ORD 1987-11 - J.H. Neiderhoffer - Certificate of Obligation 05-26-1987ORDINANCE NO. 87- 11
AN ORDINANCE APPROVING CLAIM AND DELIVERY OF
CERTIFICATES OF OBLIGATION; AND CONTAINING OTHER
PROVISIONS RELATED HERETO.
WHEREAS the City Council of the City of Huntsville, Texas (City), by
Ordinance No. 87-1 found that it was advisable for the City to
purchase a front loading garbage truck and that Certificates of
Obligation be issued by the City for all or any part of the cost of
same; and
WHEREAS the notice for said action was published at the times and in the
manner required by law; and
WHEREAS the City awarded a contract to Refuse Technologies, Inc., in the
amount of $96,495.00 as the lowest and best bid for the purchase of
said front loading garbage truck; and
WHEREAS the City has accepted delivery of the front loading garbage truck;
and
WHEREAS said contract is to be reduced in the amount of $2,900.00 because
of late delivery of the truck; and
WHEREAS the City has arranged for said certificates to be assigned to
J. H. Niederhofer, Jr., upon delivery; and
WHEREAS the 1982 Federal Tax Equity and Fiscal Responsibility Act now
requires that bonds be issued in registered forms as of July 1, 1983;
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE,
TEXAS, that:
Section 1: There is now due and owing to Refuse Technologies, Inc. the
sum of $93,595.00.
Section 2: The Certificates of Obligation herein authorized to be delivered
shall bear interest at the rate of 6.1 per cent per annum with a
four (4) year maturity from the date of initial del ivery shown on
the face of such certificates.
Section 3: There shall be executed and delivered to said contractors
certificates of the City of Huntsville Equipment Acquisition
Certificates of Obligation, in registered form, and dated January 14,
1987, in accordance with Ordinance No. 87-1.
Section 4: The Mayor, City Secretary and other appropriate City officials
are hereby authorized and directed to deliver said Certificates and to
do any and all things necessary or convenient to carry out the terms
of this ordinance.
PASSED AND APPROVED on this the 26 day of May, 1987.
THE CITY OF HUNTSVILLE, TEXAS
J Monday, Mayor
ATT
h DeShaw, City Se re a y
APPROVED AS TO FORM:
Scott Bounds, City Attorney