HomeMy WebLinkAboutO-1951-413
adop~ed, said City Commission should have the r~3ht to issue com-
vided t~at if both propositions for the issuance of said bonds were
t'H:ri:REAS, the resolution and order calling r:;aid election pro-
bonds; and
qualified resident electors who owned 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 ~200,00
waterworks system revenue bonds and $300,000 sewer system revenue
tb~REAS, at an elect~on held in the City of La ?orte, Texai3,
on the 21st day of ~ebruary, 1948, more than a ~ajority of the duly
thus adopted follows:
A~\T ORDINAI';CE AUTlIORi~IKG THE ISSUANCE 011' iI. ~:i50, 000
INSTALU'ili'NT OF A ~500, 000 18300 OF \'l.A~ERrORKS A~!D
SEHER SYSTElvl REVEi'jUE BONDS; lV1AKDTG PROV:;:SIOl.; FOR
THE PAYV1ENr.r OF PRIIITCIP1\L Al\!D Dj'l'EREST THEJEON
NOES: 7..Jone. r.rhe ordinance
Comr.J2.ss10ners Jones and Burgin.
adop':;ecl as ,read. The motion was seconded by Commissioner 13"t\ ~r; ~
and carried by the following vote: AYES: :.iayor Pfeiffer and
made a motion that the ordinance be
Commisoioner .:roE...€..('
~he Mayor introduced an ordinance which W&S read in full.
when the following business was transacted:
I~Iayor
Commissioner
Commissioner
City Clerk
H. J. Pfeiffer
\'lm. P. Jones
N. D. Burgin
J. E. r'~uldoon
members present, to-wit:
, 1951, with the following
. ~
2~
day of 5, NE;.
session at the City Hall within said City on the
The City Commission of the City of La Porte, Texas, met in
'fHE ST.I)/l'E OF 'l'EXAS ~
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.
COU~.;TY OF HARR:LS ~
An ORDi1,iANCE AUTHORIZ21JG THE 1SSUA:,TCE 0],11 A $50,000
:Li\:STALU.lE~'JT OF A $500,000 ISSUE OF lriA'l'ERviORKS ....\~\FJ
SJ:!:vJER SYSlfEM REVElmE B01,;DS; ItIAKDm PROV:LSIOIIJ POlt
T!-IE PAYI.IElfT OF P:11I'ICIPAL A~~D INTEREST rrHEREOl'~
ORDlNlINCE NO. Ia.3
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retained in said ordinance; and
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bonds on the terms and conditions hereinabove stated was expresflly
livered and the authority to issue and sell the remaining 050,000
lnKEREAS, the City Commission by ordinance adopted on the 20th
day of July, 1950, authorized the issuance of a $100,000 third ~n-
stallment of said bonds and same have heretofore been sold and cle-
livered; and
stallment of said bonds and same have heretofore been sold and de-
such additional bonds authorized at such election to be Issued and
, e sold; and
tJF..EREAS, the City Commission by ordinance adopted on the 28th
day of June, 1949, authorized the issuance of a $100,000 second in-
outstanding bonds of the series herein previously authorized, a::ld
the maximum annual requirements of principal and interest on the
earnings of the system, will equal at least one and one-half times
and maintaining the system, as shown by three years historical net
previously authorized, provided, however, the City shall not issue
and sell any of such remaini~g 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
of $250,000 waterworks and sewer system revenue bonds approved at
said election, and provided that the remaining $250,000 of said
bonds may be issued and sold by the City and such bonds, when is-
sued and sold, shall be on a parity with any bonds of said issue
.a'
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~nmREAS, the City Commission of the City of La Porte, Texas,
by ordinance adopted on the 16th day of March, 1948, did combir..e
said bonds into one issue and at that time authorized the issuance
bined waterworks and sewer system revenue bonds in the maximum
amount of $500,000, and to pledge the net revenues of the water-
works and sewer system to the payment of the principal of and
interest on said bonds; and
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~ffiEREAS, the City Commission is of the opinion that at the
present time the City is in need of additional funds for the pur-
pose of constructing extensions and improvements to the City's
existing waterworks system and sewer system; is of the further
opin..Lon that it is now necessary and proper that; the City Commi~l-
sion proceed with the issuance of the remaining $50,000 revenue
bonds; Therefore
BE IT ORDAINED: by the City Commission of the City of La Porte,
Texas:
Sect::'on 1: That the bonds of the City of La Porte, Texas, be i8-
sued in the principal sum of ~50,OOO, to be known and designated,
as If CITY OF LA PORTE \'lATERl'JORKS AND SElrJER SYSTEr~l fu.-vENUE BOi\~S,
SERIES 195111, for the purpose of constructing extensions and im.-
provements to the waterworks system and the sewer system of said
City, under and in strict conformity with the Constitution and laws
of the State of Texas, particularly Articles 1111 to 1118, both in-
clusive, of the Revised Civil Statutes of Texas, 1925, as amend(~d,
and es authorized at a bond election held within said City on the
21st day of February, 1948.
