HomeMy WebLinkAboutO-1979-1158
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THE STATE OF TEXAS S
S
COUNTY OF HARRIS S
The. City Commission of the City of La Porte,
Texas, convened in regular session, open to the public and
duly noticed in accordance with Article 6252-17, V.A.T.C.S.,
as amended, at the regular meeting place thereof in the City
Hall within said City on the 6th day of June, 1979, with the
following members present, to-wit:
J. J. Meza
Mayor
John L. Tomerlin
commissioner
I. J. Kibodeaux
commissioner
Virginia Cline
Tom C. Simons
commissioner
commissioner
and the following members absent, to-wit:
Non€'
when, among other business, the following was
transacted:
The Mayor introduced an ordinance which was read
in full. Commissioner ~;60~~q~de a motion that the
ordinance be adopted as read. Commissioner 7O;n~t'h
seconded the motion for adoption of the ordinance. The
motion, carrying with it the adoption of the ordinance, pre-
vailed by the .fo11owing vote:
AYES:
A-t ( pYe-S~ t
N Ol'l~
NOES:
The Mayor thereupon announced that the motion had
duly and lawfully carried, and that the ordinance had been
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duly and lawfully adopted. The ordinance thus adopted
follows:
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ORDINANCE NO.
II~g
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ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND
DELIVERY OF THE CITY'S $1,400,000 GENERAL
OBLIGATION BONDS, SERIES 1979, PROVIDING THE
DETAILS RELATING THERETO AND DECLARING THAT
SAID ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY
UPON ITS ADOPTION
WHEREAS, pursuant to an election duly called and
held in the City of La Porte, Texas, on February 24, 1979,
the City Commission of said City was authorized to issue
General Obligation Bonds of said City in the aggregate prin-
cipal amount of $3,250,000 for various purposes including
those named below; and
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WHEREAS, the City Commission of said City has
determined that it is necessary to issue its first install-
ment of said bonds for the purposes and in the amounts,
respectively, as follows: $1,250,000 for improvements to
the City's Waterworks System (the whole amount authorized
for that purpose); and $150,000 (out of $2,000,000 authorized)
for improvements to the City's Sanitary Sewer System (leaving
$1,850,000 to be issued at a later date or dates); and
WHEREAS, the City Commission desires to proceed
with the authorization, issuance and sale of said bonds;
~ therefore,
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LA PORTE:
Section 1: That the coupon bonds of the City of
La Porte, Texas, to be known and designated as "CITY OF
LA PORTE, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1979", are
hereby authorized to be issued in the principal amount of
$1,400,000 for the purpose of making the following permanent
public improvements, to-wit:
$1,250,000 for the construction of improvements to the
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City's Waterworks System (being the whole amount autho-
rized for such purpose), and $150,000 for the construc-
tion of improvements to the City's Sanitary Sewer
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System (being the first installment out of $2,000,000
authorized for such purpose, leaving $1,850,000 to be
,issued in one or more installments at a later date or
dates),
under and by virtue of the Constitution and laws of the
State of Texas and as authorized at the bond election held
in said City on the 24th day of February, 1979.
Section 2: That said bonds shall be dated May 15,
1979, shall be numbered consecutively from 1 through 280,
shall be in the denomination of $5,000 each, and shall
mature and become due and payable serially on February 15 in
each of the years and in the amounts specified in the
following schedule:
Year Amount Year Amount
1982 $100,000 1989 $100,000
1983 100,000 1990 100,000
1984 100,000 1991 100,000
1985 '100,000 1992 100,000
1986 100,000 1993 100,000
1987 100,000 1994 100,000
1988 100,000 1995 100,000
Provided, however, that the City reserves the
right to redeem in whole or in part, all such bonds maturing
in the years 1990 through 1995 on Febru~ry 15, 1989, or any
interest payment date thereafter by paying the principal
thereof and accrued interest thereon. If less than all of
said bonds then outstanding are called for redemption, then
the bonds shall be called in inverse numerical order.
