Loading...
HomeMy WebLinkAbout1984-1528 - Ordinance - 06/14/1984ORDINANCE NO. 1528 AUTIIORIZING THE ISSUANCE OF CITY OF COLLEGE STATION, INTEREST BEARING CERTIFICATE OF OBLIGATION, IN THE TOTAL AMOUNT OF $393,000.00, TO PAY A PORTION OF THE PURCHASE PRICE OF LAND TO BE UTILIZED AS A UTILITY SERVICE CENTER, LEVYING CERTAIN TAXES FOR REPAYMENT, AND ESTABLISHING AN INTEREST AND SINKING FUND, AI~D OTHER PROVISIONS RELATING TO SAID SUBJECT. WHEREAS, the City Council of the City of College Station deems it necessary to issue a Certificate of Obligation to be delivered to F. M. ARNOLD and OLIVE M. ARNOLD, husband and wife, or their registered assigns, to pay the City's contractual obligation for a 35 acre tract, more specifically described an the attached Exhibit "A"; and WHEREAS, the Certificate of Obligation hereinafter authorized and designated is to be issued and delivered pursuant to Article 2368a.1, V.A.T.C.S.; and WHEREAS, the notice(s) required by said statute has been duly published in the Bryan/College Station Eagle, which is a newspaper of general circulation in said City, in its issues of May 23, 1984 and May 3U, 1984; and WHEREAS, the City received no petition from the qualified electors of the City protesting the issuance of such Certificate of Obligation; and WHEREAS, it is considered to be in the best interest of the City, that an interest bearing Certificate of Obligation be Issued, in the amount of THREE HUNDRED NINETY-THREE THOUSAND DOLLARS ($393,000.00); to pay the purchase price of land to be used for a Utility Service Center; THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS: 1. That the City's Certificate of Obligation, to be called the "CITY OF COLLEGE STATION, TEXAS, CERTIFICATE OF OBLIGATION FOR PAYMENT OF A PORTION OF THE PURCHASE PRICE ON A 35 ACRE TRACT OF LAND, SERIES 00008", shall be issued under and by virtue of the Constitution and laws of the State of Texas, for the purpose of paying a portion of the City's contractual obligations for the purchase price of said property, which is to be used for the purposes indicated. 2. That said Certificate of Obligation shall be dated June 15, 1984, shall be numbered Series 00008, and shall be due and payable as provided for herein. 3. That Certificate of Obligation Series No. 000U8 shall be issued and delivered in fully registered form with coupons, shall be dated as of June 15, 1984, and shall be in the face amount ORDINANCE NO. 1528 shown, and shall be due and payable as follows: DUE DATE PRINCIPAL INTEREST TOTAL June June June June June June June June June June June June June June June 15 1985 15 1986 15 1987 15 1988 15 1989 15 1990 15 1991 15, 1992 15, 1993 15, 1994 15, 1995 15, 1996 15, 1997 15, 1998 15, 1999 $26,200.00 26 200.00 26 200.00 26 200.00 26 200.00 26 200.00 24 200.0U 26 200.00 26 200.00 26 200.00 26,200.00 26,200.00 26,200.00 26,200.00 26,200.00 $47 44 4O 37 160 00 016 00 872 00 728 00 34 584 00 31 440 00 28 296 00 25,152.00 22,008.00 18,864.00 15,720.00 12,576.00 9,432.00 6,288.00 3,144.00 $73,360.00 70,214.00 67,072.00 63,928.00 60,784.00 57,640.00 54,494.0U 51,352.00 48.208.00 45.064.00 41920.00 38 774.00 35 632.00 32 488.0U 29 344.00 $393,000.00 $377,280.00 $770,280.00 4. That said Certificate of Obligation shall bear interest at the rate of twelve (12%) percent per annum as above indicated and shall be paid according to said payment schedule. 5. That said Certificate of Obligation shall be issued, shall be payable but may not be redeemed prior to its scheduled maturity. The Certificate of Obligation shall have the characteristics and shall be signed and executed (said Certificate shall be sealed), all as provided and in the manner indicated above, In the FORM OF CERTIFICATE set forth in this ordinance. 6. Payment of lnterest shall be made to the owner of the Certificates as shown on the certificate provided for herein, as of the last business day of the calendar month next preceding the interest payment date, by check or draft mailed by the City to the address of such owner as it appears on the certificate register on the date aforesaid. 