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HomeMy WebLinkAboutORD 105 Authorizing the issuance of bonds .01 49 A R'RR{)T.TTrpT()N ~ D ACCEPTINU THE TERMS OF ElYIPLOYlVIENT OF THE LAW FIRM OF FULBRIGHT, CROOKER & FREEMAN OF HOUSTON, HARRIS COUNTY, TEXAS, TO REPRE- SENT THE CITY OF WEST UNIVERSITY PLACE IN THE CASE OF RALPH PLEASANT -vs- CITY OF WEST UNIVERSITY PLACE, NO... 2615 ON THE DOCKET OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF TEXAS, AND AUTHORIZING AND INSTRUCTING THE CITY SEC- RETARY TO SO NOTIFY SAID. LAW FIRM OF FULBRIGHT, CROOKER & FREEMAN, AND DECLARING AN EMERGENCY. BE IT RESOLVED by the City Council of the City of West University Place: Section 1: That the City of West University Place has and does hereby accept the terms of employment of the law firm of {J Fulbright, Crooker & Freeman of Houston, Texas, to represent the City of West Univer.sity Place in a cause now pending in the United States District Court for the Southern District of Texas, styled Ralph Pleasant -vs- City of Wes~ University Place, No. 2615 on the docket or said Court, as reflected by the letter of said law firm dated June 5th, 1936, in words and ... figures as follows: "This letter is by way of confirmation of our previous discussion with you respecting the representation of the City of West University Place in defense of the suit pending in the District Court of the United States for the Southern District of Texas, styled Ralph Pleasant -vs- City of" West University Place, No. 2615 on the docket of saicl court. ?..O.. .1 "We understand that we are to represent the City under the general direction of the City Attorney in the pre- paration of defense to the suit until it is finally disposed of, either in the District Court or in the Appellate Court. It is the agreement that our firm will be paid by said City for such services the sum of $2,000.00, of which $500.00 is to be paid in cash and the remaining $1,500.00.to be paid in convenient payments during the qurrent year. . . ] - [ II 50 nWe assume that you will have passed by the Council ap- propriate resolution covering this contract. Yours very Il. truly, FULI?RIGHT, CROOKER & FREEMAN. n U Section 2: That the City Secretary be and is hereby directed, to so notify said law firm of Fulbright, Crooker & Freeman of the acceptance of such terms of employment. Section 3: The fact that said Cause is set for trial on June 15, 1936, makes it imperative that immediate steps should be taken to protect the interest of the City" of West University Place, creates a public emergency and an imperative public necessity requiring a suspension of the rule that no resolution or ordinance be passed finally on the date of its introduction and that said resolution or ordinance shall be read at three separate meetings of the City Council be suspended, and that this resolution take effect and be in full force and effect o from and after its passage_and it is so ordered. Passed the ~ day of June, A.D. 1936. Approved the Lday of June, A.D. 1936. ATTEST: Mayor City of West University Place, Harris County Texas. If' -U' II ~. I .... I .. I .~Dl : I "0 :; ,.,d,,} : 51 ORDER, AUTHORIZING THE ISSUANCE OF CITY OF WEST UNIVERSITY PLACE REFUNDING BONDS. THE STATE OF TEXAS I I COUNTY OF HARRIS I I CITY OF WEST ~IVERSITY PLACE I On this, the 9th day of July, ~936, the City Commis- sien caf the City of West University Place, Texas, convened in Sp:eeia~ Sessi&n at 3~3 Second Natienal Bank. Bui~ding, Housten, Texas, al~ members thereof being present, to wit: R. G. Hyett, Mayer R. B.. A~~en, Cemmissioner C. C. Surber, C&mmissioner at which time the following among other pusiness was transacted, to wit: Commissioner R. B. L~len introduced a proposed ordinance and moved its adoption. The. motion was seconded by Commissioner c. E:. Surber. Tha motien, carrying with it the "adoption of seid or- dinanee, prevailed by the rel~owing vote: AYES: Cemmissioners A~len'and Surber NOES: None T"he erdinance is as renews: X to titiAN ORDINANCE ~ 0 ' BY THE CITY COJl1MISSION OF THE CITY OF WEST UNIVERSITY PLACE AUTHORIZING THE ISSUANCE OF CITY OF WEST UNIVERSITY PLACE WATER WORK:) l\E,UNDING BONDS, AGGREGATING THE SUM OF $48,750.00, FOR THE PURPOSE OF REFUNDING $65,000.00 CITY OF WEST UNIVERSITY PLACE WATERWOBKS BONDS, DATED AUGUST 26, 1.929; PRESCRIBING THE FORM OF BOND, PLEDGING THE REVENUES OF SAID SYSTEM TO THE PAYMENT OF PRINCIPAL AND INTEREST OF SAID BONDS AFTER PROVIDIIiJG FOR THE EXPENSE OF OPERATING SAID SYSTEM, MAKING CERTADI ,j ":1 ; '~~.