Loading...
HomeMy WebLinkAboutORD 595 - ORD Authorizing Issuance $394,000 Refunding Bonds 25' ORDINANCE NO.5~5 AN ORDINANCE AUTHORIZING THE ISSUANCE OF $394,000 REFUNDING BONDS; PRESCRIBING TBETERMS AND CONDITIONS THEREOF; AND LEVYING TAXES FOR PAYMENT OF PRINCIPAL A.ND INTEREST THEREON. bonds: ft~~~ there are now outstanding and unpaid the following deficribed $236,000 City of West University Place, Texas, Sanitary Sewer Syst~m Bonds, Series. 1942~ dated March I, 1942, in the denomination of-$l,OOO .each, , numbered from 40 to 275, both inclusive, aggregating $236,000, bearing interest at the rate of 3-3/4% 'per annum, and maturing serially ineacl1. of the years 1953 through 1972; both inclusive; and ' , $158,000 City of West University Place, Texas, Storm Sewer Bonds, Series 1942, dated March I, 1942, in the~enomination of $1,000 each, numbered from 27 to 184, both inclusive, aggregating $158,000, bearing wterest at the, rate of 3-3/4% per annum and maturing serially in each of the years-.1953 through 1972, bothinciusive, which said bonds have heretofore ,been authorized, issued and delivered and are now outstanding and unpaid; and WHEREAS,j,.nthe opinion of this. City Commission, it is advisable and will be advantageous to the Cityto.is~ue ref'uhdingbonds bearing a lower rate of interest in the total principal sum ;of$394,OOO for the purpose of refund- ing and cancelling ,and in lieu ()f' said $394,000 bonds' hereinbefore qesc.ribe,d; Therefore . ' .x BE IT ORDAINED by the City Commission of the City of West University Place: . ' Section 1: 'Ihatth.eres~ll.be issued bonds of the City of West University Place, Texas, to ~e .called "CITY ,OF WEST UNIVERSITY PLACE REFUNDI~G BONDS,.. SERIES 19521t, in ,the to tat. prin~j,pa1'sum of $394,000, for the purpose of ,.. refunding, cancellingU and in lieu. of a like principal' amount of the outstand- ing bonds of said City de,scribed- in the preamble of this ordinance, und,!!'r, and by virtue of the 'Constitution, and laws of the State of Texas, particul~rly Chapter 163, Acts of the 42nd Legislature of Texas, 1931, as amended, and the Charter of s~id City. ( Sec.tj.otl 2: That said bonds shallbedate(iMarch,l, 1952, shall bentimbered. consecutively from I to 394, both ip.clusive, in the denomination of. $1,000 each, and shall become due and payable,serially'on March lst ineachof.the years and in the respective, amounts shown in the following schedule,to-wit:, IIr I --. ,] ~ ~ ~ ':.' . 'I. r 'I' ...' j. Bond Nos. Maturities Amount [ 1 - 11 March 1, 1953 $11,000.00 '12---- 22 11 " 1954 ' 11,000.00 23 - 33 " It 1955 11,000.00 34 - 44 " " 1956 11,000.00 45-55 " II 1957 11',000.00 56 - 66 " tI 1958 11,000.00 67 - 78- II II 1959 12,000.00 79 - 91 " II 1960 13,000.00 92 - 104 It " 1961 13,000.00 105 - 117 .t! It 1962 13,000.00 118 ..;; 130 " II : 1963 13,000.00 131 - 144 " 11 1964 14,000.00 145 - 162 II " 1965 -. 18,000.00 163 - 189 II II 1966 21,000.00 190 - 217 II tI 1967 28,000.00 Bond Nos. - . Maturities Amount. 218 - 229 March I, 1968 $12,000.00 230 - 293. II II 1969 64,000.00 ' 294 - 354 II tl 1970 61,000.00 355 '':' 394 tl It 1971 40,000.00 The City expressly reserves the right to redeem Bonds Nos. 118 to j94, both inclusive, of this issue, in whole or in part, on March 1, 1962, or pn any interest payment date thereafter by paying to the owners and holders thereof a price equal to the principal amount of the bonds redeemed plus~..,. paid accrued interest to the date fixed for redemption. Notice of the exercise of the option to redeem shall be given in writing to the bank at which said bonds are.payable and by publication of such notice on~ time in a financial journal of general circulation in the United States of America, which notice shall be published and mailed at least thirty (30) days .prior to the time fixed for redemption. When said bonds, in whole or in part, , have been called, for redemption in the manner prescribed and when due provision has been made to pay the principal. and unpaid accrued interest to the date . fixed for redemption, the right of the owners andhblders,to collect-interest which "would oth~rwiseaccrue after the redemption date on the bonds called for redemption shall terminate on the date fixed for redemption. Section'3: