HomeMy WebLinkAboutORD 460 - ORD Authorizing & Issuance of $35000 Waterwork Improvements
163.
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'ORDINANCE NO. 461
AN ORillNANCE AUTHORIZING THE ISSUANCE OF $35,000 WATERWORKS
IMPROVEMENT TIME WARRANTS OF THE CITY OF WEST UNIVERSITY PLACE,
TEXAS; PRESCRIBING THE TERMS AND CONDITIONS UPON WHICH SUCH
WARRANTS SHALL BE ISSUED; AND'LEVYING AD VALOREM TAX UPON ALL
PROPERTY WITHIN SAID CITY TO PAY PRINCIPAL AND INTEREST THEREON.
WHEREAS, on the 28th day of March, ,1949, the City' Commission of
the City of Wes t Uni versi ty Place, Texas, authorized and directed the City
Secretary to give notice to bidders that sealed proposals for the drilling,
developing and' producing one gravel water well with a guaranteed supply of
2,000 gallons per minute of potable water and furnishing and installing a
deep well pump with electric motor and installing a booster pump with electric
motor woUld be received at the office of the City Secretary of the City of
, West University Place, Texas, until 7:30 P.M., April lh,1949, in which said
notice the City Secretary was authorized and directed to give further notice
of the intention of the City Connnission to issue time warrants in an amount
not to exceed $35,000, maturing serially not later than December 31, 1952,
bearing inte~st at a rate of not to exceed 4% per annum for the purpose of
evidencing the indebtedness of the city for such improvements; and
. -WHEREAS, said notice was published in the manner required by law
and as required by the City Charter; and as required by the City Charter;
and
WHEREAS, ,bids for the furnishing of the above describe.d equipment
were received by the City Commission at said time and were referred to the
City Secretary and City Engineer for tabulation and recommendation and they
have recommended that'the City Commission enter into a contract With the.
Layne-Texas Co., Ltd., of Houston, Texas; and
WHEREAS" the City Commiss,ion has awarded said contract to the
said The'Lajne~texas Co., Ltd., and has authorized the ,Mayor ~nd City
Secretary to execute such contract for an on behalf of the city; and
WHEREAS, no petition of any kind whatsoever has been filed with
any officer or agent of the C1ty requesting a referendum on the question of
issuing bonds for the purpose of paying for such improvements and no request
for an election has been received, and no protest to the issuance of said
time warrants has been presented, and it is affirmatively found and declared
that thiS City Conimission is now authorized to proceed 'With the construction
of said improvements and th~ issuance of said time warrants; Therefore
BE IT ORDAINED by the City Commission of the City of West University
Place, Texas: '
Section 1: That the hereinabove described contract with 31he Layne..;.Texas Go.,
Ltd., Houston, Texas, be and the same is hereby ratified and in all things
confirmed.
Section 2: That for the' purpose of evidencing the indebtedness of the City
of 'fest University Place, Texas for the cost of drilling, developing and
producing one gravel water well with the guaranteed supply of 2000 galions
per minute of potable water and furnishing and installing a deep well pump
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with electric motor and installing a booster pump with electric motor,
there shall be issued the time warrants of said city in the ,principal sUm
of $35,000" to be known as "CITY OF 'WEST UNIvERSITY PLACE WATERWORKS IM-
PROVEMENT TIME WARRANTS, SERIES 1949" , under and in strict convormity with
the Gonstitution and laws of the State of Texas, particularly Chapter 163,
Acts of the 42nd Legislature of Texas, Regular Session, 1931, as amended,
and the <;;i ty Charter~t: "said, , city.
Section 3: Said warrants shall be dated May 10, 1949, shall bear interest
at the rate of 3% per annum, interest payable May 10, 1950 and semi-annually
thereaf-ter on November lOth and May lOth of each year until paid, shall Qe
numbered consecutively from 1 to 35,'both inclus1ve,'shall be in the de-
nomination of $1,000 each, aggregating $35,000, and shall mature on May lOth
in each of the years and for the amounts ,shown in the following schedule,
to-wit: '
~
Bond ,.Nos.
b;");2
13-24
25 - 35
Mat~itx
May 10, 1950
" It 1951
" " 1952
Amonnt.
$12;000
,12;000
11,000
, The City of West University Place, Texas ,reserves the right to
redeem these warrants at any time after date ,of issuance by P-Ving to the
owners and holders thereof a sum equal to the principal amount of the warrants
redeemed pllis accrued interest to the date' of redemption. If the city elects
to, redeem-allorariYpart.of'said warrarits,'riotice thereof in writing shall
be'mailed,'properly'stc;mped and addres~ed, to The City National Bank of
Houston, Houston, Texas. '
Section h: Said warrants ,~hall be pay~ble both as to principal and interest,
in lawful money of the Um~-ed States of America, at The City,National Bank of
\ Houston, Houston, Texas. Said warrants shall be ,signed by the Mayor and .
countersigned by the City Secretary ,and the seal of said city shall be im-
pressed upon each of them.
