HomeMy WebLinkAboutORD 654 - ORD Authorizing Issuance of $250,000 First Installment of $295,000 Prescribing to Pay the Principal & Interest
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ORDINANCE NO. 61)4
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $250,000 FIRST
INSTALLMENT OF A $295,000 ISSUE OF CITY HALL BONDS; PRES-
CRIBING THE TERMS AND CONDITIONS THEREOF; AND LEVYING
TAXES TO PAY TEE PRINCIPAL AND INTEREST THEREON
WHEREAS, at an election-held in the City of West University
Place, Texas, on the 12th day of' December, 1953, more than a majority of
the duly qualif'ied resident electors who own taxable property within said
City and who had duly rendered the same for taxation, voting at said election,
voted in favor of' the issuance of' the bonds of' said City in the amount of
$295,000.00 for the purpose of constructing and equipping a City Hall within
said>City;: and
WHEREAS, said election was properly called and notice thereof
givena~ required by law; and the City Commission has heretofore can-
vassed the results thereof' and determined the specific authority of the
City to issue said bonds; and
WHEREAS, the City Commission is of' the opinion that it is de-
sirable at this time to authorize the issuance, sale and delivery of' a
first installment of said bonds in the sum of $250,000.00, leaving the re-
maining $45,000.00 bonds to be issued, sold and delivered as the City needs
additional funds for constructing and equipping a City Hall within said
City; Theref'ore
BE IT ORDAINED by the City of West University Place, Texas:
Section 1: That the bonds of the City of' West University Place, Texas, be
issued in. the principal sum of Two Hundred Fifty Thousand Dollars ($250,000.00),
to be known and designated as 110ITY OF WEST UNIVERSITY PLACE CITY HALL BONDS,
SERIES 1954", f'or the purpose of' constructing and equipping a City Hall
within said City, under and by virtue of'the Constitution and laws of'the
State of Texas, particularly Chapters land 7 of Title 22, Revised Civil
Statutes of Texas, 1925, as amended, and the Charter of the City of West
University Place, said bonds constituting a first installment or series of'
bonds issued by ,the City of West University Place out of' an issue in the
total principal amount of $295,000.00, authorized by a vote of' the duly
qualif'ied resident electors of said City who own taxable property within
said City and who had duly rendered the same f'or taxation, voting at said
election held in said City on December 12, 1953, and voted f'or the purpose
of' constructing and equipping a City Hall within said City.
pection.R.; That said bonds shall be dated January 15, 1954, shall be numbered
f'rom 1 to 250, both inclusive, shall be in the denomination of $1,000.00
each, aggregating $250,000.00, and shall become due and payable on January
15th in each of the years and in the respective amounts shown in the fol-
lowing schedule, to-wit:
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Bonds. Nos. - Maturity Amount
1 - 13 January 15, 1955 $ 13,000.00 'l
14 - 27 ft 1956 14,000.00
28 41 It 1957 14,000.00 '~
42 - 55 " 1958 14,000.00
56 - 70 " 1959 15,000.00
71 - 85 It 1960 15,000.00
86 - 100 " 1961, 15,000.00
101 - 115 fI 1962 15,000.00
116 - 130 It 1963 15,000.00
131 - 145 It 1964 15,000.00
146 160 " 1965 15,000.00'
161 - 175 " 1966 15,000.00
176 - 190 " 1967 15,000.00
191 - 205 " 1968 15,000.00
206 - 220 It 1969 15,000.00
221 - 235 " 1970 15,000.00
236 - 250 It 1971 15,000.00
The City of West University Place expressly reserves the right to
redeem Bonds Nos. 161 to 250, both inclusive, of' this issue, in whole or
in part, on January 15, 1965, or on any interest payment date thereafter,
by paying to the owners and holders thereof' a price equal to the princip~l
amount of' the bonds redeemed plus unpaid accrued interest to the date fixed
f'or 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 publi-
cation of such notice one (1) time in a financial journal of general circu-
lation in the United states of' America, which notice shall be published and
mailed at least thirty (30) days prior to the date f'ixed for redemption.
