HomeMy WebLinkAboutO-1954-467
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NO. 467
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REFUNDING BOND ORDINANCE
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THE STATE OF TEXAS I.
COUNTY OF HARRIS I
The City Commission of the City of La Porte, Texas,
met in &1) eo 1&1
session at the City Hall within
said City on the 27th day of May, 1954, withthe following
members present, to-wit:
M. D. Burgin
Mayor
Harold P . Pfeiffer '
Commissioner
L. R. Rigby
Conuu1ssioner
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J. E. Muldoon
City Clerk
when the following business was transacted:
The Mayor introduced an ordinance which was read
in full'. Commissioner L. R. Rigby
made a motion
that the ordinance be aiopted as read. The motion was
seconded by Conuu1ssioner Harold P. Pfeiffer and carried by
the following vote: AYES: Mayor Burgin, Commissioners
Pfeiffer and Rigby. NOES: None. The Mayor declared that
the ordinance had' been finally adopted. The ordinance thus
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adopted follows:
AN ORDINANCEDAUTHORIZING THE ISSUANCE OF $20,000 CITY
OF LA PORTE STREET IMPROVEMENT REFUNDING BONDS, SERIES
1954; PRESCRIBING THE TERMS AND CONDITIONS THEREOF;
AND LEVYmNG TAXES TO PAY THE PRINCIPAL AND INTEREST THEREON.
WHEREAS, the City Comm1ssioneof the City of La Porte,
Texas, adopted an ordinance on the 18th day of December, 1953
orizing the issuance of $21,000 City of La Porte Street ImpDovemen
Time Warrants, Series 1953, 4-1/2% dated December 15,1953,' for the
purpose of evidencing the indebtedness of , the City of La Porte for
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furnishing all necessary material, machin~ry, equipment, superinte -
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dence, and labor tor making certain improvements to eertaln street
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in the City of La Porte, Texas, including all engineering and
other professional expenses necessary and pertinent to said work;
and
WHEREAS, $20,500 in principal amount of said warrants,
being Warrants Nos. 1 to 41, both inclusive, in the denomination
of $500 each, aggregating $20,500, have heretofore been issued
and delivered to the persons entitled to receive the same and
same are now outstanding and unpaid and constitute the valid
and legally binding general obligations of the City of La Porte;
and
WHEREAS, pursuant to an ordinance adopted by the City Com-
mission on the 16th day of April, 1954, notice has heretofore
been published in the manner and for the time required byhw
of the intention of the City Commission to adopt an ordinance
on the 27th day of May, 1~54, to authorize the issuance of the
refunding bonds of said City in the maximum amount of $20,500,
for the purpose of refunding the above described time warrants;
and
WHEREAS, no petition signed by 10% ,of the qualified voters
of the City of La Porte requesting that an election be held on
the proposition of the is~uance of said bonds has been filed with
the City Commission of the City of La Porte or any officer of
the City of La Porte and no petition of any kind relating to
the issuance of said refunding bonds has been filed with the
City or any'of its' officers or agents; and
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WHEREAS" the owners and holders of Warrants Nos. 1 - 40
both inclusive" in the denomination of $500 each" aggregating
$20"000,, have agreed to accept the hereafter described refunding
bond in lieu of said Warrants Nos. 1 - 40, both inclusive" of
said outstanding warrants" it being the intention of the City
to payoff and discharge Warrant No. 41 of said outstanding
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warrants when it matures" and this City Commission is of the
opinion that it is to the best interest of the City of La Porte
that said warrants Nos. 1 - 40, both inclusive, be refunded;
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 c~ty of La Porte, Texas" be
issued in the principal sum of $20,,000, to be known and designated
as "'CITY OF LA PORTE STREET IMPROVEMENT REFUNDING BONDS, SERIES
195411" for the purpose of refunding" cancelling and in lieu of
a like principal amount of the hereinabove described time warrants,
Wlder and by virtue of the Constitution and Laws of the State of
Texas, particularly Chapter 163, Acts of the 42nd Legislature of
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Texas" Regular Session" 1931" as amended" and the Charter of the
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City of La Porte.
