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Ord. 0333 07-26-76 ORDINANCE AUTHORIZING ISSUANCE OF $195,000 CITY OF PEARLAND, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 1976-A; RATIFYING CONTRACT OR CONTRACTS; AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT THE STATE OF TEXAS COUNTIES OF BRAZORIA AND HARRIS CITY OF PEARLAND WHEREAS, the City Council of the CITY OF'PEARLAND~ "City"), authorized the publication of a notice to bidders (the to the effect that competitive bids would be received by the City Council on July 12, 1976, for Durnishing mgterials and supplies for improving the roads, bridges ~nd streevs of the City, to-wit: (1) base material and fill; (2) hot-mix asphalt surfacing material; and (3) bridge construction materials and supplies, and that the City intends to issue certificates of obligation for the p'urchase, or purchases, of such materials and supplies; and WHEREAS, such notice was published at the times and in the manner required by the Constitutions and laws of the State of Texas and of the United States of America, respectively, particularly Article 2368a.1, Vernon's Texas Civil Statutes, as amended; and WHEREAS., on the date specified in said notice the City Council caused t.he bids received to be opened and tabulated and the following have been determined to be the lowest and best bids: Bidder . . ! · .a ¢ ~ ' /' ~..~iL//.,,~..,'.~?//_(-L' /~A-~/-:~:r.~.~~ (base mat. & fill) ~/ ,Y - / (hot-mix asphalt ,/~ ~_~ 'h ~ ~.~ material ) ~, ~ '~ ~.... surfa 0. ~ .... ~.. ~ (bridge construc . ' ~.~ ,¥, ~.~ ~ , materials & sup. ) Amount of Bid and the City Council has heretofore, by resolution, determined to accept such bids and has envered into convracts for such materials and supplies; and WHEREAS, it is hereby found and determined that such bids in every respect meet the specifications mentioned in the notice to bidders; and WHEREAS, the said bidders elected at the time of the re- ceipt by the City Council of such bids to assign such certifi- cates without discount to UNDERWOOD, NEUHAUS & CO., INCORPORATED, Houston, Texas, with whom the City Council has made provision £or such assignment; and WHEREAS, it is hereby found and determined that the City Council is authorized to proceed with the issuance of said cervificates of obligation in accordance with the ~erms and provisions of this ordinance; ~v ~ THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PEARLAND THAT: Section 1. The facts and recitations contained in the preamble of this ordinance are hereby Found and declared to be true and correct. Section 2. The CSty Council hereby approves, ratifies, and confirms in all respects the contracts mentioned in the preamble of this ordinance. Section 3. The City's negotiable certificates of obliga- tion, to be designated CITY OF PEARLAND, TEXAS~ CERTIFICATES OF OBLIGATION, SERIES 1976-A (hereinafter called the "Certifi- cates''), are hereby authorized to be issued and delivered in the principal amount of $195,000 for the purpose of evidencing the indebtedness of the City For all or any part of the cost -2- of purchasing materials and supplies for improving the roads, bridges and streets of the City, to-wit: (1) base material and fill; (2) hot-mix asphalt surfacing material; and (3) bridge construction materials and supplies, including the cost of professional services in coanection therewith, in strict conformity with the Constitution and laws of the State of Texas, particularly Article 2368a.1, Vernon's Texas Civil Statutes, as amended. Section 4. The Certific.ates shall be dated July t, 1976, shall be numbered consecutively from 1 through 195, shall be in the d.enomination of $1,000 each and shall mature serially on ~/,~,~/ of each of th~ years, and in the amounts, / t respectively, se forth in the following schedule: YEAR AMOUNT YEAR 19 ~ {/~ ~do 19 19~ 19 19 19 19 19 AMOUNT Section 5. The Certificates shall bear interest from the date of initial delivery shown on the face of each Certificate at the rate of ~.~ % per annum, interest payable on the dates indicated in the FORM OF CERTIFICATE set forth in this ordinance. Section 6. The Certificates shall be registrable both as to principal and interest, shall be payable, and shall have the characteristics, and shall be signed and executed (and the Certificates shall be sealed), all as provided and in the man- ner indicated in the FORM OF CERTIFICATE set forth in this ordinance. Section 7. of the Certificate of Registration, substantially as follows: 'The form of Certificates, including the Form shall be, respectively, FORM OF CERTIFICATE: NO. $1~000 UNITED STATES OF AMERICA STATE OF. TEXAS COUNTIES OF BRAZORIA AND HARRIS CITY OF PEARLAND, TEXAS CERTIFICATE OF OBLIGATION~ SERIES /~ /~/?