HomeMy WebLinkAboutOrd 209 - storm sewer bonds
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ORDINANCE NO. 2.., t) j" .
ORDINANCE AUTHORIZING THE ISSUANC OF STORM SEWER
BONDS
THE STATE OF TEXAS 0
COUNTY OF HARRIS 0
CITY OF WEST UNIVERSITY PLACE.
On this ,the ~"d day of
Commission of the 6ity' of West Universi t~
in special session at the regular meeting
following members present, to wit:
, 1941, the City
ace, Texas, Gonvened
lace thereof, with the
; Mayor
Commissioner
Commissioner
Commissioner
Commissioner
, City Secretary
with the following absent: C7 - , constituting a
quorum, at which time the following business w~s transacted, to,
wit:
Commissioner A. L. Kerbow introduced a proposed ordinance,
which was Teadin full.
Commissioner J~ M. Dunnington made a motion that the rule re-
quiring ordinances to be read at more than one meeting be suspended.
The motion was seconded by Commissoner A. T. KF\'I"nnw and carried b.y
the following vote: AYES: A. L. Ke.:sbow, ;T. M.Dllnnine:t.nn, :r A.
Herschel. T. W. Woodard; and _Mayor J:l 0 11. Ma i non!"! j FInn.
NOES: NONE.
Commissioner Jo' M. Dunni ngt.on mde a motion that the ordinance
be passed finally. The motion was seconded by Commissioner
To IN 0 Wood ard and carried by the following vote: Ayes: Commissioners.'
J. M. Dunnin~ton, To Wo Woodard, A. T.. Ke'l"bnw, :r AT HF\'I"$p.~~]: and
Mayor F. M. 'ainous; and
NOES: NONE.
Commissioner J. M. Dnnninotnn made a motion that the ordinance
be p,assed finally. The motion was seconded by Commissioner
T. W. WOOdard and carried by the following vote: AYES: Commissioners
J. M. Dunnifuton~ T. Wo Woodard, A. T.. KeY'-hnw, J" A HF\'I"sp.b.E'l; and
Mayor]'. M. lainollt=t, and
NOES: NO}J~ .
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The Mayor announced that the ordinance had been finally
passed. The ordinance is as follows:
"AN ORDINANCE
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BY TEE CITY COMMISSION OF THE CITY OF WEST UNIVERSITY PLACE,
TEXAS, AUTHORIZING 'IRE ISSUANCE OF BONDS IN THE AMOUNT OF
$182,400.00; FOR'THE PURPOSE OF CONSTRUCTING STORM SmfERS
AND DRAINAGE STRUCTURES IN AND FOR SAID CITY; PROVIDING FOR
THE LEVY, ASSESSMFi:NT AND COLLECTION OF A'SUFFICIENT AD
VALOREM TAX ON THE ONE HUNDRED DOLLARS' ASSESSED VALUATION
OF ALL TAXABLE PROPERTY WITHIN THE LIMITS OF SAID CITY TO
tAY THE INTEREST Al\1D CREATE A SINKING FlJOO FOR TEE REDEMPrION
THEREOF AT MATURITY; rRESCRIBING THE FORM OF THE BOND AND THE
FORM OF INTEREST COUPONS; AND DECLARING AN EMERGENCY."
WHEREAS, at an election held in the City of West University
Place, Texas, on the 14th day of January, 1941, a majority of. the
qualified voters who are property taxpayers of said City, who owned
taxable property in said City and who had duly rendered the same for
taxation, voting at said election sustained the proposition to issue
the bonds hereinafter described, in the principal Sum of $182,400.00,
by a vote of 807 votes "For the Issuance of the Bonds and the Levying
of the Tax in Payment Thereoffl, and 125 votes fJAgainst the Issuance
of the Bonds and the Levying of the Tax in Payment Thereofu;
THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY :,]
OF WEST UNIVERSITY PLACE, TEXAS:
Section 1. That the bonds of said City, to be called t1CITY
OF WEST UNIVERSITY PLACE' STORM SEWER BONDS", be issued under and
by virtue of the Constitution and Laws of the State of Texas, and
the Charter of said City, for the purpose of constructing storm
sewers and drainage structures in and for said City of West Univer-
sity Place, in the principal sum of One Hundred EightY-4wo Thousand
Four Hundred ($182,400.00) Dollars.
Section 2. That said bonds shall be numbered consecutively
from I to 183, both inclusive; shall be in the denomination of
$lAOOO.OO each, except bond number 2 for $#00.00, aggregating.
.1~2,400.00. ' ' . , .
