HomeMy WebLinkAboutOrd 149 - water revenue bonds series 1938
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ORDTIiANCENO. 149.
AN ORDINANCE AMENDING ~i ORDINANCE ADOPTED BY THE
BOARD OF COIv1IvIISS IONERS OF THE CITY OF WEST UNIVER-
SITY PLACE; TEXAS" DECElvIB3.,.1i 16, 1938:
AUTHORIZING THE ISSUANCE OF CITY OF WEST
UNIVERSITY PLACE, TEXAS, WAT:ER REVENUE
BONDS, SK~IES 1938, AGGREGATn~G~200,OOO,
BEARING 4% INTEREST, TO SECURE RniDS FOR
THE PURPOSE OF IMPROVING, ENLARGING, EX-
TENDING AND REF AIRING THE WATER SYST1!M OF
THE CITY OF WEST UNIVERSITY PL.4..CE, TEXAS,
PRESC';IBING THE FOPJliI OF BOND, PLEDGING
THE REVENUES 0 F SA ID SYS'I' Et, TO THE P A YJ'iI:EiJlTT
OF SAID PRINCIPAL iJ,l~D INTEREST OF THE BONDS
AFTER PROVIDING FOR THE EXPENSE OF OPERAT-
ING SAID SYSTEJ\/[, MAKING CERTAIN COVEl\TANTS
OF THE CITY IN REFERENCE TO TEE BOND FUND
FROU ~HICH SAID PRINCIPAL AND INTEREST ARE
TO BE PAID; PROVIDING TI~iT SAID BONDS MAY
BE C.Jl.,LLSD BY THE CITY; PROVIDING TF.J~T
THE HOLDER OR HOLDERS OF SAID BONDS SHALL
NEVER Ff..i\ VE THE RI G3T TO DE,IAND P A'i1ViENT OF
Si>.ID Ol)LIG,::..TIONS OUT OF Any Fmms RAISED OR
TO BE RAISED BY TAXATION; REPEALING JiliL OR-
DINANCES liT CONFLICT HERlEWITH; liND, DECLAR-
ING AN El\IERGENCY.
PROVIDING FOR THE PAYMENT OF SEMI-AHNUAL INTEREST
ON SUCH BONDS, THE DATES OF PAJ1IEFfT, THE RATE OF
INTEREST AHD O'I'HEH, THINGS IN CONi'TECTIO:N THERE\JITE;
PROVIDING FOR THE 1ffiTURITIES OF SUCH BONDS; PRO-
VIDING TEE FORM 0 F SUCH BONDS AND COUPONS; REPEAL-
ING ALL ORDINANCES Dr CONPLIC T HEREWITH; AND DECLAR-
ING AN EI'IIERGENCY.
Wn~REAS, the Board of Cormnissioners of the City
of West University Place, Texas, on September 6, 1938 adopted
a resolution calling an election on the question of the issuance
of City of West University Place, Texas, Revenue Bonds, series
1938, in the aggregate amount of $200,000.00 bearing interest,.
at the rate of not more than 4-1/2% per annum, to secure funds
for the purpose of i~proving, enlarging, extending and repairing
the water system in arid for said City, and
WHEREAS, said election was held pursuant to the
above referrBd to resolution on September 24, 1938, and resulted
favorably to the issuance of said revenue bonds, ffiLd
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WHEREAS, khe Board of Commissio ners has hereto-
fore adopted a resolution declaring the results of said elec-
tion and determining the specific authority of the City to
issue said Revenue Bonds, and
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~REREAS, on December 16, 1938, at a regular
meeting of the Board of Commissioners of the City of West
University Place, Texas, an ordinance was adopted authoriz-
ing the issuance of said bonds in all things as required by
law and providing for the maturity of said bonds, the date
thereof, the date for the payment of semi-annual interest, the
~orm of said bonds and coupons, and all other things in connec-
tion therewith, and '
WHEREAS, subsequent to the adoption of said ordi-
nance it was discovered that through inadvertence it was pro-
vided that the bonds mature over a longer period than 20 years
and it is necessary to correct this said inadvertent error;
and, to rearrange the maturities of such bonds so that they
mature within the prescribed 20 year period of time.
THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMIS-
SIONERS OF THE CITY OF WEST UNIVERSITY PLACE, TEXAS:
FIRST:
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That paragraphllSECOND" of the original Bond
Ordinance adopted by the Board of, Commissioners of the City
of West University Place, Texas, on December 16, 1938 be amend-
ed so as to read follows:
Said bonds shall be dated December 15, 1938,
and shall bear interest at the rate of 4%
per annum, payable June 15, 1939, and semi-
annually thereafter on December 15th and
June 15th in each year; the principal and
interest of said bonds to be payable in such
~unds as are, on the respective dates of
pa~nent of the principal and interest on
the bonds, legal tender for debts due the
United States of America, upon presenta-
tion and surrender^of bond Or proper coupon
at the office of the City National Bank in
the City of Houston, State 0~ Texas.
SECOND:
That paragraph "THIRD" of the original Bond
0rdinance adopted by the board of Commissioners of the City
of West University Place, Texas, on December 16, 1938, be
amended so as to read as follows:
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$ 200,000.00
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That Paragraph lIFIFTH" of the original Bond
Ordinance adopted by the Board of Coramissioners of the City
qf West University Place, Texas, on December 16, 1938, be
amended as follows:,
THIRD:
The form of said bonds shall be substantially
as follows:
N6. $1,000.00
UNITED STATES OF NAERICA
STATE OF TEXAS
COUNTY OF H.@.RRIS
CITY OF WEST UNIvERSITY PLACE, TEXAS
WATER REVENUE BONDS
SERIES 1938
Ci ty of West University Place, in the County
of Harris, in the State o~ Texas, for value received,
hereby acknowledges itself indebted to and promises
to pay to the bearer, or if this bond be registered
as to principal, to the registered holder hereof, as
hereinafter stated, on the fifteenth day of December,
19____, the sum of
ONE THOUSAND DOLLARS
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,($1,000.00), in such funds as are, on said date,
legal tender for debts due the Uni~ed states of
America, with interest thereon from date at the
rate of 4% per annum, payable on June 15, 1939,
and semi-annually thereafte~ on December 15th and
June 15th of each year, until the principal sum
shall be paid, which interest is payable in such '
funds as are, on the respective date~ of payment,
legal tender for debts due the United States of Amer-
ic~, upon the presentation and surrender of proper
co~pons as they severally become due, both princi-
pal and interest being F~yable at the office of
th~ City National Bank, in the City of Houston,
State of Texas.
,This bond is subject ,to the condition and
every holder hereof by accepting the same ag~ees
with the obligor and 'every subsequent holder here-
of ,that
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la} the delivery of this bond to any trans-
feree if not registered, or if it be re-
gistered if the last registered trans-
fer be to bearer, shall vest title in
this bond and the interest represented
thereby in such transferee to the same
extent for all purposes as would the de-
livery under like cir.cumstances of any
engotiable instrument payable to bearer;
(b) The obligor and any agent of the obligor
may treat the bearer of this bond, or if
it be registered 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 coupons 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
(d) the surrender to the obligor or any agent of
of the obligor of this bond and of each of
the coupons if not registered, or if itbe re-
gistered if the last registered transfer be
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to bearer, or the receipt of the regi~tered
holder for the principal hereof and interest
hereon if this bond be registered in the name
of a holder, shall be a good discharge to the
obligor for the same.
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At the option of the holder this-bond may be
registered as to principal at the office of the City
Secretary in the City of West University Place, State of
Texas, and such registration noted hereon by the City Sec-
retary, as Registrar. After such registration, upon de-
livery to the City Secretary of a written instrument of
transfer, in the form approved by the City of ~\est Uni v-
ersi ty Place, executed by the registered holder in person
or by his attorney thereunto duly authorized, this bond
may be transferred, and such transfer shall be similarly
noted hereon, and no transfer hereof shall be valid un-
less so made, but this bond may be discharged from re-
gistration ~y being in like manner transferred to bearer,
and thereupon transferability by delivery shall be re-
stored, and this bond may again from time to time be
regtstered to bearer as before. No such registration
shall affect the negotiability of the coupons appertain-
ing hereto, which shall continue to be transferable by
delivery, merely, and shall remain~payable to bearer.
