Loading...
HomeMy WebLinkAboutO-1949-376 " e . .~\ e ORDINANCE HO. 376 BOND ORDINANCE THE STATE OF' TEXAS D . . COUNTY OF HARRIS D The City Commission of the City of La Porte, Texas, met in Speoia1 session at the City Hall within said city on the 24th day of May, 1949, with the following members present, fu.-wlt: H. J. Pfeiffer James S. Crate, Jr. 't'Im. P. Jones J. E. Muldoon Mayor Commissioner Commissioner Ci ty Clerk -i" when the following business was transacted: The Mayor introduced an ordinance which was read in full. Commissioner Janes moved that it be adopted as read. The motion was seconded by Commissioner Cra.te and carried by the following vote: AYES: Mayor Pfeiffer, Commission- ers Crate and Jones. NOES: None. The ordinance thus adopted follo\'Js: AN ORDINANCE AUTHORIZING THE ISSUANCE OF $75,000 STREET IMPROVEMENT BONDS; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; AND LEVYING TAXES TO PAY THE PRINCIPAL AND IN- TEREST THEREON. - WHEREAS, at an election held in the City of La Porte, Texas, on the 16th day of April, 1949, a majority of the duly qualified ." resident electors who own taxable property within said city and who had duly rendered the same for taxation voting at said elec- tion voted in favor of the issuance of the bo~ds of said city in the amount of $75,000--ror the acquisition of a capital project, to-wi t:' -'constructi~g and improving the roads, bridges and streets, of said city; and WHEREAS, said election was properly called' and notice thereof given as required by law and the City Commission has heretofore canvassed the results thereof and determined the specific author- .r-- ity of the city to issue said bonds; Therefore .- ~, e., ,.--....., - -----., '.,- ..r--. e ~. e . BE IT ORDAINED by the City Commission of the City of La Porte, Texas: Section 1: That the bonds of the City of La Porte, Texas, ,be is- sued in the principal amount of $75,000, to be known and designate as "CITY OF LA PORTE STREET IMPROVEMENT BONDSIt, for the acquisition of a capital project, to-wit: constructing and improving the roads, bridges and streets of said city, under and by virtue of the Consti~ution and laws of the state of Texas, particularly Chap- ters 1 and 7 of Title 22, Revised Civil statutes of Texas, 1925, as amended, and the City Charter of said city, particularly Article VI thereof. Section 2: Said bonds shall be dated May 10, 1949, shall be numbered from 1 to 75, both inclusive, shall be in the denomination of $1,000 each, aggregating $75,000, and shall become due and pay- able on the lOth day of May in each of the years and in the respec- tive amounts shown in the following schedule, to-wit: Bond Nos. Maturity Amount 1 - 2 3 - 6 7 - 10 11 - 14 15 - 24 25 - 34 35 44 45 54 55 - 64 65 - 75 1960 1961 1962 1963 1964 1965 1966, 1967 1968 1969 $ May 10, II " " " II " " " '.. " " " " " n " " II 2,000.00 4,000.00 4,000.00 4,000.09 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 11,000.00 The City of La Porte, Texas, reserves the right to redeem said bonds then outstanding on May 10, 1964, or on any interest ~ayment date thereafter, by paying the principal amount and unpaid accrued interest thereon to the date fixed for redemption. In the event all or any part of the bonds then outstanding shall be called for redemption before maturity, notice thereof in writing shall be mailed, properly stamped and addressed, to The First National Bank, La Porte, Texas, and shall be published in a finan- cial journal published in New York, New York and of general cir- culation in the united States of America at least one time and . e '---.. 'e said notiGe shall be mailed and published at least thirty (30) days before the date fixed for redemption. When said bonds, or any part thereof, have been called for redemption and due provision has been made to redeem the same as herein provided, the right of the owners and holders to collect interest which wo~ld otherwise accrue after the redemption date, shall be terminated as of the date fixed for redemption. Section 3: Said bonds shall bear interest at the rate of 3-1/2% per annum, interest payable on the lOth day of May, ,1950'and semi- . annually thereafter on the 10th day of November and the 10th day --. "\ e of May in each year until the principal is paid. Both principal and interest on said bonds shall be payable in lawful money of the United states of America at The First National Bank, La Porte, Texas, and interest falling due on and prior to maturity shall be payable only upon presentation and surrender of the interest cou- pons attached to said bonds as they severally become due. Section 4: That each of said bonds shall be signed by the Mayor and counters~gned by the City Clerk and the corporate seal of the city shall be impressed upon each of them. The facsimile signa- ---... tures of the Mayor and City Clerk may be lithographed, engraved or printed on the coupons attached to said bonds and shall have the same effect as if said bonds had been signed by said officers. ,- Section 5: That the form of said bonds shall be supstantially as follows: No. $1,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF HARRIS CITY OF LA PORTE STREET IMPROVEMENT BONII ....--.......... e e . ~_. -.. e The City of La Porte, in the County of Harris, state of Texas, for value received, acknowledges itself indebted to and promises to pay to bearer on the 10th day of May, 19___, the sum of ONE THOUSAND DOLLARS ($1,000.00), in lawful money of the United States of America, with interest thereon from date at the rate of 3-1/2% per annum, pay- able May 10, 1950 and semi-annually thereafter on November lOth and Hay 10th in each year until the principal sum shall be paid; both principal and interest are payable at The First National Bank, La Porte, Tex~s, and interest falling due on or prior to maturity is payable only upon presentation and surrender of the interest coupons hereto attached as they severally become due. (Bonds Nos. 25 to 75, both inclusive, shall contain the fol- e lowing additional clause: The City of La Porte, Texas, reserves ...