HomeMy WebLinkAboutORD 1260 - ORD Finding City Treasurer Certified the Availibity of Funds
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ORDINANCE NUMBER 1260
AN ORDINANCE FINDING THAT THE CITY TREASURER HAS CERTIFIED
. THE' AVAILABILITY OF FUNDS IN THE GENERAL FUND, UNRESERVED,
FUND BALANCE ACCOUNT TO. PROCEED WITH THE PURCHASE OF
PERMANENT PUBLIC IMPROVEMENTS TO THE,CITY HALL BUILDING;
AUTHORIZING THE MAYOR. TO EXECUTE..ON.BEHALF OF THE CITY A .
PROMISSORY NOTE AND LOAN AGREEMENT WITH THE CITY'S
DEPOSITORY BANK FOR THE ,SUM OF $200,000; APPROPRIATING THE
SUM OF $200,000, THE LOAN PROCEEDS, FOR THE SOLE PURPOSE OF
PAYING FOR PERMANENT PUBLIC IMPROYEMENTS TO THE CITY HALL
BUILDING; PROVIDING FOR THE REPAYMENT OF SUCH AMOUNT SO
BORROWED; AND PROVIDING THAT NO TAX .BE LEVIED SINCE FUNDS
CURRENTLY AVAILABLE HAVE BEEN PROPERLY APPROPRIATED;AND
DESIGNATED FOR THE REPAYMENT OF SUCH DEBT AUTHORIZED',HEREIN
TO BE CREATED.
WHEREAS, the City Council has determined that certain permanent
public improvements to the City Hall Building are required to assure
adequate facilities for the City of Wes.t University Place; and
WHEREAS, the City Council has determined that it would be to the
City's best interest to borrow the sum of $200,000 to complete the City
Ha 11 remodeling project as we llas ,for. the purchase of other ;fi xtures
and equipment in conjunction. with the. project to be determined by the
City Counci l.
WHEREAS, Article VIl,Section 7 .07. of the Home Rule; Charter of
the City of;:West University Place and Arti:cle 1175 V.A.T.S.
specifi cally permits and authori zes the issuance of promi ssorynotes
for the purpose, of: borrowing moiney ;on' the credit> of the city for
permanent publ ic improvements" or: foro'ther, j:mbliic purposes. a~
determi ne'd' by; the: Oounctl;, and .' i:
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WHEREAS,: the City Counci 1r has. 'co,nside,red .funding the, Ci ty.Hall
remodeling p.roject, with: th'e, funds'so: borrowed from,' the city 's banking
depository.
NOW, THEREFORE, BE IT ORDAINED BY THLc-lTVCOUNClL OF THE CITY OF
WEST UNIVERSITY PLACE, TEXAS:
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Section 1. That the city has determined that it will be
advantageous to borrow from its depository the sum of $200,000 to pay
for permanent public improvements to the City Hall Building, and that
said loan will be in the .city's best interest, said loan to be
negotiated on terms most advantageous to the city.
Section 2. That the City Treasurer has certified that funds
currently available in the General Fund, Unreserved Fund Balance
Account are sufficient to repay the promissory note described herein.
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Section 3. That the sum of $200,000 is hereby appropriated for
the sole and exclusive purposes of paying for permanent public
improvements to the City Hall Building.
Section 4. That!Michael:L:i1Parks~ Mayor of the City bf'West
University Place, Texas, be~ and he', is ,hereby, authorizedt6 ,execute a
promissory note and ~oan agreement on behalf of the city, 'on or after
the date this ordinance is approved, payable to Texas Commerce
Bank-Chemical of Houston, the city depository, in the principal
amount,not to exceed $20Q,000 at the interest rate most favorable to
the city in accordance with depository bank contract'and with a
maturity date of May 29,1987~ . , ,
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Secti t>n- 5.: That repayment of any sum so borrowed and any accrued
interest thereon shall be made from the General Fund, Unreserved Fund
Balance ~hich,is appropriated and designated for the sole purpose of
paying for permanent public improvements to the City Hall Building.
Section 6. No additional tax needs to be levied for repayment of
the proposed Promissory Note~ ~'
, Section 7. If any word, phrase, clause,. sentence, paragraph,
section or other part of this ordinance or the application thereof to
any person or ci rcumstance ~ 'shall ever be'; hel d to' be i nva 1 i d or
unconstitutional'byany court of: competent jurisdiction, the remainder 0
of this ora'inance and the application of such word, phrase, clause,
sentence, paragraph, section or other part' of this ordinance to any
other persons or circumstances shall not be affected thereby.
S~ction8~ All ordinances, and parts nf ordinances in conflict
herewith are hereby repealed to the extent of the conflict only.
