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07-08-1980 (City Council) Minutes REGULAR COUNCIL MEETING JULY 8, 1980 7:00 P.M. Present were Mayor John Akin, Mayor Pro-Tem Hall , Councilmen Hughes, Kreymer, Eavenson and Martin, City Manager Vickers, City Secretary Connelly, Chief of Police Abbott, Mr. and Mrs. Melvin Hilton, Mr. Micky Huffman, Mr. Ted Kent, Mr. Frank Medanich and John Crew of First Southwest, Mr. Denny Lynes and Mr. Don Kreymer. Mayor Pro-Tem Hall made motion to approve previous minutes and accounts payable. Councilman Martin seconded, all in favor. Mayor Pro-Tem Hall made motion to adopt Ordinance authorizing issu- ance of "City of Wylie, Texas, Certificate of Obligation, Series 1980. " Councilman Hughes seconded, all in favor. Councilman Martin made motion to adopt ordinance annexing elevated water tower site on Old Sachse Road. Councilman Hughes seconded, all in favor. Mayor Pro-Tem Hall made motion to adopt resolution authorizing Planning Contract with Texas Department of Community Affairs. Councilman Hughes seconded, all in favor. Mayor Pro-Tem Hall made motion to adopt resolution approving a de- pository bank agreement with First State Bank. Councilman Kreymer seconded, all in favor. Councilman Martin made motion to approve the emergency purchase of new patrol car for Police Department. Councilman Eavenson seconded, all in favor. Departmental reports were presented to Council . Mr. and Mrs. Hilton and Mr. Huffman made request for a re-hearing before the Planning & Zoning Commission on July 24, 1980 in regards to the zoning of property owned by Mrs. Hilton on S. Birmingham. Council decision was for a re-hearing to be granted. Council recommended that a new radio for ambulance to be considered for next year's budget. ohn W. Akin, ayor I Sarah Connelly, City Secretary NOTICE OF INTENTION TO ISSUE CITY OF WYLIE, TEXAS CERTIFICATES OF OBLIGATION TAKE NOTICE , that the City Council of the City of Wylie, Texas , shall convene at 7:00 o' clock P .M. on the 8th day of July, 1930 , at its regular meeting place in the City Hall of said City, and, during such meeting, consider the passage of an ordinance authorizing the issuance of certificates of obligation of said City in an amount not to exceed $130 ,000 for the purpose of purchasing land for authorized needs and purposes , to wit : City parks , and to pay a contract for professional services of a financial advisor , such certificates of obligation to be payable from ad valorem taxes . This notice is given pursuant to authority conferred by the City Council of the City of Wylie , Texas , and in accordance with the requirements of Article 2368a. 1, V.A. T. C. S . 7 ity Secretary , ity of Wy i , Texas MINUTES PERTAINING TO PASSAGE AND ADOPTION OF ORDINANCE AUTHORIZING THE ISSUANCE OF $130, 000 "CITY OF WYLIE, TEXAS , CERTIFICATES OF OBLIGATION, SERIES 1980" , DATED JULY 15 , 1980 THE STATE OF TEXAS § COUNTY OF COLLIN § CITY OF WYLIE § ON THIS , the 8th day of July, 1980 , the City Council of the City of Wylie , Texas , convened in regular session at the regular meeting place thereof in the City Hall , the meeting being open to the public and notice of said meeting having been given as prescribed by Article 6252-17 , Section 3A, V.A.T. C . S . , with the following members being present and in attendance, to wit : JOHN W. AKIN MAYOR WILLIAM MARTIN ) HAROLD EAVENSON ) ROY HALL ) ALDERMEN Do 1J ..HUGHE S ) ROWLAND KREYMER ) and with the following absent: constituting a quorum; and among other business considered at saia meeting, an ordinance was submitted to the City Council for passage and adoption, such ordinance being entitled as follows : "AN ORDINANCE by the City Council of the City of Wylie, Texas , authorizing the issuance of $130 , 000 ' CITY OF WYLIE , TEXAS , CERTIFICATES OF OBLIGATION, SERIES 1980 ' , dated July 15 , 1980 ; prescribing the form of the certificates and the form of the interest coupons ; levying a continuing direct annual ad valorem tax on all taxable property within the limits of the City to pay the interest on said certificates and to create a sinking fund for the redemption thereof and providing for the assessment and collection of such taxes ; enacting other provisions incident and related to the subject and purpose of this ordinance ; and declaring an emergency. " The ordinance was read in full . Thereupon, Alderman H -ik• made a motion that the ordinance be finally passed and adopted as an emergency measure for the reasons set forth in Section 15 thereof, and therefore, suspend any rule requiring ordinances to be read more than one time or at more than one meeting . The motion was seconded by Alderman ki9VEA1 ai/ and carried by the following vote: AYES : Aldermen Martin, Eavenson, Hall, Hughes and Kreymer . NOES : None . Presiding Officer then announced that the ordinance had ' v passed and adopted. AN ORDINANCE by the City Council of the City of Wylie, Texas , authorizing the issuance of $130, 000 "CITY OF WYLIE, TEXAS , CERTIFICATES OF OBLIGATION, SERIES 1980", dated July 15 , 1980 ; prescribing the form of the certificates and the form of the interest coupons ; levying a continuing direct annual ad valorem