HomeMy WebLinkAboutORD 536 - ORD Authorizing the Issuance $139000. Refunding Bonds
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ORDINANCE NO. ~36
AN ORDINANCE AUTHORIZING THE ISSUANCE OF ONE HUNDRED
THIRTY NINE THOUSAND ($139,000.00) DOLLARS REFUNDING
BONDS, PRESCRIBING THE TERMS AND CONDITIONS THEREOF,
AND LEVYING TAXES TO PAY THE PRINCIPAL AND INTEREST
THEREON
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WHEREAS, there are now outstanding and unpaid the following bonds
of the City of West. University Place, Texas, which bonds have been duly ap-
proved by the Attorney General of the State of Texas, duly registered by
the Comptroller of pUblic Accounts of Texas, and were issued and sold at
not less than their par amount and accrued interest:
City of West University Place Civic Center Building
BondS, dated January 1.5, 1941, numbered from 6 to 18,
both inclusive, in the denomination of $1,000 each,
aggregating $13,000, bearing interest at the rate of
3% per annum, and maturing serially on January 15th
in each of the years 1952 to 1965, both inclusive;
and
City of West University Place Storm Sewer Bonds, dated
January 15, 1941, numbered from 58 to 183, both inclu-
sive, in the denomination of $1,000 each, aggregating
$126,000, bearing interest at the rate of 3% per annum,
and maturing serially on January l.5th in each of the
years 1952 through 1965, both inclusive,
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and
WHEREAS, said City expressly reserved an option to redeem said
bonds on January 15, 19.51, or on any interest payment date thereafter; and
WHEREAS, said City has duly elected to exercise such option on
January 15, 1951; as per a resolution duly adopted on October 30, 1950,
by the City Commission of said City; and
, WHEREAS, said bonds may be refunded at a lower rate of in-
terest, thereby effecting a substantial interest saving to the City;
Therefore
BE IT ORDAINED BY the City Commission of the City of West University
Place, Texas:
. Section I: That the bonds of the City of West University Place,
Texas., to be called "CITY OF WEST UNIVERSITY PLACE REFUNDINQ BONDS, SERIES
1950", shall be issued in the aggregate principal amount of One Hundred
Thirty Nine Thousand ($139,000.00) Dollars for the purpose of refunding,
cancelling and in lieu of the One Hundred Thirty Nine Thousand ($l39,OOO.00) i,--'
Dollars principal amount of outstanding, and unpaid bonds described in the I
preamble of this ordinance, under and by virtue of the Constitution and laws L' J
of the State of Texas, and the Charter of said City.
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Section 2: That said bonds shall be dated January 15, 1951, shall
be numbered from One (I) to One Hundred Thirty Nine (139.), both inclusive,
shall be in the denomination of One Thousand ($1,000.00) Dollars each, ag-
gregating One Hundred Thirty Nine Thousand ($139,000.00) Dollars, and shall
become due and payable serially on the 15th day of January in each of the '
years and in the respectiv~ amounts shown in the following schedule, to-wit:
Bond Nos. Maturity Amount
I - 8 January 15, 1952 $ 8,000
9 - 16 It It 1953 8,000
17 - 24 It It 1954 8,000
25 - 33 It II 1955 9,000
34 - 42 It It 1956 9,000
43 - 51 It It 1957 9,000
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52 - 61 It II 1958 10,000
62 - 71 II " 1959 10,000
72 - 81 n n. 1960 10,000
82 - 92 II It 1961 II, 000
93 - 103 It It 1962 II, 000
104 ~ li5 tt n 1963 12,000
116 - 127 it n 1964 12,000
128 - 139 " n 1965 12,000
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Section 3: That said bonds shall bear interest as follows: Bonds
Nos. One (I) to One Hundred Twenty Seven (127), both inclusive, at the rate
of two (2%) per cent per annum; and Bonds Nos. One Hundred Twenty Eight (128)
to One Hundred Thirty Nine (139), both inclusive, at the rate of two and one7
fourth (2-1/4%) per cent per annum; interest payable July 15, 1951, and semi-
annually thereafter on January 15th and July 15th of each year until the
principal sum is paid. Both principal of and interest on said bonds shall
be payable in lawful money of the United States of America at
upon presentation and surrender of the bonds as
they severally become due, or, as to interest falling due on and prior to
maturity, 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 countersigned by the City Secretary of the City of West University Place,
Texas, and the official seal of said City shall be impressed upon each of them,
and the.facsimile signatures of the Mayor and the City Secretary shall be en-
graved, lithographed or printed on the coupons attached to said bonds and
shall have the same effect as if they had been signed by such officials.
$cetiea ::: That the form of said bonds shall be substantially as
follows:
No.
$1,000~00
'I
United States of America
State of Texas
County of HaTris
City of West University Place
Refunding Bond
Series 1950
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For value received, the City of West University Place, in the
County of Harris, State of Texas, hereby aclmowledges itself indebted to and
promises to pay to bearer on the 15th day of January, 19 _, the sum of
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ONE THOUSAND DOLLARS
($1,000.00), with interest thereon from date hereof at the rate of (*%) per
annum,' interest payable July 15, 1951, and semi-annually thereafter on
January 15th and July 15th of each year until the principal sum hereof shall
have been paid. Both principal hereof and interest hereon are payable in
lawful money of the United States of America at
, 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.
