HomeMy WebLinkAboutORD 392 - ORD Authorizing the Issuance of $60000 storm sewr Bonds
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ORDINANCE NO. 392
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AN ORDINANCE AUTHORIZING THE ISSUANCE OF $60,000 STORM SEW~ BONDS,
PRESCRIBING THE TEEMS AND CONDITIONS THEREOF, AND LEVYING TAXES TO PAY THE
PEINCIPAL AND INTEREST THEREON.
'WHEREAS, at an election held in the City of West University Place, Texas,
on the 24th day of July, 1948, a majority of the duly qualified resident
electors who own taxable property within said city and who had duly ren-
dered the same for taxation, voting at said election, voted in favor of
tpe issuance of the bonds of said city in the amount of $60,000 for the
purpose of constructing storm sewers and drainage structures in and 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
thereof and determined the specific authority of the city to issue said
bonds; ,Therefore
BE IT ORDAINED by the City <';ommission of the City of West University
Place, Texas:,
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S~ytio~ That the bonds of the City of West University Place, Texas, be
issu~din the principal amount of $60,000, to be known and designated as
"CITY OF "VEST UNIVERSITY PLACE STORM SEWER BONDS, SERIES 1948", for the
purpose of constructing storm sewers and drainange structures in and 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 2: Said bonds shall be dated September 1, 1948, sQall be numbered
from 1 to 60, both inclusive, shall be in the denomination of $1,000 each,
aggregating $60,000, 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 fol-
lowing schedule, to-wit:
Bond Nos. Maturity Amount
1 - 2 Jan uary 15, 1950 $ 2,000.00
3 II It 1951 1,000.00
4 - 6 " It 1952 3,000.00
1 - 8 II II 1953 2,000.00
9 - 10 II II 1954 2,000.00
11 - 12 " II 1955 2,000.00
13 - 14 II II 1956 2,000.00
15 '- 16 II " 1957 2,000.00
17 II It 1958 1,000.00
18 II II 1959 1,000.00
0 19 II It 1960 1,000.00
20 - 21 It It 1961 2,000.00
22 - 25 II II 1963 4,000.00
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26 - 30 January 15, 1964 $ 5,000.00 '
3]" - 3'b- tl It 1965 6;000.elO 0
3~ - 4a II It 1966 7,000.00
l# - 5l. It It 1967 .8,000.00
52 - 60 It It 1968 9,000.00
The City of West University Place, Texas, r-eserves the right to re-
seem said bonds on January 15, 1958, or on any interest payment date there-
after ,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
journal published in 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, 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 re-
demption date, shall be terminated as of the date fixed for redemption.
Section 3: Said bonds shall bear interest as 'follows: Bonds Nos. 1 to 37,
both inclusive, at the rate of 3-1/2% per annum, and Bonds Nos. 38 to 60,
both inclusive, at the rate of 3-1/4% per annum, interest payable on the
15th day of January, 1949, arid semi-annually thereafter on the 15th 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 ,]'i '
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 interest coupons attached to
said bonds as they severally become due.
Section 4: That each of 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 upon each of 'them. The facsimile signatures of the Mayor and
City Secretary 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 5: That the form of said bonds shall be substantially as follows:
No. $1,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF WEST UNIVERSITY PLACE
STORM SKWER BOND
SERIFS 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
promises to pay to bearer on January 15, 19~, the sum of.
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ONE THOUSAND DOLLARS
($1,000.00), in lawful money of the United States of America, ~dth in-
'terest thereon from date at the rate of (*%) per annum, payable Jan-
uary 15, 1949, and semi-annually thereafter on July 15th and January 15th
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 i..l1terest 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.
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(Bonds numbered from 18 to 60, both 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 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, 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 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 sixty (60) bonds of like date and
tenor, except as to number, maturity, interest rate and option of re-
demption, numbered from 1 to 60, both inclusive, in the denomination of
$1,000 each, aggregating $60,000, and is issued for the purpose of const-
ructing storm sewers 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 7 of Title 22, Revised Civil Statutes
of Texas, 1925, as amended, and the City Charter of said city, particu-
larly 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 minutes of said City Com-
mission.
The date of this bond, in conformity with the above mentioned '
ordinance, is September 1, 1948.
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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 the 24th day of July, 1948,
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 performed in regular and due time, form and manner as required by law;
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that due provision has been made for levying and collecting annually by
taxation an amount sufficient to pay the interest on these bonds as it falls 11,0' ,
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 indebtedness of said city; do not exceed any
constitutional or statutory limitation.
IN WITNESS IJIIHEREOF, 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 c01L.'1tersigned by the
City Secretary, and the interest coupons hereto attached to be executed
by the facsimile signatures 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
*(Bonds Nos. 1 to 37, both inclusive, bear interest
at the rate of 3-1/2% per annum;
Bonds Nos. 38 to 60, both inclusive, bear interest
at the rate of 3-1/4% per annum)
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Oe~eiOll 6. The form of the coupons to be attached to said bonds shall
be substantially as follows:
$
No.
On the 15th day
University Place, in
pay to bearer at The
sum of $
States of America, being the
University Place Storm Sewer
Bond No.
of
the County of
City National
, 19 , * the City of West
Harris, State of Texas, promises to
Bank of Houston, Houston, Texas, the
in lawful money of the United
interest due that date on the City of West
Bonds, Series 1948, dated September 1, 1948,
Mayor, City of West University
Place, Texas
City Secretary, City of West
University Place, Texas
*(Bonds Nos. 18 to 60, both inclusive, shall contain the following
additional clause::
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unless said bond shall have been called for previous redemption as
therein provided and due provision has been made for the redemption
thereof,).
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 and laws
of the State of Texas, and that it is a valid and qinding 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
day of , 1948.
Comptroller of Public Accounts of the
State of Texas
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Section 8: 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 "iMmatures;
and a tax of 2-1/2~ on each $100 valuation of taxable property within
said city is hereby levied for the current year 1948 to pay the interest
on said bonds and to create a sinking fund for the redemption thereof at
maturity, 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 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 applied to the payment of principal and interest
on said bonds, and to no other purpose.
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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: The sale of said bonds to The Columbian Securities
Corporation of Texas and First of Texas Corporation, San Antonio, Texas,
at'a price of par plus accrued interest plus a cash premium of $40.55 is
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hereby ratified, confirmed and approved and said bonds shall be de-
livered to the purchasers upon paym8nt of the purchase price.
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PASSED and APPROVED this 16th day Of August, 1948.
ATTEST:
City Secretary, City of West
University Place, Texas
Ci ty of ' est Uni versi ty
Place, Texas
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