HomeMy WebLinkAboutORD 323 - ORD Authorizing the Cancellation of $230000 Street Paving and Bridge Bonds
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ORDINANCE NOA 3'3
AN ORDINANCE AUTHORIZING THE CANCELIATION OF $230,,000 STREET
PAVING AND BRiDGE IDNDS" $.50,,000 PUBLIC PARK BONDS" $10,,000
FIRE FIGHTING EQUIPMENT BONDS" AND $60,000 STOBM SEWER IDNDS"
AUTHORIZING THE CANCELLATION OF THE REGISTRATION CERTIFICATES
OF THE COMPTROLLER OF PUBLIC ACCOUNTS OF THE STATE OF TEXAS
AND mE CERTIFICATESOF' APPROVAL OF THE ATTORNEY GENERAL OF
THE STATE OF TEXAS" AND REPEALING THE ORDINANCES AUTHORIZING
THE ISSUANCE OF ALL OF SAID BONDS" . EXCEPr THOSE PORTIONS OF
SAID ORDINANCES 'WHICH LEVY TAXES.
WHEREAS" on .the 24th d8l1 of June, 1946" the City Commission of the Oi ty
of West University Place" Texas" enacted four ordinances authorizing the issuance
of_the following described bonds" respectively:
(a) $230,000 City of West University Place, Street Paving and Bridge Bonds"
Series 1946, dated July 1.5" 19M>" bonds nos. 1 to 86, inclusive" bearing interest
at the rate of 2i% per annum and bonds nos. 87 to 230" inclusive" bearing interest
at the rate of 2!% per annum; "
(b) $.50,,000 City of West University Place" Public Park Bonds, Series 1946,
dated July 1.5" 1946, bonds nos. 1 to 43, inclusive, bearing interest at the rate
of 2i% per annum and bonds nos. 44 to 50" inclusive, bearing interest at the rate
of 1-3/4% per annum; .
(c) $10,,000 City of West University Place, Fire-Jrighting Equipment Bonds"
Series 1946" dated July 15" 1946" bonds nos. 1 to 9, inclusive, bearing interest
at the rate of 2i% per annum and bond no. 10 bearing interest at the rate of
1-3/4% per annum;
(d) $60,,000 City of West University Place, Storm Sewer Bonds, Series 1946,
dated JUly 15" 1946, bonds nos. 1 to 52, inclusive, bearing interest at the rate
of 2i% per annum and bonds nos. 53 to 60, inclusive, bearing interest at the rate
of 1-3/4% per annum; and
'WHEREAS" said bonds were printed, approved by the Attorney General of the
State of Texas on August 6, 1946, and registered by' the Comptroller of Public Ac-
counts of the State of Texas under registration certificates nos. 23511, 23514,
2.3512 and 2.351.3, respectively, but the City was unable to sell auy part of said
bonds at the rates of interest authorized by' said ordinances; and
WHEREAS" the City Commission of the City of West University P1ace,Texas" be..;
1ieves that the interest of the City will be best served if each and all of the
above described bonds are canceled" together with the Attorney General's certi.ti-,
cates of approval and the Comptroller's registration certificates pertaining to
said bonds, iri order that the Citymau issue, in lieu of the above described bonds,
new bonds bearing higher rates of interest; therefore
Texas:
BE IT ORDAINED by the City Commission of the City at West University Place,
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Section 1: That the $230,000 City of West University Place Street Paving' il
and Bridge Bonds, Series 1946, the $50,000 City of 'West University Place Public I-.J
Park Bonds, Series 1946, the $10,000 City of West University Place Fire-Fighting
Equipnent Bonds, Series 1946, and the $60,000 9ity of West University Place Storm
Sewer Bonds, Series 1946, all of which bonds are dated July 15, 1946, and more
fully described in- the preamble hereof, are hereby ordered canceled. It is fur-
ther~ ordered that said bonds be retUrned to the Comptroller of Public. Accounts of
the State of~ Texas lIitl1 instructions to the Comptroller to cancel said bonds and
to eancel his certific1.tes of registration on said bonds; and that said bonds then
be returned to the AttOrney General of the State of Texas.nth instructions that
. his certificates of approval be canceled; and each and all of said bonds shall be
in all respects canceled and shall be null' and void.
Section 2: That the above mentioned ordinances of the City of West University
Place, Texas, authorizing the issuance of all of said 'bonds, said ordinances being
dated June 24, 1946~ are hereby repealed, except those portions of said ordinances
which levy taxes, which said portions of said ordinances, and the tax levies there-
in contained, shall ranain in fill for~e and' effect.
PASSED and APPROVED this 28th dai of October, 1946.
~;(~ty
, Place, Texas
ATTEST:
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CITY SECRETARY, City of West
University Place, Texas
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