HomeMy WebLinkAboutORD 234 Authorizing the Issuance of Sanitary Sewer Bonds
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ORDI NANCE NO. 2.3A
AI~ ORDINANCE AUTHORIZING THE ISSUANCE
OF $275, 000 SA=~ITAHY SE"\[ER BONDS AJIJ"TI PRO-
VIDING FOR Tllli PAY}&NT OF PRINCIPAL AND
Il\TTEREST THEREON BY TEE. LEVYING OF liD
VALOR.2;M TAXES.
II
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iffiEREAS, at an e1ec~ion held in the Uity of West University
Place, 'fexas, on January 24, 1942, a maj ority of the duly qualified,
resident electors who own taxable property in said Uity and who had
duly rendered the same for taxation, voted in favor of the
issuance of the bonds of said City in the amount of Two Hundred
Seventy-five ~housand l$275,000) Dollars ~or the purpose of securing
fUnds to construct improvements, additions and extensions to the
sanitary sewer system of said vity; and
\VHEREAS, said election was properly called and notice thereof
given as required by law and this City Dommission has heretofore can-
vassed the returns thereof and determined the specific authority
of the vity to issue said bonds; therei'ore,
BE IT ORDAIl\~D by the Uity Commission of the vity of W~st
University~laee, Texas:
1.
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That the bonds of the uity of West University .t'lace, Texas, be
issued in the principal amount of 'J:wo Hundred SeventY-l!'i ve Thousand
t$275,000) Dollars, tb be known and designated as: ttCITY OF vVEST
UNIVERSITY PLACE, TEYJiS, SANITARY SE11ER SYSTEM BONDS, SERIES 1942, If
under and by virtue of the Uonstituti6n and Laws of the state of
'i'e~as, pa.rticularly I..ihapters 1 and 7 of 'lli t. e 22, Hevised Civil
Statutes of ~exas, 1925, and the I..iity Charter of said 0ity, particular-
ly Article XXIII thereof, for the purpose of securing funds to con-
struct improvemenLs, additions and extensions to the sanitary sewer
system of said City.
11.
Said bonds shall be dated ~arch 1, 1942, shall be numbered
from 1 to 275, both inclusive, shall be in the denomination of
One Thousand l$l,OOOJ Dollars each, aggregating ~275,OOO, and shall
become due and payable on the 1st day of Karch in the respective
amounts and during the years as shown on the following schedule, to-
wit:
BondR NOR.
Ma t lll'i t:v:
.Amount
1-2
3-4
5-7
8-10
11-14
3-1-43
3-1-44
3-1-45
3-1-46
3-1-47
$2,000.00
2,000.00
3,000.00
3,000.00
4,000.00
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Bonds Nos. l':aturi ty Amount
15-19 3-1-48 $5,000.00
20-24 3-1-49 5,000.00
25-29 3-1-50 5,000.00
30-34 3-1-51 5,000.00
35-39 3-1-52 5,000.00
40-44 3-1-53 5,000.00
45-49 3-1-54 5,000.00
50-54 3-1-55 5,000.00
5.5-60 3-1-56 6,000.00
61-66 3-1-57 6,000.00
67-72 3-1-58 6,000.00
73-79 3-1-59 7,000.00
80-87 3-1-60 8,000.00
88-95 3-1-61 8,000.00
96-103 3-1-62 8,000.00
104-111 3-1-63 8,000.00
112-120 3-1-64 9,000.00
121-130 3-1-65 10,000.00;
131-147 3-1-66 17,000.00
148-165 3~1-67 18,000.00
1.66-183 3-1-68 18,000.00
184-201 3-1-69 18,000.00
202-220 3-1-70 19,000.00
221-246 3-1-71 26,000.00
247-27.5 3-1-72 29,000.00
'rhe vi ty of West uni versi ty J:>lace, 'fexas, reserves the right
to redeem said bonds on March 1, 1952, or on any interest payment
date thereafter by paying the principal amount and accrued interest
to the date fixed for r~demption. In the event the City elects to
redeem all or any part of the bonds then outstanding, notice there-
of in writing shall be given to the banks at which such bonds are
payable and by pUblication one time in a financial journal of gen-
eral circulation in the tlnited states, which said notices shall be
given and published at ,least thirty t30) days prior to the date
fixed for redemption.
111.
