Loading...
HomeMy WebLinkAboutOrd 132 - sewer revenue bonds 1938 I.. 182 o1IDINANCE NO. 132. ~ :(1 I AUTHORIZING ,THE ISSUANCE OF_ CITY OF WEST UNIVER- SITY PLACE, ,TEXAS, SEWER REVENUE BONDS, SERIES 1938, AGGREGATINQ'$lOOtOOO.OO,BEARING 4i~ INTER- EST, TO SECURE FONpS FOR. THE PURPOSE OF BUILDING, IMPROVING,ENLARGING,EXTENDING,AND REPAIRING THE', SEWER SYSTEM u IN AND" FOR SAID CITY~ PRESCRIBING fiE FORM OF BOlID~ PLEDGING THE REVENUES OF SAID SYSTEM TO 'fHE.PADIENT OF PRINCIPAL AND INTEREST OF THE BONDS, AFTER PROVIDIN,G, FOR THE EXPDSE OF OPERATING SAID SYS,TEM." MAKING CERTAIN. COVENANTS OF THE CITY IN REFEREN,CE TO, THE BOND FUND FROM WHICH SAID PRIN- OIPAL AND INTEREST_ARE TO BE PAID; PROVIDING .THAT THE HOLDER OEl HOLDER OF SAID BONDS SHALL NEVER HAVE THE RIGHT TO DEMAND PADENT OF SAID OBLIGATIONS OUT OF ANY FUNDS RAISED OR TO, BE RAISED BY TAXATION; RE- PEALING ALL ORDINANCES IN CONFLICT HEREWITH, AND DE- CLARING AN EMERGENCY. , WHEREAS,. the City Commission has heretofore on the 27th day of August, A.D., 1937, adopted a resolution calling an elec- 'tion on- the question of_the.issuance___of City of West Uiiversi ty Pla-c,e, Texa.a~ Sewer, Revenue Bonds, 'Series 1938, in the aggregate amount._ of One Hundred Thousand Dollars ($100,,000.00), bearing 4!% inter_est, to secure funds, for the purpose of building, im- proving, enlarging, extending and repairing the Sewer System in and for said City; and WHEREAS, said elec,tion was held pursuant to said re- so,lution o~the 18th day__of Sep,tember" A.P., 1937, and result- ed favorably to the issuance of said revenue bonds; and WHEREAS, the City Council. has heretofore 'adopted are- solution, declaring the, result,s of, saiduel_ectlon and determiBlng the ~pec.1f'.1cL&uthol'itYuo:f'uthe.City to issue said revenue bonds; and ' WHEREAS, the City has authorlty"general11 to pass this ordin.anc.,e., author.1z.1ng ,the issuanc.e' .o~, revenue bonds for the . purpoae, of. obtain.1ng t'unds, ,tor the ,purp.ose ,of building, improving, enlarging" extending. and rep.a.1ring the, Sewer System in and for said uC.ity, under ,the prco:Vis1.ons, ofthe.oons_titutioJl. and Laws of the state of_ Texas., ,including particularly: Articles 1.111-1118, both inclus1.ve, of the 192.5 Revised C.1:viluStatutes of Texas, as emended; and WHEREAS, it is now necessary and."proper that the Cit;r Commission proceed with the issuance Qt such revenue bonds; BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF WEST. UNIVERSITY PLACE, TEXAS: ; c 1. That to provide funds for the purpose of. building, l L..._ .0 [j o n ,---", o 183 improving, enlarging, extending and repairing, ,the Sewer Sys tem, pursuant t,Q the Constitution and~Statutes_ of the State of Texas, including par t.1eul arly, Articles lllL - 1118, both inclusive, of the 192.5 Re.vise,d C.1vil Statutes of, Texas, as amended; there shall be issued "City of_West UniversLty Plac.e, Texas, Sewer System Re- venu~ Bonds, Series 1938"~aggregating One Hundred Thousand Dollars ($100,000.00.> numbered_from,One (1.) to. One Hundred (100), both inclusive, of the . denomination of $1,000.00 each. " ~. Said bonds.. shall be dated January 1, 1938, and ,shall bear interest at the ,rate of 4~% per:., annum, payable Jan- uary 1; 1939, and semi..annual1y thereafter" on the 1st day of July, and,tb,elst day of "January in each year; p:rincipa1 and interest ,9f..sa:td bonds snaIl be pay.ab1e in suchf'Unds as are, on the respective dates of payment of the,principa1 of an int- ereston the bonds, legal tender fordeqts due the United States of America, upon presentation and surrender o,f bond or proper coupon at the orfice,~of the.. Guaranty Trus:t.. Co~pany in the City or New York, state of New York. 3.. Said bonds shall mature as follows: . ' BOND NUMBERS MATURITY ,DATES AMOUNTS .. 