HomeMy WebLinkAboutORD 235 Authorizing Issuance of Storm Sewer Bonds
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ORDINANCE NO. 235
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
ih84,000 STORlVI SEVIER BONDS AND PROVIDING FOR
THE PAYlvillNT OF PRINCIPAL Al'JD IN'l'J2;REST THEREON
BY THE LEvlING OF AD VALOREM TAXES.
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vVHEREAS, at an election held in the Uity of West Univer-
sity Place, Texas, on January 24, 1942, a majority of the duly
qualified, resident electors who own taxable property in said
City 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
One Hundred Eighty-]'our Thousand ($184,000) Dollars for the pur-
pose of securing funds to c'nstruct storm sewers and drainage
structures in and for said City; and
vVHEREAS, said election was properly called and notice
thereof given as required by law and this City Commission has here-
tofore canvassed the returns thereof and determined the specific
authority of the City to issue said bonds; therefore,
BE IT OdDAI~~D by the Oity Commission of the City of West
University Place, Texas:
1.
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That the bonds of the City of West University Place, Texas,
be issued in the principal amount of One Hundred Eighty-Four
Thousand ($184,000) Dollars, to be known and designated as: ltCITY
OF liVEST UNIVERSITY PLACE, TEXAS, STORM SEWER OOl\IDS, SERIES 1942, tf
under and by virtue of the Constitution and Laws o~ the state of
Texas, particularly Chapters 1 and 7 ,of Title 22, Revised Civil
Statutes of Texas, 1925, and the City Charter of said City, parti-
cularlyArticle XXIII thereof, for the purpose of securing funds to
construct stQrm sewers and drainage structures in and for said City.
II. .
Said bonds shall be dated march 1, 1942, shall be numbered
from 1 to 184, both inclusive, shall be in the denomination of
One Thousand ($1,000) Dollars each, aggregating $184,000, and shall
become due and payable on the 1st day of March in the respective
amounts and during the years as shown on the following schedule, to-
vii t :
Bonds Nos. MAt.l1T'it.y ...l'\WO'1ut
1-2 3-1-43 $2,000.00
3-4 3-1-44 2,980.00
5-6 3-1-45 2,000.00 r-'--
7-8 3-1-46 2,000..00 I~J
9-10 3-1-47 2,000.00
11-12 3-1-48 2,000.00
13-15 3-1~49 3,000.00
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Bonds Nos. Maturity Amount
~ - 16-18 3-l-.5D $3,000.00
I I 19-22 .3-1-.51 4,000.00
2.3-26 3-1-.52 4,000.00
lL- 27-31 3-l~.53 .5,000.00
32-36 3-1-54 5,000.00
.37-41 . 3-1-5.5 .5,000.00
42-46 .3-1-56 .5,000.00
.57-51 3-1-57 .5,000.00
.52-.56 3-1-.58 5,000.00
.57-61 3-1-59 5~000.00
62-66 3-1-60 .5,000.00
67-71 3-1-61 5,000.00
72-76 .3-1-62 .5,000.00
77-81 3-1-63 .5,000.00
82-86 3-1-64 5,000.00
87-91 3-1-6.5 .5,000.00
92-101 .3-1-66 10,000.00
102-112 .3-1-67 11,000.00
113-124 3-1-68 12,000.00
125-137 3-1-69 13,000.00
1.38-1.50 .3-1-70 13,000.00
1.51-167 '. 3-1-71 17,000.00
168-184 3-1-72 17,000.00
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The City of West University Place, Texas, reserves the right
.to redeem said bonds on March 1, 1952, or on any interest payment
thereafter by paying the principal amount and accrued interest to
the date fixed for redemption. 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 United States, which said notices shall be
given and published at least thirty (30) days prior to the date
fixed for redemption.
III.
Said bonds shall bear interest as follows: Bonds Nos. 1 to 26,
both inclusive, shall bear interest at the rate of three {3~)
percent per annum, and Bonds Nos. 27 to 184, both inclus.i ve, shall
bear interest at the rate~of 3 3/4~ percent per annum, interest
payable March 1, 1943, and semi-annually thereafter on the 1st day
of September and the 1st day of March of each year until the
principal sum is paid; both principal and interest on said bonds
shall be payable in such funds as are, on the respective dates of
payment, legal tender for debts due the Uniued States of America,
upon presentation and ?urrender of bond or proper coupon at The
City National Bank of tlouston, Houston, Texas, or, at the option
of the holder, at the 11;~anuf.acturers Trust Company, New York, New
York.
IV.
That each of said bonds shall be signed by the Mayor and counter-
signed by the City Secretary, and the corporate seal of said City
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shal~ be impressed upon each of them. The facsimile signatures of
the fuayor and Gity Secretary m~ be lithographed, engraved or printed
on the ooupons attached to said bonds and shall have the same effect !\~.
as if they had been signed by said officers. . I
v.
That the form of said bonds shall be substantially as follows:
No.
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1111,000.00
UNITED STATE 0]' AMERI CA
STA'I'E OF TEXAS
COUNTY OF HARRIS
CITY OF 1rVEST UNIVERSITY PLACE
STORI,l SEVfER BOND
and
self
19
SERIES 1942
The City of West University Place, in the County of Harris
State of Texas, for value received, acknowledges itself in-
indebted to and hereby promises to pay to bearer on March 1,
, the sum of
ONE THOUSAND ($1,000.00) DOLLARS
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in such funds as are, on said date, legal tender for debts due
the ~~TED STATES of America, with interest thereon from date
at the rate of percent per annum, paya~le March 1, 1943,
and semi-annually thereafter on September 1 and IDarch 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 the holder, at the Manufacturers Trust Company , New York.