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Section 9. The "City Council officially finds, determines and'
declares that a sufficient: written notice of th~ date, hour, place and
subject of each meeting at which this ordinance was discussed,
considered or acted upon was given in the manner required by the Open
Meetings Law, TEX. REV. CIV. STAT. ANN. art. 6252-17, as amended,
and that each such meeting has been open to the public as required by
law at all times during such discussion, consideration an~ action. ,The
City Council ratifies, approves and confirms such notices and the
~~ntents and posting thereof.
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Section 10. ,This ordinance shall be considered passed finally on
the date of its i ritroducti on, thi s 29th day of May, 1986, and shall
take effect immediately upon its- passage and approval pursuant to
Section 7.07 of the City' Chart~r. '
PASSED .AND APPROVED. ., 29th, ' day of
MAY
, 1986.
,~~Councflmembers Voting Aye:
Councilmembers V,oting No:
Council~embers Absent:
Mayor Parks, Councilmembers
Higley, Bryan, Cummings
Councilmember Schwartzel
None
ATTEST: .'
Mi.chael L. Parks, Mayor
Audrey Nichols
City Secretary
.(SEAL)
Approved as to Form:
James L. .DQugherty, Jr:.,
City Attorney:
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[X] SINGLE PAYMENT ('''hi. Note")
DATE MATURITY DATE AI
5/30/86 5/26/91 ~:
INTEREST ACCOUNT NO.
~~f~LA~ION 360 0513010
TELLER OFFICER INTEREST RATE (AN
CKS ~%-'iPOF 4.5
FOR VALUE R~CEIVEQ, on or ii,lore the Maiurity Dale, and in accordance with Payment Schedule 1 (below) II an Installment Nole and in accordance with Payment Schedule 2 (below) if a Singh
.... ~' ..:. ~ .~ '; . '.: " I . . .,'
(jointly an<<! severally;),' more,o,ihan one)/p.romises to pay, '0 the order 01 TEXAS COt.!MERCE BANK - CHEMICAL (the "Bank") at its banking house in Houston, Hal
('. TWO HUNDRED liHOUSANQ..1\.NP_NO/l!lO DQl._~ARS***************~~**!"******~~-*~***~*~****'
plu. KM""'N\"lt'l1 unpa.dl "moun' 01 Note .tro~ the Datu. to 'he Matu.ity Oa'. at ,he \ill.ne" Rile. cah:utl18d on the tn'8ftat Caiculatlon Basil. luch in""" and Amount ot "0\8 10' bl paId .n lawlu' U.S mon~. plCMdeo that ~h. 11
'::''::~":."I~~~::l~:';:~:~~:' .~~~:~.~ ~:=~ ,~o,.~~;~: ~~ :=eu~8~:Pl:~~t I:r~:~:~r.~ ~i~=dl~: t~~iW::~~~~~~~~:~l: g~r:~;I:~::~~~~:~~~~~~~~ii~g.~~~ :r~"~ ~r~~:$s~fal~:~~~c..:~.a~1.:~~n~~,I::
Of Interest accfued on the unDaid Amount 01 HOle equals Ihe amount of inle.ssl which would hawe accrued il the Inllfest Rltl had' al III limss been In eUecl wl1houl fSIPfl:CI 10 anv limltallon. AI all such limes. II an1, as 18:1a5 law I
Lawful,Au ih'all.be thf ""ua'lerly'celhn~.. defined in Ihe Telles C'8chl COde. \l.le.S. M, 508g.t,(M If seq.) 'fOnnime 10 time in efleet, bul Bank may Ifom time 10 lime. 1110 currenl and future bilances. hnplemenl anyath.
~mUla:or"pl"CwI~!on of I.~ ,!~eo to cOTPule Ih!t~~al.)U} 'hiS I~~ounl ~ "oiice to Mattlt, il.i~ 10 Ih. .llenl P:8r~iU8d ~V. and in the ~anner p'oVlded'ln. sUCh CocI. RegRr~l~ss alany proviSion Cunf.iRed herein, 01' in.any OCher doc
t'WHu .hAlI n.,." be Inlllled;IO '8CHlve, collect Of apply. as mlftf811 hereon. anK amount In .lleeSI 0' the .Hlgh." Lawrul Rail. and .n the eveR.I thl hotder hereol ever r.ceIVGI. collects or applies. 8' tnlereM. any such .8llteS5, S
~'~~~ml:~: ~~::~I ~~~r"~ ~~f~~~ ~'~~:i~':1:i'~:: ~~~~I~~~'I~~;:15 p~~~~~:::~ ::~~:~:~I:f'';:~r:~ ~~I~:,.:~~i~~ ~~t~:.~' i6J n:~c\~:~n:~:'~;I~::p~~~~~'.1~~d~J8 8~r.:g:~~i;f;~~I~~g:(;r8~.~~~~~ ~~~I ~~h~f~
.ni~r".'hf'0f.!9~t the .nlt~! ~onlftmplal8Cf term:hereol so !hal the inler.s~ rale is unltOl,:" throughout t~8 .nlire le,,".hereol. Pall ~U. pllnelpal and Int.reSI s~an belr Inl.,r.allllhe.HIQheSlllllN~UI Aall, The term "Pm"8 Rate' IS U'
tram,lime to ':m. by Bank and Ih&rull.r .nlered In;lh. mmutes of Ban... J Loin .nd Discount Committe.. lutomabclllv Iluetuatlnq upward or downward With '"Ieh announcemenl Wllhoul nnllc. to Mate., or dny oU er o..rson
Th'e e'~llfe\;n~illd balance oi thIS ,'ole. buill ppnclp,J .nd all interesllhtln aetrued.heuton. shall be dUB dnd parable on Oen'lnd ilml pllOf 10 5uch demdnd and so lonu .s.noaemand hdS beelllOiHlc 1111:' nnlt' 'in.IUlll
~.: ", "'T:', 9, ' . 20 000.00 pl.. ,NOVEMBE
:~ PAYMENT SCHEpULE t., hll not. shall be payabll In ~._...._:-_.._ ,"st8Um,nll 01 $__~.._._.J.w..__ eaCh'XJ(l)(ltQ InlereSl. begmnulQ __ __. M_.. _..