~ oN~~ 19~r~ , the CITY OF PEARLAND (hereinafter called the "City"), in the Counties of Brazoria'and Harris, in the State of Texas, promises to pay to bearer or, if this Certificate is registered, to the.registered owner hereof, the principal amount of ONE THOUSAND DOLLARS and to pay interest thereon, FROM THE DATE OF INITIAL DELIVERY SHOWN ON THE FACE HEREOF, to bearer or, if this Certificate is registered, to the registered owner hereof, at the rate oF 6.25% per annum, interest payable A~ l, and annually thereafter on eac while this Certificate is out- standing. Both the principal of and interest on'this Certifi- cate shall be payable, without exchange or collection charges to the owners or holders, upon presentation and, in the case of the principal when due, surrender of this Certificate at the PEARLAND STATE BANK, Pearland, Texas, which shall be the paying agent-for this series of Certificates. THIS CERTIFICATE is one of a series of negotiable, regis- trable Certificates of Obligation, dated~*--~-- 1, numbered -4- from 1 through i-9~, in the denomination' of $1,000 each, aggre- -gating~,vuv,~'~' '~ issued in accordance with the Constitution and laws of the State of Texas, particularly Article 2368a.1, Vernon's Texas Civil Statutes, as amended, for the purpose of evidencing the indebtedness of the City for all or any part of the cost of purchasing materials and supplies for improving the roads, bridges and streets of the City, to-wit- ~' ma ~ -~ ' ~; (~) hot-mix asphalt surfacing material)--a~d (~3) bridge ~,~J~- mo*erialz ~ ~up~--~ic,-, including the cost of professional services in connection therewith, and .pursuant to an ordinance adopted by the City Council of the City on the }?}~day of IT IS HEREBY certified, recited, and covenanted that this Certificate has been duly and validly authorized, issued, and 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 Certificate, have been per- formed, existed, and been done in accordance with law; that this Certificate is a general obligation of the City, issued on the full faith and credit thereof; that annual ad valorem taxes sufficient to provide for the payment of the interest on and principal of this Certificate,.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; that this Certificate shall be a debt of the City wiBhin the meaning of Article XI, Sections 5 and of the Constitution of Texas; and that, when delivered, ~his~ -5- Certificate shall be deemed:and construed (i) to be a "Security" within the meaning of Chapter 8, Investment -Securities, Uniform Commercial Code (Chapter 785, Acts of the 60th Legislature, Regular Session, 1967),-and (ii) to be a general obligation of the City within the meaning of Chapter 784, Acts of the 61st Legislature of Texas, Regular Session, 1969. THIS CERTIFICATE shall be transferable by delivery unless registered as to principal in the owner's name upon books of the City to be kept for that purpose at the office of the City Secretary of the City, the registrar, such registration to be noted hereon. After such registration, no transfer of this Certificate shall be valid unless made on said books at the request of the registered owner hereof, or his duly authorized agent, and similarly noted hereon; but this Certificate may be discharged- from registration by being in like manner transferred to bearer, whereupon transferability by delivery shall be re- stored; and this Certificate may again and from time to time be registered or made payable to bearer as before. IN WITNESS WHEREOF, this Certificate.of Obligation has been signed by the Mayor of the City and countersigned by the City Secretary of the City, and the official seal of the City has been duly impressed, or placed in facsimile, on this Cer- tificate. DATE OF INITIAL DELIVERY OF THIS CERTIFICATE: COUNTERSIGNED: xxxxxxxxxx City Secretary City of Pearland, Texas (SEAL) xxxxxxxxxx Mayor City of Pearland, Texas -6- CERTIFICATE OF REGISTRATION: IT IS HEREBY CERTIFIED that, at the request of the holder of the within Certificate, I have this day registered it as to principal in the name of such holder as indicated in the regis- tration blank below, on the books kept by me for such purpose. The principal of and interest on this Certificate shall be pay- able only to the registered holder named in the below registra- tion blanks. If the last transfer recorded on the books of the Registrar and~ in the below registration blank shall be to bearer, the principal be payable to bearer, respects negotiable.. Name of Registered Holder and interest of this Certificate shall and~such Certificate shall be in all Date of R~$istration Signature of City Secretary (Re$istrar) ~ Section 8. A special fund or account, to be designated the "City of Pearland, Texas, Certificates of Obligation, Series 1976-A, Interest and Sinking Fund" (hereinafter calied .the "Interest and. Sinking Fund"), is hereby created and shall be established and maintained by the City at an official de- pository bank of the City. The Interest and Sinking Fund shall be kept separate and apart from all other funds and'accounts'of -7- the City and shall be used only for paying the interest on and principal of the Certificates. AlL ad valorem taxes levied and collected for and on account of the Certificates shall be de- posited, as collected, to the credit Fund. During each year while any of the standing and unpaid, the City Council of of the Interest and Sinking Certificates are out- the City shall compute and ascertain a rate and~amount of ad