HomeMy WebLinkAbout0501_495495
AN ORDINANCE
BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, AUTHORIZING
THE ISSUANCE OF REVENUE BONDS OF SAID CITY IN THE TOTAL PRINCIPAL
AMOUNT OF $325,000.00 (BEING THE FIRST PARCEL OR INSTALLMENT OF
A TOTAL VOTED AUTHORIZATION OF $400,000.00), OF WHICH $45,000.00
OF BONDS ARE AUTHORIZED FOR THE PURPOSE OF CONSTRICTING EXTENSIONS
AND IMPROVEMENTS TO THE CITY'S WATERWORKS SYSTEM: $80,000.00 OF
BONDS ARE AUTHORIZED FOR THE PURPOSE OF CONSTRUCTING EXTENSIONS
AND IMPROVF.MFNTS TO THE CITY'S SEWER SYSTEM; AND $200,000.00 of
BONDS ARE AUTHORIZED FOR THE PURPOSE OF CONSTRUCTING EXTENSIONS
AND IMPROVEMENTS TO THE CITY'S ELECTRIC LIGHT SYSTEM; PRESCRIBING TIE
FORM, TERMS AND CONDITIONS OF THE BONDS AND THE FORM OF THE IN-
TERMT COUPONS; PLEDGING IRE REVENUES OF IRE CITY'S COMBINED WATER-.
WORKS, SEWER AND ELECTRIC LIGHT SYSTEM TO THE PAYMENT OF PRINCIPAL
OF AND INTEREST ON SAID BONDS AFTER DEDUCTION OF REASONABLE EX-
PENSE$ OF OPERATING AND MAINTAINING SAID COMBINED SYSTEM; MAKING
CERTAIN COVENANTS OF SAID CITY WITH REFERENCE TO THE BOND FUND
FROM WHICH SAID PRINCIPAL AND INTERFST ARE TO BE PAID; WNACTING
PROVISIONS INCIDENT AND RELATING TO THE SUBJECT AND PURPOSE OF
THIS ORDINANCE: CONFIRMING THE SALE OF THE BONDS; AND DECLRING
AN EMERGENCY.
WHEREAS, under and by virtue of an order passed and adopted by the City
Council of the City of Georgetown, Texas, on February 1, 1966, an election was or-
dered to be held in said City on February 26, 1966, on the questions of the issuance
of $50,000.00 of Revenue Bonds for the purpose of constructing extensions and im-
provements to the City's Waterworks system, $150,000.00 of revenue bonds for the
purpose of constructing extensions and improvements to the City's sewer system,
and $200,000 of revenue bonds for the purpme of constructing extensions and improve-
ments to the City's electric light system/ such revenue bonds to'bear interest at
a rate not to exceed five per cent (5$) per annum, and to mature serially over a
period of years not to exceed thirty (30) years from their date; and
WHEREAS, said election was held pursuant to said order on February 26,
1966; and
WHEREAS, the City Council has examined into and investigated the regularity
of the proceedings for said election and finds that the same was duly and legally
held; that the notice required by law to be given was duly and legally given; that
said election was conducted in strict conformity with the law; and that due returns
of said election have been made by the proper officers; and
WHEREAS, at said election, a majority of the resident qualified property
taxpaying voters of the City of Georgetown, who owned taxable property in said
City and who had duly rendered the same for taxation, voting at said election,
voted in favor of the issuance of said bonds in the total principal amount of
$400,000.00; and
WHEREAS, the City Council has heretofore on February 28, 1966, adopted a
resolution canvassing the returns and declaring the result of said election and
determining the specific authority of the City to issue said revenue bonds; and
WHEREAS, it was provided in the order calling said election and in the notice
of such election that the bondsi of three series hereinabove mentioned were to be
ratably secured in such manner that no one bond shall have priority of lien over
any other bond or bonds, it being the intent to provide for the creation of an
indebtedness against the City's combined waterworks, sewer and electric light
system for the purposes therein stated, and which bonds if approved by the quali-
fied voters, voting at said election, were to be issued in one or more installments,
but as a single combined authorization, and payable from the same source as are
the "City of Georgetown Utility System Revenue Bonds, Series 1964," dated June 1,
1964, and secured by the same revenues, and to occupy a position of parity in all
respects with the said Utility System Revenue Bonds, Series 1964; and
WHEREAS, this City Council has determined that the City is not in default