O70-08CITY OF KENNEDALE.ORDINANCE N0, 70-g:
ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS
THE STATE OF TEXAS
COUNTY OF TARRANT :
CITY OF .KENNEDALE
WHEREAS, the bonds hereinafter authorized were duly
and favorably voted at an election held in said City on the
31st day of January, 1970; and
WHEREAS, the bonds hereinafter authorized are to be
issued_ and delivered pursuant to Vernon's Article 823; and
WHEREAS, it is hereby officially found and determined
that a case of emergency or urgent public necessity exists which
requires the holding of the meeting at which this Ordinance is
passed, such emergency or urgent public necessity being that the
proceeds from the proposed bonds are required as soon as possible
and without delay for necessary and urgently needed public im
provements; and that said meeting was open to the public as re-
quired by law and public notice of the time, place and purpose
of said meeting was given, all as required by Vernon's Ann. Civ.
St., Article 6252-17.
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF KENNEDALE, TEXAS:
Section, 1. That said City's bonds, to be designated
the "City of Kennedale Waterworks System General Obligation Bonds
Series 1970", are hereby authorized to be issued and delivered in
the principal amount of $35,000,00, for the purpose. of improving
and extending the Waterworks System of said City.
Section 2. That said bonds shall be dated July 15,
1970, shall be in the denomination of $5,000 each, shall be num-
bered consecutively from 1 through 7, both inclusive, and shall
mature serially on July 15 of each of the years, and in the.,
amounts, respectively, as set forth in the following schedule:
YEARS
1972 $ 5,000 1976 ` , $ 5,000
1973 5,000 1977 5,000
1974 - 5,000 1978 .5,000
1975 • 5,000
Section 3. That the bonds scheduled to mature during
the years, respectively, set forth below, shall bear interest,
from their date, until maturity, at the following rates, to -wit:
maturities 1972 , - ()J7..7O per annum,
maturities 19 through 19¢ 7 % per annum,
AMOUNTS YEARS AMOUNTS
4Ratur it es 19 through 49 , Qua- ram
Said interest shall be evidenced by interest coupons which shall
appertain to said bonds, and which shall be payable on the dates
stated in the FORM OF BOND set forth in this Ordinance.
Section
be payable, shall
and .executed (and
and in'the manner
this Ordinance.
4. That said bonds and interest coupons shall
have the characteristics, and shall be signed
said bonds shall be sealed), all as provided,
. indieated,' in the FORM or BOND set forth in
Section 5. 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 endorsedon each
of said bonds, and the form of the aforesaid interest coupons to
which shall appertain and be attached initially to each of said
bonds, shall be, respectively, substantially as follows:
. (FORM OF BOND) ##
NO. $5,000.G0
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF TARRANT.
CITY 'OF KENNEDALE WATERWORKS SYSTEM GENERAL, OBLIGATION BOND
SERIES 1970
ON JULY 15, 19_._, THE CITY OF KENNEDALE, in the County
of Tarrant, State of Texas, promises to pay to bearer the princi-
pal 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 on Janu-
ary 15, 1971, and semi-annually thereafter on each July 15 and
January 15 while this bond is outstanding. The principal of this
bond and the interest coupons appertaining hereto shall be pay-
able to bearer, in lawful money of the United States of America,
without exchange or collection charges to the bearer, upon pre-
sentation 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 bonds dated July 15,
1970, issued in the principal amount of $35,000, for the purpose
of improving and extending the Waterworks System of said City.
IT IS HEREBY CERTIFIED, RECITED AND COVENANTED that
this bond has been duly and validly issued and delivered; that
all acts, conditions, and things required or proper to be per-
formed, 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; that this bond is a general obligation of
said City, issued on the full faith and credit thereof; and.that
annual ad valorem taxes sufficient to provide for the payment of
the interest on and principal of this bond, assuch interest come
due and such principal matures, have been levied and ordered to
be levied against all taxable property in said City, and have been
pledged irrevocably for such payment, within the limit prescribed
by law.
IN
appertaining
of the Mayor
signature of
seal of said
on this bond.
WITNESS WHEREOF, this bond and the interest coupons
hereto have been signed with the facsimile signature
of said City, and countersigned with the facsimile
the City Secretary of said City, and the official
City has been duly impressed, or placed in facsimile
City' Secretary Mayor
r.;tv of Kennedale. Texas. City of Kennedale, Texas.
(FORM OF COMPTROLT,FR'S REGISTRATION CERTIFICATE)
COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER N00
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.
NO.
WITNESS my signature and seal this
Comptroller of Public Accounts of
the State of Texas.
(FORM OF INTEREST COUPON)
ON 15, 10 , THE CITY OF KENNEDALE, in the
County of Tarrant, 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, uponpresentation 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 Kenne-
dale Waterworks System General Obligation Bonds, Series 1970",
dated July 15, 1970. Bond No.
City Secretary Mayor
City of Kennedale, Texas. City of Kennedale, Texas.
Section 6. That a special fund or account, to be
designated the "City of Kennedale Waterworks System General
Obligation Bonds, Series. 1970, Interest and Sinking Fund", is
hereby created and shall be established and maintained by said
City at an official depository bank of said City. 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 pay-
ing the interest on and principal of said bonds. All ad valorem
taxes levied and collected for and on account of said bonds shall
be deposited, as collected, to the credit of said Interest and
Sinking Fund. During each year while any of said bonds or inter
est coupons appertaining thereto are outstanding and unpaid, the
City Council of said 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 said bonds as
such interest comes due, and to provide and maintain a sinking
fund adequateto pay theprincipal of said bonds as such princi-
pal matures (but never less than 2% of the original principal
amount of said bonds as a sinking fund each year); and said tax
shall be based .on.the latest approved tax rolls of said City,
with full allowance being made for tax delinquencies. and the
cost of tax collection. Said rate and amount of ad valorem tax
is hereby levied, and is hereby ordered to be levied, against
all taxable property in said City for each year whileany of said
bonds 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 aforesaid Interest
and Sinking Fund. Said ad valorem taxes sufficient to provide
for the payment of the interest on andprincipal of said bonds,
as such interest comes due and such principal matures, have been
pledged irrevocably for such payment, within the limit prescribed
by law.
Section 7. That the Mayor of said City is hereby
authorized to have control of said bonds and all necessary re-
cords 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 registra-
tion by the Comptroller of Public Accounts of the State of Texas.
Upon registration of said bonds, said Comptroller of Public Ac-
counts (or a deputy designated in writing to act for said Comp-
troller) shall manually. sign the Comptroller's Registration Cer-
tificate prescribed herein to be printed and endorsed on each of
said bonds, and the seal of said Comptroller shall be impressed,
or placed in facsimile, on each of said bonds.
Section 8. That said bonds are hereby sold, and shall
be delivered to
for the principal amount thereof and accrued i erest 'eon o
the date of delivery, plus a premiummof $ --
Section 9. That the City covenants that the proceeds
from the sale of the bonds will be used as soon as practicable
for the purpose for which the bonds are issued, and will not be
invested in securities or other obligations except for the tem-
porary period pending such use. The City further covenants that
such proceeds will not be used directly or indirectly so as to
cause all or any part of the bonds to be or become "arbitrage
bonds" within the meaning of Section 103(d) of the Internal
Revenue Code of 1954, as amended.
ADOPTED AND APPROVED 'AIM ,may of June, 1970.
A PPR ED :
ATTEST:, c)
f
Jewel Boyd., City Seerett yl.
(CITY SEAL)
$ob Pla tS, :Mayor of t1he City -
of Kenneda le, Texas