Loading...
HomeMy WebLinkAbout1967 03 06 Other - Bonds LEVYING TAXES TO PAY .THE INTEREST THEREON AND PRINCIPAL THEREOF; AWARDING THE SALE THEREOF; CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT FROM AND AFTER ITS FINAL PASSAGE' THE STATE OF TEXAS pOUNTY OFGALVESTON . The City Council of the City of Friendswood, Texas, convened in regular session at the City Hall within said City on the 6th day of March, 1967, with the followihg 'members, and the City ,Secretary, present, to-wit: . - . , Ralph L. Lowe . Mayor 'Marvin- Childers Alderman Harry Hatcher. Alderman William E. Davidson Alderman Ralph W. Somers Alderman Wiley Murrell Alderman Mrs. Artha Wright . City Secretary and the following member( s) absent, to-wit : none when, among other business, the following was transacted: The Mayor introduced an ordinance authorizing the issuance of — $200,000 City of Friendswood, Texas, Sewer Improvement Bonds, by cmption . Series 1967, which ordinance was read ilmf10* Alderman Childers ' made a motion that .the ordinance be passed on first reading. Alderman Somers seconded the motion. The' motion, carrying with it the passage of said ordinance on first reading, prevailed by the following vote: NOES: None . The Mayor thereupon announced that the ordinance had duly and lawfully passed on first reading. The ordinance passed on first reading follows: AN ORDINANCE AUTHORIZING THE ISSUANCE OF $200,000 CITY OF FRIENDSWOOD, TEXAS, SEWER IMPROVEMENT BONDS, SERIES 1967; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST THEREON AND PRINCIPAL THEREOF; AWARDING THE SALE THEREOF; CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT FROM AND AFTER ITS FINAL PASSAGE THE STATE OF TEXAS § COUNTY OF GALVESTON The City Council of the City of Friendswood, Texas, convened in regular session 'at the City Hall within said City on the 20th day of March, 1967, with the following members, and the City Secretary, present, to-wit: Ralph L. Lowe, Mayor Marvin Childers Alderman Harry Hatcher Alderman William E. Davidson Alderman Ralph W. Somers Alderman Wiley Murrell Alderman Mrs . Artha Wright City Secretary and the following member( s) absent, to-wit: Vane when, among other business, the following was transacted: -2- Improvement Bonds, Series 1967 ( passed on first reading by the City Council at its regular meeting held March 6, 1967) which was read gxWarnAlderman Childers made a motion that the ordinance be passed on second reading without amendment . Alderman Davidson seconded the motion. The motion, carrying with it the passage of said ordinance on second reading, without amendment, prevailed by the following vote : AYES : Aldermen Childers, Hatcher, Davidson, Somers and. Murrell, and Mayor Lowe . NOES: None. The Mayor thereupon announced that the ordinance had duly and lawfully passed on second reading. The ordinance thus passed on second reading follows: • AN ORDINANCE AUTHORIZING THE ISSUANCE OF $200,000 CITY OF FRIENDSWOOD, TEXAS, SEWER IMPROVEMENT BONDS, SERIES 1967; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST THEREON AND PRINCIPAL THEREOF; AWARDING THE SALE THEREOF; CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT FROM AND. AFTER ITS FINAL PASSAGE THE STATE OF TEXAS COUNTY OF GALVESTON '5 The City Council of the City of Friendswood, Texas, convened in regular session at the. City Hall within said City on the 3rd day , of April, 1967, with the following members, and the City Secretary, present, to-wit : -3- Harry Hatcher Alderman William E. Davidson Alderman Ralph W. Somers Alderman Wiley Murrell Alderman Mrs. Artha Wright City Secretary and the following member( s) absent, to-wit: nonn when, among other business, the following was transacted: There came on for consideration for third and final reading an ordinance authorizing $200,000 City of Friendswood, Texas, Sewer Improvement Bonds, Series 1967 (passed on first reading by the City Council at its regular meeting on March 6, 1967, and passed on second reading at, its regular meeting on March 20, 1967) which was read in full. Alderman somprq made a motion that the ordinance be passed on third and final reading without amendment. Alderman Murre)1 seconded the motion. The motion, carrying with it the passage of said ordinance on third and final reading, without amendment, prevailed by the following vote: AYES: Aldermen Childers, Hatcher, Davidson, Somers and Murrell, and Mayor Lowe . NOES: None . The Mayor thereupon announced that the ordinance had duly and finally passed. The ordinance thus finally passed follows: -4- • LEVYING TAXES TO PAY THE 1NTEHEST THEREON AND PRINCIPAL THEREOF; AWARDING