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HomeMy WebLinkAboutO-1946-327 e It .,;-Jtl1 CITY OF IA PORTE WATER SYSTEM REFUNDTIiG BONDS - $22.000.00 '.lIRE STATE OF TEXAS c: OUN'lY OF HARRI S . . CI'lY OF IA PORTE On this ~t~day of 110'o.t'o,blt.r, 1946, the City Council of the City of La Porte, in. Harris County, Texas, convened in s':p~oiI.ai session at the Oity Hall in said City with all mmbers thereof present, viz: FRED R. RUFF, 1'. M. 1 OlRJgQl! J. L. DUNHAM GEORGE F. NORRIS T. F. SMITH J. J. ROARK MRS. HARO LD H. SHARP, Al.derm8lJ.-a.~ Dinee enti tJ. ed: Mayor Jo N. JOhnson, Absent City Secretary Introduced an ordi- " AN OBDDTANCE OF THE CI'lY COUNCIL OF THE CITY OF LA PORTE. TEXAS. AumORIZIID THE ISSJANCE or $22,000.00 CITY OF LA PORTE WATER SYeI'EM REFUNDIID BONDS, BEARING INTEREST AT TEE RATE OF 3% and ~ PER ANNUM, FOR THE PURP OSE OF REFUNDING .22,000.00 OF CI'lY OF LA PORTE WA~R SYSTEM- WARRANTS; PROVIDI ID THAT mE HOIDERS 0 F THE REFUNDING BONDS SHALL BE SUBROGATED TO AU, 'mE RIGHTS HEID BY TEE HomERS OF TEE ORIDINAL WARRANTS REFUNDED '1lHB:IEBY; PROVImNG FOR THE IEVY, ASSESSMEJ:.1r AND l,;OLLECTIO~ OF TAXES ON ALL TAXABIE P R) PER TY WITEIN mE LIMITS 0 F THE CITY OF LA PORTE. TO PAY THE INTEREST TEEREON .AND CREATE A SINIUIU FUND VrrrH WHICH TO PAY THE PRINJI PAL AT MATURITY; RESERVIID TEE Rm~ TO PAY ALL OR A PORTION OF THE INTEREST AND PRINCIPAL OF SUCH REFUNDING BONDS FROM FUNDS DERIVED FROi'1 O'llBlER LlWFUL SOURCES; DECLARoo. THE VALIDITY or 'rHE WARRANTS THAT .ARE BEING REFUNDED; AND DEC IARING AN EMERGENCY." The Ordinance was read in full oy the City Seoretary aIld it was moved by Alderman t::fJ~ _ and secon.ded by ~, ' , . Alderman ~ that the ordinance be passed OIl its fir st reading, wbi ch motio n was unanimous 1y carried, Aldermen J:elmBBll, Dunham, Norris, Smith and Roark votizg AYE; and no one voting NO. '\ ~. .J....- on its fir st reading, whi c:i1 motio n was unanimous ly carried, Aldermen J:6ftfta8B, Dunham, Norris, Smith and Roark votiIg AYE; and no one 'VOting NO. tha t the ordinance be pass ed Alderman ~ " .AN ORDINANCE OF TEE CI'lY COUNCIL OF THE CITY OF LA PORTE, TEXAS, AU'lHORIZING THE IS&1,AUCE OF $22,000.00 CITY OF LA PORTE WATER SYSTEM REFOND!N} BONDS, BE..OONG INTEREST AT THE RATE OF 3% and ~ PER ANN1JM, FOR TEE PURPOSE OF REFUNDING $22,000.00 OF CI'lY OF LA. PORTE WATER SYSTEM "TA..i:ffiANTS; PROVIDIID TH.'E 'mE HOIDmS OF THE REFU:NDoo. BONDS SHAtL BE SUBROGATED TO AIl. 'mE RIGHTS BEID BY THE HOIDERS OF TEE ORIDINAL '.r~T,,'\&.'ZANTS REFUNDED THEEEBY; PROVItn:NG FOR THE IEVY, ASSEd3m~~ .liND (; 0 LLECTION OF TAXES ON ALL TAXABIE pro P:ER TY ~'.'ITEIN 'lEE LIMITS 0 F THE CITY OF LA PORTE. TO PAY TEE INTEREST TEEREON .lliD CREATB: A SI1J:al\G FUND ~:I:rrH :.',.TEICH TO PAY THE PRINJIPAL AT 1".A'IURITY; RESERVIm TEE RIGHI' TO PAY AU OR A PORTION OF THE INTEREST AND PRINCIPAL OF SUCH :dEFll~DING BONDS FROd[ FUl\TDS DERIVED F:dU.,! O'DlllER aWFUL SOURCES; DECLAROO THE V .4~LIDITY oif THE V:.ARRANTS THAT .ARE BEING REFUlIDED; AND DECIARING AN EMERGENCY." The Ordinance was read in full oy the City Secretary and it was moved by Alderman t:fJ~ and seconded by J. J. ROARK MRS. HARO IJ) H. SHARP J Alderman r:e~ nance enti tJ. ed: Oity Secretary introduced an ordi- J. N. JOhnson" Absent d. .. . <l VJ[U'ICi \II II J. L. DUNHAM GEORGE F. NORRIS T. F. 3Ii1ITH Mayor On this (~/.~day of ~:()ctobEn", 1~46, the City Council ot the City of La Porte, in. Harris Countr, Texas, convened in S':p,~oiLai session at the City Hall in said City with all mmbers thereof present, viz: FRED R. RUFF, THE STATE OF TEXAS COUNTY OF HARRIS : CIT! OF LA PORTE CITY OF IA PORTE WATER SYSTEM REFUNDD'iG BONDS - ~O()O_OO 7i-J.