HomeMy WebLinkAboutORD 288 - ORD Authorizing the Issuance of Bonds
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ORDI;tJANCE NO. 288,
AN ORDINANCE AUTHORIZING THE ISSO'ANCE OF CITY OF WEST UNIVERSITY
PLACE REFUNDING B011DS, SERIES OF 1945, IN THE AMOUNT OF $l57,000.00
FOR TEE PURPOSE OF REFUNDING AN EQUAL ,AMOUNT OF VALID AND SUBSISTING
BONDED INDEBTEDJ\TESS OF SAID CITY"; PRESCRIBING THE FORM OF THE BONDS
AJ\1D THE Forn.'! OF THE TN'l'.r.iREST COUPONS; PROVIDING FOR THE LEVY, ASSESS-
MENT Al\1]) COLLECTION OF AN ANNUAL TAX ON EACH $100 VALUATION OF ALL
TAXABLE PROPERTY SITUATED WITHIN THE TERRITORIAL LIMITS OF SAID CITY
TO PAY THE PRINCIPAL AND INTEREST ON SAID BONDS AT ]}fA TURlfi; ENACTING
PROVISIONS INCIDENT AND RELATING TO THE SUBJECT AND PURPOSE OF THIS
ORDINANCE; AND DECLiffiING AN IDllERGENCY .
\~REAS, the City of West University Place has heretofore
legally issued its bonds known as CITY OF WEST UNIVERSITY" Ph~CE
REFUNDING BONDS, SERIES 1936, dated April 10, 1936, numbered from
1 to 809, inclusive, in denomination of $1,000 each, except Bond
No.1 for $877.78, aggregating $808,877.88; bearing interest at the
rate of 310 per annum, from April 10, 1936 to April 10, 1939; 3-1/210
from April 10, 1939 to April 10, 1942; 410 from April 10, 1942 to '
April 10, 1945; 4-1/210 from April 10, 1945 to April lO, 1970; and
maturing on April 10th, as follows:
$8,877.88 in 1938;
11,000.00 in 1939;
16,000.0~ in 1940;
17,000.00 in 1941;
17,000.00 in 1942;
14,000.00 in 1943;
15,000.00 in 1944;
l6,000.00 in 1945;
13,000.00 in 1946;
14,000.00 in each of
15,000.00 in 1949;
l6,000.00 in 1950;
17,000.00 in 1951;
l8,oOo.00 in 1952;
19,000.00 in 1953;
20,000.00 in 1954;
21,000.00 in 1955;
24,000.00 in 1956;
25,000.00 in 1957;
27,000.00 in 1958;
28,000.00 in 1959;
29,000.00 in 1960;
31,000.00 in 1961;
32,000.00 in 1962;
34,000.00 in 1963;
37,000.00 in 1964;
39,000.00 in 1965;
41,000.00 in 1966;
42,000.00 in 1967;
44,000.00 in 1968;
46,000.00 in 1969;
48,000.00 in 1970;
the years 1947 to 1948;
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AND WHEREAS, THE CITY COMMISSION OF THE CITY OF WEST UNIVER-
SITY PLACE DEEMS IT ADVISABLE AND TO THE BEST INTEREST OF SAID CITY
TO CANCEL AND REFUND $1.57,000.00 OF O\JTSTANDING BONDS OF THE ABOVE
DESCRIBED ISSUE, ~~TURING ON APRIL 10th, $1000 in 1949; $8,000 IN'
EACH OF THE YEARS 19.53 and 19?~- ..5,000 KN 19.5.5; $1,000 in 19.56-
110,000 in 1957; !l2,000 in 1958; $1,000 in 1959; $11,000 in 1960;
15,000 ih 1961; .5,000 in 1962; $6,000 in 1964-$13,000 in 1965;
l7,000 in 1966; 20,000 ~n 1967; $l,OOO in 1968; $13,000 in 1969;
10,000 in 1970;
THEREFORE, BE IT ORDAINED BY THE CITY CDM:MISSION OF THE CITY,
OF WEST UNIVERSITY PLACE, TEXAS:
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I.