That said bonds shall bear interest as follows: Bonds Nos. 1 to 11, both inclusive, at the rate of 2i% per annum; and Bonds Nos. 12 to 394, both inclusive, at the rate of 2l% per annum; interest payable September 1, 1952 and semi-annually thereafter on March 1st and 'September 1st of each year until.'the principal sum is paid. ' ,Both pr:l.nc,ipal of 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, '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. I J -1 21 Section 4: That, each of said bonds shall be signed by the May-or, 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 S~cr~tary maybe lithographed, engraved or printed on the coupons attached to said bonds and shall have the same effect as if said bonds had been sl.gned by said officers. Section 5: That the form of ,said bonds shall be substantially as follows,: uNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF HARRIS CITY OF'W'EST UNIVERSITY PLACE REFUNDING BOND SERIES 1952 $1 ;.000.00 No. The City of_West University Place, in the County of Harris, State of Texas, for value received, hereby acknowledges itself indebted to and promises to pay to bearer on the first day of March, 19 , the sum of ONE THOUSAND DOLLARS ($1,000.00), in lawful money of the United States of America, with interest' thereon from date hereof at the rate of (~,t.%) per annum, interest payable September 1, '1952 and semi-annually thereafter on March 1st land September 1st of each year until the ,principal sum hereof shall have been paid. Both ,. princ:ipal hereof and interest hereon are payable in lawful money of the 'United 'States of. America at The City National Bank of Houston, Houston, Texas, and interest falling due on or prior'tomaturity is payable only upon presentation aIidsurrender of the interest coupons hereto attached as they severally become due. ' The date of thisbond;,inconf'ormity with the ordinance hereinafter mentioned, is March 1, 19.52. This bond is one of a series of three hundred ninety four (394) bonds of like date and tenor; except as to number, maturity, interest ratea~cl option of redemption, being numbered from 1 to 394, both inclusive, in the denomina- tion of $1,000 each, aggregating $394,000, and is issued for the purpose of refunding, c'ancelling and in lieu of a like principal amount ef bonds Nos. 40 to 275, both inclusive; e:f the City of West University Place, Texas, Sanitary Sewer System Bonds, Series 1942, dated March 1, 1942,. and bonds Nos. 21 to 184, bath inclusive, of the City of West UniversityPlace, Texas, Storm Sewer Bonds, Series 1942,' dated March 1, 1942, under and in strict conformity with the Constitution and laws of the ,state of Texas, particularly Chapter 163, Icts of the 42nd Legislature of Texas, 1931, as amended, the ,charter of said City, and pursuant to an ordinance adopted by the City Commission of said City and duly recerded in the minutes of said City Commission. The City expressly reserves the right to redeem Bonds Nos.lIB to 394, ,--- -:':11" ..--.'.-'.,. '...1-. " "'IIIU'[ 111111 1: ~~ - , . ~l, r ,I ,.. both inclusive, of this issue, in whole or in part, on March 1, 1962, or on any interest payment date thereafter by paying to the owners and holders> ' thereof a price equal to, the principal amount of the bonds redeemed plus unpaid accrued. interest to the date fixed for redemption. Notice of the exercise of the option to redeem shall be given in writing to the bank-at which said bonds are payable and by publication of such notice one time in a financial journal of general circulation in the United states of America, which notice shall be published and mailed at least thirty (30) days prior to the time fixed for redemption. When. said bOnds, in whole or in part, have"been called for redemption in the manner prescribed and when due pro- vision has' been made to pay the principal and unpaid accrued interest to the date fixed for redemption, the right of the owners and holders to collect interest which would otherwise accrue after the redemption date on the bonds called for redemption shall terminate on the date fixed for redemption. '~l I I I I U The holder of this bond and the series of which it is a part shall be subrogated to all the rights and privileges belonging to the holder