Section e:
That said bonds shall be dated June 1, 1954.. shall
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be numb-ered'~rom l'to 20, both inolusive, shall be in the de-
nomination of $1,,000 each" aggregating $20"000,, and shall become
due and payable on t~e 1st day of June as follews: Bonds Nes. 1
II
to 10, both inclusive, in the year 1976, and Bonds Nos. 10 to 20"
both inclusive, in the year 1977, it being hereby affirmatively
adjudged by the City Commission that the financial condition of
suoh city will not permit their isauance in such installments as
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. will make the burden of taxation to support same approximately
uniform throughout ,the term of said bond issue, unless the in-
stallments herein provided for shall be so construed.
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~ The City of La Porte reserves the right to redeem, in
whole or in part, all bonds of this issue on June 1, 1974,
or on any interest payment date thereafter, by paying to the
owners or holders of said bonds a sum equal topar plus accrued
interest on the bonds called for redemption. If the City
elects to redeem any of said bonds, notice thereof in writing
shall be mailed, properly stamped and addressed, to the bank
at which said bonds are payable and shall be published at
least one (1) time in a financial journal published in New
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York, New York and of general circulation in the United States
of America, and said notice shall be mailed and published at
least thir.ty (30) days before the date fixed for redemption.
~fuen said bonds have been called for redemption and due pro-
vision has been made to redeem the same as herein provided, the
right of the owners or holders to collect interest \'lhich \'l1ou1d
otherwise accrue shall be terminated as of the date fixed
for redemption.
Section 3:
That ~aid bonds shall bear interest at the rate
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of four per cent (4%) per annum, interest payable December 1,
1954 and semi~annua11y thereafter on June 1st and December 1st
of each year until the principal sum is paid. Both principal
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of and interest on said bonds shall be payable in lawful money
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of the United States 'qf ~erica at the First National Bank:,
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La Porte, Texas, upon presentation and surrender of the bonds
as they become due, or as to 'interest falling due on and prior
to maturity, upon presentation and sur~ender of the interest
coupons attached to said bonds as they become due.
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Section 4:
That each of said bonds shall be signed by the
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Mayor and countersigned by the City Clerk, and the corporate
seal shall be impressed upon each of them. The facsimile signa-
tures of the ~ayor 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 they ha~ 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
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STATE OF TEXAS
COUNTY OF HARRIS
CITY OF LA PORTE
STREET IMPROVEMENT REFUNDING BOND,
SERIES 1954
The City of La Porte, in the County of Harris, State of
Texas, for value received, hereby acknowledges itself indebted
to and promises to pay to bearer on the 1st day of June, 197_,
the sum of
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ONE THOUSAND DOLLARS
($1,000), with interest thereon from date hereof at the rate
of four -( 4%)-per cent pe;r annum, interest payable December 1,
1954 and serni-annually thereafter on June 1st and December 1st
of each year until the principal sum hereof shall have been
paid. Both principal he~~~f and interest hereon are payable
in lawful.money of. the United States of America at the First
National Bank, La Porte, Texas, and interest falling due on
or prlor to maturity is payable only upon presentation and
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f\:.. surrender of the interest coupons hereto attached as they severally
become due.
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The date of this bond, in conformity with the ordinance
hereinafter named, is June I, 1954.
The City of La Porte reserves the right to redeem, in
whole or in part, all bonds of this issue on June 1, 1974,
or .on any interest payment date thereafte~, by paying to the
owners or holders of said bonds a sum equal to par plus accrued
interest on the bonds called for redemption. If the City
elects to redeem any of said bonds, notice thereof in writing
shall be mailed, properly stamped and addressed, to the bank
at which said bonds are.payable and shall be published at least
one (1) time in a financial journal published in New York,
New York, and of general circulation in the United States of
America, and said notice shall be mailed and published at least
thirty (30) days before the date fixed for redemption. When
said bonds have been called ~or redemption and due provision
has been made to redeem the same as herein provided, the right
of the owners or holders to collect interest which would
otherwise acqrue shall be terminated as of the date fixed
for redemption.
