HomeMy WebLinkAboutORD 106 Authorizing the issuance of refunding bonds
c
D
m.....
UJ
~ #loC
67
ORDER AUTHORIZING THE ISSUANCE OF CITY OF
WEST UNIVERSITY PLACE REFUNDING BONDS.
I
I
I
I
CITY OF WEST UNIVERSITY PLACE: I
THE STATE OF TEXAS
COUNTY OF HARRIS
On this, the 9th day of July; 1936, the Ci t.y Cem-
missian at th.e City of West University Place, Texas, convened in
Speeial Session at. 313 Second National Bank BUilding,.Houston,
Texas, all membas thereof being present, to wit:
R. G. Hyatt.., Mayor
R. B. Allen, Cemmissioner
C. C. Surber, Commissianer
at which time the tollewing among ether business was transacted,
to wit:
C&mm:issioner R. ;8. Allen introduced a proposed or-
dinance and moved its ~~op~1on. Yhe motiQn was seconded by Com_
missioner C. C. Sur,}ler.
Th& motion, carrying with it the adoption of said
ordinancet prevailed by the following vote:
AYES: Oommissiene.ra.Allen and Surber
ROES:;; Nene
The ordinance is as fol1ows:
-AN ORDINANCE No I () b
BY . THE CITY OOMMISSION OF THE CITY OF WEST UNIVERSITY PLACE,
TEXAS, AUTHORIZING THE ISSUANCE OF REFUNDING BONDS INTRE
AGGREGATE AMOUNT OF $808,S'Z7.78, FOR TH& PURPOSE OF PAYIN.G
OFF, CANCELING AND IN LIEU OF it LIKE AMOUNT OF THE LEGALLY
ISSUED AND OUTSTANDING INDEBTEDNESS OF SAID CITl, SAID OUT-
STANDING INDEBTEDNESS BEING AS FOLLOWS: CITY OF WEST
UNIVERSITY PLACE FUNDING BONDS, DATED MARCH 1, 1927,
CITY OF 'WEST UNIVERSITY PlACE FUNDING BONDS, SERIES 2., DA TED
,..
II
1" . .
.. J
6-8
JANUARY ~) 1929, CITY OF ~'ES~ UNIVERSlTY PLACE FUNDING BONDS,
SERIES OF 1931., DATED, OC.TOBER 10, 193~, AND PROVIDING FCB i]
THE LEVY, ASSESSMENT AND COLLECTION OF A TAX ON THE $lOO.OO - ,J,I,
VALUATION OF ALL TAXABLE PROPERTY WITHIN THE LIMITS OF SAID,
CITY TO PAY THE INTEREST ON SAID BONDS AND CREATE A SINKING
FUND FOR THE- REDEMPTION THEREOF-, PRESCRIBING THE FORM OF
BOND, AND DECIARING AN EMERGENCY. It
WHEREAS, . by ordinances of the City Commission of
. - .
the City of West University Place, Texas, heretofore duly and
legally adopted, the said City of West University Place legally
issued the hereinafter described bonds:
(1) City of West University Place Funding Bonds, dated March 1,
1927, Numbered from 1 to 370, incl~sive, in d~omination of $1,000.00
. , .
each, aggregating $370,000.00, bearing five and three-fourths
(sZ4J) per cent interest per annum, af which issue Bonds Numbers
22 to 25, inclusive, and 30 t.& 37(); inclusive, aggregating $344,-
000.00, are outstanding and Wlpaid;
(2) City of Ylea"t University P1aee Funding BondS, Series. 2,
dated January 1, 19a9, Numbered from 1 to 327, inclUSive, in
denomination of $l,OOO.OO each, except Bond N&. 1 for $725.00,
aggre.gating $326,72p.OO) bearing five and one-half (~%) per
cent interest per annua, of which issue Bonds Numbers 5 to 327,
inClusive, aggregating $32a,OOO.oO are outstanding and unpaid;
(3) City of West University Place Funding Bonds, Series of
1931,. dated October lO, 1931,. Numbered from 1 to 26l, ine1.usive,
in denomination of $1,000.00 each, except Bond No. .1 for $877.78,
aggregating $260,877.78; bearing five and one-hal.f (~) per cent.
interest per 'annum, of which issue B~nds Numbers l, 4 to 27;
inclusive, 29 to 3l, inc1usive, 33, 34, 371 44 to 48, inc1usive.,
54 t& 56, inc'lusive, 64; 65, 75 te 86, inclusive,S7 to 9};,
D
o
u
o
OJ
-TU
69
inc.lusiva, 93 to 95~ine1usive., 99 to lOI.; inc.lusive,' 1.05,l1.2,
llS,ll9 to l21; inclusive) 126 to 130, inclusive, 134 to 138,
inclusive, 142, 143, 149 to 154, inclusive; lOB to 160, incU.U-
sive, l67 to 17l, inclusive, 176 to l81, inclusive, 186 to 190,
inclusive, 196 to 200, inclusive, 206 to 213, inclusive, 216 to
220, inalusive, 227 to 229, inClusive, 238 to 244, inclusive,
and 250 to 257, inclusive; aggregating l4l,877.78, are now
outstanding and unpaid.
