HomeMy WebLinkAboutO-1962-656
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AN ORDINANCE AUTHORIZING THE ISSUANCE OF SEWER SYSTEM
REFUNDING BONDSj PRESCRIBING THE TERMS AND PROVISIONS
THEREOFj PROVIDING FOR THE EXCHANGE THEREOF FOR THE
INDEBTEDNESS BEING REFUNDED THEREBYj CONTAINING OTHER
PROVISIONS RELATING TO THE SUBJECTj AND PROVIDING THAT
THIS ORDINANCE SHALL BE EFFECTIVE UPON AND AFTER ITS
ADOPTION
THE STATE OF TEXAS ~
COUNTY OF HARRIS ~
The City Commission of the City of La Porte, Texas, con-
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vened in regular session at the City Hall within said City on the
i", j
18TH l -,,,,,.
~ day ~f September, 1962, with the following members present, to-
wit:
H. P. Pfeiffer
Mayor
W. A. Stabs" Jr.
Commissioner and
Mayor Pro Tern
Tom W. Osburn
Commissioner
Odell L. Brown
Commissioner
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.~emmiBg;:b.Gl:Rer
Clovis D. Mann
City Clerk
and the follO\<Jing member( s) absent" to-wit:
.
DEN I'Ji ~ "D Ij IJ~/A-.#l
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when" among other business had" the following was transacted:
The Mayor introduced an ordinance which was read in full.
Commissioner (J,S SVIe III
made a motion that the ordinance be
adopted as read. Commissioner
.~ I
T,IU uJ N
seconded the motion
for adoption of the ordinance. The motion, carrying with it the
adoption of the ordinance, prevailed by the following vote:
AYES: Commissioners Stabs" Osburn, Brown,
t""'.''''
"~~RRam and Mayor Pfeiffer.
NOES: None.
The Mayor thereupon announced that the motion had duly
tit. and lawfully carried, and that the ordinance had been duly and law-
fully adopted. The ordinance thus adopted follows:
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07<..\)1 rJr?/:JOe: ~o. 6 ~6
AN ORDINANCE AUTHORIZING THE ISSUANCE OF SEWER SYSTEM
REFUNDING BONDS; PRESCRIBING THE TERMS AND PROVISIONS
THEREOF; PROVIDING FOR THE EXCHANGE THEREOF FOR THE
INDEBTEDNESS BEING REFUNDED THEREBY; CONTAINING OTHER
PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT
THIS ORDINANCE SHALL BE EFFECTIVE UPON AND AFTER ITS
ADOPTION
WHEREAS, the following time warra.nts of the City of
La Porte, Texas, are now outstanding and unpaid, and constitute
valid obligations of said City:
CITY OF LA PORTE SEWER SYSTEM TIME WARRANTS,
SERIES 1962, dated January IS, 1962, Warrants
Nos. 1 to 41, both inclusive, in the denomi-
nation of $1,000 each, aggregating $41,000,
bearing interest at the rate of 6% per annum,
and maturing serially on July 15th in each of
the years as follows: $10,000 in each of the
years 1965 to 1968, both inclusive, and $1,000
in 1969;
and
WHEREAS, on the 16th day of July, 1962, the City Commis-
sion of said City adopted a resolution authorizing and directing
the Mayor and City Clerk to give notice of intention to issue
refunding bonds of said City for the purpose of refunding, can-
ceIling, and in lieu of a like principal amount of said time war-
, '""" i'h'
~/J I~/ert;; ~jYf;:~~'16 Ju.d ~n" .
