O65-05KENNEDALE ORDINANCE NO. 65-5
ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS
THE STATE OF TEXAS •
.
COUNTY OF TARRANT
CITY OF KENNEDALE
WHEREAS, the bonds hereinafter authorized were duly
and favotably voted, as required by the Constitution and laws
of the State of Texas, at an election held in said City on the
21st day of March, 1959; and
WHEREAS, out of the bonds voted at said election,
the following previously have been issued and delivered:
$135,000 out of a voted total of $150,000
for the purpose of constructing a
Sewer System for said City, repre-
sented by the bonds of Series 1960,
Series 1962 and Series 1964; and
WHEREAS, the bonds hereinafter authorized are to be
issued and delivered pursuant to Vernon's Article 823.
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
KENNEDALE:
Section 1. That said City°s coupon bonds to be
designated the "City of Kennedale, Texas, General Obligation
Bonds, Series 1965", are hereby authorized to be issued and
delivered in accordance with the Constitution and laws of the
State of Texas in the principal amount of $15,000 for the pur-
pose of constructing a Sewer System for said City.
Section 2, That said bonds shall be dated May 1,
1965, shall be numbered consecutively from 1 through 3, shall be
in the denomination of $5,000 each, and shall mature and become
due and payable serially on May 1, 2003.
Section 3. That said City shall have the right
and option to redeem such bonds prior to their scheduled
maturities, in whole, or in part, on May 1, 1985, or on any
interest payment date thereafter, for the principal amount
thereof plus accrued interest to the date fixed for redemption.
At least thirty days before the date fixed for any
such redemption, the City shall cause a written notice of such
redemption to be published at least once in a financial publica-
tion published in the City of New York, New York. By the date
fixed for any such redemption, due provision shall be made with
the paying agent for the payment of the principal amount of the
bonds to be so redeemed, plus accrued interest thereon to the
date fixed for redemption. If the written notice of redemption
is published, and if due provision for payment is made, all as
provided above, the bonds, which are to be so redeemed, thereby
automatically shall be redeemed prior to maturity, and they
shall not bear interest after the date fixed for redemption, and
shall not be regarded as being outstanding except for the pur-
pose of receiving the funds so provided for such payment.
Section 4. That said bonds shall bear interest from
their date, until maturity or redemption, -at the rate of 5-1/2%
per annum, with said interest to be evidenced by interest cou-
pons payable on November 1, 1965, and semi-annually thereafter
on each May.1 and November 1.
Section 5. That the principal of and interest on said
bonds 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 proper bond or inter-
est coupon, at the Mercantile National Bank at Dallas, Dallas,
Texas, which place shall be the paying agent for said bonds.
Section 6. That each of said bonds and interest
coupons shall be signed by the imprinted'or lithographed facsi-
mile signature of the Mayor of said City and countersigned by
the imprinted or lithographed facsimile signature of the City
Secretary of said City, and the official seal of said City
shall be impressed, or printed, or lithographed on each of
said bonds.
Section 7. That the form of said 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 bond, and the form of the interest coupons to be attached
to said bonds, shall be, respectively, substantially as follows:
(FORM OF BOND)
NO.
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF KENNEDALE, TEXAS
GENERAL OBLIGATION BOND
SERIES 1965
$5,000
On May 1, 2003, the City of Kennedale, in the County
of Tarrant, 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 5-1/2% per annum, evidenced by interest coupons payable
November 1, 1965, and semi-annually thereafter on each May 1 and
November 1 while this bond is outstanding. The principal of
this bond and the interest coupons 'attached hereto shall be
payable to bearer, in lawful money of the United State of
America, without exchange or collection charges to the bearer,
upon presentation and surrender of this bond or proper interest
coupon, at the Mercantile National Bank at Dallas, Dallas, Texas,
which place shall be the paying agent for this Series of bonds,
This bond is one of a Series of coupon bonds dated
May 1, 1965, issued in the principal amount of $15,000 for
the purpose of constructing a Sewer System for said City.
The bonds of this Series may be redeemed prior to
their scheduled maturities, in whole, or in part, at the option
of said City, on May 1, 1985, or on any interest payment date
thereafter, for the principal amount thereof plus accrued inter-
est to the date fixed for redemption. At least thrity days be-
fore the date fixed for any such redemption the City shall
cause a written notice of such redemption to be 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 provision shall be made with the paying agent for the
payment of the principal amount of the bonds to be redeemed,
plus accrued interest thereon to the date fixed for redemption.
If the 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 maturity, and they shall not bear interest
after the date fixed for redemption, and shall not be regarded
as being outstanding except for the purpose of receiving the
funds so provided for such payment.