This. bond is one of a series of twenty (20) bonds of like
and maturity,
date and tenor, excep~ as to numbert being numbered from one
(1) to twenty (20), both inclusive, in the denomination of One
Thousand Dollars ($l,OOO:~OO) each, aggregating Twenty Thousand
($20,000) Dollars, and is issued for the purpose of refunding,
cancelling and in lieu of a like principal amount of the City
of La Porte Street Improvement Time Warrants, Series 1953,
4-1/2%, dated December 15, 1953, numbered from 1 to 40, both
inclusive, under and in strict conformity with the Constitution
and laws of the State of Texas, particularly Chapter 163, Acts
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as amended
of the 42nd Legislature of Texasl Regular Sessionl 1931,/the
Charter of the City of La Porte, and pursuant to an ordinance
passed by the City Commission, which is of record in the minutes
of said City Commission.
It is hereby certified, recited and represented that all
actsl conditions and things necessary to be done precedent to
and in the issuance of this bond, and this series of bonds,
and of the warrants hereby refunded, in order to render the
same legal, valid and binding obligations of said City, have
been donel have happened and been performed in regular and due
time, form and mannerl as reqUired by law; that due provision
has been made for the payment of the principal of and interest
on this bond, and the series of which it is a part, by the levy
of a direct annual ad valorem tax upon all taxable property
within said City, sufficient for said purposes; and that this
series of bonds, together with all other indebtedness of said
City does not exceed any constitutional or statutory limitation.
IN TESTIMONY WHEREOF, the City Commission of 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, and countersigned by the City Clerk and has caused the
annexed coupons to be .~~gned by the facsimile signatures of
said r~yor and City Clerk, all as of the 1st day of Junel
1954.
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Countersigned:
City Clerk, City of La Porte,
Texas
Section 6: That the form of coupon attached to such bond shall
be substantially as follolo'lS:
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.,: On the 1st day of , 19)_*
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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 $
in lawful
money of the United States pf America, being the interest due "
that date on the City of La Porte~ Street Improvement Refunding
Bond, Series 1954, dated June 1,
1954, Bond No. ;
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yor
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City Clerk
* (Coupons maturing after June 1, 1974 on said bonds shall
have printed thereon the following:
unless the bond to which this coupon appertains shall have
been called for previous redemption as therein 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 CO~PTROLLER
THE STATE OF TEXAS
REGISTER NO.
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I hereby certify that there is on file and of record in
my office a certificate of the A.ttorney General of the State of
Texas to the effect that this bond has been examined by him as
required by1aw, 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 of said City of
La Porte, Texas" and said bond has this day been registered by me.
WITNESS my hand and seal of office at Austin, Texas,
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Comptroller of Public Accounts
of the State of Texas
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Section 8:
A special fund to be designated "City of Ia
Porte Street Improvement Refunding Bond~Series 1954, Interest
and Sinking Fund" is hereby created and the proceeds of all
taxes levied and collected for and on accouttof the outstanding
warrants which are being refunded are hereby transferred to
said Fund and all taxes assessed and collected hereafter for
and on account of the refunding bonds shall be credited to said
Fund; and for the current year and for each succeeding year
while any of said bonds or any interest thereon~ remain out-
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standing and unpaid, there is hereby levied a tax at a rate
based upon the latest approved tax rolls of said City for each
ofreid years~ respectively~ sufficient to fully make, raise
and produce in each of said years the amount of principal and
interest to be paid on said bonds in each of said years,
respectively, with proper allowance for costs of collection and
delinquencies~ and such tax shall be levied against all the
t~~able property within said City, and when collected, shall
be applied to the purpose named and to no other purpose.
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Section g:
That the ~~yor of said City is hereby authorized
to take and have charge of said bonds pending their investigation
and approval by the Attorney General of Texas and their registra-
tion by the Comptroller of Public Accounts of the State of Texas.
The Comptroller shall notregis:ter said bonds until a like
principal amount of the above described warrants shall have
been delivered tol1l.m for cancellation, and whBn such warrants
have been duly cancelled, the Comptroller is hereby authorized
to deliver said refunding bonds to Moroney, Beissner & Co.,
Houston, Texas~ or order.
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Section 10:
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This ordinance shall be effective immediately
upon its adoption.
PASSED and APPROVED this 27th day of May, 1954.
Texas
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