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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