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HomeMy WebLinkAbout1981-1282 - Ordinance - 04/08/1981M ORDINANCE NO. 1282 ORDINANCE CANVASSING RETURNS AND DECLARING RESULTS OF BOND ELECTION AND DECLARING THAT SAID ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY UPON ITS ADOPTION WHEREAS, on the 5th day of March, 1981, the City Council of the City of College Station, Texas, adopted an ordinance calling an election to be held in said City on the 4th day of April, 1981, for the purpose of submitting to the duly qualified resident electors of said City for their action thereupon the following propositions, to -wit: PROPOSITION NO. 1 SHALL THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, BE AUTHORIZED TO ISSUE THE REVENUE BONDS OF SAID CITY, IN ONE OR MORE SERIES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $7,850,000, MATURING SERIALLY WITHIN 30 YEARS FROM THEIR DATE OR DATES AND BEARING INTEREST AT A RATE OR RATES NOT TO EXCEED THE MAXIMUM AUTHORIZED BY LAW AT THE TIME OR TIMES SUCH BONDS ARE ISSUED, ALL AS SHALL BE DETERMINED BY SAID CITY COUNCIL, FOR THE PURPOSE OF EXTENDING AND IMPROVING THE CITY'S EXISTING WATERWORKS SYSTEM; SAID BONDS TO BE ISSUED IN ACCORDANCE WITH AND SECURED IN THE MANNER PROVIDED IN ARTICLES 1111 TO 1118, BOTH INCLUSIVE, VERNON'S TEXAS CIVIL STATUTES, AS AMENDED; AND TO SECURE THE PAYMENT OF THE INTEREST ON SAID BONDS AS IT ACCRUES AND THE PRINCIPAL OF SAID BONDS AS THEY MATURE BY PLEDGING THE NET REVENUES FROM THE OPERATION OF THE CITY'S WATERWORKS SYSTEM, SANITARY SEWER SYSTEM AND ELECTRIC LIGHT AND POWER SYSTEM; EACH BOND TO BE CONDITIONED THAT THE HOLDER THEREOF SHALL NEVER HAVE THE RIGHT TO DEMAND PAYMENT OF SAID OBLIGATION OUT OF ANY FUNDS RAISED OR TO BE RAISED BY TAXATION; AND SAID BONDS TO BE A PARITY IN ALL RESPECTS WITH THE OUTSTANDING BONDS-W,, SAID CITY PAYABLE FROM THE NET REVENUES OF SAID WATERWORK9+"-' SYSTEM, SANITARY SEWER SYSTEM AND ELECTRIC LIGHT AND POWER SYSTEM? 01 PROPOSITION NO. 2 SHALL THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, BE AUTHORIZED TO ISSUE THE REVENUE BONDS OF SAID CITY, IN ONE OR MORE SERIES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $6,510,000, MATURING SERIALLY WITHIN 30 YEARS FROM THEIR DATE OR DATES AND BEARING INTEREST AT A RATE OR RATES NOT TO EXCEED THE MAXIMUM AUTHORIZED BY LAW AT THE TIME OR TIMES SUCH BONDS ARE ISSUED, ALL AS SHALL BE DETERMINED_BY _._ SAID CITY COUNCIL, FOR THE PURPOSE OF EXTENDING AND IMPROVING THE CITY'S EXISTING SANITARY SEWER SYSTEM; SAID BONDS TO BE ISSUED IN ACCORDANCE WITH AND SECURED IN THE MANNER PROVIDED IN ARTICLES 1111 TO 1118, BOTH INCLUSIVE, VERNON'S TEXAS CIVIL STATUTES, AS AMENDED; AND TO SECURE THE PAYMENT OF THE INTEREST ON SAID BONDS AS IT ACCRUES AND THE PRINCIPAL OF SAID BONDS AS THEY MATURE BY PLEDGING THE NET REVENUES FROM THE OPERATION OF THE CITY'S WATERWORKS SYSTEM, SANITARY A SEWER SYSTEM AND ELECTRIC LIGHT AND POWER SYSTEM; EACH BOND TO BE CONDITIONED THAT THE HOLDER THEREOF SHALL NEVER HAVE 03334 THE RIGHT TO DEMAND PAYMENT OF SAID OBLIGATION OUT OF ANY FUNDS RAISED OR TO BE RAISED BY TAXATION; AND SAID BONDS TO BE ON A PARITY IN ALL RESPECTS WITH THE OUTSTANDING BONDS OF SAID CITY PAYABLE FROM THE NET REVENUES OF SAID WATERWORKS SYSTEM, SANITARY SEWER SYSTEM AND ELECTRIC LIGHT AND POWER SYSTEM? PROPOSITION NO. 3 SHALL; THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, BE AUTHORIZED TO ISSUE THE REVENUE BONDS OF SAID CITY, IN ONE OR MORE SERIES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $2,185,000, MATURING SERIALLY WITHIN 30 YEARS FROM THEIR DATE OR DATES AND BEARING INTEREST AT A RATE OR RATES NOT TO EXCEED THE MAXIMUM AUTHORIZED BY LAW AT THE TIME OR TIMES SUCH BONDS ARE ISSUED, ALL AS SHALL BE DETERMINED BY SAID CITY COUNCIL, FOR THE PURPOSE OF EXTENDING AND IMPROVING THE CITY'S EXISTING