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HomeMy WebLinkAboutORD 325 - ORD authorizing the Cancellation of $230000 Sreet Paving & Bridge Bonds dated July 15, 1946 o u ;----;1 Li Vi ORDINANCE NO. 325 AN ORDINANOE AUTHORIZING THE CANCELLA.TION OF $2)0,000 STREET PAVING AND BRIDGE BONDS DATED JULY 15, 1946, AUTHORIZING THE ISSUANCE OF $230,000 STREET PAVING AND BRIDGE BONDS DATED NOVEMBER 1, 1946, PRESORIBING THE TERMS AND CONDITIONS THEREOF, LEVYING TAXES TO PAY THEPRINOIPAL AND INTEREST THEREON, AND REPEALING THOSE PORTIONS OF ALL QRDINANOES IN OONFLICT HEREWITH. WHEREAS, at an election held in the City of West University Place, ,Texas, on the 11th ~ of May, 1946, a majority of the duly qualified resident electors who 0\Wl 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 $230,000 for the purpose of construction and improve- ment of the streets and bridges wi thin said City; and WHEREAS, said election was properliy called and notice thereof given as required by law and the City Connnission has heretofore 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, authorize'd the issuance of $230,000 City of West University Place, Street Paving and Bridge Bonds, Series 1946, dated July 15, 1946, numbered from 1 to 230, both inclusive, bonds nos. 1 to 86, 'both in- clusive, bearing interest at the rate of 2!% per annum and bonds nos. 87 to 230, both inclusive, bearing interest at the rate of 2i% per annum, interest payable semi-annually; 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 number 23511 on August 6, 1946, but were not sold and delivered by the City because the City could find no pur- chaser for said bonds at the interest rates authorized by said ordinance dated June 24, 1946; and WHEREAS, the City has now found a purchaser for its $230,000 Street Paving and Bridge Bonds authorized at said election held within said City on May 11, 1946, at the rate of interest hereinafter set out; therefore BE IT ORDAINED by the City Connnission of the City of West University Place, Texas: Section 1: That the bonds of the City of West University Place, Texas, described in the preamble hereof, being $230,000 City of West University Place, Texas, Street Paving and Bridge Bonds, Series 1946, dated JUly 15, 1946, bonds nos. 1 to 86, both inclusive, bearing interest at the rate of 2~ per annum and bonds nosl 87 to 230, both inclusive, bearing interest at the rate of 2!% per annUlJl, be and the same 'are hereby ordered cancelled and it is ordered that said bonds be returned to the Oomptroller of Public Accounts of the State of Texas with instructions that his Certificate of Registration on said .lxmds be cancelled; and that said bonds then be returned to the Attorney General of the State of Texas with instructions that his Certificate of Approval be cancelled; and that there- after the bonds themselves shall be in all respects cancelled and shall be null and void; and that in lieu o:f said bonds there shall be issued the bonds hereinafter described. [1 11 I. T I. IT 1 CT..' ,..1. :I~ 198, ,~ Section 2: That the bonds of the City of. West University Place, Texas, ~ be issued in the principal amount of $230,000 to tbe known and designated asl II I RCITY OF WEST UNIVERSITY PDACE, STREET PAVING AND BRIDGE BONDS, SERIES 19l~A, U for the purpose of the construction and improvement of the streets and bridges of 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 ArticlE!' XXIII thereof. Section 3: Said bonds shall be dated November 1, 1946, shall be num- bered from 1 to 230, both inclusive, shall be in the denomination of $1,000 each, aggregating $230,000.00 and shall become due and payable on the 1st day of Novem- ber in eacb of t,he years and in the respective amounts shown in the following schedule, to-wit: Bonds Nos. llatiJ.r.i tll Amount 1-6 November 1, 1947 $ 6,000 7 - 12 A ", 1948 6,000 13 - 20 " It, 1949 8,000 21 - 28 It ", 1950 8.000 29 - -30 ---- " n, 1951- 8,000' 37 - 45 It ", 1952 9,000 46 - 55 " ~, 1953 10,000 56 - 65 " ", 1954 10,000 66 - 75 " ", 1955 10,000 il 76 - 86 " ", 1956 11,000 87 - 98 " It, 1957 12,000 U 99 - 110 it ", 1958 12,000 11l - 122 n It, 1959 12,000 123 - 135 tt ", 1960 13,000 136 - 151 A ", 1961 16, 000 152 - 168 " It, 1962 17,000 169 - 181 " It, 1963 13,000 182 - 196 it- A, 1964 15,000 197 - 212 It A, 1965 16,000 '213 - 230 " It, 1966 18,000 The City of West University Place, Texas, reserves the right to redeem said bonds on November 1, 1956, or on any interest payment 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 shall be called for redemption 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 j ourna1 published in New York, New Yori: .and of general circulation in the United States of America at least one time, and, said notice shall be mailed and published at leasttbii:ty- (30) daivs before the date fixed for redemption. When said bonds, or any part thereof, have been called for redemption and clue provision has been made to redeem the same as herein pro- . vided, the right of the oYme rs and holders to collect interest which would other- wise accrue, shall be terminated on the date fixed for redemption. Section 1u Said bonds shall bear interest at the rate of 3% per annum, interest payable on the 1st day; of May, 1947, and semi-annually- thereafter on Il LJ \ ~, r~' }.' D [; Ii 199 the first day of November and the first day of May in each year until the prin- ctpal is paid. . Both principal and interest on said bonds shall be payable in lavd'ul 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 pay- . able only upon presentation and surrender of the interest coupons attached to said bonds as they severally become due. Section I): That each of said bonds shall be signed by the Mayor and countersigned by tfie City Secretary and the corporate seal of the City shall be impressed upon each of them. The 'facsimile signatures of the Mayor and City Sec- retary may be lithographed, engraved 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 