The aggregate amount outstanding and unpaid on all of said
above described issues being $808;877.78.
WHEREAS, the City Commission of .the City of West
Univers~ty Place deems it advisable and to the best interest
of said City that said above described outstanding bonds, in the
aggregate amount of $808,&77.78 be. refunded and that new bonds ba
issued in lieu thereof;
THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF
THE CITY OF WEST UNIVERSITY PLACE, TEXAS:
Section l.. ~at the bonds of said City, to be called .C.it.y
of West University Place Refunding Bends, Series 1936,. beissued
under and by virtue of the ~enstitution and Laws of the ~tate of
. 'texas, including Chapter 163, Acts of the 42nd Legislature" 1931,
to the amount of Eight Hundred and Eight. Thousand Eight. Hundred
Seventy Seven and 78/l00 ($808,877.78) DOllars, for the purpose
of refunding, canceling, and in lieu of City of West. University
place Funding Bonds, dated March 1, 1927,. City of West University
Place Funding Bonds, Series 2, dated January 1, 1929, and City of
West University Place Funding Bonds, Series of 1931, dated Octtier
10; 1931.
. ]
II
l
70
Section 2. 'rhat said bonds shall be numbered eonseeutive~y
from 1. to 809, inclusive, shall be of the denomination of One
.Thousane ($l,OOO.OO) Dollars each, except Bond Number 1. which
shall be in denomination of Eight Hundred Severity Seven and 78/
lOO ($877.78) Dollars; aggregat~ Eight Rundred and Eight
Thousand Eight Hundred Seventy Seven and 78/100 ($808;877.78)
I.l:ollars.
Sect.ion 3. That s>aid bonds shall be dated April 10, 1936;
and shall become due and payable serially as follows:
BOND. NUMBERS .. Mil TURITY DA TES AMOUNTS
..
lto.9 inclusive ~~iJ. 10; 1938 $. 8,877.78 <'
10 to 20 It: April. 10, 1.939 11;000.00'<
21 to 36 It April 1.0,' 1940 1.6;000.00 .....
37 to 53 It April 10, 1941 l7;OOO.00
54 to 70 ft April 10, 1942 17,000.00
71. to 84 tt April 10, 1943 l4,OOO.OO
85 'to 99 tt AprillO, 1944 lS,OOO.OO
100 to US It &pril 10' 1945 16,000,00
. ,
11.6 to 1.28 it April 10, 1946 13,000.00
129 te 142 tt April 1.0, 1947 14;000.00
143 to 156 " April 10, 1948 14,000.00
l57 to 17l it April lO, 1.949 15,000.00
l72 to. 1.87 tt April 1.0, 1950 16,000.00
l8B to 204 tf April lO, 1951 -17,POO.00
205 to 222, llIr April 10; 1952 l8;OOO.00
223 to 241 .: April. 10, 1953 19,00O.00
242 t.o 26.l. . April lO, 1954 20,000.00
262 to 282 II April lO, 1955 . 21.,000.00
283 te 306 .. April 10, 1956 24,000.00
307 to 33l It April .l0, 1.957 25tOOO.OO
332. to 358 It April lO, 1958 27,000.00
359 te 386 It April 10, 1.959 28,000.00
387 to 415 ... Ap~il 10, 1960 29,000.00
416 to 446 tI1 April lO, 1.96l 31.,000.00
447 to 478 tt April 10, 1.962- 32.,000.00 .
479 to 512 "' April :la, 1963 34,000.00
513 1:. 0 549 It April 10; 1964 37;000.00
550 to 588 It April lO, 1965 39,000.00
589 to 629 It: April 10, 1966 41,000.00
630 to 671 Ii April lO, 1967 42,000.00
672 te 715 .. A.pril 1.0; 1968 41* 000. 00
716 to 761 ft Apri1 10; 1969 46'00Q.OO
762 to 809 II April 10, 197<J 48.:eOO.. 00
"'-.. .