Notice of such redemption shall be given in writing to
Bayshore National Bank, La Porte, Texas, at least thirty
(30) days prior to the date fixed for redemption and written
notice shall also be given by publishing a copy of said
notice in a financial publication of general circulation in
the United states one (1) time at least thirty (30) days
prior to the. date fixed for redemption. Any bond or bonds
called for redemption, due provision for the payment of
which having been timely made, shall cease to bear interest
from and after the date fixed for redemption.
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section 3: That said bonds shall bear interest
. per annum from their date until maturity, unless called
sooner for prior redemption in accordance with the provi-
sions hereof, at the following rates:
All bonds scheduled to mature during
the years 1982 through /933
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%
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All bonds ~7}~Uled to mature during
the years , through /991
All bonds scheduled to mature during
the years / 1if?- threugh
All bonds scheduled to mature during
the years 1111 through
All bonds scheduled to mature during
the years J.11!/ tl'trou'31.l
All bonds sche9u1ed to mature during
the years l11[ through
t:w
%
S;~
%
" a /
~I J
%
..r.t./-o
%
.{',tJ .{'
%
with said interest to be evidenced by interest coupons pay-
able on August IS, 1979, and semiannually thereafter on each
February 15 and August ,15, until the principal sum is paid
in full.
Section 4: That the principal of and interest on
said bonds shall be payable to bearer, in lawful money of
the United states of America, without exchange or collection
charges to the bearer, upon presentation and surrender of
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proper bond or interest coupon, as the case may be, at
Bayshore National Bank, La Porte, Texas, or, at the option
of the holder, at First City Bank of La Porte, La Porte,
Texas, which banks shall be the paying agents for said
bonds.
Section 5: That each of said bonds and interest
coupons shall be signed by the imprinted or lithographed
facsimile signature of the Mayor and countersigned by the
imprinted or lithographed facsimile signature of the City
Clerk, and the official seal of said City shall be impressed,
or imprinted or lithographed on each of said bonds. Such
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facsimile signatures on the bonds and interest coupons and
said facsimile seal on the bonds shall have the same effect
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as if the Mayor and City Clerk had in person and manually
. signed each such bond and interest coupon and as if the
official seal of said City had been manually impressed upon
each such bond.
Section 6: That the form of said bonds, including
the form of Registration Certificate of the Comptroller of
Public Accounts of the State of Texas to be printed and en-
dorsed on each bond, and the form of interest coupons to be
attached to said bonds shall be, respectively, substantially
as follows:
(FORM OF BOND)
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No.
, $5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF LA PORTE, TEXAS
GENERAL OBLIGATION BOND
SERIES 1979
On February 15, ',the City of La Porte in the
County of Harris, State of Texas, for value received, hereby
promises to pay to bearer the principal amount of
FIVE THOUSAND DOLLARS
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and to pay interest thereon, from the date hereof, at the
rate of % per annum, evidenced by interest coupons pay-
able August 15, 1979 and semiannually thereafter on February 15
and August 15 of each year while this bond is outstanding.
The principal of this bond and the interest coupons attached
hereto shall be payable to bearer, in lawful money of the
United States of America, without exchange or collection
charges to the bearer, upon presentation and surrender of
this bond or proper interest coupon at Bayshore National
Bank, La Porte, Texas, or, at the option of the holder, at
First City Bank of La Porte, La Porte, Texas, which banks
shall be the paying agents for this series of bonds.
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PROVIDED, HOWEVER, that said City reserves the
right to redeem, in whole or in part, all bonds of said
series maturing in the years 1990 through 1995 on February 15,
1989, or on any interest payment date thereafter by paying
the principal thereof and accrued interest thereon. If less
than all of said bonds then outstanding are called for
redemption, then the bonds shall be called in inverse numerical
order. Notice of such redemption shall be given in writing
to Bayshore National Bank, La Porte, Texas, at least thirty
(30) days prior to the date fixed for redemption and written
notice shall also be given by publishing a copy of said
notice in a financial publication of general circulation in
the United States one (1) time at least thirty (30) days
prior to the date fixed for redemption. Any bond or bonds
called for redemption, due provision for the payment of
which having been timely made, shall cease to bear interest
from and after the date fixed for redemption.
