Ord. 0376 04-10-78ORDINANCE NO. 376
AN ORDINANCE AUTHORIZING THE ISSUANCE OF PERSONAL SERVICES
CONTRACT (COMPREHENSIVE DEVELOPMENT PLAN UPDATE) TIME
WARRANTS OF THE CITY OF PEARLAND, TEXAS; PRESCRIBING THE
TERMS AND CONDITIONS THEREOF AND UPON WHICH SUCH WARRANTS
SHALL BE ISSUED; LEVYING TAXES TO PROVIDE THE PAYMENT
THEREOF; AND CONTAINING OTHER PROVISIONS RELATING TO THE
SUBJECT.
WHEREAS, the City Council of the City of Pearland has heretofore
determined that it would be in the best interest of the City to update the
City's Comprehensive Development Plan, and
WHEREAS, the firm of Marmon, Mok €, Green prepared the original
Comprehensive Plan of the City of Pearland and this Plan was adopted by the
City Council in February, 1970; and
WHEREAS, on the 27th day of February, 1978, and pursuant to Article
2368a, Section 5, Vernon's Texas Civil Statutes, 1925, as amended, the City
Council of the City of Pearland, Texas, adopted a resolution authorizing and
directing the giving of notice of intention to issue Time Warrants of said
City in the maximum principal sum of $21,500.00, bearing interest at a rate
not to exceed Six and one-half (6 %) per cent per annum and maturing serially
over a period of years not to exceed three (3) years from their date or dates
of their issuance for the purpose of evidencing the indebtedness of said City
for all or any part of the cost of a contract for services with Marmon, Mok and
Green for the purpose of updating the Comprehensive Development Plan; and
WHEREAS, said notice of intention has been given in the manner and
for the time required by law, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
SECTION I
That all facts recited in the preamble of this Ordinance are hereby
found and declared to be true and correct.
SECTION II
That for the purpose of evidencing the indebtedness of the City of
Pearland, Texas, for all or any part of the cost of the Contract with Marmon,
Mok and Green for personal services for updating the Comprehensive Plan by the
City of Pearland, Texas, there shall be issued the Time Warrants of said City
in the principal sum of $21,000.00, to be known and designated as "City of Pearland
Personal Services Contract(Comprehensive Development Plan Update) Time Warrants,
Series 1978", in strict conformity with the Constitution and laws of the
State of Texas, particularly Chapter 163, Acts of the 42nd Legislature of
Texas, Regular Session, 1931, as amended, compiled as Article 2368a, Vernon's
Texas Civil Statutes, 1925, as amended, with balance of Contract cost of
$500.00 to be paid from General Fund of the City.
SECTION III
That said warrants shall be dated April 1, 1978, shall be numbered
consecutively from 1 to 3, both inclusive, shall be in the denomination of
$7,000.00 each, aggregating $21,000.00, shall bear interest at a rate of Six
and one-half (61%) per cent per annum, interest payable April 1, 1979, and
annually thereafter on April 1st in each year until the principal sum is paid,
and shall be payable, without exchange or collection charges to the owners or
holders thereof, at the office of the City Secretary of the City of Pearland,
Texas, in any coin or currency which, on the respective dates of payment of
such principal and interest, is legal tender for the payment of debts due the
United States of America. Said warrants whall become due and payable serially
on the 1st day of April in each of the years 1979 to 1981, both inclusive, in
the respective amounts shown in the following schedule to -wit:
Warrant Numbers
Year of Maturity Amount Maturing
1 1999 $7,000.00
2 1980 7,000.00
3 1981 7,000.00
SECTION IV
That each of said warrants shall be signed by the Mayor of the City of
Pearland and countersigned by the City Secretary, and the official seal of said
City shall be impressed upon each of said warrants.
SECTION V
That said warrants shall be in substantially the following form:
No. $7,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTIES OF HARRIS $ BRAZORIA
CITY OF PEARLAND PERSONAL SERVICES
CONTRACT (COMPREHENSIVE DEVELOPMENT PLAN UPDATE)
TIME WARRANTS, SERIES 1978.