1 & 2 January 1, 1939 $2,0.00.00 3 - 5, IllC. January I, 1940 ,3,000.00 ' .- 6 - 8 Inc. cJ anuary1, 1941 3,000..00,,' 9 - 11 I.IlC. January 1, 1942 ,3,000.00 12-15 Inc. January 1, 1943 4,000..00 16-19 Inc., January 1, 1944 4,000.00 20-23 Inc .. January I, 1945 4,000,.00' '\{, 24-27 Inc., January 1, 1946 4,000'.00 , , 28-32 Inc., January 1, 1947 5., 000 ~ 00 J... L/ 33-37 In~., January 1" 1948 _ 5, ~QQ..oJ)_,- ..' ? /, / 38- 42 Inc.. January 1, 1949 ~ OOO~._QQ.__ ;( 43-47 Inc. January 1, 1950 5,000.00 ,48-53 Inc., January 1, 1951 6,000.00 54-59 Inc., January 1, 1952 ' 6,000.00' 60-65, Inc., January 1, 1953 6,000.00 66-'72 Inc. ,January 1, 1954 7,000.00 73-79 Inc., January 1, 1955 7,000.00 80-86 ' Inc .' January I, 1956 7,000..00 87-93 Inc.. ' January 1, 19.57 7,000.00 , 94-100 Inc. January 1, 1958. 7,OQO.0~ '( 4. Each of said bonds shall b.e signed by the Mayor, countersigned by the City, Secretary and .rBg~stered by the City Treasurer" and the, eorpo,rate seaI,..ofthe Oity of West University Place, Texas" ,shall be impressed upo.n., each of them. The fac- simile.. s.1gnatnres. 01 the. Mayor an~ Ci,ty Secretary may be Ii th- o graphed" engraved o,r. prin,ted upon the coupons a ttached,to said bonds and shall have thes.ame effect as if the.y had been signed by said officers. ' ..m~r'-'~' ']' 184 as follows: 5. The form. of' aaid.bonds ahaU"be sUbstantiall,y No., $1,000.00 iJ UNITED STATES OF AMERICA;" STATE OF TEXAS " CO.UNTY OF HARRIS CITY OF WEST UNIVERSITY PLACE SEVER, SYSTEM REVENUE BOND SERIES ~t38 The" Ci:ty~of.,_West, University Plac~" in the County of Rarri.s"" in the ,state o.f Texas, .for value ~rec,~ived, hereby ack- nowledge. i t-s.e.lf', indeb,t,edto and. prom1.s,es to pay to the bearer, or it this bond"'be regis"tered as to princ,ipal, .to the regis- tered holder thereof, as hereinafter stated, on the 1st day o~ January 19_, the surne of ONE,~HOUSAND DOLLARS ($1,000,.00), in s~ch funds as are, on said date, legal tender for debta.due.the United States of America, with interest there- on from date at the, rate of four.. and one-half (4~~) per cent per..,annum, ,payable, January .1, 1939, and, semi;.annually thereafter on July 1st and. January. 1st ,of each year until the principal sum shall be paid, wh1ch in tere-s t is payable in. such funds ,as are, , ' [j on, the ,respective dates of .payment"legal. tender for debts due' i ' the"Un:Lted ,Statesof America, upon the presentation and ,surren- - der of proper c.oupons as they se,verally become due; both prin- cipal and interest being payable a.t the office of the Guarar:q Trust, c.ompany,~.in,. the City.",,~of New York, N." Y. . This bond is subject to the condition and every holder ,hereof by acc,epting ,the" same, agrees with the obligor and every subsequent holder. her.eof, that, ,( a) the delivery of. this bond to. any, transferee ,1t." not.re.gistered, or 1f it be negistered if, the ,las,t regis,t.eredtr.ans.fer b.e, to ,b,earer., shall vest title in,.thiabond.. and...the..ln,t.e.r"e.s.t. r epres.ent.e,d, thereby in such trans- teree to the,_sam.e,e,x.tent for alL purpos.ea as would the delivery' under l..ike ..c.1re,um.atancesof any negotiable instrument payable to bear,er.;, (b), the, obligor and any. agent of.. the obligor may treat. the, bearer "o.f ,this bond" or. 1f, 1 t be r egis tered in the name of' " a holder, the registered hQlder of this bond, as the absolute owner hereo~ for all