ELECTRIC UTILITY SYSTEM; SAID BONDS TO BE ISSUED IN ACCORDANCE WITH AND SECURED IN THE MANNER PROVIDED IN ARTICLES 1111 TO 1118, BOTH INCLUSIVE, VERNON'S TEXAS CIVIL STATUTES, AS AMENDED; AND TO SECURE THE PAYMENT OF THE INTEREST ON SAID BONDS AS IT ACCRUES AND THE PRINCIPAL OF SAID BONDS AS THEY MATURE BY PLEDGING THE NET REVENUES FROM THE OPERATION OF THE CITY'S WATERWORKS SYSTEM, SANITARY SEWER SYSTEM AND ELECTRIC LIGHT AND POWER SYSTEM; EACH BOND TO BE CONDITIONED THAT THE HOLDER THEREOF SHALL NEVER HAVE THE RIGHT TO DEMAND PAYMENT OF SAID OBLIGATION OUT OF ANY FUNDS RAISED OR TO BE RAISED BY TAXATION; AND SAID BONDS TO BE ON A PARITY IN ALL RESPECTS WITH THE OUTSTANDING BONDS OF SAID CITY PAYABLE FROM THE NET REVENUES OF SAID WATERWORKS SYSTEM, SANITARY SEWER SYSTEM AND ELECTRIC LIGHT AND POWER SYSTEM? PROPOSITION NO. 4 SHALL THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, BE AUTHORIZED TO ISSUE THE TAX BONDS OF SAID CITY, IN ONE OR MORE SERIES OR ISSUES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $5,760,000, MATURING SERIALLY WITHIN 30 YEARS FROM THEIR DATE OR DATES AND BEARING INTEREST AT A RATE OR RATES NOT TO EXCEED THE MAXIMUM AUTHORIZED BY LAW AT THE TIME OR TIMES SUCH BONDS ARE ISSUED, ALL AS SHALL BE DETERMINED BY SAID CITY COUNCIL, FOR THE PURPOSE OF MAKING PERMANENT PUBLIC IMPROVEMENTS, TO -WIT: CONSTRUCTING IMPROVEMENTS TO THE STREETS IN SAID CITY, INCLUDING NECESSARY DRAINAGE IN CONNEC- TION THEREWITH, AND TO LEVY AN ANNUAL TAX ON ALL TAXABLE PROPERTY WITHIN SAID CITY SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AS IT ACCRUES AND TO CREATE AND PROVIDE A SINKING FUND TO PAY THE PRINCIPAL OF SAID BONDS AS THEY MATURE? PROPOSITION NO. 5 SHALL THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, BE AUTHORIZED TO ISSUE THE TAX BONDS OF SAID CITY, IN ONE OR MORE SERIES OR ISSUES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $1,805,000, MATURING SERIALLY WITHIN 30 YEARS FROM THEIR DATE OR DATES AND BEARING INTEREST AT A RATE OR RATES_ NOT TO EXCEED THE MAXIMUM AUTHORIZED BY LAW AT THE TIME OR TIMES SUCH BONDS ARE ISSUED, ALL AS SHALL BE DETERMINED WITHIN THE DISCRETION OF THE CITY COUNCIL, FOR THE PURPOSE OF CONSTRUCTING OR PURCHASING PUBLIC BUILDINGS, AND TO LEVY TAXES UPON ALL TAXABLE PROPERTY WITHIN SAID CITY ANNUALLY, SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AS IT ACCRUES AND TO CREATE AND PROVIDE A SINKING FUND TO PAY THE PRINCIPAL OF SAID BONDS AS THEY MATURE? .f U3393 -2- m PROPOSITION NO. 6 SHALL THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, BE AUTHORIZED TO ISSUE THE TAX BONDS OF SAID CITY, IN ONE OR MORE SERIES OR ISSUES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $2,080,000, MATURING SERIALLY WITHIN 30 YEARS FROM THEIR DATE OR DATES AND BEARING INTEREST AT A RATE OR RATES NOT TO EXCEED THE MAXIMUM AUTHORIZED BY LAW AT THE TIME OR TIMES SUCH BONDS ARE ISSUED, ALL AS SHALL BE DETERMINED WITHIN THE DISCRETION OF THE CITY COUNCIL, FOR THE PURPOSE OF IMPROVING THE EXISTING PUBLIC PARKS IN THE CITY, AND TO LEVY AN ANNUAL TAX ON ALL TAXABLE PROPERTY WITHIN SAID CITY SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AS IT ACCRUES AND TO CREATE AND PROVIDE.A SINKING FUND TO PAY THE PRINCIPAL OF SAID BONDS AS THEY MATURE? PROPOSITION NO. 7 SHALL THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, BE AUTHORIZED TO ISSUE THE TAX BONDS OF SAID CITY, IN ONE OR MORE SERIES OR ISSUES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $1,150,000, MATURING SERIALLY WITHIN 30 YEARS FROM THEIR DATE OR DATES AND BEARING INTEREST AT A RATE OR RATES NOT TO EXCEED THE MAXIMUM AUTHORIZED BY LAW AT THE TIME OR TIMES SUCH BONDS ARE ISSUED, ALL AS SHALL BE DETERMINED WITHIN THE DISCRETION OF THE CITY COUNCIL, FOR THE PURPOSE OF PURCHASING LAND FOR PARK PURPOSES, AND TO LEVY AN ANNUAL TAX ON ALL