ORD CC 09/09/75 - Certificate of obligation - $250,000ORDINANCE NO. 75 -15
AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF }UNTSVILLE, T
AUTHORIZING THE ISSUANCE OF A SERIES OF "CITY OF HUNTSVILLE,
PUBLIC IMPROVEMENT CERTIFICATES OF OBLIGATION," TO BE DATED
ISSUED WHEN APPROVED AS TO AMOUNT AND INTEREST BY SUPPLEMENT
ORDINANCE, IN AN AMOUNT OR AMOUNTS NOT TO EXCEED $250,000.00
SCRIBING THE FORM OF CERTIFICATE AND THE FORM OF ENDORSEMENT
APPEAR THEREON; LEVYING A CONTINUING DIRECT ANNUAL AD VALORE
ON ALL TAXABLE PROPERTY WITHIN THE LIMITS OF THE SAID CITY T
INTEREST THEREON AND TO CREATE A SINKING FUND FOR REDEMPTION
WHICH LEVY TO BE IN SUCH SUPPLEMENTAL ORDINANCE, AND PROVIDIN
THE ASSESSMENT AND COLLECTION OF SUCH TAXES AFTER SUCH LEVY;
ENACTING PROVISIONS INCIDENT AND RELATING TO THE PURPOSE AND
OF THIS ORDINANCE.
WHEREAS, the City Council of the City of Huntsvil
heretofore authorized the advertisement and request for bids
construction of public improvements consisting of a City Hal
the furnishings and fixtures for use therein, which such adv
was duly and properly published in the official newspaper of
THE HUNTSVILLE ITEM, thereby giving notice that on the 26th
August, 1975, the said City Council intended to authorize th
of Public Improvement Certificates of Obligation in an amoun
not to exceed $250,000; and,
WHEREAS, the City Council has now accepted bids f
construction of such public improvements and the furnishings
tures for use therein, both of which bidders elected to acce
Certificates of Obligation for all or a portion of the bid p
to immediately transfer and assign such Certificates in acco
arrangements made by said City for such transfer; and,
WHEREAS, the City Council of said City now finds
requirements of the law have been met and that no objections
been filed, the said City is in all things authorized to iss
Certificates of Obligation; and,
WHEREAS, the actual funds to be derived from suc
of Obligation are not needed on the date hereof and the said
has determined that delivery and issuance of such Certificat
delayed until needed or required and that supplemental ordin
ordinances may be passed when the issuance of such Certifica
quired:
XAS,
TEXAS,
ND
L
PRE -
TO
TAX
PAY THE
THEREOF,
FOR
AND
SUBJECT
e, has
for the
and for
rtisement
said City,
ay of
issuance
or amounts
✓ the
and fix -
t such
ice and
dance with
hat all
having
e such
Certificates
City Council
s should be
nce or
es is re-
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF HUNTSVILLE, TEXAS:
Section 1: That the City of Huntsville is hereby
to issue a series of interest bearing Certificates of Obliga
City of Huntsville to be known and designated "City of Hunts
Texas, Public Improvement Certificate of Obligation," in suc
sums as may from time to time be required for the constructi
equiping by furnishing the interior of a City Hall and relat
for an aggregate obligation of no more than $250,000.00, all
shall be for public purposes.
uthorized
ion of the
ille,
principal
n and
d facilities,
of which
Section 2: Such Certificates as authorized herein
actually issued when authorized by supplemental ordiance to
ordinance at such times and in such amounts as required with
limits as specified herein. Such certificates shall be dated
and shall mature and be payable in installments(subject to t
option of prior redemptionand payment), as determined by sup
ordinance and shall be in substantially the following form:
DATED $
shall be
he within
n the
upon issuance
e City's
lemental
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF WALKER
CITY OF HUNTSVILLE,TEXAS, PUBLIC IMPROVEMENT
CERTIFICATE OF OBLIGATION
The City of Huntsville, a municipal corporation o
State of Texas, acknowledges itself indebted to and FOR VALU
hereby promises to pay to Bearer in installments as below in
the total sum of ($ )DO
lawful money of the United States of America, with interest
from date until paid at the rate of ( %) per cent per
payable on , and annually thereafter on
each , until fully paid.
the
RECEIVED
icated
LARS, in
thereon
nnum,
of
BOTH PRINCIPAL AND INTEREST on this certificate o obligation
are hereby made payable at , withou exchange
or collection charges to the owner or holder, the principal to be paid
upon presentation of this certificate for principal payment endorsement
and the interest to be paid upon presentation hereof for interest pay-
ment endorsement by the paying institution on the reverse side hereof.
The Principal of this certificate of Obligation is payable
in installments, as follows:
This Certificate of Obligation represents one of $ series
authorized by the City Council of the City of Huntsville for the pur-
pose of constructing and furnishing public improvements, 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 purposes and issuance of such Certificate adopted and passed by
the City Council of the City of Huntsville on the 9th day of September,
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 of Obligation 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,
and things required to be done precedent to and in the issua
Certificate of Obligation, and of the series of which it is
render the same lawful and valid have been properly done, ha
and have been performed in regular and due time, form and ma
quired by law; that due and proper provision has been made f
of a direct and continuing annual ad valorem tax against all
property within the said City sufficient to pay the interest
Certificate of Obligation as due and to provide for the paym
each installment of principal as same matures; that the City
ceived full value and consideration for this certificate of
and that the total indebtedness of the City of Huntsville, i
this Certificate of Obligation, does not exceed any Constitu
or Statutory limitation.
IN TESTIMONY WHEREOF, the City Council has caused
of said City to be impressed hereon and this Certificate of
to be signed by the Mayor and attested to by the City Secret
date of this Certificate of Obligation being the
ATTEST:
CITY SECRETARY
conditions
ce of this
= part, to
e happened
ner as re-
•r the levy
taxable
on this
nt of
has re-
bligation
ncluding
tional
the seal
bligation
ry, the
Mayor
FULL CONSIDERATION therefor being hereby acknowledged,
this Certificate of Obligation was delivered to tie
original holder, on this date, to wit:
and assigned to
, and by it transferred
Section 3: The above form may be varied if autho
supplemental ordinance to provide for coupons for interest,
and interest, as may be determined upon issuance.
ized by
r principal
Section 4: Upon issuance of any Certificate of 0 ligation
as authorized herein, such supplemental ordinance shall provide for
the levy of a continuing direct annual ad valorem tax on all taxable
property within the limits of the City of Huntsville to pay the interest
on any such Certificate and to create a sinking fund for redemption
thereof or the payment of principal in installments as determined.
PASSED AND APPROVED on second reading by seven to one vote
of the City Council of the City of Huntsville, Texas, on this the
9th day of'September, 1975. First reading was on August 26 1975.
MORRIS I. WALLER, Mayor
AS TO FORM:
DESHAW, City Secretary
RTIN D.
COLLEY, CITY ATT
Y