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HomeMy WebLinkAboutO-1949-379 (, -} ",'t e ORDINANCE NO. 379 ,......-........ (e REVENUE BOND ORDINANCE THE STATE OF TEXAS COUNTY OF HARRIS "I . . I The City Commission of the City of La Porte, Texas, met in Special session at the City Hall within said city on the 28th day of June , 1949, with the following members pre- sent, to-wit: ~....---......... . H. F. Pfeiffer James S. Crate, Jr. Wm. P. Jones J. E. Muldoon Mayor Commissioner Commissioner City Clerk 'e when the following business was transacted: The Mayor introduced an ordinance which was read in full. Commissioner Jones made a motion that the ordinance be adopted as read. The motion was seconded by Commissioner Crate and carried by the following vote: AYES: Mayor Pfeiffer, Commissioners Crate and Jones. NOES: None. The ordinance thus adopted follows: AN ORDINANCE AUTHORIZING THE ISSUANCE OF A $100,000 INSTALLMENT OF A $500,000 ISSUE OF WATERWORKS AND SEWER SYSTEM REVENUE BONDS; MAKING PROVISION FOR THE PAYMENT OF PRINCI- PAL AND INTEREST THEREON - WHEREAS, at an election held in the City of La Porte, Texas, on the 21st day of February, 1948, more than 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 election voted in favor of the proposition of issuing $200,000 waterworks system revenue bonds and $300,000 sewer system revenue bonds; and WHERE,,,flS, the resolution and order calling said election provided that if ,both propositions for the issuance of said bonds were adopted, said City Commission should have the right to issue combined waterworks and sewer system revenue bonds in .,"'-', '. the maximum amount of $500,000, and to pledge the net revenues ;. e --, - -, , of the Waterworks and Sewer System to the payment of the prin- cipal of and interest on said bonds; and WHEREAS, the City Commission of the City of La Porte, Texas, by ordinance, adopted on the 16th day of March, 1948, did combine said bonds into one issue and at that time authorized the issu- ance of $250,000 waterworks and sewer system revenue bonds ap- proved at said election, numbered from 1 to 250, both inclusive, and provided that the remaining $250,000 of said bonds may be issued and sold by the city and such bonds, when issued and sOld,. shall be on a parity with any bonds of said issue previously authorized, provided, however, the city shall not issue and sell any of such remaining bonds authorized at said election held on February 21, 1948, until such time as the annual revenues of the system, after deducting the reasonable cost of operating and maintaining the system, as shown by three years historical net earnings of the system, will equal at least one and one-half, times the maximum annual requirements of principal and interest on the outstanding bonds of the series herein previously authorized, and such additional'bonds authorized at such election to be issued - ...,. and soldj and '--"" WHEREAS, the City Commission is of the opinion that at /:-. ., the present time the city is in need of additional funds for the .- purpose of constructing extensions and improvements to the city's existing waterworks system and sewer systemj is of the further op;nion that it is now necessary and proper that the City Commis- sion proceed with the issuance of revenue bonds in the amount of $100,000 out of the remaining $250,000 as originally set forth in said ordinance adopted on the 16th day of March, 1948; and WHEREAS, inasmuch as no part,of the $250,000 authorized at said election and by said ordinance of the City Commission dated the 16th day of March, 1948 (but not sold. and delivered at that time) has been printed and app~oved by the Attorney General of --.....", - 'I . e ."'--'-~~" e the state ot Texas, registered or sold and delivered 1 and the City Commission has full authority to authorize such additional bonds, and desires at this time to authorize the issuance ot a $1001000 installment ot the remaining $2501000; Theretore BE IT ORDAINED by theCity Commission ot the City 01' La e Porte, Texas: Section 1: That the bonds 01' the City ot La Porte, Texas be issued in the principal sum ot $100,000, to be known and desig- nated as "CITY OF LA PORTE WATERWORKS AND SEWER SYSTEM REVENUE BONDS1 SERIES 1949", tor the purpose ot constructing extensions and improvements to the waterworks system and the city's existing s~wer system, under and in strict contormity with the Constitu- tion and laws 01' the State ot Texasl particularly Articles 1111 to 11181 both inclusive, ot the Revised Civil Statutes ot Texas, 19251 as amended, and as authorized at a bond election held within said city on the 16th day