HomeMy WebLinkAboutORD 324 - ORD authorizing the Cancellation of $60000 Storm sewer Bonds Dated July 15, 1946
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ORDINANCE NO. 32~
~N ORDINANCE AUTHORIZING THE CANCELLATION OF $60,000 STOmA: SEWER
BoNnS DATED JULY 15, 1946, AtJ'1HORIZING THE ISSUANCE OF $60,000
STORM'SEWER BONOO DATED NOWMBER 1, 1946, PRESCRIBIN(} THE TERMS
AND CONDITIONS THEREOF, LEVYING TAXES TO PA! THE PRINCIPAL AND
INTEBEST THEREON, AND REPEALING THOSE PORl'IONS (F ALL ORDINANCES
IN CONFLICT HEREWITH.
WHEREAS, at an election held in the City of West University Place, Texas,
. on the .11th day of Mq, 1946, a majority of the d~ qualified resident electors
'Who O'WIl 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 t.he bonds of
said City in the amount of $60,000 for the purpose of constructing storm sewer
and drainage structures in and for said City; and
WHEREAS, said election was properly caJ.ledand notice thereof given as
required by law and the City Commission has here,tofore 'canvassed the results
thereof and determined the specific authority of the City to issue said bonds;
and
WHEREAS, the City Commission of the City of West University PlaCe, Texas,
by ordinance dated June 24, 1946, authorized the issuance of $60,000 City of West
University Place, Storm Sewer Bonds, Series 1946, dated July 15, 1946, numbered
from 1 to 60, both inclusive, bonds nos. 1 to 52, both inclusive, bearing interest
at the rate of 2i% per annum and bonds nos. 53 to 60, both inclusive, bearing in-
terest at the rate of 1 3/4% per annum, interest payable semi-annually; and p~,,~,
'WHEREAS, said bonds -were printed, approved by the A ttomey 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 number 23513 on August 6, 1946,
but were not sold and delivered by the City because the City could find no purchaser
for said bonds at the interest rates authortzed by said ordinance dated June 24,
1946; and
'WHEREAS, the City has now foimd a purchaser for its $60,.000 Storm Sewer
Bonds authorized at said electionLheld "Within said City .on May 11, 191tP, at the
rates of interest hereinafter set out; therefore
BE IT ORDAINED by the City Commission of the City of West University Place,
Texas:
. . Sect-ion 11 That the bonds of the City of West UIliversity Place, Texas, des-
cribed in the preamble hereof, being $60,000 City of West University Place, Texas,
Storm Sewer Bonds, Series 1946, dated July 15, 1946, bonds nos. 1 to 52, both in-
clusive, bearing interest at the rate of 2-1% per annum and bonds nos. ,3 to 60,
both inclusive, bearing interest at the rate of '1 3/4% per annum:, be and the same
are hereby ordered cancelled and it is ordered that said oonds be retumed to the
Comptroller of Public Accounts of the State of Texas w.i. th instructions that his
Certificate of Registration on said bonds be cancell~d; and that said bonds then
be returned to the Attorney General of the State of Texas w.i.th instructions that
his Certificate of Approval be cancelled; and that thereafter the bonds themselves
shall be in all resP9cts cancelled and shall be null and void; and that in li~j
of said bonds there shall be issued the bonds hereinafter described.
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Section 2: That the bonds of the City of West University Place, Texas, -1
be issued in the prin~ipal amount of $60,000 to be known and designated as
"CITY OF WEST UNIVERSITY PLACE, STORM SEWER BONDS, SERIES 1946", for the pur-!_
pose of constructing storm sewer and drainage structures in and for said City
under and by virtue of the Constituion and Laws of the State of Texas, parti-
cularly Chapters 1 and 7 of Title 22, Revised Civil Statutes of Texas, 1925,
as amended, and the City Charter of said City, particularly Article XXIII there-
of. .
Section 3: Said bonds shall be dated November 1, 1946, shall be numbered
from 1 to 60, both inclusive, shall be in the denomination of $1,000 each, ag-
gregating $60,000 and shall become due and payable on the 1st day of November in
each of the years and in the respective amounts shollll in the following schedule,
to-wit:
Bonds Nos. Maturity Amount
1-4 November 1, 1967 $ 4,000
5-9 II ", 1969- 5,000
10 - 15 It ~, 1970 6,000
16 - 21 " " , 1971 6,000
22 - 28 II II , 1972 7,000
29 - 36 II II , 1973 8,000
37 - 44 " u, 1974 8,000
45 - 52 " ", 1975 .8,000
53 - 60 " It, 1976 8',000
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The City of West University Place, Texas, reserves the right to redeem
said bonds on November 1, 1956, or on any interest pqment 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 shal1
be called for redemption before majmrity, notiee thereof in 1Iritinij shal1 be mailed
proper~ stamped and addressed to .~ City Nat~onal Bank of Houston; Houston, Texas,
and shall berPUb1ished in lkdananctlhLjournal published in New York, New York:, and
of general .circulation in the United St'ates of America at least .Dne 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 1ihic~ would otherwise accrue,
shall be terminated on the date fixed for redemption.
Section 4: Said bonds shall bear interest as follows: Bonds nos. 1 to2l~
both inclusive, at the rate of 3% per annum, and bonds no.s. 22 to 60, both inclu-
sive, at the rate of 2 3/4% per annum, interest payable on the 1st day of May, 1947,
and semi-annually thereafter on the first day of November and the first day of. May
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 Na-
tional 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 cou-
pons attacheq. to said bonds as they severally become due.
