HomeMy WebLinkAboutOrd 148 - water revenue bonds
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AUTHORIZ UTa THE IssuANCE OF CITY OF WEST
UNIVERSITY PLACE, TEXAS, WATER REVENUE BONDS,
SERIES 1938, AGGREGATING $200,000,00 BEARING
4% INTERST, TO SECURE FUNDS FOR THE PURPOS E
OF IMPROVING, ENLARGING, EXTENDING AND RE-
PAIRING THE WATER SYSTEM OF THE CITY OF WEST
UNIVERSITY PLACE, TEXAS, PRESCRIBING THE FORM
OF BOND, PLEDGING THE REVN~UES, OF SAID SYSTE~
TO THE P ATIIlENT 0 F SAID PRINCIPAL AL1"D INTEREST
OF THE BONDS AFTER PffiOVIDING Fe)'R TFfE EXEENSE
OF OPERATING SAID S YSTE1VI, MAKING CEl1TAIN
COVEMANTS OF TEE CITY nr REFERENCETO TH,E IDND
FUND FROM WHICH SAID PRINCIPAL AND INTEREST
ARE TO BE PAID: PROVIDING THAT SAID BeKDS2
MAY BE CALLED BY THE CITY; PROVIDING THAT
THE HOLDER OR HOLDERS OF SAID BONDS SHALL
NEVER RJl.VE THE RIGHT TO DEMAND PATIIIENT OF
SAID OBLIGATIONS OUT OF ANY FUNDS RAISED
OR TO BE RAISED BY TAXATION; REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH; AND, DE-
CLARING AN EMERGENCY.
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~~, WHEREAS, the Board of Commissioners of the City of
\ West University Place has heretofore on September 6, 1938, ad-
,~' opted a resolution calling an election on the question of the
issuance of City of West University Place, Texas, Water Reve-
nue Bonds, series i938, in the aggregate amount of $200,000,
bearing interest at the rate of not more than 4-1/2% per annum,
to secure funds for the purpose of improving, enlarging, ex-
tending and repairi~g the water system in and for said City, and
WBEREAS, said election was held pursuant to the
above refBrred to resolution on September 24, 1938 and resulted
favorably to the issuance of said Revenue Bonds, and
WHEREAS, the Board'of Commissioners has heretofore
adopted a resolution declaringCthe results of said election and
determining the specific authority of the City to issue said
Revenue Bonds, and ,c ,
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WHEREAS; the City nas authorit~ generally to pass
this ordinance authorizing the "issuance of Revenue Bonds for
the purpose of obtaining funds'for the purpose of imprOVing,
enlarging, extending and repairing the water system in and
for said City under the prOVisions of the constitution and
laws of the State of Texas, including particularly Articles
1111 - 1118, 'both inclusive, of the 1925 Revised Civil Stat-
utes of Texa~ as amended, and ' ,
VVliEREAS, It is now necessary and proper that the
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Board of Commissioners proceed with the issuance of such
Revenue Bonds;
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THEREFORE, BE IT ORDAINED BY THE BOARD OF
CO:MMISSIONERS OF THE CITY OF WEST UNIVERSITY PLACE, TEXAS:
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FIRST:
To prov.nde funds for the purpose of improving,
enlarging, extending and repairing the water system of the
City of West University Place, Texas, pursuant to the Con-
stitution and Statutes of the State of Texas, including
particularly Articles 1111-1118, both inclusive, of the 1925
Revised Civil Statutes of Texas, as amended, there shall be
issued llCmTY OF WESTUNIVERS flY PLACE, TEXAS, WATER REVENUE
BONDS, SERIES 1938" aggregating $200,000, numbered from 1 to
200, both inclusive, of the denomination of $1,000 each.
SECOND:
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Said bonds shall be dated December 1, 1938 "
and shall bear interest at the rate of 4% per annum, payable
July 1, 1939, and semi-annually thereafter on the first day
of January and,the first day of July in each year; the prin-
cipal and interest of said bonds to be pay~ble in such funds
as are, on the respective dates of payment of the principal
and interest on the bonds, legal tender for-debts due the
United States of America,upon presentation and surrender
of bond or proper coupon at the office of the City National
Bank in the City of Houston, S- tate of Texas.
