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HomeMy WebLinkAboutO-65-10-66ORDINANCE NO 65 CERTIFICATE FOR BOND ORDINANCE THE STATE OF TEXAS COUNTY OF COLLIN CITY OF ALLEN , We, the undersigned officers of said City, hereby certify as follows: 1, The City Council of said City convened in REGULAR MEETING ON THE &&C6AY OF OCTOBER, 1966 at the City Hall, and the roll was called of the duly constitut- ed officers and members of said City Council, to -wit: A. C. Story, City Secretary Zack Robinson Dan Strong Ken.Posey and all of said person wee absentees: a Gentry T. Jones, Mayor R. B. Whisenant Bill Enloe ent, except the following thus constituting a quorum. Whereupon, among other business, the following was transacted at said Meeting:; a written ORDINANCE AUTHORIZING THE ISSUANCE OF TAX BONDS was duly introduced for the consideration of said City Council and read in full, It was then duly moved and seconded that said Ordinance be passed; and, after due discussion, said motion, (icarrying with it the passage of said Ordinance, prevailed and carried by the following vote: j AYES: All members of said City Council shown present above voted "Aye," NOES: None, 2, That a true, full, and correct copy of the aforesaid Ordinance passed at the Meeting described in the above and fore- going paragraph is attached to and follows this Certificate; �Ithat said Ordinance has been duly recorded in said City Council's ilminutes of said Meeting; that the above and foregoing paragraph i!is a true, full, and correct excerpt from said City Council's 11minutes of said Meeting pertaining to the passage of said Or- !'dinance; that the persons named in the above and foregoing para- jgraph are the duly chosen, qualified, and acting officers and ';members of said City Council as indicated therein; and that leach of the officers and members of said City Council was duly ,,and sufficiently notified officially and personally, in advance, of the time, place, and purpose of the aforesaid Meeting, and that said Ordinance would be introduced and considered for .passage at said Meeting, and each of said officers and members (consented, in advance, to the holding of said Meeting for such purpose, 3. That the Mayor of said City has approve -a, and hereby approves, the aforesaid Ordinance; that the Mayor and the City Secretary of said City have duly signed said Ordinance; and that the Mayor and the City'Secretary of said City hereby declare that their signing of this Certificate shall constitute the signing of the attached and following copy of said Ordinance for all purposes SIGNED AND SEALED the 2,6 day of ,October , 1966. .tel-�yz<0 City Secret y (SEAT.) ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS THE STATE OF TEXAS COUNTY OF COLLIN CITY OF ALLEN WHEREAS, the bonds hereinafter authorized were duly and favorably voted, as required by the Constitution and laws of the State of Texas, at an election held in said City on the 7th day of September, 1963; and WHEREAS, out of the bonds voted at said election, the following previously have been issued and delivered: $100,000 out of a voted total of $200,000 for the purpose of improving and extending the City's Sewer System, represented by the bonds of Series 1964 and Series 1965; and WHEREAS, the bonds hereinafter authorized are to be issued and delivered pursuant to Vernon's Article 823. THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ALLEN: Section 1. That said City's coupon bonds to be designated the "City of Allen General Obligation Sewer System Bonds, Series 1966," are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas in the principal amount of $100,000 for the purpose of improving and extending the City's Sewer System. Section 2. That said bonds shall be dated November 1966, shall be numbered consecutively from 1 through 20, shall be in the denomination of $5,000 each, and shall mature and become due and payable serially on November 1 in each of the years and in the amounts, respectively, as set forth in the following schedule: YEARS AMOUNTS YEARS AMOUNTS 1995 $ 5,000 2000 $10,000 :996 10,000 2001 10,000 1997 10,000 2002 10,000 :998 10,000 2003 10,000 1999 10,000 2004 15,000 Section 3. That the City shall have the right and option to redeem all of said bonds prior to their scheduled maturities, in whole, or in part in inverse numerical order, on November 1, 1986, or on any interest payment date thereafter, for the principal amount thereof plus accrued interest to the date fixed for redemption. At least thirty days before the date fixed for any such redemption, the City shall cause a written notice of such redemption to be published at least once in a financial publi- cation published in the City of New York, New York. By the date fixed for any such redemption, due provision shall be made with the paying agent for the payment. of the principal amount of the bonds to be so redeemed, plus accrued interest thereon to the date fixed for redemption. If the written notice of redemption 'is published, and if due provision for payment is made, all as �iprovided above, the bonds, which are to be so redeemed, thereby automatically shall be redeemed prior to maturity, and they shall not bear interest after the date fixed for redemption, and shall not be regarded as being outstanding except for the purpose of 'receiving the funds so provided for such payment. Section -4. That said bonds shall bear interest from their date, until maturity or redemption, at the rate of 5-3/4% per annum, with said interest to be evidenced by interest coupons payable on November 1, 1967, and semi-annually thereafter on each May 1 and November 1. Section 5. That the principal of and interest on said bonds shall bepayable to bearer, in lawful money of the ,l United States of,America, without exchange or collection charges to the bearer, upon presentation and surrender of proper bond I�or interest coupon, at Mercantile National Bank at Dallas, 'Dallas, Texas, which place shall be the paying agent for said �Ibonds. I. Section 6. That each of said bonds and interest coupons shall be signed by the imprinted or lithographed [!by signature of the Mayor of said City and countersigned Pby the imprinted or lithographed facsimile signature of the City "Secretary of said City, and the official seal of said City shall be impressed, or printed, or lithographed on each of said bonds. i) Section 7. That the form of said bonds, including 1the form of Registration Certificate of the Comptroller of Public `..Accounts of the State of Texas to be printed and endorsed on each Ilbbond, and the form of the interest coupons to be attached to said onds, shall be, respectively, substantially as follows: (FORM OF BOND) NO._ UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF COLLIN CITY OF ALLEN GENERAL OBLIGATION SEWER SYSTEM BOND SERIES 1966 $5,000 On November 1, ,the City of Allen, in the ty of Collin, State of Texas, promises to pay to bearer principal amount of FIVE THOUSAND DOLLARS and to pay interest thereon, from the date hereof, at the rate of 5-3/4% per annum, evidenced by interest coupons payable on November 1, 1967, and semi-annually thereafter on each May 1 and November 1 while this bond is outstanding. The principal of this bond and the interest coupons attached hereto shall be payable to bearer, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this bond or proper interest coupon, at the Mercantile National Bank at Dallas, Dallas, Texas, which place shall be the paying agent for this Series of bonds. i 1 ,, This bond is one of a Series of coupon bonds dated November 1, 1966, issued in the principal amount of $100,000 for the purpose of improving and extending the City's Sewer System. The bonds of this Series may be redeemed prior to their scheduled maturities, in whole, or in part in inverse numerical order, at the option of said City, on November 1, 1986, or on any interest payment date thereafter, for the principal amount thereof plus accrued interest to the date fixed for redemp- tion. At least thirty days before the date fixed for any such redemption the City shall cause a written notice of such redemptio to be published at least once in a financial publication published in the City of New York, New York. By the date fixed for any such redemption, due provision shall be made with the paying agent for the payment of the principal amount of the bonds to be redeeme plus accrued interest thereon to the date fixed for redemption. If the written notice of redemption is published, and if due provision for such payment is made, all as provided above, the bonds, which are to be so redeemed, thereby automatically shall be redeemed prior to maturity, and they shall not bear interest after the date fixed for redemption, and shall not be regarded as being outstanding except for the purpose of receiving the funds so provided for such payment. It is hereby certified and recited that this bond has been duly and validly voted, authorized, issued, and delivere, in accordance with the Constitution and laws of the State of Tex& that this bond is a general obligation of said City, issued on . the full faith and credit thereof; and that the ad valorem taxes, upon all taxable property in said City, necessary to pay the interest on and principal of this bond, as such interest comes due, and such principal matures, have been pledged irrevocably for such purpose, within the limit prescribed by law. In witness whereof, this bond and the interest coupons attached hereto have been signed by the imprinted or lithographed facsimile signature of the Mayor of said City and countersigned by the imprinted or lithographed facsimile signatur of the City Secretary of said City, and the official seal of said City has been duly impressed, or printed, or lithographed on this bond. City Secretary, City of Allen Mayor, City of Allen (FORM OF REGISTRATION CERTIFICATE) COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO. I hereby certify that this bond has been examined, certified as to validity, and approved by the Attorney General of the State of Texas; and that this bond has been registered by the Comptroller of Public Accounts of the State of Texas. Witness my signature and seal this Comptroller of Public Accounts of the State of Texas (FORM OF INTEREST COUPON) N0. On the City of Allen, in the County of Collin, State of Texas, promises to pay to bearer, unless due provision has been made for the redemption prior to maturity of the bond to which this interest coupon is attached, the amount of Dollars, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this interest coupon at Mercantile National Bank at Dallas, Dallas, Texas, said amount being interest due that day on the bond, bearing the number hereinafter designated, of that issue of City of Allen General Obligation Sewer System Bonds, Series 1966, dated November 1, 1966. Bond No. City Secretary Mayor Section 8. That a special fund or account, to be designated the "City of Allen General Obligation Sewer System Bonds, Series 1966, Interest and Sinking Fund" is hereby created and shall be established and maintained by said City at its official depository bank. Said InterestandSinking Fund shall be kept separate and apart from all other funds and accounts of said City, and shall be used only for paying the interest on and principal of said bonds. All taxes levied and collected for and on account of said bonds shall be deposited, as collected, to the credit of said Interest and Sinking Fund. During each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid, the City Council of said City shall compute and ascertain the rate and amount of ad valorem tax, based on the latest approved tax rolls of said City, with full allowances being made for tax delinquencies and costs of tax collections, which will be sufficient to raise and produce the money required to pay the interest on said bonds as such interest comes due, and to provide a sinking fund to pay the principal of such bonds as such principal matures, but never less than 2% of the original principal amount of said bonds as a sinking fund each year. Said rate and amount of ad valorem tax is hereby ordered to be levied and is hereby levied against all taxable property in said City for each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid, and said ad valorem tax shall be assessed and collected each such year and deposited to the credit of the aforesaid Interest and Sinking Fund. Said ad valorem taxes necessary to pay the interest on and principal of said bonds, as such interest comes due, and such principal matures, are hereby 2iedged irrevocably for such purpose, within the limit prescribed by law. Section 9. That the Mayor of said City is hereby authorized to have control of said bonds and all necessary _ecords and proceedings pertaining to said bonds pending their dalivery and their investigation, examination, and approval by she Attorney General of the State of Texas, and their registrat by the Comptroller of Public Accounts of the State of Texas. Upon -registration of said bonds, said Comptroller of Public Accouints (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate prescribed herein to be printed and endorsed on. each bond, and the seal of said Comptroller shall be impressed, or printed, or lithographed on each of said bonds. Section 10. That said bonds are h eby old in accord^nce wit ..law and shall be delivered to q -do- , , for the principal amffunt thereof and accrued interest to the date of delivery.