Ord. 0307 05-27-75THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND HARRIS §
The City Council of the City of Pearland, Texas, convened
in regular meeting, open to the public, on the 27th day of May,
1975, 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 McComb
Cecil W. Griffin
Harry •Farley
Gene E. Sanders
Tom Reid
Benny J. Frank
Dorothy`L. Cook
Mayor
Councilman and
Mayor Pro Tem
Councilman
Councilman
Councilman
Councilman
City Secretary
and all of said persons were present, except the following ab-
sentees: V�.r
thus constituting a quorum. Whereupon, among other business,
the following was transacted at -said meeting: a`written ordi-
nance entitled:
ORDINANCE AUTHORIZING ISSUANCE OF
$650,000 GENERAL OBLIGATION BONDS, SERIES 1975
(the "Ordinance") was duly introduced for the consideration
of the City Council and was read and considered by the City
Council, the Ordinance being the same ordinance which was
heretofore read, considered and adopted by the City Council
at its regular meeting on May 12, 1975. It was then duly
moved and seconded that the Ordinance be passed; and, after
due discussion, the motion, carrying withit 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. The Ordinance thus adopted follows:
ORDINANCE AUTHORIZING ISSUANCE OF
$650,000 GENERAL OBLIGATION BONDS, SERIES 1975
THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND HARRIS §
CITY OF PEARLAND §
WHEREAS, the bonds hereinafter authorized were duly and
favorably voted at elections held in the City on the 15th day.
of February, 1975, and the 5th day of April, 1975, respectively;
and
WHEREAS, the City Council now deems it advisable to issue,
sell, and deliver .said bonds;
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF PEARLAND THAT:
Section 1. The City's negotiable, serial, coupon bonds
.to be designated CITY OF PEARLAND; TEXAS, GENERAL OBLIGATION
BONDS, SERIES 1975 (hereinafter called the "Bonds"), are hereby
authorized to be issued and delivered in the principal amount
of $650,000 for the purpose of providing $150,000 FOR THE PUR-
POSE OF CONSTRUCTING PERMANENT IMPROVEMENTS AND EXTENSIONS TO
THE CITY'S SANITARY SEWER SYSTEM; $200,000 FOR THE PURPOSE OF
CONSTRUCTING PERMANENT IMPROVEMENTS AND EXTENSIONS TO THE CITY'S
WATERWORKS SYSTEM; $100,000 FOR THE PURPOSE OF CONSTRUCTING
PERMANENT SOLID WASTE DISPOSAL FACILITIES, INCLUDING THE
ACQUISITION OF THE NECESSARY SITES THEREFOR; and $200,000 FOR
THE PURPOSE OF ACQUIRING LAND FOR PARK PURPOSES.
Section 2. The Bonds shall
be: numbered consecutively from 1
denomination of $5,000 each, and
be dated June 1, 1975, shall
through 130, shall be in the
shall mature serially on
February 1 of each of the years, and in the amounts, respectively,
as set forth in the following schedule:
YEAR AMOUNT YEAR AMOUNT
1978 $10,000 1986 $45,000
1979 20,000 1987 45,000
1980 25,000 1988 50,000
1981 25,000 1989 50,000
1982 30,000 1990 55,000
1983 35,000 1991 60,000
1984 35,000 1992 65,000
1985 35,000 1993 65,000
The Bonds may be redeemed prior to their scheduled maturities,
at the option of the City, on the dates stated and in theman
ner provided in the FORM OF BOND set forth in this ordinance.
Section 3. The Bonds shall bear interest at a rate or
rates per annum which shall not exceed the maximum permitted
by Article 717k-2, V.T.C.S., as amended; such interest rates
shall be those proposed in the bid for the purchase of the
Bonds which results in the lowest net interest cost to the
City and such interest shall be evidenced by interest coupons
which shall appertain to the Bonds and which shall be payable
on the dates indicated in the FORM OF BOND set forth in this
ordinance.