THIRD:
Said bonds shall mature as fo llows :
BOND MATURITY
NUMBERS DATES AMOUNTS
1 to 4 inc. Jan. 1, 1940 $4,000.00
5 to 9 In.c Jan. 1, 1941 5,000.00
10 to 14 Inc. Jan. 1, 1942 5,000.00
15 to 19 Inc. Jan. 1, 1943 5,000.00
20 to 24 Inc. Jan. 1, 1944 5,000.00
25 to 29 'Inc. Jan. 1, 1945 5,000.00
30 to 34 ,Inc. Jan. 1, 1946 5,000.00
35 to 39 Inc. Jan. 1, 1947 5,000.00
40 to 45 Inc. Jan. 1 1948 6,000.00
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46 to 51 Inc. Jan. 1, 1949 6." 000100 '
52 to 58 Inc. Jan. 1, 1950 7,000.00 ':;
59 to 65 Inc. Jan. 1, '1951 '7,000.00
66 to '73 Inc. Jan. 1, 1952 8,000.00 ~
'74 to 82 Inc. Jan. 1, 1953 9,000.00
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NUMBERS DATES AMOUNTS
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83 to 92 Inc. Jan. 1, 1954 $10,000.00
93 to 102 Inc. iran. 1, 1955 10,000.00
103 to 112 Inc. Jan. 1, 1956 10,000.00
113 to 124 Inc. Jan. 1, 1957 12,000.00
125 to 136 Inc. Jan. 1, 1958 12,000.00
137 to 200 Inc. Jan. 1, 1959 ~4,000.00
$200';' 000.00
FOURTH:
Each of said bonds shall be signed by the Mayor,
countersigned by the City Secretary and registered by the
City Treasurer, and the corporate seal of the City of West
University Place, Texas, shall be impressed up6n each o~
them. The fac-simile signatures of the Mayor and City Sec-
retaryrraybe lithographed, engraved or printed upon the
coupons attached to said bonds and shall have the same effect
as i~ they had bean signed by said officers~
FIRTH:
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The form of said bonds shall be substantially
as follows:
NO. $1,000.00
,UNITED STATES ,OF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF WEST UNIVERSITY PLACE, TEXAS
WATER REVENUE BOND
SERIES 1938
City o~ West University Place, in the County o~
Harris, in the State of Texas, for value received, hereby
acknowledges itself indebted to and promises to pay to the
bearer, or i~ this bond be registered as to principal, to the
registered holder hereof, as hereinafter stated, on the first
day of January, 19_, the sum o~
ONE THOUSAND DOLLARS
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($1,000.00), in such funds as are, on said date, ,legal tender
for debts due the United States of America, with interest
thereon from date at the rate of4% per annum, payable on July
1,. 1939, and semi-annually thereafter on January 1st and July
1st of each wear, until the principal sum shall be paid, which
interest is payable' in such funds as are, on the respective
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dates of payment, legal tender for debts due the United States of
America, upon the presentation and surrender of proper coupons
as they severally become due, both princ ipal and interest
being payable, at the offi~e of the City National Bank, in the
City of Houston, state of, Texas.
This bond is sUb,j ect to the condition and and
every holder hereof by accepting the same agrees with the ob-
ligor and, every subsequent holder hereof that
(a<,\) The. delivery of this bond to any transferee if
not registered, or if it be registered if the
last registered transfer be to bearer, shall vest
title in this bond and the interest represented there-
by in such transferee to the same extent for all
purposes as would the delivery under like circum-
stances of any negotiable instrument pa~le to
bearer;
(b) The obligor and any agent of the obligor may ,
treat the bearer of this bond, or if it be resis-
tered in the name of a holder, the registered
holder of this bond, as the absolute owner hereof
for all purposes and shall not be affected by any
notice to the contrary;
(c) the principal of and the interest on this bond
will be paid, and this bond and each of the cou-
pons appertaining thereto are transferable, free
from,and,without regard to equities between the
obligor and the original or any intermediate
holder hereof or any set-offs or cross-claims;
and
(4) the surrender to the obligor or any agent of the
obligor of this hond and of each of the coupons
if not registered, or if it be registered if the
last registered transfer be to bearer, or the re-
ce;ipt of the registered holder for the principal
hereof and interest hereon if this bond be regis-
tered in the name of a holder, shall be a good'
discharge to the obligor for the same.
