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HomeMy WebLinkAboutORD 81-50 ORDINANCE NO. 81- ,50 ORDINANCE AUTHORIZING THE ISSUANCE OF $20, 000, 000 CITY OF BEAUMONT, TEXAS, STREET IMPROVEMENT BONDS, SERIES 1981 THE STATE OF TEXAS § COUNTY OF JEFFERSON § CITY OF BEAUMONT § WHEREAS, the bonds hereinafter authorized were duly and favorably voted at an election held in the City of Beaumont, Texas, on the 5th day of April, 1980; and WHEREAS, the City Council of the City has determined to issue and deliver $20, 000, 000 as a portion and the first in- stallment, of the total authorized $33, 000, 000 bonds, leaving the remaining $13, 000, 000 bonds to be issued, sold and delivered at a later date; Now, Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT, TEXAS: Section 1 . The City' s negotiable, serial, coupon bonds to be designated "CITY OF BEAUMONT, TEXAS, STREET IMPROVEMENT BONDS, SERIES 1981, " are hereby authorized to be issued and delivered in the principal amount of $20, 000, 000 for the purpose of constructing permanent public improvements in and for said City, to-wit: the construction and improvement of the roads, bridges and streets of such City, including, but not by way of limitation, related drainage facilities, related traffic control devices and the acquisition of rights-of-way, authorized at an election held in said City on April 5, 1980, to which election proceedings reference is hereby made for all particulars, under and in strict conformity with the Constitution and laws of the State of Texas, particularly Chapters 1 and 7 of Title 22, Revised Civil Statutes of Texas, 1925, as amended, and the Home-Rule Charter of the City. Section 2 . The bonds shall be dated June 1, 1981, shall be numbered consecutively from 1 to 4000, both inclusive, shall be in the denomination of $5, 000 each, and shall mature serially on September 1, in each of the years, and in the amounts, respectively as set forth in the following schedule: $ 800, 000 1983/1987 1, 000, 000 1988/1990 1, 300, 000 1991 1, 900, 000 1992/1994 2, 000, 000 1995/1997 The bonds may be redeemed prior to their scheduled maturities, at the option of the City, on the dates stated and in the manner provided in the FORM OF BONDS set forth in this ordinance. Section 3 . The bonds shall bear interest per annum at the following rates, respectively, to-wit: Bonds maturing 1983 through 1990, 11 . 00%, Bonds maturing 1991, 9 . 60%, Bonds maturing 1992, 9 . 80%, Bonds maturing 1993, 10. 00%, Bonds maturing 1994, 10 . 10%, Bonds maturing 1995 through 1996, 10 .25%, Bonds maturing 1997, 9 . 50%, interest payable March 1, 1982 , and semiannually thereafter on September 1 and March 1 of each year until the principal sum is paid. Section 4. The bonds, and the interest coupons apper- taining thereto, shall be payable, shall have the charac- teristics, and shall be signed and executed (and said bonds shall be sealed), all as provided and in the manner indicated in the FORM OF BONDS set forth in this ordinance. Section 5 . The form of the bonds, including the form of registration certificate of the Comptroller of Public Accounts of the State of Texas to be printed and endorsed on each of the bonds, and the form of the aforesaid interest coupons which shall appertain and be attached initially to each of the bonds, shall be substantially as follows, with such additions, deletions and variations as may be necessary or desirable and permitted by this ordinance: -2- FORM OF BONDS: No. $5, 000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF JEFFERSON CITY OF BEAUMONT, TEXAS STREET IMPROVEMENT BOND SERIES 1981 ON SEPTEMBER 1, 19_, the CITY OF BEAUMONT, in the County of Jefferson State of Texas, PROMISES TO PAY TO BEARER the principal amount of FIVE THOUSAND DOLLARS and to pay interest thereon, from the date hereof, at the rate of % per annum, evidenced by interest coupons payable March 1, 1982, and semiannually thereafter on September 1 and March 1 of each year until the principal sum is paid. The principal of this bond and the interest coupons appertaining hereto shall be payable to bearer in any coin or currency which on the respective dates of payment of such principal and interest is legal tender for the payment of debts due the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this bond or proper coupon at the Texas Commerce Bank-Beaumont, N.A. , Beaumont, Texas, or, at the option of the bearer, at the RepublicBank, N.A. of Dallas, Dallas, Texas, which shall be the paying agents for this series of bonds. THE DATE OF THIS BOND, in conformity with the ordinance hereinafter mentioned, is June 1, 1981 . THIS BOND IS ONE OF A SERIES OF NEGOTIABLE, SERIAL COUPON BONDS of