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HomeMy WebLinkAbout1976-1041 - Ordinance - 08/31/1976THE STATE OF TEXAS § COUNTY OF BRAZOS § The City Council of the City of College Station, Texas, convened in special session, open to the public and duly noticed in accordance with Article 6252-17, V.A.T.C.S., as amended, at the regular meeting place thereof in the City Hall, within said City, on the 31st day of August, 1976, with the following members present, to -wit: Lorence L. Bravenec Mayor Gary M. Halter Councilman Lane B. Stephenson Councilman Larry J. Ringer Councilman J. R. Gardner Councilman Ms. Anne Hazen Councilman James H. Dozier Councilman and the following members absent, to -wit: /�1i2,TFr'1161V4;on/ , when, among other business, the following was transacted, to -wit: The Mayor introduced an ordinance which was read in full. Councilman A ,1y6c R moved that the ordinance be adopted as read. Councilman i�9crFn seconded the motion for adoption of said ordinance. The motion, carrying with it the adoption of the ordinance, pre- vailed by the following vote: Y'l2C3c1vj AYES: ✓��L NOES : AJfii&'c= The Mayor thereupon announced that the motion had duly and lawfully carried and that the ordinance had been adopted. The ordinance thus adopted follows: ORDINANCE NO. l D - 4 I ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF $5,840,000 GENERAL OBLIGATION BONDS, SERIES 1976; 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 29th day of June, 1976, the City Council of the City of College Station was authorized to issue General Obliga- tion Bonds of said City in the aggregate principal amount of $9,365,000 for various purposes of including those hereinafter mentioned; and WHEREAS, the City Council of said City has determined that it is necessary to issue and sell at this time a portion of the bonds authorized at said election as follows, to -wit: Purpose Street Improvements Police, Fire & Ware- house Buildings City Hall Expansion Park Improvements Waterworks System Improvements Sewer System Improve- ments Authorized $ 370,000 970,000 360,000 425,000 2,475,000 2,040,000 To be Issued Hereunder $ 260,000 645,000 360,000 225,000 2,400,000 1,950,000 The amount authorized in excess of the amount to be issued hereunder, if any, being reserved for issuance at a future date or dates; and WHEREAS, the City Council desires to proceed with the authorization of the above bonds; 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 1976," are hereby authorized to be issued in the principal amount of Ordinance No. 1041 M $5,840,000 for the purpose of making the following perma- nent public improvements, to -wit: $260,000 for construction of improvements to the City's streets (being the first in- stallment out of $370,000 authorized for such purpose); $645,000 for police, fire and warehouse buildings (being the first installment out of $970,000 authorized for such pur- pose); $360,000 for additions and improvements to the City Hall (being the entire amount authorized for such purpose); $225,000 for the purchase and/or improvement of land for park purposes (being the first installment out of $425,000 authorized for such purpose); $2,400,000 for extensions and improvements to the City's existing waterworks system (being the first installment out of $2,475,000 authorized for such purpose); and $1,950,000 for extensions and improvements to the City's existing sanitary sewer system (being the first installment out of $2,040,000 authorized for such purchase) 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 29th day of June, 1976. Section 2: That said bonds shall be dated August 15, 1976, shall be numbered consecutively from 1 upward, 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 1978 $275,000 1988 $300,000 1979 275,000 1989 300,000 1980 275,000 1990 300,000 1981 275,000 1991 300,000 1982 275,000 1992 300,000 1983 275,000 1993 300,000 1984 290,000 1994 300,000 1985 300,000 1995 300,000 1986 300,000 1996 300,000 1987 300,000 1997 300,000 Provided, however, that the City reserves the right to redeem in whole or in part, all such bonds maturing in -2- 02730 9 Ordinance No. 1041 the years 1988 through 1997 on February 15, 1987, or 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. No- tice of such redemption shall be given in writing to 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 timely made, shall cease to bear interest from and after the date fixed for redemption. Section 3: That said 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: All bonds scheduled to mature during the years 1978 through P/M----- 6•60 % All bonds scheduled to mature during the years Ile ----- Sig All bonds scheduled to mature during the years l 9�v 'd*=��ac}h ----- ,5, j S $ All bonds scheduled to mature during the years 1191 --- ----- �; o All bonds scheduled to mature during the years through All bonds scheduled to mature during the years %� 4 through j ----- with said interest to be evidenced by interest coupons payable on February 15, 1977, and semi-annually thereafter on each August 15 and February 15, until the principal sum is paid in full. -3- 02731 Ordinance No. 1041 "' 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 cou- pons shall be signed by the imprinted or lithographed fac- simile signature of the Mayor and countersigned by the im- printed or lithographed facsimile signature of the City Secretary, and the official seal of said City shall be im- pressed, or imprinted or lithographed on each of said 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 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 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 