~1 - 1t "- e, : ........-. /; - \- , , , .' a\ .' ,/ ~ ~\) ..J .'.....~ \ ",.'/./ "AN ORDINANCE OF Tm CITY OOUNCIL OF THE CITY OF LA. FORTE, TEXAS, AUTHORIZING TEE ISSUANCE OF $22,000.00 CIT{ OF IA PORTE VrATER SYST]M HiFUNDING BONDS. BEARING D1TEREST AT TEE RATE OF 3% and 3*% PER . ANI\1UM, FOR THE PURPOSE OF REFUNDING $22,000.00 CITY OF IA PORTE WATER SlSTEM 1/!ARR.WTS; PRESCRIBIID TEE FORM OF SUCH REFOND~ ING BONDS SHALL BE SUBROGATED TO ALL TEE RIGHTS HELD BY TEE HOLDERS OF THE ORIGINAL WARRANTS HEFUlIDED TBEi~BY; PROVID ING FOR THE IEVY, ~SESS- BiT MID COLIECTION OF TAXES ON AIL TAXABtE PROPERTY 'WITHIN THE LIMITS OF'THE CITY OF IA PORTE TO PAY THE INTEREST THEREON AND CREATE A SINKING FUND V-lITH WHICH TO Fi;I THE PRrNCIPAL AT ~TURITY; :aESERVIW rrHE RI GHl' TO PAY ALL OR A PORTIOIJ OF TEE Ilfl'EREST AND PRII\1QIPAL OF SUCH REFUNDING BONDS FRo:.: FUNDS DERIVED FROM OlliER IAvlFUL OOURCES; DECIARIID TH3 VALIDITY OF THE WAl-tHANTS TH..6.T ARE BEINl RE1!UNDED; AND DECLARING .AN EMERGJi:NCY. " IT APlEARS that heretofore the City ot La Porte has issued ani has outstanding warrants of said oity briefly desoribed as follows: The Ordinanoe 1 s as follows: passed. ...;" that the ordiname be passed on its third and final reading, vilioh motion was unanimously oarried, Aldermen J"aIHlS9tl, Dunham., Norris. Smi th and Roam vo ti rg AYE; and no one voting NO. THEREUPON, the Mayor de cJared the ord~noe f1nally and seoonded uy AlderDBIl ~ ~ Alderman e 1'" - '/ that the ordina:a:=e be passed on its seconi reading, which motion was unanimous 1y earn e d, Aldermen l"eB.:aSI:H\, Dunham, Norri s, Smith and ROal"k ..... votirg AYE; and no one vo ting NO. The ord mam e W E!s read a thi rd time, and it was moved 'by AYE; and no one voti Ig NO. The ordina nce was read a second time and it was moved by t:P~ and seconded uy AlderDBn,~ _ Alderman be passed at more than one meeti~ be suspended and that the ordinance be plaoed on its second and final readings J which motion was unanimous- ly oalTie4. Alderman ;.o1:I1:u;OI1, Dunham, Norris, Smith ...nd Roark voting tha t the rule requiring ordinances tl::> ~ by Alderman and se conded It was moved by Alderman ~ . e - - ~ e ...A ~ interest, as hereinafter more fully set out; AND IT FtR TBER APPEARS AF:B'ImM TIVE J1[ tha t this City Council has caus ed notice at intentim to is sue refundizg bonds for the purpose of retundizg sajd warrants, to be pUblished on the same week day far at least tbree consecutive weeks, the first pub- lication being at ]a ast thirty days bet' ore the date set for pass- ing the refundi-:g ordinance and iSal ing such refunding bonds, which notice wae puolished in, ~ ~C:Yl:f''''''-'- a newspa,per of general circulation published in said ci ty, oopy of whic h not ic e is as follows, to wit: COUNCIL that said warrants were duly and legally authorized and issued by the City of La Porte in payment of indebtedne ss duly and legally incurred by said city in all respects as prOV'ided by law, and. tlla. t said warrants may be refunded by the is Sl8J1 ce of an equal amount of refunding bonds bearing a lower rate of .AND IT FURTHER AF:EEARS AFFIRMATIVELY TO THE CITY T\\DTY -TWO CITY OF IA PORTE WATER SYSTEM WARRANTS, dated October 10, 1945, bearing interest at the rate of 4% per anmna, numbered 1 to 22 incJ.us ive, in denanina- tion of $1,000.00 each, aggregating $22,000.00, bei:rg a tlOrt ion of an entire authorized issue of 125,000.00 such warrants. . . e e ../ ~ ....., .e ~ ~ FRED R. RURF, Mayor To