Section 4. The Bonds, and the interest coupons apper-
taining•thereto, shall be payable, shall have .the character-
istics, and shall be signed and executed (and the Bonds shall
be sealed), all as provided and in the manner indicated in
the FORM OF BOND 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 ehdorsed.on each of
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the Bonds, and the form of the aforesaid interst coupons
which shall appertain and be attached initially to each of the
Bonds,. shall be, respectively, substantially as follows:
NO.
FORM OF BOND:
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTIES OF BRAZORIA AND HARRIS
CITY OF PEARLAND, TEXAS
GENERAL OBLIGATION BOND
SERIES 1975
$5,000
ON FEBRUARY 1, 19_, the CITY OF PEARLAND (the "City"),
in the Counties of Brazoria and Harris, in the 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
% per annum, evidenced by interest coupons payable
February 1, 1976, and semiannuallythereafter on each August 1
and February 1 while. this Bond is outstanding The principal
of this Bond and the interest coupons appertaining 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 PEARLAND STATE BANK, Pearland, Texas, or, at the
option of the holder, at
, which banks shall be
the paying.agents for this series of Bonds.
THIS BOND is one of a series of negotiable, 'serial cou-
pon bonds dated June 1, 1975, numbered consecutively from 1
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through 130, in the denomination of $5,000 each, issued in
the principal amount of $650,000 for the purpose of providing
$150,000 FOR THE PURPOSE OF CONSTRUCTING PERMANENT IMPROVEMENTS
AND EXTENSIONS TO THE CITY'S SANITARY SEWER SYSTEM; $200,000
FOR THE PURPOSE OF CONSTRUCTING PERMANENT IMPROVEMENTS AND
EXTENSIONS TO THE CITY'S WATERWORKS SYSTEM; $100,000 FOR THE
PURPOSE OF CONSTRUCTING PERMANENT SOLID WASTE DISPOSAL FACILI-
TIES, INCLUDING THE ACQUISITION OF THE NECESSARY SITES THEREFOR;
and $200,000 FOR THE PURPOSE OF ACQUIRING LAND FOR PARK PURPOSES,
in accordance with Chapters 1 and 7 of Title 22, Revised Civil
Statutes of Texas, as amended, and pursuant to elections held
within the City on February 15, 1975 and April 5, 1975, respec-
tively.
ON FEBRUARY 1, 1988, OR ON ANY INTEREST PAYMENT DATE THERE-
AFTER, the outstanding Bonds of this series may be redeemed
prior to their scheduled maturities, at the option of the City,
IN WHOLE, OR IN PART IN INVERSE NUMERICAL ORDER, for the prin
cipal 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. By the date fixed for any such redemption, due pro-
vision shall be made with the paying agents for the payment of
the required redemption price. If such written notice of re-
demption is published and if due provision for such payment
is made, all as provided above, the Bonds which are to be so
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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 voted, 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 Bond have been performed,
existed, and been done in accordance with law; that. this Bond
is a generalobligation of the City, issued on the full faith
and -credit thereof; 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.
IT WITNESS WHEREOF, this Bond and the interest coupons
appertaining hereto have been signed with the facsimile signa-'
ture of the Mayor and countersigned with the facsimile signa-
ture of the City Secretary of the City, respectively, and the
official seal of the City has been duly impressed, or placed
in facsimile, on this. Bond.
COUNTERSIGNED: xxxxxxxxxx
Mayor
xxxxxxxxxx CITY OF PEARLAND, TEXAS
City Secretary
CITY OF PEARLAND, TEXAS
(SEAL)
FORM OF REGISTRATION CERTIFICATE:
COMPTROLLER'S REGISTRATION CERTIFICATE§ REGISTER NO.