valorem tax which will be sufficient to raise and produce the money required to pay the interest on the Certificates as such interest comes due'and to provide and maintain a sinking fund adequate to pay the principal of the Certificates as such principal matures but never less than 2%~ of the original principal amount of the Certificates asa sinking fund each year; and said tax shall be based on the latest approved tax rolls of the City~ with £ull allowance being made for tax ~elinquencies ~nd the cost of tax collection. Said rate and amount of ad valorem tax are hereby levied, and are hereby ordered to be levied, against all taxable property in the City for each year while any of the Certificates are outstanding and unpaid; and said tax shall be assessed'and collected each such year and deposited to the credit of the Interest and Sinking Fund. Said ad valorem taxes sufficient to provide for the PaY- ment of the~interest on and principal of the Certificates, as such interest comes due and such principal matures, are hereby pledged irrevocably for such payment within the limits prescribed by law. Section 9. Claims in0urred for the purposes set forth in Section ~ hereof may be funded and exchanged for a like total principal amount of Certificates, and any amount in excess of the principal amoun~ of Certificates delivered at any one time may be paid in cash or carried forward to a subsequent exchange, or exchanges, of claims Certificates authorized except pursuant to a further ordinance, or ordinances, adopted by this City Council. for Certificates. However, none of the by this ordinance shall be delivered to be Section 10. The Mayor and all other appropriate officers of the City are hereby authorized and directed to do any and all things necessary or of this ordinance. upon convenient to carry out the provisions Section 11. This ordinance shall take effect immediately its passage on second reading. Section 12. It is hereby officially found and determined that the need of the City for such financing creates an emer- gency and an urgent public necessity for the holding, at the scheduled time, of the meeting of the City Council at which this ordinance is adopted and for the adoption of this ordi- nance; and the NOTICE OF MEETING relating to said meeting and heretofore posted by the City Secretary, and the posting thereof, are hereby authorized, approved, adopted and ratified. PASSED AND APPROVED this 26th day of July, 1976. CITY OF PEARLAN~, TEXAS (SEAL) -9- THE STATE OF TEXAS COUNTIES OF BRAZORIA AND HARRIS CITY OF ~PEARLAND The City Council of the City of Pearland, Texas, convened in regular meeting, open to the public, on the 12th day of July, 1976, at the City Hall, and the roll was called of the duly constituted officers and members of the City Council and the City Secretary of the City, to,wit: Carlton McComh Tom Reid Cecil W. Griffin Harry Farley Terry Gray Benny J. Frank Dorothy L. Cook Mayor Councilman and Mayor Pro Tem Councilman Councilman Councilman Councilman City Secretary and all of said pers~gs~were present, except the following ab- sentees: ~Q~F~ · · , thus constituting a quorum. Whereupon, among other business, the following was transacted at said meeting: a written ordi- nance entitled: ORDINANCE NO. 333 ORDINANCE AUTHORIZING ISSUANCE OF $i95,000 CITY OF PEARLAND, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 1976~A; RATIFYING CONTRACT OR CONTRACTS; AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT (the "Ordinance") was duly introduced for the consideration of the City Council and reviewed in full. It was then duly moved and seconded that the Ordinance be passed; and, after due discussion, the motion, carrying with it the passage of the Ordinance, prevailed and carried by the following vote: AYES: All members of the City Council shown present above voted "Aye". NOES: None. The Mayor thereupon announced that the Ordinance had been duly and lawfully adopted on second and final reading. The Ordi- nance thus adopted follows: Section 7. The form of Certificates, including the form of the Certificate of Registration, shall be, respectively, substantial-ly as follows:  p,/~ FORM OF CERTIFICATE: NO. $1,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTIES OF BRAZORIA AND HARRIS CITY OF PEARLAND, TEXAS CERTIFICATE OF OBLIGATION SERIES 1~76-A ~$?~ ~ 19. the CITY OF PEARLAND (herein- ON after called the "City"), in the Counties of Brazoria and Harris, in the State of Texas, promises to pay to bearer or, if this Certificate is registered, hereof, the principal amount of and to pay interest to the registered owner ONE THOUSAND DOLLARS thereQn, FROM THE DATE OF INITIAL DELIVERY SHOWN ON THE FACE HEREOF, to bearer or, if this Certificate is registered, to the registered owner hereof, at the rate of ~.