ORD 1990-30 - Roll-Off Truck Equipment Acquisition 12-04-1990ORDINANCE NO 90-30
AN ORDINANCE AUTHORIZING ISSUANCE OF A CITY OF
HUNTSVILLE, TEXAS, EQUIPMENT ACQUISITION CERTIFICATE OF
OBLIGATION IN THE AMOUNT OF $78,786.00; AND CONTAINING
OTHER PROVISIONS RELATED TO THE SUBJECT.
WHEREAS the City Council of the City of Huntsville received competitive bids
for one new 1991 roll-off truck, and awarded a contract for the
purchase of such equipment in accordance with Texas Local Government
Code Chapter 271 to Barrett White GMC, in the amount of $78,786.00;
and
WHEREAS the City published notice of intention to issue a Certificate of
Obligation payable from City ad valorem taxes for the purpose of
evidencing the indebtedness of the City for all or part of the
purchase of the new 1991 roll-off truck at an amount not to exceed
$78,786.00; and
WHEREAS the notice of intention to issue a Certificate of Obligation was
published at the times and in the manner required by Texas Local
Government Code Chapter 271 on November 13, 1990, and November 20,
1990;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE,
TEXAS; that:
Section 1: The City Council ratifies the contract with Barrett White GMC to
purchase the new 1991 roll-off truck and hereby confirms the
purchase of such equipment.
Section 2: An interest bearing Certificate of Obligation of the City of
Huntsville, Texas, to be known and designated as "City of
Huntsville, Texas, Equipment Acquisition Certificate of Obligation"
is hereby authorized to be issued and delivered in the principal
amount of $78,786.00 for the purpose of acquiring the new 1991 roll-
off truck for use by the City, and the Mayor and City Secretary
shall have joint control of the certificate for the purpose of
delivering same to the owner in accordance herewith.
Section 3: The Certificate shall be dated December 4, 1990, shall mature and
be payable in four (4) equal installments (subject to the City's
option of prior payment), shall be registered as hereinafter set
forth, and shall be in the following basic form, to-wit:
Dated: Amount: $78,786.00
Issued: December 4, 1990 Register No. 90-
UNITED STATES OF AMERICA
COUNTY OF WALKER
STATE OF TEXAS
CITY OF HUNTSVILLE, TEXAS, EQUIPMENT ACQUISITION
CERTIFICATE OF OBLIGATION
The City of Huntsville, a Municipal Corporation of the State of Texas,
acknowledges itself indebted to and FOR VALUE RECEIVED hereby promises to pay to
the registered owner hereof in installments and on the dates as below indicated
the total sum of
SEVENTY EIGHT THOUSAND, SEVEN HUNDRED, EIGHTY-SIX, AND NO/100 DOLLARS
($78,786.00) in lawful money of the United States of America, with interest
thereon from date of issue until paid at the rate of per cent per annum,
payable on , and annually thereafter on the day of
of each and every year as hereinafter provided until such sum is fully
paid.
BOTH PRINCIPAL AND INTEREST on this Certificate of Obligation are hereby
made payable in Huntsville, Walker County, Texas, without exchange or collection
charges to the registered owner hereof, with such payments to be due on the dates
and in the amounts as follows:
DATE PRINCIPAL INTEREST TOTAL
1991
1992
1993
1994
The City reserves the right to prepay all or any part of this Certificate
at any time prior to the due date or maturity thereof without premium or penalty
of any kind.
It is hereby certified and recited that all acts, conditions and things
required to be done precedent to and in the issuance of this Certificate of
Obligation, to render the same lawful and valid have been properly done, have
happened and have been performed in regular and due time, form and manner as
required by law; that due and proper provision has been made for the levy of a
direct and continuing annual ad valorem tax against all taxable property within
the said City sufficient to pay the interest on this Certificate of Obligation
as due and to provide for the payment of each installment of principal as same
matures; that the City has received full value and consideration for this
Certificate of Obligation and that the total indebtedness of the City of
Huntsville, including this Certificate of Obligation, does not exceed any
constitutional or statutory limitation.
This Certificate shall be registered as to principal and interest in the
owner's name upon books of the City to be kept for that purpose at the office of
the Finance Director of the City, the registrar, such registration to be noted
hereon. After such registration, no transfer of this Certificate shall be valid
unless made on said books at the request of the registered owner hereof, or his
duly authorized agent, and similarly noted hereon.
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 day of , 1990.
DATE OF INITIAL DELIVERY OF THIS CERTIFICATE:
JANE MONDAY, MAYOR
ATTEST:
Ruth DeShaw, City Secretary
ASSIGNMENT AND TRANSFER
Full consideration therefor being hereby acknowledged, this Certificate of
Obligation was delivered to Barrett White GMC, the original holder, on this date,
to -wit: , and by it hereby assigned and transferred to
BARRETT WHITE GMC
By
CERTIFICATE OF REGISTRATION
IT IS HEREBY CERTIFIED that I have this day registered this Certificate as
to principal in the name of the holder as indicated in the registration blank
below, on the books kept by me for such purpose. The principal of and interest
on this Certificate shall be payable only to the registered holder named in the
below registration blanks.
Name of
Registered Holder
Date of
Registration
Signature of
Finance Director
(Registrar)
Section 4: While the 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 sinking fund sufficient to pay each installment of
principal as same becomes due, or a sinking fund of 2%, whichever is
greater; and in order to pay the interest on the Certificate of
Obligation 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
the 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 the 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, respectively, and said tax shall
each year be assessed and collected and applied to the payment of
the principal of and interest on the Certificate of Obligation, to
be kept separate and apart from all other funds of the City. The
City Council hereby declares and covenants that it will provide and
levy a tax legally and fully sufficient for the 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 5: The Mayor and City Secretary are hereby empowered and directed to
proceed with the delivery of the Certificate of Obligation and the
closing of said acquisition at the earliest practicable date and are
authorized to complete the same in accordance with the terms hereof
and to do all things necessary or prerequisite thereto.
Section 6: The Certificate shall bear interest from the date of initial
delivery shown on the face of each Certificate at a rate per annum
not in excess of that prescribed by Article 717k-2, Texas Revised
Civil Statutes, as amended, until maturity, or upon prepayment. At
the time the Certificate of Obligation is issued the Certificate
shall be registered and recorded by such register number on the
books of said City to the registered owner thereof.
Section 7: That the public importance of this measure and the fact that it is
to the best interest of the City to acquire the equipment herein
contemplated at the earliest possible date, for the immediate
preservation of the public peace, property, health, and safety of
the City and its citizens, creates an emergency and an imperative
public necessity and this ordinance shall take effect and be in
force from and after its passage and approval, and it is so
ordained.
Section 8: Notwithstanding any other provision in the within ordinance to the
contrary, as to the authorized issuing date for the Certificate of
Obligation, the certificate shall be dated and bear interest from
date of delivery and execution by the Mayor and City Secretary.
PASSED AND APPROVED this 4th day of December, 1990.
AT
424 A,
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APPRO ED AS TO FORM:
4tr
cott :,u `s, City attorney
CITY 0 HUNTSVILLE, TEXAS