HomeMy WebLinkAboutO-1949-377
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amDlAllTCE NO. 377
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BOND ORDINANCE
THE STATE OF TEXAS
COUNTY OF HARRIS
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The City Commission of the City of La Porte, Texas, met in
Sl)8oial
2L:th day of
session at the City Hall within said City on the
, Iia.v
, 1949, with the followin~ members
present, to-wit:,
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H. J. pfeiffer
James S. Crate, Jr.
Wm. P. Jones
J. E. Muldoon
MaJor
Commissioner
Commissioner
City Clerk
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when the following business was transacted:
Commissioner
Jones
introduced an ordinance which
was read in full. Commissioner
Crate
moved that it be
adopted. The motion was seconded by Co~issioner James
and carried by the following vote: AYES: Mayor Pfeiffer,
Commissioners Crate and Jones. NOES: N.ne. The Mayor de-
clared that the ordinance had been finally adopted. The ordin-
ance thus adopted follows:
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AN ORDINANCE AUTHORIZING THE ISSUANCE OF
$25,000 GARBAGE INCINERATOR BONDS, PRESCRIB-
ING 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
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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 bonds of said City
in the amount of $25,000 for the acquisition of a capital pro-
ject, to-wit: constructing a garbage disposal incinerator; and
WHEREAS, said election was properly called and notice there-
of given as required by law and the City Commission has hereto-
fore canvassed the results thereof and determined the specific
authority of the City to issue said bonds; Therefore
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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 $25,000, to be known and desig-
na ted as "CITY OF LA PORTE GARBAGE' INCINERATOR BONDS 11, for the
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acqu~sition of a capital project, to-wit: constructing a garbage
disposal incinerator, under and by virtue of the Constitution and
laws of the state of Texas, particularly Chapters 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.
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Section 2:
Said bonds shall be dated May 10, 1949, shall be
numbered from 1 to 25, both inclusive, shall be in the denomination
of $1,000 each, aggregating $25,000, and shall becrome due and pay-
able on the 10th day of May in each of the years and in the res-
pective amounts shown in the following schedule, to-wit:
Bond Nos. Maturity Amount
1 - 2 May 10, 1950 $ 2,000.00
3 _ 1~ " II 1951 2,000.00
5 - 6 11 " 1952 2,000.00
7 - 8 " " 1953 2,000.00
9 - 10 " " 1954 2,000.00
11 - 12 " " 1955 2,000.00
13 - ::'5 " II 1956 3,000.00
/,..--......... 16 18 " " 1957 3,000.00
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19 - 21 II II 1958 3,000.00
- 22 ?4 " It 1959 3,000.00
25 II It 1960 1,000.00
Section 3: Said bonds shall bear interest at the rate of 3-1/4%
per. annum, interest payable on May 10, 1950 and semi-annually
therearter on the lOth day or November and the lOth day of May in
each year until the principal is paid. Both princ5PJal and inter-
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est on said bonds sha~l 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 upnn p~esentation and surrender of the interest coupons at-
tached to said bonds as they severally become due.
Section 4: That each of said bonds shall be signed by the Mayor
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and countersigned by the City Clerk and the corporate seal of
the City shall be impressed upon each of them.
The facsimile
signatures of the Mayor and City Clerk may be lithographed, en-
graved 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 substantially
as follows:
No.
$1,000.00
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UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF LA PORTE
GARBAGE INCINERATOR BOND
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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 lOth day of May, 19
, the sum of
ONE THOUSAND DOLLARS
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($1,000.00), in lawfu1.money of the United states of America,
with interest thereon from date at the rate of 3-1/4% per annum,
payable May 10, 1950" and semi-annually thereafter on November
10th and May lOth in each year until the principal sum shall be
paidj both ~rincipa1 and interest are payable at The First
National Bank, La Porte, Texas, and interest falling due on or
prior to maturity is payable only upon presentation and surrender
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of the interest cDupons hereto attached as they severally become
due.
This bond is one of a series of twenty-five (25) bonds of
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like date and tenor, except as to number and maturity, numbered
from 1 to 25, both inclusive, in the denomination of $1,000 each,
aggregating $25,000, and is issued for the acquisition of a capital
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project, to-wit: constructing a garbage disppsal incinerator,
under and in strict conformity with the Constitution and laws of
the state of Texas, particularly Chapters 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, and pur-
suant to an ordinance duly passed and adopted by the City Commis-
sion 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, 1.s May 10, 1949.
It is hereby certified, recited and represented that the
series of bonds of which this bond is a part was authorized at an
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election held in the City of La Porte, ~exas, on Aprll 16, 1949,
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
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them 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 lawj that due provision has been
made for levying and collecting annually by taxation an amount suf-
ficient 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
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maturity; and that the issue of bonds of which this one is a part,
together with all other indebtedness of said city, does not exceed
any constitutional or statutory limitation.
IN WITNESS WHERE0F, 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
the facsimile signatures of said Mayor and City Clerk, all as of
May 10, 1949.
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Countersigned:
Mayor, City of La Porte, Texas
City Clerk, City of La Porte,
Texas
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Section 6: The form of the coupons to be attached to said bonds
shall be substantially as follows:
No.
$
On the 10th 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 Garbage
Incinerator Bond, dated. May 10, 1949. Bond No.
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Mayor, ~ity of La Porte, Texas
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City Clerk, City or La Porte, Texas
Section 7: The following certificate shall be printed on the
back of each of said bonds:
OFFICE OF T~~ COMPTROLLER
THE STATE 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 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 day 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 there-
of or interest thereon, remain outstanding and unpaid, there is
hereby levied and there shall be annually assessed and collected
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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 on 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 the current year 1949 to pay inter-
est on said bonds and to create a sinking fund for their redem-
ption at maturity and said tax shall be assessed,' collected and
applied to the purpose named; and for the purpose at' 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 said bonds or any part of
the principal thereof or interest thereon remains outstanding
and unpaid, a continuing direct annual ad valorem tax upon all
taxable property within said City sufficient therefor, and said
taxes, when collected, shall be applied to the payment of prin-
cipal and interest on said bonds, and to no other purpose.
Section 9: That the Mayor shall take and have charge of said
bonds pending their investigation and approval by the Attorney
General and, when so approved, shall deliver them to the Comp-
troller of Public Accounts for registration.
Section 10: The sale of said bonds to E. L. Brown, Jr., Houston,
Texas, at a price of par plus accrued interest plus a cash pre-
mium of $67.00 is hereby ratified, confirmed and approved and
said bonds shall be delivered to the purchaser upon payment of
the purchase price.
PASSED and APPROVED this ~ day o~ ~'
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1949.
Texas
exas