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HomeMy WebLinkAboutO-1959-575 . , . . . 1/,5-7,5- . e AN ORDINANCE AUTHORIZING THE ISSUANCE OF $490,000 PERMANENT IMPROVEMENT GENERAL OBLIGATION BONDS, SERIES 1959; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; LEVYING TAXES IN PAYMENT THEREOF; AWARD- ING THE SALE THEREOF; AND CONTAINING OTHER PRO- VISIONS RELATING TO THE SUBJECT THE STATE OF TEXAS ~ COUNTY OF HARRIS ~ The City Commission of the City of La Porte, Texas, convened in regular session at the City Hall within said City on the 18th day of September, 1959, with the following members present, to-wit: H. P. Pfeiffer Mayor John D. Lawler Commissioner Odell L. Brown Commissioner Tom W. Osburn Commissioner Frank R. Boyle, Sr. Commissioner Frank G. Baker City Clerk ~nd the following members absent, to-wit: )/ <> tf/C , ~hen, among other business, the following was transacted: The Mayor introduced an ordinance which was read in full. Commissioner [Jrj(, IJ y~ moved that it be adopted as read. The motion for adoption was seconded by Commissioner (tJ 5 j;, (/ Ii- ,11,/' , 4IIt and carried by the following vote: AYES: Mayor Pfeiffer, Commissioners . Lawler, Brown, Osburn, and Boyle. NOES: None. The ordinance thus adopted follows: AN ORDINANCE AUTHORIZING THE ISSUANCE OF $490,000 PERMANENT IMPROVEMENT GENERAL OBLIGATION BONDS, SERIES 1959; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; LEVYING TAXES IN PAYMENT THEREOF; AWARD- ING THE SALE THEREOF; AND CONTAINING OTHER PRO- VISIONS RELATING TO THE SUBJECT WHEREAS, at an election held in the City of La Porte, Texas, on the 15th day of August, 1959, more than a majority of the duly qualified resident electors of said City who owned taxable property within said City and who had duly rendered the same for taxation, . . ~ ~ e e voting at said election, voted in favor of the issuance of the bonds of said City in the following amounts and for the acquisition of the following capital projects, to-wit: $45,000 for constructing and equipping a fire station within and for said City; $15,000 for constructing improvements and repairs to the City Hall within said City; $355,000 for constructing and improving the roads, bridges and streets of said City; $75,000 for constructing improvements and extensions to the City's waterworks system; and WHEREAS, the City Commission of said City is of the opinion that all $490,000 of said bonds should now be issued sold and delivered, and is also of the opinion that all said bonds should be combined into one issue of $490,000 permanent improvement general obligation bonds, Therefore BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LA PORTE: Section 1: That the bonds of the City of La Porte, Texas, be .:.8sued in the aggregate principal amount of $490,000, to be known and i':!signated as "CITY OF LA PORTE PERMANENT IMPROVEMENT GENERAL OBLI- GATION BONDS, SERIES 1959", for the acquisition of capital projects, to-wit: constructing and equipping a fire station within and for said City, constructing improvements and repairs to the City Hall within said City, constructing and improving the roads, bridges and streets of City, and constructing improvements and extensions to the said City's waterworks system, under and by virtue of 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 Cit~ particularly Article VI thereof, and pursuant to an election held in said City on the 15th day of August, 1959. Section 2: That said bonds shall be dated September 15, 1959, shall be numbered consecutively from 1 to 490, both inclusive, shall be in the denomination of $1,000 each, aggregating $490,000, and shall become due and payable serially on March 15th in each of the years - 2 - e e . and in the respective amounts shown in the following schedule, to-wit: Bon ds Nos. Maturity Amount 1 - 38 1960 $ 38,000 39 - 80 1961 42, 000 81 - 123 1962 43,000 124 - 168 1963 45,000 169 - 215 1964 47,000 216 - 225 1965 10,000 226 - 235 1966 10,000 236 - 245 1967 10,000 246 - 255 1968 10,000 256 - 265 1969 10,000 266 - 275 1970 10,000 276 - 285 1971 10,000 286 - 295 1972 10,000 296 - 305 1973 10,000 306 - 315 1974 10,000 . 