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Ord. 0442 06-28-82agait 7 CERTIFICATE FOR ORDINANCE THE STATE OF TEXAS § COUNTIES OF BRAZORIA AND HARRIS § CITY OF PEARLAND § We, the undersigned officers of the CITY OF PEARLAND, TEXAS (the "City"), hereby certify as follows: 1. The City Council of the City convened in regular meeting on the 28th day of June, 1982, at the regular meeting place thereof, within the City, and the roll was called of the duly constituted officers and members of the City Council and the City Secretary, to -wit: Tom Reid Terry Gray Dennis M. Frauenberger Charles Mack Alfred E. Lentz (Vacant) Dorothy L. Cook Mayor Mayor Pro Tem Council Member Council Member Council Member Council Member City Secretary and all of said persons were present, except the following absentees: , thus constituting a quorum. Whereupon, among other business, the following was transacted at said meeting: a written None ORDINANCE AUTHORIZING THE ISSUANCE OF $6,100,000 PERMANENT IMPROVEMENT BONDS, SERIES 1982 (the "Ordinance") was duly introduced for the consideration of the City Council and read in full. It was then duly moved and seconded that the Ordinance be adopted; and, after due discussion, said motion, carrying with it the adoption of the Ordinance, prevailed and carried by the fol- lowing vote: AYES: -All members of the City Council shown present above voted "Aye". NAYS: None. 2. That a true, full and correct copy of the Ordinance adopted at the meeting described in the above and foregoing paragraph is attached to and follows this certificate; that the Ordinance has been duly recorded in the City Council's minutes of said meeting; that the above and fore- going paragraph is a true, full and correct excerpt from the City Council's minutes of said meeting pertaining to the adoption of the Ordinance; that - the persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of the City Council as indicated therein; that each of the officers and members of the City Council was duly and sufficiently notified officially and personally, in advance, of the date, hour, placeand subject of the aforesaid meeting, and that the Ordinance would be introduced and considered for adoption at said meeting, and each of said officers and members consented, in advance, to the holding of such meeting for such purpose; that said meeting was open to the public as required by law; and that public notice of the date, hour, place and subject of said meeting was given as required by Vernon's Article 6252-17, as amended. SIGNED AND SEALED this 28th day of June, 1982. C-7<ke City S 9retary (SEAL) Mayor ORDINANCE AUTHORIZING THE ISSUANCE OF $6,100,000 PERMANENT IMPROVEMENT BONDS, SERIES 1982 THE STATE OF TEXAS § COUNTIES OF BRAZORIA AND HARRIS § CITY OF PEARLAND § WHEREAS, the bonds hereinafter authorized were duly and favorably voted at an election held in the City on the 15th day of May, 1982; 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, TEXAS THAT: Section 1. The City's negotiable, serial, coupon bonds to be designated CITY OF PEARLAND, TEXAS, PERMANENT IMPROVEMENT BONDS, SERIES 1982 (hereinafter called the "Bonds"), are hereby authorized to be issued and delivered in the aggregate principal amount of $6,100,000 for the following purposes: (1) $1,500,000 for constructing improvements and extensions to the waterworks system of the City, with first priority to be given to additional water storage facilities; (2) $1,000,000 for constructing improvements and extensions to the sanitary sewer system of the City; (3) $900,000 for constructing and equipping a new public library building for the City; (4) $700,000 for constructing and equipping a public building in and for the City to be used as a community complex for public assemblies, meetings, or exhibitions; (5) $1,000,000 for the construction and improve- ment of the roads, bridges, and streets of the City; and (6) $1,000,000 for constructing permanent drainage improvements for the City. Section 2. The Bonds shall be dated July 1, 1982, shall be numbered consecutively from 1 through 1,220, shall be in the denomination of $5,000 e.ach, and shall mature serially on March 1 of each of the years, and in the amounts, respectively, as set forth in the following schedule: YEAR AMOUNT YEAR AMOUNT 1984 $100,000 1991 $450,000 1985 150,000 1992.500,000 1986 175,000 1993 550,000 1987 225,000 1994 650,000 1988 300,000 1995 750,000 1989 350,000 1996 750,000 1990 400,000 1997 750,000 The Bonds may be redeemed prior to their scheduled maturities, at the option of the City, on the dates stated and in the man- 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 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, respectively, substantially as follows: FORM OF BOND: NO. $5,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTIES OF BRAZORIA AND HARRIS -2- CITY OF PEARLAND, TEXAS PERMANENT IMPROVEMENT BOND SERIES 1982 ON MARCH 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 of % per annum, evidenced by interest coupons payable March 1, 1983, and