HomeMy WebLinkAboutORD 691 - ORD Authorizing Issuance $ 27000 Second Installment of $295000 Issue of City Hall Bonds
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ORDINANCE NO. 691
AN ORDINANCE AUtHORIZING 'lHE ISSUANCE OF $27,000 SECOND mSTALLMENT OF
A $295,000 ISSUE OF CITY' HALL BONDS; PRESCRIBING THE TERMS AND CONDITIONS
THEREOF; AND LEVYING TAXES 'ill PAY THE PRINCIPAL AND INTEREST '!HEREON
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
qualified resident electors who owned taxable property within said City
and who had duly rendered the SaIne 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 co:nstructing and equipping a City Hall
within said City; and
WHEREAS, said election was properly called and notice thereof given as
required by law, and the City Commission has heretofore canvassed 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 desirable at
this time to authorize the issuance, sale and deliver,y of the second
installment of said bonds in the sum of $27,000, leaving the remaining
$18,000 bonds to be issued, sold and delivered as the City peeds addi-
tional funds for constructing and equipping a City Hall within said
City; i
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THEREFORE 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 Twenty Seven Thousand DoUars
($27,000.00), to be known and designated as "CITY OF WEST UNIVERSITY
PLACE CITY HALL BONDS, SERIES 1 955 tt , for the purpose of constrncting
and equipping a City Hall within said City, 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 Charter of the City of West University Place, said bonds con-
stituting the second 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 qualified resident
electors of said City who owned taxable property within said City and
who had duly rendered the same for taxation, voting at said election
held in said City on December 12, 1953, and voted for the purpose of
constructing and equipping a City Hall within said City.
Section 2. That said bonds shall be dated July 15, 1955, shall be
numbered from 1 to 27, both inclusive, shall be in the denom:i.nation of
$1,000.00 eaCh, aggregating $27,000.00, and shall become due and payable
on January 15th in each of the years and in the respective amounts shown
in the following schedule, to-mit:
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Bonds Nos. Maturity Amount
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1-4 1956 $4,000
5-8 1957 4,000
9-12 1958 4,000
13-16 1959 4,000
17-20 1960, 4,000
21-24 1961 4,000
25-27 1962 3,000
Section 3. That Bonds No.1 to 27, both inclusive, shall bear intereel't
at the rate of 2-1/4% pel' annum, interest payable January 15, 1956, and
semi-annually thereafter oniJuly 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 presenta-
tion and surrender of the interest coupons attached to said bonds as
they severally become due. Said bonds and interest coupons, as they
become due and payable, shall be paid at the bank herein. specified
without any exchange or collection charges whatever 'to' the owners or
holders thereof . .~ ,-
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. TJ1e facsimile signatures of the
Mayor and City Secretary may be lithographed on the coupons attached to
said bonds and shall have the same effect as if' they had been signed by
said officers.
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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 ,
CITY OF 'V'JEST UNIVERSITY PLACE
CITY HALL BOND,
SERIES 1955
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 15th day of January, J...2._.
ONE THOUSAND DOLLARS
($1,000.00), with interest thereon from the date hereof at the rate of
2-114% per annum, interest payable January 15, 1956 and semi-annually
thereafter on July 15th and January 15th of each year until the princi-
pal sum hereof shall have been paid. Both principal hereof and interest 0
hereon are payable, without any exchange or collection charges whatever
to the owner or holder, in lawful money of the United States of America
at The City National Bank of Houston, Houston, Texas, and interest falling
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due on or prior to maturity is payable only upon presentati.onand
surrender of the interest coupons hereto attached as they severally
become due.
The date of this bond, in. conformity with the ordinance herein.after
mentioned, is July 15, 1955.
This bond is one ofa series of twenty-seven bonds of like date and
tenor, except as to number and maturity, numbered from It0 27, both
inclusive, in. the denomin.atioIl of One Thousand Dol~ar~ ($1,000.00)
each, aggregating Twenty-Seven Thousand Dollars ($27,000.00), being
a portion and the second installment of 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 qualified resi-
dent electors of said City who owned taxable property within said City
and who had duly rendered the same for taxation, votin.g at an election
held in. said City on December 12, 1953, and voted for the purpose of
constructin.g and equippin.g a City Hall 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 min.utes of said
City Commission.
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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 the 12th day of December,
1953, and that all acts, conditions and thin.gs 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 c time, form and manner
as required by law; that due provision has been made for levying and
co1lectin.gannually by taxation, an amount sufficient to pay the in.ter-
est on these bonds as it falls due and to provide a sinking fUnd for
the final redemption of said bonds at maturity; and that the issuance
of this series of bonds, of which this one is a part, together with
all other indebtedness of said City, does not exceed any Constitutional
or statutor,y limitation.
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 Sec-
retary,and the in.terest coupons hereto attached to be executed by the
facsimily signatures of said Mayor and. City Secretary, all as of the
15th day of July, 1955.
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Mayor, City of West Univ rsity
Place, Texas
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. Section 6. That the form of coupon to be attached of said bonds
shall be substantially as follows:
$ .
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NO.
On the 15th day of , 19 '. , ~he City of West
University Place, in the County of Harri,;p, State of Texas, promises
to pay to bearer, without any exchange or collection charges to
bearer, at:: the City National Bank of Houston, Houston, the sum of
c ._ _ Dollars ($ ), in lawful money of the '
United States9f,.Ainerica, being the interest. due that date on the
City of West University Place City Hall Bond, Series 1955, dated
July 15, 1955, Bond. No. .
Mayor
Ci ty Secretary
Section 7. That substantially the following certificate shall be
printed on the back of each of said bonds: ,
OFFICE OF THE COMPTROLLER
'!HE S TATE OF TEXAS
REGIS'1;ER NO.
I hereby certify that there is on file and of _record in my office a 0
certificate of the Attomey General of the State of Texas to the effect
that this bond has 1Ieen examined by him as required by law; that he :rinds --
that it has been issued iri conformity with tl)e 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 office at Austin, Texas,
.
Comptroller of Public Accounts
of the State of Texas.
Section 8. While said bonds, or any part oithe principal thereof or
interest thereon remain outstanding, and unpaid, ~ere 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 wi thin said
City of tlest 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
ainking fund, there is hereby levied for the year 1955 a sufficient
taxon each $100 valuation of taxable property within said City, and the
same shall be assessed and collected and applied to the purpose names;
and for the purpose of providing a fund for the pa~nt of principal and 0
interest on said bonds as they respectively become due and payable,
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there is hereby levied for 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 advalorem tax upon all taxable
property within City sufficient for such purpose, due 'allowance being
made ,for delinquencies 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
for approval and thereafter to have them registered by the Comptroller
of Public Accounts of the State of Texas.
Section 10. That the sale of said bOMs to Moroney, Beissner & Company
Houston, Texas, at a.price equal to the principal amount of said bonds
plus accrued interest thereon from the date of said bonds to the date of
actual delivery plus a cash premium of $3.20 subject to the unqualified
approving opinion as to legality of the Attorney General of Texas and
market attorneys selected by the purchaser, is hereby authorized, approved,
ratified and confinned.'t-fuen. said bonds have been approved by the Attorney
'General of Texas and registered by the Comptroller of Public Accounts tif
Texas, they shall be delivered to the purchaser upon receipt of the pur-
chase price. The l'layor 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 1st day of August, 19.5.5.
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Mayor, City of West University
Place, Texas
ATTEST:
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