Section 2: That said bonds shall be dated March 15, 1951, shall be
numbered from 1 to 50, both inclusive, shall be in the denomination
of (>1,000 each, aggregating ~ 50,000. These bonds are a fourth
installment of an issue of $500,000, and an initial installment of
$250,000, a second installment of ~100,OOO, and a third install-
ment of $100~000 have previously been sold and delivered by. said
City. This fourth installment in the principal amount of
~50, 000 shall become' due and payable on the 15th day of r'~arch in
each of the years and in the respective amounts shown in the fol-
lowing schedule, to-wit:
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fixed tor redemption.
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terest wh~ch would otherwise accrue, shall termInate as of the date
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redeem the saine, the righ'c of the owners and holders to collect in-
of given" as herein specified and due provision has been made to
any part thereof, have been called for rede~ption and notice there-
days before the date fixed for redemption. ~men said bonds, or
York, and of general circulation in the United States of America
and said notice shall be mailed and published at least thirty (30)
least one time in a financial journal published in Kew York, New
First Kational Bank, La Porte, Texas, and shall be published at
in writing shall be mailed, properly stamped and addressed, to the
. '_.
II
Bond Nos. I.la turi t:l, Amount
1 !<Larch 15, 1952 :i>l ,000
2 II II 1953 1,000
3 II II 1954 1,000
4 II 11 1955 1,000
5 - 6 II II 1956 2,000
7 II II 1957 1,000
8 II II 1958 1,000
9 - 10 II II 1959 2,000
11 II " 1960 1,000
12 - 13 II II 1961 2,000
14 11 " 1962 1,000
15 - 16 II " 1963 2,000
17 - 18 II II 1964 2,000
19 - 20 II 1965 2,000
21 - 22 II 1966 2,000
23 II 1967 1,000
- 24 - 25 II 1968 2,000
26 - 27 " 1969 2,000
28 - 30 II I 1970 3,000
_/
31 - 32 II II 1971 2,000
33 - 34 " II 1972 2,000
35 - 37 II II 1973 3,000
38 - 40 " u 1974 3,000
.
41 - 42 II " 19"(5 2,000
43 - 44 " " 1976 2,000
45 - 47 II II 1977 3,000
48 - 50 11 " 1978 3,000
T~e City of La Porte reserves the right to redeem in inverse
numerical order, all or any part of said bonds then outstandin€; on
I'larch 15, 1963, or on any interest payment date thereafter by pa~r-
ing to the owners and holders of said bonds the principal thereof
plus accrued interest to the date fixed for redemption. If the
4t II City elects to redeem all or any part of said bonds, notice thereof
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Ol~ ~HOUSAND DOLLARS
(~l,OOO.OO), in lawful money of the United States of America wi';h
interes'c thereon from the date hereof at the ra'.;e of (*~;) per an-
..
COUH'i:'Y Oi? HARRIS
CrrfY OJ? LA PORTE \"jA'I'El1~10RI<S AND SElrmR SYSTEM REVENUE BOl'm,
SERIES 1951
The City of La Porte, in the County of Harris, State of ?exas,
for value received, hereby acknowledges itself indebted to 'and
promises to pay to the bearer on the 15th day 0:' J.iiarch, 19_, ';he
sum of
S'1'1\ I],'Z OF If3XAS
--
UNITZD STATES O~ AMERIOA
~l,OOO.OO
they severally become due or, as to interest falling due on and
prior to maturity, upon presentation and surrender of the interE~st
coupons attached to said bonds as they severallJT become due.
Section 4: That each of said bonds shall be signed by the r~&yor,
countersigned by the City Clerk, and the corporute seal of the Gi~y
shal~ be impressed upon each of said bonds. The facsimile signa-
tureu of the Mayor and City Clerk may be lithographed, engraved
or prim:;ed upon the coupons attached to said bonds and shall ha~re
the same effect as if they had been signed by said officers.
Sect~_on 5: The form of said bonds shall be subatantially as fol-
lows:
No.
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Section 3: That said bonds shall bear interest as follows: Bonds
i'Jos. 1 to 8, both inclus::..ve, at the rate of 3-l/4~; per annum; and
bonds Nos. 9 'GO 50, both inclusive, at the rate of 3-1/2;; per annurr.,
lnteres~ p&;yable l\larch 15, 1952 and semi-annually thereafter on
September 15th and f.iarch 15th in each year until the princip&l flUlJ
is pt:.id. Both principal and interest shall be :nl,yable in lawful
1110nc~. of the United States of Amer':'ca at the :(I':.o..1'8t !\~ational Bank,
La Porte, Texas, upon presentation and surrender of che bonds as
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authorized by said City at sald election, the City of La Porte has
previously sold an initial installment in the total principal a-
mount of $250,000, a second installment in the total principal
amouat of ~100,000, a third installment in the total principal
amount of ~100,000, and has authorized this fourth and final in,-
stallment of the remaining $50,000.