Section 3. The bonds shall be dated January 15, 1941, and
shall mature according to the following schedule:
BOND NUMBERS
1'[ A 'T'ITRT rrv n A ~s
.WQUl'JTS
1 to
2
January 15, 1942
January 15, 1943
January 15, 1944
$
1,400.00
4,000.00
4,000.00
I I
3 to 6
7 to 10
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BOND NUJ);IBERS
MATURITY DATES
I \
11 to 16
17 to 22
23 to 29
-,'0 to 35
36 to 4'2
43 to 49
50 to ~7,
58 to 64
65 to 72
January 15, 1945
January 15, 1946
January 15, 1947
January 15, 1948
January 15, 1949
January 15, 19~0
January 15, 1941
January 15, 1952
January 15, 1953
January 15, 1954
January 15, 1955
January 15, 1956
January 15, 1957
January 15, 1958
January 15, 1959
January 15, 1960
January 15, 1961
January 15, 1962
January 15, 1963
January 15, 1964
January,15, 1965
73 to
80
'88
96
79
to 87
to 95
to 103
104 to 112
113 to 121
122 to 130
131 to 140
l41 to 150
l51 to 16l
162 to 172
173 to 183
155
AMOUNTS
$ 6,000.00
6,000.00
7,000.00
6,000.00
7,000.00
7~, 000.00
8,000.00
7,000.00
8,000.00
7,000.00
8,000.00
8,000.00
8,000.00
9,000.00
9,000.00
9,000.00
10,000.00
10,,000.00
11,000.00
11,000.OO
11,000.00
\0
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wi th bonds numbers 58 to 183, both inQ.~ usive, opti:::mal on any
interest paying date on or after January 15, 1921, in the inverse
numerical order of their issuance.
Section 4. That said bonds shall bear interest at the rate
of two and three-fourth$ (2 3/4~) peT cent per annum, except bonds
numbers 30 to 140, both inclusive, which bear inte~est ,a~ the rate
of three (3~) per cent per annum, payable January 15, 1942, and
semi-annually'thereafter on July 15th and January 15th or each year
until the principal sum is paid.
Section 5. That the principal of and interest on said bonds
shall be payable upon presentation and surrender of bonds or proper
coupons at the First National Bank of Chicago, Chicago, Illinois,
or at the Office of the state Treasurer, Austin, Texas, at the
option of the holder.
Section 6. That each of said bonds shall be signed by the
Mayor, countersigned by the City Secretary, registe~ed by the City
Treasurer, and the corporate seal of the City of West University
Place shall be impressed upon each of them.
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Section 7. The facsimile signatures of the Mayor and the
City Secretary may be lithographed on the coupons attached to said
bonds and shall have the same effect as if they had been signed by
them.
Section 8. The form of said bonds shall be substantially
as follows:
NO.
$
UNITED STATES OF AN~RICA
STATE OF TEXAS
COUNTY OF HARRIS
I CITY" OF WEST U1TIVERSITY PLACE STORM SEWER BOND
KNOW ALL NJEN BY THESE PRESENTS: That the Oity of West Uni-
versity Place, in the County of Harris, State of Texas, FOR VALUE
RECEIVED, hereby promises to pay to the bearer hereof, on the,
15th day of January, 19 , the sum of ($ )Dollars,
in lawful money of the United States of America, with interest
thereon from date hereof, at the rate of (~) per cent
per annum; interest payable January 15, 1942, and semi-annually
thereafter on July 15th and Janury 15th of each year; principal
and interest payable upon presentation and surrender of bond or
proper coupon at the First National Bank of Chicago, Chicago,
Illinois, or at the Office of the State l'reasurer, Austin, Texas, .
at the option of the holder; and the City ~f West University Place,
Texas, is hereby held and firmly bound, and its faith and credit,
and all real and personal property in said City, are hereby pledged
for the prompt payment of the principal of this bond and the interest
thereon at maturity.
This bond is one of a series of one hundred and eighty-three
bonds~ numbered from one (I) to one hundred and eightr.~hhree (183),
both inclusive, in the denomination of One Thousand ($1,000.00)
Dollars each, except bond number two (2) for Four Hundred ($400.00)
Dollars, aggregating One Hundr.ed Eighty-two Thousand Flour Hundred
($182,400.00) Dollars; issued for the purpose of constructing storm
sewers and drainage structures in and for said City, under and by virnue
of the Constitution and Laws of the State of Texas, the Home Rule Charter .'
of the City of West University Place, and in pursuance of an ordinance
passed by the City Commission of said Oity, which ordinance is of. ,
record in the Minutes of said City Commission.
The City of West University Place reserves the right to redeem
b~nds numbers 58 to 183, both inclusive, in the inverse nume~ical
order of their issuance, on any interest paying date on or after
January 15, 1951, by paying principal and accrued interest thereon,
and in the event same are called for payment prior to their
maturi ty, noti ce thereof shall be gi ven by publication in a news-
paper of general circulation in the ~1ty of' West University Place,
such notice to be published at least one time thirty days prior to
the date fixed for their redemption; and all bonds not presented
for payment on the date so fixed for their redemption, shall cease
to bear interest from and after the date fixed for their redemption.
