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.