HomeMy WebLinkAboutO-1953-439
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ORDINAHCE NO. 439
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AN ORDINANCE AUTHORIZING THE ISSUANCE OF
$200,000.00 STREET IMPROVEMENT BOND$,
aERIES 1953-A; PRESCRIBING THE TERM$ AND
CONDITIONS THEREOF; AND, IBVYING TAXES TO
PAY THE PRINCIPAL AND INTEREST THEREON
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~ STATE OF TEXAS I
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COUNTY OF HARRIS I
The City Commission of the City of La. 'Porte, Texas, met in
session at the City Hall ~ithin said City
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January, 1953, with the following members
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on the / )_ day of
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to-wit:
M. D. Burgin
Robert. A. 1Ihi te
L. R. Rigby
J. E.Muldoon
Mayor
Commission I'
Commission I'
City Clerk
when the following business Was transacted:
The Mayor introduced an ordinance which was read in full.
l.commissioner If/ ~6 y moved that it adopted as read.
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The motion was seconded by Commissioner Iv ~; r 6:
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carried by the following vote: AYES: Mayor Burfin, Commissioners
'I Whi te and Rigby. NOES: None ~ . The ordinance' thll1s adopted follows:
NO'f;)' I
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $2~0, 000.00
S'rREET. IMPROVEMENT BONDS, SERIE~ 1953-A; P$SCRIBING
THE TERMS AND CONDITIONS THEREOF; AND LEVYING TAXES,
TO PAY THE PRINCIPAL AND INTEREST THEREON..
and
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WHEREAS, at an election held in the City of La Porte, Texas,
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on the 9th day of December, 1952, a majority of the duly qualified
resident electors ~ho owned taxable property wi tJin said city and
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who had duly rendered the same for taxation voti~ at said election
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voted in ravor of the issuance of the bonds of s~id city in the
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amount of $200,000.00 for the acquisition of a c~pital project, to-
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bridtes and streets of
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WlffiREAS, said election was properly called nd notice thereof
given ~LS required by law and the City Commission has heretofore
canvassed the results thereof and determined the specific authority
of the city to issue said bondsj Therefore
BE: IT ORDAINED by the City Commission of the City ot La Porte"
Texas:
Section 1: That the bonds of the City ot ~ port,' Texas" be is-
sued in the principal amount of $200,000.00, to be known and desig-
nated as "CITY OF LAPORTE STREET IMPROVEMENT BONbs, SERIES 1953-A""
'---", for the acquisition of a capital project, to-wit: constructing
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and improving the roads" bridges and streets of said city" under
and by virtue ot the Constitution and laws of the State ot Texas,
particularly Chapters 1 and 7 ot Title 22" Revisetl Civil Statutes
of Texas" 1925, as amended" and the City Charter f said city,
particularly Article VI thereof.
Section 2: Said bonds shall be dated January 15" 1953, shall be
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numbered from 1 to 200" both inclusive, shall be in the denominatio
of $1,,000 each, aggregating '.$200"000,, and shall blcome due and pay-
able on the 15th day of Jan~ry in each of the yelrs and in the
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respective amounts shown in the following SChedUl]" to-wit:
Bond Nos. Maturity Amount
1 - 2 January 15" 1961 2,,000.00
3 - 5 """ 1962 3,,000.00
6 - 9 ~~" 1963 4,000.00
10 - 13 "~, 1964 4,000.00
14 - 21 ~~" 1965 8,,000.00
22 - 29 "~" 1966 8,,000.00
30 38 "~" 1967 9,,000.00
39 - 48 "?, 1968 10,000.00
49 - 58 "~, 1969 10,,000.00
59 - 80 "~" 1970 22,000.00
8: - 102 "~, 1971 22,000.00
103 - 125 "., 1972 23,,000.00
126 - 149 "~, 1973 24,000.00
150 - 174 "~t, 1974 25,000.00
175 - 200 "", 1975 26,000.00
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'The City of La. Porte, Texas, reserves the right to redeem
Bonds Nos. 49 to 200, both inclusive, of this issue, in whole or
in part, on January 15, 1968, or on any interest payment date there-
atter, by paying the principal amount and 'unpaid accrued interest
thereon to the date tixed tor redemption. In the event all or any
part ot the bonds then outstanding shS.ll be called tor redemption
betore maturity, notice thereot in writing shall be mailed, properly
stamped and addressed, to The First National Bank, La Porte, Texas,
and shall be published in a tinancial journal published in New York,
New York and of general circulation in the United State s ot America
,at least one time and said notice shall be mailed and published at
!least thirty (30) days betore the date tixed tor redemption. When
Isaid bonds, or any part thereof, have been called tor redemption
land due provision has been made to redeem the sa~ as herein provide ,.
