HomeMy Public PortalAboutOrdinance No. 663-92 04-28-1992 • ORDINANCE 6 6 3
AN ORDINANCE PROVIDING FOR REPAYMENT TO THE
RESERVE FUNDS OF THE CITY OF RICHLAND HII,LS,
TEXAS, OF CERTAIN MONIES BORROWED THEREFROM
FOR CONSTRUCTION OF A POLICE STATION AND JAIL
FACILITY; PROVIDING A NIINIMUM BALANCE IN SAID
RESERVE FUND FOR REPAYMENT PURPOSES; PROVIDING
A SEVERABILTTY CLAUSE; AND PROVIDING AN EFFECTIVE
DATE.
Whereas, the City Council of the City of Richland Hills, Texas, heretofore
authorized withdrawal of $650,000.00 from the City's reserve funds for construction
of a new police station and jail facility within the City; and
Whereas, concurrent with such vote, the City Council also mandated that said
$650,000.00 be repaid to said reserve fund, without interest, over atwenty-year
period; and
Whereas, the City Council of the City of Richland Hills, Texas, now desires to
memorialize said repayment arrangement.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF RICHLAND HILLS, TEXAS:
I.
That funds in the amount of $650,000.00 are being borrowed from the City's
reserve funds for construction of a new police station and jail facility within the
City of Richland Hills, Texas. This is a loan transaction and shall be repaid as
provided hereinbelow.
II.
That said $650,000.00 shall be repaid to the City's reserve fund, without
interest, in equal installments over a twenty-year period
beginning October 1 , 199? .
III.
That a minimum balance of $1,000,000.00, in addition to all such funds repaid
to the reserve fund, shall be maintained in the reserve fund during said twenty-year
repayment period.
IV.
Severability Clause. That it is hereby declared to be the intention of the City
Council that the sections, paragraphs, sentences, clauses and phrases of this
ordinance are severable, and if any phrase, clause, sentence, paragraph or section of
this ordinance shall be declared invalid or unconstitutional by the valid judgment or
• decree of any court of competent jurisdiction, such invalidity or unconstitutionality
shall not affect any of the remaining phrases, clauses, sentences, paragraphs and
sections of this ordinance, since the same would have been enacted by the City
Council without the incorporation in this ordinance of any such invalid or
unconstitutional phrase, clause, sentence, paragraph or section.
ORDINANCE NO. 6 6 3 PAGE 1
V.
• Effective Date. This ordinance shall be in full force and effect from and after
its passage and publication as provided by the Richland Hills City Charter and the
laws of the State of Texas.
PRESENTED, GIVEN FIRST READING AND APPROVED at a regular meeting
of the Richland Hills City Council on the 28 day of April 1992, by a vote
of ~ ayes, nays, and Q_ abstentions.
APP O
James R. Truitt, Mayor
ATTE
Pauline Kempe, City Sec tary
AS TO FORM:
• /
Paul F. Wienes ie, ity Attorney
77MLIB/bh/041592
ORDINANCE NO. 6 6 3 PAGE 2