87S2- RESULTS OF BOND ELECTION•
_ M �
AN ORDINANCE
CANVASSING THE RETURNS AND DECLARING THE RESULTS OF
A BOND ELECTION
WHEREAS, there came to be considered the returns of a
bond election duly and legally held in the City on January 10,
1987, at which election there was submitted to all resident
qualified electors of the City of Schertz, Texas, for their
action thereupon, the following propositions, to -wit:
PROPOSITION NO. 1
"Shall the City Council of the CITY OF
SCHERTZ, TEXAS be authorized to issue and
sell general obligation bonds of the City in
the principal amount of $980,000 for the
purpose of making permanent public
improvements and for public purposes, to
wit: constructing street improvements and
associated drainage incident thereto; such
bonds to mature serially or otherwise not
more than forty (40) years from their date;
and any issue or series of said bonds to
bear interest at such rate or rates (fixed,
floating, variable or otherwise) as may be
determined within the discretion of said
City Council, provided that such rate of
interest shall not exceed the maximum rate
per annum authorized by law at the time of
the issuance of any issue or series of said
bonds; and shall the City Council of the
City be authorized to levy and pledge, and
cause to be assessed and collected, annual
ad valorem taxes on all taxable property in
said City sufficient to pay the annual
interest and provide a sinking fund to pay
the bonds at maturity ?"
PROPOSITION NO. 2
"Shall the City Council of the CITY OF
SCHERTZ, TEXAS be authorized to issue and
sell general obligation bonds of the City in
the principal amount of $100,000 for the
purpose of making permanent public
improvements and for public purposes, to
wit: constructing park improvements; such
bonds to mature serially or otherwise not
more than forty (40) years from their date;
and any issue or series of said bonds to
bear interest at such rate or rates (fixed,
floating, variable or otherwise) as may be
determined within the discretion of said
City Council, provided that such rate of
interest shall not exceed the maximum rate
per annum authorized by law at the time of
the issuance of any issue or series of said
bonds; and shall the City Council of the
City be authorized to levy and pledge, and
cause to be assessed and collected, annual
ad valorem taxes on all taxable property in
said City sufficient to pay the annual
interest and provide a sinking fund to pay
the bonds at maturity ?"
PROPOSITION NO. 3
"Shall the City Council of the CITY OF
SCHERTZ, TEXAS be authorized to issue
revenue bonds of the City in the principal
amount of $1,020,000 for making permanent
public improvements and for public purposes,
to wit: constructing improvements and
extensions to the City's combined waterworks
and sanitary sewer system; such bonds to
mature serially or otherwise over a period
not to exceed forty (40) years from their
date, to be issued and sold in one or more
series at any price or prices and to bear
interest at any rate or rates (fixed,
floating, variable or otherwise) as shall be
determined within the discretion of the City
Council at the time of issuance or sale of
the bonds; said revenue bonds to be special
obligations of the City payable as to both
principal and interest solely from and
secured by a first lien on and pledge of the
net revenues of the City's combined
waterworks and sanitary sewer system, after
deduction of reasonable operation and
maintenance expenses, as such expenses are
defined by statute; and in the event of the
later acquisition by said City of an
electric light system and natural gas
system, either or both, to then and
thereupon and thereafter have all of such
bonds, including those revenue bonds that
may be issued in the acquisition of said
electric light system and /or natural gas
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system, payable bo
interest solely from
lien on and pledge
the City's combined
sewer system and
natural gas system;
a parity and equal
bonds; and each such
to be conditioned so
shall never have the
of said obligation
or to be raised,
accordance with an
Constitution and law
th as to principal and
and secured by a first
of the net revenues of
waterworks and sanitary
electric light and /or
each such bond to be on
dignity with other such
bond that is issued is
that the holder thereof
right to demand payment
out of any funds raised,
by taxation; all in
d as authorized by the
s of the State of Texas,
particularly Texas Revised Civil Statutes
Annotated Articles 1111 -1118, both
inclusive, as amended ?"
; and
WHEREAS, this City Council has diligently inquired
into the poll lists and the official election returns which
were duly and lawfully made to this City Council by the judges
and clerks holding and conducting said election; said poll
lists and said official election returns showing separately the
votes cast in said election; and
WHEREAS, from said returns, this City Council hereby
finds that the following votes were cast in said election by
voters who were resident qualified electors of the City;
PROPOSITION NO. 1
"THE ISSUANCE OF $980,000 OF GENERAL
OBLIGATION BONDS FOR STREET IMPROVEMENTS."
For Against
20 JJ
Absentee Votes
TOTAL
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PROPOSITION NO. 2
"THE ISSUANCE OF $100,000 OF GENERAL
OBLIGATION BONDS FOR PARK IMPROVEMENTS."
For Against
17 i 177
Absentee Votes
TOTAL
PROPOSITION NO. 3
"THE ISSUANCE OF
FOR WATERWORKS
IMPROVEMENTS."
Absentee Votes
TOTAL
NOW, THEREFORE,
$1,020,000 OF REVENUE BONDS
AND SANITARY SEWER SYSTEM
For Against
IT IS ACCORDINGLY FOUND, DECLARED AND ORDAINED
BY THE CITY COUNCIL OF THE
CITY OF SCHERTZ, TEXAS:
I.
That a MAJORITY of the resident qualified electors of
the City of Schertz, Texas, voting in said election, having
voted FOR the authorization and issuance of $980,000 of bonds
and the levy and pledge of the tax in payment thereof, as
submitted in Proposition No. 1, and that the City Council of
said City hereby determines that said Proposition No. 1 carried
at said election, that the election was duly called, proper
notice given, and that said election was held in all aspects in
conformity with the law, and that the City Council of said City
is hereby accordingly authorized to issue and sell said bonds
in accordance with the authority granted in the Proposition
No. 1 and with law.
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II.
That a MAJORITY of the resident qualified electors of
the City of Schertz, Texas, voting in said election, having
voted FOR the authorization and issuance of $100,000 of bonds
and the levy and pledge of the tax in payment thereof, as
submitted in Proposition No. 2, and that the City Council of
said City hereby determines that said Proposition No. 2 carried
at said election, that the election was duly called, proper
notice given, and that said election was held in all aspects in
conformity with the law, and that the City Council of said City
is hereby accordingly authorized to issue and sell said bonds
in accordance with the authority granted in the Proposition
No. 2 and with law.
III.
That a MAJORITY of the resident qualified electors of
the City of Schertz, Texas, voting in said election, having
voted FOR the authorization and issuance of $1,020,000 of bonds
and the levy and pledge of the tax in payment thereof, as
submitted in Proposition No. 3, and that the City Council of
said City hereby determines that said Proposition No. 3 carried
at said election, that the election was duly called, proper
notice given, and that said election was held in all aspects in
conformity with the law, and that the City Council of said City
is hereby accordingly authorized to issue and sell said bonds
in accordance with the authority granted in the Proposition
No. 3 and with law.
PASSED, ADOPTED AND APPROVED this, the day of
1987.
CITY OF SCHERTZ, TEXAS
Mayor
ATTEST:
C, ,ty Secretary
(SEAL OF CITY)
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