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HomeMy WebLinkAbout1971-0763 - Ordinance - 07/06/1971ORDINANCE NO. 763 ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF $500, 000 GENERAL OBLIGATION BONDS, SERIES 1971; PROVIDING THE DETAILS RELATING THERETO; AND DECLARING THAT SAID ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY UPON ITS ADOPTION. WHEREAS, at an election duly called and held on the 6th day of April, 1971, the City Council of the City of College Station was authorized to issue $500, 000 General Obligation Bonds of said City for the purpose of constructing improvements to the streets in said City; and WHEREAS, the City Council of said City has decided to issue and sell all of said bonds at this time and desires to proceed with the authorization thereof; Therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS: 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 197111, are hereby authorized to be issued in the principal amount of $500, 000 for the purpose of making the following permanent public improvements, to -wit: Constructing improvements to the City's streets, including necessary drainage in connection therewith, under and by virtue of the Constitution and laws of the State of Texas, the Home Rule Charter of said City, and as authorized at the bond election held in said City on the 6th day of April, 1971. Section 2: That said bonds shall be dated August 1, 1971, shall be numbered consecutively from 1 through 100, shall be in the denomination of $5, 000 each, and shall mature and become due and payable serially, without option of prior redemption, on February 1 in each of the years and in the amounts specified in the following schedule: Year Amount Year Amount 1972 $25, 000 1982 $25, 000 1973 25,000 1983 25,000 1974 25,000 1984 25,000 1975 25,000 1985 25,000 1976 25,000 1986 25,000 1977 25,000 1987 25,000 1978 25,000 1988 25,000 1979 25,000 1989 25,000 1980 25,000 1990 25,000 1981 25,000 1991 25,000 Section 3: That said bonds shall bear interest per annum from their date until maturity at the following rates: &M Ordinance No. 763 Page 2 All bonds scheduled to mature during the years 1972 through 1977-------------------------- 7% All bonds scheduled to mature during the years 1978 through 1981-------------------------- 4.70% All bonds scheduled to mature during the years 1982 through 1985-------------------------- 5% All bonds scheduled to mature during the years 1986 through 1987-------------------------- 5.45% All bonds scheduled to mature during the years 1988through 1989-------------------------- 5.70% All bonds scheduled to mature during the years 1990 through 1991-------------------------- 5% with said interest to be evidenced by interest coupons payable on February 1, 1972, and semi-annually thereafter on each August 1 and February 1, until the principal sum is paid in full. Section 4: That the principal of and interest on said 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 proper bond or interest coupon, as the case may be, at the University National Bank, College Station, Texas, which bank shall be the paying agent for said bonds. Section 5: That each of said bonds and interest coupons shall be signed by the Mayor or Mayor Pro Tem and countersigned by the imprinted or lithographed facsimile signature of the City Secretary or Assistant City Secretary, and the official seal of said City shall be impressed, or imprinted or lithographed on each of said bonds. Such facsimile signa- tures on the bonds and interest coupons and said facsimile seal on the bonds shall have the same effect as if the Mayor or Mayor Pro Tem and City Secretary or Assistant City Secretary had in person and manually signed each such bond and interest coupon and as if the official seal of said City had been manually impressed upon each such bond. Section 6: That the form of said bonds, including the form of Registration Certi- ficate of the Comptroller of Public Accounts of the State of Texas to be printed and en- dorsed on each bond, and the form of interest coupons to be attached to said bonds shall be, respectively, substantially as follows: QA059 Ordinance No. 763 Page 3 No. (FORM OF BOND) UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF BRAZOS CITY OF COLLEGE STATION, TEXAS GENERAL OBLIGATION BOND SERIES 1971 $5, 000 On February 1, 19_, the City of College Station, in the County of Brazos, State of Texas, for value received, hereby promises to pay to the bearer the principal amount of FIVE THOUSAND DOLLARS and to pay interest thereon, from the date hereof, at the rate of % per annum, evidenced by interest coupons payable February 1, 1972, and semi-annually thereafter on August 1 and February 1 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, which bank shall be the paying agent for this series of bonds. THIS BOND IS ONE OF A SERIES OF COUPON BONDS dated August 1, 1971, issued in the principal amount of $500, 000, and together with the other bonds of said series, is issued for the purpose of constructing improvements to the City's streets 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, the Home Rule Charter of said City, and by authority of a bond election held within said City on the 6th day of April, 1971, and pursuant to an ordinance lawfully adopted by the City Council of said City, which ordinance is of record in the official minutes of said City Council. IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the issuance of this bond, and the series of which it is a part, is duly authorised b law; that all acts, conditions, 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 pay- ment 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 indebtedness of