316 - 325 1975 10,000 326 - 350 1976 25,000 351 - 375 1977 25,000 376 - 420 1978 45,000 421 - 465 1979 45,000 466 - 490 1980 25,000 Section 3: That said bonds shall bear interest at the following rates per annum, to-wit: ~ interest payable March 15, 1960, and semi-annually thereafter on September 15th and March 15th of each year until the principal sum is paid. Both principal of and interest on said bonds shall be payable in lawful money of the United States of America, without exchange or collection charges to the owners or holders, at the First National Bank, La Porte, Texas. The principal of said bonds shall be payable only upon presentation and surrender of the bonds as they respectively ~ become due, and interest falling due on and prior to the respective maturity dates of the bonds shall be payable only upon presentation and surrender of the interest coupons attached to said bonds as they - 3 - e e . severally become due. Section 4: That, in accordance with the provisions of Chapter 293, Acts of the 54th Legislature of Texas, Regular Session, 1955 (codified in Vernon's Texas Civil Statutes as Article 717j), each of said bonds shall be signed by the Mayor and countersigned by the City Clerk, by their facsimile signatures, and the corporate seal of said City shall be impressed on each of said bonds. The interest coupons attached to said bonds shall also be executed by the facsimile signa- tures of said Mayor and City Clerk. Said facsimile signatures, as above provided, may be engraved, lithographed or printed, and shall 4It have the same effect as if said bonds and coupons had been signed in person by each of said officers. The Comptroller's registration certificate, as provided hereafter in Section 7 of this ordinance, shall be manually subscribed. Section 5: That the form of said bonds shall be substantially as follows: NO. $1,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF HARRIS CITY OF LA PORTE PERMANENT IMPROVEMENT GENERAL OBLIGATION BOND, SERIES 1959 ~ THE CITY OF LA PORTE, in the County of Harris, in the State of Texas, FOR VALUE RECEIVED, acknowledges itself indebted to and hereby promises to pay to bearer on the 15th day of March, 19___, the sum of ONE THOUSAND DOLLARS ~l,OOO), with interest thereon from the date hereof at the rate of ~ (NOTE TO PRINTER: For interest rates see Section 3 of Bond Ordinance) interest payable March 15, 1960, and semi-annually there- ~ after on September 15th and March 15th of each year until the prin- cipal sum shall have been paid. Both principal of and interest on this bond are payable in lawful money of the United States of America, - 4 - . . ~ ~ e e without exchange or collection charges to the owner or holder, at the First National Bank, La Porte, Texas. The principal hereof shall be payable only upon presentation and surrender of this bond, and interest falling due on and prior to maturity of this bond shall be payable only presentation and surrender of this interest coupon here- to attached as they severally become due. THE DATE OF THIS BOND, in conformity with the ordinance herein- after mentioned, is September 15, 1959. THIS BOND IS ONE OF A SERIES OF 490 BONDS of like tenor and effect except as to number, maturity, and interest rate, being numbered from 1 to 490, both inclusive, in the denomination of $1,000 each, aggre- gating $490,000, and, together.with the other bonds of said series, is issued for the acquisition of capital projects, to-wit: constructing and equipping a fire station within and for said City, constructing improvements and repairs to the City Hall within said City, construc- ting and improving the roads, bridges and streets of said City, and constructing improvements and extensions to the City's waterworks system, under and by virtue of 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, and by authority of a majority vote of the duly qualified resident electors of said City who owned taxable property within said City and who had duly rendered the same for taxation at an election held in said City on the 15th day of August, 1959, and pursuant to an ordinance duly passed and adopted by the City Commission of said City, which ordinance is of record in the official minutes of said City Commission. 