~9'~% per annum, interest payable ~~ , 19~, and s~~ thereafter on eac.h ~ ~ while this Certificate is outstanding. Both the prifl~ipal o.f and interest on this Certificate shall be. payable, without exchange or collection charges to the owners or holders, upon presentation and, in the case of the principal~when due, sur- render of this Certificate at the PEARLAND STATE BANK, Pearland, Texas, which shall be the paying agent for this series of Cer- tificates.. THIS CERTIFICATE is one of a trable Certificates of Obligation, series of negotiable~ regis- dated July 1, 1976, numbered -4- from 1 through 195, in the denomination of $1,000 each, aggre- gating $195,000, issued in accordance with 6he Constitution particularly Article 2368a.1, as amended, for the purpose of the City for all or any part of and laws of the State of Texas, Vernon's Texas Civil Statutes, evidencing the indebtedness of the cost of purchasing materials and supplies for impro¥ing the roads, brid~es and streets of the City, to-wiv: (1) base material and fill; (2) hot-mix asphalt surfacing material~ and cosy of professional services in pursuant to an ordinance adopted City on the 12th day of July, IT IS HEREBY certified, bridge construction materials and supplies, including the therewith, and Councit of the connection by the City 1976. recited, and covenanted that this Certificate has been duly and validly authorized, issued, and delivered; that all acts, conditions, and things required o~ proper ~o be performed, exist, and be done precedent to or in the issuance and delivery of this Certificate, have been per- formed, existed, and been done in accordance with law; that this Certificate is a general obligation of the City, issued on the full faith and credit thereof; that annual ad valorem taxes sufficient ~o provide for the payment of the interest on and principal of this Certificate, as such interest comes due and such principal matures, have been levied and ordered ~o be levied against all taxable property in the City and have been pledged irrevocably for such payment within the limits prescribed by law; that this Certificate shall be a debt of the City within the meaning of Article XI, Sections 5 and 7 of the Constitution of Texas; and that, when delivered, this Certificate shall be deemed and construed (i) to be a '~Security'~ within the meaning of Chapter 8, Investment Securities, Uniform (Chapter 785, Acts of the 60th Legislature, Commercial Code Regular Session, 1967), and (ii) to be a general the City within the meaning of Chapter 784, Acts Legislature of Texas, Regular Session, 1969. THIS CERTIFICATE shall be transferable by delivery obligation of of the 61st unless registered as to principal in the owner's name upon books of the City to be kept For that purpose at the office of the City Secretary of the City, the registrar, such.registration to be noted hereon. After such registration, no transfer of this Certificate shall be valid unless made on said books at the request of the registered owner hereof, or his duly authorized agent, and similarly noted hereon; but this Certificate may be discharged From registration by being in like manne~ transferred to bearer, whereupon transferability by delivery shall be re- stored; and this Certificate may again and from time to time be registered or made payable to bearer as before. IN WITNESS WHEREOF, this Certificate of Obligation has been signed by the Mayor of'th~ City and countersigned by the City Secretary of the City~ and the official seal of the City has been duly impressed, or placed in facsimile, on this Cer- tificate. DATE OF INITIAL DELIVERY OF THIS CERTIFICATE: COUNTERSIGNED: XXXXXXXXXX City Secretary City of Pearland, Texas (SEAL) XXXXXXXXXX Mayor City of Pearland, Texas -6- CERTIFICATE OF REGISTRATION: IT IS HEREBY CERTIFIED that, at the request of the holder of the within Certificate, I have this day registered it as to principal in the name of such holder as indicated in the regis- below, on the books kept by me for such purpose. of and interest on this Certificate shall be pay- tration blank The principal able only to the registered tion blanks. If the last transfer recorded on the books of the Registrar and in the below registration blank shall be to bearer~ the principal and be payable to bearer, and respects negotiable. holder named in the below registra- interest of this Certificate shall such Certificate shall be in all Signature of City SecreTary (Registrar) Name of Date of Registered Holder Registration Section 8. A special fund or account, to be designated the "City of ?earland, Texas, Certificates of Obligation~ Series 1976-A, Interest and Sinking Fund" (hereinafter called the '~Intsresv and Sinking Fund"), be established and maintained by pository bank of the City. The be kept separate and apart from is hereby created and shall the City at an official de- Interest and Sinking Fund shall all other funds an~ accounts of the City principal of the Certificates. Ail collected for and on account of the and shall be used only for paying the interest on and ad valorem taxes levied and Certificates shall be de- posited, as collected, to the credit of the Interest and Sinking Fund. During each year while any of the Certificates are out- standing and unpaid, the City Council of the City shall compute and ascertain a rate and amount of ad valorem tax which will be sufficient vo raise and produce the money required to pay the interest oH the Certificates as such