THE SALE THEREOF; CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT FROM AND AFTER ITS FINAL PASSAGE . • WHEREAS, at an election held in and throughout the City of Friendswood, Texas, on the 28th day of January, 1967, 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, voting in said election, voted in favor of issuing $200,000 bonds for the purpose of constructing improvements, additions and extensions to the Cityts sanitary sewer system, said bonds to be payable from ad valorem taxation and to mature serially over a period not exceeding forty ( 4o) years from their date or dates and to bear interest at a rate or rates not to exceed five per cent (5%) per annum; and WHEREAS, said election was called and held under and in strict conformity with the Constitution and laws of the State of Texas, and the City Council of said City has heretofore officially declared the results of said election and has determined and declared the specific authority of said City to issue said bonds; and WHEREAS, the City Council has determine.d__that it is advisable to proceed with the authorization, issuance, and sale of said $200,000 bonds mentioned above; Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FRIENDSWOOD: • • -5- bonds of the City of Friendswood, Texas, to be known and designated as "CITY OF FRIENDSWOOD, TEXAS, SEWER IMPROVEMENT BONDS, SERIES 1967", be issued in the principal amount of $200,000 for the purpose of constructIngimprovements, additions and extensions to the City 's sanitary sewer system, under and by virtue of the Constitution and laws of the State of Texas, including particularly. Chapters 1 and 7 of Title 22, Revised Civil Statutes of Texas, 1925, as amended, and as authorized at the election held in and throughout said City on the 28th day of January, 1967. Section 2: 2.01 - DATE, BOND NUMBERS, DENOMINATION AND MATURITIES: That said bonds shall be dated March 1, 1967, shall be numbered consecutively from 1 to 40, both inclusive, shall be in the denomination of $5,000 each, aggregating $200,000, ' and shall become due and payable serially in their numerical order, on March 1 in each of the years 1971 to 1988, both inclusive, in the respective amounts shown in the following schedule, to-wit: Bond Numbers Year of Amount (both incl. ) Maturity Maturing 1 1971 $ 5,000 2 1972 5,000 3 1973 5,000 4 - 1974 • - 5,000 - 5 - 6 - 1975 10,000 7 - 8 1976 . 10,000 9 - 10 1977 10,000 11 - 12 ' 1978 10,000 . 13 . - 14 - 1979 10,000 15 16 1980 10,000 17 - 19- - 1981 . 15,000 -6- DOLn incl.). 1'lduu.viuy, 14a li ul"-LL 20 - 22 1982 $15,000 23 25 1983 .15,000 . • 26 - 28 V 1984 15,000 �9 - 31 1985 15;000 32 _ 34 1986. 15,000 _ 35 - 37 1987 15,000 38 - 40 V V 1988 15,000 2 .02 - OPTION OF PRIOR REDEMPTION: The City expressly reserves the right to redeem Bonds Nos . 23 to 40, both •,inclusive, of this . issue ( being those bonds maturing in each .of-"the years 1983 to 1988, both inclusive) , in-whole- or in part, on March 1, 1982, and on any interest payment date thereafter, . by paying to the owners or holders thereof a sum equal to the principal amount of the .bonds called for redemption plus unpaid accrued interest thereon to the date fixed for redemption. If the City elects to redeem all or any part 'of said bonds 'on any such redemption date, notice of ' the exercise of 'the option to redeem shall be given in writing to the bank .at which said bonds- are payable, and said. notice shall .be • published one ( 1) time in a financial journal or publication of - general circulation in the. United States of--America, which notice shall be mailed to said bank and published in said 'journal or publication at least thirty (30) days. prior to the date fixed for redemption. When said. bonds, in whole or in part, have been called for redemption in the manner prescribed and due provision - has been made to pay the principal of the bonds called for redemp- tion and unpaid accrued interest thereon to the date fixed for redemption, the right of the owners or holders to collect interest -7- , • for redemption. • Section 3 : 3.01 - INTEREST RATES AND INTEREST PAYMENT DATES: That said bonds shall bear interest from date until paid at the following rates per annum, respectively, to-wit: Bond Nos. 1 to 4 , both inclusive, 5 %, Bond Nos. 5 to 16 , both inclusive, 4 10 %, and Bond Nos.- 17 to /In , both inclusive, 4 20 %, interest payable March 1, 19680 and semi-annually thereafter on September 1 and March 1 of each year until the principal sum is paid . 