THAT FOR T"rlE PURPOSE OF RE:FUNDIID THE $157,000.00 OF OUT-
STANDING BONDS HEREINABOVE DESCRIBED, THERE SHALL BE ISSUED THE BONDS
OF TEE CITY, OF WEsr UNIVERSITY PUiCE, TEXAS, TO BE KNOWN AS "CITY
OF WEST UNIVERSITY PLACE REFlJNDING BONDS, smms OF 194.5, It IN THE
PRINCIPAL SUM OF ONE HUNDRED AND FIFTY -S.H;VEN THOUSAND ($l5 7,000.00 )
DOLLARS, TO BE DATED J'ANUARY 10, 1945, NUMBERED CONSECUTIVELY FROM
1 TO 157, INCLUSIVE, IN DENOMINATION OF ONE THOUSA11D ($1,000.00)
DOLLARS EACH, AND MATURING SERIALLY AS FOLLOVITS:
BOND ]\1(JMBERS M...A.TURITY DATES AMOUNTS
1 - g Inclusive J'anuary 10, 1946 $ 3,000 :-l
4-":' It J'anuary 10, 1947 3,000
7 - 9 It January 10, 1948 3,000
10 - 12 n January 10, 1949 3', 00 0
13 - 16 n J'anuary 10, 1950 4,000
17 20 . n January 10, 1951 4,000
21 - 24 n J'anuary 10, 1952 4,000
25 - 36 It January 10, 1953 12,000
37 - 49 It January 10, 1954 13,000
50 - g~ 1t January 10, 1955 .10,000
60 It January 10, 1956 6,000
66 80 " January lO, 1957 l5,000
81 - 98 tt January 10, 1958 18,000
99 - 105 It January lO, 1959 - 7,000
106 - 122 It January 10, 1960 17,000
123-- 143 " January 10, 1961 21,000
144 - 157 " January 10, 1962 14:,000
II.
SAID BONDS SHALL BEAR INTEREST FROM DATE AS FOLLOWS:
BONDS 11ID/JEERS 1 TO 49 INCLUSIVE, AT THE R4.TE OF TlNO AND ONE-HALF
(2-1/210) PER CENT PER ANNUM, AND BONDS NUMBERS so to 157, INCLUSIVE,
AT THE RATE OF THREE (310) PER CENT PER ANNUM, INTEREST PAYABLE i~, I
JULY 10, 1945 AND' SEMI-ANNUALLY THEREAFTER ON JANUA..-qy 10 AND Jln.Y
, 10 IN EACH YEAR, WHICH INTEREST SHALL BE EVIDENCED BY PROPER COUPONS
ATTACHED TO EACH OF SAID BONDS: Al'ID PRINCIPAL OF AND I1TTEREST ON
SAID BONDS SHALL BE PAYABLE IN LAWFUL MONEY OF TEE UJ\1ITEDSTATES OF
~iThTERICA, UPON PRESENTATION AND SURRE:NDER OF BOIDS OR PROPER COUPONS
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AT THE CITY NATIONAL BANK, HOUSTON, TEXAS.
III.
EACH OF SAID BONDS SHALL BE SIGlillD FI THE WillYOR, COUN'f~R-
SIGNED BY THE CITY SECRETARY, AND THE CORPORATE SEAL OF THE CITY
OF WEST UNIVERSITY PLACE, TEXAS, SHALL BE IMPRESSED UPON EACH OF
THEM. THE FACSIMILE SIGNATUH,'ESOF THE MAYOR AND CITY SECRETlillY MAY
BE LITHOGRAP~D, ENGRAVl!:D OR PRIN'l'J:1.;D ON. THE COUPONS ATTACHED TO Sl,ID
BOI\TDS, AND SHALL HAVE THE SAME EFFECT AS IF THEY HAD BEEN SIGNED BY
SAID OFFICERS.
