HomeMy WebLinkAboutOrdinances (O-76-242)-09/21/1976
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AN ORDINANCE by the City Council of the City of
Colleyville, Texas, amending the ordinance
authorizing the issuance of $250,000 "City
of Colleyville, Texas, Waterworks and Sewer
System Revenue Bonds, Series 1975-A," dated
July 1, 1975, so as to change the "Registrar"
and "paying agent" for said series of bonds;
ratifying and confirming other provisions
of the ordinance authorizing the issuance of
said bonds; and declaring an emergency.
WHEREAS, pursuant to an ordinance duly passed and adopted on
the 8th day of August, 1975, the City Council of the City of
Colleyville, Texas~ authorized the issuance of $250,000 "CITY OF
COLLEYVILLE, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS,
SERIES 1975-A," for the purpose of purchasing, constructing, and
improving a waterworks system in and for said City; and
WHEREAS, said bonds have heretofore been approved by the
Attorney General of the State of Texas and duly registered by the
Comptroller of Public Accounts under Registration Number 42769,
and are currently in escrow by the First National Bank, Colleyville,
Texas, pending their delivery to the purchaser thereof, Farmers
Home Administration, United States of America; and
WHEREAS, in the ordinance authorizing the issuance of said
bonds, the First National Bank, Colleyville, Texas was designated
as the "Registrar" and "paying agent" for said series of bonds;
and
WHEREAS, the First National Bank, Colleyville, Texas has
now advised this City Council that under the rules and regulations
of the Comptroller of Currency of the United States of America a
national bank may not serve as "Registrar" for bonds unless such
national bank has trust powers, that said bank does not have such
trust powers, and, therefore, may not serve as "Registrar" for
the aforementioned series of bonds; and
""
WHEREAS, The First National Bank of Fort Worth, Fort Worth,
Texas, which has trust powers, has agreed to serve as "Registrar"
for said series of bonds; and, by reason of the "Bond Registration
Act" (Article 7l5b, V.A.T.C.S.), said bank must also serve as the
place of payment for principal of the bonds of said series; and
WHEREAS, it is now found and determined by this City Council
that the ordinance authorizing the issuance of the $250,000 "CITY
OF COLLEYVILLE, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS,
SERIES 1975-A" should be amended by changing the "Registrar"
and "paying agent" of said series of bonds; therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE"
TEXAS: .
SECT~ON 1: That all the recitals and findings contained in
the preamo!ilhereof are hereby found to be true and correct and
are made a part of this ordinance as if the same were fully
set forth in this Section.
SECTION 2: That Sections 6 7 and 9(m) of the ordinance
authorizing the i.ssuance of the $250,000 "CITY OF COLLEYVILLE,
TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES 1975-A",
(which ordinance was duly passed and adopted on the 8th day of
August, 1975 and is of record in the Minutes of the City Council)
be and the same are hereby amended so as to hereafter read as
follows:
VO:..:;j:':.;~'~_T..'::.:' --42__
"SECTION 6: That the form of the bonds shall be substantially
as follows:
UNITED STATES OF AMERICA
STATE OF TEXAS
$1.000
NOo
COUNTY OF TARRANT
CITY OF COLLEYVILLE. TEXAS. WATERWORKS AND
SEWER SYSTEM REVENUE BOND
SERIES 1975-A
FOR VALUE RECEIVED, the CITY OF COLLEYVILLE. a municipal
corporation of the State of Texas, hereby acknowledges itself
indebted to and promises to pay to FARMERS HOME ADMINISTRATION.
United States of America. or its registered assignee. as herein-
after stated. the sum of
ONE THOUSAND DOLLARS
($1.000). in lawful money of the United States of America. on the
FIRST DAY OF JANUARY, . with interest thereon from the
date of delivery of thIs-bOna-to the initial purchaser until paid
at the rate of FIVE PER CENTUM (5%) per annum. payable on January
1 next following its delivery date. and annually thereafter on
January 1 in each year; and both principal of and interest on
this bond are payable only to the registered owner as the same
appears on the books of the Registrar of the series of bonds of
which this bond is one.
PRINCIPAL of this bond shall be payable at The First National
Bank of Fort Worth. Fort Worth, Texas (the "Registrar"), upon
its presentation and surrender. and interest thereon shall be
payable at the most recent address of the registered owner shown
on the books of the Registrar; and the City of Colleyville. Texas.
is hereby held and firmly bound to apply the pledged appropriated
net revenues of its combined Waterworks and Sanitary Sewer Systems
to the prompt paYment of principal and interest on this bond at
maturity and to pay said principal and interest as they mature.
