HomeMy WebLinkAbout1978-1097 - Ordinance - 01/25/1978THE 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 25th day of January, 1978,
with the following members present, to -wit:
Lane B. Stephenson Councilman
Gary M. Halter Councilman
James R. Gardner Councilman
Anne Hazen Councilman
Larry J. Ringer Councilman
James H. Dozier Councilman
and the following members absent, to -wit:
, when, among other business, the following
was transacted, to -wit: L
The Mayor/introduced an ordinance which was read
in full. Councilman moved that the
ordinance be adopted as read. Councils�-
seconded the motion for adoption of said ordinance. The
motion, carrying with it the adoption of the ordinance, pre-
vailed by the following vote:
AYES: G(
NOES:
The Mayor thereupon announced that the motion had
duly and lawfully carried and that the Ordinance had been
Huly and lawfully adopted.
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The Ordinance thus adop-ted- 1.vw%: --- --
ORDINANCE NO. 0 �
ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND DELIVERY
OF $3,525,000 GENERAL OBLIGATION BONDS, SERIES 1978;
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 Obligation
Bonds of said City in the aggregate principal amount of
$9,365,000 for the purposes and in the respective amounts
as follows:
Purpose Amount
Street Improvements $ 370,000
Police, Fire and Warehouse Buildings 970,000
City Hall Expansion 360,000
Park Improvements 425,000
Waterworks System Improvements 2,475,000
Electric System Improvements 2,725,000
Sanitary Sewer System Improvements 2,040,000
WHEREAS, the City Council of said City has previously
authorized, and the City has issued and sold, a first install-
ment out of said voted bonds, known and designated as the
City's General Obligation Bonds, Series 1976, in the original
aggregate amount of $5,840,000, for the purposes and in the
respective amounts as follows:
Purpose Amount
Street Improvements $ 260,000- " `
Police, Fire and Warehouse Buildings 645,000
City Hall Expansion 360,000
Park Improvements 225,000
Waterworks System Improvements 2,400,000
Sewer System Improvements 1,950,000
WHEREAS, the City Council of said City has deter-
mined that it is necessary to issue and sell at this time a
-- second and final installment of the bonds authorized --at -said- -.. -�
election for the purposes and in the respective amounts as
follows:
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Ordinance No. 1097
Purpose Amount to
Me T �ii\ d
Street Improvements $ 110,000
Police, Fire and Warehouse Buildings 325,000
Park Improvements 200,000
Waterworks System Improvements 75,000
Electric System Improvements 2,725,000
Sanitary Sewer System Improvements 90,000
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 1978,"
are hereby authorized to be issued in the principal amount of
$3,525,000 for the purpose of making the following perma-
nent public improvements, to -wit: $110,000 for the construction
of improvements to the City's streets (being the second and
final installment out of $370,000 authorized for such purpose);
$325,000 for police, fire and warehouse buildings (being the
second and final installment out of $970,000 authorized for
such purpose); $200,000 for the purchase and/or improvement
of land for park purposes (being the second and final install-
ment out of $425,000 authorized for such purpose); $75,000
for extensions and improvements to the City's existing
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waterworks system (being the second and final installment
out of $2,475,000 authorized for such purpose); $2,725,000
for extensions and improvements to the City's existing elec-
tric system (being the entire amount authorized for such
purpose); and $90,000 for extensions and improvements to the
City's existing sanitary sewer system (being the second and
final installment out of $2,040,000 authorized for such
purpose) under and by virtue of the Constitution and laws
of the State of Texas, the Home Rule Charter of said City,
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Ordinance No. 1097
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 February 1,
1978, shall be numbered consecutively from 1 through 705, shall
be in the denomination of $5,000 each, and shall mature and
become due and payable serially on February 1 in each of
the years and in the amounts specified in the following
schedule:
Year
Amount
Year
Amount
1979
$175,000
1989
$175,000
1980
175,000
1990
175,000
1981
175,000
1991
175,000
1982
1.75,000
1992
175,000
1983
175,000
1993
175,000
1984
175,000
1994
175,000
1985
175,000
1995
175,000
1986
175,000
1996
175,000
1987
175,000
1997
175,000
1988
175,000
1998
200,000
Provided, however, that the City reserves the right
to redeem in whole or in part, all such bonds maturing in
the years 1989 through 1998 on February 1, 1988, 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 Abe
payment of which having been timely made, shall cease to
bear interest from and after the date fixed for redemption.
