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HomeMy WebLinkAboutORD 797 - ORD Authorinzing Issuance of Redunf Bond Series 1962 46 Imll!!Tl JfT[!! -, lfi .. I' T- ..-- -- '-,T"'l ORDINANCE 797 _ ORDI:ijANCE THUS ADOPrED FOLLOWS: AN ORDINANCE AU'l'HORIZING THE ISSUANCE OF $135,000 REFUND- ING BOl'IDS, SERIES 1962; PRESCRIBING TEE TERMS AND PROVISIONS THEREOF; LEVYING TAXES TO PAY TEE PRINCIPAL THEREOF AND INTEREST THEREON; PROVIDING FOR TEE EXCHANGE OF SAID BOl'IDS FOR THE BOl'IDS BEING REFUNDED THEREBY; AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT. WHEREAS, the City of West University Place, Texas, has heretofore issued, sold and delivered thef6110wing described bonds, aggregating $135,000, which bonds are outstanding and unpaid: City of West University Place, Texas, street Improvement Bonds, Series 1948, dated'September 1,1948, numbered from 45 to 128, both inclusive, in the denomination of $1,000 each aggregating $84,000, bearing interest at the rates of 3-1/2% and 3-1/4% per annum, maturing serially in each of the years 1963 through 1967, both inclusive; and City of West University Place, Texas, storm Sewer Bonds, Series 1948, dated September 1, 1948, numbered from 22 to 60, both inclusive, in the denomination of $1,000 each, aggregating $39,000, bearing interest at the rates of 3-1/2% and 3-1/4% per annum, maturing serially in each of the years 1963 through 1968, both inclusive; and City of West University Place, Texas, Garbage Disposal Bonds, Series 1948, dated September 1, 1948, numbered from 14 to 25, both inclusive, in the denomination of $1,000 each, aggregating $12,000, bearing interest at the rates of 3-1/2% and 3-1/4% per annum, maturing serially in each of the years 1963 through 1968, both inclusive; and WHEREAS, in the proceedings authorizing said above demcribed bonds said City reserved the right to redeem said bonds on January 15, 1958, or on any interest payment date thereafter at a price of par and accrued in- terest to the date fixed for redemption; and . WHEREAS, and made interest ceedings the City Commission of said City has heretofore given notice of provision for the redemption of said bonds on January 15, 1962, an payment date on all said bonds, all in accordance with the pro- authorizing said outstanding $135,000 bonds; and WHEREAS, this City Commission is of the opinion that the refunding bonds hereinafter described should be issued for the purpose of refunding, can- celling, and in lieu ,of said outsta?ding $135,000 bonds; and WHEREAS, it is possible to lssue said refunding bonds at a lower rate of interest than said'bonds being refunded, thereby resulting in a saving in interest costs to said City; and n , , I i LJ II , u , "c ? ~ U ~. o [ o 47 WHEREAS, said City Commission wishes to proceed,yw.t.!t!,h the authoriza- tion and issuance of said refunding bonds; therefore BE IT ORDAINED BY THE CITY OF WEST 'UNIVERSITY PLACE, TEXAS: Section 1. NAME. AMOUNT. PURPOSE' AND AUTHORIZATION: That the bonds of the City of West University Place, Texas, be issued in the principal sum of $135,000, to be known and designated as t1CITYOF WEST UNIVERSITY PLACE REFUNDING BONDS, SERIESu1962tl, for the purpose of refunding, can- celling and in lieu ofa like principal amount of the bonds of said City described in the preamble of this ordinance, under and by virtue of the Constitution and laws of the'State of Texas, particularly Article 2368a, Vernon's Texas Civil Statutes, as amended, and the charter of said City of West University Place. Section 2. ~~;( DATE. NUMBERS. DENOMlNATJ:ON. AMOUNr AND MATURITY. SCHEDm.i.!1.l; That said refunding bonds shall be' dated January 15,1962, shall be numbered consecutively from-l to 135, both inclusive, shall be in the denomination of $1,000 each, aggr~gating $135,000, and shall become due and payable serially in their numerical order on January 15th in each of the years 1963 to 1968, both'inclusive, in the respective amounts shown in the following schedule, to-wit: Bonds Nos. (both incl.) 1 14 15 32 33 54 55 82 83 124 125 135 Year of Matur.ity Amount Maturing 1963 1964 1965 1966 1967 1968 $ 14,000 18,000 22,000 28,000 42,000 11,000 .~..'f: Section 3. JNTERE~ PAYING AGENT AND EXCHANGE OR COLY.QTION CHARGES: That said bonds shall bear interest at the rate of 3% per annum, interest payable July 1'5, '1962, and semiannually thereafter on January 15th and July 15th of each year until the principal sum is paid. Both principal of interest on said bonds shall be payable in lawful money of the United States of America, without exchange or collection charges to the owners or holders, at the National Bank of Commerce, Houston, Texas. The principal of said bonds shall be payable only upon presentation and surrender of said bonds as they respectively become due, and interest falling due on and prior to the respective maturity dates of the bonds shall be payable only upon pre- sentation and surrender of the interest coupons attached to said bonds as such coupons severally become due. Section 4. E:xECUTION. OF BONDS AND INTEREST COUPONS: That each of said bonds shall be signed by the Mayor and countersigned by the City Secretary, by their facsimile signatures, and the official seal of said City shall be impressed '----0 _L _ ~~ 0 _.:L............ \, ~..wJ:~m:JIilill Jmlll"-r:-----~ -----r..--.._..-Ll 0 ....:J-- r- -~T'-- ""'"In------. 48 upon each of said bonds. The interest coupons attached to said bonds shall also be executed by the facsimile signatures of said Mayor and City Secretary. Said facsimile signatures, as above provided, may be engraved, lithographed, or printed, and shall have the same effect as if said bonds and interest coupons had been signed in person and manually by each of such officers. Each of said bonds shall be regis- tered in the office of the Comptroller of Public Accounts of the State of Texas, as provided by law, and the Comptroller's registra~ion cer- tificate, which is to be printed on the back of each of said bonds, as provided hereafter in Section 7 of this ordinance, shall be manually subscribed. ~1 LJ Section 5. BOND FORM: That the form of said bonds shall be substantially as follows: NO. $1,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF HARRIS CITY . OF ~'lEST UNIVERSITY PLACE REFUNDING BOND SERIES 1962 The City of West University Place, in t~e 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, 19 , the sum of o ONE THOUSAND DOLLARS ($1,000), with interest thereon from the date hereof at the rate of 3% per annum, interest payable July 15, 1962, and semiannually there- after on January 15th and July 15th of each year 'until the principal sum hereof shall have been paid. Both principal ef and interest on this bond are payable in lawful money of the United States of America, with- out exchange or collection charges to the owner or holder hereof, at the National Bank of Commerce of Houston, Houston, Texas. The principal hereof shall be payable only upon presentation and surrender of this bond, and interest falling due on and prior to the maturity of this bond shall be payable only upon presentation and surrender of the interest coupons hereto attached, as such coupons severally become due. THE DATE OF THIS BOND, in conformity with the ordinance herein- after mentioned, is January 15, 1962. THIS BOND IS ONE OF A SERIES OF 135 SERIAL BONDS of like tenor and effect, except as to serial number and maturity, being numbered consecutively from 1 to 135, both inclusive, in the denomination of $1,000 each, aggregating $135,000, and, together with the other bonds of said series, is issued for the purpose of refunding, canceling, and in lieu of a like principal amount of said City's Street Improvement Bonds, Series 1948, dated September 1, 1948, numbered from 45 to 128, both inclusive, Storm Sewer Bonds, Series '1948, dated September 1, 1948, Il U '4;'9 " J numbered from 22 to 60, both inclusive, apd Garbage Disposal Bonds, Series 1948, dated September 1, 1948, numbered from 14 to 25, both inclusive, aggregating $135,000, under and by virtue of the Con- stitution and laws of the state of Texas, including particularly Article 2368a, Vernon's Texas Civil Statutes, as amended, the Home- Rule 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, which ordinance has been duly recorded in the official 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 this bond, and the other bonds of this series of bonds, in order to render the same legal, valid, and binding obligations of said City, have been done, have happened, and 'have been performed in regular and due time, form, and manner, as required by law; that due provision has been made for the payment of-the principal and interest on this bond, and the other bonds of said series of which it is a part, by the levy of a direct annual ad valorem tax upon all taxable property within said City sufficient for such purposes; and that this series of bonds, together with all other indebtedness of said City, does not ex- ceed any Constitutional or statutory limitation. o THE HOLDER OF THIS BOND AND THE SERIES OF WHICH IT IS A PART shall be subrogated to all the r'ights and privileges belonging to the holder or holders of the bonds which have been refunded by the issuance of this series of bonds. IN TESTIMO:NY WHEREOF, the City Commission of the City of West University Place, Texas, has caused the co~porate seal of said City to be affixed hereto, this bond to be signed by the Mayor of said City and countersigned by the City Secretary, by their facsimile sig- natures, and the interest coupons hereto annexed also to be executed by the facsimile signatures of said Mayor and City Secretary, all as of the 15th day of January, 1962. Mayor, City of West University Place, Texas COUNTERSIGNED: APPROVED AS TO FORM AND CORRECTNESS: City Attorney City Secretary, City of West University Place,Texas Section 6. FORM OF INTEREST COUPON:. That the form of interest coupon to be attached to such bonds shall be substantially as follows: o L ],] I 11 .- ill ':"I1Ulll'JIUIII 1n'lIiIIll IJIIIlIrnllT,!IT -.