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HomeMy WebLinkAboutO-1944-311 " FRED R. RUFF'. J. N. JOHNSON, J. J. ROARK, M. D. BURGIN', JAOK K. KERBER, If". F. SMITH. Aldermen ANNIE CHRISTENSEN, 01 ty Secret,ary Alderman ~ introduced an ord1nanc,e entitled: "AN ORDINANCE OF THE CITY cCtJNO IL OF THE Clfi OF LA PORTE. TEXAS, AUTHORIZ,ING THE ISSUANCE OF #12,000 CITY OF LA PORTE SEWER REFUNDING BONDS. :BEAR- ING INTEREST AT: tmE RATE OF 4$' PER, ANNUM FOR THE PURPOSE OF R&FUNDING $l2.000.00 CITY OF LA PORTE SEWER WARRANTS. DATED MAY lQ. 1943; PRESCRIBING THE FORM OF SUCR REFUNDING BONDS: PROVIDING THAT '!'HE HOLDEl1S ,OF THE ltEFUNDING BONDS SHALL BE SUBROGATED 'to ALL THE RIGHTS HELD BY THE HOLDERS OF TEE ORIGINAL WABRANTS REFUNDED THEREBY; PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF TAXES ON ALL TAXABLE PROPERTY WITHIN THE LIMIT'S OF THE CITY OF LA PORTE TO PAY THE INTERES'r THBREON AND CREATE A SINKING PUND WITH WHICH TO PAY THE PRINCIPAL AT MATURITY; RESERVING T:aE RIGHT TO PAY ALL OR A POR'fION OF THE INTEREST AND PRIN- CIPAL OF SUCH REFUNDING BONDS FROM FUNDS DE- RIVED FROM OTHER LAWFUL SOURCES i_DECLARING THE VALIDITY OF THE WARRANTS THAT AKJ:!i BEING RE.. FUNDED;' AND DECLARING AN EMERGENCY." '.Che ord1nanc.8 was read in fl111 by the C.ity Secretar;y, , ~I and it .!aa moved by Alderman:,' and seeonded by Alie:r- " , " man . o'~/~ that the ordinance b.e passed on its first reac1'" ing, which motion was unan~ously carried. Aldermen JOHNSON, '".. Mayor Q..~ . 1944, Ule C:Lty , Council o~ the Cit,y of' La Porte, in Harris County, ~.xas. ac)n- vaned in ~8asai0'l1 a.t the Oity Hall in said city with all members thereof ~esent, viz: On this I I I 31AC"day of THE STATE OF TEXAS COUNTY OF HARRIS o 1ft OF LA PORTE SEWER REFUNDING13J:>ND ORDINANCE ~h2~OOO.OO .# ~/ I , 'to .r . .~ 'rh.e Ordinance is as follows: "AN ORDINANOE OF THE CITY COUNCIL OF THE CITY OF ~ PORTE, TEXAS. AUTHORIZING,THE ISSUANOE OF 112.000 CITY OF LA PORTE SEWER REFUNDING BONDS t BEAR- ING INTEREST AT THE RATE OF 4% PER ANNUM FOR THE PURPOSE OF REFUNDING 112.000.00 aITY OF LA PORTE SEWER WARRANTS. DATED MAY 10, 1943; PRESCRIBING THE FORM OF SUOR REFUNDING BONDS; PROVIDING THAT' THE HOLDERS OF THE REFUNDING BONIS SHALL BE SUBROGATED TO ALL THE RIGHTS HELD BY THE HOLDERS OF THE ORIGINAL WARRANTS REFUNDED THEREBY. PROVIDING FOR THE LEVY. ASSESSMENT AND OOLLEOTION OF TAXES ON ALL. TAXABLE PROPERTY WITHIN TEE LIMI TS OF THE CITY OF LA PORrE TO PAY THE INTEREST THEREON AND CREATE A SINKING FUND WITH WHICH, TO PAY THE PRINCIPAL AT MATURITYj RESERVING TIm RIGHT TO PAY ALL OR A PORrION. O~. THE INTEREST' AND PRINCIPAL. OF SUCH. REFUNDING BONDS FROM FUNllS DERIVED FROM OTHER LAWFUL SOURCES; DEOLARING THE VALIDITY OF THE WARRANTS THAT ARE BEING REFUNDED; AND DECLARING AN EMERGENOY-." passed. ROARK, BURGIN, KERBER ~d SMITH voting AYE; and no one voting NO. It. was moved by Alterman ~ and seconded It>>y ~ (/ Alderman that- the rule requiring ordinanoes to bc!t pas.sed at more t-b.an one meeting be suspended, and, that the oni1-. nanc.8 be placed on its second and final rea.dings. which mot1C)Il was unanimously carried. Aldermen JOHNSON" ROARK. BURGIN, KEFtBlm and SMITH voting AYE; and no one voting N.O. ne ordinance was read a second time, and 1t,.-1fas mov'ed b)' Alderman ~.~~ aJ:Id seconded b)' Alderman .,J.-~ ~at the ordinance be passed on its second reading" which motion was unanimously carried, Aldermen J.OHNSON, ROARIC. BURGIN, KERBER and SMITH. voting AYE; and no one voting NO. The ordinance was reaq. a third time. and i ~~ was IIlW4,d ~ 4 ' · by- Alderman ~ ~ and seconded:-by Alderman .f~) 1/ that t-he ordinance be passed on its third and final reading, "h1ch motion was unanimously carried, Aldermen, JOHNSON, ROARK, BURGIN, KERBER and SMITH vo'ting AYE; and no one vot,ing NO I THEREUPON, the Mayor declared the ordinance finally -";. e' e' .