purposes, and Shal1not,be affected by any no,tice toc,.the,_contrary; (c), the principal of and the interest on this bond will be paid, andthis..bond ,.and each of the coupons appertaining,.. thereto are transferable", tr,eefrom and wi.thout regard to equities between the obligor and, the original or any intermediate holder hereof or any set-aft's oreross-claims; and, (d) the surrender to the obligor or any agent of the obligor ' of this bond and of, each of the coupons if not regist,ered, or nll- if.. it be registered if the last registered trans:eer be to , LI bearer, or the recipt of the regis t,er,ed holder for the princl- pal"hereof',and,interest hereon if this bond be registered in o o o 185 the name ora holder, shall be a goOd discharge ~o the obligor for the same. , At the option of the holder this bon4 may be regis- tered as to principal at the office of the City-Secretary in the City or _West University__Place, State of Texas, and such re- gistration,noted hereon by the City Secretary. as Registrar. After such registration" upon_dellyery to the-.City Secretary of a written ,instrument of trans.:fer, in the form approved by the City of",West University Place., exe:cuted by the registered hold- er in person or by hisattorn,eythereunto duly authorized, this bond may be. transferred, and such transfer s;hallbe similarly noted hereon, and no, transfer, hereof shall.be valiClunless so made; but ,this bond may be.diseharged,from registration b7 being' in like manner transferr,ed. to bearer, and thereupon transfer- ability by delivery shall be restored, and, this bond may again from time, ,to time be registered to beArer as before. No such regis.tration,sha.ll ,affect the, negoti.ab,ility of the coupons 'apper- taining hereto,. which shall dcontinue to be transferable by de- livery, ~ly._,and shall remain, p,ayable to bearer. , .. '. The City reserves the. right" on any ,interest payment date, ..on and/or after January I., 1948, to calL for payment pr'ior .- to maturity bonds numbers 38 to 100, both inclusive, of this series,of bonds, by paying the par- value thereof with accrued int- er.est to date fixed for payment; provided, however, that bonds thus redeemed are called in their inverse ,numerical order, and provided.further that notic,e of ' intention to redeem a bond ,shall. be given to the holder thereof by written notice to the bank 'of payment mailed, at least thirty (30) days prior to the date so fixed for redemption, and by publication in a financial journal' or chronicle published in or having general circulation in the City of New York in at least one issue thereof, the date of pub- lication,beingnot less than thirty days prior to the date so fixed for redemption. Should any bond so called for redemption not be presented it shall cease to bear interest from and after the date so fixed for redemption. This bond. is one of.a series of bonds of like tenor and effect except, as to denomination and, ma:turity, numbered One (1) to One Hundred (100), both inclusive, in the denomlnationof One Thousand Dollars ($1,000.00) eaeh"aggregating the sume of One Hundred Thousand ($100,000.00) Dollars~ issued by the Gity of ,West University Pl~ce, for the purpose of building, improving, enlarging, extending.. and, repairing the Sewer Syatan in. and for said City, in-acc.ordance withthe Constitution and la.ws of the State of Texas, the authority of a vote of the qUalified electors of said City voting at an election held, oae the 18th day of Sep- ' tember" 1937., and. pursuant to an ordinance passed by the, Ci~y . Commission dUly,,,reco.rded in the, Minu..tes of the City Commission. -The da_te of this, bond in conformity with the ordi- nance ahoye mentioned is January 1, 1938. , , This .bond and tb,e~ seri.es of which it is a part con- I, I 186 stitute special.obllgatlons.of ,the Oi'ty ot West University Place, payable f'rOD.l and aecUred,b.y anexc,~us.1ve first lien on and, pledge' of the . revenues . ,of, ,the. C,ltyts, Sewer System, after deductlono.f reas:onabl,EL operatlon and maintenance expenses. 