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THIS BOND IS ONE OF A SERIES OF COUPON BONDS dated
May 15, 1979, issued in the principal amount of $1,400,000,
and together with the other bonds of said series, is issued
for the purpose of making the following permanent public
improvements, to-wit: $1,250,000 for the construction of
improvements to the City's Waterworks System (being the
whole amount authorized for such purpose) and $150,000 for
the construction of improvements to the City's Sanitary
Sewer System (being the first installment out of $2,000,000
authorized for such purpose, leaving $1,850,000 to be issued
at a later date or dates), under and in strict conformity
with the Constitution and laws of the State of Texas, partic-
ularly Chapters 1 and 7 of Title 22, Revised civil Statutes
of Texas, 1925, as amended, and by authority of a bond
election held within said City on February 24, 1979, and
pursuant to an ordinance lawfully adopted by the City
Commission of said City, which ordinance is of record in the
official minutes of said City Counoil.G.""" "'" l' SS '-'''',
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, con-
ditions and things necessary to be done precedent to and in
the issuance of this bond and this series of bonds, in order
to render the same legal, valid and binding obligations of
said City, have been done, have happened, and have been per-
formed in regular and due time, form and manner, 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 suf-
ficient for said purposes; and that the total indebtedness
of said city, including the entire series of bonds of which
this is one, does not exceed any Constitutional or statutory
limitation.
IN WITNESS WHEREOF, this bond and the interest
coupons attached hereto have been signed by the imprinted or
lithographed facsimile signature of the Mayor of said City
and countersigned by the imprinted or lithographed facsimile
signature of the City Clerk, and the official seal of said
City has been duly impressed, or printed, or lithographed on
this bond, all as of the 15th day of May, 1979.
Mayor, City of La Porte, Texas
COUNTERSIGNED:
City Clerk,
City of La Porte, Texas
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(FORM OF REGISTRATION CERTIFICATE)
COMPTROLLER'S REGISTRATION
CERTIFICATE:
Register Number ___
I hereby certify that this bond has been examined,
certified as to validity, and approved by the Attorney
General of the State of Texas; and that this bond has been
registered by the Comptroller of Public Accounts of the
State of Texas.
WITNESS my signature and seal this
Comptroller of Public Accounts
of the State of Texas
(FORM OF INTEREST COUPON)
No.
$
On , 19 ,* unless the bond to which
this coupon is attached shall have been called for prior
redemption as therein provided and due provision has been
made for the redemption thereof, * the City of La Porte, in
the County of Harris, State of Texas, promises to pay to
bearer, the above specified sum, in lawful money of the
united States of America, without exchange or collection
charges to the bearer, upon presentation and surrender of
this interest coupon at Bayshore National Bank, La Porte,
Texas, or, at the option of the holder, at First City Bank
of La Porte, La Porte, Texas, said amount being interest due
that day on the bond, bearing the number hereinafter designated,
of that issue of the City of La Porte, Texas, General Obligation
Bonds, Series 1979, dated May 15, 1979. Bond No.
Mayor
City Clerk
* The phrase between the asterisks will be deleted on all
interest coupons attached to bonds maturing on or prior
to February 15, 1989.