New York . (Bonds maturing after March 1, 1952, shall contain the
following additional clause: The City of West University Place,
Texas, reserves the right to redeem this bond on March 1, 1952, or
on any interest payment date thereafter upon payment of the princi-
pal amount and accrued interest to the date fixed for redemption.
In the event the City elects to redeem this bond before maturity,
notice 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 U~ted States, which notice shall be
given and published at least thirty days prior to the date fixed for
redemption) .
This bond is one of a series of one hund~ed and eighty-four (184)
bonds of like date and tenor, except as to number, maturity, interest
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rate and right of redempt ion before maturity.;, numbered from 1 to
184, both inclusive, in the denomination of One Thousand ($1,000.00)
Dollars each, aggregating $184,000.00, and is issued for the purpose
of securing funds to construct storm sewers and drainage structures
in and for said City under and in strict conformity with the
Constitution and laws of the State o.r Texas, particularly Chapters
l~and 7 of Title 22, Revised Civil Statutes of Texas, 1925, and the
City Charter of said City, particularly Article XXIII thereof, and
pursuant to an ordinance duly passed and adopted by the City Com-
mission of the Uity of West University ~lace, which ordinance is
of record in the ~inutes of said Gommission.
The date of this bond, in conformity with the above memtioned
ordinance, is fuarch 1, 1942.
It is hereby certified, r:e.ci ted and represented, that this bond
and the series of which it is a part werB~ duly authorized by a
r~jority of the duly qualified resident electors of said City who own
taxable property wit in said City and who had duly rendered the
same for taxation, vqting at an election held for that purpose
within said City 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 obli-
gations of said vity, have been done, have happened and been performed
in regular and due time, form and manner as required by law; that the
full faith, credit and resources of said Gity are hereby irrevocably
pledged for the prompt payment of the principal of and interest on
these bonds at maturity; that due provision has been made by levying
and collecting annually by taxation an amount sufficient to pay the
interest on these bonds as it falls due, and to provide a sinking
fund for the final redemption 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 0ity, do not exceed any constitutional or
statutory limitations.
IN ~VIT~~SS ?mEREOF, the City Commission of the Vity of West
University .Place, Texas., has caused the seal of s~id City to be
affixed hereto and this bond to be signed by the ~ayor and counter-
signed by the City Seoretary, and the interest ooupons hereto attach-
ed to be executed by the facsimile signatures of said Mayor and Uity
Secretary, as of march 1, 1942.
Mayor, Uity of ~est University Place,
T e x a s.
Countersigned:
City Secretary, City of West
University Plaoe, T e x a s
VI.
The form of the coupons to be attached to said bonds shall be
substantially as follows:
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$
NO.
On the 1st day of , 19 , the
West University Place, Texas, in the County of Harris and
of Texas, will pay to bearer at the City National Bank of
Houston, Texas, or, at the option of the holder, at the
Bank,
City of
State
Houston,
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Mayor, City of West University .Place,
T e x a s.
City Secretary, City of West
University Place, T e x a s.
VII.
That the following certificate shall be printed on the back
of each of said bonds:
OFFICE OF THE COMPTROLLER 0
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STATE OF -TEXAS 0
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I hereby certify that thera.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 the finds it has been issued in conform-
ity with the Constitution and ~aws of the ~tate of Texas, and that
it is a valid and binding obligation upon said City of West Uni-
versity Ylace, Texas, and that said bond has this day been re-
gistered by ljla.
dITNESS ~IT IiliND AND SEAL OE DFFICE at Austin, Texas, this
day of 1942.
Comptroller of .public Accounts of
the State of Texas.
VIII.
There is hereby created a special fund to be known as "THE
STOR1\~ S.il:VrER BONDS, SERIES 1942 J!'UND, tt into which shall be paid the
taxes hereinafter levied. While said bonds, or any part of the
principal thereof or intierest thereon, remain outstanding and un-
paid, there is hereby levied and there whall be assessed and :1,. l
collected in due time, form and manner, and at the time other City
taxes are assessed, levied and colle~ted, in each year, a tax upon
all paxable property in said Gity of West University Place, Texas,
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sufficient to pay the current interest thereon and to create a sinking
fund 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 thirteen (13~) cents on each One
Hundred ($100.00) Dollars voluation 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, ~here shall be and there is hereby levied for each of the
years while said bonds, or any part of the principal or interest there-
on, remain outstanding and unpaid, a continuing, direct, annual ad-
valorem tax upon all tax~ble property within the City of West Univer-
sity Place, Texas, sufficient therefor, and said taxes, when collected,
shall be applied to the payroont of principal and interest on said bonds,
and to. no other purpose.
IX.
That the Mayor shall take and have charge of said bonds pending
their investigation and ai:::proval by the Attorney General of irexas,
and, when so approved, shall deliver them to-the Uomproller of ~ublic
Accounts. for regi.stration. When said bonds have been duly registered,
The Comptroller of , Public Accounts is hereby authorized to deliver said
bonds to the fuayor, or upon his order, and the Mayor is her~by autho-
rized to deliver said bonds to the purchasers thereof upon receipt of
the purchase price.
PASSED,
1942.
APP110VZD AND AUTHENTICATED this the 4th day of February,
tl;(~
Mayor lro Tem, City of West University
Place, T e x a s.
ATTEST:
, ~O<A---
ity Secretary