'"'"II '.;,; I~ _.' __~6 th___~~_,_ dlY GlII.h ..,_,_ s.e",~ :,~I'f.I'flal,. J!!l;Inth,_ _.. ,_ ,,_ ....__,___...,__,.__ ,.,.._,Ihe,ealler until Malurity 011., wh.n .1;
0: PAY_~ENT SCHED.L-:'LE 2' The unplld Amount ot Notl shall be linlUlY'ClUI and pavable at Malun,.,. unle,s the malurlly hefeof i. accelerated as hereinafter provided. Accrued Inl,r8lt ,hall be due and payable on _.__
,_ Texas,
Commerce
, Bank
PROMISSORY NOTE o INSTALLMENT
NAME(S) AND ADDRESS(ES) OF MAKER(S)
CITY OF WEST UNIVERSITY PlA~E
3800 University Boulevard
Houston, Texas 77005
C!Je!1'lcal
0IMl'" tho '
Ihe...fI" Ind' at Maturity Dlte, when III ACcrued Ir
day..ol alch succeeding -;--_'.___.___
Each m.r,.guaranlof, surety Ind ,odor;';,..iIVe, grac.. demand, pre.enlri-..nl, notiee 01 dishonor. nOlite 01 aeeel.ration, nolice 01 inlenllo accelerate. prOlesl. notice 01 plotlst.and diligence in collecting and thl bringing 01 su
habthly: agrHs 10 appltcallon 'at any Bank 'balance 10 ~tm8n' hereot; agr.... Ihat .alenslons and ,en"wals wllhoul limit as 10 number, aceeplance 01 any number 01 partial payments. and relealls or lubSlitullons uf collaleral; v
shall noI ,e'e.. Of dISCharge nis OOli9~lIion ,hlfBunoer; agrees Inal waiver ~ any aetaull shall not conslll"'8 welwr at any prior or subsequent de'ault; and agrees 10 pav in addilion 10 .u oIh.r sums due hereunder to percenl 01 II
ten illh1s Note is placed in the haods ot an anorney tOt ColleCtion or it it II cdhlC1ed th,QuQ'" probate. ban"'llptr;y Of athlf iudic\ai p,oceedmg. Any holde. ma" al hia opion. without nOlice to any Mak" or any Ctt'8f p.rton, acel
film.." .nseCur. 01" it Makar shall taU to make Iny payment when due. Terms used in Ihl5 Not. shill have the meaniflQs indicated In Ihe bOllBS _bow. As used hefein, "'her. appropriale. Ihe masculine gende, includes the I.mmln
thl plural number. TI1I1 ~, shall be governed by and'con,,,ued tn .ccOrd~ncl wilh lhe t.ws oflhe ISalt 01 r.... and lhe Unlled Slates 01 Am.ftcl. '
~...t.: ~.,i~;s and ,.pr:~t~ 10 8a~~: .Jnd '0 ~~ :other .-ne.. andlor hold.r. o~ any Indebtedn.... evid.."e.d h.rlb~. .hal it this box ~ is checlted. all 10anl evidenced by 'hi, Note ar. lOt business, cOmm.,c'.'. .nll8stment 01
Iam~J.,'-""'!""<'ld or "lI"..nu,1I .N, as luch .e'!ml ere..... in Chlpler On' Ollho Tel81 Credll Cod. (V,T,C,S, ,,~, 5OG!l.l,Ol er loq,),
S1GNATURE(SI
',,';: "OF
W~KER(SI
P.081.07032 (11/84)
BY:
MICHAEL l. PARKS, MAYOR
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