~~~----1------ II 52 COVENANTS OF THE CITY IN REFERENCE TO THE BONDS AND THE BOND FUND FROM WHICH SA ID PRINCIPAL AND INTEREST ARE TO BE I,',:..J PAID; mOVIDING THAT THE HOLDER- OR HOLDERS 0F SAID BONDS SHLL NEVER HAVE THE RIGHT TO DEMAND PAYMENT 0F SAID OBLI- GATIONS OUT OF ANY FUNDS RAISED at TO BE RAISED BY TAXATION; AND DEClARING AN EMERGENCY." WHEREAS, heretofore, pursuant to an ordinance passed ",'lh by the City Commission and duly reeer(ied in the Minutes of the City Commission, the City of Weat University Place executed City ef West University Place Waterworks BendS, aggregating the principal sum of $iOO,ooo.OO; same being number-ed from 1 te 100, inclusive, in denemination ef $1;000.00 each; datea August 26, 1929, bearing interes.t at the rate of six (6$) per cent. per-annum, interes.t payable April 10; 1930, and semi-annually thereafter en Oct.ober 10th and April 10th of each year, said bonds 'being payable serially from the net revenues of such Waterworks Sys- tem, and providing -The holder hereof shall. never have the right to demand payment ef this obligation out of any funds . raised or to be raised by taxation, It and WHEREAS, there are now outstanding and unpaid said City ef West University })lace Watenorks Bends in the aggregate . amount of $65,000.00; being ~ll of the bonds 'of said issue which o are now eutstanding; and WHERElS, the C.ity Cemmissien bas heretofore det.ermined that it is to the bes~ interest of the City and of its citizens that said outstanding bonds be refundedj and WHEREAS, the. helders of t.he 011tstanding bends have agraed ~o accept the new refunding bonds e~ua~ in amount to seventy-five per cent (7$) of the face value of the bends now . [J held QY them; and o '~ [ o 53 WHEREAS, the City bas authority, generally, to pass this ordinance authorizing the issuance of refunding bonds for the purpose of refunding such outstanding and unpaid bonds under the provisiens, of the C&nstitut-ion and Stat.u.tes of the State of T'exas, including particularly Chapter 163, Acts of Regular Session of the Forty-Second Texas. Legislature; and WHEREAS, it is now necessary and proper that the Cit.y Commission proceed with the issuance of such refund~ bonds; BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF WEST UNIVERSITY PlACE, TEXAS: Section 1. That the bonds of said City, to be called "City of West University Place Befunding BendS, Series 1936,. be issued under and by virtue of the eenstitution and. Laws of the State of Texas, including particularly Chapter 163, Acts of the . Regular Session of the Forty-Second Texas Legislature, for the purpose Gf refunding $65.000.00 0f said C"ity of West University Place Waterworks Bends, dated August 26, 1929, on the basis of seven.ty-five (75~) of their face value; said bonds shall be numbered from 1 to 97, inclusive, of the de-nemination of Five hun<1red ($500.00) Dollars each, except Bend No. 1 which shall be of the- denomination of Seven Hundred and Fifty ($750.00) Dellars, aggregating Forty-Eight.. 'lheusandSegen Hundred and Fifty ($48,,750.00) DoJ.lars. Section 2. Said bonds shall be dated April. lO, 1936, and shall bear interes~ as fellows: at the rate of three (a~) per cen~ per annua from date to April lO, 1939; at- the rate ef three and (me-half (3'i$) per cent per annum trem April 1.0, 1939 . 54 te April. ~Ot ~942-; at the rate of teur(4$) per cent per. annum Oil, frem Ap~1l 10i :L942 t.Cl April 10" 194,5; and at the rate of four and ,me-half (4'i$) per cent per annum frem Apri~ 10, 1945 te April ~Ot 1.955; interest payable sem-annually en Oct.ber- 10th and April lOth of each year; principal €If and interest en said 'bends shall be payable i.n such funds as are, on the respective dates of payment of the principal ef and interest on the bonds, law1ul. money of the United States.. of America, upon presentation. and surrender of bond or 'pr:oper cQup-On at C:entra.l Hanover Bank. &: Trust Company, New York, N:. Y. Sec.tion 3. Said bonds shall mature as follows: lWMBERS :1.-2-3 4-5~-7 a-9-l.0-ll 12-13-.1.4-l5 16-17-18-19 20-21-22-23-24-25 26-27-28-29-30-31 32..33-34....35-36-37 38-39-40-41-42--43 44-45~-47-48-49 50-5~-52:-53...54-5S 56-57-58-59-60,-63. 62-63-64-65-66-67 68-69-70-7.1.