HomeMy WebLinkAboutORD 107 Authorizing the issuance of refunding warrants
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ORDTI'IANCE AUTHORIZING THE ISSUANCE OF .CITY OF
WEST UNIVERSITY PLACE REFUNDING'
WARRANT$~
!BE. STATE OF TEnS I
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COUNTY OF HARRIS I
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CiTY OF WEST UNIVERSITY PlACE I
On this" the 9th day of July, 1936:, the City
Commission of the city of West University Place, Texas,
convened in Special Session at 313 Second'National Bank
Building, Houston, Texas, all members thereof being present,
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to wit:
R. G. Hyett, Mayor
R. :a. Allen, Commissioner
C.' C.. Surber, Commissioner
at which time the following among other business was trans-
acted, to wit:
Commissioner C. C. Surber introduced a proposed
ordinance and moved its adoption. The motion was seconded by
Cemm1ssioner R. B. Allen.
The motion, earrying with it the adoptien of said
0rd1nance prevai~ed by the following vote:
AYES: C:ominissioners Allen and Surber
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:NOES: None
The ordinance is as tollows:
-AN ORDINANCE ~~O'\O~
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BY THE CITY COMMISSION OF THE CITY OF WEST. UIIVERSITY PLACE,
TEXAS,_ AUTHORIZING THE ISSUANCE OF WARRANTS FOR THE PRINCIPAL 1[1
SillII OF $86., coo.. 00, FOR THE PURPOSE OF PAYING. OFF, CANCELDIG
AND IN LIEU OF A LIKE AMOUNT OF THE LEG&LLY ISSUED AND Om?-
STANDING WARRANTS OF SAID CITY, SAID OUTSTANDING 'WARRAN.TS
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BEING AS FOLLOWS: CITY OF WEST UNIVERSITY' PLACE IMPROVEMENT
WARRANTS, SERIES G,.DATED JANUARY 15, 1929, CITY OF WEST
tJ!{IVERSITY PlACE FUNDING WARRANTS, SERIES H, DATED MAY 25,
1929, CITY OF WEST UNIVERSITY PLACE IMPROVEMENT WARRANTS,
SERIES I, DATED JULY l, 1929, C;t:TY 'OF WEST UNIVERSITY PLACE
PUBLIC IMPRCVENIENr WARRANTS OF 1929, DA TED JULY 1, 1929,
CITY OF WEST UNIVERSITY PLACE REFUNDING WARRANTS OF 1929,
DATED, SEPTEMBER 10, 1929, CITY OF WEST UNIVERSITY ~U.CE
ENGINEERING WARRANTS, DATED JUNE 9, 1930; AND PROVIDING FOR
THE LEVY, ASSESSMENT AND COLLECTION OF A TAX WITHIN THE 51
LDIITS OF SAID CITY TO PAY THE- INTEREST ON AND CREATE A SINKING
FUND FOR THE REDEMPTION THEREOF, AND PRESCRIBING THE Fauvr OF
BOND, AND DECLARING AN EMERGENCY."
. .
WHEREAS, by an Grdinance of the City Commissien of the City of
West University Place, Texas, passed on the 24th day of January;
1929, the said City of West University Place legally issued its
.City of West University Place l&prevement Warrant., Series G,.