TAXABLE PROPERTY WITHIN SAID CITY SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AS IT ACCRUES AND TO CREATE AND PROVIDE A SINKING FUND TO PAY THE PRINCIPAL OF SAID BONDS AS THEY MATURE? WHEREAS, the duly qualified resident electors of said City cast the following votes, respectively, at said election on said propositions, to -wit: PROPOSITION NO. 1 FOR THE ISSUANCE OF $7,850,000 WATERWORKS SYSTEM IMPROVEMENT REVENUE BONDS 2077 VOTES AGAINST THE ISSUANCE OF $7,850,000 WATERWORKS SYSTEM IMPROVEMENT REVENUE BONDS 519 VOTES �w PROPOSITION NO. 2 FOR THE ISSUANCE OF $6,510,000 SANITARY SEWER SYSTEM REVENUE BONDS 2069 VOTES AGAINST THE ISSUANCE OF $6,510,000 SANITARY SEWER SYSTEM REVENUE BONDS 516 VOTES PROPOSITION NO. 3 FOR THE ISSUANCE OF $2,185,000 ELECTRIC UTILITY SYSTEM REVENUE 1995 BONDS VOTES AGAINST THE ISSUANCE OF $2,185,000 ELECTRIC UTILITY SYSTEM REVENUE BONDS 570 VOTES -3- LM PROPOSITION NO. 4 FOR THE ISSUANCE OF $5,760,000 STREET IMPROVEMENT TAX BONDS 1852 VOTES AGAINST THE ISSUANCE OF $5,760,000 STREET IMPROVEMENT TAX BONDS 744 VOTES PROPOSITION NO. 5 FOR THE ISSUANCE OF $1,805,000 PUBLIC BUILDING TAX BONDS 1468 VOTES AGAINST THE ISSUANCE OF $1,805,000 PUBLIC BUILDING TAX BONDS 1067 VOTES PROPOSITION NO. 6 FOR THE ISSUANCE OF $2,080,000 PUBLIC PARK IMPROVEMENT TAX BONDS 1598 VOTES AGAINST THE ISSUANCE OF $2,080,000 PUBLIC PARK IMPROVEMENT TAX 967 BONDS VOTES PROPOSITION NO. 7 FOR THE ISSUANCE OF $1,150,000 TAX BONDS FOR THE PURCHASE OF LAND FOR PARK PURPOSES 1394 VOTES AGAINST THE ISSUANCE OF $1,150,000 TAX BONDS FOR THE PURCHASE OF LAND FOR PARK PURPOSES 1146 VOTES as shown in the official election returns heretofore duly submitted to said City Council and filed with the City Secretary; therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION: 1. That the City Council officially finds and determines that the bond election held in and throughout the City of College Station, Texas, on the 4th day of April, 1981, which election is more particularly described in the preamble to this ordinance, was duly called and notice . thereof duly given in accordance with law; that said election was duly held in the manner required by law and that the returns of the election have been duly delivered to the City Council and it has duly canvassed the same. 2. That said election has resulted favorably to the adoption of Propositions Nos. 1, 2 and 3, respectively, u%'A'39s providing for the issuance of revenue bonds for waterworks system, sanitary sewer system and electric utility system improvement purposes; and that more than a majority of the duly qualified resident electors who voted in said election voted for the issuance of said bonds. 3. That said election has resulted favorably to M the adoption of Proposition Nos. 4, 5, 6 and 7, respectively, providing for the issuance of tax bonds for street improve- ments, public buildings, park improvements and the purchase of land for park purposes; and that more than a majority of the duly qualified resident electors of the City who voted in the election voted for the issuance of said bonds. 4. That the City Council is now authorized to issue all of the bonds described in said Proposition Nos. 1, 2 and 3 and to pledge the net revenues from the operation of the City's Waterworks System, Sanitary Sewer System and Electric Light Power System to secure payment thereof, is now authorized to issue all of the bonds described in said Proposition Nos. 4, 5, 6 and 7 and to levy, assess and collect the tax in payment thereof, and is now authorized to do any and all things necessary and convenient in connection therewith. S. That this ordinance shall take effect and be M in full force upon and after its adoption. PASSED AND APPROVED this 8th day of April, 1981. May'a3', City of Zollege Station, Texas 0 ATTEST- V tvy cr e ary u�3 y -5-