- -L-JIJ I L-..I f' 5'0 NO. $ 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, without exchange or collection charges, at the National Bank of Commerce of Houston, Houston, Texas, the sum of $ in lawful money of the United states of America, being interest due that date on City of West University Place Refunding Bond, Series 1962, bearing the number hereinafter specified, dated January 15, 1962, Bond. No. Mayor, City of West University Place,Texas City Secretary, City of West University Place, Texas Section 7. COMPTROLLER'S CERTIFICATE: That each of said bonds shall be re- gistered by the Comptroller of Public Accounts of the state of Texas,and said Comptroller's registration certificate, which is to be printed on the back of each of said bonds and is to be manually subscribed, shall be in substantially the following form: OFFICE OF THE,'COMPTROLLER THE STATE OF TEXAS REGISTER NO. 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 Cons- titution and laws of the State of Texas; and that it is a valid and binding obligation upon the 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. SUBROGATION OF RIGHTS: That the holder of the refunding bonds authorized by this ordinance shall be subrogated to all the rights and privileges belongint to the holders of the bonds which are being re- n u ,'I I , I 1 U '1 I ~ '51 funded by the issuance of this series of refunding bonds. J Section 9. o SINKING FUND. TRANSFER OF FUNDS AND TAX LEVY: That to pay :,the interest on said refunding bonds and to create and to provide a sinking fund to pay the principal thereof as it matures and the interest thereon as it accrues, there is hereby transferred to the interest and sinking fund of the refunding bonds hereby authorized the proceeds of all taxes levied and collected for and on account of the bonds which are being refunded hereby, and all taxes collected hereafter for and on account of the bonds being refunded hereby shall be credited to said fund, and all moneys in the interest and sinking funds of the bonds being refunded hereby shall be transferred to said fund. That while the refunding bonds authorized hereby, or any of the principal thereof or interest thereon, remain outstanding and unpaid, there shall be levied, assessed, and collected in due time, form and manner, and at the same time other City taxes are levied, assessed and collected, an annual ad valorem tax upon all taxable property within said City suf- ficient to pay the current interest on said bonds as it accrues and to pay each installment of the principal of said bonds as it matures; and to pay the interest on said bonds as it accrues and the principal of said bonds as it becomes due, there is hereby levied for the current year, and for each year while said bonds, or any part of the principal thereof or interest thereon, remainnytstanding and unpaid, on all tax- able property within said City, an ad valorem tax sufficient for said purposes on each $100.00 valuation of taxable propertyYin said City, and the same shall be assessed and collected and applied to the purposes named, and to no other; that to pay the first installment of interest falling due on said refunding bonds on July 15, 1962, there is hereby set aside and appropriated out of current, surplus funds on hand and available for such purpose the sum of $2,025.00. That while said bonds, or any part of the principal thereof or interest thereon, are outstanding and unpaid, an ad valorem 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 the sinking fund sufficient to redeem and discharge such bonds as they mature, full allowance being made for delinquencies'and costs of collection, shall be, and is hereby, levied for each year, respectively, and shall each year be assessed and collected and ap- plied to the payment of the interest on and principal of said bonds, and to no other purpose. Section 10. ") o MAYOR IN CHARGE OF REFUNDING BONDS AlilD EXCHANGE OF BONDS: That the Mayor of said City is hereby authorized to take and have charge of said refunding bonds authorized hereby pending their investigation and approval by the Attorney General of the State of Texas and registration by the Comptroller of public Accounts of the State of Texas. That the bonds authorized hereby shall not be registered until all of the bonds being refunded hereby have been surrendered to the Comptroller of public Accounts of the State of Texas for exchange and qancellation. That said ~._~ _"_ L ~__._ . .,1.1-__ L--__ '-".:",.;":..:.:J,,LilEtUlJIilill [llll1rin;::~7---' "L-Jl" .. I' I~ II ~ ----I' "r-TI. ,52 Comptroller of Public Accounts is hereby authorized and directed to deliver the refunding bonds authorized by this ordinance in like amount or amounts to the holder or holders of the bonds surrendered. I~ I I Section 11. I i L.-! AUTHORIZATION OF MAYOR AND CITY SECRETARY: That. the Mayor and City Secretary are hereby authorized and directed to do any and all things necessary and/or convenient to carry out the terms of this ordinance. Section 12. EFFECTIVE DATE OF ORDINANCE: That this ordinance shall take effect from and after its passage. PASSED AND APPROVED THIS fuH DAY OF JANUARY, 1962. ,,~~~ i:)1:;uar1:; L. Lamkin, Mayor City of West University Place, Texas ATTEST: 09J ' (nss/~ City secret~ n 1 1 u !I i I '---'