THIS BOND is one of a series of bonds, numbered consecutively
from one (1) through two hundred fifty (250). each in the
denomination of One Thousand Dollars C$l.OOO). aggregating in
the principal amount TWO HUNDRED FIFTY THOUSAND DOLLARS C~250.000).
issued for the purpose of purchasing. constructing and improving
a waterworks system in and for said City, in accordance with the
Constitution and laws of the State of Texas, particularly Article
1111 et seq.; VDA.T.CDSo, by authority expressly conferred at an
election held for that purpose within said City, and pursuant to
an ordinance passed by the City Council of the said City of
Colleyville, Texas. and duly recorded in the Minutes of said City
Councilo
VOLUHE V PAGE S?
AS SPECIFIED in the ordinance hereinabove mentioned, the
City reserves the right to redeem the bonds of this series maturing
on January 1, 1987, and subsequent, in whole or in part Cbut in
inverse numerical order if less than all), on January 1,1986,
or on any interest paYment date thereafter, at par and accrued
interest to the dace fixed for redemption, and, additionally,
during the period of time any of the bonds of this series are
registered in the name of the initial purchaser, the City reserves
the right to redeem any of such bonds at any time and at the price
of par and accrued interest; PROVIDED, HOWEVER, that at least
thirty (30) days prior to a date any of said bonds are to be
redeemed, notice of redemption signed by the City Secretary
Cspecifying the serial numbers and amount of bonds to be redeemed)
shall have been filed with the Registrar; and if by the date so
fixed for redemption the City shall have made available funds in
amounts sufficient to pay the bonds called for redemption and
accrued interest thereon, any bond or bonds not presented for
redemption pursuant to such notice shall cease to bear interest
from and after the date so fixed for redemption.
THE DATE of this Lund in conformity with the ordinance above
mentioned is July 1, 1975.
THIS BOND a,ld the series of which it is a part constitute
special obligations of the City of Colleyville, Texas, and,
together with the outstanding and unpaid previously issued bonds
Cas defined in the ordinance authorizing the series of bonds of
which this bond is one), are payable solely from and equally secured
by a lien on and pledge of the net revenues of the City's Water-
worksand Sanitary Sewer System.
THE CITY expressly reserves the right to issue further and
additional revenue obligations, in all things on a parity with
the outstanding previously issued bonds and the bonds of this
series, payable solely from and equally secured by a lien on and
pledge of the net revenues of the City's combined Waterworks and
Sanitary Sewer System; PROVIDED, HOWEVER, that any and all such
additional revenue obligations may be so issued only in accordance
withand subject to the covenants, conditions, limitations and
restrictions relating thereto which are set out and contained in
the ordinance authorizing this series of bonds and to which
ordinance reference is hereby made for more complete and full
particulars.
THE HOLDER hereof shall never have the right to demand
paYment of this obligation out of any funds raised or to be
raised by taxation.
AND IT IS HEREBY CERTIFIED AND RECITED that the issuance of
this bond, and the series of which it is a part, is duly authorized
by law; that all acts, conditions and things required to exist and
to be done precedent to and in the issuance of this bond 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 the Constitution and laws of the State of Texas
and the ordinance hereinabove mentioned; that this series of
revenue bonds does not exceed any constitutional or statutory
limitation; and that provision has been made for the payment of
the principal of and interest on this bond and the series of which
it is a part by irrevocably pledging the net revenues of the
combined Waterworks and Sanitary Sewer System of the City of
Colleyville, Texas.
