ORD 1982-15 - Issue BondsORDINANCE NO. 82 -15
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
HUNTSVILLE AUTHORIZING THE ISSUANCE OF HUNTSVILLE
LAND ACQUISITION CERTIFICATES OF OBLIGATION IN THE
AMOUNT OF $91,000.00; AND CONTAINING OTHER
PROVISIONS RELATED THERETO.
Whereas, the City Council of the City of Huntsville, Texas
has found it necessary and desirable for said City to
purchase land described as 72 acres of land out of the
William Tom Survey of Walker County, Texas, for water works
purposes for said City, and that Certificates of Obligation
be issued by the City for all or any part of the cost of
same; and
Whereas, the Council gave due and proper notice of its
intention to issue such Certificates of Obligation; and
Whereas, it is affirmatively found that the City Council is
authorized to proceed with the issuance and sale of said
certificates in accordance with the terms of this ordinance;
NOW THEREFORE,
Be it ordained by the City Council of the City of
Huntsville, Texas,
Section 1: That the facts and recitations contained in the
preamble of this ordinance are hereby found and declared to
be true and correct.
Section 2: That for the purpose of evidencing the
indebtedness of said City for all or any part of the cost of
purchasing land for water works purposes for said City,
there shall be issued the negotiable Certificates of
Obligation, of said City in the principal amount of
$91,000.00, to be known and designated as "City of
Huntsville, Texas, Land Acquisition Waterworks Certificates
of Obligation, Series 1982," in strict conformity with the
Constitution and laws of the State of Texas, particularly
ARticle 1368 Sec. 1, V.T.C.S., as amended.
Section 3: That the Certificates shall be dated August 3,
1982, shall mature and be payable in six months, (subject to
the City option of prior payment), shall be registered as
hereinafter set forth, and shall be in the following basic
form, to wit:
Date: August 3, 1982 Amount:
Issued: Register No. 82-
United States of America
State of Texas
County of Walker
City of Huntsville, Texas, Land Acquisition - Waterworks
Certificate of Obligation
The City of Huntsville, Texas, 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 on the total sum of NINETY ONE THOUSAND
DOLLARS ($91,000.00) in lawful money of the United States of
America, with interest thereon from date of issue until paid
at the rate of twelve (12) percent per annum, payable on
(maturity date) .
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 on (maturia date)
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.
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 3rd day of August, 1982.
William V. Nash, Mayor
ATTEST:
Ruth DeShaw, City Secretary
FULL CONSIDERATION therefor being hereby acknowledged,
this Certificate of Obligation was delivered to (Owner) ,
the original holder on this date, to -wit:
and by it hereby transferred and assigned to
(Owner
By
Section u: That 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
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 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 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 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 5: That the Mayor and City Secretary are hereby
empowered and directed to proceed with the delivery of said
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 all things necessary or prerequisite thereto.
Section 6: That 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
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 7: That the public importance of this measure and
the fact that it is to the best interest of the City to
acquire the land 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: That 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.
INTRODUCED, PASSED AND APPROVED on first reading by
unanimous vote of the City Council of the City of
Huntsville, Texas, on this the 3 . day of 1 trG�S 1982.
William V. Nash, Mayor
h DeShaw, City Secretary
APPROVED AS TO FORM:
Scott Bounds, City Attorney
Date: August 3, 1982 Amount: $91,000.00
Issued: August 17, 1982 Register No. 82-2
United States of America
State of Texas
County of Walker
City of Huntsville, Texas, Land Acquisition - Waterworks
Certificate of Obligation
On the 17th day of August, 1982, the City of Huntsville, Texas,
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 the total sum of NINETY ONE THOUSAND DOLLARS
($91,000.00) in lawful money of the United States of America, with
interest thereon from date of issue until paid at the rate of twelve
(12) percent per annum.
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 on
February 17, 1983 as follows:
Principal Interest Total
$91,000.00 $5,460.00 $96,460.00
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.
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 3rd day of August, 1982.
ATTEST:
uth De haw, City Secretary
„
William V. Nash, Mayo
by Larry Corley, Mayr Pro Tem