like tenor and effect except as to serial number, maturity, interest rate and option of prior redemption, being numbered consecutively from 1 to 4000, both inclusive, in the denomination of $5, 000 each, aggregating $20, 000, 000, and together with the other bonds of said series, is issued for the purpose of constructing permanent public improvements in and -3- for said City, to-wit: the construction and improvement of the oards, bridges and streets of such City, including, but not by way of limitation, related drainage facilities, related traffic control devices and the acquisition of rights-of-way, authorized at an election held in the City on April 5, 1980, under and by virtue of the Constitution and laws of the State of Texas, particularly Chapters 1 and 7 of Title 22, Revised Civil Statutes of Texas, 1925, as amended, and the Home-Rule Charter of the City, and pursuant to an ordinance duly passed and adopted by the City Council of the City, which ordinance is of record in the minutes of said City Council . ON SEPTEMBER 1, 1992, OR ON ANY INTEREST PAYMENT DATE THEREAFTER, the outstanding bonds of this series may be redeemed prior to their scheduled maturities, at the option of the City, as a whole or in part, in inverse numerical order, for the principal amount thereof and accrued interest thereon to the date fixed for any such redemption. At least thirty days prior to the date fixed for any such redemption, the City shall cause a written notice of such redemption to be mailed to the banks at which the bonds are payable and published at least once in a financial publication published in the City of New York, New York, or in the City of Austin, Texas. By the date fixed for any such redemption, due provision shall be made with the paying agents for the payment of the required redemption price. If such 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 their scheduled maturities; and they shall not be regarded as being outstanding except for the purpose of being paid by the paying agents with the funds so provided for such payment. IT IS HEREBY CERTIFIED, RECITED AND COVENANTED that this bond has been duly and validly authorized, issued and -4- delivered; that all acts, conditions and things required or proper to be performed, exist and be done precedent to or in the issuance and delivery of this bond, have been performed, existed and been done in accordance with law; and that annual ad valorem taxes sufficient to provide for the payment of the interest on and principal of this bond, as such interest comes due and such principal matures, have been levied and ordered to be levied against all taxable property in the City and have been pledged irrevocably for such payment within the limits prescribed by law. IN WITNESS WHEREOF, this bond and the interest coupons appertaining hereto have been signed with the facsimile sig- nature of the Mayor of the City and countersigned with the facsimile signature of the City Clerk of the City, and the official seal of the City has been duly impressed, or placed in facsimile, on this bond. xxxxxxxxxx Mayor CITY OF BEAUMONT, TEXAS COUNTERSIGNED: xxxxxxxxxx City Clerk CITY OF BEAUMONT, TEXAS (SEAL) 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 xxxxxxxxxx Comptroller of Public Accounts of the State of Texas (SEAL) -5- FORM OF INTEREST COUPONS: No. $ ON 1, 19 , unless the bond to which this coupon appertains has been called for redemption and due provision made to redeem same, the CITY OF BEAUMONT, in the County of Jefferson, State of Texas, promises to pay to bearer the amount shown on this interest coupon, in any coin or currency which on such date is legal tender for the payment of debts due the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this coupon, at the Texas Commerce Bank-Beaumont, N.A. , Beaumont, Texas, or, at the option of the bearer, at the RepublicBank, N.A. of Dallas, Dallas, Texas, said amount being interest due that date on the bond bearing the number hereinafter designated of that issue of City of Beaumont, Texas, Street Improvement Bonds, Series 1981, dated June 1, 1981 . Bond No. xxxxxxxxxx Mayor xxxxxxxxXx City Clerk Section 6. The approving opinion of Vinson & Elkins, Houston, Texas, and Cusip Numbers may be printed on the backs of the bonds, but errors or omissions in such opinion or errors or omissions of such numbers shall have no effect whatever on the validity of the bonds. Section 7 . There is hereby created a special fund to be designated "City of Beaumont, Texas, Street Improvement Bonds, Series 1981, Interest and Sinking Fund" , and the proceeds from all taxes assessed and collected for and on account of the bonds authorized by this ordinance