or holders of ,the bonds which have been refunded by the issuance of this series of bonds. It is hereby certified, recited and represented that the issuance of this bond and the series of which it is a part is duly authorized 'by law; that all acts, conditions and things required to be done precedent to and in the issuance of this series of bonds has been properly done and performed and have happened in regular and due time, form and 'manner, as required by law; that aue provision has been made for levying and collecting annually by , 0 taxation an.amount sufficient to pay the interest on these bonds as it falls due and to provide a sinking fund for the final redemption -of said bonds at , maturi ty; and that the issue of bonds of. which this is one, together with,,,all , other indebtedness of said city, is within every debt and other limit pre- scribed by the Constitution and laws of said state and the charter of said, City. IN WITNESS WHEREOF, the City Commission of the City, of Vfest Universi ty 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 March 1, 1952~ l\Il.Byor, 'C~f We t Universi tyPlace, ~ - Te as Countersigned: , City of West ace, Texas II LJ 29 "*~.Bonds Nos ~ rate of to ~ both inclusive, at the % per annum; Bonds Nos. rate of to , both inclusive, at the % per annum)' Section 6: That the form of coupon to be attached to said bonds shall be substantially as follows; No.., $ On the lst day of , 19_,* the City of West University Place, in the Gounty of Harris, in the State of Texas, premises to pay to bearer, at the City National Bank of Houston, Houston, 1exas,the sum of $ , in lawful money of the United States of America, said .. sum being the interest due that date on the City of West University Place Refunding Bond, Series 1952, dated March 1, 1952, BOnd No. Mayor, City of West University Place, Texas City Secretary, City of West' University l?lace, Texas *(Bonds Nos. lIB to"394, both inclusive, shall contain the following additional clause: uriless the bond to which this coupon is attached has been called for previous redemption and due provision made to redeem same,) Section 1: That substantially the following certificate'shall be printed on the back of each of said bonds: OFFIC E OF THE COMPTROLLER REGISTER.NO. THE S Tl\.TE 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 isa valid and binding obligation upon said City of West University Place, Texas, and said bond has this day been registered by me. WITNESS my hand and seal of office at Austin, Texas, '. Comptroller of Public Accounts of the State of Texas 1!I..!1I1.II,III, 1: , !., ,J J!:, " ; , II ,; ,1 } Section 8: That while said bonds. or any part of the principal thereof or fin interest thereon remain outstanding and unpaid, there is hereby levied and there shall be assessed and collected in due time, form'arid manner, an ~ annual ad valorem tax upon all taxabie property within said city, sufficient 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 1952 on all taxable property within said city, an ad valorem tax of Two 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. . wtlile said bonds, or any part,of the principal thereof or interest thereon are outstanding and unpaid, a tax upon all taxable property within said city, 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 dis- charge such bonds at their maturity, full allowance being made for delinquencies and costs of collection, shall be and is hereby levied for each year respec- tively, 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 heretofore levied for the payment of the bonds being refunded hereby are hereby transferred to the sinking fund account of the refunding bonds herein authorized. The holder or holders of said refunding bonds are and shall be subrogated to all the rights and privileges had and possessed by the holders of the original bonds 0 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, authDrized 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 cancellation. As and when said original bonds, either in one delivery or in installments, 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 bOI}.ds. PASSED AND APPROVED this 2lst day of January, 1952. ,~~, of West University ATTEST: ~:'~tl" .... II U 4. ,,' " ----.