tax on all taxable property within the limits of the City to pay the interest on said certificates and to create a sinking fund for the redemption thereof and providing for the assessment and collection of such taxes; enacting other provisions incident and related to the subject and purpose of this ordinance ; and declaring an emergency . WHEREAS , pursuant to a resolution adopted on the 3rd day of June, 1980 , the City Council of the City of Wylie, Texas , approved and authorized the giving of notice of the Council ' s intention to issue certificates of obligation in an amount not to exceed $130 , 000 for the purpose of purchasing land for autho- rized needs and purposes , to wit: City parks , and to pay a contract for professional services of a financial advisor, such certificates to be payable from ad valorem taxes ; and WHEREAS , said notice of intention to issue certificates of obligation has been duly published in the WYLIE NEWS , a newspaper of general circulation in the City of Wylie, Texas , on the 12th day of June, 1980 and the •- 19th day of June, 1980, the date of the first publication of such notice being at least fourteen (14) days prior to the date stated therein for the passage of this ordinance; and WHEREAS , no petition of any kind or character has been filed with the City Secretary, any member of the Council or any other officer of the City, protesting the issuance of said certificates of obligation and requesting a referendum election be held on the issuance of the same; and WHEREAS , this City Council hereby finds and determines that all of the certificates described in the aforementioned notice should be issued and sold at this time; now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS : SECTION 1 : That, for the purpose of purchasing land for authorized needs and purposes , to wit: City parks , and to pay a contract for professional services of a financial advisor, there shall be and there is hereby ordered to be issued a series of certificates of obligation of the City of Wylie, Texas , in the aggregate principal amount of ONE HUNDRED THIRTY THOUSAND DOLLARS ($130 , 000) , to be designated "CITY OF WYLLIE , TEXAS , CERTIFICATES OF OBLIGATION, SERIES 1980", under and pursuant to authority conferred by the Constitution and laws of the State of Texas, particularly Article 2368a. 1 , V.A.T.C . S . SECTION 2 : That said certificates shall be dated July 15 , 1980 ; shall be numbered consecutively from One (1) through Twenty-Six (26) ; shall each be in the denomination of Five Thousand Dollars ($5 , 000) , and shall become due and payable serially , without right of prior redemption, on July 15 in each of the years and bear interest at the per annum rate(s) in CERTIFICATE NUMBERS INTEREST (All Inclusive) YEAR AMOUNT RATE 1 and 2 1983 $10, 000 7.75 3 and 4 1984 10 , 000 7,75 % 5 and 6 1985 10 , 000 7.75 7, 7 and 8 1986 10 , 000 7.75 % 9 to 11 1987 15 , 000 8.UU % 12 to 14 1988 15 , 000 8.25 % 15 to 17 1989 15 , 000 8.25 % 18 to 20 1990 15 , 000 8.50 % 21 to 23 1991 15 , 000 8.50 7a 24 to 26 1992 15 , 000 8.50 % SECTION 3 : That said certificates shall bear interest from date until paid, at the per annum rate(s) shown above, such interest to be evidenced by proper coupons attached to each of said certificates, and said interest shall be payable on January 15 , 1981, and semiannually thereafter on July 15 and January 15 in each year. SECTION 4: That both principal of and interest on said certificates shall be payable in lawful money of the United States of America, without exchange or collection charges to the owner or holder, at FIRST STATE BANK OF WYLIE, TEXAS , upon presentation and surrender of certificates or proper coupons . SECTION 5 : That the seal of said City may be impressed on each of said certificates , or in the alternative, a facsimile of such seal may be printed on the said certificates . The certificates and interest coupons appurtenant thereto may be executed by the imprinted facsimile signatures of the Mayor and City Secretary of the City, and execution in such manner shall have the same effect as if such certificates and coupons had been signed by the Mayor and City Secretary in person by their manual signatures . Inasmuch as such certificates are required to be registered by the Comptroller of Public Accounts for the State of Texas, only his signature (or that of a deputy designated in writing to act for the Comptroller) shall have required to be manually subscribed to such certificates in connection with his registration certificate to appear thereon, as hereinafter provided; all in accordance with the provisions of Article 717j-1, V.A. T.C. S. SECTION 6 : That the form of said certificates shall be substantially as follows : NO. UNITED STATES OF AMERICA $5,000 STATE OF TEXAS COUNTY OF COLLIN CITY OF WYLIE, TEXAS, CERTIFICATE OF OBLIGATION, SERIES 1980 The CITY OF WYLIE, a municipal corporation of the State of Texas , acknowledges' itself indebted to and FOR VALUE RECEIVED hereby promises to pay to bearer, without right of prior redemption, the stain of FIVE THOUSAND DOLLARS • BOTH PRINCIPAL AND INTEREST are payable only upon presentation r and surrender of