I hereby certify that this Bond has been examined, cer-
tified 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
(SEAL)
NO.
xxxxxxxxxx
Comptroller of Public Accounts of
the State of Texas
FORM OF INTEREST COUPON:
ON 1, 19_,
-the CITY OF PEARLAND, in the Counties of Brazoria and
Harris,
State of Texas, promises to pay to bearer the amount shown on
this interest coupon, in lawful money of the United States of
America, without exchange or collection charges to the bearer,
unless due provision has been made.for the redemption prior. to
maturity of the Bond to which this coupon appertains, upon pre-
sentation and surrender of this interest coupon, at the PEARLAND
STATE BANK, Pearland, Texas, or, at the option of the holder,
3
said amount being interest due
that day on the Bond bearing the number hereinafter designated
of.that issue of CITY OF PEARLAND, TEXAS, GENERAL OBLIGATION
BONDS, SERIES 1975, dated June 1, 1975. Bond No.
xxxxxxxxxx . xxxxxxxxxx
City Secretary Mayor
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Section 6. A special fund or account, to be designated
the "City of Pearland, Texas, General Obligation Bonds, Series
1975, Interest and Sinking Fund" (hereinafter called the "In-
terest and Sinking Fund"), is hereby created and shall be
established and maintained by the City at an official deposi-
tory bank of the City. The Interest and Sinking Fund shall
be kept separate and apart from all other funds and accounts
of the City and shall be used only for paying the interest on
and principal, of the Bonds. All ad valorem taxes levied and
collected for and on account of the Bonds shall be deposited,
as collected, to the credit of the Interest and Sinking Fund.
During eachyear while any of the Bonds or interest coupons
appertaining thereto are outstanding and unpaid, the.City
Council of 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
Bonds as such interest comes due and to provide and maintain
a sinking fund adequate to pay the principal of the Bonds as
such principal matures but never less than 2% of the original
principal amount of the Bonds as a sinking fund each year; and
said tax shall be based on the latest approved tax rolls of
the City, with full allowance being made for 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 Bonds or interest coupons appertaining thereto
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 payment of the interst on and principal of
the Bonds, as such interest comes due and such principal
matures, are hereby pledged irrevocably for such payment
within the limits prescribed by law.
Section 7. -The City certifies that basedupon all facts,
estimates and circumstances now known or reasonably expected
to be in existence on the date the Bands 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(d)(2) of the Internal Revenue Code of 1954,
as amended, and the temporary and proposed regulations hereto-
fore prescribed thereunder, including, without limitation,
Sections 1.103-13 and 1.103-14 of the proposed regulations
published in the Federal Register on May 3, 1973. Furthermore,
all officers, employees -and agents of the City are authorized
and directed to provide certifications of facts, estimates and
circumstances which are material to the reasonable expecta
tions of the City as of the date the Bonds are delivered and
paid for, and any such certifications may be relied upon by
counsel, by the owners or holders of the Bonds, or by any
person interested in the 'exemption of interest on the Bonds
from Federal income taxation. Moreover, the City covenants
that it shall make such use of the proceeds of the .Bonds, regu-
late investments of proceeds of the Bonds, and take such other
and further action as may be required so that the Bonds shall
not be "arbitrage bonds" under Section 103(d) of the Internal
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Revenue Code of 1954, as amended, and regulations prescribed
from time to time thereunder.
Section 8. The Mayor of the 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 Registra—
tion Certificate prescribed herein to be printed and endorsed
on each Bond; and the seal of the Comptroller shall be im—
pressed, or placed in facsimile, on each of the Bonds.
Section 9. The Bonds are hereby sold and shall be.de—
livered to that bidder, or bidders, submitting the bid which
results in the lowest net interest cost to the City subject
to a resolution hereafter to be adopted by the City Council,
for the par value thereof and accrued interest thereon to
date of delivery, plus a premium of $ , subject to the
unqualified approving opinions, as to the legality of the
Bonds, of the Attorney General of the State of Texas and of
Vinson, Elkins, Searls, Connally & Smith, Houston, Texas,
market attorneys.
Section 10. The Mayor and all other appropriate officers
of the CITY OF PEARLAND are hereby authorized and directed to
do any and all things necessary or convenient to carry out
the provisions of this ordinance.
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Section 11. This ordinance was read once by the City
Council on May 12, 1975, and read again on May 27, 1975.
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, is hereby authorized, approved, adopted, ratified,
and confirmed.
PASSED AND APPROVED:this 27th day of May, 1975.
LAND, TEXAS
(SEAL)
Mayor
CITY OF PEARLAND, TEXAS
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