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ORD 1985-05 - CO Certificate of ObligationORDINANCE NO. 85 -5 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. 84 -41, found that it was advisable for the City to purchase a rubber tire roller 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 Plains Machinery Co., in the amount of $30,489.00, as the lowest and best bid for the purchase of said rubber tire roller; and WHEREAS the City has accepted delivery of the rubber tire roller; and WHEREAS the City has arranged for said certificates to be assigned to f f ST NA77D/t/AL .eAtiK 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 Plains Machinery Co., the sum of $30,489.00. Section 2: The Certificate of Obligation herein authorized to be delivered shall bear interest at the rate of 9.5 per cent per annum from date of initial delivery 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 Certifi- cates of Obligation, in registered form, and dated December 11, 1984, in accordance with Ordinance No. 84 -41. Section 4: The Mayor, City Secretary and other appropriate City officials are hereby authorized and directed to deliver said Certificate and to do any and all things necessary or convenient to carry out the terms of this ordinance. INTRODUCED, READ AND PASSED by the unanimous vote of the City Council of the City of Huntsville, Texas, on this the 5th day of February, 1985. William V. Nash, Mayor ATTEST: eShaw, City Secretary APPROVED AS TO FORM: Scott Bounds, City Attorney