HomeMy WebLinkAboutORD 865 Authorizing Outstanding Swimming Pools First Mortgage
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ORDINANCE NUMBER 865
AN ORDINANCE AUTHORIZING THE CALL AND REDEMPTION OF
OUTSTANDING SWJ:MMING POOL FIRST MORTGAGE REVENUE BONDS,
SERIES '1948, AS AUTHORIZED BY ORDINANCE NUMBER 366,
DATED MARCH 17, 1948; PROVIDING FOR PAYMENT OF $9,212.50
FROM THE GENERAL FUND TO THE FIRST CITY NATIONAL BANK,
TRUSTEE; PROVIDING FOR THE CANCELLATION AND DESTRUCTION
OF SAID BONDS UPON REDEMPTION; AND PROVIDING ANEFF~C-
TIYE DATE.
WHEREAS, OIl the 17th day of March, 1948, the City Commission
of the City of West University Place, Texas passed Ordinance number 366,
authorizing the issuance of $40,000.00 Swimming Pool First Mortgage
Rev~nue Bonds; and
WHEREAS, the First City National Bank of Houston, Texas was
appointed Trustee by virtue of a Bond Indenture, and said bonds were
deliverdd to said Trustee and have been, since their authorization and
issuance, and now are in the possession of said Trustee;. and
WHEREAS, the City of West University Place reserved the right
to redeem all bonds of this issue outstanding on March 1, 1963.
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NOW, THEREFORE, BE IT ORDAINED BY THE CITY COJYjM:ISSION OF THE
CITY OF WEST UNIVERSJTY PLACE, TEXAS: '
Section 1. That the outstanding bonds on the $40,000.00 Swimming
Pool First Mortgage Revenue Bonds authorized and issued pursuant to ordi-
nance number 366, du~y passed by the City Commission on March 17, 1948,
be redeemed, effective March 1,1966.
Section 2. That the City Treasurer be, and he is hereby
authorized to pay to the First City National Bank, Trustee, from the
General Fund of the City of West University Place, Texas, the sum of
$9,212.50, which represents the balance of principal and interest due
on said bonds outstanding, and $10.00 bank handling fee.
Section 3. That upon receipt of such bonds, they shall be can-
celed and destroyed.
Section 4. That this ordinance shall become effective upon its
passage and approval by the City Commission.
PASSED AND APPROVED this 28th day of February, 1966.
Commissioners Voting Aye: All
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Commissioners Voting No:
None
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