the Property Taxpaying Voters of tb9 City ot Ia Porte, Texas, and all other Interested Persons: NOTICE is here by given that it is the inte ntion of the City Council of the Oity of La Porte, Texas, on tl:s 14th day of October, 1946, to pass all necessary ard~:ances and orders to provide for the issuance 0 f City of La. Porte Water System Ref'undirg Bonds in the maximum amount of $22,000.00, bearing interest at the rate of not exceeding 3i% per annum, wi. th IIB.ximum. mattU" ity date 1969, and to issue such retundiI8 bonds for the purpose of refunding an equal mount of City of La Porte Water System 4% warrants. v THE STATE OF TEXAS I COUNTY OF HARRIS I CITY OF IA PORTE I NO'ff CE OF INTENT.I: ON TO ISSUE WATER SYS'ImvI REFONDmG BONDS, j22.000.00 -....-.. - e e Such refunding bonds shall be nwn.bered 80nsecutively from I to 22 incJu sive, shall be in denomination of oil,OOO.OO each, aggregatiIl; ;;22,000.00. They shall be dated October 10, 1946 am smll be made to mature as follows, to wit: . II. l1aITan t Law of 1931. That the bonds of said city, to b3 called "CITY OF IA PORTE '~ii...TER SY3TEM REFUNDIl'U BONDS," be issued in the amount of $22,000.00 far the purpose of refUnding the herein- before descriued warrants, as provided by the Constitution and Laws of the State 0 f Texas, and particularly the Bond am I. .AND IT FURTHER APmABS and this City Council affir- matively so finds, that no pet it ion has been filed with or presented to the City Secretary or the May'or or the City' Council by ten per cent or any other number of the qualified voters ot said city whose names appear on the last approved tax rolls as property taxpayers reque sting a referendum or protesting the issuance of such refunding bonds or otherwise objeoti:cg thereto. .AND IT FURTIfi:R AP.t'EARS that it is to the best interest of the City of La Porte end to its citizens and. taxpayers that the hereinbefore described 4% wat't-ants Should be refunded oy the issuance 0 f an equal annunt of refunding bonds bearilg a lower rate of interest, as her einafter more ful.1:y set out. AND IT FURTHER AB?EARS and the City Council affirma- tively so finds and adjudges, that the financial coni ition of the City of La Porte willnotpe,rmtt such refunding bonds to be made to mature in such amual installments as will make the burden of taxation to pay SaJ1B applO ximately uniform throughout tbe term of such bonds, unl"ss the maturities as herein listed make the burden of taxaticn to pay same approximately uniform. ~~FORE, BE IT ORDAINED BY 'I'm: CI1r OOID'lCIL OF TEE CITY OF IA POR'm, TEXAS: v - ..a .... e e in lawful money of the United States of America, with interest thereon from the date hereof until paid at the rate of' % per amum., interes1; payable A-oril 10. 19Ji1 and semi-annually thereafter on October loth and April lOth eaoh :ye are Princ ipal and interest are payable upon presen tatiQ'l and surrender of bond or proper ooupon at the First Naticnal Bank of La Porte in La Porte, Texas, and the City of La Porte is hereby held and firmly bound, and its faith and oredit ani all real and personal property in said oity are hereby pledged for the prompt payment of the principal of t his bond and the interest thereon, as they respeotive ly me. ture. The City of La Porte reserves the right to oall this bond either' for redemption or for refunding ten years from its date and on any interest paying date thereafter, by paying par and accrued interestj: and in. tlE e veIJt th is bond shall be c'alJe d for payment befoIe maturity, notice thereof shall be given in wri ting to the First National