The date of this bond, in conformity with the ordinance herein-
after named, is January 15, 1951.
This bond is one of a series of One Hundred Thirty Nine (139)
bonds of like date and tenor, except as to number, maturity and interest rate,
being numbered from One (I) to One Hundred Thirty Nine (139), both inclusive,
in the denomination of One Thousand ($1,000.00) Dollars each, aggregating
One Hundred Thirty Nine Thousand ($139,000.00) Dollars, and is issue4for
the purpose of refunding, cancelling and in lieu of an equal principal amount
of the City of West University Place Civic Center Building Bonds, and the
City of West University Place Storm Sewer Bonds, each being dated January 15, ,I,D
1941, under and in strict conf'ormity with the Constitution and laws of the
State of Texas, and the Charter of said City, and pursuant to an ordinance
duly passed and adopted by the City Commission of the City of West University
Place, which ordinance is of record in the minutes of said City Commission.
It is hereby certified, recited and represented 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; that due provision'has been
made for the payment of interest on said series of bonds as it accrues, and
to provide a sinking fund for the payment of the principal of said bonds as
it matures by the levy of a direct annual ad valorem tax upon all taxable
property within said City sufficient ,for said purposes in the manner provided
by law; and that this series of bonds does not exceed any constitutional or
st~tutory limitation.
IN TESTIMONY WHEREOF, the City Commission of the Cit;y- of Wesi;. Uni-
versity Place 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, the
interest coupons attached to be executed by the facsimile signatures of the
Mayor and City Secretary of said City, all as of the 15th day of January,
1951.
Mayor, City of West University
, Place, Texas
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Countersigned:
City Secretary, City of West
University Place, Texas
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*(Bonds Nos. One (1) to One Hundred Twenty Seven (127), both
inclusive, at the. rate of two (2%) per cent per annum;
Bonds Nos. One Hundred Twenty Eight (128) to One Hundred
Thirty Nine (139), both inclusive, at the rate of two and
one-fourth (2-1/4%) per cent per annum)
Section 6: That the form of coupon attached to such bond shall be
substantially as follows:
No.
$
On the 15th day of
Place, in the County of Harris, in the
bearer at
, 19 , the City of West University
State of Texas, promises to pay to
, the sum of
($ ) Dollars in lawful money of the United
States of America, being the interest due that date on the City of West,Uni-
versity Place Refunding Bond, Series 1950, dated January 15, 1951, Bond No.
Mayor
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City Secretary
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Section 7: That substantially the following certificate shall be
printed on the back of each of said bonds:
OFFICE OF THE COMPTROLLER
REGISTER NO.
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, that is is a valid and binding obligation of said City of
West University Place, Texas, and said bond has this day been registered by ,
me.
day of
WITNESS my hand and seal of office at Austin, Texas, this
,1951.
Comptroller of Public Accounts of the
State of Texas
1 Section 8: That while said bonds or any part of the principal
i thereof or interest thereon remain outstanding and uppaid, there is hereby
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levied and there shall be assessed and collected indue time, form and manner,
an annual ad valorem tax upon all taxable property within said City, sufficient 'Oil'
to pay the current interest on said bonds as the same becomes due, and to pay
each installment of the principal of said bonds as the same matures, and to
pay the ,interest on said bonds and the principal thereof as it matures, there
is hereby levied for the year 1951 on all taxable property Within said City,
an ad valorem tax of eight and one-half (8-1/2~) cents on each $100 valuation
of taxable property in said City, and the same shall be assessed and collected
and applied to the purposes named..
1fuile said bonds, or any part/of the principal thereof or int~rest
thereon are outstanding and unpaid, a tax upon all taxable property within
said Cii:ty, sufficient in amount to pay the interest on such bonds, together
with an additional amount to be placed in a,sinking fund sufficient to redeem
and discharge such bonds at their maturity, full allowance being made for
delinquencies and costs of collection; shall be and is hereby levied for each
year respectively, and said tax shall each year be assessed and collected and
. applied to the payment of the interest on, and the principal of said bonds.
Section 9: That the interest and sinking funds and taxes hereto-
fore levied for the payment of the Civic Center Building Bonds being refunded
and the interest and sinking funds and taxes levied for the Storm Sewer Bonds
being refunded are hereby transferred to the sinking fund account of the Re-
funding Bonds herein authorized. The holder or holders of said refunding
bonds are and shall be subrogated to all of the rights and privileges had
and possessed by the holders of the original bonds which are being refunded
by the issuance of this series of bonds.
Section 10: That the Mayor of said City be, and he is hereby,
authorized to take and have charge of said bonds Pending their investigation
and approval by the Attorney General and when the same have been so approved,
he shall deliver them to the Comptroller of Public Accounts of the State of
Texas for registration. Said refunding bonds shall not be registered until
and after a like amount of said original'bonds have been surrendered for can-
cellation. As and when said original bonds, either in one delivery or in in-
stallments, are surrendered to the Comptroller, he is authorized and directed
to deliver the refunding bonds in like amounts to the holder or holders of
said original bonds.
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PASSED and APPROVED this ~ day of November, 1950.
rsity
ATTEST:
fr
c~ty Secret , .ty of West
Univers' y Place, Texas
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