interest comes due and to provide and maintain a sinking fund adequate to pay the principal of the Certificates as such principal matures but never less than 2% of the original princi~al amount of the Certificates as a sinking fund each year; and said tax approved tax rolls of the City, with for shall be based on the latest full allowance being made tax delinquencies and the cost of tax collection. Said rate and amount of ad valorem tax are hereby levied, and are hereby ordered to be levied, against all taxable property in the City for each year while any of the Certificates are outstanding and unpaid; and said tax shall be assessed and collected each such year and deposited to the cre@it of the Interest and Sinking Fund. Said ad valorem taxes sufficient to provid~ for the pay- ment of the interest on and principal of the Certificates, as such interest comes due and such principal matures, are hereby pledged irrevo2ably For such payment within th~ limits p~escribed by law. Section 9. Claims incurred for the purposes set forth in Section 3 hereof may be funded and exchanged for a like total principal amount of Certificates, and any amount in excess of -8- Section 11. upon its passage Section 12. that the need of the principal amount of Certificates delivered at any one time may be paid in cash or carried forward to a subsequent exchange, or ~xchanges, of claims for Certificates. However, none of the Certificates authorized by this ordinance shall be delivered except pursuant to a further ordinance, or ordinances, to be adopted by this City Council. Section 10. The Mayor and all other appropriate officers of the City are hereby authorized and directed to do any and all things necessary or convenient to carry out the provisions of this ordinance. This ordinance shall take effect immediately on second reading. It is hereby officially found and determined the City for such financing creates an emer- gency and an urgent public necessity for the holding, at that scheduled time, of the meeting of the City Council at Which this ordinance is adopted and for the adoption of this ordi- nance; and the NOTICE OF MEETING relating to said meeting and heretofore posted by the City Secretary, and the posting thereof, are hereby authorized, approved, adopted and ratified. PASSED AND APPROVED this ~ day of ~j~, 1976. ATTEST: City Secretary CITY OF PEARL^ND, TEXAS (SEAL) Mayor CITY OF PEARLAND,. TEXAS CERTIFICATE FOR ORDINANCE AUTHORIZING ISSUANCE OF $195,000 CITY OF PEARLAND, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 1976-A; RATIFYING CONTRACT OR CONTRACTS; AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT THE 'STATE OF TEXAS COUNTIES OF BRAZORIA AND HARRIS CITY OF PEARLAND We, the undersigned ,officers of the CITY OF PEARLAND, TEXAS (the "City"), do hereby certify as follows: me Officers and that That we are the duly chosen, qualified and acting of the City for. the offices shown below our signatures as such we are familiar with the facts herein certified. 2. That there is attached to and follows this c~rtificate an excerpt of proceedings from the minutes of a m~eting of the City Council of the City (the "City Council") which is a true, full and complete excerpt of all proceedings from the minutes of the City Council pertaining to the adoption of the ordinance de- scribed therein; and that the persons named in such excerpt as the officers and members of the City Council or as office~s of the City are the duly chosen, qualified and acting officers and members as indicated therein. 3. That a true and complete copy of the ordinance (the "Ordinance"), as adopted at the meeting described in such excerpt from the minutes, is attached to and follows such excerpt. 4. That the Ordinance has been duly and lawfully adopted by the City Council and that the Mayor bf the City has approved, and hereby approves, the Ordinance; that the Mayor and the City Secretary of the City have duly signed and attested the Ordinance and each, respectively, hereby declares that the signing of this certificate shall also constitute the signing of the Ordinance for all purposes; and that the Ordinance, as signed, has been duly recorded in the minutes of the City Council for such meeting. 5. That each of the officers and m&mbers of the City Council was duly and sufficiently notified officially and per- sonally, in advance, of the date, hour, place and subject of such meeting of the City Council, and that the Ordinance would be introduced and considered for passage at such'meeting, and each of such officers and members consented, in advance, to the holding of such meeting to consider and act upon such subject. 6. That written notice of the meeting of the City Council described in the excerpt from the minutes was posted in the form and manner required by law; and that such meeting was open to the public as required.by law at all times during which the Ordinance and the subJeqt matter thereof were~discusse~, considered and formally acted upon, all as required by the Open Meetings Act, Article 6252-17, Vernon's Texas Civil Statutes, as amended. SIGNED AND SEALED this 26th day 9~ July, 1976.