-72-73- 74-75-76-77-78-79 80-81-82-83-84-85 86-87-88-89-90~9~ 92-93~94-95.96-97 MATURITY DAT,ES_. 1 / AMOUNTS Apri1 10, 1.938 / Iq~q V $ 1.,750.00 April 10, 1.929 ../ 2,000.00 April :LOt 1940 2,000.00 Apri:t ~O; 1~41 .2,000.00 April lOt 1942 2;000.00 AprU 1.0, 1.943 3,,000.00 April 10, 1.944 StOOO.CO April 1.0, 1945 3,000.00 April 1.0, 1946 3,000.00 Apr:Ll lO, 1.947 3,000.00 April 10; 1948 3,000.00 April 10; 1949 3,000.00 April 10, 1950 3,000.00 April 10, 195J. 3,000.00 April 10, 1952- 3,000~00 April 10) 1953 3,000.00 April 10, 1954 3,000.00 AprU 10, 1955 3,000.00 .ID L Sect.ion 4. Each of said bonds shall be signed by the May~, countersigned by the City Clerk and registered by th& Cit.y Treasurer"and the Corporate seal of the City of West. University Place, !exas, shall be impressed upon each of them. The facsimile signatures of the Mayor and Ci~y Clerk may be lithographed, engraved, or printed upon the coupons attached .-. o lJ D D 5'5 t.& said .b0nds and shall have the same effect as' if they. had .beeri signed by said officers. Sectien 5. ~he form of said b~nds shall be subs tan. tia~~y as fo~~ows: Me. $ UNITED. STA TES OF. AMERICA STA 'I'E OF TEXAS COUNTY OF..' HARRIS CITY OFWES'f:'UNIVERSITY PLACE i WATERWOHs REFUNDING BOND SERIES OF 1.936 The City of West University Place, in the Ceunty of Harris, in the State. G)f Texas, f~r value received, hereby ac- . knowledges itself indabted to and promises to pay to the bearer, on the lOth day of April, 1.9...........;. the sum of DOLLARS ($ ), in lawful money ef the United States Gf America, with interest there0n frem date at the rate of <...;...-$ ) per cent :per annum, payable semi-annually on the 10th day of Octeber and the 10th day of April of each year, which interest is payable in such funds as are, en the respective .dates of payment, lawful money of the United States of America, upon the presentatien and surrender efprQper cGupons as they severally beceme due; both prineipal and interest being payable at Central Hanover Bank & T'rust c.ompany, New Y0rk, N.Y. This bond is subject to the condition and every holder hereof b.y accepting the.. same agrees with the obliger and every ~ ] r .. 11 It l ... j 56' subsequent hoJ.der hereef that. (a) the delivery of this bond t.o D any transferee shall vest ti-tle in.' this bond and the interest represented thereby in su.ch transferee to the same extent.f.or all purposes as would the delivery under like circumstances of any ~egotiable instrument payable t.o bearer; (b) the obligor and any agent. of the .obl.iger may treat the bearer of t.his bond as the absoJ..ute owner hereof fer- all. purposes and shall. not.. be affected by any notice to the contrary; (c) the principal of and interest on this bond will bepa1d and this bond and each of the coupons. appertaining theret.o. are transferable, tree from and without regard t.o equities between the Obligor and the original or any i.ntermedia te holderhereo:f or any-seil-effs (\)1" cross elaims; and (d) the surrender to the obligor or any agent of 'the obligor <af this bond and of each of the coupons shall be a geod dischar&e., m to the obligor fer the same. LLIJ This; bend is Gne of a series of bonds numbered from One, (l) toe Ninety-seven (97), inclu.sive, in t.hedenomination of Five hundred ($500.00) Dollars each, except Rond No. 1. in denom- ination of Seven hundred and Fifty ($7-S0.00} Dolla-rs, aggregating the sum of Ferty-eight Thousand Seven Hundred and Fifty ($48)750.00) DOllars., issued by the Cit.y of West University Place,fQrthe purp~se of refunding City of West University Place Waterwo:t'ks Bends, dated August 26) 1929, on the basis of seventy-..f1ve (75~) per cen'tc of their face value) in accordance wit.h the Censtitutien and' Laws of the State of Texa~t and pursuant to an ordinance passed by the Ci t.yCGmmissiel1 and duly recorded in the Minutes of the City 8~lssion. n o '';,~ -- - o D 57 . The date of' t.his bend in conformity with the ordinance abeve ment.iQnedis April ~O, ~936,. This bond and the series of' which it is a part consti- tute special obligations of the Cit.y of West Univers.ity Place) Texas, payable from and secured by ~n exclusive first. lien on and pledge of the revenues of the City I S Waterworks System, after dedu.c;tiOl1 of reasonable operation and-maintenance expenses. The hQlder.hereof shall never have "the right. to. demand payment of