VOLD18 ~
J..1.V~PAGE $1
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IN TESTIMONY WHEREOF, the City Council of the City of
Colleyville, Texas, in accordance with the provisions of Article
7l7j-l, V.A.T.C.S., has caused the seal of said City to be
impressed or a facsimile thereof to be printed hereon, and this
bond to be executed with the imprinted facsimile signatures of the
Mayor and City Secretary of said City, as of the 1st day of July,
19750
.7L
COUNTERSIGNED:
. (/) ~/.t
ecretary. ~y of ~elfville. Texas
V "SECTION 7: That the transfer of title to any bonds of this
series shall be accomplished only upon surrender of the bonds
desired to be transferred at the Registrar, together with an
assignment duly executed by the registered owner in such form and
with such guaranteed signatures as shall be satisfactory to the
RegistrarD Upon any such transfer of title, the Registrar shall
(i) note in the Registration Books for this issue of bonds the
serial numbers of the bonds transferred, the date of transfer
and the name of the new registered owner; and Cii) endorse the
Registration Ledger on each bond submitted for transfer by inserting
the date of registration (the date of transfer), the name of the
new registered owner and signing the same. The person whose name
appears on the Registration Books of the Registrar shall be deemed
and regarded as the absolute owner thereof for all purposes and
payment of or on account of the principal of and interest on any
such bonds shall be made only to or upon the order of the
registered owner thereof or his legal representative, and no party
in interest shall be affected by any notice to the contrary.
When delivered, the bonds shall be registered in the name of the
initial purchaser in the manner provided in this Section. The
City shall pay all costs and expenses incurred in connection with
the initial registration of the bondso
The Registration Ledger to be printed on the back of each
bond shall be substantially in the following form:
REGISTRATION LEDGER
This bond is fully registered as to both principal and
interest, and the name of the registered owner Cappearing on the
books of the Registrar) shall be deemed and regarded as the
absolute owner of this bond for all purposes. Payment of the
principal of and interest on this bond shall be made only to the
registered owner or his legal representative, and the transfer of
title or ownership of this bond can be accomplished only upon
its presentation and surrender to the Registrar, together with an
assignment duly executed by the registered owner in such form and
with such guaranteed signatures as shall he satisfactory to the
Reigstraro The Registrar for this series of bonds is The First
National Bank of Fort Worth, Fort Worth, Texas.
. .
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Date of
Registration
Name of
Registered OWner
Signature
of Registrar
Farmers Home Administration
United States of America
By:
--Title:
By:
Title:
By:
Title:
By:
Title:
"SECTION 9: (m) That the term "paying agent" and "Registrar"
shallmean The-First National Bank of Fort Worth, Fort Worth,
Texas."
SECTION 3: That the ordinance authorizing the issuance of
the $250,000 "CITY OF COLLEYVILLE, TEXAS) WATERWORKS AND SEWER
SYSTEM REVENUE BONDS, SERIES 1975-A", Cwhich ordinance was duly
adopted and passed on the 8th day of August, 1975 and is of record
in the Minutes of the City Council) be and the same is hereby
amended by adding a new Section l8(a) thereto, which Section
shall read as follows:
"SECTION l8Ca): That the City hereby covenants and
agrees Cand the City Treasurer is hereby authorized and
directed) that at least ten (10) days prior to any
principal and/or interest payment date on the bonds,
there shall be transferred from the Interest and Sinking
Fund and/or Reserve Fund (in the event Reserve Fund monies
are needed) to the paying agent a sum sufficient to pay
and discharge the principal and/or interest becoming
due on the bonds on such paYment dates."
SECTION~: That except as hereby modified, all of the
provisions or the ordinance heretofore adopted on the 8th day of
August, 1975 authorizing the issuance of the $250,000 "CITY OF
COLLEYVILLE, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS,
SERIES 1975-A," are hereby ratified, confirmed and readopted.
SECTION 5: That by virtue of the change in the "Registrar"
and "paying agent" for the bonds of said series, the bonds will
have to be reprinted and reissued and the bonds now being held
in escrow by the First National Bank, Colleyville, Texas, shall
be returned to the Comptroller of Public Accounts of the State of
Texas for cancellationo
SECTION 6: That the Mayor of the City of Col1eyville, Texas,
shall be analne is hereby authorized to take and have charge of
all necessary orders and records pending the investigation of
and approval by the Attorney General of the State of Texas of the
reissuance of the bonds and the registration thereof by the
Comptroller of Public Accounts.
VOLU?IE ~ _P.AGE ~O
SECTION 7: That the public importance of this measure and
the fact thatit is to the best interest of the City to provide
for the improvements herein contemplated at the earliest possible
date, constitute and create an emergency and an urgent public
necessity requiring that this ordinance be passed and take effect
as an emergency measure, and shall take effect and be in force
immediately from and after its passage.
PASSED AND APPROVED, this the 21st day of September, 1976.
M~~n:~kexas
ATTEST:
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'1r~s{~:';t~ry ,
(City Seal)
eYiville, Texas