~he City reserves the right at any 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 numerical order, any or all bonds
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 bo~ds plus~ccrued interest to the date
of call; and, similarly at any time or times on or
after January 1, 1949, ~nd 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 J~, to call fo~ 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~~~t~
of the par value of said bonds, with accru~ interest to
the date of call.
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Notice of the intention of the City to redeem a
bond or bonds, as next hereinabove provided, shall be
given to the holder thereof by written notice to the
Qank of payment mailed at least 30 days prior to the
date so fixed for ~edemption, and by publication in
the Bond Buyer or some other well established finan-
cial journal or c~~onicle published in or having 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.
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Should any bond or bonds so called for redemption
not be presented it shall cease to bear interest
from and after the date so fixed for redemption.
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This bond is one of a series of bonds of like
tenor and effect, except as to denomination and mat-
urity, numbered 1 to 200, both inclusive, in the de-
nomination of ~1,000 each, aggregating the sum of
~200,000.00, issued by the City of West University
Place, fexas, for the purpose of improvine, englarging,
extending and repairing the water system in and 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 elec-
tion ~eld on ~eptember 24, 1938, and pU1~suant to ~D or-
dinance passed by the Board of Coclrrlissioners of the &ity
duly recorded in the minutes of the Board of Commissi6n~
ers.
The date of this bond, in conformity with the
ordinance above mentioned, is December 15, 1938.
This bond and the series of which it is a part
constitute special obligations of the City of West Uni-
versity Place, payable from and secured by an exclus-
ive first lien on and pledge of the revenues of the
. City's Water Sys tem, after deduc tion of reasonable
operation and maintenance ex)enses.
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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 iR hereby certified that the issuance of this
bond, and the series of which it is a part, is duly au-
thorized b} law; that all acts, conditions and things re-
quired to exist and to be done precedent to and in nhe
issuance of this bond to render the same lawful and
valid, have been, property done, have happened and have
been performed in 'regular and due time, form and manner
required by the Constitution and the laws 'of the State
of Texas, and the or&inance hereinabove mentioned, and
that this series of revenue bonds aoes not exceed any
consitutional or statutory limitations, and, that pro-
vision 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 system of said City of West University Place.
IN TESTDTONY 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, counter-
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signed by the City Secretary and registered by the
City Treasurer and has caused the annexed coupons to
be signed by the fac-simile signature of the Mayor
and the City Secretary.
MAYOR, City of West Uni=-
versity Place, Texas.
COUNTERSIGNED:
CITY SECR1...:TARY
REGISTERED:
CITY TREASURER
FOURTH:
That paragraph flSIXTH" of the original Bond Or-
dinance adopted by the board of Commissioners of the City of
West University Place, Texas, on December 16, 1938, be amend-
ed to read as follows:
The form of said coupons shall be substan-
tially as follows:
NO.
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ON 'rEE FIFTEENTH 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 oper-
ation and,_maintenance expenses, at the office of
the City ~ational Bank, Houston, Texas, the sum of
DOLLARS
in such funds as are on said date, legal tender for
for debts due the United States of America, said smn
being month's interest due that day on
flGity of West University Place, Texas, Water Revenue
Bond, Series 1938" bearing the number hereon speci-
fied, dated December 15, 1938. The holder hereof
shall hever have the right to demand payment of this
obligation out of any funds raised 01" to be raised
by taxation.
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BOND NO.
MAYOR
CITY SECRETARY
{
FIFTH:
All ordinances and resolutions, and parts there-
of, in conflict herewith are hereby expressly repealed in so
far as they confliet berewith.
SIXTH:
By reason of the fact that the Board of Com-
missioners considers. the passage of this ordinance necessary.
for the preservation of the public health and safety of the
City and of its citizens and for the purpose of correcting
an inadvertent mistake in the ordinance of December 16, 1938,
it is hereby declared to be an emeregency measure demanding
that any rule requiring ordinances to be read at more than
one meeting of the board of Commissioners be suspended and
that this ordinance take effect immediately from and after
its passage, and it is so ordained.
PASSED
ember, A. D., 1938.
. ity
ec etary, City of West
University Place, Texas.
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