this certificate and the interest coupons hereto attached as the same severally become due at FIRST STATE BANK WYLIE, TEXAS , without exchange or collection charges to the owner or holder, and the bearer of this certificate and the appurtenant interest coupons shall be deemed the absolute owner thereof for purposes of receiving payment , and neither the City nor the aforementioned place of payment shall be affected by any notice to the contrary. THIS CERTIFICATE OF OBLIGATION is one of a series of certificates , dated July 15 , 1980 , numbered consecutively from One (1) through Twenty-Six (26) , each in the denomination of Five Thousand Dollars ($5 , 000) , aggregating in principal amount ONE HUNDRED THIRTY THOUSAND DOLLARS ($130 , 000) , issued for the purpose of purchasing land for authorized needs and purposes , to wit : City parks , and to pay a contract for professional services of a financial advisor, in accordance with the Constitution and laws of the State of Texas , particularly Article 2368a . 1 , V.A.T. C . S . , and pursuant to an ordinance passed by the City Council of the City of Wylie, Texas , which ordinance is of record in the Minutes of said City Council . IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that all acts, conditions and things required to be done precedent to and in the issuance of this certificate of obligation, and the series of which it is one, to render the same lawful and valid have been properly done, have happened, and have been performed in regular and due time, form and manner as required by law; that a direct annual ad valorem tax, sufficient to pay the interest on this certificate and the principal hereof at maturity has been levied upon all taxable property in the City, and will continue to be levied and collected and applied to the payment thereof; and that the total indebtedness of said City, including this certificate and the series of which it is one, does not exceed any constitutional or statutory limitation. IN TESTIMONY WHEREOF, the City Council of the City of Wylie, Texas, in accordance with the provisions of Article 717j-1, V.A. T. C. S . , has caused the seal of said City to be impressed or a facsimile thereof to be printed hereon and authorized and directed this certificate and the interest coupons attached hereto to be signed and countersigned by the facsimile signatures of the Mayor and City Secretary. Mayor, City of Wylie, Texas COUNTERSIGNED : City Secretary, City of Wylie, Texas SECTION 7 : That the form of interest coupons attached to each of said certificates shall be substantially as follows : NO. ON THE FIFTEENTH DAY OF $ , 19 the CITY OF WYLIE , a municipal corporation in the County of Collin, State of Texas, hereby promises to pay to bearer the amount shown hereon in lawful money of the United States of America, SECTION 8 : That the following certificate shall be printed on the back of each certificate: OFFICE OF COMPTROLLER § § REGISTER NO. STATE OF TEXAS § I HEREBY CERTIFY that there is on file and of record in my office a certificate of the Attorney General of the State of Texas to the effect that this certificate of obligation has been examined by him as required by law and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas , and that it is a valid and binding obligation of the City of Wylie, Texas , and said certificate has this day been registered by me . WITNESS MY HAND AND SEAL OF OFFICE, at Austin, Texas, Comptroller of Public Accounts of the State of Texas SECTION 9 : That to provide for the payment of the debt service requirements on the said certificates , being (i) the interest on said certificates and (ii) a sinking fund for their redemption at maturity or a sinking fund of 27 (whichever amount shall be greater) , there shall be and there is hereby levied for the current year and each succeeding year thereafter while said certificates or interest thereon remain outstanding and unpaid, a sufficient tax on each one hundred dollars ' valuation of taxable property in said City, adequate to pay such debt service require- ments , full allowance being made for delinquencies and costs of collection; said tax shall be assessed and collected each year and applied to the payment of the said debt service requirements , and the same shall not be diverted to any other purpose . The _ taxes so levied shall be paid into a special fund known as "SPECIAL SERIES 1980 CERTIFICATE OF OBLIGATION FUND' , which is hereby established for the payment of the obligations herein authorized and shall be maintained at the City s depository bank. The City Council hereby declares its purpose and intent to provide and levy a tax legally and fully sufficient for such certificates , it having been determined that the existing and available taxing authority of the City for such purpose is adequate to permit a legally sufficient tax in consideration of all other outstanding indebtedness . SECTION 10 : That the sale of the certificates herein authorized to FIRST STATE BANK OF WYLIE, TEXAS at the price of par and accrued interest to the date of delivery, plus a premium of $ -0- , is hereby confirmed. Delivery of the certificates shall be made to said