'il LJ The . holder ,hereof', shalL never, have the right to demandp,a~ent, of. this obligation out ,of,: any funds ,raised, or to be raised b-y taxation.., And it is hereby e~rtif'ied that the issuance of this bond, and the s.er.1esnof wldchit, i8..& part, is duly auth- oriz~d ,by law;, that allacts,conditlons and ,things required to exlstand,to. be done precedent to and in ,the issuance of this bond to render the same lawful and valid, have, been properly done, have happened and have been performed in I' egular and due time, form and manner..req~ired by the Constitution and the laws of the State of ~exas, and the ordinance hereinable mentioned, , and that ,this series of' ,r.evenue ,bonds do as no,t exc eedany eon":" stitutional, or, .s.tatut.orylimitations; and tb,at provision has been made for the ,paJDlent, of, .the principal and fnterest of this bond and the serles, of which it is a part by irrevocably pledg- ing the.revenues,of.s.aidsewer,sy.steDL"Qf saldCity of West Uni- versity Place. IN TESTIMONY WHEREOF, the Ci.ty Commission of the City of.. West University ,Place has caused the seal of said City to be her e.on , impressed, and.thi,s: bond to he, s.igned by the Mayor of said, Oi ty" countersigned. by the City, Secx-etary and' regis- tered by the , City, Treasurer and. hascauaedthe annexed coupons to be ,signe,d. by the f'ac.-simUe ..signature, of "the Mayor and the City Secretary. [I Mayor_, c.;ityor~,West University, Place, T e x a s.. COUNTERSIGNED: C1.ty Secretary REGISTERED: as follows: City Treasurer. a. The form of, said coupons, shall be substantially NO. $. ON THE FIRST'DAY OF ,19_, ] the City of'..West University Place. Texas, will pay to the b~ar- er,-- from the ,~revenue.s of .the. Cl ty' s, Sewer System, afterdeduc- tion of reasonable operation and maint,enance expenses, at the , e.ff'ice of the Guaranty Trust ComP8:IlY of New York. N.Y., the surnt. ' o D n 187 of DOLLARS in such funds. as, ar.e, on, said date,. legal tender"f'or debts due the United Still. te.s, .o,!", Amer1.e.a.", said sum being months ' interest . due ~atday on "City Of'_w.es.t..Universi.t:y Plac.e., Texas, Sewer~ Sys- tem. ,ev.enue Bond., seri.e.s.193B,. bear,ing. ,the numbersp.~clf'ied,da ted J,an\1a.ry 1, 1938.. '.rhe ,holder hereof shalL never have the right to demand pa,ment,of this ob11gationol1't ,of any dtunds raised or to be raised by...:.taxa,tion.. Bond No. '. - Mayor, ~ity Secretary. ",' 2:. Subs,tantiall.y the f'o.llowingshall be printed on the b~ko'f'each bond: OFFICE 0 FCOMPTROLLER . . , STATE OF TEXAS . . 'I HEREBY CERTIFY that there is on: file and of record in my office a certificate,_.of the Attorney General of the State of Texas to the effect that, this bond has. been examined by him as required bylaw, and .that hef'inds that, it has been issued ' l11conf'QZ'Jlllty.with the. Co:n.s"tltu~t1,on.;.;.a.nd laws; of the state of Texas., and,;that"it,ia av:a11d'lU1d binding"s.pec~al obligation of' said"Cityof_West University Place, Texas, payalble .from the re- venues .pledged to its payment by and in the ordinanceauthoriz- ing same, and, said bond has.this day been ,J;'egistered