Bank of La Porte, at La Porte, Texas at least thirty days befom the date fixed for its payment; and after suoh notice shall have been, given if this bond is not presentee for payment il:t shall cease to bear interest from and after the date .so fixed tor its payment. TRIa BOND is one of a series of twenty-two bonds, numbered consecutively from 1 to 22 inclus ive, in the denomination ot f', /' ". . of Texas, for val ue received, acknowledges itself indebted and hereby promises to pay to be arer, on the day of 19 ,the - - , sum of '-''-_./ OliJE THOUSAND DOLLARS The City of La Porte, a municipal corporation, in Harris Oounty, Texas, duly inoorpcrated under the general laws of the St~te UNITED STATES OF AMERICA STATE OF TEXAS COUlilTY OF HARRIS CITY OF LA. PORTE ~':ATER SY::3~ REFUNDJNG BOND $1,000.00 e: I ',--_/ NO. .e e Numbers 1 to 10 of such refunding bonds shall bear interest at the rate of 3% per annwn and numbers 11 to 22 thereof' at the rate of 3*% per annum, payable April 10. 1947 and semi-annually thereafter on October lOth and April loth each year. l?'rincipal and interest of such refunding bonds shall be payable in lawful ncney of the Unit ed States of Anerica upon presen- tation and sur render of bond or proper coupon at the First National Bank of La. Port e, in La. Porte, Texas. Such rellunding bonds shall be signed by the Mayor, coun- tersigned by the City i:iecreta:ty am registered by the City Tre~surer and the seal of said oity shall be impressed upon each of them. ~e coupons attached to sm h bonds B1B.y be executed by the. facsimile sig- natures of tm IvIayor and the City Secretaty and shall have the same effect as if t lEy had been signed by t:bem. IV. Such bonds shall contfl,in recitals and be SUbstantially in the following farm: III. The city shall reserve the right to call these bonds eitmr for redemption or for refundi~ ten years from their date, and on any interest PEW'ing date thereafter. -- - " ., -; BOND NO. ~ATURITY DATE AMOUNT ',,'- -' 1 April 10, 1947 $1,000 2 April 10, 1948 1,000 3 April 10, 1949 1,000 4 A-pr il 10, 1950 1,000 5 April 10, 1951 1,000 6 April 10, 1952 1,000 7 April 10, 1953 1,000 8 April 10, 1954 1,000 9 April 10, 1955 1,000 10 ./ipril 10, 1956 1,000 11 April 10, 1957 1,000 12 April 10, 1958 1,000 13 April 10, 1959 1,000 14 Apri~ 10, 1960 1,000 15 April 10, 1961 1,000 16 April 10, 1962 1,000 17 April 10, 1963 1,000 18 April 10, 1964 1,000 ~\ 19 April 10, 1965 1,000 20 April 10, 1966 1,000 '---- / 21 . April 10, 1967 1,000 22 April 10, 1968 1,000 e~. e.... /:.' /,'/ -1/ L'/';t." / /,/. " .1/'//~ .~~"'.../.. ...... .<f-/\~~"-~l__ t;:"'-~:'Or tY "Tr~asurelf'= .- l.. .J'~"I . ~. ,,;, REGISTERED: e Secretary, as: of October 10, l~:. ..;-,------;~ ". '. ~/J.?1)" ..A'< ~ .,- yor ./ v~ COUl.'JTERSIGNED : the Oity IN TESTI1I>NY T:.HEREOF, the City Council of the City of Ia Porte has caused the seal of said city to be affixed hereto, and this bond to be signed by the Mayor, countersigned by the City Secreta.lj', and registered DY the City Treasurer, aDd the interest coupons hereto attached to be executed by the facsimile signatures or the Meyor and / P.ND IT IS HEREBY CEHTIl'IED AND RECITED that all acts, condi t10ns and things required to be done pr eceden t to and 1n the issuance of this bond am at this series of bonds have been properly dOJ:e, haw happened and been performed in regular ani Cbe time, form and manner, as required by law; and that the total indebtedness of said city, including this bond and the entire series of which it is one, does not exceed any Const i tutiona1 or statutory 1imi. tat