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HomeMy WebLinkAbout1981-008ORDINANCE NO 81-OW ORDINANCE CALLING A BOND ELECTION THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON WHEREAS, it is deemed necessary and advisable to call the election hereinafter ordered, and WHEREAS, it is hereby officially found and determined that a case of emergency or urgent public necessity exists which re- quires the holding of the meeting at which this Ordinance is passed, such emergency or urgent public necessity being that the proceeds from the sale of the proposed bonds are required as soon as possible and without delay for necessary and urgently needed public improvements, and that said meeting was open to the public, 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 THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS 1 That an election shall be held on FEBRUARY 28, 1981, in said City at the following designated polling place THE COMMUNITY BUILDING IN THE CIVIC CENTER Said City shall constitute a single election precinct for said election, and the following election officers are hereby appoint- ed to hold said election Presiding Judge Lee Knox Alternate Presiding Judge Robert E Miller 2 That the Presiding Judge shall appoint not less than two qualified election clerks to serve and assist in conducting said election, provided that if the Presiding Judge actually serves as expected, the Alternate Presiding Judge shall be one of such clerks 3 That by approving and signing this Ordinance the Mayor of said City officially confirms his appointment of the aforesaid election officers to serve at said election, and by passing this Ordinance the governing body of said City approves and concurs in the appointment of the aforesaid election officers 4 That all resident, qualified electors of the City shall be entitled to vote at said election 5 That notice of said election shall be given by posting a substantial copy of this Ordinance at the City Hall and at three other public places in said City, not less than 15 days prior to the date set for said election, and a substantial copy of this Ordinance also shall be published on the same day in each of two successive weeks in a newspaper of general circulation published in said City, the date of the first publi- cation to be not less than 14 days prior to the date set for said election -1- 6 That at said election the following PROPOSITIONS shall be submitted in accordance with law PROPOSITION NO 1 Shall the City Council of the City of Denton be authorized to issue the bonds of said City, in one or more series or issues, in the aggregate principal amount of $4,700,000, with the bonds of each such series or issue, respectively, to mature serially with- in not to exceed forty years from their date, and to be sold at such prices and bear interest at such rates, not to exceed the maximum rates permitted by law, as shall be determined within the discretion of the City Council, for the purpose of the acquisition of proper- ty and making improvements for public purposes, to -wit rebuilding, repaving, or overlaying streets in said City, and shall said City Council be authorized to levy and cause to be assessed and collected annual ad valorem taxes in an amount sufficient to pay the annual interest on said bonds and provide a sinking fund to pay said bonds at maturity? PROPOSITION NO 2 Shall the City Council of the City of Denton be authorized to issue the bonds of said City, in one or more series or issues, in the aggregate principal amount of $1,300,000, with the bonds of each such series or issue, respectively, to mature serially with- in not to exceed forty years from their date, and to be sold at such prices and bear interest at such rates, not to exceed the maximum rates permitted by law, as shall be determined within the discretion of the City Council, for the purpose of the acquisition of proper- ty and making improvements for public purposes, to -wit rebuilding street intersections in said City, and shall said City Council be authorized to levy and cause to be assessed and collected annual ad valorem taxes in an amount sufficient to pay the annual interest on said bonds and provide a sinking fund to pay said bonds at maturity? PROPOSITION NO 3 Shall the City Council of the City of Denton be authorized to issue the bonds of said City, in one or more series or issues, in the aggregate principal amount of $850,000, with the bonds of each such series or issue, respectively, to mature serially with- in not to exceed forty years from their date, and to be sold at such prices and bear interest at such rates, not to exceed the maximum rates permitted by law, as shall be determined within the discretion of the City Council, for the purpose of the acquisition of proper- ty and making improvements for public purposes, to -wit rerouting Bell Avenue from its present intersection with Bell Place through the Texas Woman's University golf course to the present intersection of Bell Avenue and University, and shall said City Council be author- ized to levy and cause to be assessed and collected annual ad valorem taxes in an amount sufficient to pay the annual interest on said bonds and provide a sink- ing fund to paylsaid bonds at maturity? -2- PROPOSITION NO 4 Shall the City Council of