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section 7: That there is hereby created a special
fund to be called "CITY OF LA PORTE, TEXAS, GENERAL OBLIGA-
TION BONDS, SERIES 1979, INTEREST AND SINKING FUNDII, and all
taxes levied, assessed, and collected for or on account of
said bonds authorized by this ordinance shall, as collected,
be deposited into said fund. That while said bonds or any
part of the principal or the interest thereon remain outstand-
ing 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 current year,
a continuing direct annual ad valorem tax upon all taxable
property ip said City of La Porte, Texas, sufficient to pay
the current interest thereon and to create a sinking fund of
not less than two per cent (2%) of the principal amount of
said bonds then outstanding or of not less than the amount
requir~d to pay the principal payable out of said tax which-
ever is greater, full allowance being made for delinquencies
and costs of collection, and said taxes when collected,
shall be applied to the principal of and interest on said
bonds and for no other purpose.
Section 8: That the Mayor is hereby authorized
and directed to submit, or cause to be submitted, the record
of said bonds, and the bonds, to the Attorney General of the
State of Texas for examination and approval and thereafter
cause such bonds to be registered by the Comptroller of
Public Accounts of the State of Texas. Upon said registra-
tion of said bonds, said Comptroller of Public Accounts (or
a deputy designated in writing to act for said Comptroller)
shall manually sign the Comptroller's Registration Certif-
icate prescribed herein to be printed and endorsed on each
bond, and the seal of said Comptroller shall be impressed or
printed, or lithographed on each of said bonds.
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section 9: That the City hereby covenants with
. the purchasers and any subsequent holders of said bonds that
the City will not make any use of the proceeds of said bonds
which will cause said bonds to be or become arbitrage bonds
within the meaning of Section 103(c) of the Internal Revenue
Code of 1954, as amended, or any regulations promulgated
thereunder, and that the City will otherwise comply with the
pertinent provisions of said Section 103(c) and regulations
in order that said bonds will not be or become arbitrage
bonds thereunder.
section 10: That public advertisement for the
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sale of said bonds having been made and bids to purchase
said bonds having been received pursuant thereto, it is
hereby found and declared that the bid submitted by
Fr;,.~t C,-fy Nfrf/tJ/}AI ~~"Il:. t)f- 1-I~"I.sf,;/} is the best bid re-
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ceivedi and that the sale of such bonds to the named best
bidder, at a price equal to the principal amount of such
bonds plus accrued interest thereon from the date thereof to
the date of actual delivery, plus a cash premium of $ -0-,
sUbject to,the unqualified approving opinion, as to the
legality of said bonds, of the Attorney General of the State
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of Texas and Baker & Botts, Houston, Texas, market attorneys,
is hereby authorized, ratified, approved and confirmed.
When said bonds have been approved by the said Attorney
General and registered by the Comptroller of Public Accounts
of the State of Texas, they shall be delivered to the pur-
chaser upon receipt of the full purchase price. The Mayor,
City Clerk and other appropriate officers of the City are
authorized and directed to perform all acts necessary and/or
convenient to carry out the terms of this ordinance.
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section 11: That this ordinance shall take effect
. and be in full force immediately upon and after its adoption.
PASSED AND APPROVED on June 6, 1979.
-;:YO;~ ~te,
Texas
ATTEST:
o ~
~q.&V
City Clerk, City of a Porte, Texas
[SEAL]
APPROVED:
. ~W~
City Attorney
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BAKER & BOTTS
ONE SHELL PLAZA
HOUSTON, TEXAS 77002
WASHINGTON OFFICE
1701 PENNSYLVANIA AVE" N. W.
WASHINGTON, D. C. 20006
eELEPHONE (202) 457-5500
TELEPHONE (713) 229-1234
TELEX 76-2779
TELECOMMUNICATION
(713) 229-1523 HOUSTON
(202) 457-5531 WASHINGTON, D. C.
G-24,447
Re: City of La Porte, Texas
General Obligation Bonds
Series 1979, $1,400,000
August 21, 1979
Mr. James R. Hudgens
City Administrator
City of La Porte
604 West Fairmont Parkway
La Porte, Texas 77571
Dear Jim:
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On the night the above Bonds were sold and the Ordinance
authorizing their issuance and sale adopted, it was pointed out
that there was a typographical error on page 5 of such Ordinance.