-'" . . that said warrants were, duly and 161gally authorized and issu'l!K1 by the City of La Porte in payment of indebtedness duly and legally incurred by said aity, in all respects as provided by law: AND I T FURTHER APPEARS AFFIRMATIVELY that this C it)' Council has caused notice ollt intention to issue refunding bor:.dn tor the purpose of refunding said warrants, to be published cn the same week day tor at least three consecutive weeks, the first publication being at. least thirty days before the date set tor passing the refunding ordinance and issuing such refunding bonds, whioh notice was published in THE DAILY SUN. a newspaper of general circulation published in said city, copy of which is Ia.S followst to wit: NOTICE OF INTENTION TO ISSUE REFUNDING BONDS. ~OOO. 00 THE STATE OF TEXAS I COUNTY OF HARRIS I CITY OF LA PORTE I TO THE PROPERTY TAXPAYING VOTERS OF THE CITY OF LA PORTE, TEXAS, AND ALL OTHER INTERESTED PERSONS: NOTICE is hereby given that it is the intention at the City Council of the City of La Porte, Texas, on the 31st day of January, 1944, to pass all necessary ordinances and orders to provide for the issuance of City of La Porte Sewer AND IT FURTHER APPEARS AFFIRMATIVELY TO THE CITY COUNCIL and levied a tax in payment therefor for the purpose of evidenc- ing the indebtedness of s.aid cit'y for the construction of sewe'r improvements in said city; ~ issued warrants briefly descr'ibed a.s follow.: 112,000.00 Oity of La Porte Sewer, Warrant.s:, dated May 10, 1943....bear- i,ng interest at the rate of 4~ per annum; IT APPEARS that heretofore the City of La Porte, ~rexas 'q. e - r -- AND IT FURTHER APPEARS and this City Oouncil atfirua- tively so finds, that no pet.ition has been filed with or presented to the Oi ty Secretary or the Mayor or the Oi ty Oouncil by ten. per cent or any other numbe.r of the qualified voters of said city' whose names appear on the last approved t,ax rolls as property taxpayers requesting a refe,rendum or protesting the issuance o:f such refunding bonds or otherwise object1,ng thereto. AND IT FURTHER APPEARS that it is \0 the best interest of the o.i ty of La Porte and to its citizens and taxpayers ~ha.t the hereinbefore described 4.t€ warr'ahts should be refunded by t,he is,suance of an equal amount of 4$ refunding bonds, as hereine.fter more fully set out. AND IT FURTHER APPEARS and the 01 ty Oouncil affirmat1.vely so finds and adjudges', that, the finanoial oo~dition of the City of La Porte will not permi t such refunding bonds to be made to mature in such annual installments as will make the burden of taxation to pay same approximately uniform throughout the term of' such bonds, unless the maturities as herein listed make the burden of taxation to pay same approximately uniform. THEREFORE. BE IT ORDAINED BY THE CITY COUNOIL OF TEE OITY OF LA pORTE. TEXAS: FRED R. RUFF Mayor Refunding Bonds in the maximum amount ot 112.000.00, bearing in terest at the rat.. of 4$ per annum, wi tb., maximum maturi ty cla'~e not la'ler than 1959. and to issue such r.tund1mg bonds tor' the purpose of refunding an equal amount of 01 ty of La Porte Sewell' Warrants, bearing interest at the rate of' 4t( per annum. .'.... e ,', e NUMBERS : DATE OF MATURITY: !MOUNT: 1. . . . . . . . April 10, 1944 . . . .. . . . $1,000.00 2 . . . . . . . . April 10, 1945 . . . . . . . 1,000.00 3 . . . . . . . . April 10. 1946 . . . .' . . . 1,000.00 4, . . . . . . . . April 10. 194,7' . . . . . .. . 1,000.00 5 . . . .. . . . . April 10, 1948 . . . . . . . 1,000.00 6 . . . .' . . . . April lO, 1949 . . . . . . . 1,000.00 7 . . . . . . . . April 10, 1950 . .. . . . . . 1,000.00 8 . . . . . . . . April 10, 1951 . . . . . . . 