Section 5: That each of said bonds shall be signed by the Mayor and coun:'" ii"
tersignedby the City Secretary and the corporate seal of the City shall be i.m- ~_.J
pressed upon each of them. The facsimile signatures of the Mayor and City Secre-
tary Il8y be lithQgraphed, engraved or printed on the coupons attached to said
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bonds and shall have the effect as if said bonds had been signed by said of-
ficers.
Section 6: That the form of said bonds shall be substantially as follows:
No.
$ 1,000.00
UNITED STA'm) CF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF WEST UNIVERSITY PLACE
STORM SEWER BOND
SERIES 1946
The City of West University Place, in the County of HaITis, in the State
of Texas, for value received, aclmowledges itself indebted to and promises to pay'
to bearer on November 1, 19 the sum of
ONE THOUSAND IDLLABS
($1,000.00), in 1a;wf'ul money of the United States of America, with interest there-
on from date at the rate of % per annum, p~ab1e Ma.v1, 1941, and semi-annually
thereafter on November 1 and May .1 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. (Bonds maturing after November 1, 1956, shall contain the
following additional clause: The City of West University' Place, Texas, reserves
the right to redeem this bond on November 1, 1956, or on aery 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 writing shall be mailed, properl.y 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
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 owners and holders to collect interest which 'WOuld otherwise accrue shall be
terminated on the date fixed for redemption.)
This bond is one of a 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 ($1,000) Dollars each, aggregating $60,000.00
and is issued for the purpose of constructing stonn sewer and drainage structures
in and for said City, under and in strict conformity with the Constitution and
Laws of the"State of Texas, particularly Chapters 1 and 1 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
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adopted by the City Commission of the City of West University Place, Texas,
which ordinance is of record in the Minutes of said Commission.
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The date of this bond, in conformity with the above mentioned ordinance,
is Nov:ember 1, 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 University Place, Texas, on May 11, 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 obligations of said City,
have been done, have happened and been 1'6 rformed in regular and due time, form
and manner as required by law; that due provision has been made for levying and
colleetion annually by taxation an amount sufficient to pay the interest on these
bonds as it falls due and to. provide a sinking fund for the final redemption '01'
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 constitu-
tional or statutory limitation.
IN WITNESS WHEREOF, the City Conunission of the City of West University
Plue, Texas, has caused the seal of said City t.o be affixed hereto and this
bond to be signed by the Mqor and countersigned by the City Secretary, and
the interest coupons hereto attached to be executed by the facsimile signa-
tures of said Mqor and City Secretary, as of November 1, 1946.
(Simed) A. L. Kerbow
Mqor
City of. West University Place
Texas
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COUNTERSIGNED:
(Signed) James L. Williams)
. City Secretary
City of West University Place, Texas
Section 7: The form of the coupons to be attached to said bonds shall be
substantially as follows:
NO.
$
On the 1st dBi1 of . , 19 , the City of West Univer-
si ty Place, in the County of Harris, State of Texas, promises to PBir to bearer
at .The City National Bank of Houston, Houston, Texas, the sum of
. ])allars ($ ), 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 November 1, 1946, Bond
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(Si~ed) A.. L. Kerbow
Mayor
City of West University Place, Texas
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(Signed) James L. Willi ;:lm~
City Secretary
City of West University Pla,ce, Texas
OIj"Llv.u. 8. The follovd.ng 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 II1:f office a cer-
tificate 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 confonnity vd.th the Constituion and Laws of theState of Texas, and
that it is a valid and binding obligation upon said C.ity of West University Place,
Texas, and that said bond has "this day been registered by me.
WITNESS II1:f hand and seal of office at Austin, Texas, this
, 1946.
daiv of
Comptroller of Public Accounts of
The State 0 f Texas
Sec"tion 9: While said bonds, or any part of the principal thereof or in-
terest thereon, remain outstanding and unpaid, there 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, suffi-
cient to pew the current interest thereon and to cr8ate a sinking fund to pay
the principal as it matures; and it is ordered that the tax of 3i on each $100
valuation of taxable property within said City levied in the ordinance dated
June 24, 1946, referred to above, to pew, for the current year, interest on and
to create a sinking fund for the $60,000 City of West University Place Stonn Sewer
Bonds, Series 1946, dated July 15, 1946, (which bonds are herein above ordere.d
cancelled) shall remain in full force and effect' and the proceeds Collected by
virtue of such tax levy shall be used to pew the interest on and to create a
sinking fund for the $60,000 City of West University Place Storm Sewer, Bonds,
Series 1946, dated November 1, 1946, authorized by this ordinance and said tax
shall be assessed, collected and applied to the purpose names; and for the pur-
pose of providing a fund for the payment of principal and interest on said bonds
as they respectively become due and pewable, there is hereby levied for each of
the years while said bonds or any part of the principal. thereof or interest there-
on remains outstanding and unpaid, a continuing direct annual ad valorem tax upon
all taxable property within said City suf.ficient rbherefor, and said taxes, when
collected, shall be applied to the payment of principal and interest on said bonds,
and .to no other purpose.. ;tn' addition, there is hereby appropriated out of the
funds of said City on hand and available for that purpose the sum of $125.00 Dol-
lars to pa;,v interest 'Which will accrue on said bonds May 1, 1941:., and on November
1, 1947.
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Section 10: That the M~or 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 regis-
tration. When said bonds have been registered, the Gomptroller of Public Ac-
counts is authorized to deliver them to the Mayor, "Who shall deliver t.hem t.o
t.he purchasers thereof upon receipt of the purchase price.
Section 11: All ordinances in conflict herewith are, to the extent. of
such conflict, hereby expressly repealed. '
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PASSED and APPROVED t.his 28 day of OctOber, 1946..
d~
M~or, i ty 0 West Uni versi ty
Place, Texas
ATTEST:
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City Secretary, City of West
University Place, Texas
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