Ord. 0389 11-13-78ORDINANCE N0.`389
ORDINANCE AUTHORIZING ISSUANCE OF $43,000 CITY OF
PEARLAND, TEXAS, CERTIFICATES OF OBLIGATION,SERIES
1978-B; RATIFYING CONTRACT OR CONTRACTS; AND
CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT
THE STATE OF TEXAS
COUNTIES OF BRAZORIA AND HARRIS
CITY OF PEARLAND
a
a
WHEREAS, the City Council of the CITY OF PEARLAND, TEXAS (the "City"),
authorized the publication of a notice to bidders to the effect that
competitive bids would be received by the City Council on October 9, 1978,
for furnishing materials and supplies for improving the roads, bridges
and streets of the City, to -wit: (1) hot -mix asphalt surfacing; and
(2) double penetration asphalt surfacing, and that the City intends to issue
certificates of obligation for the purchase, 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
the bids received to be opened and tabulated and the following have been
determined to be the lowest and best bids:
Bidder
Ashland -Warren, Inc.
Brown &Root, Inc.
Item
11,750 Sq. Yds, Type D THD
Specifications 340 (HOT MIX) @$2.35 sq yd
12,725 Sq. Yds, Two course surface treat-
ment $0.95sq yd; Scarify & recompact $0.40 sy$12,088.75-
and the City has heretofore, by motion,.determined to`accept such bids
:Amount
.of Bid
Council
$ 27,612.50
and agreed to,enter,,into contracts 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 receipt by the
City Council of such bids to assign such certificates without discount to
PEARLAND STATE BANK, Pearland, Texas, with whom the City Council has made
provision for
WHEREAS,
authorized to
in accordance
such assignment; and
it is hereby found and determined that the City Council is
proceed with the issuance of said certificates of obligation
with the terms and provisions of this ordinance;
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, 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 City 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 obligation, to be
designated CITY OF PEARLAND, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 1978-B
(hereinafter called the "Certificates"), are hereby authorized to be issued
and delivered in the principal amount of $43,000 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: (1) hot -mix asphalt surfacing;and (2) double penetration
asphalt surfacing, including the cost of professional services in connection
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 Certificates shallbe dated November 1, 1978, shall be
numbered consecutively from 1 through 43, shall be in the denomination of
$1,000 each and shall mature serially on December 1
and in the amounts, respectively, set forth in the
YEAR
1980
Section 5.
initial delivery shown on the .• face of each Certificate at the rate of 6.25%
AMOUNT
(3)$11,000 - 3r°
1982
1981 /1) 11 000
11,000
;of each of the -years,
following schedule:
9
}��
10,000
The Certificates shall bear
interestfrom the date of
per annum,'interest payable on --the dates ;indicated in'`the FORM OP'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 manner indicated in the FORM OF CERTIFICATE set forth
in this ordinance.
Section 7. .The form of Certificates, including the form of the Certificate
of Registration, shall be, respectively, substantially as follows:
NO.
FORM OF CERTIFICATE:
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF BRAZORIA AND HARRIS
CITY OF PEARLAND, TEXAS
CERTIFICATE OF OBLIGATION
SERIES 1978E
$1,000
ON DECEMBER 1, 19Y'', 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
December 1, 1979, and annually thereafter on each December 1 while this
Certificate is outstanding. Both the principal of 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, 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, registrable
Certificates of Obligation, dated November 1, 1978, numbered from 1 through
43, in the denomination of $1,000 each, aggregating $43,000, issued in
accordance with the Constitution and laws of the State of Texas, partic-
ularly 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: (1) hot -mix asphalt surfacing;
(2) double penetration asphaltsurfacing, including the cost of profes-
sional services in connection therewith, and pursuant to an ordinance
adopted by the City Council of the City on the 13th day of November, 1978.
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 performed, 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 bel:evi ed- against all taxable property i n: 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; an'd.that,
when delivered, this 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 restored; -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 Certificate.
DATE OF INITIAL DELIVERY OF THIS CERTIFICATE:
COUNTERSIGNED:
Mayor
City of Pearland, Texas
City Secretary
City of Pearland, Texas
(SEAL)
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 registration blank below, on the books kept
by me for such purpose. The principal of andiinterest on this Certificate,
shall be payable only to the registered holder named in the belew.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 and
interest of this Certificate shall be payable to bearer, and such Certificate
shall be in all respects negotiable.
Name of
Registered Holder
Date of
Registration
Signature of City
Secretary (Registrar)
Section 8. A special fund or account, to be designated the "City of
Pearland, Texas, Certificates of Obligation, Series 1978-B, 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
depository 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 Certificates. All
ad valorem taxes levied and collected for and on account of the Certificates
shall be deposited, as collected, to the credit of the Interest and Sinking
Fund. During each year while any of the Certificates 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 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 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 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 payment 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 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 the principal amount of Certificates
delivered at any one time may be paid in cash or carried forward to a sub-
sequent exchange, or exchanges, 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.
Section 11. This ordinance shall take effect immediately upon 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 emergency 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 ye day of .,1978.
Mayor
CITY OF PEARLAND, TEXAS
ATTEST:
City Secretary
CITY OF PEARLAND, TEXAS
(SEAL)
PASSED AND APPROVED this /3 day of c /sent/& V
Mayor
CITY OF PEARLAND, TEXAS