At the option of the ho:}.der, of this bond may be
registered as to principal at the office of the City Sec-
retary in the City of West University Place, State of Texas,
and such registration noted hereon by the City Secretary,
as Registrar. After such registration, upon delivery.to the
City Secretary of a written instrument of transfer, in the
form approved by the City of West Uni versi ty Place, executed ,'--]
by the registered holder in person or by his attorney thereunto
duly authorized, this bond may be transferred, and such trans-",,-,
fer shall be similarly noted hereon, and no transfer hereof
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shall be valid unless so made; but this bond may be dis-
charged from registration by being in like manner transferred
to bearer, and thereupon transferability by delivery shall be
restored, and this bond may again from time to time be regis-
tered to bearer as before. No such registration shall affect
the negotiability of the coupons appertaining hereto, which
shall continue to be transferable by delivery, merely, and
shall remain payble to bearer.
The Ci t-y reserves the right at an y time or times
on or after January 1, 1943, and to December 31, 1948, both
inclusive, to call for payment prior to maturity, in their
inverse nuraerical order, any or all 00nds numbered 151 to
200, both inclusive, of this series of bonds, at a price
of 103-1/2 per centum of the par value of said bonds plus
accrued inteBest to the date o~ call; and, similarly at
any time or times on or after January 1, 1949, and to Dec-
ember 31, 1950, both inclusive, at a price of 103 per centum
of the par value of said bonds, with accrued interest to the
date of call. The City fu~ther reserves the right to the
date of call. The City further reserves the'right at any time
or times on or after January 1, 1951, to call for payment
prior to maturity, in their inve~se numerical order, any or
all of this entire series of bonds, (bonds numbered 66 to 200,
both inclusive) at a price of 102 per centum of the par value
'of said bonds, with accrued interest to the date of call.
Notice of the intention of the City to I'edeem a
bond or bonds, as next hereinabove provided, shall be given
to the holder thereof by written notice to the bank of pa;J"TIlent
mailed at least 30 days prior to the date so fixed for nedemption,
and by publication in the Bond Buyer or some other well estab-
lished financial journal or chronicle published in or D2ving
general circulation in the City of New York, in at least one
issue thereof, the date of publication being not less than 30
days prior to the date so ,fixed for redemption. Should any
bond or bonds so called for redemption not presented it shall
cease to bear interest from and afte r the date so fixed for
redemption.
'rhis bond is one of a series of bonds of like
tenor and effect, except as to denomination and maturity,
nuraber 1, to 200, both inclusive, in the denomination of
$1,000.00 each, aggree.;a ting the sume of ~p200" 000.00 issued
by the City of West University Place, Texas, for the purpose
of tmproving, englarging, extending and repairing the water
system in anf for said City, in accordance with the constitution
and laws of the State of Texas, the authority of a vote of
the qualified electors of said City voting at an election held
on September 24, ,,1938, and pursuant to 'an ordinance passed
by the Board of 00ml~issioners of the City duly recorded in
'~' the minutes of the Board of Co~rnissioners.
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The date of this bond, in confirmity with the
ordinance above mentioned, is December 1, 1938.
This bond and the series of which it is a part
constitute special obligRtions of the City of West Univer-
sity Place, payable from and secured by an exclusive first
lien on and pledge of the re~enues of the City's Water Sys-
tem, after daduc tion of reasonable operation an d main ten-
ance expenses.
The holder hereof shall never have the right to
demand payment of this obligation out of any funds raised or
to be raised by taxation.
,It is hereby certified that the issuance of this
bond, and the series of which it is a part, is duly auth-
orized by law; that all acts, conditions and things required
to exist and to be done precedent to and in the issuance of
this bond to render the same lawful and valid, have been pro-
perly done, have happened and have been perfonne~ in regular
and due time, forr~ and manner r~quired by the Co~stitution
and the laws of the state of ~exas, and the ordinance here-
inable mentioned, and that this series of revenue bonds does
,not exceed any consitutional or statutory limitations, and,
that provision has been made for the payment of the principal
and interest of this bond and the series of which it is a
part by irrevocably pledging the revenues of said water sys-
tem of said City of West University Place.
IN TESTIMONY WHEREOF, The Board of Commissioners
of the City of West University Place, Texas, has caused the
seal of said City to be hereon impressed and this bond to be
signed by the Mayor of said City, countersigned by the City
Secretary and registered by the City ~easUFer and has caused
the annexed coupons to be signed by the fac-simile signature
of the Mayor and The Ci~J Secretary.
MAYOR, CibJ of West ,
University Place, T E X A S
COUNTERSIGNED:
CI TY SECRETARY
REGISTERED:
- CITY TREASURER
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SIXTH:
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The form of said coupons shall be substantially
as follows:
NO.