7. That the form of said Certificate of Obligation Number 00008, shall be paid by the payment schedule, respectively, and in the form substantially as follows: Series ORDINANCE NO. 1528 No. 00008 FORM OF CERTIFICATE $393,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF BRAZOS CITY OF COLLEGE STATION, TEXAS CERTIFICATE OF OBLIGATION SERIES 1984 THE CITY OF COLLEGE STATION, OF TEXAS, promises to pay to F. M. wife, or their registered assigns, IN THE COUNTY OF BRAZOS, STATE and OLIVE ARNOLD, husband and the principal amount of TIIREE HUNDRED NINETY-THREE THOUSAND DOLLARS and to pay interest thereon, from twelve (12%) percent per annum to Certificate is outstanding: the date hereof, at the rate of be paid as follows whale this DUE DATE PRINCIPAL INTEREST TOTAL June 15, 1985 June 15, 1986 June 15, 1987 June 15, 1988 June 15, 1989 June 15, 1990 June 15, 1991 June 15, 1992 June 15, 1993 June 15, 1994 June 15, 1995 June 15, 1996 June 15, 1997 June 15, 1998 June 15, 1999 $26,200.00 26,200.00 26,200.00 26,200.00 26,200.00 26.200.00 26.200.00 26 200.00 26.200.00 26 200.00 26 200.00 26 200.00 26 200.00 26 200.00 26 200.00 $47,16U.00 44,016.00 40872.00 37.728.00 34 584.00 31 440.00 28 296.00 25 152.00 22 008.00 18 864.00 15 720.00 12 576.00 9 432.00 6 288.00 3 144.00 $73,360.00 70,216.00 67,072.00 63,928.00 60,784.00 57,640.00 54,496.00 51,352.00 48,208.00 45,064.00 41,920.00 38,776.00 35,632.00 32,488.00 29,344.00 $393,000.00 $377,280.00 $770,280.00 THE CERTIFICATE OF OBLIGATION shall be payable to the owner annually In accordance with the above provisions pertaining to principal and interest, in lawful money of the United States of America. Such payment shall be made to the owner as shown on the certificate provided for herein, as of the last business day of the calendar month next preceding the interest payment date, by check or draft mailed by the City to the address of such owner as it appears on such coupon on the date aforesaid. The principal of such Certificate shall be payable as provided for above, without exchange or collection charges, in any coin or currency of the United States of America, which, on the date of payment thereof, is legal tender for the payment of debts due the ORDINANCE NO. 1528 United States of America. Final payment of principal shall be made upon presentation and surrender of the Certificate by the owner, at the principal office of the City. THE CERTIFICATE OF OBLIGATION shall be dated as of June 15, 1984, issued in the principal amount of $393,000.00, for the purpose of payment for a 35 acre tract of land more specifically described in the attached Exhibit "A". As provided in the ordinance, the Certificate shall not be prepaid. That the Debt Service Fund of the City shall be the Fund used for paying the interest and principal payable by virtue of the Certificate of Obligation. All ad valorem taxes levied and collected for and on account of said Certificate of Obligation shall be deposited, as collected, to the credit of said Fund. During each year while the Certificate is outstanding and unpaid, the City Council shall annually levy, assess, and collect in due time, form, and manner, and at the same time other City taxes are assessed, levied and collected, an ad valorem tax upon all taxable property in the City suff/cient to raise and produce the money required to pay the interest on said Certificate of Obligation as such principal matures and to create a sinking fund of not less than 2% of the principal amount then outstanding, or of not less than the amount required to pay the principal payable, whichever Is greater; and said tax shall be based on the latest approved tax rolls of said City, with full allowances being made for tax delinquencies and the cost of tax collection. Said ad valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable property in said City, for each year while said Certificate of Obligation or Interest coupons appertaining thereto are outstanding and unpaid, and said tax shall be assessed and collected each such year and deposited to the credit of the aforesaid Fund. Said ad valorem taxes sufficient to provide for the payment of the interest on and principal of such Certificate of Obligation, as such interest comes due and such principal matures, are hereby pledged irrevocably for such payment, within the limit prescribed by law. It as hereby certified, recited and covenanted that this Certificate of Obligation has been duly and validly authorized, issued and delivered; and that all acts, conditions, and things required or proper to be performed, exist and be done precedent to or