HomeMy WebLinkAboutORD 70-11 - Revenue Bonds196
ORDINANCE AUTHORIZING THE ISSUANCE OF
.REVENUE BONDS
THE STATE OF TEXAS
COUNTY OF WILLIAMSON
CITY OF GEORGETOWN
On this day the 6th day of April, 1970, the City Counc I of the City of
at the regal r meeting place
Georgetown, Texas, convened in special session.
thereof in the City Hall with the following members presentj
JAY,C. SLOAN, MAYOR
A. F. DAVIS
BOYLE LYDA
HUBERT BROCK ALDE11METN
HARRY GOLD
WILLIAMURI EANDS
CLAUD EARS CITY SECRETARY
and the jollowing absent: None, constituting a quorum, when
amoung other proceedings were had, to -wit:
Alderman Eanes introduced a proposed ordinance which
Alderman Gold loved that the rule requiring ordinances to
one meeting be suspended. The motion was seconded by Alde
The motion carried by the following vote: AYES: Alde
Brock, Gold, and Etines: NOES: None.
following,
read in full,
read at more than
Brock.
Davis, Lyda,
Alderman Gold moved that the ordinance be passed final The motion as
seconded by Alderman Brock. It. w
The motion carried by the following vote: AYES: Alde
Brock, Gold, and Eanks: NOES: None.
The Mayor announced that the ordinance had been final
County: City of Georgetown
Book: Ordinance Book 2
Page Number: 197-198
These pages were missing at time of
scanning, therefore were not scanned.
KOFILE SOLUTIONS, INC
1919
heldy 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 pajority 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 'aid election, and
all other resident qualified voters, voted in favor of the issuance of said Bonds
in the total principal amount of $675,000; and
WHEREAS, the City Council has heretofore on December•10, 1969, 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 bonds of the three series hereinabove mentioned were to be
ratable 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 in-
debtedness against the City's combined waterworks, sewer and electric light system
for the purposes therein stated, and which bonds, if approved by the qualified
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,
City of Georgetown Utility System Revenue Bonds, Series 1966," dated June 1, 1966,
and"City of Georgetown Utility System Revenue Bonds, Series 1967", dated June 1,
1967, 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, Series 1966, and
0 Series 1967.
WHEREAS, this City Council has determined that the City is not in default
zi as to any covenant, condition or obligation prescribed by the ordinances authoriz-
ing the issuance of said Series 1964, 1966,'and 1967 Revenue Bonds, and has complied
with all the requirements set out in said ordinances with reference to the issuance
of additional parity revenue bonds; and
WHEREAS, it now being determined by the City Council that it is not desired
at this time to issue all of the bonds voted at said election of December 10, 1969;
that 6400,000 is the amount of bonds now desired to be issued, to -wit: $175,000
for the purpose of constructing extensions and improvements to the City's waterworks
system, $100,000 for the purpose of constructing extensions and improvements to
the City's sewer system, and $125,000 for the purpose of constructing extensions and
cimprovements to the City's electric light system, and that the remaining amount of
bonds, to -wit: X175,000 of bonds for waterworks system improvements and $100,000
of bonds for electric light system improvements, shall be issued at a future date
or dates, when in the judgement of the City Council, the proceeds of said bonds are
needed for the purposes for which authorized; and
WHELLAS: it is now necessary and proper that the City Council proceed with
the issuance of such $400,000 of bonds;
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS:
Emergency. The fact that the City Council considers the passage of this
Ordinance and the issuance of the Bonds necessary for the preservation of'the
public health and safety of the citizens of the City of Georgetown, it is hereby
declared to be an emergency measure demanding that the rule requiring Ordinances to
be read at more than one meeting of the City Punail be suspended and that this
Ordinance take effect immediately from and after its passage, and it is so; or-
dained.
PASSED AND APPROVED at a meeting open to the public, this the 6th day of April,
1970, after public notice of the time, place and purpose of said meeting was given
and posted as required by law.
MAYOR, City of Georgetown, texas
ATTEST:
City Secretary