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ON THE FIRST DAY OF
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the City of West University Place, Texas, will pay to the
bearer, from the revenues of the City's Water System, after
deduction of reasonable operation and maintenance expenses,
at the office of the City National Bank, Houston, Texas, the
sum of
DOLLARS
'in such funds as are on said date, legal tender for debts due
the United States of American, said sum being
month's interest due that day on "City of West Uni-
veristy Place, Texas, Water Revenue Bond, Series 1938", ,bearing
the number hereon specified, dated December 1, 1938. ~he hold-
er hereof shall never have the right to demand payment'of this
obligation out of any funds raised or to be raised by taxation.
Bond No. .
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CITY SECRETARY
SEVENTH:
Substantially the following shall be printed on
the back of each bond:
OFFICE OF COMPTROLLER:
STATE OF TEXAS
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I HEREBY CERTIFY that there is on file and of re-
cord in my office a certificate of the Attorney General of
the State of Texas to the effect that this bond has been ex-
amined 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
special obligation of said City of West University Place, Texas,
payable from the revenues pledged to its payment by and in the
ordinance authorizing same, and said bond has this day been
registered by me.
this the
Will~{ESS MY B~ND and seal of office at Austin, Texas,
day of , A. D., 1938.
CO~WTROLLER OF PUBLIC AccouNTS
of the State of T E X A S.
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EIGHTH:
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The form of Registration Endorsement shall be
substantially as follows:
'No writing hereon except by the City Secretary
of the City of West University Place, Texas, as Registrar)
DATE OF
REGISTRATION IN vmOSE NAME REGISTERED
REGISTRAR
City Secretary
. Ci ty ~ecretary
City Secretary
City Secretary
Ci ty Secretary
City secretary
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Uity ~xcretary
NINTH:
In this ordinance the term "systemtl shall in-
clude and mean the Water System of said City, together with
the completed project and any additions thereto and improve-
ments and replacements thereof.
TENTH:
'" The Board of Commissioners shall at all times
while any of said bonds, or any interest thereon, are out-
standing and unpaid, charge and collect for services ren-
dered by said System rates sufficient to pay all maintenance,
depreciation, rep~acement, betterment and interest charges, and
for interest and 0inking Fund sufficient to pay the interest and
principal of said bonds as such principal and interest matures
and accrues and any outstanding indebtedness against the sys-
tem, as is required by Article 1113, 1925 Revised Civil Stat-
utes of Texas and amendments thereto. For the benefit of the
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original purchaser, and for the benefit of any and all subse-
quent holders of said bonds, coupons, or any part thereof, and
in addition to all other provisions and covenants in the laws
of the state of Texas and in this ordinance, it is exp~essly
stipulated:
A.
Rates:
charges
System,
times:
The City shall fix and maintain rates and collect
for the facilities and services afforded by the
which will provide revenues sufficient at all
(1) To pay for all operations, maintenance, depreciation,
replacements and betterment charges of the System.
(2) To establish and maintain the Bond Fund.
(3) To pay all outstanding indebtedness against the sys-
,tem, other than the bonds, a,s and when the same be-
comes due. Provided also that no free service of
the System shall be allowed, and should the City or
any of its agencies or instrumentalities make use
of the services and facilities of the System, pay-
ment of the reasonable value thereof shall be made
by the City out of funds derived from sources other
than" the revenues and income of the System.
B.
USE OF REVENUES. The City will deposit as ,collected all
revenues derived from the operation of the ~ystem into a
separate account ~herein called the lISystem Fund") which
shall be kept separate and apart from all other funds of"
the City. The System Fund shall be administered as follows:
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(1) , BOND FUND. From the funds in the System Fund, the,
· ITity shall pay into the Bond Fund a sum sufficient
to pay the accrued interest on the outstanding bonds
for a period of 18 monthS-.; and, in adeli tion thereto"
a sum equal ~o the amouijt of principal maturing in
the next succeeding year~ and, in addition thereto
the sum of ~5,000.00, all of which accumulated funds
are to be held in ,trust in the Bond Fund and dis-
bursed t~erefrom only for the purposes authorized by
law. It is the intention of this provision that the
sums paid into the Bond Fund shail be in excess of
the immediate requirements for payment of interest
on the principal of the Bonds, 'until there has been
accumulated in the Dond Fund, as a reserve for con-
i tingencies, an amount sufficient to, service the
\ bonds for 18 months; and, in addition thereto, a ~um
\ equal to_the amount of principal maturing the ne~,
l~ucceedin~Jh~ and ~5,OOO.OO ,addit~o~The moneys
in the Bond' Fund shalt be used solely for the purpose
of paying interest on and principal of the bonds,
and for such other purposes as may be authorized by
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law; until all bonds have been retired. The moneys paid into
the Bond Fund shall be deposited in a bank or
banks and shall be continuously secured by a
valid pledge to the City of direct obligations
of the United states of America having an aggre-
gate market value, exclusive of accrued inter-
est, at all times at least equal to such Bond
Eund. The Bond Fund, at the option of the
City, maybe invested in such direct obligations
of the United States of America, or as other
wise authorized and permitted by law, and de-
posited in escrow under an escrow agreement. If
such funds, or parts thereof, are S) invested and
deposited in escrow, the City shall have the right
to have sold through the escrow agent, on the open
market, ajsufficient amount of such securities in
~ order to "Ineet its obligations of princ ipal and in-
terest in the event it does not have Rufficient
funds uninvested on hand for such purpose. Under
such circumstances, the Mayor is hereby authBrized,
ordered and directed to give 15 days wiitten no-
tice to the escrow agent of the necessity to sell
said securities, or part of same, on the open mar-
ket. As to such sale, the moneys resulting there-
from shall belong to the Bond Fund and shall be
available to 'pay such obligations of principal and
interest.
