HomeMy WebLinkAboutORD 327 - ORD authorizing the Cancellation of $10000 Firefighting Equipment Bonds
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OR.flTNANr.li: NO )?7
AN ORDINANCE AUTHORIZING THE CANCELLATION OF $10,000 FIRE FIGHT-
ING EQUIPMENT'BONDS DATED JULY 15, 1946, AUTHORIZING THE ISSUANCE
OF $10,000 FIRE FIGHTING EQUIPMENT BONDS'DATED NOVEMBER 1, 1946,
PRESCRIBING THE TERMS AND OONDITIONS . THEREOF , LEVYING TAXES TO PAY
THE PRINCIPAL AND .INTEREST THEREON, AND REPEALING THOSE PORTIONS
OF ALL. ORDINANCES IN CONFLICT HEREWITH.
WHEREAS, at an election held in the City of West University Place, Texas,
on the 11th dew of May, 1946, a majority of the duly qualified residenteledtors
who Olm taxable property within said City and 'Who had duly rendered the same
for taxation voting at said election, voted in favor of the issuance of the
bonds of said City in the amount o.f$lO,OOO for the purpose of purchasing fire
fighting equipment for the City Fire Department; and
WHEREAS, said election was properly called and notice thereof given as
required by law and the City Commission has heretofore canvassed the results
thereof and det~nnined the specific authority of the City to issue said bonds;
and
WHEREAS, the City Commission of the City of West University Place, Texas,
by ordinanc.e dated June 24~ 1946, authorized the issuance of $10,000 Qity of West
University Place, Fire Fighting Equipment Bonds, Series 1946, dated July 15,
1946, numbered from 1 to 10, both inclusive, bonds nos. 1 to 9, both inclusive,
bearing interest at the rate of 2 1/4% per annum and boncino. 10 bearing inter-
est 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 Pub-
lic Accounts of the State of Te~s under registration number 23512 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 $10,000 Fire Fighting
Equipment 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,
described in the preamble hereof, being $10,000 City of West University Place,
Texas, Fire Fighting Equipment Bonds, Series 1946, dated July 15, 1946, bonds'
nos. 1 to 9, both inClUsive" bearing interest at the rate of 2 1/4% peraJ;lIlum
and bond no. 10 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 bonds be returned
to the Comptroller of Public Accounts of the State of Texas "With instructi9ns
that his Certificate of Registration on said bonds be cancelled; and that said
bonds then be returned too the Attorney General of the State of Texas with instruc-
tions that his Certificate of Approval be cancelled; and that thereafter the
bonds themselves shall be in ~all respects cancelled and shall be null and void;
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and that in lieu of s aid bonds there shall be issued the bonds hereinafter des-
cribed.
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Section,2J. That t,he bonds of the City of West University Place, Texas,
be issued in the principal amount of $10,000 to be m01lll and designated as "CITY
OF WEST UNIVERSITY PLACE, FIRE FIGHTING EQUIPMENT BONDS, SERIES 1946," for the
purpose of purchasing fire fighting equipment for the City Fire Department under
and by virtue of the Constitution and Laws of the ~tate 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~:. Said bonds shall be dated November 1, 1946, shall be numbered
from 1 to 10, both inclusive, sha11 be in the denomination of $1,000 each, aggre-
gating $10,000 and sha11 become due and payable on the 1st day of November in each
of the years and in the res~ctive amount~ sho'Wll in the following schedule, to-wit:
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Bonds Nos. Mat.uMV tus&ouzrt
1 November 1, 1967 $ 1,000
2 " 1, 1968 1,000
3 " tI 1969 1,000
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4 It It 1970 1,000
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5 II It 1971 1,000
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6 It It, 19.72 1,000
7 II tI 1973 1,000
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8 tI tI 1974 1,000 0
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9 " ", 1975 1,000
10 It It, 1976 1,000
The City of West University P1~ce, 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 redemp-
tion. 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 '.fhe City National Bank of Houston, Houston, Texas, and shall
be pllb1ished 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 redemp-
t~on. 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 which would otherwise accrue, shall be ter- _ ~
minated on the date fixed for redemption.
