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ORD CC 07/29/75 - Obligation BondsORDINANCE NO. 75 -12 AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE, TEXAS, AUTHORIZING THE ISSUANCE OF A SINGLE "CITY OF HUNTSVILLE, TEXAS, EQUIPMENT ACQUISITION CERTIFICATE OF OBLIGATION ", DATED JULY 29, 1975, IN THE AMOUNT OF $19,144,20 PRESCRIBING THE FORM OF CERTIFI- CATE AND THE FORM OF ENDORSEMENT TO APPEAR THEREON; LEVYING A CON- TINUING DIRECT ANNUAL AD VALOREM TAX ON ALL'TAXABLE PROPERTY WITHIN THE LIMITS OF THE SAID CITY TO PAY THE INTEREST THEREON AND TO CREATE A SINKING FUND FOR REDEMPTION THEREOF, AND PROVIDING FOR THE ASSESS- MENT AND COLLECTION OF SUCH TAXES; AND ENACTING PROVISIONS INCIDENT AND RELATING TO THE PURPOSE AND SUBJECT OF THIS ORDINANCE. WHEREAS, heretofore, on the 29th day of July, 1975, the City Council of the City of Huntsville, Texas, by ordinance duly adopted and entered of record officially ascertained, determined and confirmed its prior determination that it is necessary and in the best interest of the City and its inhabitants that the City acquire certain emergency ambulance equipment to be used in connection with the City of Hunts - ville's emergency ambulance operation in order to provide for the public health and welfare, at a cost to the City in the amount of the accepted bid for such emergency ambulance vehicle; and WHEREAS, in said ordinance the City Council found that all notices required by law have been issued and all things requisite done in order to adopt an ordinance authorizing the issuance of said interest bearing certificate of obligation of the City in the amount of $ for such purposes upon terms approved by the City Council, said certifi- cate is to bear interest at a rate not to exceed. 6% per annum and to mature not later than July 29, 1979, and to be issued upon the full faith and credit of the City and payable from ad valorem taxes; and WHEREAS, official notice of the City Council's intentions aforementioned was duly given and the notice requesting bids for the purchase of such equipment and the publication thereof in the City's official newspaper, The Huntsville Item, was made within the time and in the manner as required by law; and WHEREAS, it appears to the City Council that all prerequisites to the valid authorization of the intended certificate of obligation for its stated purpose, has been accomplished in accordance with the law, including the certificate of obligation act of 1971, and that this Council may therefore proceed with the ordinance authorizing the issuance of said certificate of obligation; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE, TEXAS: Section 1: That one interest bearing certificate of obligation of the City of Huntsville to be known and designated as "City of Huntsville, Texas, Equipment Acquisition Certificate of Ob- ligation", in the principal sum of $19,144.20 , shall be, and the same is hereby authorized to be issued and the same is hereby issued for public purposes, to -wit: the acquisition of an emergency modular ambulance vehicle for use by the City of Huntsville, Texas, in pro- viding for the health and welfare of the public, and the Mayor and City Secretary shall have joint control of such certificate for the purposes of delivering same to the owners in accordance with this ordinance and they shall see to the proper completion thereof in accordance herewith. Section 2: That said certificate shall be dated July 29, 1975, and shall mature and be payable in installments (subject to the City's option of prior payment), shall be in the denomination, and shall bear interest as set forth in the following form, to -wit: Dated: July 29, 1975 $19,144.20 ISSUED: UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF WALKER CITY OF HUNTSVILLE, TEXAS, EQUIPMENT ACQUISITION CERTIFI- CATE 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 bearer in installments as below indicated the total sum of NINETEEN THOUSAND ONE HUNDRED FORTY -FOUR AND 20/100 ($19,144.20 ), in lawful money of the United States of America, with interest thereon from date until paid at the rate of six one -half (611)per cent per annum, payable on July 29, 1976, and annually thereafter on July 29th of each year. BOTH PRINCIPAL AND INTEREST on this certificate of obligation are hereby made payable at the First National Bank, Huntsville, Texas, without exchange or collection charges to the owner or holder, the prin- cipal to be paid upon presentation of this certificate for principal pay- ment endorsement, and the interest to be paid upon presentation hereof for interest payment endorsement by said Bank on the reverse side hereof. The principal and interest of this certificate of obligation is payable in annual installments, as follows: DATE July 29, 1976 July 29, 1977 July 29, 1978 July 29, 1979 PRINCIPAL INTEREST $4,786.05 as accrued $4,786.05 as accrued $4,786.05 as accrued $4,786.05 as accrued This certificate of obligation represents a single issue certificate of obligation of the issue authorized by the City Council for the purpose of acquiring an emergency modular ambulance vehicle, all pursuant to notice of intention duly issued and published in the time and manner prescribed by law and in accordance with an ordinance duly confirming the purchase of said equipment adopted and passed by the City Council of the City of Huntsville on the 29th day of July, 1975, and duly recorded in the minutes of said City Council. 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, and of the series of which it is a part, 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 re- quired 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. 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 29th day of July, 1975. MORRIS I. WALLER, MAYOR ATTEST: RUTH DeSHAW, City Secretary (Form of Certificate of Delivery and Assignment to be typed on the back of Certificate of Obligation) FULL CONSIDERATION therefor being hereby acknowledged, this certificate of obligation was delivered to , the original holder, on this date, to-wit: , 1975, and by it hereby transferred and assigned to First National Bank, Huntsville, Texas. Section 3: While said certificate of obligation or install- ments thereof are 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 principal 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 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 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 collections, 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 said 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 pro- vide 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 purpose is adequate to permit a legally sufficient tax in consideration of all other outstanding ob- ligations. Section 4: The Mayor and City Secretary are hereby empowered and directed to proceed with the delivery of said certificate of obli- gation 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 5. 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 that the rule requiring ordinances to be read at two meetings W., of the City Council, be suspended, and said rule is hereby suspended, and these ordinances shall take effect and be in force from and after its passage and approval, and it is so ordained. Section 6: 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 execution by the Mayor and City Secretary. PASSED AND APPROVED on first reading by unanimous vote of the City Council of the City of Huntsville, Texas, on this the 29th day of July, 1975. TEST: ArAtir 1- Are RU H DeSHAW, City Secretary P OVED AS TO MARTIN D. COLLEY, City Attorney /114?1/01„101. 2,114a,-- M RRIS I. WALLER, MAYOR