ORD 1985-07 - CO Certificates of ObligationORDINANCE NO. 85-7
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 -42, found that it was advisable for the City to
purchase an iron wheel 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 $36,699.00, as the lowest and best bid for the purchase of said
iron wheel roller; and
WHEREAS the City has accepted delivery of the iron wheel roller; and
WHEREAS the City has arranged for said certificates to be assigned to
Ziol�n Jler►ry a ie,cierhoteriJR. 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
$36,699.00.
Section 2: The Certificate of Obligation herein authorized to be delivered
shall bear interest at the rate of 19,15 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 -42.
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 unanimou vote of the City Council of
the City of Huntsville, Texas, on this the f2II day of February, 1985.
APPROVED AS TO FORM:
cf)eatife
Scott Bounds, ity Attorney