shall, as collected, be deposited into said Fund. That while said bonds or any part of the principal thereof or interest thereon remain outstanding -6- and unpaid, there is hereby levied and there shall be annually assessed and collected, in due time, form and manner, and at the same time other City taxes are levied, assessed and collected, in each year, beginning with the current year, a continuing direct annual ad valorem tax upon all taxable property within said City sufficient to pay the current interest thereon and to create and provide a sinking fund of not less than two per cent (2%) of the principal amount of the bonds or of not less than the amount required to pay the principal payable out of said tax, whichever is greater, full allowance being made for delinquencies and cost of collection, and said taxes when collected shall be applied to the payment of the principal of and interest on said bonds, and to no other purpose. Section 8 . The accrued interest and premium, if any, of the proceeds of sale of the bonds shall be deposited in the City of Beaumont, Texas, Street Improvement Bonds, Series 1981, Interest and Sinking Fund, heretofore created for the bonds. Section 9 . The City certifies that based upon all facts and estimates now known or reasonably expected to be in existence on the date the bonds are delivered and paid for, the City reasonably expects that the proceeds of the bonds will not be used in a manner that would cause the bonds or any portion of the bonds to be an "arbitrage bond" under Section 103 (c) (2 ) of the Internal Revenue Code of 1954, as amended, and regulations prescribed thereunder. Furthermore, all officers, employees and agents of the City are authorized and directed to provide certifications of facts and estimates that are material to the reasonable expectations of the City as of the date the bonds are delivered and paid for. In particular, all or any officers of the City are authorized to certify for the City the facts and circumstances and reasonable expectations of the City on the date the bonds are delivered and paid for regarding the amount -7- and use of the proceeds of the bonds. Moreover, the City covenants that it shall make such use of the proceeds of the bonds, regulate investments of proceeds of the bonds, and take such other and further actions as may be required so that the bonds shall not be "arbitrage bonds" under Section 103 (c) (2 ) of the Internal Revenue Code of 1954, as amended, and the regulations prescribed from time to time thereunder. Section 10. The Mayor of said City is hereby authorized to have control of the bonds and all necessary records and proceedings pertaining to the bonds pending their delivery and their investigation, examination and approval by the Attorney General of the State of Texas and their registration by the Comptroller of Public Accounts of the State of Texas. Upon registration of the bonds, the Comptroller of Public Accounts (or a deputy designated in writing to act for the Comptroller) shall manually sign the Comptroller' s registration certificate prescribed herein to be printed and endorsed on each bond; and the seal of the Comptroller shall be impressed, or placed in facsimile, on each of the bonds. Section 11 . The bonds, having been advertised for public sale in accordance with the terms and provisions of Section 4, Article IX of the City' s Charter, and bids having been received pursuant thereto, it is hereby found and determined that the bid of RepublicBank, N.A. of Dallas, at a price equal to the principal amount thereof plus accrued interest thereon from the date of such bonds to the date of actual delivery, plus a cash premium of $-0-, being a purchase proposal acceptable to the City, subject to the approving opinions as to the legality of such bonds of the Attorney General of Texas and Vinson & Elkins, Houston, Texas, market attorneys, is hereby authorized, approved, ratified and confirmed. When the bonds have been approved by the Attorney General of Texas and registered by the Comptroller of Public Accounts of Texas, they -8- shall be delivered to the purchasers thereof upon receipt of the full purchase price. Section 12 . The Mayor, City Clerk and other appropriate officers of the City of Beaumont are hereby authorized and directed to do any and all things necessary and/or convenient to carry out the terms of this ordinance. Section 13 . The Official Statement heretofore submitted to this City Council is hereby approved for use in connection with the sale of the bonds. PASSED AND APPROVED this 7th day of July, 1981 . May 6r - CITY OF BEAUMONT, TEXAS ATTEST: g1t4rj%:- 6/-"; ity lerk CITY OF BEAUMONT, ILEXAS (SEAL) eh: -9-