the right ot the owners and holders to collect interest which would
lotherwise accrue after the redemption date on the bonds called tor
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',redemption, shall be terminated as of the date fixed tor redemption.
Section~ Said bonds shall bear interest as tollows: Bonds No.
11 to 21, both inclusive, at the rate of 3-1/4% per annum, and Bonds
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INos. 22 to 200, both inclusive, at the rate ot 3-1/2% per annum,
interest payable on the 15th day of January, 1954, and semi-annually I
Ithereaft.er on the 15th day of ~UlY a~d the 15th day ot January in I
each year until the principal is paid. Both principal and interest
on said bonds shall be payable in lawful money of the United States
ot America at The First National Bank, La. Porte, Texas, and interest
taIling due on and prior to maturity shal~ be payable only upon
resentation and surrender of the interest coupons attached 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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I nd countersigned by the City Clerk and the corporate seal of the
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city shall be impressed upon each of them. The facsimile signatures
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
That the" form of said bonds shall be substantially
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as follows:
No.
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$1,000.00
UNITED STATES OF AMERICA
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STATE OF TEXAS
COUNTY OF HARRIS
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CITY OF LA PORTE
STREET IMPROVEMENT BOND
SERIES 1953-A
I The City of La Porte, in the County of Harris, State of Texas,
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!for value received, acknowledges itself indebted to and promises to
, the sum of '
pay to bearer on the 15th day of January, 19
ONE THOUSAND DOLLARS
($1,000.00), in lawful money of the United States of America, with
interest thereon from date at the rate of (*%) per annum, payable
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January 15, 1954, and semi-annually thereafter on July 15th and
IJanuary 15th in each year until the principal sum shall be paid;
both principal and interest are payable at The First National Bank,
Porte, Texas, and interest falling due on or prior to maturity is
yable only upon presentation and surrender of the interest coupons
ereto attached as they severally become due.
The City of La Porte, Texas, reserves the right to redeem Bonds
49 to '200, both.'inclusivel of this issue, in whole or in part,
n January 15, 1968; '-or on any interest payment date thereafter, by
paying the principal and unpaid accrued interest thereof to the date
~ixed for redemption. In case all of said bonds subject to redemptio .
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or any part thereof, shall be called for redemption before maturity~
notice thereof in writing shall be mailed, properly stamped and ad-
dressed, 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 provided, the right of the owners and holders to collect
It interest which would otherwise accrue after the redemption date on
the bonds called for redemption shall be terminated as of the date
Ifixed for redemption.)
This bond is one ofa
series of two hundred (200) bonds of like
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!date and tenor~ except as to number, maturity,
loption of redemption before maturity~ numbered
interest rate and
from 1 to 200~ both
inclusive, in the denomination of $l~OOO each, aggregating $200~OOO~
and is issued for the acquisition of a capital project, to-wit:
constructing and improving the roads, bridges and streets of said
city, under and in strict confor.mity with the Constitution and laws
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_, of the State of Texas~ particularly Chapters 1 and 7 of Title 22~
Civil Statutes of Texas, 1925, as amended, and the City
of said City, particularly Article VI thereof, and pursuant
duly passed and adopted by the City Commission of
. he City of La Porte, Texas, which ordinance is of record in the
inutes of said City Commission.
