OR 40 Amends Section 14, authorizes issuance of $345,000 for Water & Sewer System Revenue Bonds, Series 1966 "AN ORDINANCE amending Section i4 of an
ordinance adopted on the 3rd day of
October, 1966, which authorized the
issuance of $345,000 'CITY OF COPPELL,
TEXAS, WATER AND SEWER SYSTEM REVENUE
BONDS, SERIES 1966, ' dated May 1, 1966."
WHEREAS, on' the 3rd day of October, 1966, this City Council
passed an ordinance with the following caption:
"AN ORDINANCE by the ~City Council of the City
of Coppeil, Texas, authorizing the issuance
of $345,000 'CITY OF COPPELL, TEXAS, WATER
AND SEWER SYSTEM REVENUE BONDS, SERIES 1966,'
dated May 1, 1966, of which the sum of
$150,000 shall be for the purpose of con-
structing improvements and extensions to
the City's Waterworks System, and $195,000
shall be for the purpose of constructing or
purchasing, improving and extending a Sani-
tary Sewer System in and for said City, as
authorized by the General Laws of the State
of Texas, particularly Article 1111 et 'seqq.,
V.A.T.C.S. prescribing the form of the bonds
and the form of the interest coupons; pledging
the net revenues of the City's combined Water-
works and Sanitary Sewer System to the payment
of the principal of and interest on said bonds;
enacting provisions incident and related to the
subject and purpose of this ordinance; and
declaring an emergency."
AND WHEREAS, it has now been determined that Section' 14 of
said ordinance should be modified to more clearly provide the
amounts which should be deposited to the Interest and Sinking
Fund from the revenues of the City's utility system; therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COPPELL,
TEXAS:
SECTION 1: That Section 14 of the ordinance authorizing
the issuance of $345,000 ':City 02 Coppell, Texas, Water and Sewer
System Revenue Bonds, Series 1966," dated May 1, 1966 (which
ordinance is more fully identified in the preamble hereof) be
and the same is hereby amended to hereafter read as follows:
"Section 14: Interest and Sinking Fund. Upon
the delivery of the bonds, the City Treasurer shall
calculate the ~nount of debt service requirements
~o become due on said bonds on the next interest
payment date, and such amount shall be deposited
in the Interest and Sinking Fund in equal monthly
installments on or before the 10th day of any
intervening mo~ths or, if there be no intervening
months, the en~'~ ~e amount due on such interest
payment date sh~.l be deposited in said fund
on the date of ~uch delivery. On the 10th day
of each month ~.i. lowing such interest payment
date and on the ~f.0th day of each month thereafter,
there shall be deposited into said Fund one-fifth
of the next maturing interest and one-tenth of the
next maturing principal pa~nent, and such deposits
shall continue until such time as the funds and/or
investments in the interest and Sinking Fund are
sufficient to pay debt service requirements on
the outstanding bonds for the current year, plus
a debt service reserve in the amount of $18,500,
and thereafter such s-~s as may be necessary to
pay the current yeAr's debt service requirements
and maintain the debt service reserve in the amount
of $18,500. At such time as the amount on hand in
said Fund is fully sufficient to pay principal and
interest requirements on the bonds to their final
principal mauurity, such deposits may be discon-
tinued.
uMonies in said Fund shall be used only for the
purpose of paying principal of and interest on
bonds payable from the net revenues of the System.
Accrued interest ~'eceived upon the delivery of the
bonds herein authorized shall be deposited in said
Fund. The deposits herein required to be made
into said Fund shall be made from the monies re-
maining in the System Fund after payment of main-
tenance and operating expenses."
SECTION 2: Except As herein modified, the provisions of
ordinance authorizing iAe issuance of the $345,000 "City
Coppell, Texas~ Water A~ Se~er System Revenue Bonds, Series
i966~~ dated May 1, i966~ ~,~ h~rein ratified and confirmed.
SECTION 3: The fact ~t i~ is necessary to provide a more
cc~_~pi~te method for mahin~ ~epo~izs into the Interest and Sinking
7u~d creates an emergency A~d urgent public necessity requiring
this ordinance be passed a~ take effect as an emergency measure
a~d this ordinance is accc';cingiy passed as an emergency measure
And shall take effect and be in force immediately from and after
its pa~,sage.
P..SSED AND APPROVED, zais the/D day of November, 1966.
~ayor, City Texas
Seal)