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HomeMy WebLinkAboutORD 317 - ORD Authorizing of Issuance of $10000 Fire Fighting Equipment Bonds L I [J 167 ORDINANCE NO. 317 AN ORDINANCE AUTHORIZI~n THE ISSU~~E OF $10,000 FIRE FIGHTING EQUt~~NT BO}IDS, PRESCRIBING THE TERMS AND COJ\~ITIONS THEREOF, AND LEVYING TAXES TO PAY THE PRINCIPAL AJ\~ INTEREST THEREON. vv.HEREAS, at an election held in the City of West University PLace, Texas on the 11th day of May 1946, a majority of the duly qualified resident electors who own taxable property within said City and who had duly rendered the same for taxation voting at said election, voted in favorJof the issuance of the bonds of said City in the amount of $10,000 for the purpose of purchasing fire fighting equipment for the City Fire Department; 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~~D by the City Commission of the City of West Uni- versity Place, Texas: SECTION 1: That the bonds of the City of' 1flest University Place, Texas, be issued in the principal amount of '$10,000 to be known and designated as "CITY OF WEST UNIVERSITY PLACE, FIRE FIGHTING EQUIPl;1EJ\1T BOI\TDS, SERIES 1946u, for the purpose of purcha$ing fire fighting equipment for the City Fire Department under and by virtue of the Constitution and Laws of the State of Texas, particularly Chapter 1 and 7 of Title 22, , Revised Civil Statutes of Texas, 1925, as a~ended, and the City Charter of said City, particula.rly Article XXIII thereof. SECTIO~J 2: Said Bonds shall.be dated July 15, 1945, shall be numbered from 1 to 10, both inclusive" shall be in the denomination of $1000 each, aggregating $lO,OOO.OO'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: ' Bonds Nos. Maturitv Amon nt. 1 January 15, 1967" $1,000 2 ." 15, 1968 1,000 3 It tt 1969 1,000 , 4 ft It 1970 1,000 . , ~ It ff 1971 1,000 , " u 1972 1,000 , 7 It II , 197$ 1,000 2 u. If, 1974 1,000 9 II u, 1975 1,000 10 II II, 1976 1,000 The City of West University Plaee, Texas, reserves the right to redeem s8idbonds on July 15,1956, or on any interest payment date "thereafter by paying the principal amount and unpaid accrued interest 11 ....., Ii i'll, . .. ]1 u I LI . . . .1 168 thereon to the date fixed for redemption. In the event all or any nart of said bonds shall be called for redemption before maturity, 'l hotice 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 pro- vided, 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 follows: Bonds Nos. 1 to 9, both inclusive, at the rate of 2:<\:10 per annum, and Bond No. 10, at the rat'e of 1-3/410 per annum, interest payable oh the 15th of January, 1947, and semi-annually thereafter on the 15th day of July and the 15th da,Y 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 National Bank of Houston, Houston, Texas, and'interest falling due on and prior to maturity shall be payable only upon presentation and sur- render of the interest coupons attached to said bonds as they sev- erally become due. SECTION 4: That each of said bonds shall be signed by the Mayor I~ I and countersigned by the City Secretary and the, corporate seal of _~ the City shall be impressed upon each of them. The facsimile sig- natures of the Mayor and City Secretary may be lithographed, en- I graved 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. $1,000.00 U~TED STATES OF ~,~RICA STATE OF TEXAS COUNTY OF HARRIS CITY OF vVEST UNIVERSITY PLACE FIRE FIGHTING EQ,UIPMENT BOND SERIES 1946 The City of West University Place, in the County of Harris, in the State of Texas, for value received, ackn~lledges itself in- debted to and promises to pay to bearer on January 15,~19___ the sum of ONE THOUSAND DOLLARS ($l,OOO.OO), in lawful money of the United States of .America~"with III ..I interest thereon from date at the rate of _10 per annum; payable _.._ January 15, 1947 and semi-annually thereafter on July 15, and Jan- uary 15, of each year until the principal sum shall be paid; both [l r-~ f<1 T 169 principal and interest are payable at The City National Bank of Houston, Houston, Texas, and interest falling due on or prior to maturity is payable only upon presentation and surrender of the in- terest coupons hereto attached as they severally become due. The City of West University Place, Texas, reserves the right to redeem this bond on July 15, 1956, or on any int erest pay- ment date thereafter, by paying the principal and unpaid accrued in- terest thereon to the date fixed for redemption. In the event the City elects to redeem this bond before 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. VVhen bonds of thiE issue, 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. This bond is one of series of ten (10) bonds of like date and tenor, except as to number, maturity, and interest rate, numbered 1 to 10, both inclusive, in the denomination of One Thousand ($l,OOO) Dollars each, aggregating $10,000, and is issued for the purpose of purchasing fire fighting equipment for the City Fire Department, 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, particul~rly ArticleXXIII, thereof, and pursuant to an ordinance duly passed and adopted by the City COITllinssion of the City of West Univer- sity Place, Texas which ordinance is of record in the Minutes of said Commission. The date' of this bond, in conformity with the above men- tioned ordinance is July 15, 1946. . 