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had duly rendered same for taxation, at an election held on the
21st day of February, 1948, and pursuant to an ordinance passed ty
the City Commission of the City of La Porte, Texas, duly recorded
in the minutes of said City Commission. Of the $500,000 bonds
of said City who owned taxable property within said City and who
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and by authority of a vote of the duly qualified resident electors
elusive, of the Revised Civil Statutes of Texas, 1925, as amended,
ments to the waterworks system and sewer system of said City,
under &nd in strict conformity with the Constitution and laws of
the State of Texas, particularly Articles 1111 to 1118, both in-
and tenor, except as to number, maturity, interest rate and option
of redemption before maturity, numbered from 1 to 50, both inclu-
sive, in the denomination of $1,000 each, aggregating $50,000, and
is issued for the purpose of constructing extensions and improve-
This bond is one of a series of fifty (50) bonds of like date
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after mentioned, is March 15, 1951.
The date of this bond, in conformi ty wi th the ordinance hE!rein
La Porte, Texas.
principal and interest being payable at the First National Ban1:,
on September 15th and Narch 15th each year until the principal sum
shall be paid. Interest falling due on and prior to maturity is
I
payable only upon presentation and surrender of the interest coupon1
I
attached hereto as they severally become due and all interest Shallj
be payable only from the special fund hereafter specified, both I
,
num, interest payable on Harch 15, 1952 and semi-annually therE~aftelj'
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notice to the contrary.
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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
thereby has acquired absolute title thereto, free from any defenses
enforceable against any prior holder and free from all equities
of the coupons from any person, for value and without notice,
possession thereof, howsoever such possession may have been ac-
quired, and that any holder who shall have taken this bond or any
hereto attached may be negotiated by delivery by any person having
without notice, and to agree that this bond and each of the coupons
of the coupons hereto attached is conclusively ::~resumed to forego
and renounce his equities in favor of subsequent holders for value
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Each successive holder of this bond and each successive holder
fixed for redemption.
terest which would otherwise accrue, shall terminate as of the date
days ber'ore the date fixed for redemption. wnen said bonds, or
any 9ar~ thereof, have been called for redemption and notice there-
of given as herein specified and due provision has been made to re-
deem the same, the right of the owners or holders to collect in..
York, and of general circulation in the United States of America
and said notice shall be mailed and published at least thirty (30;
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if the City elects to redaem all or any part of said bonds, notice
i
thereof in writing shall be mailed, properly stamped and addressed, I
to the ~irst National Bank, La Porte, Texas, and shall be published
in I
at least one time in a financial Journal published/'!ew York, Xew
Bonds Nos. 17 to 50, both inclusive, shall contain the fOllOW-I
ing provision: The City of La Porte reserves the right to redeem !
in inverse numerical order, all or any part of said bonds then i
outstanding on I\.arch 15, 1963, or 011 any interest payment date the:r....l'-
after by paying to the owners and holders of said bonds the princi-
pal thereof plus accrued interest to the date fixed for redem,tlon. .
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*(Bonds Nos. 1 to 8, both inclusive, bear interest at
the rate of 3-l/4~ per annum;
Bonds Nos. 9 to 50, both inclusive, bear interest at
the rate of 3-1/2% per annum).
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City Clerk, City of La Porte,
Texas
Mayor, City of La Porte, Texas
Clerk, all as of the 15th day of March, 1951.
Countersigned:
fixed hereto and this bond to be signed by the Mayor of said City,
countersigned by the City Clerk, and has caused the annexed coupons
to be signed by the facsimile signatures of said Mayor and City
of bonds does not exceed any constitutional or statutory limitation
IN TESTIMONY vlliEREOF, the City Commission of the City of La
Porte, Texas, has caused the corporate seal of sald City to be af-
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of the waterworks and sewer system; that the issuance of this seri'e
the payment of the principal and interest of this bond and the ser-,
ies of which it is a part by irrevocably pledging the net revenues
and manner, as required by law; that due provision has been made fo
shall never have the right to demand payment of th~s obligation out
of any funds raised or to be raised by taxation. I
It is hereby certified, recited and represented that the issu- I
I
ance of this bond and the series of which it is a part is duly au- j'
thorized by law; that all acts, conditions and things required to
exist and to be done precedent to and in the issuance of this serie~,
I
of bonds to render the same lawful and valid, have been pro~erly I
I
done and performed and have happened in regular and due time, form
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rived from the operation of the City's waterworks and sewer system,
including ull additions, extensions and improvements thereto which
may hereafter be made, after deduction of the reasonable expenses
of maintenance and operation of said system. The holder hereof
This bond shall not be deemed to constitute a debt of the City i
I
of La Porte or a pledge of its faith and credit, but shall be pay- I
able as to principal and interest solely from the net revenues de- I
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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 wlt
.
