HomeMy WebLinkAboutOrd 161 - issuance of time warrants; sewer system
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THE STATE OF TEXAS 0
o
COUNTY OF HARRIS 0
o
CITY OF WEST UNIVERSITY PLACE.
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en this the ~ day of _July
, 1939, the Board
of Commissioners of the City of West University Place, Texas,
con vened in
S!?ecial,
session at the regular meeting
place thereof with the following members present, to wit:
, I\'iayor,
, Commissioner,
, Commissioner"
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, City Secretary,
at which time the following, among other business, was trans-
acted, to wit:
Commissioner Jones
intr6duced a proposed
ordinance and moved its adoption. The motion was seconded by
Commissioner Herschel
.
The motion carrying with it the
adoption of said ordinance prevailed by the following vote:
AYES: Commissioners, Jones , _~ersche!...._; and
NOES: None.
The ordinance is as follows:
"AN ORDINANCE #161
AUTHORIZING THE ISSUANCE OF TIME WARRANTS IN THE
-........ PRINCIPAL SU.M OF $25,000.00, POR THE PURPOSE OF
PAYING CLAIMS TO BE INCURRED IN IMPROVING AND
EXTENDING THE SEWER SYSTEM OF SAID CITYj SUCH WORK
TO BE DONE UNDER THE DIRECT SUPERVISION OF THE ~OARD
OF COMMISSIONERS AND PAID FOR BY THE DAY AS SUCH
WORK PROGRESSES~ LEVYING A TAX TO PAY THE INTEREST
ON SAID WARRANTS AND THE PRINCIPAL THEREOF AT
MATURITY, AND DECLARING AN EMERGENCY."
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WHEREAS, the Board of Commissioners of the City of
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West University Place, Texas, deems it advisable and to the
best interests of said City that its sewer system be extended
and improved, said work to be done under the direct supervision
of said Board of Commissioners; and
WHEREAS, there are no funds available for said
purpose and it will be necessary to issue time warrants to
evidence indebtedness to be incurred in improving and extending
said sewer system;
THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CI TY OF WEST UNIVERSITY PLACE, TEXAS:
Section 1. Tha t the sewer system of said Ci ty be im-
proved and extended, under the direct supervision of the Board of
Commissioners of said City.
Section 2. . That there shall be issued under and by
virtue of the Constitution and Laws of the state of Texas, and
morepparticularly Chapter 163, Regular Session of the 42nd
Legislature, 1931, interest bearing time warrants of said City,
to be known as CITY OF WEST UNIVERSITY PLACE SEWER IMPROVEMENT
WARRANTS, to satisfy and in lieu of claims to be incurred in
improving and extending the sewer system of said City, such work
to be done under the direct supervision of the Board of Com-
missioners and paid for by the day as the work progresses.
Section 3. That said warrants shall be delivered to
and accepted by said claimants or their assignees, in full set-
tlement of the indebtedness due them by the City of West Univer-'
sity Place, Texas, after said claims have been duly approved,
audited and allowed by the Board of Commissioners of said City. I
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Section 4. That said warrants shall be payable to
bearer, and shall be numbered consecutively from 1 to 25, in-
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L, clusive, in the denomination of $1,000.00 each, aggregating
$25,000.00; provided, however, that on:J,.y such amount of said
warrants shall be executed and delivered as shall be neces-
sary to evidence the indebtedness actually 'incurred for im-
proving and extending said sewer system; the remaining warrants,
if any, shall be cancelled and destroyed.
Section 5. Said warrants shall be dated June 1, 1939,
and shall mature on June 1st $5,000.00 in each of the years
1940 to 1944,moth inclusive.
~_Section 6. Said warrants shall bear interest from date
at the rate of four (4%) per cent per annum, payable December 1,
1939, and semi-annually thereafter on June 1st and December 1st of
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each yea'l!.
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Section 7. Principal and interest of said warrants shall
be payable i~ lawful money of the United States of America, upon
presentation and surrenderoof warrants at the City National Bank,
Hous ton, Texa s .
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Section 8.
Said warrants shall be signed by the Mayor,
countersigned by the Ci~ Secretary and registered by the City
Treasurer, and the seal of said City shall be affixed to each of
them.
Section 9. The form of said warrants shall be subs
tantially as follows:
NO.
$1,000.00
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UN):TED STATES OF AMERICA
STATE OF TEXAS
60UNTY OF HARRIS
CITY OF WEST UNIVERSITY PLACE SEWER IMPROVEMENT
WARRANT
THIS IS TO CERTIFY that the City of' West University
Place, a municipal corporation, in the County of Harris, State
of Texas, under and by virtue of valid and subsisting claims
against said City, is justly indebted to bearer in the principal
sum of
ONE THOUSAND DOLLARS
in lawful money of the United States of America, together with
interest thereon from date hereof, at the rate of four (4%) per
cent per annum, payable December 1, 1939, and semi-annually
thereafter. on June 1st and December 1st of each year; both
principal and interest payable at the City National Bank,
Houston, Texas, upon presentation and surrender of warrant; and
the Treasurer of said City is hereby authorized, ordered and
directed to pay to bearer, at said Bank, the said sum of One
Thousand ($1,000.00) Dollars, on the 1st day of June, 19
,
the date of maturity of this warrant, in full settlement of the
indebtedness hereby evidenced, from the special If Sewer System.
,Improvement Warrant Fundll, of said City, levied, assessed and
created for that purpose.