I The date of this bond, in conformity with the above mentioned
rrdinance is ~anuary 15, 1953.
I It is hereby certified, recited and represented that the series
f bonds of which this b0nd is a part was authorized at an election
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held in the City of La Porte, Texas, on December 9, 1952, and that
all acts, conditions and things necessary to be done precedent to
and in the issuance of these bondsl in order to make them legal,
valid and binding obligations of said city, have been done, have
happened and been performed in regular and due time I form and manner
as required by law; that. due provision has been made for levying
and collecting 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 of which this one is a part, together with all
other indebtedness of said city, does not exceed any constitutional
or statutory limitation.
I IN WITNESS WHEREOFI the City Commission of the City of La Portel
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
Clerkl and the interest coupons hereto attached to be executed by'
the facsimile signatures of said Mayor and City Clerk, all as of
,January 151 1953.
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Texas
Porte, Texas
(* )
Bonds Nos. 1 to 21, both inclusive, bear interest at
the rate of 3-1/4% per ,annum.
l Bonds Nos. 22-to 200, both inclusivel bear interest
at the rate of 3-1/2% per annum.
ection 6: The form of the coupons to be attached to said bonds
rhall be substantially as follows:
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On the 15th day ot
$
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*, the City of
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Porte, in the County of Harrisl State of Texas, promises to pay
o bearer at The First National Bankl ][,a Porte, Texasl the sum of
Dollars ($
)
money of the United States of Americal being the interest
City of La Porte Street Improvement Bond,
ries 1953-.41 dated January 151 1953. Bond No.
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Mayor 1 City of La Porte, Texas
Porte, Texas
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I * (Bonds Nos. 49 to 200, both inclusive, shall contain the fol-
llowing additional clause: unless the bond to wh1cp this coupon is
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la ttached shall have been' called for previous redemption as therein
provided and due provision has been made for
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the redemption thereofl).
Section 7:
The following certificate shall be printed on the baok
of each of said bonds:
OFFICE OF THE COMPTROLLER
REGISTER NO.
THE STATE OF TEXAS
I, I' hereby certify that ,there is on file and
IOffice a, certificate of the Attorney General of
of record in my
the State of Texas
to the ef~ect 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 Texasl and that it is.a
alid and binding obligation upon said City of La Porte, Texas, and
hat said bond has this day beenregistered by me.
WITNESS mw hand and seal of office at Austin, Texas,
.
Comptroller of Public Accounts
of the State of Texas.
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Section 8:
While said bonds, or any part of the principal thereof
or interest thereon, remain outstanding and unpaid, there is hereby
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 each year, a tax upon all taxable 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 1 e> ft f~ ,4~' vEr
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$100 valuation of taxable property within said city is hereby levied'
on each
for the current year 1953 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
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'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
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jUnpaid, 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 principal and interest
:on said bonds, and to no other purpose.
Section' 9:
That the Mayor shall take and have charge of said bond
pending their investigation and approval by the Attorney General,
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land, when so approved, shall deliver them to the Comptroller of
Ipublic Accounts for registration.
Section 10: That the sale of said bonds to Earnest L. Brown, Jr.,
IBellaire, Texas, McClung & Knickerbocker, Houston, Texas, and
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Central Investment Company of Texas, San Antonio, Texas, at a price
of par plus accrued interest, plus a. ca.sh premium of
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h/'Nr #k-I ~- Doll'ars, subject to the un-
qualified approving opinion as to legality by the Attorney General
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of Texas~ and market attorneys selected by the purchasers~ is
hereby authorized~ approved, ratified and confirmed. When said
bonds have been approved by the Attorney General of Texas and regis-
tered by the Comptroller of Public Accounts of Texas, they shall be
delivered to the purchasers upon receipt of the purchase price.
The Mayor and City Clerk of the City of La. Porte are authorized
and directed to do any and all things necessary and/or convenient
to carry out the provisions of this ordinance.
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PASSED and APPROVED ,this / }. r day of January~ 1953.
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May~y~~.'Texa.
orte ~ Texas