rants, and said notice was published in The 1& P~te Libe~l on
~~._:....:;;..:..;...::;.r:.o:.:;I__'" ."0 ~_)
July 19, 1962, July 26, 1962, and August 2, 1962, the first pub-
lica.tion being more than thirty (30) days prior to the date for
passing the ordinance authorizing the issuance of such refunding
bonds; and
WHEREAS, no petition requesting that the issuance of such
refunding bonds be submitted to a referendum vote has been filed,
and no protest against the issuance of such refunding bonds
(written or otherwise) has been made; and
WHEREAS, the owner and holder of said outstanding time
warrants described above has agreed to the refunding thereof into
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the refunding bonds hereafter in this ordinance authorized to be
issuedj and
WHER.EAS, the City Commission wishes to proceed with the
authorization and issuance of said refunding bondsj Therefore
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
LA PORTE, TEXAS:
Section 1:
1.01 - EXPRESS FINDINGS: That it is hereby expressly found and
declared that the notice of intention to issue the hereinafter
~ described refunding bonds of the City of La Porte, Texas, has
been given for the time and in the manner provided by law, and
that no petition has been filed in the office of the City Clerk
of said City, or with any other officer of said City, praying or
requesting that the City Commission of said City order an election
for the purpose of submitting the proposition of the issuance of
such refunding bonds to a vote of the qua.lified property taxpaying
voters of said Ci~y, and that no protest of any kind or character
has been filed with or presented to said City Commission or to any
officer of the City, and that said City Commission is now author-
ized to issue the hereinafter described refunding bonds of said
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City.
1.02 - AMOUNT~ NAME, PURPOSE AND AUTHORIZATION OF REFUNDING BONDS:
That the coupon refunding bonds of the City of La Porte, Texas,
be issued in the principal amount of $41,000, to be known and desig-
na ted as "CITY OF LA PORTE, 'rEXAS" SEWER SYSTEM REFUNDING BONDS,
SERIES 1962", for the purpose of refunding, cancelling, and in lieu
of a like principal amount of outstanding time warrants of said
City (being the outstanding time warrants described in the preamble
to this ordinance), under and by virtue of the Constitution and
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. laws of the state of Texas, particularly Article 2368a, Vernon's
Texas Civil Statutesj as amended, and the Home Rule Charter of
said City.
Section 2:
DATE, BOND NUMBERS, DENOMINATION, AND MATURITIES: That said re-
funding bonds shall be dated April 15, 1962, shall be numbered
consecutively from 1 to 41, both inclusive, shall be in the denomi-
nation of $1,000 each, aggregating $41,000, and shall become due
and payable serially in their numerical order, without option of
4It prior redemption, on April 15th in each of the years 1965 to 1972,
as follows:
Bond Numbers Year of Amount
(both incL) Maturity lVIaturing
1 - 5 1965 $5,,000
6 - 10 1966 5,000
11 - 15 1967 5,000
16 - 20 1968 5,000
21 25 1969 5,000
26 - 30 1970 5,000
31 - 35 1971 5,000
36 - 41 1972 6,000
The City Commission of the City of La Porte, Texas, affirmatively
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adjudges that the financial condition of said City will not permit
said bonds to be issued in such jnstallments as will make the bur-
den of taxation to support the same approximately uniform through-
out the term of said issue unless the installments hereinabove
provided for shall be so construed.
Section 3~
.3..:..Q1. - INTEREST RATE AND I.NTEREST PAYMENT DArES: Tha t said re-
funding bonds shall bear interest at the rate of _~...L per annum,
interest payable October 15" 1962, and semi-a.nnually thereafter on
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April 15th and October 15th of each year until the principal sum
is paid.
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_ .1.:..Qg - BANK OF PAYMENT: That 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 of said bonds and/or the interest coupons appurtenant
thereto, at the La Porte State Bank, La Porte, Texas. The princi-
pal of said bonds shall be payable only upon presentation and
surrender of said bonds as they respectively become due, and in-
terest falling due on and prior to the respective maturity dates
of the bonds shall be payable only upon presentation and surrender
4It of the interest coupons attached to said bonds as such interest
coupons severally become due.
Section 4=
EXECUTION OF BONDS AND INTEREST COUPONS: That each of said bonds
shall be signed by the Mayor and countersigned by the City Clerk,
by their lithographed or printed facsimile signatures, and the
facsimile of the corporate seal of said City shall be lithographed
or printed upon each of said bonds, The interest coupons attached
to said bonds shall also be executed by the lithographed or
printed facsimile signatures of said Mayor and City Clerk. Said
facsimile signatures on the bonds and interest coupons shall have
the same effect as if each of said bonds had been signed manually
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and in person by each of such officers, and said facsimile seal
on the bonds shall have the same effect as if the official seal
of said City had been manually impressed upon each of said bonds.
