HomeMy WebLinkAboutOrd 210 - civic center building bonds
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ORD INANCE NO. .2 / ~
ORDINANCl!: AUTHORIZ ING THE ISSlJANC E OF CIVIC CENrER .
BUILDING BONDS
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I1HA'r STAT's!; OF T..EXAS t
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COUNTY OF R4.RRIS 0
CITY OF WEST UmVERSITY PLACE.
On this, the (, -t:L day of ~...,L.
Commission of the City of West University
in special session at the regular meeting
following members present, to wit:
, 1941, the City
Place, Texas, convened
place thereof, with the
, Mayor
Commissioner
Commissioner
Commissioner
Connnis sioner
, City Secretary;
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-wl,tJt}:.the following absent: - 0 - , constituting a -quorum;
at which time the following business was transacted, to wiD:
Commissioner A. L. Kerbow introduced a proposed ordinance,
which was read in 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 Commissioner A. L. Kerbow and carried
by fhe following vote: AYES: Commissioners A. L. Kerbow, J. M.
Dunnington? J. A. Herschel. T. W. Woodard: and Mayor .it. M. Mainous;
and
NOES: N011[E.
Commissioner J. A. Herschel made a motion that the ordinance
be passed finally. The motion was seconded by Commissioner T. W.
Woodard and carried by the following vote: AYES: Commissioners
J. A. Herschel, T. W. Woodard, J. M. Dunnington, A. L. Kerbow;
and Mayor F. M. Mainous: and
NOES: NONE .
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The Mayor announced that the ordinance had been finally
passed. The ordinance is as follows:
f1AN ORDINANCE
BY THE CITY COMMISSION OF THE CITY OF WEST UNIVERSITY
PL ACE, TEXAS, AUTHORIZING THE ISSUANCE OF BONDS IN THE
AMOUI'l';r OF $17,600.00; FOR THE PURPOSE OF CON3rnuCTING
A PUBLIC BUILDING TO BE USED AS A CIVIC CENTER IN AND
FOR SAID CITY:; PROVIDING FOR THE LEVY, ASSESSMENT AND
COLLECTION OF A SUFFICIEl'JT AD VALOREM TAX ON THE ONE
BUl\1DRED DOLLARS' ASSESSED V ALUA TI ON OF ALL TAXABLE
PROPERTY WITHIN . THE LIMITS OF SAID CITY TO PAY THE
Il\~EREST AND CREATE A SINKING FUND FOR THE REDE1~ION
THEREOF AT I\illTtJRITY; PRESCRIBING THE FORM OF THE
BOND AND THE FORM OF IJ\1TEREST COUPONS; AND DECLARING
AN E:DJIERGENCY. tJ
'lffiEREAS, 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, vot ing at said election sustained the proposi-
tion tOf,.issue the bonds, hereinafter described, in the principal'
sum of t17,600.oo, by a vote of ~63 votes "For the Issuance of the
Bonds and the Levying of the Tax in Payment Thereoff1~ and 3a7 votes
"Against the Issuance of the Bonds and the Levyipg:;of the'ITax:Um
Payment thereofn;
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THEREFORE, BE IT ORDAINED BY TEE CITY COMMISS ION OF THE CITY
OF WEST UNIVERSITY PLACE, TEXAS: .
SECTION I. Xhat the bonds of said City, to be called CmTY
OF vVEST UNIVERSITY PLACE CIVIC CENTER BUILDING BOl\mS, be issued
under and by virute of the Constitution and Laws of the State of
Texas, and the Charter of said City, for the purpose of construct-
ing a publicbullding to be used as a civic center in and for said
City of West University Place, in the principal sum of Seventeen
Thousand Six Hundred (~17, 600.00) Dollars.
Section 2~ That said bonds shall be numbered consecutively
from 1 to 18, both inclusive; shall be in the denomination of
$1,OOO.OOeach, except bond number 1 for $600.00, aggregating
$17,600.00.
Section 3. The bonds shall be dated January 15, 1941, and
shall mature according to the following schedule: '
BO lID NmviBERS
1\iIATURITY DA ~8
D. JmUDlTS
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$
January 15, 1942
January 15, 1944
600.00
2
1,000.00
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BO l\'D NUMBERS MATURITY DATES AMOUl\1TS
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3 January 15, 1946 $ 1,000.00 I
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4 January 15, 1948 1,000.00 _J
5 January 15, 19~0 1,000.00
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6 January 15, 1952 1,000.00
7 January 15, 1954 1,000.00
8 January 15, 1955 1,000.00
9 January 15, 1956 1,000.00
10 January 15, 1957 1,000.00
II January 15, 1958 1,000.00
12 January 15, 1959 1,000.00
13 January 15, 1960 1,000.00
14 January 15, 1961 1,000.00 } S {} ~~'
15 January 1.5, 1962 1,000.00
16 January 15, 1963 1,000.00
17 January 15, 1964 l,-OOO . 00
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wi th bo nds numbers 6 to 18, both inclusive, optional o~ any in-
terest paying date on or after January 15, 1951, in the, inverse
numerical order of their issuance.