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Ordinance No. 1097
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 1979 through :L/ .......................
o
All bonds scheduled
to mature
during
the
years 12F,3 through
•. ....................
b'd
All bonds scheduled
to mature
during
the
years L� through
L o ....................
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All bonds scheduled
to mature
during
the
years /�9/_ through
/ 57 J,,� . ....................
�o
All bonds scheduled
to mature
during
the
years ,(y`l-_I through
/Ja ....................
All bonds scheduled
to mature
during
the
yearsthrough
....................
with said interest to be evidenced by interest coupons payable
on August 1, 1978, and semi-annually thereafter on each
February 1 and August 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 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
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Ordinance No. 1097
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-
ly as follows:
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Ordinance No. 1097
No.
(FORM OF BOND)
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF BRAZOS
CITY OF COLLEGE STATION, TEXAS
GENERAL OBLIGATION BOND
SERIES 1978
$5,000
On February 1, , 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 August 1, 1978, and semi-annually thereafter on
February 1 and August 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.
PROVIDED, HOWEVER, that said City reserves the
right to redeem, in whole or in part, all bonds of said
series maturing in the years 1989 through 1998 on February 1,
1988, 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 oe�,to
bear interest from and after the date fixed for redemption.
THIS BOND IS ONE OF A SERIES OF COUPON BONDS dated
February 1, 1978, issued in the principal amount of $3,525,000,
and together with the other bonds of said series, is issued
for the purpose of making the following permanent public
improvements, to -wit: $110,000 for the construction of
improvements to the City's streets (being the second and
final installment out of $370,000 authorized for such purpose);
$325,000 for police, fire and warehouse buildings (being
the second and final installment out of $970,000 authorized
for such purpesisw); $2-00,00D fax' the purq4 se _ andj'or i oveme�
of land for park purposes (being the second ancl'fina tallment
02'76
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Ordinance No. 1097
out of $425,000 authorized for such purpose); $75,000 for
extensions and improvements to the City's existing waterworks
system (being the second and final installment out of $2,475,000
authorized for such purpose); $2,725,000 for extensions and
improvements to the City's existing electric system (being
the entire amount authorized for such purpose); and $90,000 for
extensions and improvements to the City's existing sanitary
sewer system (being the second and final installment out of
$2,040,000 authorized for such purpose), 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 29th day of June, 1976, 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 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 1st day of February
1978.
COUNTERSIGNED:
City Secretary
City of College Station, Texas
Mayor
City of College Station, Texas
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Men
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Ordinance No. 1097
(FORM OF REGISTRATION CERTIFICATE)
COMPTROLLER'S REGISTRATION
CERTIFICATE:
I hereby certify that this bond
certified as to validity, and approved by
of the State of Texas; and that this bond
by the Comptroller of Public Accounts of
Register Number _
has been examined,
the Attorney General
has been registered
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 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 1978, dated Feb-
ruary 1, 1978. Bond No.
Mayor
City Secretary
* The phrase between the asterisks
on all interest coupons attached
on or prior to February 1, 1988.
will be deleted
to bonds maturing
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Ordinance No. 1097
Section 7: That there is hereby created a special
fund to be called "CITY OF COLLEGE STATION, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1978, 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 (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- r.�
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.
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Ordinance No. 1097
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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�J hereby found and
declared that the bid submitted by�-•c
is the best bid received; and the sale of said 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 $ — U 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 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
e it the terms of this ordivance_
Section 11: That there is hereby appropriated and.
set aside out of the current available funds of the City not
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Ordinance No. 1097
heretofore appropriated for other purposes that amount of
money which is required to pay in full the interest due on
said bonds on August 1, 1978; provided, however, that all
legally available funds in the City's interest and sinking
fund for tax obligations and all other legally available
funds previously dedicated to the payment of said bonds shall
first be utilized in full to pay such interest.
Section 12: That this Ordinance shall be effective
immediately upon its adoption.
PASSED AND APPROVED this the 25th day of January, 1978.
CI7 OF COLLEGE STATION, TEXAS
ATTEST:
City Secreta
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