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157.
(NOTE TO PRIh~ER: The ~opegoine rRPRBpepn epplie~ only to bonds
numbers 58 to 183, both inclusive.)
IT IS HEREBY CERTIFIED A~~ RECITED that the issuance of this
bond, . and of the series of which it, is a part, is duly authorized,
by law and by a vote of the qualified property taxpaying voters of
the City of West University Place, Texas, voting at an election
held for that purpose within said City, on the 14th day of Jan-
uary, 1941; that all acts, condi ti ons and things required to be
done precedent to and in the issuance of this series of bonds, and
of .this bond, have been properly done and performed, and have hap-
pened in regular and due time, form and. manner as required by law;
that sufficient and proper provision for the levy and collection
of taxes has been made which when collected, shall be appropriated
exclusively to the payment of this bond, and of the series of which
it is a part, and to the payment of the interest coupons hereto
annexed as the same shall become due; and that the total -indebted-
ness of said City of West University Place, including the entire
series of bonds of which this is one, does not exceed any constitu-
tional or statutory limitation.
. IN WITNESS WHEREOF, the City of 'Nest Univers ity Place, by its
City Commission, has caused its corporate seal to be affixed here-
to, and this bond to be signed by its Mayor, countersigned by its
City Secretary and registe~ed by its City Treasurer; and the
interest coupons, hereto attached, to be executed by the litho-
graphed signatures of the Mayor and City Secretary.
The date of this bond, in conformity with the ordinance
above referred to, is January 15, 1941.
Mayor, City of West University
Place, T e x a s.
COUNTERSIGNED:
City Secretary, City of West Uni-
versi ty Place, T e x a .s.
REGISTERED:
City Treasurer, City of West Uni-
versi ty Place, 'I'exas.
Section 9. 'l'he form of coupon shall be substantially as
follows:
NO~ ,
ON THE 15TH DAY OF
,19_,
The City of West University Place ,Texas, promises to pay to
bearer at the First Nat'ional Bank of Chicago, Chicago, Illinois, or
at the office of the State Treasur~r, Austin, Texas, at the Option of
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the holder, the sum of ($ ) Dollars, ~n lawful money
of the United States of America, being months' interest due
that day of "City of West University Place Storm Sewer Bond", dated
January 15, 1941, No.
~
,
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City Secretary.
M:ayor
Section 10. The following certificate shall be printed on
the .back of each bond:
..
OFFICE OF COEPTROLLER .~
~
THE STATE 0:2' TEX-;"'S 0
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 tmis bond. has been examined 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 obligation upon said City of West University Place,
Texas, and said bond has this day been registered by me.
Witness my hand and seal of office, at Austin, Texas, this
day of , 1941.
Comptroller of Public Accounts
of The State of Texas.
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Section II. It is further ordained by the City Commission
of the City of West University Place, Texas, that while said bonds,
or any of them, are outstanding and unpaid, there shall be annually
levied, assessed and collected, in due time, form and manner,
a tax upon all the taxable property in said City, sufficient to
pay the current interest on said bonds and create a sinking fund
sufficient to pay each installment of the principal as the same
becomes due, and to pay the interest on said bonds for the first
year and to create a sinking fund with which to pay the principal
as the same becomes due, there is hereby levied a tax of twenty
-=- (20jt) cents on each One Hundred ($100.00) Dollars' valuation of
taxable property in said City for the year 1941, and the same shall
be assessed and collected and applied to the purpose named; and
while said bonds, or any of them, are outstanding and unpaid, a
tax for each y~ar at a rate from year to year, as will be ample and
suffieient to provide funds to pay the current interest onsaid
bonds and to provfude the necessary sinking fund, full allowance
being made for delinquencies and costs of collection, shall be,
and is hereby levied for each year, respectively, while said bonds,
or any of them, are outstanding and unpaid, and said tax shall each
year be assessed and collected and applied to the payment of the
interest on, and principal of, said bonds.
Section 12. It is further ordained that the 1~yor of said
City shall be authorized to take and have charge of all necessary
records pending investigation by the Attorney General and shall
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take and have charge and control of the bonds herein authorized,
pending their approval by the Attorney General and registration by
the Comptroller of Public Accounts.
Section 13. The fact that the City of West University Place,
Texas, is badly in need of storm sewers and drainage structures
and same will be to the best interests and the general welfare of
the citizens of said City,creates an emergency and an imperative
necessity that the rule requiring ordinances to be read at more
than one IDeeting of the City Commission before final passage, be
suspended, and said rule is hereby suspended; and that this ordi-
nance take effect and be in full force and effect immediately
from and after its passa.ge, and it is so ordained.
PASSED AND APPROVED, this ~~41.
Mayo '
l_
ATTEST:
City Secretary
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