ot March, 1948. Section 2: Said.'bonds shall be dated March 15, 1949, shall be numbered trom 1 to 100, both inclusivel shall be in the deno- mination ot $11000 each, aggregating $1001000. These bonds are a second installment ot an issue ot $500,000, and an initial installment of $250,000 has previously been sold and delivered by said city. This second installment in the principal amount ot $1001000 shall become due and payable on the 15th day ot March in each 01' the years and in the respec~ive amounts shown in the , '--... , , - .. ~---.....,\ following schedule, to-wit: Bond Nos. Maturity Amount 1 - 2 March l~, 1951 $ 2,.000 3 - 4 " 1952 2,000 5 - 6 " " 195~ 2,000 7 - 8 " " 195 21000 9 - 10 " " 1955 2,000 11 - 12 " " 1956 21000 13 '- 14 It " 1957 2,000 15 - 16 It " 1958 2,000 17 18 It It 1959 21000 19 - 21 " " 1960 3,000 -' --.. , ~ . e ~ Bond Nos. Maturity Amount ", .-..-'" 22 - 24 March l?, 1961 $ 3,000 25-- 27 " , 1962 3,000 28 - 30 " 196~ 3,000 31 - 33 " 196 3,000 34 - 36 " 1965 3,000 ~7 -- i9 11 1966 3,000 0-2 " 196~ 3,000 43 - 45 11 196 3,000 46 - 48 11 " 1969 ~,ooo 49 - 52 " n 1970 ,000 53 - 56 " " 1971 4,000 57 - 60 " " 1972 4,000 61 64 " " 197~ 4,000 65 68 " " 197 4,000 69 - 72 " " 1975 4,000 73 - ~6 " " 1976 4,000 77 - 0 " " 1977 4,000 81 - 100 " " 1978 20,000 .- The City ot La Porte reserves the right to redeem in inverse '",- numerical order, all or any part ot said bonds then outstanding on March 15, 1963, or on any interest payment date thereatter by . paying to the owners and holders ot said bonds the principal thereot plus accrued interest to the date tixed tor redemption. It the city elects to redeem all or any part ot sai~onds, notice thereot in writing shall be mailed, properly 'stamped and addressed, to the First National Bank, La Porte, Texas, and shall be published at least one time in a tinancia1 journal published in New York, New York, and ot general circulation in the United Statesot America and said notice shall be mailed and published ! at least thirty (30) days before the date tixed for redemption. When said bonds, or any part thereot, have been called tor redemp- tion and notice thereot given as herein specitied and due provi- sion has been made to redeem the same, the right ot the owners and holders to collect interest which would otherwise accrue, ......--.. shall terminate as ot the date tixed tor redenption. Section 3: Said bonds shall bear interest from March 15, 1949 at the rate ot tour (4%) per cent per annum, interest payable September 15, 1949 and semi-annually thereatter on March 15th ...-..... - ....... ,e e " .--.......", -' and September 15th 1n each yearunt11 the pr1nc1pal sum is pa1d. Both pr1ncipal and 1nterest shall be payable in lawful money of the Un1ted States of America at the First Nat10nal Bank, La Porte, Texas, and interest fall1ng due on and prior to maturity shall be payable only upon presentation and surrender of the interest coupons attached to said bonds as they severally become due. Section 4: That each of said bonds shall be s1gned by the Mayor, ~- ....""...~ . . counters1gned by the City Clerk, and the corporate seal of the c1ty shall be 1mpressed upon each of sa1d bonds. The facs1mile s1.natUres of the Mayor and City Clerk may be li.thographed, engraved, or pr1nted upon the coupons attached to sa1d bonds and 'shall have the same effect as 1f they had been signed by sa1d officers. Section 5: The form of said bonds shall be substant1ally as tollows: --~ e No. $1,000.00 .- UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF HARRIS CITY OF LA PORTE WATERWORKS AND SEWER SYSTEM REVENUE BOND SERIES 1949 ,..-- -........., The City of La Porte, in the Countrof Harris, in the 'State of Texas, tor value rece1ved, hereby aCknowledges 1tself indebted to and promises to pay to the bearer on the 15th day of March, 19_, the sum of r --"" ONE THOUSAND DOLLARS ($l,OOO~OO), in lawful money of the Un1ted States of America with interest thereon from the date hereof at the rate of 4~ per annum, payable Sep~ember 15, 1949, and semi-annually thereafter on March 15th and September ~ (-~--- e :J.-- .- .....