HomeMy WebLinkAboutORD 316 - ORD Authorizing the Issuance of $23000 Street Paving and Bridge Bonds
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ORDINANCE NO. 316
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $230,000
STREET PAVING AND BRIDGE BOJ\1DS, PRESCRIBI!\U THE
TERMS AND CO:NDITIONS THEREOF, AND LEVYING TAXES
TO PAY THE PRINCIPAL AND I~'TEREST THEREON.
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\VHEREAS, at an 'election held in the City of West University
Place, Texas on the llth day of May 1946, a majority of the duly qual-
ified resident electors who own taxable property within said City and
who had duly rendered the same for taxation voting at said election,
voted in favor of the issuance of the bonds of said City in the amount
of $230,000 for the purpose of construction and improvement of. the streets
and bridges within said city; and
WHEREAS, said election was properly called and notice thereof
given as required by law and the City Commission has heretofore can-
vassed the results thereof and determined the specific authority of the
city to issue said bondS; therefore
BE IT ORDAI~mD by' the City Commission of the City of West Uni-
versity Place, Texas:
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SECTION 1: That the bonds of the City of' Vlest University Place, Texas
be issued in the prine ipal amount of $230,000 to be known and desig-
nated as ftCITY OF WEST UNIVERSITY PLACE, srREET PAVING 1UID BRIDGE BONDS,
SERIES 1946", for the purpose of the construction and improvement 01'
the streets and bridges of said Oity under and by virtue 01' the Consti-
tution and Laws of the State of Texas, particularly Chapter 1 and 7 of
Title 22, Revised Civil Statutes of Texas, 1925, as amended, and the
Ci ty Charter of said Ci tyr,' particularly Article XXIII thereof.
SECTION 2: Said bonds shall be dated July 15, 1946, shall be numbered
from 1 to 230, both inclusive, shall be in the denomination of $1000 '
each, aggregating $230,000.00 and shall become due and payable on the
, 15th day of January in each of the years and in the respective amounts
shown in the following schedule, to-wit:
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Bond Nos. Maturitv p. m (iT11'1'r.
1-6 January 15, 194~ $6,000
7-l2 n n 1948 6,000
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13-20 fI ", 1949 8,000
21-28 n n, 1950 8,000
29-36 n It 1951 8,000
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37-45 r~. " tJ 1952 9,000
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46-55 " tt 1953 10,000
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56-65 n " 1954 10,000
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66-75 " n 1955 10,000
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76-86 n " 1956 11,000
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87-98 " " 1957 12,000
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99-110 " ft 1958 12,000
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111-122 n II 1959 l2,000 ,~JI,
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123-135 n ", 1960 13,000
136-151 II ", 1961 16,000
152-168 " " 1962 17,000
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168
169-l81
182-196
197-212
, 213-230
1963
1964
196,
1966
$13,000
15,000
l6,000
l8,000
January 15,
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Th~ City of West University Place, Texas, reserves the ri@lt to
redeem said bonds on July l5, 1956, or on any interest payment date
thereafter by paying the principal amount and unpaid accrued interest
thereon to the date fixed for redemption. In the event all or any
part of the bonds then outstanding shall be called for redemption be-
for.e maturity notice thereof in writing shall be mailed, properly
stamped and addressed to The City National Bank of Houston, Houston,
Texas, and shall be published in a financial journal published in New
York, New York and of general circulation in the United States of America
at least one time, and said notice shall be mailed and published at least
thirty (30) days before the date fixed for redemption. When said bonds,
or any part thereof, have been called for redemption and due provision
has been made to redeem the same as herein provided, the right of the
owners and holders to collect interest which would otherwise accrue,
shall be terminated on the date fixed for redemption.
SECTION 3:: Said bonds shall bear interest as folJ,ows: Bonds Nos. 1
to 86, both inclusive, at the rate of 2~~per annum, and Bonds Nos. B7
to 230, both inclusive, at the rate of 2~10 per annum, ,interest payable
on the 15th of January, 1947, and semi-annually thereafter on the 15th
day of July and the 15th day of January in each year until the principal
is paid. Both principal and interest, on said bonds shall be payable in
lawful money of the United States of America at The City Natfuona1 Bank of
Houston, Houston, Texas, and interest 'falling due on and prior to maturity
shall be payable only upon presentation and surrender of the interest
coupons.attached to said bonds as they severally become due.
SECTION 4: That each of said bonds shall be signed by the Mayor 'and
countersigned by the City Secretary and the corporate seal of the City
shall be impressed upon each of them. The facsimile signatures of the
Mayor and City Secretary may be lithographed, engraved or printed on the
coupons attached to said bonds and shall have the effect as if said bonds
had been signed by said officers.
SECTION 5: That the form of said bonds shall be substantially as follows:
No. $1,000.00
UIUTED STA.TES OF M!IERICA
STATE OF rmx..4.S
COUNTY OF HARRIS
CITY OF WEST UNIVERSITY PLACE '
STREET PAVING AND BRIDGE BOND
SERIES 1946
The City of West University Place, in the County of Harris, in the
State of Texas, for value received, acknowledges itself indebted to and
promises to pay, to bearer on January l5, 1.9_ the sum of
ONE THOUSAJ\TD DOLLARS
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($l,OOO.OO), in lawful ,money of the United States of America, with
interest thereon from da~e at the rate of___~ per annum, payable
January 15, 1947 and semi-annually thereafter on July 15, and January
l5, of each year until the principal -sum shall, be paid; both prinCipal
( and interest are payable at'The City Natlonal Bank of Houston,.. Houston,
Texas, and interest falling due on or:cprior to maturity is payable only
upon presentation and surrender of the interest coupons hereto attached
as they severally become due. (Bonds maturing after July 15, 195b,
shall contain the following additional clause: The City or West Uni-
versity Place, Texas, reserves the right to redeem t~is bond on July 15,
1956 or on any interest payment date thereafter, by paying the principal
and unpaid accrued interest thereof to the date fixed for redemption.