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(2)' SURPLUS. Any funds remalnlng in the System ~Und,
after provision for the reasonable cost of oper-
ating and maintaining the System and after paying
the amounts required to be paid into the Bond
Fund as above provided, may be used by the City
for the purchase of bonds or for any other pur-
pose permitted by law.
C. ADDITIONAL BONDS: ENCUMBRANCE AND SALE: While any of the
bonds are outstanding, the City shall not issue any addi-
tional bonds payble from the revenues of the ~ystem unless
the lien of such bonds on the reNenues of the System, is
made junior and subordinate in all respects to the lien
of the bonds authorized in this ordinance. In no event,
while any of said bonds are outstanding, will the City
mortgage or otherwise encumber the Systffu or any part
thereof, or sell, lease or otherwise dispose of any sub-
stantial portion of such System, except as may be auth-
orized by law. These provisions shall inure to the bene-
fit of and be enforceable by any holder of any of the
bonds.
D. MAINTID~ANCE AND OPERATION: ,The City shall maintain the
system in good condition and operate the same in an
efficient manner and at a reasonable cost. So long as
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any of the bonds are outstanding, the City agress to
maintain insurance, for the benefit of the holder or
holders of the bonds" on the System of a kind and in
an amount which usually would be carried by private
companies engaged in a similar type of business. Noth-
ing in this ordinance shall be dons trued as requiring
the City to expend any funds Which are derived from
seurces other than the operation of the bystem, but
nothing herein shall be construed as preventing the
City from doing so.
E.
ACCOUNTS AND PERIODIC STATNYi~NTS: The City shall keep
proper books of records and acoounts (separate from all
other records and accounts) in whQch complete and correct
entries shall be rilacle of all transac tions r,ela ting to t.,he
system. 'l'he City shall furnish to any holder of any of
the bonds, at the written request of such holder, not
more than thirty days after the close of each six months
fiscal period, complete operating and income statements of
the System in reasonable detail covering such six months
period, and, not more than sixty days after the close of
each fiscal year, complete financial statements of the
System in reasonable detail covering such fiscal year,
certified by the City's Auditors.,
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F. DrSPECTI01J: Any purchaser of 25 per centum in aggregate
principal amount of fIle Dondsl3:''E""""'ffie'"""'E:i.me flien ou-e-s--e-anIT-
ing or any holder or holders of 25 per centu~ of said
amount of outstanding bonds shall have the right at all
reasonable times to inspect the pystem and all records,
accounts and data of the City relating thereto.
G. INFOmJATION: During the construction of the project the
City wIll furnish to any purchaser of 25 per centma of
the bonds, such financial statements and other informa-
tion and data relating to the City, the Project and the
System as any such purchaser from time to time may
reasonably require.
H. SALE OF BONDS: Upon request, the City will furnish to any
purchaser of 25 per centum of the Bonds, information for
the preparation of a bond circular in customary form,
signed by the proper official of the City, containing such
data as such purchaser may reasonably request concerning
the city, the Project and~the System.