, When said bonds, in whold 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, the rigbt of the owners and holders
to collect interest whic~ would otherwise accrue after the redemption date
on the bonds called for redemption shall terminate on the date f'ixed f'or
redemption.
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Section 3: That said bonds shalr bear interest as follows: Bonds
Nos. ~ to 70 , both inclusive, at the rate of' 2-1/2% per cent per annum;
* and Bonds Nos. 101 to 250, both inclusive, at the rate of' 2 1/2~ per
cent per annum,"""'1'Uterest payable January 15,1955, and, semi-annually there-
after on July 15th and January 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 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.
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 f'acsimile signatures of' the
Mayor and City Secretary may be lithographed, engraved or printed on the
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* Bonds Nos. 7~
per annwn;
to 100 ,both inclUSive, at the rate of 2% per cent
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coupons attached to said bonds and shall have the same eff'ect as if they
had been signed by said off'icers.
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
crry OF WEST UNIVERSITY PLACE'
CITY HALL BOND,
SERIES 1954
The City of West University Place, in the County of narris, State
of Texas, fQrya.luereceived, hereby acknowledges itself indebted to and
promises'toP!3.yto bearer on the 15th day of January, 19_, the sum of
ONE THOUSAND DOLLARS
($1,000.00), with interest thereon f'rom date hereof' at the rate of %
per annum, interest payable January 15, 1955 and semi-annually thereafter
on July 15th and January 15th of each year until the principal sum hereof
shall have been paid. Both principal hereof and interesther~on are payable
in lawful money of'the United States of America at The City National Bank
of Houston, Houston, Texas, and "interest f'alling due on or prior to maturity
is payable only upon presentation and surrender of' the interest coupons hereto
attached as they severaliy become due.
The date of this bond, in conformity with the ordinance hereinafter
mentioned, is January 15, 1954.
The City of' West University Place expressly reserves the right to
redeem bonds Nos. 161 to 250, both inclusive, of' this issue, in whole or
in part, on Janua~ 15, 1965, 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 ~hich said bonds are payable and by publi-
cation of' such notice one (1) time in a financial journal of 'general circu-
lation in the United ptates of' America, which notice shall be published
and mailed ~t least thirty (30) days prior to the date fixed f'or redemption.
,When said bonds," in whole or in part, have been ,called f'or redemption in
the manner prescribed, and when due provision has been made to .pay the
principal and unpaid accrued interest, the right of' the owners and holders
to collect interest which would otherwise accrue af'ter the redemptio~ date
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on the bonds called for redemption shall terminate on the date f'ixed for
redemption.
This bond is one of a serie~ of' two hundred fif'ty (250) bonds of
like date and tenor, except as to number, interest rate~ maturity and option
of redemption, numbered from 1 to 250, both inclusive, in the denomination
of One Thousand Dollars ($1,000.00) each, aggregating-Two Hundred Fifty
Thousand Dollars ($250,000.00), being a portion and the first installment or
series of bonds issued by the City of West University Place out of' an issue
in the total principal amount of $295,000.00 authorized by a vote of the
duly qualif'ied resident electors of' said City who own taxable property,
within s~d City and who had duly rendered the same f'or taxation, voting
for the purpose of constructing and equipping a City Ball within said City,
under and in strict conformity with the Constitution and laws of' the state
of Texas, particularly Chapters 1 and 7, Title 22, Revised Civil Statutes
of' Texas, 1925, as amended, the City Charter of' said City, and pursuant to
an ordinance duly passed and adopted by the City Commission of the City of
West University Place, Texas, duly recorded in the miriutes of' said City ,
Commission.
It is hereby certif'ied, 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 12th day of' December, 1953,
and that all acts, conditions and things necessa~ 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'
perf'ormed in regular and due time, form and manner as required by law;
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 due and to provide a sinking fund for the f'inal redemption of' said bonds
at maturity; and that the issuance of' these bonds of' which this one is a
part, together with all other indebtedness of said City, does not exceed
any Constitutional or statutory limitation.
IN WITNESS WHEREOF, the City Commission of the City of West University
Place, Texas, has caused the seal of said ,City to be af'fixed hereto and this
bond to be signed by, the Mayor and countersigned by the City Secreta~, and
the interest coupons hereto attached to be executed'by the facsimile signa-
tures of' said Mayor and City Secretary, all 'as of'the 15th day of January,
1954.