1,000.00 9 . . . . . .. . . April 10, 1952. . . . . . . . 1,000.00 10 . . . . . . . . April 10, 1953 . . . . . . . 1..000.00 11 . . . . . . . . April 10, 1954 . . . . . . . 1,000.00 12.. . . . . . . . April 10, 1955 . . . . . . .--hOOO.CO Total i12,OCO.00 . II. Such refunding bonds shall be numbered consecutively from 1 to 12 inclusive, shall be in denomination of ~l,OOO.OO eac'h, aggregating $.12,000.00; They shall be dated February 1, 1944 and shall be made to mature as follows, to wit: That the bonds of said city, to be called CITY OF LA PORTE SEWER REFUNPING BONDS, be issued in tile amount of $12,000.00 for the purpose of refunding the hereinbefore de- scribed warrants, as provides by the Constitution and Laws of' the State of Texas, and particularly the Bond and Warrant Law of 1931. 1.. . ~.. e.. e ,_e UNlmD STATES OF AMERICA STATE OF TEXAS C'ITY OF LA PORTE, CITY OF LA PORTE SEWER REFUNDING BOND The City of La Porte, a municipal corporation, in Ha:rris Oounty, T:exas, duly incorporated under the general laws of the Stat.e 0 l' Texas, for value rec.eivedt acknowledges itself indebtl,d and hereby promises to pay to bearer, on the tenth day of April, 19 . the sum of - NO. 11.000.00 in the fOllOEing torm: IV. Suah bonds shal~ contain recitals and be substantially III. Such refunding bonds shall bear interest at. the rate of 4% per annum. payable April 10, 1944. and semi-annually there- after on Oc~ober 10 and April lO of each year. Principal and 1nteres,t, of such refunding bonds shall be payable in lawful ml:)ney of the United States of America upon presentation and surre,ndl,r of bond or proper coupon at T.he First National Bank of La Porte 1n La Porte, Texas. Such refunding bonds shall be signel! by the Mayor. countersigned by the Oity Secretary and registere'd by the Cit~' Treasure~ and the seal of said city shall be impressed upon each of them. T,he Q:oupons attached to such bonds may be executed 1::IY the facsimile signatures of the Mayor and the City Secretary '.nd shall have the same effeat as if they had been signed by them. . _.-" ten years after their date. , I, The 01 ty shall reserve th.e right t,o eall these concis / either tor redemption or for refunding at any time on and af1;er " t,.n years from their date. by paying par and acc'rued interest;. ! 'this option clause app.lies only to those that mature more thsJl . . ',,- . .i. -' . The City of La Porte reserves the right to call this~ bond either for redemption or for refunding at any time on or a~~er .~en ~ears tr'om:..it~ ~~~e~ by paying par and accrued int- erast. and in the event this bond shall be ca.l.led for payment before mat.urity, notice thereof shall be given in writing to The First Nat.ional B-ank of La Porte, at La Porte, Texas. at least thirty days before the d,ate f'ixed for its, payment, and, after such notice shall have been given, if this bond is not presented tor payment, it shall cease to bear interes,t from and atter the date so fixed for its payment. THIS BOND is one of a series of twelve bonds, numbered consecutively from 1 to l2 inclusive, in the denomination of $1,000.00 each, aggregating i12.000.00, issued for' the purpose of refunding, cancelling and in lieu of a like amount of Oity of La porte Sewer Warran ta, all of which original warrants have been duly cancelled by the proper authorities before the issua,n.ce of this bond and o~ the se'ries of which it is a part. In addition to all other rights, the holders of thesta refunding bonds are subrogated to all t,he rights held by the holders of the original warrants refunded by this issue of ref1.md'" ing bonds. mature. in lawf'ul money of the United Stat.es of America, with interest; thereon from date hereof until paid at the rate of' 4$' per ann'wn, in terest pa,yable April 10 J 1944, and semi-annually