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HomeMy WebLinkAboutORD 319- Ord authorizing The Issuance of $60000 for Storm Sewer Bonds I--j '---' L"~!. . I u '177 . ORDI NA NeE NO. -;;] 9 . AN ORDINAl\TCE AUTHORIZING THE ISSUANCE OF $60,000 STORM SE~-'lER BONDS, PRESCRIBING THE TEill.u:S AND CONDITIONS THE:t~OF, _L\ND LEVYING TAXES TO PAY THE PRINCIPAL .AND INTER::l;ST THEREON. vVH~REAS, 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 favor of the issuance of the bonds of said City in the amount of $60,000 for the purpose of construct- ing storm sewer and drainage structures in and for said City;and vVHEREAS, said election was properly called and notice ther~- of given as required by law and the City Comrnission has heretofore canvassed the results thereof and determined the specific author- ity of the Oity to issue said bonds; therefore BE IT ORDAI}lliD by the City Commission of the City of West University Place, Texas: SECTION'l: That the bonds of the Uity of Tivest University Place, 'Texas, be issued in the principal amount of $60,000 to be known and designat'ed as ltCITY OF :NEST UNIVERSITY PLACE, STC'ffiJ~ SE'NER BOJ\TDS, SERIES 1946", for the purpose 'of constructing Efurm sewer and drainage structures in and for said City 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 amended, and the City Charter of said City, particularly Arti- cle ~C~III thereof. ,SEC~ION ~. Said bo~ds shall be dated July 15, 1946, shall be humbered from 1 to 60, .both inclusiVe, shall be in the denomina- tion of $1000 each, aggregating ~p60, 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: Bonds Nos. Maturity Amount 1-4 January 15, 1967 $4,000 5-9 ft 11 , 1969 5,000 10-15 ft It 1970 6,000 , . 1:6- 21 tf If , 1971 6,000 22-28 II tf 1972 7,000 29-36 n " , 1973 8,000 37-44 It if 1974 8,000 , 45-52 tI tt , 1975 8,000 53-60 If II 1976 8,000 , The City of West University Place, Texas, reserves the right to redeem said bonds' on July 15, 1956, or on any interest payment date thereafter by paying the principal amount and unpaid accrued . . 1..1 .. 'r . L Ii Tii. IT "',. .. ... I L.L. I ._ " ..1 178 interest thereon to the date fixed for Tedemption. In the event all or any part 'of said bonds shall be called for redemption be- fore maturity, notice thereof in writing shall be mailed, proper- ly stamped and addressed to the City National Bank of Houston, Houston, Texas, and shall be published in a financial journal published in NeW" York, New York and of general circulation in the United states of America at least one time, and said notice shall be mailed and published at least thirty (30) days before the date fixed for redemption. When said bonds, or any part thereof, have been called for redemption and dur provision has been made to redeem "4he saIl}e as herein provided, the right of the owners and holders to collect interest which would otherwise accrue, shall be terminated on the date fixed for redemption. ;J ,~ SECTIon 3: Said bonds, shall bear interest as follOWS: Bonds Nos 1. to 52, both inclusive, at the rate of 2t.1o per annum, and bonds Nos. 53 to 60, both inclusive, at the rate of 1-3/4$ per annum, interestpayatle 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 Ameriea 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 surrender or the interest coupons attached to said bonds as they severally become due. SECTION 4: That each of said bonds shall be signed by the Eayor i'l I and countersigned by the City Secretary and the corporate seal of the City shall be impressed upon each of then. The facsimile sig- natures of triG l.:Qyor and Oi ty 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 s.igned by said officers. SECTION 5: The-J.t the form of s aid. bonds shall be substantia:lly as follows: No. $1,000.00 UNITED STATES OF MJIERICA STATE OF TEXAS COUNTY OF HARRIS CITY OF ;illST UNIV3RSITY PLACE SlrORM SEWER BC:rvTD SERIES 1946 The City of ~est University Place, in the County of Harris, in the state of Texas,' for value received, acknov:rledges itself. indebted to and promises to pay to bearer on Janusry 15, 19 the sume of ---- i-I c---! 01IE THOUSAND DOLLARS , . [ G [ 179 ($1,000.00) in lawful money of the United states of America, with interest thereon from date at the rate of____1o per annum, payable January 15, 1947 and semi-annually thereafter on July 15, and Jan- uary 15, of each year until the principal sum shall be paid; both principal and interest are payable at The City National Bank of . Houston, Houston, Texas, and interest ,falling due on or prior to maturity is payable only upon presentation and surrender of the interest coupons hereto attached as they severally become due. The City of ~est University Place, Texas, reserves the right to redeem this bond on July 15, 195b, or on any interest payment date thereafter, by paying the principal and unpaid accrued interest thereon to the date fixed for redemption. In the event the City elects to redeem this bond before maturity, notice there- of in writing shall bemailed.properlystampedandaddressed..to The City Natione.l Bank of Houston, Houston, Texas, and shall be pub... lished