,
dated January l5, 1929, in the amount of $17,253.39, bearing
six (6~) per cent in~,erest per annum, of which issue there are
now outstanding and unpaid Warrants Nos. 5;6,7, and 9; in denom-
ination of $l,OOO.OO each, aggregating $4,000.00; and
WHEREAS; by erd1nance of the City Commission of the City of
West ~niversity Place, Texas, passed on the 23rd day of May, 1929,
the said Cit.y Elf West. University Place lega1ly issued its .C!ty
of West University Place Funding Warrants, Series H of 1929, dated
May 25, 1929, in the amount of $37,118.86, bea~ing six (6%) per'
cent interest, of which issue there ~re now outstanding and unpaid
warrants Res. 3, 4, 6, 7, l~, l3, l5 to 24, inClusive, 28 to 37,
inClusive., in denomination of $1,000.00 each; aggregating $26,000.00;
and
WHEREAS, by ordinance of the City Cemmissien of the City of West
University Place, Texas, passed on the l7th day of June, 1929, the
City &f West University Place legal1y issued its "City of West
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ment
University Place~prove/Warrants, Series I of- 1929,ttdated
Jul.y ~, 1929, in the amount of $34,000.00, bearing six (6$) per
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cent interest, of which issue there are now outstanding and
unpaid Warrants Nos. 1;2,5,7,8,9;11 to ~7, inclusive, 19, 24
and 25, ~ denominatien of $~,OOO.OO eaeh, aggregating $16,000.00;
and
WHEREAS, by an ordinance of the City Commission of the Cit.y of
West University Place, Texas, passed on tke 17th day of June; 1929,
the said City of West University Place legally issued its .City
of West University Place Public Improvement Warrants,. dated
July l, 1929, in the amount of $58,000.00, bearing six (6~) per
cent interest, of which issue there are now outstanding and
unpaid Warrants Nos. II to 29, inclusive, in denomination ot
$l,OOO;OO each, aggregating $19,000.00; and
WHEREAS, by an ordinance of the City Commission of the City
ot w.est University Place, Texas, passed on the l2th day of Sep-
tember, 1929, the said City. of West University Place legally
issued its "City of West University Place Refunding Warrants,
Series 1929,~ dated September lO, 1929, in the amount of $47,000.00,
bearing six (6$) per cent per annum interest, of which issue there
are now outstanding and unpaid Warrants Nos. 2,4,5,6,8 to 18,
inclusive, in denomination of $1,000.00 eaCh, aggregating
$lS,OOO.OO; and
WHEREAS, by Qrdinance of the- City Commission of the City of
West Universit.y Place, Texas, passed on the. 9th day of June,
1930, the said City .t West Uaiversity Place legally issued its 0
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.Cit.y af West. Universit..y Place Engineering Warrants," dated
June 9, 1930) bearing six (6$) per cant interest, in the amount
of $26,000.00, of' which issue there are now outstanding and unpaid
Warrants Nos. l, 2; 3, 6, 5,7, in denomination of $1,000.00
each, aggregating $6,000.00; and
WHEREAS, the City Commission of the City of West University
place affirmatively finds that all of said above described warrants
were issued prior to the effective date of Chapter l6S, Acta 42nd
Legislature, 193~, and the City CGmmissionfurther affirmatively
finds thai; it is necessary that said warrants be refunded in
Grder to relieve a default in the payment. of principal and interest,
~d that new.warrants. be issued in lieu thereof; and
WHEREAS, the holders of said original items of indebtedness
have agreed to accept in lieu thereof the interest bearing refunding
warrants hereinafter more fully deaeribedi
THEREFORE, BE IT ORDAINED BY THE CITY C:Ol\lIMISSION OF THE CITY OF
WEST 1JNlVERSITY PIA CE :
Section 1. Tha't the warrants of said eity, to be called "City
of West University Place Refunding warrants, Series 1936,. be
issu.ed under and by virtue of the Constitution and Laws of the
State of Texas) inclUding Chapter 1.63, Acts 42nd LegiSlature,
1931, to the amount of Eighty-Six Thousand ($86,OOO.OO) DOllars,
for the purpose of refunding; cancelling and in lieu of the City
- of West. University Place Improvement Warrants, . Series G, dated
January l5, 1929, Cit.y of West. University Plaee Fun<i1ng Warrants,
Series H, dated ~~y 25, 1929, City Qf West University Place Im-
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prGvement Warrants., Series I, dated July ~, 1929, City of Wes't
University Place PubliCl ImprQvement Warrants, dated July l, 1929,
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C~t.Y of West University Place Refunding Wa~rants of 1929, dated
September lO, ~929,. City of West University Place Engineering
Warrants, dated June 9, ~930.
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Section 2. That said warrants shall be numbered consecutively
trem 1 to 86, both inclusive; shalt be of the denomina'tion of
One 'rhousand ($1,000.00) Dollars each, aggregating Eighty-Six
Thousand ($86,000.00) dol~ars.