~)f~~
Mayor, ]. y of' West University
Place, Texas
COtlNTERSIGNED:
City Secretary, City of West
University Place, Texas
* at an election held in said City on December 12~ 1953, and voted
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* Bonds Nos. 2- to ~, both inclusive, bear interest at the
rate of 2-~/2i per cent per annum;
Bonds Nos. -11-- to 100, both inClusive, bear interest at the
rate of,~ per cent per annum;
Bonds Nos. 101 to 250, both inclusive, bear interest at the
rate of' .2-1/20/0 -;;r-cent per annum~
cSection 6: That the f'orm of coupon to be attached to said bonds
shall,be' substantially as follows:
NO.
:I>
On the 15th day of'
, 19
, *
the City of' west University Place, in the County of Harris, State of' Texas,
promises to pay to bearer at The, City National Bank of' Houston, Houston,
Texas, the sum of :I> , in lawful money of
the United States of' America, being the interest due that date on the City
of West University Place City Hall Bond, Series 1954, dated January 15,
1954, Bond No~
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Mayor
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City Secretary
*(Coupons on Bonds Nos. 161 to 250, both inclusive, shall contain
thef'ollowing additional clause:
unless the bond to which this coupon appertains has been
called f'or previous redemption and dUe provision, made to redeemsame1).
Section 7: That substantially the following certif'icate shall be
printed on the back of' each of' said bonds:
OFFICE OF TEE COMPl'ROLLER
REGISTER NO.
THE STATE OF TEXAS
[:
I hereby certif'y that there is on f'ile and of' record in my office
a certif'icate of the Attorney General of the State of' Texas to the effect
that thi.s bond has been examined by him as required by law; that he finds
that it has been issued in conf'ormity with the Constitution and laws of
the State of' Texas, and that it is a 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 of'f'ice at Austin, Texas,
Comptroller of Public Accounts
of' the State of Texas.
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Section 8: While said bonds, er any part of the principal thereof
or interest thereon remain outstanding and uppaid; 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 within 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 it matures; and to pay the
interest on said bonds and create said sinking fund, there is hereby levied
f'or the year 1954 a tax at the rate of thirtp.p.n (13~) cents on ,
each $100 valuation of taxable property within said City, and'the same shall
be assessed and collected and applied to the purpose named; and for the
purpose of providing a f'und f'or the payment of principal and interest on
said bonds as they respectively become due and payable, there is hereby
levied f'or each of' the years while said bonds or any part of the principal
thereof, or interest thereon, remain outstanding and unpaid, a continuing
direct annual ad valorem tax upon all taxable property within said City
sufficient for such purpose, due allowance being made f'or de~inquencies
and costs of collection, 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: It shall be the duty of the Mayor to submit the record
of the bonds and the bonds to the Attorney General of the State of' Texas
f'or approval and thereaf'ter to have them registered by the Comptroller of
Public Accounts of the State of Texas.
Section 10:, That the sale of said bonds to TJndp.1"'W'nnd J Nplln:;:mFl R" ('!n
and Rotan. Mosle and Cooner. Houston. 'T'p.xas at a price equal to t.np r1'";nr>;r",l
amount of said bonds ~lU~~C~:~~~ ~~P.~~~~ ~n~;~n ~~ ~h~ nig~ ~~ ~"';n
bonds to the date of ct . P. P .n ~ 9 n subject
to the unqualified approving opinion as to legality of the Attorney General
of' Texas and market attorneys selected by the ~urchaser, is hereby authorized,
approved, ratified and conf'irmed. When said bonds have been approved by
the Attorney General of' Texas and registered by the Comptroller of Public
Accounts of'Texas, they shall be delivered to the purchaser upon receipt
of the purchase price. The Mayor and City Secretary are authorized and
directed to do any and all things necessary and/or convenient to carry out
the provisions of' this ordinance.
PASSED AND APPROVED this 19th day of
January
, 1954.
IVERSITY'
ATTEST:
CITY SECRETARY
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