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HomeMy WebLinkAboutORD 391 - ORD Authorizing the Issuance of $165000 Street Improvment Bonds Ir' . -:: ':r~;;",,,::,,:~) I ',r '~if'':;''~~~'''' " r-::-.: .. : ). - - :J 208 ORDINANCE NO. 391 AN ORDINANCE AUTHORIZING THE ISSUANCE OF $165,000 STREET I.MPROVEMENT BONDS, PRESCRIBING THE TERMS AND CONDITIONS THEREOF, AND LEVYII~G TAXES TO PAY THE PRINCIPAL AND INTEREST THEREON. 'I : I I I U I " WHEREAS, at an election held in the City of West University Place, Texas, on the 24th day of July, .1948, a m~jorityof the duly qualified resident. electors who own 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 $165,000 for the purpose of the construction and improvement of the streets within said City; and WHEREAS, said election was properly called and notice thereof given as re- quired by law and the City Commission has heretofore canvassed the results thereof and determined the specific autqority of the City to issue said bonds; 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, be issued in the principal amount of $165,000 to be known and designated as IlICITY OF WEST UNIVERSITY PLACE, STREET IMPROVEMENT BONDS, SERIES 1948t., for the purpose of the construction and improvement of the streets 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. I ! , u Section 2:: Said bonds shall be dated September 1, 1948, shall be numbered from 1 to 165, both inclusive, shall be in the denomination of . $1,000 each, aggregating $165,000.00, and shall, become due and payable on the 15th day of January in each of the years and in the respective amounts shown in the following schedule, to-wit:: Bonds Nos. Maturity AmoUnt 1 - 4 January 15, 1950 $ 4000 5 - 8 Itt It 1951 4000 9 :.. 12 " " 1952 4000 13 - 16 " It 1953 4000 17 - 20 " " 1954 4000 21 - 24 It; " 1955 4000 25 - 28 It " 1956 4000 29 - 32 " " 1957 4000 33 - 36 " tt 1958 4000 37 - 40 " II 1959 4000 41 - 44 " It 1960 4000 1-' 45 - 52 " " 1963 8000 ~ 53 - 63 It " 1964 11,000 209 [-I 64 - 77 January 15, 1965 14,000 lJ 78 - 96 " II 1966 19,000 97 - 128 II " 1967 32,000 129 - 165 II II 1968 37,000 The City of West University Place, Texas, reserves the right to redeem said bonds then outstanding on January 15, 1958, 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 HOliston, Houston, Texas, and shall be published in a financial journal published in New York, New York and of general cir- culation 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 provided, the right of the owners and holders to collect interest which would otherwise accrue after the redemption date, shall be terminated as of the date fixed for redemption. o Section 3: Said bonds shall bear interest as follows:: Bonds numbered 1 to 77, both inclusive, at the rate of 3!% per annum, and bonds numbered 78 to 165, both inclusive, at the rate of 3-1/4% per annum, in- terest payable on the 15th day of January, 1949, and semi-annually there- after on the 15th 0 day of July and the 15th day of January 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 National Bank of Houston, Houston, Texas, and interest falling due on and prior to maturity shall be payable only upon presentation,and surrender of the inter- est coupons attached to said bonds as they severally become due. Section h~ That each of said bonds shall be signed by the Malor and countersigned by the City Secretary and the corporate seal of the ity shall be impressed upon each of them. The facsimile signatures of the Mayor and City Secretary may be lithographed, engraved or printed on the coupons attached tbsaid bonds and shall have the effect as if said bonds had been signed by said officers. Section I): That the form of said bonds shall be substantially as follows:: II LJ NO.' $1,000.00 UNITED S TA TES OF AMERICA STA TE OF TEXAS - COUNTY OF HARRIS CITY OF WEST UNIVERSITY PLACE STREET IMPROVEM&"iJT BOND SERIES 1948 The City of West University Place, in the County of Harris, in the State of Texas, for value received, acknowledges itself indebted to and __ ____ 1: :L ::::_':'~::::I dO _ _J: .. L _ __n__~___' -J.