~ ttl~:' . -- ,r~-"'" ~. e . e l~th in each year, until the principal sum shall be paid. Inter- est falling due on and prior to maturity is payable only upon presentation and surrender of the interest coupons attached here- to as they severally become due and all interest shall be payable only from the special fund hereafter specified, both principal and interest being payable at the First National Bank, La Porte, Texas. The date of this bond, in conformity with the ordinance hereafter mentioned, is March 15, 1949. This bond is one of a series of one hundred (100) bonds of like date and tenor, except as to number, maturity, interest rate and option of redemption before maturity, numbered from 1 to 100, both inclusive, in the denomination of $1,000 each, aggregating $100,000, and is issued for the purpose of constructing exten- sions and improvements to the waterworks system .and the sewer sys- tem of said city, under and in strict conformity with the Consti- tution and laws of the State of Texas, particularly Articles 1111 to 1118, both inclusive, of the Revised Civil Statutes of Texas, 1925, as amended, and by the authority of a vote of the duly qua- lified resident electors of said city who own taxable property within said city and who had duly rendered the same for taxation, at an election held on the 21st day of February, 1948, and pur- suant to an ordinance passed by the City Commission of the City of La Porte, Texas, duly recorded in the minutes of said City Commission. or the $500,000 bonds authorized by said city at said election, the City of La Porte has previously sold an ini- tial instal1mant in the total principal amount of $250,000, and has authorized this second installment of $100,000 of the remain- ing $250,000 originally authorized. It has been expressly pro- I vided that no part of the remaining authorized but unissued bonds shall be sold and delivered unless the conditions and restrictions set forth in the original ordinance authorizing the - -~----- ,e e . ':... ,.I"---"~'" 'e issuance of the first installment shall be strictly complied with, to-wit: That the city shall not issue and sell any of such remaining bonds authorized at said election held on February 21, 1948, until such time as the annual revenues of the system, after deducting the reasonable cost of operating and m~intainlng the system, as shown by three years historical net earnings of the system, will equal at least one and one-half times the maximum annual reguirements of principal and interest on the outstanding bonds of the series previously authorized, and such additional bonds authorized at said election to be issued and sold. Bonds Nos. 3J to 100, both inclusive, shall contain the following provision: The City of La Porte reserves the right to redeem in inverse numerical order, all or any part of said bonds then outstanding on March 15, 1963, or on any interest payment date thereafter by paying to the owners and holders of said bOQds the principal thereof plus accrued interest to the date fixed for redemption. If the city elects to redeem all or any part of ~aid bonds, notice thereof in writing shall be mailed, properly stamped and addressed, to the First National Bank, La Porte, .~, e . Texas, and shall be published at least one time in a financial .--.-....... y' '" e . journal published in New York, New York, and of general circula- tion in the United States of America and said notice 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 notice thereof given as herein specified and due provision has been made to redeem the same, the right of the owners and holders to collect interest which would otherwiseac.c~u~, shall terminate as of the date fixed for re- demption. Each successive holder of this bond and each successive e holder of the coupons hereto. attached is conclusively presumed to forego and renounce his equities in favor of subsequent holders ~-'. (. . ~ ~-, e for value without notice, and.to agre~ that this bond and each of the coupons hereto attached may be negotiated by delivery by any person having possession thereof, howsoever such possession may have been acquired, and that any holder who shall have taken this bond or any of the coupons from any person, for value and without n."~e, thereby has acquired absolute title thereto, free from any defenses enforceable against any prior holder and free from all equities and claims of ownerShip of any such prior holder. The City of La Porte and its officers and fiscal agent shall not be.affected by any notice to the contrary. This bond shall not be deemed to constitute a debt of the ~. ~ - City of La Porte or a pledge of its faith and credit, but shall be payable as to principal and interest solely from the net reve- nues derived from the operation of the city's waterworks and sewer system, including all additions, extensions and improvements thereto which may hereafter be made, after deduction of thema- sonable expenses of maintenance and operation of said system. The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxa- tion. e It is hereby certified, recited and represented that the issuance of this bond and the series of which it is a part is duly authorized by law; that all acts, conditions and things required to exist and to be done precedent to and in the issuance of this ~.