THE STATE OF TEJffiS
REGISrrER :l'W.
OFFICE OF THE CONPTROLLER
tion as herein provided and due provision has been made for the re-
demption thereof,).
Section 7: That substantially the following certificate shall be
printed on the back of each of said bonds:
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unless said bond shall have been called for previous redemp-
lowing additional clause:
City Clerk
*(Bonds Nos. 17 to 50, both inclusive, shall contain the fol-
Iv lay or
which this coupon 1s attached, said sum being the interest due thac :
I
day on the City of La Porte Waterworks and Sewer System rtevenue
Bond, Series 1951, dated March 15, 1951. The holder hereof shall
never have the right to demand payment of this obligation out of
any funds raised or to be raised by taxat.on. Bond No.
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America, solely from the special fund specified in the bond to
in lawful money of the United States of
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at the First National Bank, La Porte, Texas, the sum of
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 of La Porte,1
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in the County of Harris, State of ~exas, promises to pay to bearer '
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ISSUANCE OF THE REliiAINING Berms AUTHORIZED AT ~('aE ELECTIOn HELl) m~
F'EBnU[~l~Y 21, 1948, AND DECLARING AN EI\mRGENCY~ I except ~lhere tbe
designated provisions of said bond ordinance of the 16th day 01'
March, 1948, are inconsistent and in conflict Hith the terms of
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Hl~I8ED BY TAY.ATION; i:IAKING CERTAnr PROVISIONS bITH REli'ZlBNCE TO ri'HE
HOLD~R OR HOLDERS OF SAID BO~IDS SHALL NEVER HAVE THE RIGHT TO DE-
MAWD PAYf~rjT OF SAID OBLIGATIONS OUT OF ANY ?U~DS RAISED OR TO 3E
~'JHICH LAID PRINCIPAL AND INT~REST ARE TO BE PAID; PHOV:::D:":WG TI-IAr TP
CERIJ:'AI:iT COVE:i'JANTS OF SAID CI'l'Y l'fIl'H REFERENCE TO THE BOllfD ?ffi.J) :li'RO)l
APTJ.::~t ::?ROVIDIHG FOi~ l.rm: EXPKESES O.;J' OPETIATI1'rG K~ID SYSTENS; i';iAK:n~G
Oi 's,AID CITY TO PAY 7HE PRINCIPAL OF AND IN~EREi3T ON SAID BOIJDS
iL~DGJ>JG r.rI-IE HEVENUES OF 'i'HE ~JATEHUORKS SYSTEIJI Arm TI-".E SE:',-ER SYSrEI":
O:Lo' SliID C:cr.ry; PRESC.r1IBIIW THE iORI!i OF BOXD Al';D INTEREST COUPO!'! 1:
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Al'!}) HIPi-\OVEIlJEN'rS TO THE 't'mTEHlt:ORKS SYSTEM Ai'rD TG Ii'HE SE~'IER SYS/.tEi~i
THE !.I.I0UNT OF $250,000, ~i'OR rl'EE PUHPOSE OF OONS~'HUCTIEG EXTEi-iS:I:Ol'JS
CITY O!t' LA PORTE, TEXAS, AUTHORIZING THE ISSUANCE OF THE CITY OBI
LA PORTE \'!ATERt.rORKS Ai,,'D SEr~ER SYSTEM REVENUE BO!;DS, SERIES 1948, -;-",T
f:apb.oned as follows: f1Ar~ ORDINANCE BY THE CITY CON1-USSION OF THE
elusive, of the bond ordinance enacted by the City Commission of
the c~ty of La Porte, Texas, on the 16~h day of 11arch, 1948, bein~
cond1t;ions contained in Section VIII, IX, X, XI, XII and XIII, in-
.a II Comptroller of Public Accountf3
., of the State of Texas
Section 8: That said bonds shall be issued upon thecerms and
, 1951.
day of
~I~r~~SS my hand and seal of office at Austill, Texas, this
regis~ered by me.
the ordinance authorizing same, and said bond has this day been
valid and binding special obligation of said City of La Porte,
Texas, p~yable from the revenues pledged to its payment by and in
the Constitution and laws of the State of Texas, and that it is a
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(SEAl.,)
Texas
ATTEST:
, 1951..
74 day of T It' lYE.
PASSED and APPROVED this
this ordinance, in which event the provisions of this ordinance
shall govern.
Sect~on~: wnen 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 re-
ceipt of the purchase price. The Mayor, City Clerk and City
Treasurer are authorized and directed to do an~r and all things
necessary and/or convenient to carry out the provisions of this
ordinance.
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