bY'1I1'$.. WITNESS MYHAND,an:d s,eal of'off'ice at Austin, Texas, this the _day~.of' A.D., 1938. Comptroller of' PUblic Accounts of' the State of Texas 8. The f'ol'm...of Re,gistration Endorsement shall be sub-. stantia1ly as follows: . " " (No wri.ting here.on exe.ep.tby the City Secretaz>y of' """, " U ' R ) the.Cit,. oJ'."Westniv,ersity P.lac.e., ,Texas, as .egistraz> DATE OF, REGIS,TRAT.ION IN WHOSE NAME REGISTERED RmIS'l'RAR r ...... City Secretary City Secretary City Secretary City Secretary /' I ] II ,]11:]1.] : , L 1_ IS,8 ~ [ "'1r!ty Secretary City ::>ecretary Ci ty,Secretary, -r-- , I . ',' 9. -In this ordinance_, the term fI system" sha11 include, an.d mean .thtLSanitary-Sewer. System ,of. said C1.ty., together with the completed ,project and. anyaddi.tions thereto and improvements and, replacements thereof. 10. The, City Council sha1l, at all times while any ot: said bonds,_ or any interest ther,eon", are outstanding and unpaid, charge and collect for serviees r_endered by said Sysrtem rates sufficient to pay all maintenance~ deprec.1ation, replacement, betterment and interest_ charges, and :for, interest and sinking Fun. su:f.f'ic,1.ent. to pay-the in,ter,es,t" and p.rin,c.1pal of' said bonds as such principal and interest matures, and acc~ues and. am.y out- standing indebtedness against-the syst_em, ,as is required by Arti.cle lllS, 1925, Iievi's.ed C.1v.1l Statutes ,o:f Texas and amendments there,to.. For thebenefl,t,o.f, ,the" ,origina1. pur.chaser, and for the benefi.t of'" an~_-.and all,sub,se,quen.t., holders, ot: said bonds, coupons" or, any partther,eo.f,,._ and,1n additi.on.to all,o_theI' provisions and covenants,1n..._the, l,aws.,_o,f,~.the ~Stat,e.,of'._Texas, and in. this ordinance, it is expressly stipulated: "A. Rate,s: 'fhe City shal~ fix and maintain rates and collect chargesf'or the f'acili,tiesand. services afforded by the Syst'em,. Which wilL provl.de revenues suf..f'.1cl.ent at all times: (1) To pay for all operatioBs, maintenance de- preciat10n,replaeements and betterment charges of the Aystem. (2) To es tablish and maintain the Bond Fund. , , , (3) 'fo pay a~l outstanding indebtedness against the System" other than the bonds,,. as and ,when the same becomes due.." ,Provi.de,d.also ,that ,no,;tre,a..service of the S.,s"tem shall be allowed,..,and should the ,Cj.ty or any.. of its agencies or in- s trumen taJ.i.t,ies mak.e Huse of the services and, taeili ties ot the System, ,payment otuthe,reasonabJ.:e,_value, therep:f sha11 be made by th,e City out of funds derived trom sources other than the re- ' venues and income of the System. , fJ B.. USE OF..,REVENUES. ' The Ci,ty will deposit as coll- ' ected all revenues derived, from, the operatianot the System into a l'e:parat.e acc,ount, .{hereincalled,,^ the. "System FUnd") which shall be kept separa.te and_ apart_ .from all, other .funds of the City. The SysteIllFund.s,~l, beadm.1n.1s:.~ered as :follows: ., (~J. ", BOND FUND. From the ~ds in- the System Fund, :0,' the Ci,ty shall. pay into the Bond F\md during each year beginning [J lJ' [ 189 ;. wi.th the date of comple,tion of the project, an amount equal to 100 per, c,entum of the, amount required to meet the interest and princlpa1,pa~ents falling due on, or before .e next'mat- urity date,of the bonds,. Inadd1.tlonHto, sllch paj'IDent, the City s;hall p,ay.,1ntGL the Bond Fund...f.r,om the, System, ~d in. each year 20 per centum of' the .above required amount until such time as there., is in ,the Bond. Fund an amount sufficient to meet the int- erest and prin,c,ipa~p,aym.en ts falling, due on or before, the nex:b maturity