=
D
.J .
o
o
o
..
o
-~-
!{P%
jO
71
The. City Commission hereb.y affirmatively adjudgestbat the
financial eendition of the City of West. University Place will
not permit the ,payment of said bonds in such installments as will
make the burden of taxation to support the same approximately Wli-
form tbrought the. term of said bond issue unless it shall be feund
that the maturities above set Gut do make the burden of taxation
approximately uniferm.
Section 4. That said bonds shall bear interest at tbe rate of
three (a~) per cent.um per annum from April 10, 1936 to AprillO,
1939; at the rate of' three and one-half (3~~) per centum per
annum fram ApriJ. lO, 1939 to April 10, 1942; at the rate of Feur
(4$) per centum per annum from April lO, 1942 to April lO, 1945;
and at the rate of Four and one-half (4i%) per centum per annum
from April 10,' 1945 to April 10, l~rzO; inte-rest payable April lOt
1937, and semi-annually thereafter on October 10th and April lOth
of each year.
Section 5. That the principal of and interest on said bonds
shai1 be payable in lawful money af the United S~tes of America,
upon presentation and surrender of bond or proper coupon a 1t the.
Central Hanover Bank & Trust Company, New York,N.Y.
Section 6. That each of said bonds shall be signed by the
Mayor, countersigned by the City Clerk and registered by the City
Treasurer, and the corporate seal of the- City of West. Univ; ersity
Place shall be impressed upon each of tham.
Section,7. That the facsimile signatures of the Mayor and the
City Clerk may be lithographed or printed upon the coupons at~aehed
to said bondS, and shall have the same effect as if they had bean
:,'
----___--'r----
:1
II
jl
.J.
~
72
signed by them.
Section 8. The :1'erm 0:1' said bonds shall be substantially. as D
follows:
N():.
$
UNITED STATES OF AMERICA
STA TE OF TEXAS
COUNTY OF HARRIS
CITY OF WEST L1NIVERSITY PLACE REFUNl}ING BOND. ,
SERIES OF 1936
KNOW ALL MEN BY THESE PRESENTS: That the City of West
University Place, State of Texas, a municipal corporation, duly
incorporated under the laws of the..State of Texas, for value
received hereby promises to pay to the bearer hereof on the 10th
day of April, ~9__, the sum of . ($ .) DGl-lars, in
lawful money of the United States of America, with interest
thereon at the rate of (~) per centum per. annum;
interest payable April 1.01 1937, and semi-annually thereafter
on the 10th day of October and the 10th day of April of eac.h
year, principal ~d interest payable upon presentation and sur-
render ef bond or proper coupon at the Central Hanover Bank &
Trust Company, New York, N. Y., and the City of West University
Place is hereby held and firmly bound, and its faith and credit,
and all reri. and personal property in said City are hereby p~edged
for the prompt payment of the principal of this bond and the
interest thereon at maturity.
Th1sbond is one (Df a series of 809 bonds, numbered from 1.
to 809, inclusive, of the aenomination of One thousand ($l,OOO.OO)
D;o11ars each, except Bend No. 1 in denomination af Eight Hundred
[]
o
[J
[]
.
D
73
Seventy Seven and 78/~OO ($877.78) Dollarsf aggregating Eight
Hundred and Eight Thousand Eight Hundred Seven~y Seven and 78/l00
($808.877.78) Dellars, issued under and by virtue of the Canst1-
tution and laws of the State of Texas, including Chapter l63,
Acts of the 42nd LegiSlature, ~93.l, and in pursuance of an or-
dinance passed by the City C~ission of the City of West University
Place, Texas, which ordinance is of record in the Minutes of said
City Commission, for the purpose of refunding, canceling and in
lieu of a like par amount of City of West University Place Funding
Bonds; dated March. J., 1927, City of West Univemity Place Funding
RQnds, Series ~, dated January 1, 1929, and City of West University
P.ace Funding Bonds, Series of 1931, dated October 10, 1931.
~he date of this bond, in conformity with the ordinance above
mentioned, is the lOth day of April; 1936.
AND IT IS HEREBY CERTIFIED AND RECITED that the issuance of
this bond) and the series of which it is a part, is duly authorized.
by law, and that all acts, conditions and things required to be
done precedent to and in the issuance of this series of bondS, and _
of this bond, have been properly done and performed and have hap-
pened ;in regular and due time, fGrm and manner, as required by law,
and that the entire series of bondS, of which this is one, does
not exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF, the City of West University Place, by its
-Cit.y Cemmission has caused its corporate seal to be affixed hereto
and this bond to be aigned by the Mayor, eountersigned by its City
Clerk and registered by its Cit.y ~easurer, and the interest
coupons hereto attached to be ex_ecuted by the 1ithegraphed facsimile
7'4
signatures of the J[ayor' and the (:ity' C!.erk, as of t.he date last
above writt.en.