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Said bonds ahall bear interest as follows: Bonds Nos. 1
to....2.2-, both incl usi ve, shall bear interest at- the rate of three-t 3"/0)
percent per annura; Bonds Nos.~40 to 273 , both inclusive, shall ue~r
interest at the rate of 3 3/4~ percent?per annum; interest payable
l~...arch 1, 1942, and semi-annually thereafter on the 1st day of deptem-
ber and the 1st day of fuarch of each year until the principal sum
is paid; both principal and interest on said bonds shall be payable
in such funds as are, fun the respective dates of payment, legal tender
for debts due the United states of America, upon presentation and
surrender of bond or proper coupon at the vity ~ational Bank of Houston,
Houston, Texas, or, at the option of the holder, at the manufacturers
Trust Company, New Yor~, New york.
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IV.
That e~ch of said bonds shall be signed by the ~~yor and I I
countersigned by the Uity ~ecretary, and the corporate seal of
said City shall be impressed upon each of them. 1ne facsimile . --
signatures of the lV.iayor and vi ty Secretary may be lithographed,
'engraved or printed on the coupons attached to said bonds and
shall have the same effect as if they had been signed by said
officers.
V.
lows:
That the form of said bonds shall be substantially as fol-
NO.
$ 1,000.00
UNI'fED STA'l'l:!.:S OJ!' .A1:J:l:!.:RICA
STAT"E OF TEXAS
CQUN'l'Y OF HARRIS
CITY OF WEST UNIVERSITY PLACE
SANITARY SEWER SYSTEK BurID,
SERIES 1942
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The 0ity of West University ~lace, in the Uounty of Harris,
and Btate of Texas, for value received, acknowledges itself in-
debted to and hereby promises to pay to bearer on fuarch 1, 19~,
the sum of
uNE THOUSAND ($1,000.00) DOLLARS
in such funds as are, on said date, legal tender for debts due
the United States of America, with interest thereon from date at
the rate of percent per annum, payable lliarch 1, 1943,
and semi-annually thereafter on September 1 and .March 1 of each
year until the principal sum shall be paid, which interest is
payable in such funds as are, on the respective dates of payment,
legal tender for debts due the United States of America, upon
presentation and surrender of proper coupons as they severally
become due; both principal and interest shall be payable at The
City National Bank of Houston, Houston, Texas, or, at the option
of t_he holder, at the M8.nllf'FlC1tll1"P.1"~ rl'1"l1~t. C()mp~n2r> New York "ity,
New York. (Bonds maturing after March 1, 1952, shall contain the
following additional clause: The 6ity of West University Place,
~exas, reserves the right to redeem this bond on March 1, 1952, or
on any interest pa~fient date thereafter u90n payment of the prin-
cipal amount and accrued interest to the date fixed for redemption. l
In the event the uity elects to pedeem this bond before maturity, I' -
notice thereof in writing shall be given to the banks at which
said bonds are payable and by publication one time in a financial
journal of general circulation in the United states, whi?h notice
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shall be given and published at least thirty days prior to the
date fixed for redemption}.
This bond is one of a series of two hundred and seventy-
five \2751 bonds of like date and tenor, except as to number,
maturity, interest rate and right of redemption before maturity,
numbered from 1 to 275, both inclusive, in the denomination of
une Thousand t$l,OOO.OOJ Dollars each, aggregating $275,000.00,
and is issued for the purpose of securing funds to construct
improvements, additions and extensimnsto the sanitary sewer
system of said City under and in strict conformity with the
Constitution and laws Of the State of Texas, parti~ularly
Chapters 1 and 7 of Title 22, nevised Civil statutes of Texas,
1925, and the City Charter of said vity, particularly Article AxIII
thereof, and pursuant to an ordinance duly passed and adopted by
the City Commission of the City of West university~lace, which
ordinance is of record in the Minutes of said 00mmission.
The date of this bond, in conformity with the above mentioned
ordinance, is March 1, 1942.