da,te. of the bonds and the interest and principal pay-, mentson the bonds for 2 years therea.tter." , The .amount require(l to b ,e paid "into the Bond Fund,.in each yearsha11 be paid in sub- stantia'lly equal monthly paym.ents from the monies in the System BuIld after deductions have been,made ,for paying the reasonable cost of the operating and maintaining of, the System for such month. If the.revEmues of the System.in any month, after deduc- tions for operation and maintenance, are.insufficient to make the required payment into the Bond Fund, then the amount of any deficiency in the pa~ent made shall be added to the amount other- wise required bo b.e pa1d into the Bond Fund. in the next ,month. It is,.. the intent of this provision that the sums paid into the Bond FUnd shall be in excess of the immediate requirements for payment of..interes,t on the principal of the bonds, ,until, there has..beenacc.umula.ted in. the Bond Fund, as a reserVe for contin- gencies, an amount sufficient. to s ervic,e ' the bonds for ,two years. The monies in the Bond Fund shall be used,solely for the purpo se of paying interest on and principal of the bonds until all bonds have been retired;, provided,__ that, when _the total in the Bond Fund is. equal to the aggregate principal amount of the bonds' outstand~g plus ~ccrued inteJ:'est thereon, the monie#! in, the Bond Fund may be used to purchase bonds at a price, exclusive of accrued ,interest, not exceedlng~ the principa;t amount thereof. The mOl'l,ie.s ,paid, into the Bond Fund shall be d.eposi ted in a bank or bank$ and shall, becontinuous.ly secured by a valid pledge to the C'1.~yofd1rect obligatloWl of the JJniteo. States of Amer,ica hav- ing an, ~ggegate market value exclusiv,e of accrued interest, at all times.- $. t. leas.tequal, to, .suc,h_,Bond., .Bund., ' ~e Bond Fund, at the op,t:1.~,.oi" the OitY"q may be invested in such"dil"ect obligations of. the 'Uni.ted States of America and deposited, in esc.row under an escr,o~w agreePlent.. ;J:f such funds are so invest,ed and deposited in escrow.. the City shall have the right to ,haye sold through the escrow agent on the open market a . sufficient amount of said securities in order to meet its obligations of princ1pal and .1nt- erestin event it does not have suf'f'icientfUnds, uninvested~ on, hand for_ such purpose. Under such circumstances, the Mayor ,is hereby authorized, ordered and directed to give fifteen days writtem notice to such ~scrow agent of the necessity to sell said secur- itieson the open market. After such sale, the monies resulting there.t'rom shall belong to the Bond Fund and shall be aV,ailable to pay such obligations of principal and interest.. . (-2 ) SURPLUS." ADy fUnds r.emaining. in the Sys tam Fund,,, after provision for the.reasonab1e cost of' operating and mainta~1ng the System and af'ter, paying the amounts required: to be paid..into the Bond Fund as above provide,d, may be used by the ,[. l..I" 190 City for the purchase of bonds at not exceeding the principal amount thereo.f', (exc~usive, of,. aecrued"interest) or for any , , other, purpose, permitted by law. C. Additiona16onds :_Encumbrance and Sale. While any of the bonds are outstand1ng", the, City, shall not issue any addit10nal bonds payable .from the~,revenues of the System unless the lien of such, bonds Dn the"ravenuesof the System" is made junior and subordinate in all respects to the l1en of the bonds authorized in this ord.1nane,e,., In no,even,t, ,while any of said bonds are outstanding, wilL the' Cltymortgage or otherwise en- cumber the System or any part thereof, or sell, lease or other- wise dispose of any substantial,portien of such 'System. These provisions shall inure to the benefit of and .be enforceable by any holder of any of the bonds. D.