HomeMy WebLinkAboutOrdinance No. 121-F This authorization af issuance was acted upon
` ds an "order" on June 16, 1969. It was not
� assigned an ordinance number and the heading
was not recorded in the minutes. #121-F has been
. assigned for reference purposes.
� � � �
Dec. 8, 1969
ORDINANCE N0. 121�F
ORDINANCE AUTHORIZING ISSUANCE OF CITY OF FRIENDSWOOD, TEXAS,
GENERAL OBLIGATION REFUNDING BONDS, SERIES 196g ; $257, 000
` THE STATE OF TEXAS §
� COUNTY OF GALVESTON §
� THE CITY OF FRIENDSWOOD §
WHEREAS, Galveston County Water Control and Improvement
District Noo 15 of Galveston County, Texas, has heretofore
issued the following-described bonds, all of which are now
outstanding, to-wit :
Galveston County Water Control and Improvement
District No . 15 Waterworks and Sanitary Sewer
System Combination Revenue and Unlimited Tax
Bonds, Series 1957, dated July 1, 1957 , num-
bered consecutively from 19 through 250 , in
th� denomination of $1, 000 each, aggregating
$232, 000, bearing interest at the rate of
, 5% per annum, and maturing serially in their
numerical order on March 1 in each of the
` years 1970 through 1993, Comptroller' s
' Registration No . 32oog, and
Galveston County Water Control and Improvement
" District Noe 15 Waterworks and Sanitary Sewer
: System Combination Revenue and Unlimited Tax
, Bonds, Series 1958, dated July l, 1958, num-
bered consecutively from 1 through 25, in the
denomination of $1,000 each, aggregating
$25, 000, bearing interest at the rate of
5% per annum, and maturing on March l, 1994 ,
Comptroller' s Registration No. 32, 657, and
WHEREAS, the bonds described above constitute the only
ou�standing indebtedness heretofore created by the said
Galveston County Water Control and Improvement District No . 15;
and
WHEREAS, the City of Friendswood, Texas , has heretofore
annexed all of the territory within said District and has
assumed and become liable for the payment of all debts and
obl.igations of said District, including particularly the
above-described bonds, and the said outstanding bonds are now
the valid and binding obligations of the said City of
Friendswood, Texas, and the said District has been abolished,
and the City of Friendswood, Texas, has taken over all of the
assets and properties of the said District , and the waterworks
and sanitary sewer system of said District has been absorbed
into and it is now a portion of the waterworks and sanitary
sewer system of said City; and
WHEREAS, under the provisions of Vernon' s Article 1182c-1,
as amended, the City of Friendswood, Texas, is authorized to
refund said bonds as obligations of the City of Friendswood,
Texas, and to provide for the payment of the principal thereof
and the interest thereon by levying a tax for such purposes
upon all taxable property within said City; and
WHEREAS, the City Council deems it to be to the best
interest of said City to issue refunding bonds of said City
for the purpose of refunding the bonds described above , as
hereinafter in this ordinance provided; therefore ,
BE IT ORDAINED BY THE CITY OF FRIENDSWOOD, TEXAS :
SECTION l :
NAME, AMOUNT, PURPOSE AND AUTHORIZATION: That the serial
coupon bonds of the City of Friendswood, Texas , to be known
and designated as "CITY OF FRIENDSWOOD, TEXAS, GENERAL OBLIGATION
REFUNDING BONDS, SERIES 1g69," be issued in the principal amount
of $257, 000, for the purpose of refunding, canceling, and in
lieu of a like principal amount of bonds issued by Galveston
County Water Control and Improvement District No . 15 of
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.._ ,�.