said City, including the entire series of bonds, of which this is one, does not exceed any Constitutional or statutory limitation. r Ordinance No. 763 Page 4 IN WITNESS WHEREOF, this bond and the interest coupons attached hereto have been signed by the imprinted or lithographed facsimile signature of the Mayor or Mayor 1Aw Pro Tem of said City and countersigned by the imprinted or lithographed facsimile signature of the City Secretary or Assistant City Secretary, and the official seal of said City has been duly impressed, or printed, or lithographed on this bond, all as of the 1st day of August, 1971. Mayor Pro Tem COUNTERSIGNED: City of College Station, Texas Assistant City Secretary City of College Station, Texas (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_, the City of College Station, in the County of Brazos, State of Texas, promises to pay to bearer, the sum of $ , 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 1971, dated August 1, 1971. Bond No. Mayor Pro Tem City of College Station, Texas Assistant City Secretary Q:�✓�� City of College Station, Texas Ordinance No. 763 Page 5 Section 7: That there is hereby created a special fund to be called "CITY OF COLLEGE STATION, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1971, INTEREST AND SINKING FUND", and all taxes levied, assessed, and collected for or on account of said bonds authorized by this ordinance shall, as collected, be deposited into said Fund. That while said bonds or any part of the principal thereof or interest thereon remains 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 said City sufficient to pay the current interest thereon and to create a sinking fund of not less than two per cent P%)of the principal amount of said 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 said bonds and for no other purpose. Section 8: That the Mayor and Mayor Pro Tem are each hereby authorized and directed to submit, or cause to be submitted, the record of said bonds, and the bonds, to the Attorney General of the State of Texas for examination and approval and thereafter cause such bonds to be registered by the Comptroller of Public Accounts of the State of Texas. Upon said registration of said bonds, said Comptroller of Public Accounts (or a deputy designed 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 or printed, or lithographed on each of said bonds. Section 9: That the proceeds from the sale of said bonds shall be used solely for the purpose of constructing the specified permanent public improvements after the payment of all necessary expenses incident to the issuance, sale and delivery of said bonds. That all such permanent public improvements are needed now and the City shall proceed diligently to cause construction or purchase of said improvements to be started as promptly as possible and thereafter prosecuted to completion at the earliest feasible date. That none of the proceeds of said bonds shall be used to acquire securities or obligations or to replace funds which were used directly or indirectly to acquire securities or obligations, which are reasonably expected at the time said bonds are issued to produce a yield over the term of said issue of bonds which is materially higher than the yield on said issue; provided, however, that the City shall be free to invest the proceeds from the sale of said bonds in securities or other obligations for a temporary period until such proceeds are needed to fund the construction program hereinabove described. That, when Regulations are promulgated under Section 103 (d) of the Internal Revenue Code of 1954, as amended by the Tax Reform Act of 1969, the City will promptly take all such action as may be necessary to comply with such Regulations, or any rulings or court decisions inrespect therof. Section 10: That public advertisement for the sale of said bonds and bids to purchase said bonds having been received pursuant thereto, it is hereby found and declared that the bid submitted by Underwood Neuhaus ayd Co. , Inc, is the best bid received; and the sale of said bonds to the named high 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 $ -0- , subject to the unqualified approving opinion, as to the legality of said bonds, of the Attorney General of the State of Texas and Baker and Botts, Ordinance No. 763 Page 6 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 purchasers upon receipt of the full purchase price. The Mayor, Mayor Pro Tem, Secretary, Assistant 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 this 6th day of July, 1971. CITY OF COLLEGE STATION, TEXAS r Mayor Pro Tem, ATTEST: Assistant City retary (SEAL) V. 40S3 THE STATE OF TEXAS )( COUNTY OF BRAZOS x The City Council of the City of College Station, Texas, convened in special session at the regular meeting place thereof in the City Hall, within said City on the 6th day of July, 1971, with the following members present, to -wit: Fred R. Brison Dr. J. D. Lindsay Don R. Dale C. A. Bonnen Dr. R. D. Radeleff James H. Dozier Mayor Pro Tem Councilman Councilman Councilman Councilman Councilman and the following members absent, to wit: none, when, amont other business, flee following was transacted, to -wit: The Mayor Pro Tem introduced an ordinance which was read in full. Councilman Dale moved that the ordinance be adopted as read. Councilman Lindsay seconded the motion for adoption of said ordinance. The motion, carrying with it the adoption of the ordinance, prevailed by the following vote: AYES: all present, NOES • none. The Mayor Pro Tem thereupon announced that the motion had duly and lawfully carried and that the ordinance had been duly and lawfully adopted. The ordinance thus adopted follows: n 4