Mayor, City 'Of West; University
Place, Texas.
COUNTERSIGNED:
C'ity' Clerk
REGISTERED:
CITY Treasurer.
Section 9. The form of coupon shall be substantially as
follows:
NO.____...
$
ON THE 10TH DAY OF
. ~ " 1.9___.
~he City of West. University Placet Texas, promises ta pay
to bearer at Central Hanover Bank & Trust Company, New York,
N. Y., the sum of
($~
) DOllars, in lawful
money of the, United States of America, being six months. interest
en the City of West University Place Refunding Bond, Series of
193,6, No.
. . , dated April 10, 1936.
Mayor
City Cle.rk
Section lO. 'fhat the following certificate shall be printed
on the back of each hond:
OFFIOE OF COMPTROLLER
STATE OF TEXAS
I
I
1
[I
... [I
j]
u
l
011
I i
75'
I HEREBY CERTIFY, that. there is on file and of record in my
office a cert.ificate 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 Constitution and Laws of the State of Texas,
and that it is a valid and binding obligation upon said City of
West. University P1ace, Texas, and said bGnd has this day been
registered by me.
WITNESS MY HAND and seal of my office, at Austin, Texas, this
day of
, 1936.
Comptroller of ~blic
Accounts of The State
of Texas.
Section 11. It is further ordained by the City Commission of
the City af West University Place, Texas, that while said bonds,
or any of them, are outstanding and unpai~ there sha11 be annually
levied, assessed and collected, in due t.ime, form and manner, a
tax upon all the taxable property in said City of West University
Place, sufficient to pay the current interest thereon and create
a sinking fund sufficient to pay e~eh installment of the principal
as the same becomes due, and to pay the interest on said bonds for
the first year and to create a sinking fund with which to pay the
principal as ~he same becomes due, there is hereby levied a tax
of $1.00 on each $1.00.00 valuat.ion of taxable property in said
City for the year 1936, and the same shall be assessed and collected
and applied to the purpose named; and while said bondS, or any of
them, are outstanding and unpaid, a tax for each year at a rate from
I I
. . ]
I(
. ~f~;:~."'~ , ~
7ft
JI
l
';";
year to year, as w~l~ be ample and sufficient to provid~ funds
to pay the current interest on said bonds and to provide the,
necessary sinking fund, full allowance being made for delinquen-
cies and costs of collection, shall be, and is hereby levied for
eaeh year, respectively, while said bondS, or any of them, are
outstanding and unpaid, and said tax shall each year be assessed
and collected and applied t~ the payment of the interest on, and
principal of said bonds.
Sec:t.ion 12. It is further orciained that all meneys in the
sinking funds of the issues ~f bonds hereby.refunded, and all.
taxes in process of collection for the benefit of the issues of
pon.ds hereby refundedt; are hereby appropriated to the sinking
fund of this issue of Refunding Bonds.
Section 13. It is further ordained thai;. R. G. Hyatt, Mayor
of said C.ity; shall be authorized to take charge of all neces-
sary records pending investigation by the Attorney General and
shall take and have charge and control of the bonds her~in .
authorized pending their approval by the At~orney General and
registration by the Comptrol~er of Public Accounts.
D
[J
Section l4.
It is further or~ined that the Comptroller of
Publ.io Aecounts of the State of Texas shall not register the
bends herein authorized unti~ a like par amount of the bonds
herein refunded have been presented fer cancellation, which bonds
may be presented in installments, and the' Comptroller is author-
ized to deliver to the holder or holders of said outstanding bonds
a like par amcunt of the refunding bondS, and is requested to
return said cancelled bonds to the City of West University PLace.
n:
! ;
,
,
fTI
UJ
u
o
77
Se-et:ion J.o. The fact that the best interest and genera~ wel-
fare of said City requires a readJustment of its financial affairs
in order that it may meet its obligatiens promptly constitutes
and creates an emergency and an urgent pUblic neeessity requiring
that the rules previding for ordinances to be read and presem..ted
more than one time, or at more than one meeting, be suspended,
and that this ordinance be passed as, and take effect, as an
emergency measure, and such rules and provisions are aecerdingly
suspended, and this erdinance is passed and shall take effect as
an emergency measure, and aall be in: full f"orce and effect imme-
diately trem and after its passage.
PASSED AND APPROVED, this th~ 9th day of Jul.,-, 1936.
APPROVED:
Mayor, City efWest University
Plaee, Texas.
tiest:
...~~
~~,~._---_.~._--