purchasers as soon as may be after the adoption of this ordinance, upon payment therefor in accordance with the terms of sale . SECTION 11 : That the purchasers ' obligation to accept delivery of the certificates herein authorized is subject to their being furnished a final opinion of Messrs . Dumas , Huguenin, Boothman and Morrow, Attorneys , Dallas , Texas , approving such certificates as to their validity, said opinion to be dated SECTION 12 : That the City hereby certifies and covenants that the proceeds of the certificates are needed at this time to finance the costs of acquiring land for park purposes ; based on current facts , estimates and circumstances, it is reasonably expected final disbursement of the certificate proceeds will occur within three years from the date of the receipt thereof by the City; it is not reasonably expected the proceeds of the certificates or moneys deposited in the interest and sinking fund created for the payment of the certificates will be used or invested in a manner that would cause the certificates to be "arbitrage bonds" within the meaning of Section 103 (c) of the Internal Revenue Code of 1954, as amended, or any regulations or published rulings pertaining thereto ; and save and except for the interest and sinking fund created herein, no other funds or accounts have been established or pledged to the payment of the certificates . Proper officers of the City charged with the responsibility in the issuance of the certificates are hereby authorized and directed to make, execute and deliver certifi- cations as to facts , estimates and circumstances in existence as of the date of the issue of the certificates and stating whether there are any facts , estimates or circumstances which would materially change the City' s current expectations, and the covenants herein made and certifications herein authorized are for the benefit of the holders of the certificates and coupons appertaining thereto and may be relied upon by the holders of the certificates and bond counsel for the City. SECTION 13 : That the Mayor of said City shall be and is hereby authorized to take and have charge of all necessary orders and records pending investigation by the Attorney General of the State of Texas , and shall take and have charge and control of the certificates herein authorized pending their approval by the Attorney General and their registration by the Comptroller of Public Accounts . SECTION 14: That CUSIP numbers may be printed on the certificates herein authorized. It is expressly, provided, however, that the presence or absence of CUSIP numbers on the certificates shall be of no significance or effect as regards the legality thereof and neither the City nor attorneys approving said certificates as to legality are to be held responsible for CUSIP numbers incorrectly printed on the certificates . SECTION 15 : That the public importance of this measure and the fact that it is to the best interest of the City to provide a means of payment for the purchase of land to be acquired for • park purposes immediately, constitute and create an emergency, requiring that any rule providing for ordinances to be read more than one time or at more than one meeting of the City Council be suspended, and requiring that this ordinance be passed and take effect as an emergency measure, and such rules and pro- visions are accordingly suspended, and this ordinance is passed as an emergency measure and shall take effect and be in full force from and after its passage . PASSED AND APPROVED, this the 8th day of July, 1980 . Ma , City of Wylie, Texas ATTEST: MINUTES PERTAINING TO A RESOLUTION APPROVING, RATIFYING AND CONFIRMING THE EXECUTION OF A CONTRACT FOR PROFESSIONAL SERVICES OF A FINANCIAL ADVISOR THE STATE OF TEXAS § COUNTY OF COLLIN § CITY OF WYLIE § ON THIS , the 8th day of July, 1980 , the City Council of the City of Wylie, Texas , convened in regular session at the regular meeting place thereof in the City Hall, the meeting being open to the public and notice of said meeting having been given as prescribed by Article 6252-17, Section 3A, V.A.T . C. S . , with the following members being present and in attendance, to wit : JOHN W. AKIN MAYOR WILLIAM MARTIN ) HAROLD EAVENSON ) ROY HALL ) ALDERMEN JAMES HUGHES ) ROWLAND KREYMER ) and with the following absent: constituting a quorum; and among other business considered at said meeting, a resolution was submitted to the City Council for passage and adoption, such resolution being entitled as follows : "A RESOLUTION by the City Council of the City of Wylie, Texas , approving, ratifying and confirming the execution of a contract for professional services of a financial advisor. " The resolution was read in full . Thereupon, Alderman /68 made a motion that the resolution be finally passed and adopted. The motion was seconded by Alderman f/U C S and carried by the following vote: /AYES : Aldermen Martin, Eavenson, Hall, Hughes and Kreymer. NOES : None. The Presiding Officer then announced that the resolution had been finally passed and adopted. MINUTES APPROVED, this the 8th day of July, 1980 . M or, City lexas ATT ST: //27 ity Secretary, City of Wylie, Texas