this obligation out of any funds raised or $,0 be raised by taxation. In addition to all other rights, the ho~der or holders :---~'~ this bond and Gf the series of which it is a part, is and are subregated to all. the rights and privileges in law or equity' he1d by the holders of the bonds refunded by this issue of bondS, including the rights and benefits of a certain deed of trust dated August 26, J.929 , executed by said City for the benefit of said original bend issue. AND IT IS HEREBY CERTIFIED AND RECITED that the issuance of this bond, and the series of which it is apart, is duly author- ized by law; that all acts, conditions and things required to exist and to be done precedent to and in the issuance of thi.s bend t.o render the same lawful and valid, have been properly done, have happened and have been performed in regular and due time', form and manner as re- quired by the Constitution and laws of the State of Texas and the ordinance hereinabove mentioned, and that this-series of refunding bends does not exceed any constitu..tional or statutory limitations-; and tha~ provision has been made for the payment of the pr1nc1pa~ of II L . . 1 58 and inte1"es't en this bond and the. series of which it is a part by irrevGcabl.y p1edging the revenues of said waterW07!'ks Syst~m et said City of West University Place, ~exas. IN TEST'Il\J10NY WHEREOF, the e'i'ty Cemm1SSiOIl of tha Cit.y of \lest University Place, T'exas, has caused the seal o.f said Cit.y te be hereon impressed and t.his bGnd to be signed by the l4ayoref said Cit.y, C:Qtmtersign.ed by -the Cit.y Clerk attd registered by the eityTreasuru, and !as caused the annexed eeupens t.e be signed by the tacsi.Jni1.e signat.ures ef the Mayor and ait.y Clerk; the date. of this bond in conformit.y with the ordinance above re- ferred to being the 10th day. of April, 1936. (SEAL) - . Ma.yer,. 9ity-of West. University Place, Texas. COUNTERSIGNED: Cioty Clerk REGISTERED: City Treasu:rer Section 6. The form Qf said coupon shall be substan- tially as. follows: XE). ____ $-- On the 10th da:t of , 19............, The City of 'West. University PJ.ace, Texas,- wil~ pay toG the bearer from the revenues of the. City's Waterworks System after deducition of reasonable eperation and maintenance expenses, at. Central Han'" over Bank &: Trust Company; New York, N.Y., the sum of DOLLARS o D D D o o 59' in suc.h funds. as are ()n said date lawful money of the United states of Am6riea, said sum being six months t interest on the City of West University Plac.e Waterworks Refunding Bo~d, Series of 1936, :&....0.0...-, dated April 10, 1;936. ~ ho1.der hereof shall never have the right "to demand payment of this0bligat.ion eut of any funds raised 0r 'to be raised by taxation. / Mayor,City'ofWest University /tb1;;::;:;;/ ,... ~V,~iitY-Cl~k. . Sect.ien 7. Substant.ialI.y the following shall be printed on the back of each bond: OFFICE OF COMPTROLLER I I STA TE OF TEXAS I I hereby e,ertit'y that there is on file and ef reeord in my office a certificate of the Attorney General of the Stat6 of Texas to the effect that this Qond has been examined by him as required by law, and that he finds that it bas been issued in een- formi ty with the C.onstitution and laws of the State of Texas, and that it is a valid and binding speeial obligation of se.id City of West University Place, Texas, payable fr0m the revenues pledged t.o its payment by and in the: erd1nance authorizing same, and said bond la s this day been registered by me. WITNESS MY HAND and seal of office at Austin, Texas, this "the ---.;...,;. day of > . '" 1936. eomptr~ller .of Public Ac- cotints of The State of '.re-xas. I. . I ''I U1 II . .. I. .. 60 SeCltion 8,. In this ordinance, the term USystem- sbal.l inc~ude and mean the Waterwer-ks Sys.tem of the City of West University Place, Texas~ and al.l extensions thereof and improve- ments thereto. hereafter made. Sect.ion 9. The C1.ty Comirlssion shall., at. all t1mes, while any of said bonds, or any interest thereon, are outstanding and unpaid, charge and-collect-for services rendered by said system, rates sufficient to. pay all. mainte~nce charges, and for Laterest. and sinking fund sufficient to. pay the int~est and prin- cipal of said bonds as such principal and interest matures and accrues and any eutstanding indebtedness against the system, as is required by Article l.113, 