The registration certificate of the Comptroller of Public Accounts
of the State of Texas, which certificate is to be printed on the
back of each of said bonds as set forth hereafter in Section 7
of the ordinance, shall be manually subscribed, and the official
seal of said Comptroller shall be manually impressed thereon.
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Section 5;
FORM OF BONDS~ That said bonds shall be in substantially the fol-
lowing form:
No.
$1,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF LA PORTE, TEXAS,? SEWER SYSTEM REFUNDING BOND
SERIES 1962
THE CITY OF LA PORTE, in the County of Harris, in the
State of Texas, FOR VALUE RECEIVED, acknowledges itself indebted
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to and hereby PROMISES TO PAY TO BEARER ON THE 15TH DAY OF APRIL,
19___, the sum of
ONE THOUSAND DOLLARS
($1,000), with interest thereon from the date hereof at the rate
of f).;')~< % per annum, interest payable October 15, 1962, and semi-
annually thereafter on April 15th and October 15th of each year
until the principal sum shall be paid. Both principal of and in-
terest on this bond are payable in lawful money of the United States
of America, without exchange or collection charges to the owner or
ti' holder, at the La Porte State Bank, La Porte, Texas. The principal
hereof shall be payable only upon presentation and surrender of
this bond, and interest hereon falling due on and prior to the matu-
rity of this bond shall be pa.yable only upon presentation and sur-
render of the interest coupons hereto attached as such coupons
severally become due.
THE DATE OF THIS BOND, in conformity with the ordinance
hereinafter mentioned, IS APRIL 15, 1962.
THIS BOND IS ONE OF A SERIES OF 41 SERIAL BONDS of like
'it date and tenor, except as to serial number and maturity, being
numbered consecutively from 1. to 41, both inclusive, in the
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~ denomination of $1,000 each, AGGREGATING $41,000, and, together
with the other bonds of said series, is issued for the purpose of
refunding, cancelling, and in lieu of a like principal amount of
outstanding indebtedness of said City, under and by virtue of the
Constitution and laws of the State of Texas, particularly Article
2368a, Vernonls Texas Civil Statutes, as amended, and the Home
Rule Charter of said City, and pursuant to an ordinance passed and
adopted by the City Commission of said City, which ordinance is
of record in the official minutes of said City Council.
THE HOLDER CF THIS BOND AND THE HOLDERS OF THE OTHER
BONDS OF THE SERIES OF WHICH THIS BOND IS A PART shall be subro-
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gated to all the rights and privileges belonging to the holder or
holders of the bonds which have been refunded by the issuance of
this series of bonds.
IT IS HEREBY CERTIFIED, RECITED, AND REPRESENTED that
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all acts, conditions, and things necessary to be done precedent
to and in the issuance of this bond and the other bonds of the
series of bonds of which this is one, in order to render the same
legal, valid, and binding obligations of said City, have been
done, have happened, and have been performed in regular and due
time, form, and manner as required by lawj that due provision has
been made for the payment of the principal of and interest
on this bond and the other bonds of the series of which this
bond is one, by the levy of a direct annual ad valorem tax upon
all taxable property within said City, sufficient for said pur-
posesj and that the entire 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.
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IN TESTIMONY WHEREOF, the Ci.ty Commission of the City
of La Porte, Texas, has caused the facsimile of the corporate seal
of said City to be lithographed or printed hereon, this bond to
be signed by the Mayor of said City and countersigned by the City
Clerk, by their lithographed or printed facsimile signatures, and
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 April, 1962.
Mayor, City of La Porte, Texas
_ COUNTERSIGNED:
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City Clerk
Section 6:
FORM OF INTEREST COUPONS: That the interest coupons to be attached
to said bonds shall be in substantially the following form:
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, at the La Porte
State Bank, La Porte, Texas, THE SUM OF $ in lawful money
of the United states of America, being interest due that date on
City of La Porte, Texas, Sewer System Refunding Bond, Series 1962,
bearing the number hereinafter specified, dated April 15, 1962.
Bond No.