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Section I): That said warrants shall be in substantially the following form:
No. $
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF WEST UNIVERSITY PLACE
WATERWORKS IMPROVEMENT TIME, WARRANT,
SERIES 1949
The City of West University Place, in the State of Texas, County
of Harris, for value rec~i ved, acknowledges itself indebted to and hereby .
promises to pay to bearer the sum of
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165
ONE THOUSAND DOLLARS
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($1,000.00), in lawful money of the Uni tedStates . of America, on the lOth
day of May; 195 , with interest thereon at the rate of 3% per annum., in-
terest payable May 10, 1950 and semi-annually thereafter on November lOth
and May'lOth until finally paid. Both principal and interest on this warrant
are payable to the bearer at The City National Bank of Houston; Houston, Texas;
and for the prompt pay:ment of this warrant ,at maturity and interest thereon
as it becomes due, the full faith, credit and resources of the said city are
hereby irrevocably pledged.
This warrant is one of a series of 35 serial warrants of like tenor
and effect, except as to nUmber and maturity, 'dated MaY. 10, 1949, numbered
from 1 to 35, both inclusive, aggregating $35,000, and is issued for the
purpose of evidencing the indebtedness of the City of West-Uni versi ty Place,
Texas, for the cos t of the drilling, developing and producing one gravel
water well with a gUaranteed supply of 2000 gallons per minute of potable
water and turrlishing and installing a deep well pump with electric motor
and iris taIling a booster pUmp with electric motor, the benefits of which are
. hereoy 'acknowledged tohavebeeri received by said city, under and in strict
confomty with the Constitution and laws of the State of Texas, including
Chapter 163, Acts of the h2nd Legislature of Texas, Regular Session, 1931,
as amended, and the City Charter of said C1. ty, and pursuant to an ordinance
adopted by the City Commission which is of record in the minutes of said
City Commission.
The date of this warrant, in conformity with the ordinance above
menti,oned, is May 10, 19h9.
, The City of West University Place, Texas reserves the right to
redeem these warrants at any time after date of issuanc.eby paying to the
owuersand holders thereof a sum equal to the principal amount of the warrants
redeemed plus accrued interest to the date of redemption., If the city elects
to red~em all or any part of said warrants, notice thereof in writing shall
be mailed, properly stamped and addressed, to The City National Bank of
Houston, Houston, Texas.
It is hereby certified, recited and represented that the issuance
of this warrant and the series of which it is a part is duly authorized by
law; that~ll acts, conditions and, things required to be done precedent to
and in the issuance of this series of warrants have been properly done and
performed and have happened in regular and due time, form and manner, as re-
quired by law; that due provision has been made for the levying and collecting
annually by taxation an amount sufficient to pay the interest on these warrants
as it falls due and to provide a sinking fund for the final redemption of
said warrants at maturity; that the issuance of warrants, of which this is
one, together with all other indebtedness of said city within every date and
other limit prescribed by the Constitution and laws of the State of Texas
IN WITNESS WHEREOF, the City of West University Place,,- Te~as, acting
by and through the City Commission of said city, has caus eO. ,the seal, of said
ci ty to be affixed hereto and this warrant to be signed by the ;M~Y9r,. counter-
signed by the City Se.cretary and the seal of the city impressed 'upon it, as
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of the lOth day of May, 19h9.
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Countersigned:
(s) . .Whitt Johnson
City Secretary, City' of West University
Place, Texas '
Section, 6: Tha t to pay the interest on said warrants and to create a
sinking' fund to pay the principal thereof as they respectively _ come due and
payable, there is hereby levied upon a;n taxable property wi thin the City of
West University'Place an ad valorem tax of the current year 1949 at the rate J
of ten cents (10~) cents on each $100 valuation for. each year while any part
of said warrants remain outstanding and. unpaid, there is hereby levied a tax ' _,
upon all taxable prope!ty within said city ata rate sufficient to _ pay the
interest on said warrants as it accrues and the principal of said warrants
as they mature, and such tax for each of said year~ shall be calculated,
assessed and collected and applied to the purposes named and for no other
purpose. '
Section 7: None of the warrants, hereinabove authorized shall be delivered
to the contractor or person 'entitled to receive the same until further
authorized by said City Council.
ADOPTED this 9th day of May, 1949.
Mayor,
ATTEST:
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