HomeMy WebLinkAboutO-1955-480
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ORDmNCE NO. 480
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
$60,,000.00 SANITARY SEWER SYSTEM BONDS"
SERIES 1955; PRESCRmING THE TERMS AND
CONDITIONS THEREOF; AND LEVYING TAXES TO
PAY THE PRINCIPAL AND INTEREST THEREON
THE STATE OF TEXAS I
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COUNTY OF HARRIS I
The City Commission of the City of La Porte" Texas" met
in 6D6Fu-" ~ session at the regular meeting place within
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said City on the 6 - day of r~6 " 1955" with
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M. D. Burgin Mayor
L. R. Rigby Commissioner
H. P. Pfeiffer Commissioner
J. E. Muldoon City Clerk
when the following business was transacted:
The Mayor introduced an ordinance which was read in full.
Commissioner 11 if A ~ moved that it be adopted as
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read. The motion was seconded by Commissioner -';':;,5"lf~12
and carried by the following vote: AYES,: Mayor Burgin" Commiss1o_ e!'~
Rigby and Pfeiffer. NOES: None. The Mayor declared that the
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ordinance had been finally adopted. The ordinance thus adopted
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follows:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
$60" 000.00 SANITARY SEWER SYSTEM BONDS"
SERIES 1955; PRESCRIBING THE TERMS AND
CONDITIONS THEREOF; AND LEVYING TAXES TO
PAY THE PRINCIPAL AND INTEREST THEREON
WHEREAS" at an election held in the City of La porte"
Texas" on the 8th day of January" 1955" 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
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at said election" voted in favor of the issuance of the bonds
of said City in the amount of $60,,000.00 for the acquisition of
a capital project" to-wit: improving and extending the City's
sanitary sewer system; and
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WHEREAS, said election was properly called and notice
thereof given as required by law and the City Commission has
heretofore canvassed the results thereof and determined the
specific authority of the City to issue said bonds; Therefore
BE IT ORDAINED by the City Commission of the City of La
Po rte, Texas:
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Section 1: That the bonds of the City of' La Porte, Texas, be
issued in the principal amount of $60,000.00, to be known and
designated as IICITY OF LA PORTE SANITARY SEWER SYSTEM BONDS,
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SERIES 195511, for the acquisition of a capital project, to-wit:
improving and extending the City's sanitary sewer system, 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.
Section 2: That said bonds shall be dated February 15, 1955,
shall be numbered from One (1) to Sixty (60), both inclusive,
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shall be in the denomination of $1,000 each, aggregating $60,000,
and shall become due and payable on the 15th day of February in
each of the years and in the respective amounts shown in the
following schedule, to-wit:
Bonds Nos. Maturity Amount
1 - 2 February 15, 1959 $2,000.00
3 - 4 " n 1960 2,000.00
5 - 6 II II 1961 2,000.00
7 - 8 II It 1962 2,000.00
9 fo:t10 .. " 1963 2,000.00
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11 -12 II II 1964 2,000.00
13 -14 ..' I' 1965 2,000.00
15 -17 II " 1966 3,000.00
18 -20 n 11 1967 3,000.00
...--...... 21 -23 tl- II 1968 3,000.00
e 24 -26 II .. 1969 3,000.00
27 -29 u II 1970 3,000.00
30 -3~ It II 1971 3,000.00
33- 35 II II 1972 3,000.00
36 -38 IJ II 1973 3,000.00
39-41 n- .. 1974 3,000.00
42 -44 II II 1975 3,000.00
45 -50 II II 197.6 6,000.00
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51-60
February 15, 1977
$10,000.00
The City expressly reserves the right to redeem Bonds
Nos. 30 to 60, both inclusive, of this issue, in whole or in
part, on February 15, 1970, or on any interest payment date
thereafter, by paying to the owners and holders thereof a price
equal to the principal amount of the bonds redeemed plus unpaid
accrued interest to the date fixed for redemption. Notice of
the exercise of the option to redeem shall be given in writing
to the bank at which said bonds are payable and by publication
of such notice one time in a financial journal of general cir-
culation in the United States of America, which notice shall be
published and mailed at least thirty (30) days prior to the date
fixed for redemption in the manner prescribed, and when due pro-
vision has been made to pay the principal and unpaid accrued
interest to the date fixed for redemption, the right of the owners
and holders to collect interest which would otherwise accrue after
the redemption date on the bonds called for redemption shall termi-
nate on the date fixed for redemption.