, IV.
THAT EACH OF SAID BONDS SHALL COI\'Q1AIN ON ITS FACE TRESE
WORDS:
IN ADDITION TO ALL OTHER RIGHTS, THE HOLDER OR
HOLDERS OF THIS BOND, AJ\lJ) OF THE SERIES OF 'NEIGH
IT IS A PA..l:{T, IS -M,lJ) ARE SUBROGATED TO ALL THE:
RIG illS, AND 'BAS A1.TD HAVE ALL OF THE REMEDIES OF,
THE HOLDERS OF THE ORIGIl\lAL INEEBTEDNESS REFUNDED
BY THIS ISSUE OF BONDS.
V.
NO.
TIDI: FORM: OF SAID BOI\1])S SHALL BE SUBSTANTIALLY AS FOILOVVS:
$l,OOO
UNITED STATES OF AMERICA
STATE OF TEXAS'
COUNTY OF HARRIS
CITY OF WEST UNIVERSITY PLACE REFlJ1\'DThTG BOND, SERIES OF 194.5
THE CrrY OF WEST U1~RSITY PLACE, a municipal corporation
of the State of Texas, acknowledges itself indebted to you and FOR
VALUE RECEIVED, hereby promises to pay. to bearer the sum of
ONE THOUSAND DOLLARS
($1,000.00), in lawful money of the United States' of America; on the
10th day of January, 19 , with interest thereon from date hereof
at the rate of (10) per cent per annum, payable
July 10, l~4.5 and semi-annually thereafter on January 10 and July 10
in each year, as evidenced by the coupons hereto attached until the
principal sum is paid.
Both principal and interest of this bond are hereby made
payable at the City National Bank, Houston, Texas.
This bond is one ,of a series of 1.57 bonds, numbered from
1 to 1.57, inclusive, in denomination of One Thousand($l,OOO.OO) Dol-
lars each, aggregating One Hund,red and Fifty-seven Thousand ($1.57,000.00)
Dollars, issued for the purpose of refunding an equal amount of valid'
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and subsisting bonded indebtedness of the City of West University
Place; and this bond is issued under and in strict conformity with
the Constitution and laws of the State of Texas, and in pursuance !:~I
of an ordinance duly passed by the City Commission of the City of
West University Place, Texas, and duly recorded in the Minutes of I---.J
said Oity Commission.
IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that, all
acts, conditions and things necessary to be done precedent to and
in the issuance of this bond, and the series of Which it is one,
in order to make them legal, valid and binding obligations of said
City, have been done, happened and performed in regular and due
form, time and manner as required by law; that the faith, credit
and resources of said City are hereby irrevocably pledged for the
prompt payment of the principal and interest of these bonds at
'maturity; that due ~ovision has been made for the levying and
collecting annually by taxation an amount sufficient to pay the
interest on these bonds as it fails due, and to provide a sinking
fund for the final redemption thereof at maturity; and that the
issue of bonds of which this is one, together with all other in-
debtedness of said City, is within every debt and other limit
prescribed by the Constitution and laws of said State.
IN ADDITION to 'all other rights, the holder or holders of
thi s bond and of the series of which it is a part, is and are
subrogated to all the rights, and has and have all of the remedies
of the holders, of the original indebtedness refunded by this issue
of bonds.
IN WITNESS 'NHEREOF, the City of West University Place,
Texas, by its City Commission, has caused its corporate seal to
be affixed hereto and this bond to be 'signed by its Mayor and
countersigned by its City Secretary, and the interest coupons
hereto attached to be executed by the lithographed or printed
signatures of the Mayor and City Secretary. The date of this
bond, in conformity with the ordinance above referred to, is
the lOth day of January, 1945.
I_I
Mayor, City of West University
PIa ce, Texas
COUNTERSIGhTED:
City Secretary, City of West
University Place, Texas.
VI.