Section 3. That they shall be dated the 10th day of Apri1,
1936, and shall become due and payable serially as foll.ows:
BOND NUMBERS
l.-~
3-4-5-6
7-8-9-10
ll-12-l3-14
l5-16-l7-l8
19-:20-21-22-
23-24..25";26
27-28--29-30
31-32.-33-34
35-36-$7-38
39-40-41.-42
43-44-45-46
47-48-49-50
51.-52-53-54
r _.!- ----~- -' -
-65-56-57-58
59-60-61-62
63-64-65....66
67-68-69-70
71.-72
73-74
75-76
. 77-78
79-80
81-82
83...84
85-86
MATURITYDA.TES .. .
April 10, 1938-
April 10, 1939
April lO, 1940
April 10, 1941-
April 10, ~942
April 10, 1943
April 10; 1944
April 10, 1945
April 10, 1946:
April. la, 1947
A priJ. lO, 1948
A"pril lO, 1949
April 10; 1950
.. _ 1t~il lO, 1951
April 10, 1952
April 10, 1953
A..pril lO, 1954
Jipril lO, 1955
April 10, 1956
April 10, 1957
April 10, 1958
April lO, 1959
April 10; 1960
April 10, 1961
April la, 1962
April 10, 1963
$
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_/~ /
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AM~UNT.S
2,000.00<'"
4,OOO.00(
4,000.00 <'
4;000.00
4,000.00
4,000.00
4,000.00
4;000.00
4;000.00
4,000.00
4,000.00
4,000.00
~OO.OO
4tOOO.00
4,000.00
4,000.00
4,000.00
4,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2;000.00
2,000.00
2;000.00
2,000.00
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Section 4. That said warrants shall bear interest. at. the rate
et three (3~) per cent per annum from date to April :l0, 1939;
at the rate of three and one-half (3i~) per een"t- per annum from
A.pril 10, 1939 to April lO, 1942; at the rate of four (4%) per
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the 1.0th day of Aprd.l., 19.........., the sum of One 'Ehouaand ($l,O~Q.OO)
Dollars, in lawful money of- the United States of 'meric:a, with
interest thereon from date hereof at the rate of _ (J) per
cent per annum, ~terest payable April lO, 1937 , and semi-annually
thereafter on the lOth day of October and the 10th day of April.,
of each year, principal and interest payable upon presentation
and surrender of warrant. or proper- <ioupon at Central Hanover Bank
& Trust Company, New York) N. Y., and the City of West University
Place is hereby held and firmly bound, and its f&ith and credit,
and all real and personal property in s"aid Cit.y, are hereby pledged
for the prompt. payment. of _the principal of this warrant and the
interest. thereon at.- maturity.
This warrant is one of a series of 86 warrants, numbered from
1 to 86, inclusive, of the denomination of One Thousand ($1.,000.00)
Dollars eaCh, aggregating Eighty-Six ~housand ($86,000.00) ~ollars,
issued for the purpose of refunding, C;'anceling and in lieu of
City of West University Place Improvement Warrants, Series G,
Dated January l5, 1.929, City of West University Place Funding
Warrants, SeriesH, dated May 25, 1929, City of West University
Place Improvement Warrants, Series I, dated July 1, 1929, City of
West University Place Public Improvement Warrants, dated July l,
1929, City of West University Place Refunding Warrants of 1929,
dated September lO, 1929, and City of West University Plac.e Engin-
eering Warrant s, dated June 9, 1930, under and by v irtue of the
Constitution and Laws of the State of Texas, including Chapter 163;
Acts 42nd Legislature, 1931, and in ~ursuance of an ordinance
passed by theCity Commission of the City of West University Place,
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Texas, on the ~ day of
) 1936, which. ordinance is of
record in the Minutes of said City Commission.
The date of this warrant, in.conformity with the ordinance
above mentioned, is the 10th day of April, 1936.
AND IT IS HEREBY CERT'IFIED AND RECITED that the issuance of
this warrant" and the series of which it is a part., is duly
authorized by l.aw, and -that all acts, conditions and things
required to be done precedent to and in the issuance of this series
of warrants, and of. this warrant., have been properly <tone and per-
formed and have happened in regular and due time, farm and manner,
as required by law) and that the entire series of warrants of
which this is one" does not exceed any constitutional or statutory
limitat.ion.