[ II: - -I I: - : I 210 promises to pay to bearer on January 15, 19 , the sum of ONE THOUSAND DOLLARS ($1,000.00), in lawful money of the United States of America, with inter- est thereon from date at the rate of % per annum, payable January 15, 1949, and semi-annually thereafter on July 15th and January 15, 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 numbered from 37 to 165, inclusive, shall contain the following additional clause: The City of 'West University Place, Texas, reserves the right to redeem this bond on January 15,1958, or on any interest payment date thereafter, by paying the principal and unpaid accrued interest there- of 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, 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 or 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 after the redemption date shall be terminated as of the date fixed for redemption.) This bond is one of a series of one hundred sixty-five (165) bonds of like date and tenor, except as to number, interest rate, maturity, and right of redemption before maturity, numbered 1 to 165, both inclusive, in the denomination of One Thousand ($1000) Dollars each, aggregating $165,000.00, and is issued for the purpose of the construction and improvement of the streets ~~thin said City under and in strict conformity with 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 Gity of West University Place, Texas, which ordinance is of record in the Minutes of said Commission. The date of this bond, in conformity with the aoove mentioned ordinance, is September 1, 1948. 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 July 24, 1948, and that all acts, con- ditions 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 performed in regular and due time, form and manner 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 sink- ing 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- ,!l ./ 1 LJ :l : I L) 'l I~ o o [ 211 edness of said City, do not exceed any constitutional or statutory limita- tion. IN WITNESS WHEREOF, the City Commission of the City of West University Place, Texas, has caused the seal of said City to be affexed hereto and this bond to be signed by the Mayor and countersigned by the City Secretary, and the interest coupons hereto attached to be executed by the facsimile signa- tures of said Mayor and City Secretary, as of September 1, 1948. Mayor City of West University Place, Texas. COUNTERSIGNED :: City Secretary City of West University Place, Texas Section 6~ The form of the coupons to be attached to said bonds shall be substantially as follows: No. $ On the 15th day of ,19_* the City of West University 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 - ($ being the interest Improvement Bonds, ), in lawful money of the United States of America, due that date on the City of West University Place Street Series 1948, dated September 1, 1948, Bond No. . Mayor City of West University Place, Texas. City Secretary City of West University.Place, Texas. *Bonds Nos. 37 to 165 shall contain the following:- Unless the bond. to which this cou.pon was attached has been called for previous redemption, .Section 7: 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 there is on file and, of record in my office a certificate 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 an Laws of the State of Texas, and that it is a valid and binding obligation upon said 1_-: i::: :.:::::::.:~:1''' .,- - .,,- '~'::::.:J: _ J:' . j ___nn________ L:::II Ii' r:::-.. ] , :1- 212 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 Day of , 1948. ~I I r ; . LJ Comptroller of Public Accounts of The State of Texas. Section 8t While said bonds, or any 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 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 current interest thereon and to create a sinking fund to pay the principal as it matures; and a tax of. seven (7~) cents on each $100.00 valuation of taxable 'property within said City is hereby levied for the current year 1948 to pay interest on said. bonds and to create a sinking fund to redeem same at maturity, and said tax shall be assessed, collected and applied to the purpose named; and for the purpose of pro- viding 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 any part of the principal thereof or interest thereon remains outstanding 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 applted to the payment of principal and interest on said bonds, and to no other purpose. Il LJ Section 9: That the Mayor 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 Registration. Section 10: That the sale of said bonds to the Columbian Securities Corporation of Texas and First of Texas Corporation, of San Antonio, Texas, at a price,of par plus accrued interest plus a cash premium of $111.35 is he- reby ratified, confirmed and approved and said bonds shall be delivered to the named purchasers upon payment of the purchase price. PASSED and APPROVED this 16t University Place, c