3 .02 - MEDIUM AND PLACE OF PAYMENT: . That both principal of and interest on said bonds shall be payable, without exchange or collection charges to the owners or holders of said bonds and/or the interest coupons appurtenant thereto, at the Citizens State Bank of Dickinson, Dickinson, Texas, in any coin or currency of the United States of America which, on the respective dates of payment of such principal and interest, is legal tender for the payment of debts due the United States of America. The principal of such bonds shall be payable only upon presentation and surrender of said 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 such coupons severally become due . -8- of said City by their facsimile signatures, and, the official seal of said City shall be impressed, or placed in facsimile, thereon. . The interest coupons attached to said bonds shall be executed by the facsimile signatures of the Mayor and City Secretary . 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 provided hereafter in Section 7 of this order, shall be manually executed . Section 5: FORM OF BONDS: That said bonds shall be in substantially -the follow- .ing form: No. $S,Ooo UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF GALVESTON CITY OF FRIENDSWOOD, TEXAS, . SEWER IMPROVEMENT-BOND, SERIES 1967 FOR VALUE RECEIVED, the City of Friendswood, in the. County of Galveston, in the State ,of Texas, hereby acknowledges itself indebted to and promises to pay to bearer on the First day of March, 19 , the sum of FIVE THOUSAND _DOLLARS ( $5,000) , and to pay interest thereon from the date hereof at the rate of % per annum ( NOTE TO PRINTER: For interest rates, see . Section 3 .01 of bond ordinance) , interest payable March 1, 1968, -9- interest on this bond shall be payable in any coin or currency of the United States of America which on the respective dates of payment of such principal and interest is legal tender for the payment of debts due the United States of America, at the Citizens State Bank of Dickinson, Dickinson, Texas, without exchange or collection charges to the owner or holder. The principal hereof shall be payable only upon presentation and surrender of this bond, and interest hereon falling due on and prior to the maturity of this bond shall be payable only upon presentation and surrender of the interest coupons hereto attached as such coupons severally become due . THE DATE OF THIS BOND, in conformity with the ordinance herein- after mentioned, is March 1, 1967. THIS BOND IS ONE OF A SERIES OF 40 SERIAL COUPON BONDS of like tenor and effect except as to serial number and maturity, being numbered consecutively from 1 to 40, both inclusive, in the denomina- tion of $5,000 each, aggregating $200,000, and together with the other bonds of said series, is issued for the purpose of constructing improvements, additions and extensions to the City ' s sanitary sewer system under and in strict conformity with the Constitution and laws of the State of Texas, including particularly Chapters 1 and 7 of Title 22, Revised • Civil Statutes of Texas, 1925, as amended, and by authority of a 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 the election held within said -10- City, which ordinance is of record in the minutes of said. City Council. THE CITY EXPRESSLY RESERVES THE RIGHT TO REDEEM BONDS NOS. 23 to 4o, both inclusive, of 'this issue, in whole or in part, on March 1, 1982, and' on any interest payment date thereafter, by paying to the owners or holders thereof a sum equal to the principal amount of the bonds. called for redemption plus unpaid accrued interest thereon to the date fixed for redemption. If the City elects to redeem all or any part of said bonds on any such redemption date, notice of the exercise of the option to redeem shall be given in writing to the bank at which said bonds are payable, and said notice shall be published one ( 1) time in a financial journal or publication of general circulation in the United States of America, which notice shall be mailed to said bank and published in said journal or publication at least thirty (30) days prior to the date fixed for redemption. When said bonds, in whole or in part, have been called, for redemption in the manner prescribed and due provision has been made to pay the principal of the bonds called for redemption -and unpaid accrued interest thereon to the date fixed for redemption, the right. of the owners or holders to collect interest which would otherwise accrue after the redemption- date -on the-b"orzds-yca-lled- =-- ---== for redemption ✓shall terminate on' the date fixed for redemption. IT IS HEREBY CERTIFIED, RECITED, AND DECLARED 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 required --11- happened' 