1925 Revised Civil Statutes of !exas" and amendments thereto. For t.he benefit of the original purchaser, and for the benefit of any and all. subsequent ho1ders of said bonds" coupons, or any part.. thereof) and in addition to all. other provisions and covenants: in the laws of the State and in this ordinance) it is expressly stipulated: A. .Rattle. The City shall. fix and maintain rates and collect charges for the facilities and services afforded by the System, which will provide revenues sufficient atall times: (1) ~o pay for all operation, maintenance, depreciati.n, repl.acement and betterment. charges of the System. (2) ~o establish and maintain the Bond Fund. (3) To pay all outstanding indebtedness against. t.he System, ether than the bonds, as and wh.en the same becomes du.e. B. ~ of Revenues. The City will deposit, as col- lected, all revenues- derived from the operation of the System int.o. a separate account (herein called the "System Fund") whi.ch Q II [] D u o 61 shall be kept separate and ~art fro11l all other funds of the City. 'fheSystem Fund shall be administered as follows: (1) ~ Fund. From the funds in the System Fund the City shall pay into the Bond Fund during each year in which any of the bonds are out-standing, commencing with the date of the bonds herein provided for, an amount. equal to 1.00 per centum of t.he amount requir_ed t.o meet the interest and principa~ payments_ falling due on or before the next. mat.urity date of the bonds. In addit.ion t.o such payment., the City shall pay into the Bond Fund from the System Fund in each year 20 per centum of the above requir ed amount until such time as ther e is in the Bond Fund an amount sufficient to meet the interest and principal payments falling due on or betore the next maturit.y date of the bonds. The amount required to be paid into the B.ond Fund in eaeh year shall be paid in substantially equal monthly payments from the mQnies in the System Fund after deductions have been made for paying the reasonable c:osu of the operating and maintaining of the System fer such month. If the revenues of the System in any month, after deductions for opera tien and maintenance, are insufficient to make the required payment into the Bond Fund, then the amount of' any deficiency in the payment made shall be addee .----l'---.---.-.-~. .'::J II 62 t.e the ameunt ot.herwise required to be paid into the b&nd f'und in the next month. '1:he monies in the Bend Fund shall be used solely fer t.hepurpose ot paying interest. en and principal of the bonds unti~ all the bends have been retired; provided, that, when the total. in the B0nd Fund is equal to the aggregate principal al,Iloun.t of the bonds outstanding plus. accru.ed interest thereon, the monies in the Bend Fund may .be aseci to pw,-chase bonds at a price, exclu.sive of accrued interest, not exceeding the principal amount ~ereof. The monies paid into the Bend Fund shal1 be de.posit.ed in a bank or banks which are members of the Federa1 Reserve Systam~ U~~) &urnl.us. Any :Cun.dsrema1ning. in the System Fund, atter provision for the reasonable cost of opera- ting and maintaining the System and after paying the amounts required to be. paid into the Bond Fund, as abeve provided, may be used by the City fer any purpose permi t:tad hy JAw. c. Addi t.ional Bonds t.Encumbrance ~~. While. any of the bonds are outstanding, the City shall not issue any addit~ona1 bonds, payable. from the revenues of the Sys-tem, unless the lien of such bends on th.e revenues of. the Syst.em is made J uniof> and subordinate. in all respects t.o the lien of the bonds authorized in this ordinance. In n.o event". while. any of said bonds are outstand- ing, will the City mo.rtgage or otherwise ene-umber the System or any :part thereof, or se~l, lease .or otherwise dispose of any sub- stantial port.ion of such system. ~hese provisions shall inure t.o iJ [] o D D o 63 the. benefit af and be enfarceab1.e by anyhelder of any of the. bonds. D. Maintenance and Operatien. The City-shall. maintain the System in good cendition and operate the same inan efficient manner and ,at a reasonabJ.e cost. NGthing. in this ordinance shall be construed as requiring the City to expend, an~ funds which are derived from s0urcies other than the operat.ion of the System, but nothing herein shall be construed as preventipg the City &am doing so. E. Accaunts