Section 4. That said bonds shall bear interest at the rate
of ~wo and three-fourths (2 3/410) per cent per annum, except bonds
numbers 4 to 14, both inclusive, which bear interest at the rate
of three- (310) per cent per annum, payable January 15, 1942, and
semi-annually thereafter on July 15th and January 15th of each
year until .the principal sum is paid.
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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, registered by the City
Treasurer, and the corporate seal of the City of West University
Place shall be impressed upon each of them.
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: .
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163-
No.
$
UNITED STATES OF .AMERICA
STATE OF TEXAS
COUNTY OF HARRis
CITY OF WEST UNIVERSITY PlACE CIVIC CENTER BUILDING B011D
KNOW ALL MEN BY THESE PRESENTS: That the City of West Uni-
versity Place, in the County of Harris, State of Texas, FOR
VALUE RECEIVED, hereby promises t.o pay to the bearer hereof, on
the 15th day of January, 19 t .( the sum of ($ )
Dollars, in lawful money of the United States of America, with
interest thereon from date hereof, at the rate of
( 10) per cent per annum; interest payable January 15, 1942,
and semi-annually thereafter on July 15th and January: 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 Treasurer,
Austin,;Texas, at the option of the holder; and the City of 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 eighteen bonds, numbered
from one (1) to eighteen (18), both inclusive, in the denomination
of One Thousand ($l,OOO.~O) Dollars each, except bond number one
(I) for Six Hundred ($600.00) Dollars, aggregating Seventeen
Thousand Six Hundred ($17,600.00) Dollars; issued for the purpose
of constructing a public building to be used as a civic center in
and for said City, under and by virtue of the Constitution and
Laws of the State of Texas, the HOlle Rule Charter of the City of
West University Place, and in pursuance of an ordinance passed by
the City Cormdssion of said City, which ordinance is of record in
the minutes of said City Commission.
The City of West University Place reserves the right to
redeem bonds numbe~s 6 to 18, both inclusivef in the inverse
numerical 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 maturity, notice thereof shall be given by publication in a
newspaper of gen~ral circulation in the City of West University
Place, such notice to be published at least one time thirty days
~rior 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.
(NOTE TO PRINTER: The foregoing paragraph applies only to bonds
numbers 6 to 1(1, both inClusive.)
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IT IS HEREBY CERTIFIED AND. RECITED that the issuance of
this bond, and of the series of whmch 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 January, 1941; that all acts, conditions and
things required to be done precedent to and in the issuance of
this serie s of bonds, and of this bond, have been pr operly done
and per~ormed, and have happened in regular and due time, form
and manner as required by law; that sufficient and proper pro-
vision for the levy and collection of taxes has been made which
when collected, shall be appropri~ated exclusively to the pay-
ment 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 indebtedness of said City of
West University Place, including the entire series of bonds of
which this is one, does not exceed any constitutional or statutory
limitation.
IN WITliJESS VJREREOF, the City of West University Place, by
its City Commission, has caused its corporate seal to be affixed
hereto, and this bond to be signed by the Mayor, countersigned by
its City Secretary and registered 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, Texas
COUNTERSI Gh'ED :
City Secretary, City of West
University Place, Texas.
mtGISTERED:
City Treasurer, City of West
Uni~ersity Place, Texas.
Section 9. The form of coupon shall be substantially as
follows:
No. $
ON THE 15TH DAY OF
, 194_,
,The City of West University Place, Texas, promises to pay to
bearer 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, the sum of (~ ) Dollars, in
la1Nful money of the United States or America, beDng months'
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interest due that day on UCity of West University Place Civic
Center Building Bond tt, dated January 1.5, 1941, No. .
Ci ty Se cretary
Mayor
Section IO. The folloo ng certificate shall be printed on
the back of each bond:
OFFICE OF COMPTROLLER I
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THE STATE OF TEXAS I
, I HEREBY CERTIFY that there is on file and of recora 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 by law and that he finds that it has bee'n issued in con~
formity with the Constitution and Laws of the State af Texas,
and that it is a valid and binding obligation upon Baid 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 11. 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 eacu installment of the prin-
cipal 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 two (2\t) cents on each One Hundred ($lOO.OO)
Dollars' valuation of taxable property in said City of 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 year at a rate from year
to year, as will be ample and sufficient to provide funds to pay
the current interest on said bonds and to provide the necessary
sinking fund, .full allCYNance beuilgg 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 out-
standing and unpaid, and said tax shall each year be assessed
and collected and applied to the payment of the interest on,
and principal of, sai~ bonds.
Section 12. It is further ordained that the Mayor of said
City shall be authorized to take and have charge of all necessary
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records pending investigation by the Attorney tleneral and.shall
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 a Civic Center Building and same will
be beneficial to 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 meeting of the
City Commission before final passage, be suspended, and said rule
is herebysuspe nded; and that thi s ordinance take effect and be
in full force and effect immediately from and after its passage,
and it is so ordained.
PASSED AND APPROVED, this .6th day of February , 1941
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layor
ATTEST :.
Cit Y Secretary
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