said bonds shall be, respectively, substantial- a ly as follows: AV -4- 1,, a Ordinance No. 1041 11 No. (FORM OF BOND) UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF BRAZOS CITY OF COLLEGE STATION, TEXAS GENERAL OBLIGATION BOND SERIES 1976 $5,000 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 and to pay interest thereon, from the date hereof, at the rate of % per annum, evidenced by interest coupons payable February 15, 1977, and semi-annually thereafter on August 15 and February 15 of each year while this bond is outstanding. The principal of this bond and the interest rr 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. PROVIDED, HOWEVER, that said City reserves the right to redeem, in whole or in part, all bonds of said series maturing in the years 1988 through 1997 on February 15, 1987, 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 numeri- cal order. Notice of such redemption shall be given in writing to University National Bank, College Station, Texas, at least thirty (30) days prior to the date fixed for redemp- tion and written notice shall also be given by publishing a copy of said notice in a financial publication of general circulation 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 timely 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 August 15, 1976, issued in the principal amount of $5,840,000, and together with the other bonds of said series, is issued for the purpose of making the following permanent public improvements, to -wit: $260,000 for construction of improve- ments to the City's streets (being the first installment out of $370,000 authorized for such purpose); $645,000 for police, fire and warehouse buildings (being the first installment out of $970,000 authorized for such purpose); $360,000 for addi- tions and improvements to the City Hall (being the entire amount authorized for such purpose); $225,000 for the pur- chase and/or improvement of land for park purposes (being the first installment out of $425,000 authorized for such purpose); -5- W.733 !_q Ordinance No. 1041 $2,400,000 for extensions and improvements to the City's exist- ing waterworks system (being the first installment out of $2,475,000 authorized for such purpose); and $1,950,000 for extensions and improvements to the City's existing sanitary sewer system (being the first installment out of $2,040,000 authorized for such purchase), under and in strict conformity with the Constitution and laws of the State of Texas, par- ticularly 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 29th day of June, 1976, and pursuant to an ordi- nance 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 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 per- formed 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 suffi- cient 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. 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 and countersigned by the imprinted or lithographed facsimile signature of the City Secretary, and the official seal of said City has been duly impressed, or printed, or lithographed on this bond, all as of the 15th day of August, 1976. COUNTERSIGNED: City Secretary City of College Station, Texas Mayor City of College Station, Texas 027U Ordinance No. 1041 01 (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. No. M WITNESS my signature and seal this Comptroller of Public Accounts of the State of Texas (FORM OF INTEREST COUPON) C 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 presenta- tion and surrender of this interest coupon at 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 1976, dated August 15, 1976. Bond No. Mayor City Secretary * The phrase between the asterisks on all interest coupons attached on or prior to February 15, 1987. -7- will be deleted to bonds maturing OZ735 Ordinance No. 1041 Section 7: That there is hereby created a special fund to be called "CITY OF COLLEGE STATION, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1976, 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 Nw 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 (2%) 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 princi- pal of and interest on said bonds and for no other purpose. Section 8: That the Mayor is 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 there- after cause such bonds to be registered by the Comptroller of Public Accounts of the State of Texas. Upon said registra- tion of said bonds, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certifi- cate 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. - 8 - 02736 Ordinance No. 1041 Section 9: That the City hereby covenants with the purchasers and any subsequent holders of said bonds that the City will not make any use of the proceeds of said bonds which will cause said bonds to be or become arbitrage bonds within the meaning of Section 103(d) of the Internal Revenue Code of 1954, as amended, or any regulations promul- gated thereunder, and that the City will otherwise comply with the pertinent provisions of said Section 103(d) and regulations in order that said bonds will not be or become arbitrage bonds thereunder. 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 P14S ffC-V /%F�ec� sr��Rl t�fs 6'eea� 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 $ ­6 - , 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 %00- shall be delivered to the purchasers 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 AW immediately upon its adoption. -9- O2'73 7 Ordinance No. 1041 PASSED AND APPROVED this the 31st day of August, 1976. ATTEST: City Secretar [SEAL] CITY OF COLLEGE STATION, TEXAS b"", Mayor -10-