile
signature of the City Secretary, and the official seal of
said City has been duly impressed, printed or lithographed
on this bond, all as of the 15th day of November, 1982.
Mayor, City of College
Station, Texas
COUNTERSIGNED:
City Secretary, City of
College Station, Texas
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(FORM OF REGISTRATION CERTIFICATE)
COMPTROLLER'S REGISTRATION
CERTIFICATE: Register Number
I hereby certify that this bond has been examined,
certified as to validity, and approved by the Attorney
General of the State of Texas; and that this bond has been
registered by the Comptroller of Public Accounts of the
State of Texas.
WITNESS my signature and seal this
Comptroller of Public Accounts
of the State of Texas
(FORM OF INTEREST COUPON)
No.
On , 19 , *unless the bond to which
this coupon is attached shall have been called for prior
redemption as therein provided and due provision has been
made for the redemption thereof,* the City of College Station,
in the County of Brazos, State of Texas, promises to pay to
bearer the above specified sum in lawful money of the United
States of America, without exchange or collection charges to
the bearer, upon presentation and surrender of this interest
coupon at the University National Bank, College Station,
Texas, said amount being interest due that day on the bond
bearing the number hereinafter designated, of that issue of
the City of College Station, Texas, General Obligation
Bonds, Series II 1982, dated November 15, 1982. Bond
No.
Mayor
City Secretary
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*The phrase between the asterisks will be deleted
on all interest coupons attached to bonds maturing on or
prior to February 15, 1992.
Section 7: That there is hereby created a special
fund to be called "CITY OF COLLEGE STATION, TEXAS, GENERAL
OBLIGATION BONDS, SERIES II 1982, INTEREST AND SINKING
FUND," and all taxes levied, assessed, and collected for or
on account of the Bonds authorized by this ordinance shall,
as collected, be deposited into said fund. That while the
Bonds or any part of the principal or the interest thereon
remain outstanding and unpaid, there is hereby levied and
there shall be annually assessed and collected in due time,
form and manner and at the same time other City taxes are
assessed, levied and collected, in each year beginning with
the current year, a continuing direct annual ad valorem tax
upon all taxable property in the City, sufficient to pay the
current interest thereon and to create a sinking fund of not
less than two per cent (2%) of the principal amount of the
Bonds then outstanding or of not less than the amount required
to pay the principal payable out of said tax, whichever is
greater, full allowance being made for delinquencies and
costs of collection, and said taxes, when collected, shall be
applied to the principal of and interest on the Bonds and .
for no other purpose.
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Section 8: That the Mayor is hereby authorized
and directed to submit, or cause to be submitted, the record
of the Bonds, and the Bonds, to the Attorney General of the
State of Texas for examination and approval and thereafter
cause the Bonds to be registered by the Comptroller of
Public Accounts of the State of Texas. Upon said registra-
tion of the Bonds, said Comptroller of Public Accounts (or a
deputy designated in writing to act for said Comptroller)
shall manually sign the Comptroller's Registration Certificate
prescribed herein to be printed and endorsed on each Bond,
and the seal of said Comptroller shall be impressed, printed
or lithographed on each of the Bonds.
Section 9: That the City hereby covenants with
the purchasers and any subsequent holders of the Bonds that
the City will not make any use of the proceeds of the Bonds
which will cause the 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 promulgated
thereunder, and that the City will otherwise comply with the
pertinent provisions of said Section 103(c) and regulations
in order that the Bonds will not be or become arbitrage
bonds thereunder.
Section 10: That public advertisement for the
sale of the Bonds having been made and bids to purchase the
Bonds having been received pursuant thereto, it is hereby
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found and declared that the bid submitted by Rauscher
Pierce Refsnes, Inc. and Associates is the best bid
received; and that the sale of such bonds to the named best
bidder, at a price equal to the principal amount of such
bonds plus accrued interest thereon from the date thereof to
the date of actual delivery, plus a cash premium of $372.85,
subject to the unqualified approving opinion, as to the
legality of said bonds, of the Attorney General of the State
of Texas and Baker & Botts, Houston, Texas, market attorneys,
is hereby authorized, ratified, approved and confirmed.
When said bonds have been approved by the said Attorney
General and registered by the Comptroller of Public Accounts
of the State of Texas, they shall be delivered to the pur-
chaser upon receipt of the full purchase price. The Mayor,
City Secretary and other appropriate officers of the City
are authorized and directed to perform all acts necessary
and /or convenient to carry out the terms of this ordinance.
Section 11: That this Ordinance shall be effective
immediately upon its adoption.
PASSED AND APPROVED on November 16, 1982.
C
May C y ege
Stati , Texas
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ATTEST:
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City S cretary, ty of
College Statiofi, Texas
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