Specifically, the last word of the first paragraph on such page
was "council", wher.~as it should have been "Commission".
A corrected page 5 for the Ordinance is enclosed, if
you would please arrange for the necessary substitution to be
made . assuming the error is of sufficient maditude to re-
quire this handling.
Many thanks for your assistance in this matter.
Sincerely,
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R. D.R1chards, Jr.
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RDR:175
Enclosure
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THIS BOND IS ONE OF A SERIES OF COUPON BONDS dated
May 15, 1979, issued in the principal amount of $1,400,000,
and together with the other bonds of said series, is issued
for the purpose of making the following permanent public
improvements, to-wit: $1,250,000 for the construction of
improvements to the City's Waterworks System (being the
whole amount authorized for such purpose) and $150,000 for
the construction of improvements to the City's Sanitary
Sewer System (being the first installment out of $2,000,000
authorized for such purpose, leaving $1,850,000 to be issued
at a later date or dates), under and in strict conformity
with the Constitution and laws of the State of Texas, partic-
ularly Chapters 1 and 7 of Title 22, Revised civil Statutes
of Texas, 1925, as amended, and by authority of a bond
election held within said City on February 24, 1979, and
pursuant to an ordinance lawfully 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, con-
ditions and things necessary to be done precedent to and in
the issuance of this bond and this series of bonds, in order
to render the same legal, valid and binding obligations of
said City, have been done, have happened, and have been per-
formed in regular and due time, form and manner, 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 suf-
ficient for said purposes; and that the total indebtedness
of said City, including the entire series of bonds of which
this is one, does not exceed any Constitutional or statutory
limitation.
IN WITNESS WHEREOF, this bond and the interest
coupons attached hereto have been signed by the imprinted or
lithographed facsimile signature of the Mayor of said City
and countersigned by the imprinted or lithographed facsimile
signature of the City Clerk, and the official seal of said
City has been duly impressed, or printed, or lithographed on
this bond, all as of the 15th day of May, 1979.
Mayor, City of La Porte, Texas
COUNTERSIGNED:
City Clerk,
City of La Porte, Texas
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THIS BOND IS ONE OF A SERIES OF COUPON BONDS dated
May 15, 1979, issued in the principal amount of $1,400,000,
and together with the other bonds of said series, is issued
for the purpose of making the following permanent public
improvements, to-wit: $1,250,000 for the construction of
improvements to the City's Waterworks System (being the
whole amount authorized for such purpose) and $150,000 for
the construction of improvements to the City's Sanitary
Sewer System (being the first installment out of $2,000,000
authorized for such purpose, leaving $1,850,000 to be issued
at a later date or dates), under and in strict conformity
with the Constitution and laws of the State of Texas, partic-
ularly Chapters 1 and 7 of Title 22, Revised civil Statutes
of Texas, 1925, as amended, and by authority of a bond
election held within said City on February 24, 1979, and
pursuant to an ordinance lawfully 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, con-
ditions and things necessary to be done precedent to and in
the issuance of this bond and this series of bonds, in order
to render the same legal, valid and binding obligations of
said City, have been done, have happened, and have been per-
formed in regular and due time, form and manner, 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 a~ua1 ad
valorem tax upon all taxable property within said City suf-
ficient for said purposes; and that the total indebtedness
of said City, including the entire series of bonds of which
this is one, does not exceed any Constitutional or statutory
limitation.
IN WITNESS WHEREOF, this bond and the interest
coupons attached hereto have been signed by the imprinted or
lithographed facsimile signature of the Mayor of said City
and countersigned by the imprinted or lithographed facsimile
signature of the City Clerk, and the official seal of said
City has been duly impressed, or printed, or lithographed on
this bond, all as of the 15th day of May, 1979.
Mayor, City of La Porte, Texas
COUNTERSIGNED:
City Clerk,
City of La Porte, Texas
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