HomeMy WebLinkAboutORD 393 - ORD Authorizing the Issuance of $25000 Garbage Disposal Bonds
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ORDTNANr.F. NO. ~9~
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $25,000 GARBAGE DISPOSAL
BONDS, PRECRIBING THE TERMS AND CONDITIONS THEREOF, AND LEVYING TAXES
TO PAY THE PRINCIPAL AND INTEREST THEREON.
VillEREAS, 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 rentlered the same for taxation voting at said election, voted
in favor of the issuance of the bonds of said City in the amount of
$25,000 for the purpose of purchasing property for garbage disposal
facili ties and equipment; .and
/ ~mEREAS, said election was properly called and notice thereof
given as required by law and the City Commission has heretofore con-.'
vassed the results thereof and determined the specific authority of
the City to issue said bonds; Therefore
BE IT ORDAINED by the Ci~y Commission of the City of West Univer-
sity Place, Texas:
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Section 1: That the bonds of the City of West University Place,
Texas, be issued in the principal amount of $25,000 to be known and
designated as ItCITY OF WEST UNIVERSITY PLACE GARBAGE DISPOSAL BO~mS,
SERIES 194811, for the purpose of purchasing property for garbage
disposal facilities and equipment 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.
Sectiono2: Said bonds shall be dated September 1, 1948, shall be
numbered from 1 to 25, both inclusive, shall be in the denomination of
$1,000 each, aggregating $25,000 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 follo~dng schedule, to-~dt:
Bonds Nos. Maturity Amount
1. January 15, 1950 $1,000
2 It II 1951 1,000
3 It II 1952 1,000.
4 It II 1953 ---~,~ 1,000
5' II II 1954 1.,000
6 II II 1955 1,000
7 It II 1956 1,000
8 II " 1957 1,000
9 II II 1958 1,000
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I ! 10 II II 1959 1,000
11 II. " 1960 1,000
'---J 12 II " 1961 1,000
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13 January 15, 1962 $1,000 !l
14-15 It II 1963 2,000
16-17 It It 1964 2,000 I~
18-19 If II 1965 2,000
20-21 It " It 1966 '2,000
22-23 It II 1967 2,000
24-25 It It 1968 2,000
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 amo~~t 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,
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, shall
be terminated on the date fixed for redemption.
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Section 3: Said bonds shall bear interest as follows: Bonds Nos.
1 to 19, both inclusive, at the rate of 3!% per annum, and bonds Nos. 20
to 25, both inclusive, at the rate of 3i% per annum, interest payable on
January 15, 1949, and 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 of ,the United States of America at The City National Bank of
Houston, Houstor)., Texas, and interest falling due on and prior to matur-
ity shall be payable only upon presentation and surrender of the interest
coupons attached to said bonds as they severally become due.
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Section 4: 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 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 ~: That the form of said bonds shall be substantially as
follows ::
No. $1,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
CGUNTY OF HARRIS
CITY OF vVEST UNIVERSITY PLACE
GARBAGE DISPOSAL BO~D
SERIFS 1948
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The City of West University Place, in the County of Harris, in
the State of Texas, for value received, acknowledges itself i~debted to
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and promises to pay to bearer on , 19 _ the sum of
ONE THOUSAND DOLLARS
($1,000.00), in lawful money of the United States of America, with in-
terest thereon from date at the rate of % per annum, payable January
15, 1949, and semi-annually thereafter on July 15 and J~ary 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 pre-
sentation and surrender of the ~nterest coupons hereto attached as they
severally become due.
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(Bonds numbered from 10 to 25, both inclusive, sh~ll 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 thereon 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 State
of America at least one time and said notice shall be mailed and pub-
lished 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 twenty-five (25) bonds of like date
and tenor, except as to number, maturity, option of redemption, and
interest rate, numbered 1 to 25, both inclusive, in the denomination of
One Thousand Dollars ($1,000) each, aggregating $25,000.00, and is
issued for the purpose of purchasing property for garbage disposal
facilities and equipment, under and in strict conformity with the Con-
stitution and Laws of the State of Texas, particularly Chapters 1 and 7
of Title 22, Revised Civil Statutes of Texas, 1925, a.s 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 Minutes of said Commission.
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 July 24, 1948,
and that all acts, conditions, and things necessary to,be done pre-
cedent to and in the issuance of these b6nds, 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 mgde for
levying and collection annually by taxation an amount sufficient to
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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
indebtedness of said City, do not exceed'any constitutional or statu-
tory limitation.
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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 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:
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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:
1=
No.
$
On the 15th day
University Place; in
pay to bearer at The
sum of
of ,19 ,.* the City of West
the County of Harris, State of Texas, promises to
City National Bank of Houston, Houston, Texas, the
Dollars ($ -), in lawful money of the United States
of America, being the interest due that date on the City of West
University Place Garbage Disposal Bonds, 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. 10 to 25, both inclusive, shall contain the following:
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unless the bond to which this coupon 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 thatnthere is on file and of record in my office
a certificate of the Attorney General of the State of Texas to the effect
t.hat this bondhasbeenexarnine~byhim, as required by law, and that
'ne~finds'that"1.thas'beeh3jlsjs:\Xed;i~Cbnformi ty with theConsti tution and
Laws of the State of Texas, and that'i t 'is a valid and binding obli-
gation 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
Section 8: While said bonds, or any part of the principal there-
of 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 in-
terest thereon and to create a sinking fund to pay the principal as it
matures; and a tax of l~ on each $100 valuation of taxable property with-
in said City is hereby levied for the current year 1948 to pay interest
on said bonds and to create a sinking fund for their redemption at
maturity and said tax shall be assessed, collected and applied to the
purpose named; and for the purpose of providing a f~d for the payment
of principal and interest on said bonds as they respectively become due
and payable, there is hereby levied fer each of the years while said
bonds or any part of the principal thereof or interest thereon re-
mains 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.
, 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.
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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 $16.10
is hereby ratified, confirmed and approved and s'aid bonds shall, be
delivered to the purchasers upon payment of the purchase pri~e.
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PASSED and APPROVED this 16th day of August, 1948.
ATTEST:
City Secretary, City of West
University Place, Texas
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