Mayor, City of La Porte, Texas
City Clerk
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Section 7:
REGISTRATION OF BONDS BY COMPTROLLER AND FORM OF REGISTRATION CER-
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TIFICATE: That each of said bonds shall be registered by the
Comptroller of Public Accounts of the State of Texas, as provided
by law, and the regis tra tion certificate of said Comptroller of
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Public Accounts shall be ~rinted on the back of each of said bonds,
shall be manually executed, and shall be in substantially the fol-
lowing form:
OFFICE OF THE COMPTROLLER'
REGISTER NO.
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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 re-
quired by law, 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 upon 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,
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Comptroller of Public Accounts of
the State of Texas
Section 8:
INTEREST AND SINKING FUND, AND TAX LEVY: That there is hereby cre-
ated a special fund to be called "City of La Porte Sewer System
Refunding Bonds, Series 1962, Interest and Sinking Fund'" and there
shall be transferred to said Fund the proceeds of all taxes levied
and collected for and on account of the time warrants which are
tit being refunded hereby, and all taxes collected hereafter for and on
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_ account of said time warrants which are being refunded hereby shall,
as collected~ be deposited into said Fund, and all taxes levied,
assessed, and collected for and on account of said refunding bonds
authorized by this ordinance shall, as collected, be deposited into
said Fund. That while the refunding bonds authorized by this ordi-
nance, or any part of the principal thereof or interest thereon,
remain outstanding and unpaid, there is hereby levied, and there
shall be assessed and collected, in due time, form, and manner, and
at the same time other City taxes are levied, assessed, and col-
~ lected, in each year} beginning with the current year 1962, a con-
tinuing direct annual ad valorem tax upon all taxable property
within said City sufficient to pay the current interest on said
bonds as it accrues and to pay each installment of the principal
of said bonds as it matures, full allowance being made for delin-
quencies and costs of collection, and said taxes when collected
shall be applied to the payment of the principal of and interest
on said bonds, and to no other purpose.
Section 9:
SUBROGATION: That except as provided herein, the holder or holders
of the refunding bonds authorized by this ordinance are, and shall
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be, subrogated to all the rights and privileges had and possessed
by the holder or holders of the bonds which are being refunded by
the issuance of this series of refunding bonds.
Section 10:
APPROVAL AND REGISTRATION OF BONDS BY STATE OFFICERS: That it
shall be the duty of the Mayor to submit the record of said bonds,
and the bonds, to the Attorney General of the State of Texas for
examination and approval, and thereafter to have them registered
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~ by the Comptroller of Public Accounts of the State of Texas. That
said refunding bonds shall not be registered until all the under-
lying time warrants have been surrendered for. exchange and cancel-
lation. As and when said underlying time warrants are surrendered
to said Comptroller of Public Accounts, he is authorized and
directed to deliver the refunding bonds authorized by this ordi-
nance in like principal amount to the holder or holders of the
underlying time warrants so surrendered.
Section 11:
~ DUTIES OF CITY OFFICERS: That the Mayor, City Clerk, and other
appropriate officers of the City are hereby authorized and directed
to do any and all things necessary or convenient to carry out the
terms of this ordinance.
Section 12:
EFFECTIVE DATE OF ORDINANCE: That this ordinance shall be effective
upon and after its adoption, AND IT IS SO ORDAINED.
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PASSED AND APPROVED this ~ day of September, 1962.
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It<
ATTm' J
a/;~~
City Clerk, City of La Porte, Texas
I CJ~Vjs D. Mann, City Clerk of tIIC Cily of Le Porle, TCXDfol. hcr;l~~
certIfy that all requirenu'nts of the Ci.y Char or of lhe Ci.y of
~a Porte have hl'en compli('d wi~h in the promu?3a'ion and/or
Issuance of Ihis Ordinancc (No,....._!2.~~..___...___...,___.) 33 follows:
Reading (8) .~€.!:..T....(..?!..L?.6..~ ___..............___........_______........
(h.) (2nu)
Publica lion (s) ---.....m.............,.. u, ..'.. __.__.__....._...._...__.........,......
(l8~) (2w.A)
Provisions of Ordinance eli'. Se PT /!J~ 196~
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(!k (J)ale~')
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S...;a~d: .... hf/ 7 ~
(.,1:)I"')D. l\Jana
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(SEAL)
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