in a financial journal published in Nev~ York, New York and of general circulation in the United states of America at least one time and said notice shall be p.Biled and DUblished at least thirty (30) days before the date fixed for redemption. Vfuen bonds of this issue, or any part thereof, have been called for ~edempt- ion and due provision has been made to redeem the same as herein provided, the right of the owners and holders to collect interest, which would otherwise accre, shall be terminated on the date fixed for redemption.' This bond is one of series of sixty (60) bonds of like date and tenor, except as to number, maturity, and interest rate, numbered 1 to 60, both inclusive, in the denomination of One Thousand ($l,QOO) Dollars each, aggregating $60,000, .and is issued for the purpose of constructin~ storm sewer and drainaGe structures in and for said City, under and in strict conformity with the Con- sti tution and Lavvs of the State of '-.-:'exas, particularly Chapter 1 and 7 of Title 22, Revised Civil statutes of ?exas, 1925, as amended, and the City Charter of said City, particularly Article ]c{III, thereof, and pursuant to an ordinance duly passed and adopt- ed by the City COl1'.Jllission of the City of '.'Jest University Place, Texas, which is ordinance of record in the Minutes of said Com- mission. The c1ate of .this bond, in conforaity \'lith the abcve men- tioned ordinance is July 15, 1946~ It is hereb:' certified, reci ted and relJresented that the series of bcnds of which this bond is a part was authorized at an election nelo. in the City or' ".Jest University Pl:~ce, Texas, on 11 Kay, 1946, and that all acts, conditions and things necessary to be done precedent to and in the issuance of these bOLC,l.S, in order to [lake them legal, valid and binding obligations of sale: City, have been done, have happened and been perforliled in regular and due time, form and manner as re~uired by law; that due provision has been made for levying and collection annually by taxation an amount sufficient to pay the interest on these bonds as it falls due and to provide a sinkin0, fund for the final redecption of said bonds at Eaturity; and thut the issLle c1' bonds of \'Jhich this one is a part, together with all other indebtedness of said City, do I':":' , . = 1- . . Ii II J U'_Hi _..1...1 , L80' not e'xceed any constitutional or statutory limitation. IN WIT1:IJ"'ESS ",~mREOF, the City Comro.ission,of the City of ~est University Place, ~exas, 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 cou- pons hereto attached to be executed by the facsimile .signatures of said Mayor and City Secretary, as of July 15, 1946. u Mayor, City of West University Place, Tex. COUNTERSIGNED: City Secretary, City of West University Place, Texas. SECTION 6: The form of the coupons to be attached to said bonds' shall be substantially as followq: No. $ On the 15th day of , .19_, the City of West University Place, in the 60unty of Harris, State of 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 Storm Sewer Bonds, Series 1946, dated July 15, 19~6, Bond No. Ll Mayor, City of.aest Univer- si ty Place, Texas. City Secretary, City of West University Place, Texas. SECTION 7: Th~t the following certificate shall be printed on the back of each of said bonds: OFFICE OF THE Cm.1PTROLLER TEE ST~q TE 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 that this 'bond has been' examined by him, as r~quir~d by law, and that he finds that it has been issued in conformity with the Constitution and Laws of the State of Texas, ~nd tha~ it ~s a valid and binding obligation upon said City of ivest Um.versl ty Place, Texas, and that said bond has this day been registeredby me. 'U WITr~SS my hand and seal of office at Austin, Texas, 181 this day of ,1946. Comptroller of Public Accounts of The state of Texas. SECTION 8~ While said bonds, or any part of the principal thereof or interest thereon, remain outstanding and unpaid, there is here- by 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 taxa- ble property in said City of West Uniwersi ty PIa ce, Texas, suffi- cient to pay the current interest thereon and to creat a sinking fund to pay the principal as it matures; and to pay the interest on said bonds and create said sinking fund, there is hereby levied for the current year a tax at the rate of ~ents on each $100 valuation of taxable proper,ty within said City, and the same shall be assessed and collected and applied to the purpose 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 sufficient 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~ ~hat 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 Comp- troller of Public Accounts for registration. v1hen said bonds have b~en registered, the Comptroller of Public Accounts is authorized to deliver them to the Mayor, who shall deliver them to the pur- chasers thereof upon receipt of the purchase price. PASSED AND APPROVED this 2.4.. day of June, 1946. af~~~ . Mayor, Cij;y"of Weest Uni- versity Place, Texas. ATTEST: City Secretary, City of West University Place, Texas. II r' .. .,. i . .. .'L:J , ,t 11 j It.