Section 3: That said bonds shall bear interest at the following
rates: Bonds Nos. 1 to 17, both inclusive, at the rate of 2 3/4
percent per annum, Bonds Nos. 18 to 35, both inclusive, at the
rate of 3t percent per annum, and Bonds Nos. 36 to 60, both in-
elusive, at the rate of 3~ percent per annum, interest payable
February 15, 1956, and semi-annually thereafter on August 15th and
February 15th C?f each year, until., the PFincipal sum thereof shall
have been paid. Both principal and interest on said bonds shall
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 upon presenta-
tion and surrender of the interest coupons attached to said bonds
as they severally become due.
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Section 4: That each of said bonds shall be signed by the Mayor
and countersigned by the City Clerk and the corporate seal of the
City shall be impressed upon each of them. The facsimile sig-
natures 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 ~: That the form of said bonds shall be substantially
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as follows:
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No.
$1,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF LA PORTE
SANITARY SEWER SYSTEM BOND
SERIES 1955
The City of La Porte, in the County of Harris, State of
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Texas, for value received, acknowledges itself indebted to and
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promises to pay to bearer on the 15th day of February, 19___,
the sum of
ONE THOUSAND DOLLARS
($1,000.00), in lawfu1~oney of the United States of America,
with interest thereon from the date hereof at the rate of (* %)
per annum, interest payable February 15, 1956, and semi-annually
thereafter on August 15th and February 15th in each year until
the principal sum shall have been paid. Both principal hereof
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and interest hereon are payable an The First National Bank, La
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Porte, Texas, and interest falling due on or prior to maturity
is payable only upon presentation and surrender of the interest
coupons hereto attached as they severally become due.
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Tail ~ "' on. ot ...rt.. o,.t~r (60,) ..... of 1'.
dat. and teM", _..'.. to ....r, Mtudt"SnWlUt at. and
optl.. of ....."., t'WaIbtM tN1I, "'* (1) to st..,. (GO). botb
tac1.t_,. . sa *dMOIIlMtion of .1,000,.0.0 .... ......ttas
"0,000.. at ,...... tor the ..q,Utlltl_ of . oepltal 'a'O~"t,
to-wltt _8"lttI M"ex"" tht ct..i. ar4ta17 IMler ..ell.
"It' ... ta ..'fl.oto_o_tr _till the CohItttutlOft _ ,lan
of thestata 01 -,.... pUtloulad,. Qhepte-. 1 M4 T of fttle
., f.vued Cid,l ,'ta'&at.. 01 ___.. 1m. ..IIIMlded, ad the
Cltr ~ne. of aid4 C1'7" paf:tlRlaJia"Al'tlck VI tbOJett, and
pura.-at to .. o~. 4W .... .. aclopte4 '" the Clt7
conn.taaton of _ Ctt, of t6 h~'. Ie"" WbS.ch ordlunoe S" Of
NOOn! sa UMt "'Ide. of .....01_ c.........
_ ..' of _I: Mhd, la, _10__' with _ Ibo't. uaan-
tl0ne4 Q,t4lat1lCl", 11 hbl\ll17 15. 195'.
b C1~, .xp...I, nun_. the ftlbt to ..... 1tOnda.
lb.. 30 'to 10, 1M.lth tIleJ......, ot tbh t... _ t.ft tfbol. O';tt In
_1:t, 0., ........., -I5t 19'10, oroa .,bt...t ~Q.t _te
."--""'~"-r, to.- ........... to ...... ............. AIIloio. I...w.lde.... ...............t. ,...... e
...........--.,'.. # >tiI, Jr'\!lItI'-.Yfi"- Y!l!'l'~olIII. WoIft4 'IV, .... ~"'''IlI''' p.,.o
ectual to the t>nftOiJd tIllO_ ot .., ,'bendI ....... pl.. ut1Pd4
ueftllMt taW".. " tJw ,.t. tbe4t, tot' ~ttot1. I'Ot108 of
.. ..,..... 0' '.. .,"0Il to ,..... alan ... It.. ill writ_
to till *-Ie .t wblobMlt ... .. ~ .. b7 INlllcatton
01 ...b nod.. .. t18 u . tlMDQtal ,So"rul ot ...... otr-
,.Sat". 1ft UtI \tdW St4to of' ",loat *lob ~u. 1be11 bfl
N11'" 1M -.llld tat l_t th1~ (30" ..' ,dol" to the ate,
fa M"."r -......~.~ ..... ........ Iliii*toiMAr ........."'..A -.. .........- A.~ ftl''''''.
..' ,.loIr ~""9""".Vl1I-fI ...... ~ ........ '. ..,......"'O..'~I "'iN! ......... ..... ~' v
ftelOb .. Men.. to par tbt ~pa1_ unpatd ...Ned
1ftt...., .. ... M-. (~_ to. "_tUft.._ npt. ot 'be o-..l'I
Ih4 bolelen to IOn.., lilt."" ""olW0t4d otrMtm.. aoo.,,,,,,, after
the ~lOft ... .. ..'~ Mil. to.. %'edt_Ion ..11 tend.-
_. on tJw .. ItTS t.X' ~l_.