and Per ie die Statements. The City shall keep proper books of records and acc.ounts ,(separatefrom all ather records and accounts-) in which complete and .correct entries shall. be made of' all transaet.ions rela'ting to the System. The City shall furnish to any holder of'any of the bandS, at the written request of such hoJ.der, not more t.han thirty days after the close of eaeb six months fiscal. pel'iod, compl.ete' eperating and income statements of the System in reasonab1.e detail eoveringsuch six months period . and,. not more than sixty days after the close of each fiscal year, eemplete financial statements of the System in reasonable detail. cevering such fiscal. year, certified by the City t S aUditors. F.Inspectien. Any purchaser of 25 pe,I' centum in the ag~egate princip~l aJ1lount of the bonds: at the time then. outstanding or any ho1der or heldersof 25 per centum of said amount of outstanding &onds.shal.l. have 1ilie right. at. all reasanab1.e times to inspect the 5.ystemand all records; accounts and data af the City relatingt.herete. Sectien 1.0. 1':he Mayor, City Cl.erk and City Treasurer are hereby instructed and directed to do any and all things necessary and/or convenient in reference ~o the. installing and-maintaining of 64 a eempleta system of records and accounts pertaining to said system and to make the monies available for the payment of said refunding bonds in the manner provided by Chapter 122:, Acts .of the Regular Session of the Forty-third Legislature, effective May 12, 1933. In accordance with the previsions of Ar't.icle 11.13,1925 Revised Civil Statutes of Texas,.as amended,. the fis- cal. year for .the operation of such System shall be January. 1st to December 3J.st of each year. ~he remaining pariiof 1936 shall constitute a f'racti9nal part ofafisc:a~ year. Sect-ion 11. . Tli& City covenants by and through this Ordinance as fellows: o (a.) That. the refunding bonds authorized hereunder shall be special obligations of .the. City, and the hol.der thereof shall never, have the right to demand payment thereof out. of funds raised or to be raised by taxation. (b) That it. baa the lawful pewer to pledge the r.evenues [ ~ supporting this issue of bonds and has lawfully exercised said power under the Constitution and laws of the State of Texas, including power existing under Articles 1111 to 1118, both incJ.u- sive; 1925 Revised Civil Statu.tes of the State of Texas with amendments thereto, and Chapter 163, Acts of the Regular Session of the Forty-Second Texas Legislature; that the bonds issued hereunder shall be ratably secured under said pJ.edge. of income, in such manner that <me bond shall have no preference "over any other bend of said issue. (c) That other than for the payment. of' the bonds herein provided for, the rents, revenues and income of the said Water- works System have not in any manner been pledged to 'tJle payment. o [J o lJ 65 of any debt or Gbligation of the City, nor of said System. Section 12. It shall be the duly ef the Mayor t.o submit the reeord of said 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 Aceoun~aGf the State of Texas. When the refunding bonds have been registered by the Comptroller and tha original bonds have been cancelled by the Comptroller, the Comptroller shall deliver the refunding.bonds to the holders of said outstanding bonds on the basis _of se~enty- five (75$) per cent of the face- value of said outstanding bonds. The Mayor, City Clerk and City Treasurer are hereby expressly authorized and directed to have the holders of said outstanding bonds forward such bond-s ,to the Comptroller, and to do. any and a1.l things necessary or convenient to bring about the refunding of' such bonds. Section 13. The fact that the City of West University Place, 'texas, requires the immediate issuance of the bonds herein provided for, which issue of bonds will be to the best interest and,general we1.fare of the said C'ity creates an emergency and an impera tive public necessity that the rule requiring erdinances t.o be read on three separate days before final passage, be suspended, and such rule is hereby suspended and it is'ordained that this ordinance shall take effect and ,be in force imediatel.y upon ita passage and-.approval. Attest.: . PASSED AND APPROVED" this 9 day of Jttly, 1936. (Signea) Mayor,Cit.y of West University Placet Texas. City Clerk.