ORD CC 1980-76 - Issue BondsORDINANCE NO. 80 -76
AN ORDINANCE AUTHORIZING ISSUANCE OF A SINGLE SERIES CITY OF
HUNTSVILLE PUBLIC WORKS - POLICE AND MUNICIPAL COURT BUILDING
CERTIFICATE OF OBLIGATION IN THE AMOUNT OF $12,350.00; AND
CONTAINING OTHER PROVISIONS RELATED TO THE SUBJECT.
WHEREAS, the City Council of the City of Huntsville, Texas, has heretofore
purchased land and an existing building for police and municipal court
purposes for the City; and
WHEREAS, the City Council has heretofore entered into a contract necessary
to construct interior additions and improvements to said property; and
WHEREAS, City Council has determined it necessary to execute a change order
to immediately repair the roof of the building; and
WHEREAS, the City has authorized the publication of intention to issue cer-
tificates of obligation, payable from City ad valorem taxes, for the
purpose of evidencing the indebtedness of the City for all or part of
the costs of said construction and improvements to the police and munici-
pal court building; therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE, TEXAS:
Section 1: The City Council hereby approves, ratifies, and confirms in all
respects the contract with Circle Double "C" Ent., Inc. for construction
of interior additions and improvements to the police and municipal court
building and Change Order No. 2 under said contract.
Section 2: A single series negotiable and interest bearing Certificate of
Obligation, to be designated as City of Huntsville, Texas Public Works -
Police and Municipal Court Building Certificate of Obligation, Series
1981 (hereinafter called Certificate) is hereby authorized to be issued
and delivered in the principal amount of $12,350.00 for the purpose of
evidencing the indebtedness of the City for all or any part of the cost
of the remodeling of the Police and Municipal Court Building under Change
Order No. 2 of a contract with Circle Double "C" Enterprises, Inc..
Section 3: The Certificate shall be dated December 17, 1980 and shall mature
April 15, 1982. The Certificate may be redeemed prior to its scheduled
maturity, at the option of the City, at any time after delivery, in the
manner provided in the Form of Certificate.
Section 4: The Certificate shall bear interest from the date of initial de-
livery shown on the face of the Certificate at a rate per annum not in
excess of that prescribed by Article 717k -2, Texas Revised Civil Statutes,
as amended, interest payable at maturity on April 15, 1982, or upon pre-
payment.
Section 5: The Certificate shall be registered as hereinafter set forth and
shall be in the following basic form, to -wit:
FORM OF CERTIFICATE
No. 81- $12,350.00
December 17, 1980
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF WALKER
CITY OF HUNTSVILLE, TEXAS
PUBLIC WORKS - POLICE AND MUNICIPAL COURT BUILDING
CERTIFICATE OF OBLIGATION
SERIES 1981
-
•
On April 15, 1982, the CITY OF HUNTSVILLE (the City) in the County
of Walker, in the State of Texas, promises to pay to bearer the
principal amount of
TWELVE THOUSAND THREE HUNDRED FIFTY AND NO /100 DOLLARS
($12,350.00) and to pay interest thereon, from the initial date of
delivery shown on the face hereof, at the rate of % per annum
payable on or before April 15, 1982. The principal of this Certifi-
cate and the interest shall be payable to the registered owner hereof
in lawful money of the United States of America, without exchange or
collection charges, upon presentation and surrender of this Certifi-
cate at (Bank) , , Texas, which shall be
the paying agent for this Certificate.
THIS CERTIFICATE is a single series negotiable certificate, dated
December 17, 1980, in the amount of $12,350.00, issued in accordance
with the Constitution and laws of the State of Texas, particularly
Article 2368a.1, Texas Revised Civil Statutes, as amended, for the
purpose of providing up to $12,350.00 for the costs of repairing
the roof incurred in connection with the remodeling of the Police
and Municipal Court Building of the City.
The City reserves the right to prepay all or any part of this Certi-
ficate at any time prior to the due date or maturity thereof without
premium or penalty of any kind.