an the authorization, issuance and delivery of this Certificate of Obligation have been performed, existed and been done in accordance with law; that this Certificate of Obligation is a general obligation of said City, Issued on the full faith and credit thereof; and that annual ad valorem taxes sufficient to provide for the payment of the interest on and principal of this Certificate of Obligation, as such interest comes due and such principal matures, have been levied and ordered to be levied agaanst all taxable property in said City, and have been pledged irrevocably for such payment, within the limit prescribed by law. 04289 ORDINANCE NO. 1528 IN WITNESS WHEREOF, this Certificate (and the interest coupons appertaining hereto) has been signed with the signature of the Mayor of said City and countersigned with the signature of the City Secretary of said City, and the official seal of said City has been duly impressed on this Certificate. CITY SECRETARY MAYOR 8. That the Debt Service Fund of the City shall be the Fund used for paying the interest and principal payable by virtue of this Certificate of Obligation. All ad valorem taxes levied and collected for and on account of said Certificate of Obligation shall be deposited, as collected, to the credit of said Fund. During each year while the Certificate is outstanding and unpaid, the City Council shall annually levy, assess, and collect in due time, form, and manner, and at the same time other City taxes are assessed, levied and collected, an ad valorem tax upon all taxable property in the City sufficient to raise and produce the money required to pay the interest on said Certificate of Obligation as such principal matures and to create a sinking fund of not less than 2% of the principal amount then outstanding, or of not less than the amount required to pay the principal payable, whichever is greater; and said tax shall be based on the latest approved tax rolls of said City, with full allowances being made for tax delinquencies and the cost of tax collection. Said ad valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable property in said City, for each year while said Certificate of Obligation or interest coupons appertaining thereto are outstanding and unpaid, and said tax shall be assessed and collected each such year and deposited to the credit of the aforesaid Fund. Said ad valorem taxes sufficient to provide for the payment of the interest on and principal of such Certificate of Obligation, as such interest comes due and such principal matures, are hereby pledged lrrevocably for such payment, within the limit prescribed by law. 9. That the Mayor and the Finance Director are hereby ordered to do any and all things necessary to accomplish the transfer of monies to the Fund of this issue in ample time to pay such items of principal and interest. 10. That the City Attorney of said City is hereby authorized to have control of said Certificate of Obligation pending its delivery. 11. That the City covenants to and with the Purchasers of the Certificate of Obligation that it will make no use of the proceeds of the Certificate of Obligation which, if such use had been reasonably expected on the date of delivery of the Certificate of Obligation to and payment for the Certificate of Obligation by the Purchasers, would bring it within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as -5- ORDINANCE NO. 1528 amended, or any regulations or rulings pertaining thereto; and by this covenant the City is obligated to comply with the requirements of the aforesaid Section 103(c) and all applicable and pertinent Department of Treasury regulations relating to arbitrage bonds. The City further covenants that the proceeds of the Certificate of Obligation wall not otherwise be used directly or indirectly so as to cause all or any part of the Certificate of Obligation to be or become an arbitrage bond within the meaning of the aforesaid Section 103(c), or any regulations or rulings pertaining thereto. 12. That the Certificate of Obligation is to be payable to and delivered to F. M. A~OLD and OLIVE M. ARNOLD, husband and w~fe, or their registered assigns. 13. That this Ordinance was read once and became effective upon passage. PASSED, APPROVED, and ADOPTED this the 14th day of June , 1984. ATTEST: ~AN ~O~S~ C~ S~C~T~¥ APPROVED ~ TO FORM: -6-