Section 4: Said bonds shall bear interest q.s follo"WS: Bonds nos. 1 to 5,
both inclusive, at the rate of 3% pet annum, and bonds nos. 6 to 10, both inc1.u-
si ve, at the rate of 2 3/4% per annum, ihtere~t payable on the 1st day of 1Iay~:r,19lt1,
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- Jl'
pons attached to said bonds as they severally become due. '-
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Section ~: That each of said bonds shall be signed by the Mayor and
countersigned by the City Secretary and the corporate seal of the City shall be
--.J impressed upon each of them. The facsimile signatures of the Mayor and City Sec-
retary may be lithographed, engraved qr 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 substantial~ as follows:
No. $ 1,~.OO
UNITED STATES OF AMERICA
STATE OF TEXAS
COUN'fY CF HARRIS
CITY OF WEST UNIVERSITY PLACE
FIRE FIGHTING EQUIPMENT. 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
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ONE THOUSAND DOLLARS
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($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 Mq 1, 1947, 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
follow.i.ng additional clause: The City of West Uni versi ty Place, Texas, reserves the
right to redeem this bond on November 1, 1956, or on any interest payment date there-
after, by pqing the principal and unpaid accrued interest thereon to the date fixed
for redemption. In case all of said bonds subject to redemption, or any part there-
of, 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 journal publi&bed in New Yorj,
New York, and of general circulation in the United States of America at leastoone
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 ten (10) bonds of like date' and. tenor, ex-
cept as to munber, maturity am interest rate, numbered 1 to 10, both inclusive,
. in the dSnomination of One Thousand DollarS ($1,000) each, aggregating $lO,~.OO,
and is issued for the purpose of purchasing fire fighting equipment for the City
Fire Department, under and in strict conformity with the Constitution and Laws of
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the state ot Texas, particularly Chapters 1 and 7 ot Title 22, Revised CiVil, [l~i I
Statutes ot Texas, 1925, as amended, and the City Charter ot said City, particu- U
lar1y Article XXIII thereot, and pursuant to an ordinance duly passed and adopted
by the City Commission ot the City ot West University Place, Texas, which ordinance
'is ot record in .the Minutes ot said Commission.
. COUNTERSIGNED:
City Secretary
City o~ West. 'University Place, Texas
(S E A Ii)
Section 7: The torm ot the coupmns to be attached to said bonds shall be
subst.antially as fo llows:
Bol
$
On the 1st dq ot ,19 , tre City ot West Univer-
sity Place, in the County of Harris, State of Texas, proiis,es to pay to bearer at
The City N~tional Bank ot Houston, Houston, Texas, the sum ot
. Dollars ($ I ), in lawful money of
the United States ot America; being the -interest due that date on the City ot West n
University Place-Fire Fighting Equi];lllent Bonds, Series 1946, dated November'l, 1946, l~J
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Bond No.
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Mayor
City of West University Place,
Texas
City Secretary
City of West University Place, Texas
(s EAt)
SeeM on. 8! The following certificate shall be printed on the back of each
of said bonds:
OFFICE OF THE COMPTROLLER
THE STATE OF TEXAS
I hereby certify that the Ie 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 be finds that it has been
issued inconfonnity 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.
WITNESS my hand and seal of office at Austin, Texas, this
. ,1946.
day of
Comptroller of Public Accounts of
The State of Texas
Section 9: While said 'bonds, or any part; of t~ 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, sufficient to pay the prin-
cipal as it matures; and it is ordered that the tax of 1~ on each $100 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 $10,000 City of West University Place Fire Fighting Equipment Bonds,
Series 1946, dated July 15, 1946, (1Ihich bonds are hereinabove ordered cancelled)
shall remain in full force and effect and the proceeds collected by virtue of such
tax levy shall be used to pq the interest on and to create a sinking fund for the
$10,000 City of West University Place Fire Fighting Equipnent 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 Hcome
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due and payable, there is hereby levied for each of the years while said bonds I I
or "'Il' par1; of the princ1.paJ. thereof or iJxI;erest thereon remains outstandi1lg and ~
unpaid, a continuing direct annual ad valorem tax upon all taxable property with-
in 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 10: That the Mayor shall take and have charge of said bonds pend-
ing their investigation and approval by the Attorney General and, when so approved,
shall deliver them to the Cemptrol1er of Public Accounts for registration. Wh~n
said bonds have been registered, the Comptroller ot Public Accounts is authorized
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
confiict, here by express4r repealed.
PASSED and APPROVED this 28 dq of October, 19116.
Mq~~~ity
Place, Texas
ATTEST:
City Secretary
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