ELEVENTH:
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The Mayor, City Secretary and City Treasurer are
hereby instructed and directed to do any and all things nec-
essary fu~d/or convenient in reference to the installing and
maintaining of a complete system of records and acoounts per-
taining tO,said System and to make the moneys availabe for
the payment of said Revenue Bonds in the manner provided by
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Chapter 122, Acts of the Regular 5ession of the F6rty-Third
Texas Legislature, effective May 12, 1933. In accordance
with the provisions of Article 1113, 1925 Revised Civil
statutes of Texas, as amended, the fiscal year for the
operation of roch System shall be January 1st to December
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31st of each year. lhe remaining part of 1938 shall con-
stitute a fractional part of a fiscal year.
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TWELFTH:
The City further covenants.by and through this
ordinance as follows:
(a) That the Revenue Bonds authorized hereunder
shall be special obligations of the City, and
the holder thereof shall never have the right
to demand payment thereof out of funds 'raised
or to be raised by taxation.
(b) That it has the lawful povver to' pledge the Re-
venue supporting this issue of bonds and has law-
fully exercised said power under the Constitu-
tion and laws of the State of Texas, including
power existing under Articles 1111 to 1118, both
inclusive, 1925 Revised Civil statutes of the
Sta te of Texas with am en drn en ts theret~, and by
authority ofa vote of the qualified electors
of said City voting at an election held on the
24th day of September, 1938; that the bonds
issued hereunder shall be ratably secured under
said pledge of income, in such manner that one
oond shall have no preference over any other
bond 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 System have not in any
manner heen pledged to the payment of any debt
or obligation of the City, 'nor of said ~ystem.
THIRTEENTH:
It shall be the duty of the Mayor to submit the
record of said bonds and the bonds to the AttIDrney General of
the State of 'Texas for approval B.nd thereafter to have them
registered by the Comptroller of the state of Texas.
FO UR'I'EENTH:
The Reven~e Bonds, when properly executed by the
City officials shall be held by the Mayor of the City to be
delivered by the Mayor to the purchaser or p~~chasers there-
of. The Mayor, City Secret~ry and City Treasurer are autllor-
ized and directed to do any and all things necessary and/or
convenient to carry out the terms of said purchase.
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FIPrEENTH:
The bonds thus authorized shall pass by delivery
unless registered as to ownership on the books of the City
Secretary, as registrar, but after such registration of ovmer-
ship duly noted on the bonds ,no transfer except on said books
shall be valid unless the last registration shall be to bear-
er, and said bonds shall contIne to be sUbject to registration
and to transfer to bearer at the option of the holder.
SIXTMNTH:
Each of the bonds in this said series shall con-
tain, among 0 ther things, the fo llowing prov,i son:
tiThe City reserves the right at any time or times
on or after January 1, 1943, and to December 31,
1948, both inclusive, to 8all for payment prior
to maturity, in their inverse numerical order,
any or all bonds numbered 151 to 200, both.inclus-
ive, of this series of bonds, at a price of 103-1/2
per centum of the par value of said bonds plus
accrued interest to the date of call; and, similarly
at any time or times on or after January 1, 1949,
and to December 31, 1950, both inclusive, at a price
of 103 per centum of the par value of said bonds,
with accrued interest to the date of call. The City
further reserves the right at any time or times on
or after January 1, 1951, to call for payment prior
to maturity, in their inverse numerical order, any
or all of this entire series of bonds, (bonds numbered
66 to 200, both inclusive) at a price of 102 per cen-
tum of the par value of said bonds, with accrued int-
erest to the date of call.
Notice of the intention of the Gityto redeem a bond
or bonds, as next hereinabove provided, shall be
given to the holder thereof by written notice to the
bank of payment mailed at least 30 days prior to the
date so fixed for dedemption, and by publication in
the Bond Buyer or some other well established finan-
cial journal or chronicle published in or having gen-
eral circulation in the City of New York, in at least
one issue thereof, the date of publication being not
less than 30 days prior to the date so fixed for ~e-
demption. Should and bond or bonds so called for re-
demption no t be presented it shall cea.se to bear
interest from and after the date so fixed for redempt-o
ion. tI
SEVENTEENTH:
All ordinances and resolutions, and parts thereof,
in conflict herewith are hereby expressly repealed in so far
as they conflict herewith.
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14
EIGHTEENTH:
By reason of the fact that the Board of Com-
missioners considers the passage of this ordinance nec-
essary for the preservation of the public health and
safety of the City and of its citizens, it is hereby de-
clared to be an emergency measure demanding that any rule
requiring ordinances to be read at more than one meeting
of the ~ity council be suspended and that this ordinance
take effect immediately from and after its passage, and
it is so ordained.
PASSED
ember A. D. 1938.
Secretary'
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