THE CITY OF PEARLAND, in the Counties of Harris and Brazoria, State
of Texas, for value received, acknowledges itself indebted to and hereby
PROMISES TO PAY TO BEARER ON THE FIRST DAY OF APRIL, 19, the sum of
SEVEN THOUSAND DOLLARS
($7,000.00), with interest thereon from the date hereof until the principal is
paid at the rate of Six and one-half (6' %) per cent per annum, interest payable
April 1, 1979, and annually thereafter on April 1st in each year until the
principal sum is paid. Both principal of and interest on this warrant shall be
payable in any coin or currency which on the respective dates of payment of such
principal and interest is legal tender for the payment of debts due the United
States of America, at the office of the City Secretary of the City of Pearland,
Texas, without exchange or collection charges to the owner or holder. And for
the prompt payment of this warrant at maturity and the interest hereon as it
becomed due, the full faith, credit, and resources of said City are hereby
irrevocably pledged.
THIS WARRANT IS ONE OF A SERIES OF 3 SERIAL TIME WARRANTS of like
tenor and effect, except as to serial numbers and maturity, being numbered
consecutively from 1 to 3, both inclusive, in the denomination of $7,000.00 each,
aggregating $21,000.00, and together with the other warrants of this series,
is issued for the purpose of evidencing the indebtness of said City for all or
any part of the cost of the Contract for personal services with Marmon, Mok
and Green for updating the Comprehensive Development Plan of the City of Pearland,
under and in strict conformity with the Constitution and laws of the State of
Texas, including particularly Chapter 163, Acts of the 42nd Legislature of
Texas, Regular Session, 1931, as amended, compiled as Article 2368a, Section 5,
Vernon's Texas Civil Statutes, 1925, as amended, and pursuant to an ordinance
adopted by the City Council of said City, which ordinance is of record in the
official minutes of said City Council.
THE DATE OF THIS WARRANT, in conformity with the ordinance above
mentioned IS APRIL 1, 1978.
IT IS HEREBY CERTIFIED, RECITED, AND REPRESENTED that the issuance of
this warrant and the series of which it is a part is duly authorized by law;
that all acts, conditions and things required to be done precedent to and in
the issuance of this series of warrants have been properly done and performed,
and have happened in regular and due time, form, and manner, as required by
law; that due provision has been made for levying and collecting annually by
taxation an amount sufficient to pay the interest on these warrants as it falls
due and to create and provide a sinking fund for the final redemption of said
warrants at maturity; that the issue of the series of warrants, of which this
is one, together with all other indebtedness of said City is within every
debt and other limitation prescribed by the Constitution and laws of the State
of Texas.
IN WITNESS WHEREOF, the City Council of the City of Pearland, Texas,
has caused the corporate seal of said City to be affixed hereto and this warrant
to be signed by the Mayor and countersigned by the City Secretary, all as of
April 1, 1978.
Mayor, City of Pearland, Texas
COUNTERSIGNED:
City Secretary, City of Pearland, Texas
(SEAL)
SECTION VI
That while said warrants, or any part of the principal thereof or
interest thereon, remain outstanding and unpaid, there is hereby levied and
there shall be annually assessed and collected in due time, form, and manner,
and at the same time other City taxes are assessed, levied, and collected, in
each year, beginning with the current year, a continuing direct annual ad
valorem tax upon all taxable property within said City sufficient to pay the
current interest on said warrants and to create and provide a sinking fund of
not less than two (2%) per cent of the principal amount of said warrants then
outstanding or of not less than the amount required to pay the principal
payable out of said tax, whichever is greater, full allowance being made for
delinquencies and costs of collection and said taxes when collected shall be
applied to the payment of the principal of and interest on said warrants, and
to no other purpose.
SECTION VII
That the Mayor and City Secretary are authorized and directed to
execute and countersign each of said warrants for and on behalf of the City
of Pearland, but said warrants shall not be delivered until further authorized
by this City Council.
SECTION VIII
That this ordinance shall be effective after its passage and
approval upon second and final reading.
PASSED AND APPROVED on FIRST READING this
day of __Z2___
A. D., 1978.
Mayor, City of Pearland, Texas
ATTEST:
City Secretary
PASSED AND APPROVED on SECOND and FINAL READING this 0 day of
, A. D.., 1978.
011Z
Mayor, City of Pearland, Texas
ATTEST:
City Secretary / a
Effective Date: