HomeMy WebLinkAboutORD 326 - ORD Authorizing the Cancellation of $50000 Public Park Bonds dated July 15, 1946
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ORDINANCE NO. 326
AN ORDINANCE AUTHORIZING '.FRE CANCELLATION OF $50,000 PUBLIC PARK
BONDS DATED JULY 15, 1946, AUTHORIZING THE ISSUANCE OF $50,000
PUBLIC PARK BONDS DATED NOVEMBER 1, 1946, PRESCRIBING THE TERMS
AND CONDITIONS THEREOF, LEVYING TAXES TO PAY THE PRINCIPAL AND
INTEREST THEItEON, AND REPEALING THOSE PORTIONS' OF ALL ORDINANCES
IN C01NFLICT HEREWITH.
WHEREAS, 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
ta.:x:ation voting at said election, voted in favor of the issuance of the bonds of
said City in the amount of $50,000 for the purpose of acquiring 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 there-
of 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 $50,000 City of West
University Place, Public Park Bonds, Series 1946, dated July 15, 1946, numbered
from 1 to 50, both inclusive, bonds nos. 1 to 43, both inclusive, bearing interest
at the rate of 2i% per annum and bonds nos. 44 to 50, both inclusive, bearing..-in-
terest at the rate of 1 3/4% 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 23514 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 authorized by said ordinance dated June 24, 1946;
and
WHEREAS, the City has now found a purchaser for its $50,000 Public Park
Bonds authorized at said election held within said City on May 11, 1946, at the rates
of interest hereinafter set out; therefore
BE IT ORDAINED BY the City Commission of the City of West University Place,
Texas:
Section 1: That the bonds of the City of West University Place, Texas, des-
cribed in the preamble hereof, being $50,000 City of West University Place, Texas,
Public Park Bonds, Series 1946, dated July 15, 1946, bonds nos. 1 to 43, both inclu-
sive, bearing interest at the rate of 2i% per .annum and bonds nos. 44 to 50, both
inclusive, bearing interest at the rate-of 1 .3/4% per-annum, be and the same are here-
by ordered cancelled and it is ordered that said bonds be if~:t,~-a.,~ito the Comptroller
of Public Accounts of the State of Texas with instructions that his Certificate of
Registration on said bonds 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 thereafter the bonds themselves shall be in all res-
pects cancelled and shall be null and void; and that in lieu of said bonds there
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shaJ.l be issued the bonds hereinafter described.
Section 2: That the bonds of the City of West University Place, Texas,
be issued in the principal amount of $50,.000 to be known and designated as "CITY
OF WEST UNIVERSITY PLACE, PUBLIC PARK BONDS, SERIES 1946", for the purpose of
acquiring land and improving same as a public park for said City under and by
virtue of the constitution and Laws of the State of Texas, particularly 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 thereof.
Section 3: Said bonds shall be dated November 1, 1946, shall be numbered
from 1 to 50~ both inclusive, shall be. in the denomination of $1,000 each, aggre-
gating $50,000.00 and shall become due" and payable on the 1st day of November in
each of the years and in the respective amounts shown in the following schedule,
to-witt
Bonds Nos~ Maturity Amount
1-3 November 1, 1967 $ 3,000
4 - 7 " " 1969 4,000
,
8 - 11 " ", 1970 4,000
12 - 16 " " 1971 5,000
,
17 - 22 " " 1972 6,000
,
23 - 29 " " 1973 7,000
,
30 - 36 " ", 1974 7',000
37 - 43 II II 1975 7,000
,
44 - 50 "- n 1976 7 ,.000 '
,
The City of West University Place, Texas, reserves the right to redeem said
boIids 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. IIi the event all or any part of the bonds' then outstanding sh~l 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 journal published in New York, New York, and
of gerieral 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 due provision has been :made to redeem the same as herein pr~vided, the
right of the owners and holders to collect interest which would. otherwise ?,.~crue,
shall be terminated on the date fixed for redemption. .
Section 4: Said bonds! shB11 bear interest as follows: Bonds nos. 1 to 16,
both inclusive, at the rate 'of 3% per annum, and bonds nos. 17 to 50, both inclu-
sive, at the rate of 2' 3/4% per annum, interest payable on the 1st day of May,
1947; arid semi-annuaily thereafter on'the 1st day of November and the 1st d1v of
,Mt:JlV in each year until the principal is paid. Both principal and interest on said
bonds shall be payable in lawful money of the Unit~d States of America 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 slU'render of the interest cou-
pons attached to said bonds as they severally becom~ due.
. , SectioIi 5t That eachof said bonds shall be signed by the Mayor and coUnter-
signed by the-cIty Secretary and the corporate. seal of the City shall be impressed
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upon each of them. The facsimile signatures of the Mayor and City Secretary m~
be lithographed, engraved or printed on the coupons attached to said bonds and
shall have the effect as if said bonds bad been signed by said officers.
,
Sectioh 6: That the form of said oonds shall be substantially as follows:
No. $1,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF WEST UNIVERSITY PLACE
PUBLIC PARK BOND
SERIES 1946
The City of West University Place, in the County of Harris, in the State
of Texas, for value received, aci{nowledges 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 there-
on from date at the rate of % per annum, payable Ma;y 1, 1947, and semi-an-
nually the re 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 Bank
of Houston, Houston, Texas, and interest falling due on or prior to maturity is
payable only upon presentation and surrender of tie interest coupons hereto at-
tached as they severally become due. (Bonds maturing after November 1, 1956,
shall contain the following additional clause: The Oity of W~st University Place,
Texas, reserves the right to' redeem this bond on November 1, 1956", or on any in-
terest payment da.te thereafter, by pqing the principal and unpaid accrued in-
terest thereon to the date fixed for redempt:iDn. In case all of said bonds
subject to redemption, or any part thereof, shall be called for redemption be-
fore maturity, notice thereof in 'Writi~ shall be mailed, pro];:erly stamped and
addressed to The City National Bank of Houston, Houston, Texas, and shall be pub-
lished in a financial journal published in New York, New York, and of general
circulation in the United States of America at least one till1e and said. notice
shall be mailed and published at least thirty (30) d.a:ys before the date fixed for
redemption. When said bonds subject to redemption, or any partttiereof, have been
called for redemption and due provision has been made to redeem the same as here-
in provided, the right of .the owr.ers 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 fifty (50) bonds of like date and tenor,
except as to number, maturity, and interest rate, numbered 1 to 50 ,both in-
clusive, in the denomination. of One Thousand ($1,000) Dol).ars each, aggrega;ting
$50,000 and is issued for the purpose of acquiring landandilD.pTOvi~ same as a
public .park for said City under and in strict conformity with the Constitution
and Laws of the State of Texas, particularly Chapters 1 and 7 of Title 22, re-
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vised Civil Statutes of Texas, 192$, as amended, and the City Charter of said I.U!:
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 tJ::e Minutes of said Commission.
The date of this bond, in confom.ity w.l. th the above IEntioned ordinance
is November 1, 1946.
It is hereby certified, recited and represented that the series of bonds
of .mich 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 happ:med and been performed in regular and due time, form and
maimer as required 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 sinking fund for the final redemp-
tion of said bonds at maturity; and that the issUe of bonds' of 1ihich this one
is a part, together w.l.th all other indebtedness of said City, do not exceed any
constitutional or statutory limitation.
IN WITNESS WHEREOF, the City Commission of the City of West Umversity
Place, Texas, has caused the seal of said City to be affixed hereto and this
bond to be signed by the M~or and counterSigned by the City Secretary, and the
interest coupons hereto att~ched to be executed by the facs4!dle signatures of
said Mayor and City Secretary, as of November 1, 1946.
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Mayor
City of West University Place, Texas
COUNTERSIGNED:
City Secretary
City of West University Place, Texas
DeGtion 7. The form of the coupons to be attached to said bonds shall be
substantially as follows:
$
No.
On the 1st dav of , 19 , the City of West Uni-
versity Place, in the County 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 Public Park Bonds, Series 1946, dated November 1, 1946, Bond
No. .
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Mayor
City of West University Place,
Texas
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City SecretaIY
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 COMPl'ROWR
THE STATE OF TEXAS
I hereby certify that there is on fUe and of record in my 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, 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 bas this dq 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 9: 'While said ronds, or aIl1' part of the principal thereof or
interest 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 either city taxes are assessed, levied and collected, in eac}I year,
a tax upon all taxable property in said City of West University P1.ace, Texas,
sufficient to pa;y the current interest thereon and to create a sinking fund to
pay the principal as it matures; and it is ordered that the tax of 3; on each
$1.00 valuation of taxable property within said City levied in the ordinance
dated June 24, 1946, re'ferred to above, to pay, for the current year, interest
on and to create a sinking fund for the $50,000 City of West University Place
Public Park Bonds, Series 1946, dated July 15, 1946 (which bonds are hereinabove
ordered cancelled) shall remain in full force and effect and the proceeds col-
lected by virtue of such tax levy shall be used to pay the interest on and to
create a sinking fund for the $50,000 Public Park 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 respective-
ly become due and p8\Vable, there is hereby levied for each of the years 'While
said bonds or arry part of the principal thereof or interest thereon remains out-
standing 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 pajyDlent of principal and interest on said bonds, and to
no other purpose.
Section 10: That the Mayor sh~l take and have charge of said bonds pend-
ing their investigation and approval. by the Attorney General, and, when so ap_
proved, shall deliver them to the Comptroller of Public Accounts for registra-
tion. When said bonds have been registered, the Comptroller of Public Accounts
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is authorized to deliver them to the'Mqor, who shall deliver them to the
purchasers thereof upon receipt of the purchase price.
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Section 11: All ordinances in conflict herewith are,te the extent
of such conflict, hereby expressly reJ,>ealed.
PASSED and APPROVED this 28 dBir of October, 1946.
a~~
Mayor, ity of est niversity
Place, Texas
ATTEST:
City Secretary
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