This warrant is one of a series of Twenty-five (25)
warrants, numbered consecutively from 1 to 25, inclus'ive, in
denomination of One Thousand ($1,000.00) DOllars each, ag-
gregating Twenty-five Thousand ($25,000.00) Dollars; issued for
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the purpose of evidencing the indebtedness of the City of West
University Place, Texas, incurred in improving and extending its
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sewer system, said work being done under the direct supervision of
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the Board of Commissioners and paid for by the day as the work
progressed, as shown by valid claims against said City wh!ch have
been duly audited and allowed by the Board of Commissioners of
said City, prior to the delivery of said warrants, under and by
virtue of the Constitution and Laws of the state of Texas, and
in pursuance of an ordinance passed by the Board of Commissioners
of the City of West University Place, which ordinance is of record
in the Minutes of said Board.
The date of this warrant, in conformity with said ordi-
nance, is June 1, 1939; and it is hereby certified and recited
that all acts, conditions and things required to be done precedent
to and in the issuanQe of this warrant, have been properly done,
have happened and been performed in regular and due time, form
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and manner, as provided by law, and that the total indebtedness of
said City, including this warrant, does not ,exceed any constitu-
tional or statutory limitation.
IN TESTIMONY WHEREOF, the City of ,West University Place,
Texas, by its Board of Commissioners, has caused these presents to
be signed by its Mayor, countersigned by its City Secretary, and
registered by its City Treasurer, as of the date last above
wri tten.
Mayor, City of West University Plac-i;
Texas
COUNTERSI GNED:
Ci ty Sec-retary
REGISTERED:
City Treasurer
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Section 10. BE IT FU~T"iIER ORDAINED BY THE BOARD
OF COMIVIISSIONERS OF THE CITY OF WEST UNIVERSITY PLACE, TEXAS,
that a special fund, to be designated "Sewer System Improve-
ment Warrant Fund", be and the same is hereby made, created and
set aside, which shall be used to pay the interest on said
That to create said fund, to pay the interest on said
warrants and create a sinking fund sufficient to pay the
principal thereof as the same becomes due, there is hereby
levied for the year 1939, and for each succeeding year there-
after, while s~id warrants, or any of them, are outst&nding, a
tax of and at the rate of
cents, or so much thereof, or
such greater rate as may be necessary, on each $100.00 val-
uation of taxable property in the City of West University
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Place, ,and said tax shall be annually assessed and collected
and applied to the purposes n~ed.
Section 11. The fact that the City of West Univ.ersity
Place is badly in need of sewer improvements and extensions and
said improvements and extensions are necessary to the public
health and general welfare of Isaid,City and of its citizens,
creates an emergency and an imperative pUblic necessity that
the rules requiring ordinances to be read at more than one meet-
ing be suspended, and that this ordinance be passed as, and take
effect as, an emergency measure, and such rule is accordingly
suspended, and this ordinance is passed and shall take effect as
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an emergency measure, and shall be in full force and effect
immediately from and after its passage.
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PASSED AND APPROVED, this the~,_,~day of :!ulY_,L 1939.
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Mayor
THE STATE 0 F TEXAS. 0
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COUNTY OF HARRIS t
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I, the Undersigned authority, City Secretary of the
Ci ty of West Univ'er'sity Place, Texas, do hereby certify that the
above and foregoing is a true and correct copy of an ordinance,
and of the Minutes pertaining to its adoption, passed by the
,
Board of Commissioners of said City on the 'l..:th day of ,Tuly,
1939, as the saple appear of record in Book 5 , Page '2.3.a,
et seq., of the Minutes of said Board.
Witness my hand and the seal of said City, this the
8..tb.. day of July , 1939.
----ci-fY Secretary.
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THE STATE OF TEXAS 0
o
COUNTY OF HARRIS 0
CITY OF WEST UNIVERSITY PLAGE.
I, the undersign~d authority, Tax Assessor for the
City of West University Place, Texas, do hereby certify that
the assessed valuation of property in said City for the purpose
of taxation as shown by the tax rolls of said City for the
year 1938, which have been approved and which is the last
official assessment of said City, is as follows:
PERSONAL PROPERTy................... $ 4S~4l5.09
REAL PROPERTy....................... $ 5,119,297.00
TOTAL. . . . . . . . . . . . . . . . . . . . .. $ ;; > 1 Q7 > 712. Q.q.
Wi tness my hand and seal of of ['ice this the ~day
of July , 1939.
Tax Assessor.
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STATEMENT OF INDEBTEDNESS
THE STATE 0 F TEXAS 0
o
COUNTY OF HARRIS 0
CITY OF WEST m~IVERSITY PLACE.
I, the undersigned authority, City Treasurer of the
City o~ West University Place, Texas, do hereby certify that the
~011owing is a true and correct statement of all indebtedness
outstanding against said City as of the date last below written:
I. OUTSTANDING BONDS
Purpose
Date
Int.
Rate
4.Mb
Refunding
4-10-1936
,
II. OUTSTANDING WARRANTS
Refunding
4-10-36
4~%
III. PROPOSED WARRANTS
Sewer Imp.
4%
6-1-1939
IV. FLOATING DEBT
NONE
Due
Amount
Outstdg.
$777,000.00
See Schedule
Attached
Maturing annual- ijji 80,000.00
ly $4,000 each
yr. 4-10-40 to
4.~10-55 ,$2,000
from 4~10-55 to
4-10-63.
$5,000-
1940-44;
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~> 25,000.00
Wi tness my hand and the seal of said City, this the
8th, day of July , 1939.
City S~cretary