It is hereby certified and recited that this bond has
been duly and validly voted, authorized, issued, and delivered
in accordance with the Constitution and laws of the State of
Texas; that this bond is a general obligation of said City,
issued on the full faith and credit thereof; and that the ad
valorem taxes, upon all taxable property in said City, necessary
to pay the interest on and principal of this bond, as such inter-
est comes due, and such principal matures, have been pledged
irrevocably for such purpose, within the limit prescribed by
law.
In witness whereof, this bond and the interest
coupons attached hereto have been signed by the imprinted or
lithographed facsimile signature of the Mayor of said City and
countersigned by the imprinted or lithographed facsimile signa-
ture of the City Secretary of said City, and the official seal
of said City has been duly impressed, or printed, or litho-
graphed on this bond.
City Secretary, City of Mayor, City of Kennedale
Kennedale
(FORM OF REGISTRATION CERTIFICATE)
COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER N0,
I hereby certify that this bond has been examined,
certified 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
Comptroller of Public Accounts of the
State of Texas
(FORM OF INTEREST COUPON)
NO. $
On , , the City of Kennedale,
in the County of Tarrant, State of'Texas, promises to pay to
bearer, unless due provision has been made for the redemption
prior to maturity of the bond to which this interest coupon is
attached, the amount of Dollars, in lawful
money of the United States of America, without exchange or col-
lection charges to the bearer, upon presentation and surrender
of this interest coupon, at the Mercantile National Bank at
Dallas, Dallas, Texas, said amount being interest due that day
on the bond, bearing the number hereinafter designated, of that
issue of City of Kennedale, Texas, General Obligation Bonds,
Series 1965, dated May 1, 1965. Bond No.
City Secretary Mayor
Section 8. That a special fund or account, to be
designated the "City of Kennedale, Texas, General Obligation
Bonds, Series 1965, Interest and Sinking Fund" is hereby created
and shall be established and maintained by said City at its
official depository bank. Said Interest and Sinking Fund shall
be kept separate and apart from all other funds and accounts of
said City, and shall be used only for paying the interest on
and principal of said bonds. All taxes levied and collected
for and on account of said bonds shall be deposited, as col-
lected, to the credit of said Interest and Sinking Fund. During
each year while any of said bonds or interest coupons appertain-
ing thereto are outstanding and unpaid, the City Council of said
City shall compute and ascertain the rate and amount of ad
valorem tax, based on the latest approved tax rolls of said City,
with full allowances being made for tax delinquencies and costs
of tax collections, which will be sufficient to raise and produce
the money required to pay the interest on said bonds as such
interest comes due, and to provide a sinking fund to pay the
principal of such bonds as such principal matures, but never less
than 2% of the original principal amount of said bonds as a
sinking fund each year. Said rate and amount of ad valorem tax
is hereby ordered to be levied and is hereby levied against all
taxable property in said City for each year while any of said
bonds or interest coupons appertaining thereto are outstanding
and unpaid, and said ad valorem tax shall be assessed and col-
lected each such year and deposited to the credit of the
aforesaid Interest and Sinking Fund. Said ad valorem taxes
necessary to pay the interest on and principal of said bonds,
as such interest comes due, and such principal matures, are
hereby pledged irrevocably for such purpose, within the limit
prescribed by law.
Section 9. That the Mayor of said City is hereby
authorized to have control of said bonds and all necessary
records and proceedings pertaining to said bonds pending their
delivery and their investigation, examination, and approval by
the Attorney General of the State of Texas, and their regis-
tration by the Comptroller of Public Accounts of the State of
Texas. Upon registration of said bonds, said Comptroller of
Public Accounts (or a deputy designated in writing to act for
said Comptroller) shall manually sign the Comptroller's Regis-
tration Certificate prescribed herein to be printed and en-
dorsed on each bond, and the seal of said Comptroller shall be
impressed, or printed, or lithographed on each of said bonds.
Section 10. That
has submitted a bid to purchase said bonds for cash for the
principal amount or par value thereof and accrued interest
thereon to the date of delivery, plus a premium of $
It is hereby officially found, determined, and declared that
said bidder is the highest bidder for said bonds; and said
bonds are hereby sold to said highest bidder, as required by
law, and shall be delivered as soon as practicable in accord-
ance
with the terms of sale.
ADOPTED AND APPROVED this 2Zth dal of May, 1965.
APPROVED:
/
/
B. T. Webb,
ATTEST;
,/dL-7;24,7Lt
City Secretary
(CITY SEAL)
p �f
Mayor, City of Ifennedale,
Texa z