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HomeMy WebLinkAboutO-57-10-65(ORDINANCE NO. S AN ORDINANCE CONFIRMING CONTRACT AND AUTHORIZING ISSUANCE OF $15,000.00 "CITY OF ALIEN, TEXAS, STREET IMPROVEMENT WARRANTS" DATED DECEMBER 1, 1965• On this the 21st day of October, 1965, the Council of the City of Allen, Texas, convened in regular session at the regular meeting place thereof in the City Hall, at which meeting the Mayor and all Councilmen were present and in attendance, at which time the following, among other proceedings, was transacted, to -wit: Councilman t.a,.TT introduced a proposed Ordinance. The Ordinance was read in full. Councilman _?o Se.! made a motion that any rule requiring ordinances to be read at more than one meeting be suspended, and the motion was seconded by Councilman The motion carried unanimously. Councilman &,&n 'rt" made a motion that the Ordinance be passed finally. The motion was seconded by Councilman �Pf and carried unanimously. The Mayor announced that the Ordinance had been finally passed. The Ordinance is as follows: ORDINANCE NO. 5 AN ORDINANCE BY THE COUNCIL OF THE CITY OF ALLEN, TEXAS, CONFIRMING THE CONTRACT BY AND BETWEEN SAID CITY AND MC INERNEY ASPHALT PAVING COMPANY FOR THE CONSTRUCTION OF STREET IMPROVEMENTS, TO -WIT: CURB AND GUTTER, BASE STABILIZATION AND SURFACING OF CERTAIN STREETS IN THE CITY OF ALLEN, TEXAS; AUTHORIZING THE ISSUANCE OF 6% TIME WARRANTS IN THE PRINCIPAL OF $1$,000.00 PAYABLE TO SAID CONTRACTOR OR BEARER FOR THE PURPOSE OF FINANCING ALL OR A PORTION OF THE COST OF SUCH CONSTRUCTION; PRESCRIBING THE FORM OF THE WARRANTS, AND FORM OF INTEREST COUPONS; LEVYING A CONTINUING DIRECT ANNUAL AD VALOREM TAX ON ALL TAXABLE PROPERTY WITHIN THE CITY OF ALLEN, TEXAS; TO PAY THE PRINCIPAL AND INTEREST OF SAID WARRANTS; ENACTING PROVISIONS INCIDENT AND RELATING TO THE SUBJECT AND PURPOSE OF THIS ORDINANCE; AND DECLARING AN EMERGENCY. WHEREAS, the Council of the City of Allen, Texas, heretofore by resolution duly passed and entered of record found and determined that it was necessary for the City to construct street improvements consisting of curb and gutter, base stabilization and resurfacing of certain streets in the City of Allen, Texas, in accordance with plans and specifications therefor on file in the office of the City Secretary, and that all or a part of the cost of such construction be financed by the issuance of interest-bearing time warrants, and accordingly, the City Council on said date pursuant to said resolution, authorized the Mayor to publish notice or advertisement for competitive bids for the construction of such improvements in accordance with said plans and specifications and of the City's intention to issue interest-bearing time warrants to pay all or a part of the cost thereof and which resolution and the minutes pertaining thereto are now of record in the minutes of said Council; and WHEREAS, the Mayor of the City of Allen, Texas, pursuant to authority conferred by the aforesaid resolution duly issued and caused to be published the notice authorized by said resolution, it being found that same was duly published for more then fourteen (14) days prior to the 21st day of October, 1965, the date designated for the letting of contracts; and WHEREAS, on the 21st day of October, 1965, the day assigned for receiving of proposals pursuant to the aforesaid notice and at the time and place therein specified, the City Council received publicly, opened and read all bids tendered for the advertised purpose; and WHEREAS, the aforementioned bids were referred to the City Engineer for tabulation and checking, and after receipt of the recommendations of the City Engineer, the City Council hereby affirmatively finds and determines that it is to the best interest of the City to accept the bid of the McInerney Asphalt Paving Company as submitted on the bid forms, and WHEREAS, the City Council hereby affirmatively finds and determines that the bids submitted by the aforesaid Contractor for the construction of said improvements was the lowest and best bid submitted, and WHEREAS, by virtue of the aforesaid conclusions, it is found and adjudged that contract should be, and same is hereby ordered entered into by and between the City of Allen, Texas, and the aforesaid successful bidder on this the 21st day of October, 1965; and WHEREAS, the McInerney Asphalt Paving Company has presented a performance bond in the amount of the full contract price and said bond having been examined and approved as to legality and form, and the City Council having determined that same has been executed by a responsible security company authorized to do business in the State of Texas, and satisfactory to the City Council, the said bond is hereby approved and accepted; and WHEREAS, it affirmatively appearing to the City Council that the bid hereinabove mentioned was in all respects duly and regularly made in strict conformity with the published notice and in accordance with the provisions of the plans and specifications and contract documents, and it further appearing affirmatively that the requirements of Chapter 163, Acts of the Regular Session of the 42nd Legislature of Texas, passed in 1931 as amended, have been duly and strictly complied with in the giving of such notice and acceptance of said bid, it is determined and adjudged that such contract should be awarded, and the Articles of Agreement should be executed by the Mayor and City Secretary on behalf of the City; and WHEREAS, this City Council, upon due investigation and prior to acceptance of the aforesaid bid ascertained and determined that no petition in writing or otherwise had been submitted to the City Secretary, the City Council or any other officer of the City asking for a referendum election on the question of the issuance of bonds for the purpose of financing the construction of the proposed street improvements or in any manner protesting the execution of contract for said work and the issuance of time warrants in payment of all or a part thereof; and WHEREAS, it having been agreed and understood by and between the City and the aforesaid Contractor whose bid is herein accepted that a portion of the cost of such improvements would be paid for by the issuance and delivery to said Contractor of the City's regularly issued time warrants to bear interest at the rate of not exceeding 6% per annum, said warrants to mature serially over a period of years, the maximum maturity date to be not later than December 1, 1975; and accordingly, the City and the Contractor have heretofore entered into an agreement for the acceptance of such warrants; and v WHEREAS, this City Council finds that all acts, conditions and things required to be done precedent to and in the execution d the aforesaid contract and the aforementioned agreement have been properly done, have happened and have been performed in regular and due form, time and manner as required by law; It is therefore ordered and ordained by the City Council of the City of Allen, Texas: SECTION 1: That the aforesaid contract of October 21, 1965, and the aforementioned agreement and the aforesaid performance bond are hereby in all things ratified, approved, confirmed and adopted. SECTION 2: That the amount specified in the said contract and agreement, to -wit: $15,000.00 is hereby declared the legal and valid debt and obligation of the City of Allen, Texas, payable as therein stated. SECTION 3: That the serial warrants of said City to be ]mown as "City of Allen, Texas, Street Improvement Warrants" shall be issued, executed and delivered to the said McInerney Asphalt Paving Company, Contractor, for the purpose of financing the cost of constructing such street improvements. SECTION 4: That said warrants shall be numbered consecutively from 1 to 10, both inclusive, shall be in the denominations of $1,500.00 each, aggregating the principal sum of $15,000.00 and shall mature serially without right of prior redemption in accordance with the following schedule: Warrant Number Maturity Date Amount 1 December 1, 1966 $1,500.00 2 December 1, 1967 $1,500.00 3 December 1, 1968 $1,500.00 4 December 1, 1969 $1,500.00 5 December 1, 1970 $1,500.00 6 December 1, 1971 $1,500.00 7 December 1, 1972 $1,500.00 8 December 1, 1973 $1,500.00 9 December 1, 1974 $1,500.00 10 December 1, 1975 $1,500.00 SECTION 5: That all of said warrants shall bear interest from date until paid at the rate of 6% per annum, which interest shall be payable on December 1, 1966, and annually thereafter on the 1st day of each December in each year, such interest to be evidenced by proper coupons attached to each of said warrants. SECTION 6: That said warrants shall be dated the 1st day of December, 1965, and the principal and interest of said warrants shall be payable in lawful money of the United States of America without exchange or collection charges to the owner or holder at the Allen State Bank, Allen, Texas, upon presentation and surrender of proper warrants or coupons. SECTION 7: That each of said warrants shall be signed by the Mayor, countersigned by the City Secretary and registered by the City Treasurer and the corporate seal of the "City of Allen, Texas" shall be impressed upon each of them. SECTION 8: That the form of the warrants shall be substantially as follows: NO. UNITED STATES OF AMERICA $1,500.00 STATE OF TEXAS COUNTY OF COLLIN CITY OF ALLEN, TEXAS, STREET IMPROVEMENT WARRANT THIS IS TO CERTIFY that, FOR VALUE RECEIVED, the City of Allen, a municipal corporation of the State of Texas, is justly indebted to and hereby obligates itself to pay to McInerney Asphalt Paving Company, Contractor, or bearer, on the FIRST DAY OF DECEMBER, 19_, at the ALLEN STATE BANK, ALLEN, TEXAS, the sum of ONE THOUSAND FIVE HUNDRED DOLLARS ($1,500.00), in lawful money of the United States of America, without exchange or collection charges to the owner or holder with interest thereon from date hereof until paid at the rate of SIX PER CENTUM (6,%) per annum, such interest being payable on the 1st day of December, 1966, and annually thereafter on the 1st day of December of each year, and interest falling due on or prior to maturity hereof is payable only upon presentation of the interest coupons hereto attached as they severally become due. THE TREASURER of said City is hereby authorized, ordered and directed to pay said McInerney Asphalt Paving Company, Contractor, or bearer, the said principal sum, together with interest thereon, payable at the bank above named, out of and from moneys belonging to the "STREET IMPROVEMENT WARRANT FUND", created for that purpose. THIS WARRANT is one of a series of Ten (10) serial warrants, numbered consecutively from One (1) to Ten (10), both inclusive, in denomination of One Thousand Five Hundred Dollars ($1,500.00) each, aggregating the principal sum of FIFTEEN THOUSAND DOLLARS ($15,000.00), issued to McInerney Asphalt Paving Company, Contractor, for the purpose of financing a portion of the cost of constructing certain street improvements, to -wit: the construction of curb and gutter, base stabilization and resurfacing of certain streets in the City of Allen, Texas, in accordance with the specifications, pursuant to contract, and under and by virtue of the Constitution and laws of the State of Texas, particularly Section 4 of Article 11 of the Constitution and Chapter 163 of the General laws passed by the Forty-second Legislature at its Regular Session in 1931, and pursuant to an ordinance duly passed and adopted by the City Council of the City of Allen, Texas, and recorded in the Minutes of said City Council. AND IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that all acts, conditions and things required to be done precedent to and in the issuance of this warrant and of the series of which it is a part, to render the same legal and valid, have been properly done, have happened and have been performed in regular and due time, form and manner, as required by law, that due and proper provisions have been made for the levy of a direct and continuing ad valorem tax against all taxable property within said City in amount sufficient to provide a sinking fund for the redemption of said warrants at maturity and for the payment of all interest thereon as the same accrues; that the City has received full value and consideration for said warrant, there being no warranties concerning the performance of the contract for which this warrant was issued which have not been fulfilled in all particulars by the contractor, and that the total indebtedness of said City, including this warrant and the series of which it is a part, does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the City of Allen, Texas, by its City Council, has caused its corporate seal to be affixed hereto, and this warrant to be signed by its Mayor, countersigned by its City Secretary, and registered by its City Treasurer; the date of this warrant, in conformity with the ordinance hereinabove referred to, being the FIRST DAY OF DECEMBER, 1965. Mayor, City of Allen, Texas COUNTERSIGNED: City Secretary, City of Allen, Texas REGISTERED, this the day of 1965. City Treasurer, City of Allen, Texas N0. ON THE FIRST DAY OF DECEMBER, $ 19 the CITY OF ALLEN, a municipal corporation of the State of Texas, HEREBY promises to pay to MCINERNEY ASPHALT PAVING COMPANY or bearer, at the ALLEN STATE BANK, ALIEN, TEXAS, the sum of DOLLARS ($ ), in lawful money of the United States of America, without exchange or collection charges to the owner or holder, said sum being twelve (12) months' interest due that day on "CITY OF ALLEN, TEXAS, STREET IMPROVEMENT WARRANT", dated December 1, 1965. Warrant No. City ecre ary Mayor NO. ON THE FIRST DAY OF DECEMBER, $ 19 the CITY OF ALLEN, a municipal corporation of the State of Texas, HEREBY promises to pay to MCINERNEY ASPHALT PAVING COMPANY or bearer, at the ALLEN STATE BANK, ALIEN, TEXAS, the sum of DOLLARS ($ ), in lawful money of the United States of America, without exchange or collection charges to the owner or holder, said sum being twelve (12) months' interest due that day on "CITY OF ALLEN, TEXAS, STREET IMPROVEMENT WARRANT", dated December 1, 1965. Warrant No. City Secretary Mayor ASSIGNMENT THIS IS TO CERTIFY that MCINERNEY ASPHALT PAVING