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Home My WebLink AboutORD 318 - ORD authorizing the Issuance of $50000for Public Parks Bonds II, II .l .. .. J u-.... ..1 172 ORDINANCE #318. AN ORDINANCE AUTHORIZING THE ISSUANCE OF $50,000 PUBLIC PARK BOwvS, PRESCRIBING TH'~ TERJVIS Ai'm CONDITIONS THEREOF, AND LEVYING TA1.r~S TO PAY T:riE PRn::GIPAL l~J\TD INT;;'; TEREST THEREON o VmEREAS, at an election held in the Oity o~ nest University Place, Texas on the 11th. day o~ 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 favor of the issuance of the bonds of said Ci ty in the amount of $50,000 for the purpose o~ acquir'ing land and improving same as a public park for said City; and WHEREAS, said election was properly called and notice thereof given as required by law and the City Commission has heretofore canvassed the results thereof and determined the specific author- ity of the City to issue said bonds; there~ore . . BE IT ORDAI}lliD by the Oity Commission of the ~ity of ~est University Place, Texas: SECTION1: That the bonds of the City of West University Place, Texas, be issued in the principal mfiount of $50,000 to be known and designated as HCITY OF ';'JEST Ul.lIVERSITY PLACE, PUBLIC PARK BONUS, SERIES 1946n, for the purpose of, acquiring land and ira-. proving same as a public park for said City under and by virtue I I of the Constitution and Laws of the State of Texas, particularly Chapter 1 and 7 of Title 22, Revised Civil statutes of Texas, i " 1925, as amended, and the City Charter of said City, particularly Article XXIYI thereof. SECTION 2: Said bonds shall be dated July 15, 1946, shall be numbered from 1 to 50, both inclusive, shall be in the denomina- tion o~ $1000 each, aggregating $50,000.00 and shall becorae 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. Maturi ty .Amount 1-3 January 15, 1967 $3,000 4-7 fI If, 1969 4,000 8-11 If If, 1970 4,000 12-16 It ", 1971 5,000 17-22 tf it , 1972 6;000 23-29 It 11 1973 7,000 , 30-36 It It, 1974 7,000 37-43 tf 'ff 1975 7,000 , 44-50 n It 1976 7,000 , ~he Cit? of West University Place, Texas, reserves the right II!J to redeem sald bonds on July 15, 1956, or on any interest payment ~ate thereafter by paying the principal amount and unpaid accrued lnterest thereon to the date fixed for redemption. In the event all or a:1Y. part of. said bonds shall be called for redemption be- fore maturlty, notlce thereof in writing shall be mailed, properly [-~ , ' \--1 I . L..-.. [- i -17a stamped and addressed to ~he Gity 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 Ameri ca at least on e time, and said notice shall be mailed and published at least thirty (30) days before the date fixed :tor rrJoedemption. 7vhen said bonds, or any part thereof, have been called for redempt~on 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 f'ixed for redemption. SECTION 3: Said bonds shall bear interest as follows: Bonds Nos. 1 to 43, both inclusive, at the rate of 2*~ per annum, and Bonds Nos. 44 to 50, both inclusive, at the rate of 1-3/4~ 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 Ameriaa at the City N:J.tional Bank of Houston, Houston, Texas, and interest falling due on and prior to maturity shall be payable only upon presentation and surrender or the in~erest coupons attached to said bonds as they severally become due. S"2:CTION 4: That each of s,aid bonds shall be signed by the Mayor and countersigned by the Vity 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- 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. SEOTION 5: That the form of said b~nds shall be substantially as follows: No. $1,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUl\1TY OF HARRIS CITY CF WEST U]\ITVERSITY PLACE PUBLIC PARK BOtTI) SEHIES 1946 The City of '~Vest University Plac'e, 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 15, 12._ the sum of' ONE THOUSAIID DOLLARS ($1,000.00), in lawful money of the United States of America, with interest thereon from date at the rate of 10 per annum, pay- able January 15, 1947 and semi-annually thereafter on J~ly15, and I'" , ..lI .: 1'1- . . :r i.. IT [ j . .. I L74 and January 15, of each year until the principal sum shall ,be paid; both principal and interest are payable at The City Nat- ional Bank of Houston, Houston, Texas, and interest falling due on or prior to maturity is payble only upon presentation and sur- render of the interest coupons hereto attached as they severally become due. J The City of West University Place, Texas, reserves the right to redeem this bond on July l5i 1956, or on any interest payment date th~reafter, by paying the principal and unpaid accrued interest thereon to the date rixed 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 circualation 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 fix~d for re- demption. Then bonds of this issue, or any part thereof, have been called for redemption and due provision has been made to re~ deem the same as herein provided, the right of the owners and holders to collect interest, whic h would otherwise a ccrue" shall be terminated on the date fixed for redemption. This bond is one of a series of fifty (50) bonds ci' like date and tenor, except as to number, maturity, and interest rate, num- bered 1 to 50 inclusive, in the denomination of One Thousand , 1'1, ( ~~l, 000) Dollars each, aggregating rp50, 000, and is issued for the purpose of acquiring land and improving same as a public park for said City under and instrict conformity with the Constitution and Laws 01' the state of Texas, particularly Chapter 1 and 7 of Title 22, Revised Civil statutes of Texas, 1925, as nmended, and the City Charter of said 8ity, particularly Article XXIII, thereof, and pursuant to an ordinance duly passed and adopted by the City Commission of' the City of '.'lest Uni versity Place, Texas, which or- dinance is of record in the Kinutes of said Cow~ission. The date of this bond, in conformity with the above mentioned ordinance is July 15, 1946. It is hereby certified, recited and'represented that the series of bonds of which this bond is apart was authorized at an election held in theUity of 'iV-est University Place, Texas, on l,:ay 11, 194b, and that all acts, conditions and things ~ecessary to be done precedent to and in the issuance of these ponds, 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, for~ and manner as reQuired by.law; th2t due provision has been made for levying and collection annually by taxation an amouat sufficient to pay the interest on these bonds as it falls du~"and ~o provide a sinkin8 fund for the final redemption of salCe bonas at maturity; and that the issue of bonds of "\'vhich this one is ~ part, together with all other indebtedness of said City, do not exceed any constitutional or statutory limitation. I ~J o rl n '-..-J 17l.i INJITl.':~ms JlIE::?EOF, the City Commission 01' the Oi ty of '/Test University PIece, Texas, has caused tjle seas of saj_cl city to be a:t'fixed hereto and this bond to be signed by tIle l.1ayor and countersigned by the Oity Secretary, and the interest coupons here to attacheq to be executed by the facsimile signatures of said kayor and vity Secretary, as ~f July 15, 1946. (Signed) A. L. Kerbow Mayor City of West University Place COUl\1TERSIGNED: '. (Signed) ,Tames L. 'ililliams City Secretary, ITest Univer- sity Place, Texas. SECTION 6: The form of the coupons to be attached to said bonds shall be substantially as fol10VJs: No. On the 15th day of ' ,19, the Oity of West Uni- versity Place, in the Ccunty of Harris, State of Texas, promises to pay to bearer at The City National Bank of Houston, Houston, Tex- . as, the sum of Dollars ($ ) , in lawful msney of the United States of America, being the interest due that date on the City of ~est University Place, Public Park .bonds, Series 1946, dated July 15, 1946, Bond No. . Mayor, ~est University Place, City Secretary, Gi ty of 'Jest University Place, Texas! SECTION 7. That the following certificate shall be printed on the back of each of said bonds: OFFICE OF COJVIPTRCLLER TEE SAT]E OF TEXAS I hereby certify that there is on fil~ and of record 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 valid and binding obligation upon said City of ~est University Place, Texas, and that said bond has this day been registered by me. ~ITI~SS my hand and seal of office at Austin, Texas, this , day of , 1946. ComP1fot1~rs~tt~u~tiT~n~~unts I II ! ] II . .111 II I 1.1. .. . .1 176 SECTION 8: vVhile said bonds, or any part of the principal thereof or interest thereon, remain outstanding and unpaid, there is hereby levied and there shall be annually assessed.and col~ I~:I I lected in due ~ime, 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, sufficient to pay the current interest ~hereon and to create a sinking fund to pay the principal as it matures; and to pay the interest on said bonds anc reate said sinking fund, there is hereby levied for the current year a tax at the rate of -2-- cents on each $100 valuation of taxable property within said City, and the same shall be assessed and collected and applied"to the purpose named; and tor the purpose of providing a fund for the pay- ment 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 b0nds 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 suffic.ient 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 Mayor 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 vomp~ troller of Public Accounts for registration. When said bonds have been registered, the 0omptroller of Public Accounts is authoriz~d to deliver them to the Mayor, who shall deliver them to the pur- '!il I' . chasers thereof upon receipt of the purchase price. PASSED AND APPROVED this a day of June, 1946. ATTEST: aY~ MAYOR City Secretary /' [I