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 necessary to be done precedent to and in the issuance of this bond, and this series of - 5 - . e e bonds, in order to render the same legal, valid and binding obliga- tions of said City, have been done, have happened, and have been performed in regular and due time, 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 create and provide a sinking fund for the final redemption of said bonds at maturity; and that the issuance of this series of bonds does not exceed any Constitutional or statutory limitation. IN WITNESS WHEREOF, the City Commission of the City of La Porte, 4It Texas, has caused the corporate seal of said City to be affixed here- ~ . to, and, in accordance with the provisions of Chapter 293, Acts of the 54th Legislature of Texas, Regular Session, 1955 (codified in Vernon's Texas Civil Statutes as Article 717j), has caused this bond to be signed by the Mayor of said City and countersigned by the City Clerk by their facsimile signatures, and has caused the interest coupons hereto annexed also to be executed by the facsimile signatures of said Mayor and City Clerk, all as of the 15th day of September, 1959, ~~NTER~.IGNED : ,,/ 4. . ' , ~</C/ /d;<-~ ity Clerk, City of La Porte, Texas Section 6: That the form of interest coupon attached to said bonds shall be substantially as follows: NO. $ ON THE 15TH DAY OF , 19___, the City of La Porte, in the County of Harris, State of Texas, promises to pay to bearer, without exchange or collection charges, the sum of $ , in lawful money of the United States of America, at the First National - 6 - . '. . . ~ ~ . ' e e Bank, La Porte, Texas, being the interest due that date on City of La Porte Permanent Improvement General Obligation Bond, Series 1959, dated September 15, 1959, Bond No. / /JL.""---- Texas ;"'~~-i./" of La Porte, Texas Section 7: That substantially the following certificate shall be printed on the back of each of said bonds, which certificate shall be manually subscribed: OFFICE OF THE COMPTROLLER REGISTER NO. THE STATE OF TEXAS 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 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 the Charter of said City, and that it is a valid and binding obligation of the 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, . Comptroller of Public Accounts of the State of Texas Section 8: That 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 same time other City taxes are assessed, levied, and collected, in each year, beginning with the year 1959, a continuing direct annual ad valorem tax upon all taxable property within said City sufficient to pay the current interest on - 7 - e e said bonds and to create and provide a sinking fund or not less than two per cent of the principal amount of said bonds then outstanding ~ or of 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 of collection, and said taxes, when collected, shall be applied to the payment of the principal and interest on said bonds, and to no other purpose. Section 9: That it shall be the duty of the Mayor to submit the record of said bonds, and the bonds, to the Attorney General of Texas, for approval, and thereafter to have them registered by the Comptroller of Public Accounts of Texas. Section 10: That the sale of said bonds to jlj!ed.. tch~~v (;{) J':/I (/~~{dh~' ~~IL-<-- , at a price equal to the / ~inciPa1 amount of said bonds plus accrued interest thereon from the date of such btndS to the date of actual delivery, plus a cash pre- mium of ~~ . subject to the unqualified approving oPi~ion as to the legality of such bonds by the Attorney General of Texas and Vinson, Elkins, Weems & Searls, Houston, Texas, market attorneys, is hereby authorized, approved, ratified, and confirmed. When said bonds have been approved by the Attorney General of Texas and registered by the Comptroller of Public Accounts of Texas, the Comptroller is hereby authorized and respectfully requested to deliver the same to the American National Bank, Austin, Texas, for the account of the City, where such bonds will be delivered to the purchasers upon receipt of the purchase price. The Mayor and City Clerk are authorized and directed to do any and all things necessary and/or convenient to carry out the terms of this ordinance. PASSED AND APPROVED this 18th day of September, 1959. ~tp~ Mayor, City of ATTEST: :Y:~<</d 1< LSd'~<'"-/ City Clerk, City of La Porte, Texas (SEAL)