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 Uni vers ity P lace, Texas, on 11 May, 1946, and that all acts:,condi tions and things necessary to be done precedent to and in the issuance of these bonds, in order to make them legal, valid and" binding obligations of said City, have been done, have happened and been performed in regular and due time, form and manner as reql:dred by law; that due provision has been made for lev'ying and collection annually by taxation an amount sufficient to pay the interest on these bonds as it falls due and to provide a sink- ing fund for the final redemption of said bonds at maturity; and that the issue of bonds of which this one is a part, together with all other indebtedness of said City, do not exceed any constitutional or statutory limitation. . IN fITTNESS vVHEREOF, the City Commission of the City of West University 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 :1.:.::2 ','-:.'1::" . 1.L _Ll . -[ I' . I . II L\ I. ." j 170 gy the facsimile signatures of said Mayor and City Seoretary, as of July 15, 1946. Signed A. L. Kerbow, Mayor, West University Place, Texas 1 I SEAL COUNTERSIGh'ED: James L: Williams, City Secretary, City of West University Place, Texas. City of DEOPIOJ ~: The form of the coupons to be attached to said bonds shall be substantially as follows: $ , No. On the 15th day of ,19, the City of West Uni- versity Place, in the County of Harris,-state of Texas, promises to pay to bearer at the City National Bank of Houston, Houston, Texas, the StUD. of Dollars ($ ) , in lawful money of the United states of America, being the inter- est due that date on the City of ~est University Place Fire Fight- ing Equipment Bonds, Series 1946, dated July 15, i946, Bond No. ~I ---1 Mayor, West Universtiy Place, Texas , City of \ City Secretary, City of West Universtty Place, Texas. OffiOPION 9. That the following certificate shall be printed on the back of each of said bonds: OFFICE OF THE COMPTROLLER THE STATE OF TEXAS I hereby certify that there is on file and of record in my office a certificate of the Attorney General of the State of Texas to the effect th9.t this bond has been examined by him, as required by law, and that he finds that it has been issued in con- formity with the Constitution and Laws of the state of Texas, and that it is a valid and binding obligation upon said city of West University Place, Texas, and that said bond has this day been re~~ istered by me. WI~mss my hand and seal of office at Austin, Texas, this ____day of , 1946. u Comptroller of Public Accounts The state of Texas [! r!, 171 SECTION 8: While said bonds, or any part of the principal there- of or interest thereon, remai n outstunding a.nd unpaid, there is hereby levied and there shall be annua.lly 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 taxa- ble property in said City of West University Place, Texas, suffi- cient to pay the current interest thereon and to create a sinking fund to pay the principal as it maturesj and to pay the in:b.erest on said bonds and create said sinking fundl, there is hereby levied for the current year a tax at the rate of -1-- cent on each $100 valuati on of taxable pr operty wi thin said City, and the. same shall be assessed and collected and applied to the purpose named; and for the purpose of providing a flJ.nd for thepayme..nt 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 re- mains outstanding and unpaid, a continuing direct annual ad valorem tax upon all taxable property within said City sufficient there- for, and said taxes, when collected, shall be applied to the pay- ment of principal and interest on said bonds, and to no other pur- pose. 9;ECTICTJ 9 = That the ~.flayor sha 11 'cake and have charge of said bonds pending their investigation end approval by the Attorney General and, when so approved, shall deliver them to the Oomptroller of Public Accounts of registration.. When said bonds have been regis- tered, the Comptroller of' l"ublio Acoounts is authorized to deliver them to the Mayor, who shall deliver them to the purchasers there- of upon receipt of the purchase price. . PASSED AND APPROVED this24th day of June, 194b. af~ ~,.. Mayor ATTEST: City Secretary (~.~ 1"1 11 ,'IL'