the City of Denton be authorized to issue the bonds of said City, in one or more series or issues, in the aggregate principal amount of $2,800,000, with the bonds of each such series or issue, respectively, to mature serially with- in not to exceed forty years from their date, and to be sold at such prices and bear interest at such rates, not to exceed the maximum rates permitted by law, as shall be determined within the discretion of the City Council, for the purpose of the acquisition of proper- ty and making improvements for public purposes, to -wit constructing a new overpass of the Missouri & Pacific railway tracks on McKinney Street, and shall said City Council be authorized to levy and cause to be assessed and collected annual ad valorem taxes in an amount sufficient to pay the annual interest on said bonds and provide a sinking fund to pay said bonds at maturity? 7 That the official ballots for said election shall be prepared in accordance with the Texas Election Code so as to permit the electors to vote "FOR" or "AGAINST" the aforesaid PROPOSITIONS, with the ballots to contain such provisions, markings, and language as required by law, and with such PROPOSITIONS to be expressed substantially as follows PROPOSITION NO 1 FOR ) THE ISSUANCE OF $4,700,000 OF STREET RElBUILDING, REPAVING, OR OVERLAYING BONDS AGAINST ) PROPOSITION NO 2 FOR ) THE ISSUANCE OF $1,300,000 OF STREET INTERSECTION REBUILDING BONDS AGAINST ) PROPOSITION NO 3 FOR ) THE ISSUANCE OF $850,000 OF BELL AVENUE REROUTING BONDS AGAINST ) PROPOSITION NO 4 FOR ) THE ISSUANCE OF $2,800,000 OF MCKINNEY STREET OVERPASS BONDS AGAINST ) 8 That it is hereby found and determined that the prob- able period of usefulness of the proposed improvements covered by each of the aforesaid PROPOSITIONS is 30 years 9 That Article 9, Sec 9 02 of the City Charter contains the following provision and requires this election ordinance to distinctly specify -3- "(d) A determination of the net debt of the City after issuance of the bonds thereby authorized, together with a declaration that the bonds thereby authorized will be within all debt and other limitations prescrib- ed by the Constitution and laws of the State of Texas " The determination is hereby made that the net debt of the City after the issuance of the bonds herein proposed to be submitted will be not more than $46008 , and it is hereby declared that said general obligation bonds will be within all debt and other limitations prescribed by the Constitution and laws of the State of Texas -4- CERTIFICATE FOR ORDINANCE CALLING A BOND ELECTION THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON We, the undersigned officers of said City, hereby certify as follows 1. The City Council of said City convened in REGULAR MEETING ON THE 20TH DAY OF JANUARY, 1981, at the Municipal Building (City Hall), and the roll was called of the duly constituted officers and members of said City Council, to -wit Brooks Holt, City Secretary Richard 0 Stewart, Mayor Dr A Ray Stephens Roland Vela Richard H Taliaferro Dwight L Gailey Charles Hopkins (Vacancy) and all of said persons were present, except the following absentees thus constituting a quorum. Whereupon, among other Business, the following was transacted at said Meeting a written ORDINANCE CALLING A BOND ELECTION was duly introduced for the consideration of said City Council and read in full. It was then duly moved and seconded that said Ordinance be passed, and, after due discussion, said mo- tion, carrying with it the passage of said Ordinance, prevail- ed and carried by the following vote AYES All members of said City Council shown present above voted "Aye" NOES None 2 That a true, full, and correct copy of the aforesaid Ordinance passed at the Meeting described in the above and fore- going paragraph is attached to and follows this Certificate, that said Ordinance has been duly recorded in said City Council's minutes of said Meeting, that the above and foregoing paragraph is a true, full, and correct excerpt from said City Council's minutes of said Meeting pertaining to the passage of said Ordi- nance, that the persons named in the above and foregoing para- graph are the duly chosen, qualified, and acting officers and members of said City Council as indicated therein, that each of the officers and members of said City Council was duly and suffi- ciently notified officially and personally, in advance, of the time, place, and purpose of the aforesaid Meeting, and that said Ordinance would be introduced and considered for passage at said Meeting, and each of said officers and members consented, in ad- vance, to the holding of said Meeting for such purpose, and that said Meeting was open to the public, and public not-ce of the time, place, and purpose of said meeting was given, all as re- quired by Vernon's Ann. Civ St Article 6252-17 3 That the Mayor of said City has approved, and hereby approves, the aforesaid Ordinance, that the Mayor and the City Secretary of said City have duly signed said Ordinance, and than the Mayor and the City Secretary of said City hereby de- clare that their signing of this Certificate shall constitute the signing of the attached and following copy of said Ordinance for all purposes SIGNED AND SEALED the 20th day of January, 1 81 #EAL)C- We, I I