there,after on October 10 and April 10 of each ye:ar. Principal and interl,st are payable upon present,a.tion and surrender of bond or proper coupon at T.he First National Bank of La Porte in La Porte, Te~cas, and the Ci ty of ,La Porte is hereby held and firmly bound, and its faith and credit and all real and personal property in satd ai ty are bereby pledged tor the prompt payment 01' the prine ipELl of' this bond and the::' interest thereon, as they respectively ONE THOUSAND DOLLARS '''' e e ~. . City Treasurer REG I srERED: Oity Secret,ary COUNTERSIGNED: Mayor. Oi ty of La Port,e. Te;cas This issue of b.onds was expressly authorized by an ord,inanc-e passe;d by the Ci,ty' Oouncil of the City of La Porte. Texas, duly recorded in the Minu. tas ot said Council. The date of this bond in c.onf"ormity with, the ordinance above mentioned is, February I, 1944. AND IT IS HEREBY OERTIFIED AND RECITED that all acts. conditions and things required to be done precedent to and in the issuance of this, bond and, of this series of bonds have been properly done, have La ppened and been pertormed in regular anti due time. form and manner, as required by law; and that. the total indebtedness or said city, including this bond andthe entire series of which it is one does not exceed any Oonstitu'" t10nal or statutory limita~1on: and that a suff1cien~ tax to pay the principal and interest of this bond and the entire seJriB s of which it is one has been levied for' said pu.rpose and will continue to be annually levied, assessed and collected while liaid bonds or any of them are ou.t,standing. IN TESTIMONY WHEREOF, the Oity COW1cil of the Ci~y of La Porte has eaus'ed the seal of said city to be affixed heJ~e'- to, and this bond to be signed by the Mayor, cOW1tersigned by t.he City Secretary, and registered by the City Treasurer, and the interest ooupons heret,o a'tt.ached to be executed by the fac;:- simile signatures of" the Mayor and the City Secret.ary, as of ~~he date last above writ.ten. "- e . e .- Comptromler of Public Accounts - of' the State of Texas SEAL , 1944. day of this I HEREBY CERTIFY that there is on file and of record in my office a certifbate of the Attorney General of" the Statie or Texas, to the effect that this bond has been examined by him as required by law, and that. he finds that it has been issued in conf'or'mi ty with the Constitution and Laws or the St-a~e or Texas. ~d that it. is a. valid and binding obligation of' the Oi, ty of La Po rte. Texas. and said bond has this day beeln registered by me. WITNESS MY HAND AND SEAL OF OFFICE at Austin, T"exas, THE STATE OF TEXAS I CO~~ROLLERts OFFICE I Substantially the following certificate shall be prjLn<;ed on the back of' eac'h of said bonds: Mayor City Olerk . months interest, due that date on Oity of La Porte Sewer Refunding Bond. dated February l. 1944. No. in ~awtul money of the United States of' America, being DOLLARS ~e Oity of La Porte, Texas ,will pay to bearer at The First National Bank of La Porte in La Port.e, Texas, the sum of' t 19_, ON THE TENTH DAY OF i No. The form of co~pon shall be substantially as follows: v. .,.. e e .... . . . IT IS FURTHER ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS: ~hat to pay the interest on said bonds and create a sinking fund with which to pay the principal as it matures, a tax at a rate sufficient for said purpose is hereby levied against all taxable property in said city for the year 1944 and for eac'h succeeding year' while said bonds or any of them are outstanding; And to pay the interest on said bonds and to create a sinking fund with which to p~ the principal at maturity, s~ch tax of and at the rate of twelve cents on eaoh one hundred dollars IX. IT IS FURTHER ORDAINED that, in addition to all oth43r rights, the