It is hereby certified, recited and represented, that this
bond and the series of which it is a part were duly authorized by
a majority of the duly qualified resident electors of said uity
who own taxable property within said City and who had duly
rendered the same for taxation, voting at an election held for
that purpose within said uity on January 24, 1942, and that all
acts, conditions and things necessary to be done precedent to and
in the issuance of these bonds, in order to make them legal, valid
and binding obligations of said City, 'have been done, have happened
and been performed in regular and due time, ~orm and manner as re-
quired by law; that the full faith, credit and resources of said
City are hereby irrevocably pledged fore the prompt payment of the
principal of and interest on these bonds at maturity; that due
provision has been made for levying and COllecting annually by
taxation an amount sufficient to pay the interest on these bonds
as it falls due, and to p~ovide a sinking fund for the final re-
demption of said bonds at maturity; and that the issue of bonds
of which this one is a part, together with all other indebtedness
of said City, do not exceed any con stitutional or statutory
limitations.
IN WITNESS \VHEREOF, the City Oommission of the City of West
University Place, Texas, has caused the seal of 'said City tm be
affixed hereto and this bond to be signed by the Mayor and counter-
signed by the City Secretary, and the interest coupons hereto
attached to be executed 'by the facsimile signatures of said Mayor
and uity Secretary, as of March 1, 1942. .
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Mayor, vity ~i~~iversity ~lace,
T e x a s.
Countersigned:
City Secretary, City of West Uni-
versity Place, T e << a s.
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VI.
The form of the coupons to be attached to said bonds shall
be sUbstantially as follows:
NO.
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On the 1st day of , 19____, The City of
West University Place, Texas, in the Oounty of liarris and State
of Texas, will pay to bearer at the 0ity National Bank of
Houston, Houston, Texas, or, at the option of the holder, at
the Bank,
, the sum of
T$ ) DOLLARS, in such funds as are, on said date,
legal tender for debts due the United States of America, being
the interest due that date on City of West University ~lace
Sanitary Sewer Honds, Series 1942, dated March 1, 1942, Bond
No.
Mayor, vity of West university
Place, T e x a s
City Secretary, City of West
University ~lace, Texas
VII.
That the following certificate shall be printed on the
back of each of said bonds:
OFFICE OF THE COMPrROLLER
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STATl!.: OF TEXAS
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 this bond has been examined by him, as
required by law, and that he finds it has been issued in con-
formity with the Constitution and ~aws of the state of Texas, and
that it is a valid and binding obligation upon said city of West
University Place, ~exas, and that said bond has this day been
registered by me.
WITNESS ~~ BAlin A!\D SEAL O~. OFFICE at Austin, Texas, tllis
day of , 1942.
Comptroller of ~blic Accounts of the
State of Texas.
VIII.
There is hereby created a special fund to be -known as
"'rIflE; SANI'll.A.t{;{ SEWt.;H BUNDS, SERIES 1942 ll'UND, It into which shall be
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paid the taxes hereinafter levied. While said bonds, or any part
of the principal thereof or interest thereon, remain outstanding
and unpaid, there is here~y levied and there shall be assessed
and collected in due time, form and manner, and at the time other
City taxes are assessed, levied and collected, in each year, a tax
upon all taxable property in said City of West University Place,
Texas, sufficient to pay the current interest thereon and to create
a sinking fuhd to pay~ the principal as'it matures; and to pay the
interest on said bonds and create said sinking fund for the current
year, there is hereby levied a tax at the rate of twenty (20~) cents
on each One Hundred ($100.00) Dollars valuation of taxable property
within said City, and the same shall be assessed and collected and
applied to the purposes named; and for the purpose of providing a
fund for the payment of principal and interest on said bonds as they
respectively become due and payable, there shall be and there is
hereby levied for each of the years while said bonds, or any part
of the principal or interest thereon, remain outstanding and unpaid,
a continuing, direct, annual ad valorem tax upon all taxable pro-
perty within the City of West University Place, Texas, sufficient
therefor, and said taxes, when collected, Shall be applied to the
payment of principal and interest on said bonds, and to no other
purpose.
IX
That the 1~ayor shall talm and have charge of said bonds
pen~ing their investigation and approval by the Attorney General
of Texas, and, when so approved, shall deliver them to the Uomptroller
of PUblic Accounts for registration. When said bonds have been duly
registered, the Comptroller of Public Accounts is hereby authorized to
deliver said bonds to the kayor, or, upon his order, and the Mayor is
hereby authorized to deliver said bonds to the purchasers thereof apon
receipt of the purchase price. .
PASSED, APPROVED AND AUTHEJ\1TICATED this the 4th day of
Eebruary, 1942.
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11' y~r PrQ Tem,
Place, t.exas
of West University
ATTEST:
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City ecretary