ion; and that a sufficient t~x to pay the principal and interest of this bond and the entire series of vnich it is one has been levied for said purpose and will continue to be levied, assessed and collected vm.ile said bonds or any of them are outs tand ing . / /.0-. . . recorded in the Minutes of said Commission. __/ The date of this bond, in contbrm1ty with the ordinance above mentioned, is October 10, 1946. ~l,OOO.OO each, aggregating $22,000.00, issued for the purpose of refunding, cancelling ani in lieu ot a like amount of City of Ia Porte Water System Warrants, all or which original warrants have been duly cancelled by the proper authorities betore the issuance of this bond aDl of the series of which it is a part. In addition to all other rights, the holdenr of these re- funding bonds are subrogated to all the rights held by the holders Of the original warrants refunded by this issue of refunding bonds. This issue of bonds was expressly authorized by an ordi- nance passed by the City Council of the City of La Porte, Texas, duly . . e The Compt rolle r shall not register said bonds except as and Vlhen there shall ~ surrendered to him said Ci1u of La Porte .. V!arrants, aggregat ing the respect1 ve amounts of the bonds then to be registered. VII. Comptroller of Public Accounts of the State of Texas ( SEAL) this binding obligation of the City of LaPorte, Texas, and said bond bas this day been registered by me. WITNE3S MY HAlID AND SEAL OF OFFICE at Austin, Texas, TEE STATE OF TEXAS : COMPTROLIER'S OFFICE : I HEREBY CER'nFY that there, is on file and of record in my office a certificate or the Attorney General of the State of Texas, to the effect that thi s bond has ~ en examiu.ed by him as required by law, and that he finds it has 00 en issued in confcrmity with the Con- .... stitution and Ia\"IS of the citate of Texas, and that it is a valid and -., Substantially the followir~ certificate shall be printed on the back of each of said bonds: v VI. Mayor City Secretary e. . dated October 10, 1946, No. In lawful IlDney of the Uni ted States of America, being months interest due that date on City of La Porte Water System Refunding Bond, DOIU.RS Bank of Ia Porte, in La Porte, Texas, the sum of - v. The form of coupon shall be substantially as follows: NO. t. ON TEE DAY OF 19 - The City or Ia Porte, Texas, will pay to bearer at the First National . . valuation of taxable prqperty in said city is hereby levied for the year 1946 t and t he Kame, or so much there of as may oe ne cessary, and as much more as may be necessary, is hereby levied fat" each succeed- ing year vthile said balds or any or t 119m are outstanding; And there shall be calculated each year while any of saici bonds are out stand ing and unp:t.id what rate of tax is necessary to prc)- vide current int erest and the required anount of principal for Sl ch year, and a tax at such rate on each one hundred dollars valuation oi' e taxable property in said city within the limits P9rmitted oy the Con-, wti tu tion and IaV1S of Texas, shall be levied, assessed and collected during each of such years, and such tax of and at the rate so found to be necessary far each of such years is hereby levied, and is ordered to be levied, assessed and collected for such purpose; IT IS FURTHER ORDAINED BY THE CITY CODNCIL OF TEE CrTY OF LA PORTE, TEXA.S: That to pay the interest on said bonds and create a sinking fUnd with wlIi.ch to pay the principal as it II8 tures, a tax at a rate sufficient for said purpose is hereby levied against all taxable property in said city for the year 1~6 and for each succeed.