~intenance.and,Operation:' The City 'shall main- tain the 81's.tem, "goo_d, condit.1.on, and opera te the same in an ef"ficient m.anneranda t ar,ea.sQnable eost...", So long as any of the, bonds, dare ,o.u.ts.tanding,. ,the Oity agrees to maintain insur- ance, for the.. b.enefit' of the holder or holders of the bonds, on the_System. of, a ind, and in an amount which usually would be carried by private. companies.. engaged ,1n.a,s.1m.1lar type of busi- nesa. Nothing in this, ordinanc,e, shall beeonstnued as requir- ing the City to expend' any funds which are derived from s ourees other than the o..peration of the System, but nothing herein shall il, be eonstrued as_preventing the,. City from doing 10., J D E. Aceoun.ts: and P,erio,dic, .S,tatement's. The City shall keep proper books of._r,ecords...andpc.ounts (.aepalllte from all other reeords and ,eount.sJ in, which eomple,te and correct entries 'shall' be made,: of al1_ transa.ct1.ons.c,..relat,1ng".to the System. The C-it7 ' shall. furnish to any holder of any of. the_ bonds, at the written reques.t of. such hol.d.er.., not more than, thirty: days after the close of each six months, fiseal p,eriod, complete operating and income statemen.ts of the System in. reasonable detail covering suoh six months period, ,and" not more than ilhty days after the close of each fisoal year, complete f1.nancial s.tatements of the System in reasonable detail covering such fiscal year, certified by the City's auditors. F. Inspection: ,Any purchaser of 25 per centum in aggregate principal amount of the, bonds at the time then out- standing or any holder or holders; of 25 per centum of said amount -of outstanding bonds shall have ther1ght. at all reas- onabl'e times, to insp,ect the System and all, records, accounts and ,data of the City relating 1bereto. , G. Information: During the construction of" the Project the City will fUrnish to anypurohaser of 25 per ,centum 1 Ofd, the- bondS'tSUehol-~1nhanCiialt stathtem;ntsj aJltdodthet: i~fOrmt' ,ation . . an data.,rela ing .,,-0 te C " y, e." 1'0 eo. ,an ne 18 em as . any such purohas.er from time to time may reasonably require. [I' I' I u o ./ ( . , 191 , . ,H~ -S~leof ~~~dS~ ~on request, the City will fur- nish to any purcnaser of , per centUm o..f. theB.onds, information for the' preparation, of a, bond circular in. customary form, signed by the proper~_of.ficial of the City"containing such data as such purchaser, may reasonably reques.t, concerning, the City, the Project, and the Sys tem. " 11. The Mayor; Ci,ty Secretary and City Treasurer are hereby, instructed and diree:ted to do any and all things nec- essal'"Y and/or convenient in reference to, the installing and main- taining of a 'complete system of 'records and ae.counts pertaining to said . system and to make the monies. available for the payment of said revenue bonds.. in the manner provided..byCb:apter 122, Acts., af, the Regular., Sess.1on,.ot'"..the For,ty:~Third' Texas Legisla- ture, eff.ectiv.e May 12" 1933.. In accordance Wit~ the, provisions of Ar:t1.cle:ll.l.3., 192.5.. Revia.ad Civil Statute.s:o'of, exas', as amend- ed, the .fiscal year for the op~ration of such System shall be January 1st to Decemb.er, 31B.t. of eac,h y,ear..... The remaining part of 1938 shall constitut.e, a, tr.actional part of a fiscal year. ,12... The City .further covenant.s by and through this ordinance as. follows: , (a) That the revenue