-~--...... - . the right to redeem this bond on May 10, 1964, or on any interest payment date thereafter, by paying the principal and unpaid ac- c~ued interest thereof to the date fixed for redemption. In case all of said bonds Bubject to redemption, or any part thereof, shall be called for redemption before maturit~, notice thereof in writing shall be mailed, properly stamped and addressed, to The First National Bank, La Porte, Texas, and shall be published in a financial journal published in New york, New York, and of general circulation in the United states of America at least one time and said notice shall be mailed and published at least thirty (30) days before the date fixed for redemption. When said bonds subject to redemption, or any part thereof, have been called for redemption and due provision has been made to redeem the same as herein pro- c vided, the right of the owners and holders to collect interest which would otherwise accrue after the redemption date shall be e - . . -- ~ ~ terminated as of the date fixed for redemption.) This bond is one of a series of seventy-five (75) bonds of like date and tenor, except as to number, maturity and right of ...... -.. . e r'-.. - redemption before maturity, numbered from 1 to 75, both inclusive, in the denomination of $1,000 each, aggregating $75,000, and is issued for the acquisition of a capital project, to-wit: construc- ting and improving the roads, bridges and streets of said city, under and in str!ct conformity with the Constitution and laws of the State of Texas, particularly Chapters 1 and 7 of Title 22, Re- vised Civil statutes of Texas, 1925, as amended, and the City Charter of said city, particularly Article VI thereof, and pursuant to an ordinance duly passed and adopted by the City Commission of the City of La Porte, Texas, which ordinance is of record in the minutes of said City Commission. The date of this bond, in conformity 'with the above mentioned ordinance, is "Ma-y'. 10, 1949. It is hereby certified, recited and represented that the series of bones of which this bond is a part was authorized at an election held in the City of La Porte, Texas, on April 16, 1949, "t'" ..... -~ and that all acts, conditions and things necessary to be done pre- cedent to and in the issuance of these bonds, in order to make them re legal, valid and binding obligations of said city, have been done, have happened and been performed in regular and due time, form and manner as required by law; that due provision has been made for levying and co:lecting 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 or which this one is a part, together with all other indebtedness of said city, does not exceed any constitutional or statutory limitation. IN WIT~SS ~lliEREOF, the City Commission of the City of La Port, Texas, has caused the seal of said city to be affixed hereto and this bond to be signed by the Mayor and countersigned by the City Clerk, and the interest coupons hereto attached to be executed by .~-". ,t ........ - e e ,"""'--- '....... . "e the facsimile signatures of said Mayor and City Clerk, all as of May' la, 1949. Mayor, City of La Porte~ Texas Countersigned: City Clerk~ City of La Porte~ Texas Section 6: ~he form of the coupons to be attached to said bonds .......".-.-........., shall be substantially as follows: No. $ e On the loth day of , 19___,* the City of La Porte, in the County of Harris, state of Texas~ promises to pay to bearer at The First National Bank, La Porte, Texas, the sum of Dollars ($ ) in lawful money of the United states of America, being the interest due that date on the City of .La. Porte street Improvement Bond~ dated .Ma;y-, 10~ 1949., I Bond No. I Mayor, City of La Porte, Texas e City ClerkJ City of La porteJ Texas .-' -"" *(Bonds Nos. 25 to 75J both inclusive, shall contain the fol- lowing addit:1nnal clause:' unless the bond to which this coupon 1s attached shall have been called for previous redemption as there in provided and due provision has been made for the redemption thereof,). Section 7: The following certificate shall be printed on the bac of each of said bonds: ..--....... - ~ ,. " ' , ----- e e '- - OFFICE OF THE COMPTROLLER THE STATE OF TEXAS REGISTER NO. ,~ (e ' I hereby certify that there is on file and of record in my of- fice 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 been issued in conformity with the Constitution and laws of the state of Texas, and that it is"a valid and binding obligation upon said City of La Porte, Texas, and that said bond has this dElY been registered by me. WITNESS my hand and seal of office at Austin, Texas, this day of ,1949. Comptroller of Public Accounts of the state of Texas Section 8: While said bonds, or any part of the principal thereof or interest thereon, remain outstanding and unpaid, there is here- by levied and there shall be annually assessed and collected in due time, form and manner and at the time other city taxes are assessed, levied and collected, in ~ach year, a tax upon all tax- , able property in said City of La Porte, Texas, sufficient to pay the current interest thereon and to create a sinking fund to pay the principal as it matures, and a tax of cents on each $100 valuation of taxable property within said city is hereby levied for tne current year 1949 to pay interest on said --- bonds and to create a sinking fund to redeem same at maturity, and said tax shall be assessed, collected and applied to the purpose 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 is hereby levied for each of the years while --. . .,. /~-""'" - ~'-. ..r " _. .. ~.:-..:" " . e said bond~ or any part of the principal thereof or interest thereon remains outstanding and unpaid, a continuing direct annual ad val- orem tax upon all taxable property within said city sufficient therefor, and said taxes, when collected, shall be applied to the payment of principal and interest on sai~ bonds, and to no other purpose. Section 9: That the Mayor shall take arid have charge of said bonds pending their investigation and approval by the Attorney General, and, when so approved, shall deliver them to the Comptrol- ler of Public Accounts for registration. Section 10: That the sale of said bonds to Ernest L. Brown, Jr., Houston, Texas, at a price of par plus accured interest, plus a cash premium of $24.00, is hereby ratified, confirmed and approved and said bonds shall be delivered to the named purchaser upon pay- ment of the purchase price. . PASSED and APPROVED this~ day of May, 1949. ATTEST: t, (SEAL) -". /' .,. - '-.. . t. , "'---..-/'