6: That the form of said bonds shall be substantially as follows: NO. Il"OOO~.OO UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF HARRIS CITY OF WEST UNIVERSITY PLACE STREET PAVING AND BRIDGE BOND SERIES 1946 The City of West University Place, in the County of Harris, in the State of Texas, for value received, acknowledges itself indebted to and promises to pay to bearer on November 1, 19 the sum of ONE THOUSAND lDLLARS ($1,000.00), in laWful money of the United States of America, with interest thereon from date at the rate of 3% per annum, payable May .1, 1947, and semi-annually there- after 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 :ijank of Houston" Hous- ton, 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 bec'ome due. (Bonds maturing after November 1, 1956, shall cOntain the following ad- ditional clause: The City of West University Place, Texas, reserves the right to redeem this bond on November 1, 1956, or on any interest p~ent date thereafter, by paying the principal and unpaid accrued interest thereon to the. date fixed for redemp- tion. In case all of said bonds subject to redemption, or arv part thereof, shall be caJ.le4 for redemption 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 no- tice 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.) roo . 1:.I 1: .II :[ I II II I 200 This bond is one of a series of tlVO hundred thirty (230) bonds of like 'In date and tenor, except as to number, maturity, and right of redemption before'ma- turity, . numbered 1 to 230, both inclusive, in the denomination of One Thousand ($1,000) Dollars each, aggregating $230,000.00 and is issued for the purpose of the construction and improvement of, streets, and bridges within said City, under and in strict contormi ty wi tb 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 Article XXIII thereof, and pursuant to an ordinance duly passed and adopted by. the City Commission of the City of West University Place, Texas, which ordinance is of record in the Mt-nutes of said Commission. . The date of this bond, in confonnity with the above mentioned ordinance, is November 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 perfonned in regular and due time, form and manner as required by law; that due provision has been made for levying and collection annually by tax- ation an amount sufficient to pay the interest on these bonds as it falls due and to provide a sinking 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 indebt- edness of said, City, do not exceed any constitutional or statutory limitation. .l IN 'WITNESS WHEREOF, 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 inter- est coupons hereto attached to be emcuted by the facsimile signatures of said Mayor and City Secretary, as of November 1, 1946. ' Mayor City of West University Place, Texas COUNTERSIGNED: 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: $ Il -* No. On the 1st day of , 19 , the City of West University Place, in the County of Harris, State of Texas, promises to pq- to bear- er at The City National Bank of Houston, Houston, Texas, the sum of [ [, LI 201 Dollars ($ ), in lawful money of the United States oJ: America, being the interest due that date on the City of West University Place Street Paving and Bridge Bonds, Series 1946, dated November 1, 1946, Bo-nd No. . MBiY"or City of West University Place, Texas. City Secretary City of West University Place, Texas Section 8: The following certificate shall be printed on the back of each of said bonds: OFFICE OF THE COMPTROLIER THE STATE OF TEXAS I hereby certify that there is on file and of record in my office a certi- ficate 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 West University Place, Texas, and that said bond has this day been registered by me. of WITNESS my hand and seal of office at Austin, Texas, this , 1946. day Comptroller of Public Accounts of The State of Texas Section, ?: 'While s?,id bonds, or any ~art.. of the princ~pal thereof or inter- est thereon, rema~n outstanding and unpaid, there ~s hereby leVl.ed and there sha;n be annually assessed and collected in due time, fom 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 prin- cipal as it matures; and it is ordered that the tax of l5~ on each $100 valuation of taxable property within said City levied in the ordinance dated June 24, 1946, referred to above, to pay, for the current year, interest on and to create a sinking fund for the $230,000 City of West University Place Street Paving and Bridge Bonds, Series 1946, dated July 15, 1946, (which bonds are hereinabove ordered cancelled" shall remain in full force and effect and the proceeds collected by viftue of such. tax levy shall be used to pay the interest on and to create a sinking fund for the $230,000 City of West University Place Street Paving and Bridge Bonds, Series 1946, dated November 1, 1946, authorized by this ordinance and said tax shall be assessed, 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 arry II tl ,I, ..1 ~02 part of the principal thereof or interest thereon remains outstanding and uhpaid, ,,]. a continuing direct annual ad valorem tax upon all taxable property within said . City sufficient therefor, and said taxes, when collected, sh~l be applied to the payment of principal and interest on said bonds, and to no other purpose. - Section 10: That the Mayor shall take and have charge of said bonds pending their investigation and approval by the Attorney General and, when so ap- proved, shall deliver them to the Comptroller of Public Accounts for registration. When said bonds have been registered, the Comptroller of Public Accounts is author- ized to deliver them to the Mayor, who shall deliver them to the 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. PASSED and APPROVED this 28 day of October, 1946. af,j~,--- M~or , City of West University Place, TEXAS ATTEST: l City Secretary, West University Place, Texas [l