In case all of said bonds subject to redemption, or any part thereof,
shall be called for redemption before maturity, notice thereof in writ-
ing shall be mailed, properly stamped and addressed, to The City Na-
tional Bank of Houston, Houston, Texas and shall be published in a fi-
nancial journal published in New York, New York and of general circu-
lation in the United states of America at least one time and said no-
tice shall be mailed and published at least thirty (30) days before the
date fixed for redemption. Vfuen said bonds SUbject to redemption, or
any part thereof, have been called for redemption and due provision has
been made to redeem the same as herein provided, the right of the own~
ers and holders to collect interest which would otherwise accrue shall
be terminated on the date fixed for redemption.)
This bond is one of series of ,two hundred thirty (230) bonds of
like date and tenor, except as to number, maturity, interest rate,
' and right of redemption before maturity, numbered 1 to 230, both in-
clusive, in the denomination of One Thousand ($1,000) Dollars each,
aggregating $230,000.00, and is issued for the purpose of the construc-
tion and improvement of streets and bridges within said City, under
and in strict conformity'with the Constitution and Laws of the state
of Texas, particularly Chapter 1 and 7 of Title 22, Revised Civil
statutes of Texas, 1925, as amended, and the City Charter of said City,
particularly Article XXIII thereof, and pursuant to an ordinance duly
passed and adopted by the City Commission of the City of West UniverSity
Place, Texas, which ordinance is of record in the Minutes of said Com-
mis sion.
The date of this bond, in conformity with the above mentioned
ordinance is July 15, 194b.
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It is hereby certified, recited and represented that the series
of bonds of ,which this bond is a part was authorized at an election
held in the City of West University Place, Texas, on 11 May, 1946,' and
that all acts, conditions and things necessary to be done precedent to
and in the issuance of these bonds, in order to make them legal, valid
and binding obl~gations of said city, have been done, have happe~ed and
been performed In regular and due time, form and manner 'as required by
law: that due provision has been made for levying and collection an-
nually bY,taxation@namountsufficienttopaytheinterestonthese ~!,J
bonds as lt falls due and to provide a sinking fund for the finalre-
de~ption ?f said bonds at matu:ity; and that the issue of bonds of which
thls one lS a part, together wlth all other indebtedness of said city
do not exceed any constitutional or statutory limitation. '
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IN WITNESS ~VHEREOF, the City Commission of the City of West Uni-
versity Place, Texas, has caused the seal of said city to be affixed
hereto and this bond to be signed by the Mayor and countersigned by
the City Secretary, and the interest coupons hereto attached to be
executed by the facsimile signatures of said Mayor and City Secretary,
as of July 15, 1946.
(Signed) A. L. Kerbow
Mayor
Ci ty of West University Place, Texas
COUNTERSIG:NED:
(Signed) James L. Williams
City Secretary, City of West
University Plaoe, Texas
3EOTION G. The form of the coupons to be attaohed to said bonds shall
be substantially as follows:
No.
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On th.e 15th day of ,19 ,the City of West Univer-
sity Place, in the County of Harris, State-Df Texas, promises to pay to
bearer at The City National Bank of 'Houston, Houston, Texas, the sum of
. Dollars ($ ), in lawful money of the
United States of America~,being the interest due that date on the City
of West University Place Street Paving and Bridge Bonds, Series 1946,
dated July 15, 1946, Bond No. .
Mayor
City of West University Place, Texas
City Secretary,
Oity of West University Plaoe, Texas
SpCTION 7~ That the following certificate shall be printed on the back
of each of said bonds:
OFFICE OF THE CO~~TROLLER
THE ST1iTE OF TEXAS
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Comptroller of Public Accounts of
The State of Texas
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SECTION 8: Vlhile said bonds, or any part of the principal thereof or
interest thereon, remain outstanding and unpaid, tnere is hereby
levied and there shall be annually assessed and collected in due time,
form and manner and at the time other city taxes are assessed, levied
and collected, in each year, a tax upon all taxable property in said
City of West University Place, Texas, su1'ficient to pay the current
interest thereon and to create a sinking fund to pay the principal as
it matures; and to pay the interest on said bonds and create said sink-
ing fund, there is hereby levied for the current year a tax at the rate
of 15 cents on each$lOO valuation of taxable property within said City,
and the same shall be assessed and collected and applie.d to the pur-
pose named; and for the purpose of providing a fund for the. payment
of principal and interest on said bonds as they respectively become
due and payable, there is hereby levied for each of the years while
said bonds or any part of the principal thereof or interest thereon
remains outstanding and unpaid, a continuing direct annual ad valorem
tax upon all taxable property within said City sdffibient therefor,
and said taxes, when collected, shall be applied to the payment of
principal and interest on said bonds, and to no other purpose.
SECTION 9: That the W~yor shall take and have charge of said bonds
pending their investigation and approval by the Attorney General and,
when so approved, shall deliver them to the Comptroller of Public
Accounts for registration. ~1hen said bonds have been registered, the
Comptroller of Public Accounts is authorized to deliver them to. the
Mayor, who shall deliver them to the purchasers thereof upon receipt
of the purchase price.
PASSED A1~ APPROVED this 24 day of June, 1946.
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ATTEST:
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Mayor, City of West University
Place, Texas
City Secretary, West University
Place, Texas
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