COMPANY, Contractor, has received the within warrant from the City of Allen, Texas, in payment of the amount due by said City to said Contractor by virtue of the valid and subsisting contract entered into by and between said McInerney Asphalt Paving Company and said City on the 21st day of October, 1965, and FOR VALUE RECEIVED, the said Contractor hereby transfers, assigns, sells and delivers to bearer without recourse, all its rights, title and interest in and to the within principal warrant, and the said bearer is hereby subrogated to all claims, liens, rights and title whether at law or in equity which are or may be secured to the said Contractor in the aforesaid contract, and the bearer hereof is authorized to collect the same and give full receipt and acquittance therefor. Contractor SECTION 9: That said warrants shall be executed and delivered to the said Contractor when and as materials are furnished and labor performed in the construction of such improvements and pursuant to itemized estimates or accounts duly submitted to and approved by this City Council. SECTION 10: Be it further ordained by the City Council of the City of Allen, Texas: That a special fund to be designated "STREET IMPROVEMENT WARRANT FUND" is hereby created and the proceeds of all taxes collected for or on account of this series of warrants shall be credited to said fund for the purpose of paying the interest on and to provide a sinking fund for the redemption of said warrants at maturity; that said fund shall be used for no other purpose; that, while said warrants, or any of them, are outstanding and unpaid, there shall be annually levied, assessed and collected in due time, form and manner a tax upon all taxable property in the City, sufficient to pay the current interest thereon and to create a sinking fund sufficient to pay each installment of principal as the same becomes due; and to pay the interest on said warrants for the first year, and to create a sinking fund with which to pay the principal as the same becomes due there is hereby levied a sufficient tax on each one hundred dollars' valuation of taxable property in said City for the current year and the same shall be assessed and collected and applied to the purpose named; and while said warrants or any of them are outstanding and unpaid, a tax each year at a rate from year to year as will be ample and sufficient to provide funds to pay the current interest on said warrants and to provide that necessary sinking fund, full allowance being made for delinquencies and costs of collection, shall be and is hereby levied for each respectively, while said warrants, or any of them, are outstanding and unpaid, and said tax shall each year be assessed and collected and Epplied to the payment of the principal of and interest on said warrants. The City Council hereby declares its purpose and intent to provide and levy a tax legally and fully sufficient for such warrants, it having been determined that the existing and available taxing authority of the City for such purpose is adequate to permit a legally sufficient tax in consideration of all other outstanding obligations. SECTION 11: And it is further ordained by the City Council of the City of Allen, Texas: That the public importance of this measure, and the fact that it is to the best interest of the City to construct the improvements herein provided for at the earliest possible date, constitute and create an emergency and an urgent public necessity, requiring that any rule providing for ordinances to be read at more than one meeting be suspended, and requiring that this ordinance be passed and take effect as an emergency measure, and such rule and provision is accordingly suspended, and this ordinance is passed as an emergency measure and shall take effect and be in full force and effect from and after its passage. PASSED AND APPROVED, this the 21st day of October, 1965• F�I.�; ., ��i...�. r ATTEST: (City Seal) City My Secre ary i y oT -A-----— Texas (City Seal) CERTIFICATE OF CITY SECRETARY THE STATE OF TEXAS CITY OF ALLEN Y COUNTY OF COLLIN I I, the undersigned City Secretary of the City of Allen, Texas, do hereby certify that the above and fore- going is a true and correct copy of an Ordinance ratifying and confirming contract and authorizing issuance of $15,000.00 "CITY OF ALLEN, TEXAS, STREET IMPROVEMENT WARRANTS", dated December 1, 1965, and Minutes pertaining to its adoption passed and adopted by the Council of the City of Allen, Texas, on the 21st day of October, 1965, which Ordinance is now recorded in the Minutes of said City Council. IN WITNESS WHEREOF, I have hereunto signed my name officially and affixed the seal of said City, this the 21st day of October, 1965. L;iiy 3ecre ary, icy o1 Allen, 'texas (City Seal)