IT IS HEREBY certified, recited, and covenanted that this Certificate
has been duly and validly authorized, issued, and delivered; that
all acts, conditions, and things required or proper to be performed,
exist and be done precedent to or in the issuance and delivery of
this Certificate, have been performed, existed, and been done in
accordance with law; that annual ad valorem taxes sufficient to
provide for the payment of the interest on and principal of this
Certificate, as such interest comes due and such principal matures,
have been levied and ordered to be levied against all taxable property
in the City and have been pledged for such payment within the limits
prescribed by law; that this Certificate shall be a debt of the City
within the meaning of Article XI, Sections 5 and 7 of the Constitution
of Texas.
IN TESTIMONY WHEREOF, the City Council has caused the seal of said
City to be impressed hereon and this Certificate of Obligation to be
signed by the Mayor and attested to by the City Secretary, the date
of this Certificate of Obligation being the 17th day of December,
1980, Certificate No. 81- .
ATTEST:
Mayor
City Secretary
FULL CONSIDERATION therefor being hereby acknowledged, this Certificate
of Obligation was delivered to CIRCLE DOUBLE "C" ENT., INC., the original
holder, on this date, to -wit: (Delivery date) and by it hereby trans-
ferred and assigned to
CIRCLE DOUBLE "C" ENT., INC.
By
JP
•
Section 6: While said Certificate of Obligation or installment thereof is
outstanding and unpaid, there shall be annually levied, assessed and
collected in due time, form and manner a tax upon all of the taxable
property in said City sufficient to pay the current interest thereon
and to create a sinking fund sufficient to pay each installment of prin-
cipal as the same becomes due, or a sinking fund of 2 %, whichever is
greater; and in order to pay the interest on said Certificate of Obli-
gation for the first year and to create a sinking fund with which to
pay the principal as the same becomes due, or a sinking fund of 2 %,
whichever is greater, there is hereby levied a sufficient tax on each
ONE HUNDRED DOLLARS valuation of taxable property in said City for the
current year and the same shall be assessed and collected and applied
to the purposes named; and while said Certificate of Obligation is
outstanding and unpaid, a tax each year at a rate from year to year
as will be ample and sufficient to provide funds to pay the then current
interest on said Certificate of Obligation and to provide the necessary
sinking fund, full allowance being made for delinquencies and costs
of collection, shall be and is hereby levied for each year, respect-
ively, and said tax shall each year be assessed and collected and
applied to the payment of the principal of and interest on said
Certificate of Obligation, to be kept separate and apart from all
other funds of the City. The City Council hereby declares and cov-
enants that it will provide and levy a tax legally and fully sufficient
for such Certificate of Obligation, it having been determined that the
existing and available taxing authority of the City for such purposes
is adequate to permit a legally sufficient tax in consideration of
all other outstanding obligations.
Section 7: The Mayor and City Secretary are hereby empowered and directed
to proceed with the delivery of said Certificate of Obligation and the
completion of said contract change order at the earliest practicable
date and are authorized to complete the same in accordance with the
terms hereof and to all things necessary or prerequisite thereto.
Section 8: The interest rate for the Certificate of Obligation hereinabove
authorized shall be as follows:
Certificate No. 81-
$12,350.00 9%
At the time said Certificate of Obligation is issued, such Certificate
shall be registered and recorded by such register number on the books
of said City to the registered owner thereof.
Section 9: Notwithstanding any other provisions in the within ordinance to
the contrary as to the authorized issuing date for such Certificate of
Obligation, such Certificate shall be dated and bear interest from date
of delivery and exeuction by the Mayor and City Secretary.
Section 10: This ordinance shall take effect immediately from and after its
passage by City Council.
INTRODUCED, READ AND APPROVED by unanimous vote of the City Council of
the City of Huntsville, Texas, on this the 16th day of December, 1980.
TH DE SHAW, City Secretary
APPROVED:
,cuphi
SCOTT BOUNDS, City Attorney
f
M
RRIS
I. WALLE', Mayor