IN. WITNESS WHEREOF, the City of West University Place, by its
City Commission, has caused it.s corporate seal to be affixed hereto
and this warrant t.e be signed by its Mayor, countersigned by ita
Ci'ty Clerk and registered by its City Treasurer, and the interest
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coupons hereto attached to be executed by the lithographed fac-
simile signatures of the Mayor and the City Clerk, as of the date
last. above written.
Mayor, C'ity of West University
Place, Texas.
COUNTERSIGNED:
. .
City Clerk
REGISTERED:
City Treasurer.
Section 9. The form of coupon shall be substantially as follows:
L
86
No.
$
On the ~Oth day o~
, 19_,
'.'eke Cit.y of West. University Placet Texay, will pay t.G bearer,
at. Centra~ Hanover Bank & Trust. Company, New York, N. Y., the
sum of
($
..) D&ll.ars, in. lawful money of
the United States of Ameriea, being six months' inter-est. on the
Cit.y of West Universit..y Place. Refunding \farrant, Series 1936,
No. , dated April. lO, 1.936.
Mayor
City Clerk
Beet.ion lO.I't. is further crdained by t.he City C:ommisai~n of
the City of West Universit.y Place, Texas, that while said war-
rants,; or any of them, are outstanding and unpaid, there shall
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 each installment. ef
the principal as the same becomes due, and to pay the interest. on
said warrants for the first year and to create a sinking fund with
which to pay the principal as tile same becomes due, there is hereby
levied a tax. of 25 cents on each $100.00 v~l~tion_ of taxable'
propert.y in said City for the year 1936, and the same shall be
assessed and collected and applied -to the purpose named; and while
said warrants, or any of them, are outstanding and unpaid, a tax
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being made for de~inquencies and costs of collection, shall be,
and is hereby levied for each year, respectively, while said
warrants, or any of them, are ou.tstanding and unpaid, and said
tax shall each year b~ assesse~ and collected and applied to the
payment. of the interest on, and principal of:, said warrants.
Section ll.
It is: further ordained that all taxes in process
of collection for the benefit of ~he issues of warrants hereby
refunded, and all moneys in the sinking fund for the benefit. of
said warrants, are hereby appropriated and transferred to the
sinking fund of this issue of refunding warrants._
Section l2. The fact that the pest inter~st and general
welfaJ;& of said City requires a readjustment af its financial
affairs in order that. it may meet its obl1,gations prempt!.t,
creates an emergeney anc;t. an imperative public necessity~that the
rule requiring ordinances to 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 ef-
fect and be in force immediately after its passage and approval.
PASSED AND APPROVED this the 9th day of J~ly; 1936.
APPROVED:
.Mayor, Oit.y at \Vest
university Place, Texas.
ATTEST:
CITY CLERK
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een"t per annum from April ~Ot 1942- t.o April 10, 1945, and at the
rate of four and one-half (4i%) per cent per annum from April 10,
1945 until paid, interest payable on April 10, 1937, and semi-
annually thereafter on October lOt.h and April 10th Of each year;.
Sectien 5. That. the principal of and interest on said warrants
shall be payable in lawful money of the United States of America
upon presentation and surrender of warrant or proper coupon at
Central Hanover Bank & Trust Company, New York, N. Y.
Section 6. That each of said warrants shall tre signed by the
Mayor and countersigned 'by the City Clerk and registered by the
City Treasurer, and the corporate seal. of the "City of West Univ-
ersity PlaceH shall be impressed upon each of them.
Section 7. That t.he facsimile signat.ures of the Mayor and City
C.l,erk may be lithographed upon the coupons attached to said warrants;
and shall have the same effect as i:f they had .been signed by them.
Section 8. The form of said warrants shall be substantially
as follows:
. No.
$1...000.QO
UNITED STATES OF A~RI:cA
S'.t'A TE. OF TEXAS
COUNTY OF HARRIS
. ,
CITY OF WEST UNIVERSITY PLACE REFUNDING WARRANT
SERIES 1936
KNOW ALL MEN BY THESE PRESENTS: That the City of West University
Place, in the County Qf Harris, State of Texas" a municipal corpo-
ration, duly incorporated lmder the laws of the State of Texas,
for value received, hereby promises to pay to the bearer hereof on
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