semiannually thereafter on each September 1 and March 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 , Texas, 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 July 1, 1982, numbered consecutively from 1 through 1,220, in the denomination of $5,000 each, issued in the aggregate principal amount of $6,100,000 for the following purposes: (1) $1,500,000 for constructing improvements and extensions to the waterworks system of the City, with first priority to be given to additional water storage facilities; (2) $1,000,000 for constructing improvements and extensions to the sanitary sewer system -of the City; (3) $900,000 for constructing and equipping a new public library building for the City; (4) $700,000 for constructing and equipping a public building in and for the City to be used as a community complex for public assemblies, meetings, or exhibitions; (5) $1,000,000 for the construction and improve- ment of the roads, bridges, and streets of the City; and -3- (6) $1,000,000 for constructing permanent drainage improvements for the City; in accordance with Chapters 1 and 7 of Title 22, Revised Civil Statutes of Texas, as amended, and pursuant to an election held within the City on the 15th day of May, 1982. ON MARCH 1, 1991, 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, 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 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; 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. -4- due and such principal matures, have been levied and ordered to be levied against taxable property in the City and have been pledged 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 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 XXXXXXXXXX (SEAL) Comptroller of Public Accounts of the State of Texas FORM OF INTEREST COUPON: NO. 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 -5- 4 presentation and surrender of this interest coupon, at the PEARLAND STATE BANK, Pearland, Texas, or, at the option of the holder, at , Texas, said amount being interest due that day on the Bond bearing the number hereinafter designated of that issue of CITY OF PEARLAND, TEXAS, PERMANENT IMPROVEMENT BONDS, SERIES 1982, dated July 1, 1982. Bond No. xxxxxxxxxx xxxxxxxxxx City Secretary Mayor Section 6. A special fund or account, to be designated the "City of Pearland, Texas, Permanent Improvement Bonds, Series 1982, Interest and Sinking Fund" (hereinafter called the "Interest 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 col- lected for and on account of the Bonds shall be deposited, as collected, to the credit of the Interest and Sinking Fund. During each year 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 tax- able property in the City for each year while any of the Bonds -6- 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 pay- ment of the interest on and principal of the Bonds, as such in- terest comes due and such principal matures, are hereby pledged for such payment within the limits prescribed by law. Section 7. Immediately following delivery of the Bonds to the purchaser thereof, the accrued interest and premium, if any, shall be deposited in the Interest and Sinking Fund. Section 8. The City certifies that based upon all facts and estimates now known or reasonably expected to be in exis- tence 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 the 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 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 regu- lations prescribed from time to time thereunder. Section 9. The Mayor of the City is hereby authorized to -7- have control of the Bonds and all necessary records and pro- ceedings pertaining to the Bonds pending their delivery and their investigation, examination, General of the State of Texas and Comptroller of Public Accounts of and approval by the Attorney their registration by the 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 10. 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 un- qualified approving opinions, as to the legality of the Bonds, of the Attorney General of the State of Texas and of Vinson & Elkins, Houston, Texas, market attorneys. Section 11. The approving opinion of Vinson & Elkins, Houston, Texas, and Cusip Numbers may be printed on the back of each of the Bonds, but errors or omissions in such opinion, or errors in or omissions of such numbers, shall have no effect on the validity of the Bonds. Section 12. 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. Section 13. This ordinance shall take effect immediately upon its passage following the second and final reading thereof. Section 14. The Official Notice of Sale, Official State- ment and Official Bid Form relating to the Bonds and submitted -8- Alb to the City Council are found to be correct and are hereby approved. Section 15. 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, and ratified. PASSED AND APPROVED this 28th day of June, 1982. ATTEST: /s/ Tom Reid Mayor /s/ Dorothy L. Cook CITY OF PEARLAND, TEXAS City Secretary CITY OF PEARLAND, TEXAS (SEAL) -9-