~.~~ . , series of bonds to render the same lawful and valid, have been properly done and performed and have happened in regular and due time, form and manner, as required by law; that due provision has been made for the payment of the principal and interest of ~ this bond and the series of which; it, is a part by irrevocably pledging the net revenues of the waterworks and 'sewer system; that the issuance of thie series of bonds does not exceed any ~--...... constitutional or statutory lim~tation. e .. ......---... .--... e . .-.......... .e " ----....... e :1 ) (. e IN TESTIMONY WHEREOF, the City Commission ot the City of La Porte, Texas has caused the corporate seal of said city to be affixed hereto and this bond to be signed by the Mayor of said clty, countersigned by the City Clerk, and has caused the an- nexed coupons to be signed by the facsimile signatures of said o Mayor and City Clerk, all as of the 15th day of March, 1949. Mayor, City ot La Porte, Texas Countersigned: City Clerk, City of La Porte, Texas Section 6: The form of coupon to be attached to said bonds shall be substantially as follows: No. $ On the 15th day of ,19 , * the City ot La - Porte, in the County ot Harris, in the 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, soleiy trom the special fund specified .in the bond to which this .ou- pon is attached, said sum being the interest due that day on the City of La Porte Waterworks and Sewer System Revenue Bonds, Series 1949, dated March 15, 1949. The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation. Bond No. . Mayor City Clerk (, e ~/~ . .;.-~ '. e *(Bonds Nos. 31 to 100, both inclusive, shall contain the following additional clause: unless said bonds shall have been called for previous re- demption as herein provided and due provision has been made for the redemption thereof,) Section 7: That substantially the following certificate shall be printed on the back of each of said bonds: OFFICE OF THE COMPTROLLER REG ISTER NO. THE STATE OF TEXAS - I hereby certify that thereis 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 special obligation of said City of La Porte, Texas, payable from the revenues pledged to its payment by and in the ordinance authorizing same, arid said bond has this day been registered by me. WITNESS my hand and seal of office at Austin, Texas, this day of , 1949. "---'" e' Comptroller of Public Accounts of the State of Texas Section 8: That said bonds shall be issued upon the terms and e conditions contained in Sections VIII, IX, XI XI, XII and XIIII inclusive, of the bond ordinance enacted by the City Commission of the City of La Porte, Texas, on the 16th day of March, 1948, being captioned as follows: "AN ORDINANCE BY THE CITY COMMISSION OF THE CITY OF LA PORTEI TEXAS, AUTHORIZING THE ISSUANCE OF THE CITY OF LA PORTE WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES 1948, IN THE M40UNT OF $250,000, FOR THE PURPOSE OF CON- STRUCTING EXTENSIONS AND IMPROVEMENTS TO 'THE WATERWORKS SYSTEM .--... '. -- .'" - ,tJl". e ,.. "- ." '\ -' / ~e (f e AND TO THE SEWER SYSTEM OF SAID CITY; PRESCRIBING THE FORM OF BOND AND INTERES~ COUPON; PLEDGING THE REVENUES OF THE WATERWORKS SYSTEM AND THE SEWER SYSTEM OF SAID CITY TO PAY THE PRINCIPAL OF AND INTEREST ON SAID BONDS AFTER PROVIDING FOR THE EXPENSES OF OPERATING SAID SYSTEMS; MAKING CERTAIN COVENANTS OF SAID CITY WITH REFERENCE TO THE BOND FUND FROM WHICH SAID PRINCIPAL AND INTEREST ARE TO BE PAID; PROVIDING THAT THE HOLDER OR HOLDERS OF SAID BONDS SHALL NEVER HAVE THE RIGHT TO DEMAND PAYMENT OF SAID OBLIGATIONS OUT OF ANY FUNDS RAISED OR TO BE RAISED BY TAXATION; MAKING CERTAIN PROVISIONS WITH REFERENCE TO THE ISSU- ANCE OF THE RE~~INING BONDS AUTHORIZED AT THE ELECTION HELD ON FEBRUARY 21, 1948, AND DECLARING AN EMERGENCY", except where the designated provisions of said bond ordinance of the 16th day of March, 1948, are inconsistent and in conflict with the terms of this ordinance, in which event the provisions of this ordin- ance shall govern. Section 9: When said bonds have been approved by the Attorney General of Texas and registered by the Comptroller of Public Ac- counts of Texas, they shall be delivered to the purchaser upon receipt of the purchase price. The Mayor, City Clerk and City Treasurer are authorized and directed to do any and all things necessary and/or convenient to carry out the provisions of this ordinance. PASSED and APPROVED this ~ay of , 1949. ATTEST: ,qr' ^ , .~ ~~ ~ { tf 1VI y6r, ty / '. orte, Texas ( / ~