bonds authorized hereunder shall be special obliga,tions,ot the C,ity" and the holder thereof' shall never have the right to demand payment thereof out of f\mds raised or bo be raised by taxation. (b) ,That it has the lawful power to :pledge the revenue, supporting this is,sue or. bonds and has lawfully exer- cised said.,power under the Constitution..and laws of the State of ~exas, including power,existing under Art~cles 1111 to 1118, both:inclusiye,192.5 ltevis.ed Civil, Statutes~ of the State of Texas with ,amendments ther,eto, and_by authorlt;yof &. ,vote of the qual- ified electors of _said.. City voting, at an election held on the 18th da~ of September, 1937; that the bondslssued hereunder shall be ratably secured under said p2edge, of income, in such manner that one bond shall have no preference, over any .other.. < bond of said issue. ( c) . That 0 ther. than for the payment of' the bonds herein provided for, the r.ents, revenues and inc-om-e of the said,:' r Sewer System. have not in any manner be,en pledged to the payment of any debtor Obligation of' the city" nor of, said system. (d) ,In addition to monJ.eB to he, paid into the 'Bond FUnd fr,om r_evenues produce.duby said._system" the, City 'will, pay intQ said,fund.".thefollowing: The balance remaining unexpended from the proceeds of the_ sal.e" of, the..b.onds_, after the completion of the projec.t, andthe,money represented by interest accruing on said bonds ,from ,.their .date, to the ,date of deliv:ery to the purchaser or purchasers thereof. Said, funds shall be used for the purpose of pure~sing outstanding bonds of th,ls series and/or tn~erest coupons; provided that bonds thus purchased shall be / -~ , , L ..,l.. , II L 192 ~ -- ,- - - - " ' :'\ eaneel1.edand.shall_Ilot be'relssued. , 13., It ,shallbe~,"the, duty of, the Mayor to submit ,the rec,ord_ or.sai.d,-bonda.-and~th,e_ b.onds_,:to.the At.tomey Gen.- eral.~of the,S tate of Texas.. .for ,approval, and thareaf-ter to have them., registered by_the Comp.troll,er._.o~ the, State of Texas. [l 14. The. reYenu,e.. banda, men, properly executed by the City offlclals__shaJ.l._,be held b-1 .the, Ma.yor of' the City to be delivered by the Mayor to the purEhaser or purchasers thereof,. .. The, May.or ~ Oit..y Secretary and Oi ty Treasurer a.re author,izedand dir-ected, to do any, and.. all, tllings- neo,essary and! or co,nv.enient ,to c.arr"out, the. terms. of saUl purchase. . .. . 15. 'The bonds, thus -authorized shall pass by deliv- err unless registered as to ,owner,sh.1p on -the books of the City Secretary,as registrar,. but after such registration of owner- ship d.uly noted..,on the_ bonds_no, trans.f'er exc,ept on sald books shall be valid_ unl_e,s.s ' the la,st r,egis,tratlon, shall be to bearer, andsaici bonds_ shallcontlnue, to be subject to reg1..stratlon and to transfer to bear_er at, ,the op.tion of ..,th-e holdSr. 16.' All, ordinances and, resolutions.. and parts theI'e of, in conflle t herewith ar,e hereby expressly repealed msofar as they conflict herewith. 17. By reason of the fae..t that the Oi t-y Council considers the, pas,sage of this ordinanc.e neces.sary for the pre- servation, of thepublle: heal.th,and.aaf_e.ty of the Oi ty and of its c1..t.1zens,. itqls, hereby declared. to bean emergency measure demanding ..tha.t :the _rul,e..requ1r1ng_ordin.anc.e,s, to be read at more' than, on.e...,me,ating_o.fthe.C-1.ty_ Coun.cil,besuap,ended and1bat this ord1n.ancne, ,take, ,ef'f,ect immediately .from..andafter1.ts pasage, and_,it is so ordained. 'Il !_J Passed and approved this the A.D., 1938. (8 E A L) A~TEST: ' ~ifft~y n U