2.he form of interest coupons attached to each of said bonds
shall be substantially as follows:
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NO._
$
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ON THE 10TH DAY OF,
,~
The City of West University Place, Texas, a municipal cor-
poration of the State of Texas, hereby'promises to pay to bearer
at the City National Bank, Houston, Texas, the sum of
($ ) Dollars ,sa id sum being six months f interest due that
day on City of West University Place REJ!U]\1DThTG BOND, SERIES OF 194.5,
dated January lO, 194.5, No. .
City Secretary
Mayor
VII.
That substantially the following certificate shall be
printed on the back of each bond:
OFFICE OF COMPI'ROLLER ,
,
STATE OF TEXAS I
I HEREBY CERTIFY that there is on file and of re cord in my
office a certificate of the Attorney General of the State of Texas,
to the effect that this bond has been examined by him as required
by law, and that he finds that it has been issued in conformity with
the Constitution and laws of the State of Texas, and that, it is a
valitrl and binding obI igat ion upon said City of West University Place,
Texas, and said bond has this day been registered by me.
this
WITNESS MY HAND and seal of office at Austin, Texas,
.
Comptroller of PubJLi c Accounts of-
The state of Texas.
VIII.
That to pay the interest on said bond s and to create a
sinking fund sufficient to pay each installment of the principal
as the same, becomes due, there shall be annually levied, assessed
and collected, in due time, form and manner, a tax upon all the
taxable property in said City of West University Place, and to pay
the interest on said boLds for the first year and to create a sink-
ing fund with which to pay the principal as the same becomes due,
there is hereby levied a sufficient tax on each $~OO.OO valuation
of taxable property in sai? City for the year 194.5, and the same
shall be assessed'and collected and applied to the purpose named;
and while said bon4s, or any of them, areoutstandi~g and unpaid,
a tax for each year' a::t a rate from year to year, as will be ample
and sufficient to provide funds to pay the current interest on said
bonds and to provide the necessary sinking 'fund, full all'owance being
made for delinquencies and costs of collection, shall be, and is here-
by levied for each year, respectively, while said bonds, or any of
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them, are outstanding and unpaid, and said tax shall each year
be assessed and collected and applied to the payment of the in-
terest on, and principal of, said bonds.
IX.
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It is further ordained that the sum of $2,22.5.00 be, and
the same is hereby set aside and appropriat~d out of available
funds to pay the interest on said bonds which will become due
and payable on July 10, 194.5.
X.
That all moneys in the sinking fund, and all taxes hereto-
fore levied or in process of collection, for the benefit of the
bonds being refunded by this issue of refunding bonds, shall be and
the same are hereby appropriated and transferred to the benefit
of this iSSUe of refunding bonds.
XI.
That the Mayor of said City shall be and he, is hereby
authorized to take and have charge of all necessary orders and
records pertinent to said refunding bonds pending their investiga-
tion by the Attorney General of the State of Texas, and the Mayor
shall also take and have charge of the bonds herein authorized
pending their approval by the Attorney General and their regiS-; "J~
tration by the Comptroller of Public Accounts. The Comptroller
of Public Accounts is hereby authorized to accept from Chas. B.
White & Co., or their duly authorized agent, in installments or
otherwise, the obligations hereby refunded, and, after cancell-
ation thereof, register a like amount of the bonds herein author-
ized and deliver same to said Chas. B. Vfuite & Co., or their agent.
XII.
The importance of this measure, and its, intent and purpose
being declared to be for the liillUediate preservation of the public
business of the City of West University Place, Texas, and it being
to the financial interest of said City to promptly cancel the out-
standing bonds herein refunded by the issuance and delivery of the
refunding bonds authorized by this ordinance, constitutes an emer-
gency and an imperative public necessity that the rule requiring
ordinances to be read at more than one meeting of the City Com-
mission be suspended, and it is ordained that this ordinance take
effect and be in force immediately. upon its passage and approval.
PASSED A1TD APPROVED,
this';'22 day of ~94.5. ,
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Mayor, ity of West University
Place, Texas
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ATTEST:
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City Secretary