holders of the refunding bonds hereby authorized are subrogated to all the r.ights held by the holders of the original warrants refunded by th,is issue of bonds. VIII. IT IS FURTHER ORDAINE:D that the Mayor of the City o:r La Porte s,hall be and he is hereby authorized to take and havEI charge of all necessary records pending investigation and ap- proval by the Attorney General and ahall have control of said bonds during said time. After the reoord shall h~e been ap- proved, the Mayor is author'ized to leave the bonds in the off'i.ce of the Comptroller', pending. their exohange for the original warrants, and pending their registration, whioh may be at one time or in installments. VII. The Comptroller shall not regis~er said, bonds except as and when there shall be surrendered to him said City of La Porte Warrants. aggregating the respective amounts of the bonds then to be registered. VI. . . .'- ... e .. e . done by law in the issuance of said original warrants refundecl hereby have happened and been performed in due time. form and manner. as required by law; that the City of La Porte receivecl full and lawful value for all of said warrants refunded hereb~r: IT IS FURTHER ORDAINED that all things required to be x. due during the year 1944. IT IS. FURTHER ORDAINED that the City Council reserVEIS the right to pay all or a portion ot.. such bonds. interest and/or princ'ipal. out of funds to be derived from other lawful sourcelS J and if and when such payment shall be made or adequately pro- vided for in whole or in part. then and in that event the here,- inbet'ore ,mentioned tax shall thereby be superseded and to thai; extent such tax need not be levied. assessed and collected tOl' the year and/or years and to the extent f'or which. such provisi.on is made for payment out of funds from other lawful sources. valuation of taxable property in said city is hereby levied for the year 1944. and the same. or so much thereot as may be necessary. and as much more as may be necessary. is hereby levied for each succeeding year while said bonds or any of them are outstanding; And there shall be calculated each year while any of" said bonds are outstanding and unpaid what rate of tax is nece~s'. sary to provide current interest and the required amount of principal for such year. and. a tax at such rate on each one hundred dollars valuation of t,axable property in said city within the limits permitted by the Constitution and Laws of Texas, shall be levied, asse,ssed and collected during each of such years. and such tax: of and at the rate so found to be nec~es- sary for each of such y,ars is her'eby levied. and is ordered tiO be levied, a,ssessed and collected for such purpose. Also so much of 1943 tax money as may be necessary for that purpose is hereby appropriated and allocated to the /~it. fr/n(!//Ji1 o~ payment of so much of the interest on these bonds as becomes .,... - ..~ . . - XI. The Comptroller is authorized to accept from J.R. Phillips Investment Company, or its order. the original warrants that aLee being refunded and is authorized in lieu thereof to deliver tel said J. R. Phillips Investment Company, or its order, the reftmd- ing bonds. herein authorized when registered. PASSED FINALLY AND APPROVED this :3/~ day of ..._Q~~~. --~. . "'\ . ..- 1944. _'~-- ~ ~. \ g::;-:---t~~/ ~ (lit)' ot La Porte, 'I\poi:a~ that all acts heretofore performed by the City Council and by the several aity officials in reference thereto are hereby expressly ratified, and said original warrants are hereby rati.- fied;, that all acts required by law and all things required b~' law to have happened in reference to this issue of refunding bondEI have happened and been properly performed in due time t form and manner, as required by law. . . ~ - .. ,'" . - ..