It .. .....,. :..I'\~. '-'01*-<< a4 ftJPN..Mc1 t..t the
...riM of bIDdI ot.lob tbt., ~ 11* pa~ .. ._ho.....CS at
,._1M'lon bel. ~ .. cttrol La "J't.~ "..."on lMUary 8.
1"',," tIUlt all ..,., O~'t'ODI, amt t1ltnp, .'.-1'1 to be
,~ p....., to," sa tb8 i.un.. o~ t.... bOMa, 1n o*r
to .. ~ 1..1.. \'0114'" ~tmlI... 0-.1""",0. of add Clt~,
.!Jaw .... ..., 'baYe:~ aM ...... "1'tONe4 t.n "IU1ar end
4. tl_. to. ..,....1'.. .qlSft. .. 1., that .. pl'OvbloD
b.. ... ....10.. t~ .. oou.o'", ~~ bJ' tua'Soft
a ..,.t aaftt.t.., to ,., .. lnwrelt Oft tbne bon4e .. it
tan. .s. .. to ,~.. . .111t1lftl .tuftCJtor t.. ftu1 ftIOMIptlon
of Mi.. bOlld8 ., .t..n~" .. ,.t; tbe i.. ot ... otlfld.ch
ttU oat sa . Mn, ~__, 'tilth all Qtbtr ln4ebWnH. of tdd
. . Clt)', .... -jO.f~.*.4 _'~tl'uthMl OI"'.tat\&tol7' lttd-tatloft,l!
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IN WITNESS WHEREOF~ the City Commission of the City of
La Porte~ 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 the 15th day of February~ 1955.
Mayor, City of La Porte, Texas.
Countersigned:
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City Clerk, City of La Porte, Texas
*(Bonds Nos. 1 to 17, both inclusive, at the rate of
2 3/4% per annum; Bonds Nos. 18 to 35, both inclusive, at the
rate of 3t% per annum, Bonds Nos. 36 to 60, both inclusive~ at
the rate of 3t% per annum.)
Section 6: That the form of interest coupon to be attached to
said bonds shall be substantially as follows:
$
No.
On the 15th day of
, 19_,* the
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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 Ameri-
ca, being the interest due that date on the City of La Porte
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Sanitary Sewer System Bond, Series 1955, dated February 15, 1955.
Bond No.
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Mayor, City of La Porte, Texas.
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City Clerk, City of La Porte, Texas.
*' (Coupons maturing a f'ber February 15, lCJ70 on Bonds Nos. 30 to 60, both
inolusive, shall oontain the following additional clause:
unless the bond to which this ooupon appertains has been oalled
for previous redemption and due provision made to redeem same).
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Section 7: The following certificate shall be printed on the
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back of each of said bonds:
OFFICE OF THE COIvIPTROLLER
THE STATE OF TEY..AS
REGISTER NO.
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 himl
as required by law1 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 valid and binding obligation upon said City of
La Portel Texas, and that said bond has this day been registered
by me.
WITNESS my hand and seal of office at Austinl Texasl
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Comptroller of Public Accounts
of the state of Texas.
Section 8: That ~hile said bondsl or any part of the principal
thereof or interest thereonl remain outstanding and unpaidl
there is hereby levied and there shall be annually assessed and
collected in due timel form and manner and at the time other
City taxes are assessed, levied and collected, in each year,
beginning with the current yearl 1955, a continuing, direct,
annual ad valorem tax on all taxable property in said City
sufficient to pay the current interest thereon and to create
a sinking fund of not less than two percent (2%) of the principal
amount of said bonds then outstanding or not less than the amount
required to pay the principal payable out of said tax, whichever
is greater, full allowance being made for delinquencies and costs
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.t,..llectionl and said tax, when collected, shall be applied
to the payment of principal of, and interest onl 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: That the sale of said bonds to
11' NleA .e! f'{ 6" e./f p" ;' IJ (J ~s-ll1~ 7,$ X A.~
/j.!C'1 V.4I'J A~tI
, at a
price of par plus accrued interest plus a cash premium of
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Dollars, subject to the unqualified ap-
proving opinion as to legality by the Attorney General of Texas,
and market attorneys selected by the purchasers, is hereby au-
thorized, approved, ratified and eonfirmed. When said bonds
have been approved by the Attorney General of Texas and registere
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, Texas, 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 IJ day of
.
1955.
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,~~ATTEST:
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(SEAL)