- ing year while said bonds or any of them are au tstanding; And to pay the interest on said bonds am to create a siriking fund with which to pay the principal at maturity, smh tax of and at the rate of thirteen oents on each one hundred dollars e x. ~ IT IS FURTHER CRDAlNED that the Mayor of the City of Ia Porte shall be and be is hereby authorized to take and: have chnrge of all neoessary records pending investigation and approval uy the Attorney General and shall have control of said bonds d\D:'ing said time. After the record shall have been approved, the l.JIayor is aut.b.c;r- ~ ized to leave the bonds in tbe office or the Comptroller, pending their eXchange for the origi 18.1 warrants J and ];ending their regist:ra- tion, which may l:e at one time or in. installments. IX. IT IS FURTHER ORDAINED that, in addit ion to all other rights, the holders ot the refunding bonds hereby authorized are subrogated to all the rights held, by the holders or the original warrants refunded by this issue of bonds. VIII. .... .. e . . e ~--'-~ / -- __ I' . /"' , ,I ',F'>. ~..~~ C:: : ~ ~ _. . . Msy~.<- ---/ 1946. J PASSED FINALIX .AND APIROVED this ;-}:l",.fi<~' day of Ootober, The Comptroller is authorized to aooept fra:J. J. R. Phillips Investment Co...apany or its order, the original warrants tl:at are being refunded and is authorized in lieu thereof to deliver to said J. R. Phillips Investment Company, or its order, the refunding bonds herein authorized when registered. XIII. XII. IT lS FORTHER ORDAINED that all things required to be done . by law in the i ssuanoe of s aid original warrants refunded hereby have happened and been perform$d in due time, fbnn and manner, as required by law; that the City of La Porte received full and lawful value for all of said warrants refunded hereby; that all aots heretofore per- formed by the City Counoil and by the several City Offioials in refer- enoe thereto are hereby expreSSly ratified, and said 0 r.l.gi. nal warrants are hereby ratified; tba t all a cts required by law and all things re- quired by law to have happened in reference to this issue of refundiIlg bonds have happened and been properly peflformed in due time, tom and manner, as required by Jaw. IT IS :EURTHER ORDAINED that the City Council reserves th e rig h t to IRY all or a po rt 10n of such bonds, in tere st and! or principal, out of tunds to be derived from other lawful souroes, and if and. wl::en such payIIB Itt shall be made or adequately provided for in Vl1hole or in part, then and in that event the hereinbefore mentioned tax s'hall thereby be superseded and. to that extent such tax need not be levied, assessed and colleoted for tm year and/or yeaX's and to the extent 'for which such P 10 vi ai on is me. de fo r pa;rm.ent out 0 f funds from other lawful S01.U"cea. XI. e .. . . e e V e ( SEAL) ~~y/~ .. . lJ ty Secretary day of October, 1946. GIVEN UNDER MY HAND AND SEAL OF OFFICE this " ,;. ,"'-"',,~- , # Minutes of s aid Council. L at pages ,fLo):,}- ~n? et seq. t of the appears in Book I, tb9 undersigned City Secretary of the City 0 f La Porte, Texas, hereby oertify that the f a- ego ing is a true and correct copY' of an ordinance which was passed finally by the City' Council of the City of La. Porte, Texas, on tlE ,;;;~ .,...t day of October, 1946, togetiler with a oOPY of so much of the Minutes as show the convening of tJ:e Counoil, names at mem- bers present and passage of suoh ordinance, as the same . . OOUNTY OF HARRIS CITY OF IA PORTE . . . . TEE STATE OF TEXAS .. . e ... ~ . . .. . ~ tit ......- -- - -. "--- . . ,/ e