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Ord. 0381 08-28-7858/ 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 28th day of August, 1978, 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: Tom Reid Dennis Frauenberger Harry Farley Fran Coppinger Morris S. Wilson Carlton McComb Dorothy L. Cook Mayor Councilman Councilman Councilman Councilman Councilman City Secretary and all of said persons were present, except the following ab- sentees: ,vow G thus constituting a quorum. Whereupon, among other business, the following was transacted at said meeting: a written ordi- nance entitled: ORDINANCE AUTHORIZING ISSUANCE OF $1,860,000 PERMANENT IMPROVEMENT BONDS, SERIES 1978 (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 July 24, 1978. 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". The and NOES: None. Mayor thereupon announced that the Ordinance had been duly lawfully adopted. The Ordinance thus adopted follows: 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. S5,000 UNITED STATES OF ARERICA STATE OF TEXAS COUNTIES OF BRAZORIA AND HARRIS CITY OF PEARLAND, TEXAS PERMANENT IMPROVEMENT BOND SERIES 1978 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 -2- 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 agent 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 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. -4- 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 prin- cipal 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 apper- taining 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 interest on and principal of the Bonds, as such interest 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 Council certifies that based upon all facts, estimates and circumstances now known or reasonably expected to be in existence on the date the Bonds are delivered and paid for, .the City Council 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) of the Internal Revenue Code of 1954, as amended, and the regulations prescribed thereunder. 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, shallhave 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 was read, considered and adopted onceby the City Council on July 24, 1978, and again on August 28, 1978. Section 14. The Official Notice of Sale, Official State- ment and Official Bid Form relating to the Bonds and submitted 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 August, 978. ATTEST: Mayor CITY OF PEARLAND, TEXAS e i�City Secreta CITY OF PEA$ 'ND, TEXAS (SEAL) CERTIFICATE OF POSTING OF NOTICE OF MEETING THE STATE OF TEXAS § COUNTIES OF BRAZORIA AND HARRIS § CITY OF PEARLAND § I, the undersigned officer of the CITY OF PEARLAND, Brazoria and Harris Counties, Texas (the "City"), do hereby execute this certificate for the benefit of all persons in- terested in the posting of notice of a meeting of the City Council of the City as required by the Open Meetings Act (Article 6252-17, Vernon's Texas Civil Statutes, as amended) and the validity of all actions and proceedings taken at such meeting and.I do hereby. certify as follows: 1. I am the duly. chosen, qualified and acting officer of the City for the office shown beneath my signature, and in such capacity I am familiar with the matters contained in this certificate. 2. The attached and foregoing is a true and correct copy of the Notice of Meeting which was posted by me at Armi 1:30 o'clock _a.m. on the >-24th day of st , 1978, in a place readily accessible to the general' public at all times, to -wit: - " Bulletin Board, in the City Hall of the City. WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this 24th day of August *1978. • iC ty Secretary / CITY OF PEARL D, TEXAS (SEAL)