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 suffiCient 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 TESTIMONY WHEREOF, the City Council of the City of Friendswood, Texas, has caused the facsimile of the official seal of said City to be impressed or placed in facsimile hereon, this bond to be signed by the Mayor and countersigned by the CitY Secretary by their facsimile signatures, and the annexed coupons also to be signed by said facsimile signatures of the Mayor and City Secretary, all as of the 1st day of March, 1967. Mayor, City of Friendswood, Texas COUNTERSTEriiit , City Secretary, City of e) Friendswood, Texas (SEAL) Section 6: FORM OF INTEREST COUPONS: That the interest coupon to be attached to said bonds shall be in substantially the following form: -12- . FRIENDSWOOD in the County of Galveston, State of Texas, PROMISES TO PAY TO BEARER, without exchange or collection charges, at the Citizens State Bank of Dickinson, Dickinson, Texas; the sum of $ in any coin or currency Of the United States of America which on such date is legal tender for the payment of debts due the United States of America, being interest due that date on 'the City of Friendswood, Texas, Sewer Improvement Bond, Series 1967, bearing the number hereinafter specified, dated March 1, 1967, Bond No. •. • 77/) - •4e7.4. ' Maybr, C±1y of Friendswood, Texas City Secretary, City 81 . Friendswood, Texas • (SEAL) *( Coupons maturing after March 1, 1982, shall nontain the following additional clause: unless the bond to which this coupon appertains has been. called for previous redemption and due provision made to redeem same, ) • Section 7.: REGISTRATION OF BONDS BY STATE COMPTROLLER AND FORM OF REGISTRATION CERTIFICATE: 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 registration certificate of the said Comptroller, which certificate is to be printed upon the back of each of said bonds and is to be manually executed, shall be in substantially • -13- _ auwuiv� Laa ivv . 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; 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 Friendswood, of Galveston County, 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: INTEREST AND SINKING FUND - TAX LEVY: That there is hereby created a special fund to be designated "City of 'Friendswood, Texas, Sewer Improvement Bonds, Series 1967, Interest and Sinking Fund", and all taxes levied, assessed, and collected for and on account of the bonds authorized by this order shall, as collected, be deposited into said fund. That while' said bonds or any part of the principal thereof or interest- thereon- remain _.outstanding aril=unpa` d; -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 -14- per cent ( 2%) of the principal amount of said bonds, 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 principal of and interest on said bonds and for no other purpose . Section 9: APPROVAL AND REGISTRATION OF BONDS BY STATE OFFICERS: That it shall be the duty of the Mayor df said City,. or someone acting under authority of said Mayor, to submit the record of said bonds, and the bonds, to the Attorney General of the State of Texas for examina- tion and approval, and thereafter to have such bonds registered by the Comptroller of Public Accounts of the State of Texas . Section 10: SALE OF BONDS: That the sale of said bonds to ROWLES WINSTON AND C ONFANY .' IP,C. at a price equal to the principal amount of such bonds, plus accrued interest thereon from the date of the bonds to the date of actual delivery, plus a cash premium of $ ZEHO , subject to the unqualified approving opinion, as to the legality of said bonds, of the Attorney General of. the State -of Texas -and=Vinson;-Elkins;'J=; = Weems & Searls, Houston, Texas, market attorneys, is hereby authorized, approved, ratified and confirmed . When "said . bonds have been approved by the said Attorney General and registered by the -15- SectionJa: DUTIES. OF CITY OFFICIALS.: That the Mayor and the of said City and other appropriate officials of the City are hereby authorized and directed to do any and all things necessary . and/Or convenient to carry out the provisions of this ordinance. . Section 12 : 'EFFECTIVE DATE OF ORDINANCE: That this ordinance shall take effect and be in full force upon and after its adoption, and it is so ordered. PASSED AND APPROVED on first reading the 6th day of March, 1967. PASSED AND APPROVED on second reading the 20th day of March, 1967. • PASSED AND APPROVED on third and final reading the 3rd day of April, 1967. Mayor, 'City of Friendswood; Texas „ City Secretary, City or) Friendswood, Texas (SEAL)