Galveston County, Texas, which bonds have been assumed by, and
are now the valid and binding obligations of said City of
Friendswood, Texas, under and by virtue of the Constitution
and laws of the State of Texas, including particularly Vernon' s
Articles 1182c-1 and 2368a, as amended ,
SECTION 2 :
2 . 01 - DATE, BOND NUMBERS, DENOMINATION AND MATURITIES : That
said bonds shall be dated MARCH 1, 1969, shall be numbered
from 1 through 137 , shall be in the denomination of $1, 000 each,
except that Bond Nos . 73 through 102, maturing in each of the
years 198o through 1991, shall be in the denomination of $5, 000
each, aggregating $257, 000, and shall become due and payable
serially in their numerical order on March 1 in each of the
years 1970 through 1993, in the respective amounts shown in
the following schedule, to-wit :
$5, 000 1970/71 $ 9, 000 1978
6, 000 1972 lo, 000 1979/85
7 , 000 1973/75 15 ,000 1g86/g2
8, 000 1976/77 20, 000 1993
2 ° 02 - OPTION OF PRIOR REDEMPTION: The City expressly re-
serves the right to redeem those bonds of this issu� maturing
in the years 1985 through Z993, in whole or in part , on March l,
1984 , or on any interest payment date thereafter, by paying
to the owners or holders thereof a sum equal to the princi-
pal 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
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�., r..,
which said bonds are payable, and said notice shall be pub-
lished 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 prin-
cipal 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 other-
wise accrue after the redemption date on the bonds called
for redemption shall terminate on the date fixed for redemp-
tion.
SECTION 3 :
3001 - INTEREST RATE AND INTEREST PAYMENT DATES : That said
bonds shall bear interest at the rate of 5% per annum, interest
payable September l, 196g, and semi-annually thereafter on
March 1 and September 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 the bonds
and/or interest coupons , at the Citizens State Bank of Dickinson,
Dickinson, Texas, in any coin or currency which, on the re-
spective dates of payment of such principal and interest ,
is legal tender for the payment of debts due the United States
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of Ameriwa� The p�incipal of said bonds shall be payable
only upon p�esentation and surrender of said bonds as they
respecti�el� be�ame due, and interest falling due on and prior
�o thP ��spe�t��e maturity dates of the bonds shall be pay-
able on�y upo� prese�tation and surrender of the interest
c��ap�ns a��ac�ed to said bonds as such coupons severally be-
come due �
SECTION 4 :
EX�CU'TIO� OF BONDS AND INTEREST COUPONS : That each of said
b��ds s�al1 b� s�g�ed by the Ma�or and countersigned by the
Ci�� Se�r��a�,y, by their lithographed or printed facsimile
sig�a�u�es � an� �he offi�ial seal of the City shall be im-
pres�eda o� p���ed in facsimile, upon each of said bondso
The i�te��s� c^upons a�tached to said bonds shall also be
sig�ed by sa�d facsim�le sig�atures of the Mayor and City
Sec�etary � Said fac�im�le signatures on the bonds and in-
te�PSt �o��p��s a�d sa�d facsimile seal on the bonds shall
haae t�e same e�f�ct as if each of said bonds and interest
�oupo�s had bee� s�gned manually and in person by each of
said ��fi�e�s ��d the official seal of said City had been
ma�ual��y �mp�e�sed upon each such bond, The registration
ce�t���cate qf the Comptroller of Public Accounts of the State
o� TP�as, w���h certificate is to be printed upon the back
of e:�c°.h. ��T said bonds as hereinafter provided in Section 7
of �k�?.is �as�da.nan�e, shall be manually signed .
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SECTION 5 :
FORM OF BONDSo That said bonds shall be in substantially
the following form:
NOe $
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF GALVESTON
CTTY OF FRIENDSWOOD, TEXAS
GENERAL OBLIGATION REFUNDING BOND
SERIES 1969
FOR VALLJE RECEIVED, THE CITY OF FRIENDSWOOD, in the
County o� Galveston, State of Texas, hereby acknowledges it-
sPlf indebted to and PROMISES TO PAY TO BEARER the sum of
( $ ) ON mHE 1ST DAY OF MARCH, 19 , and to pay interest
thereon from the da�e hereof at the rate of 5% per annum,
interest payable September l, 1969, and semi-annually there-
after on March 1 and September 1 of each year until the prin-
cipal sum is paide Both principal of and interest on this
bond shall be payable in any coin or currency which, on the
respective dates of payment of such principal and interest ,
is legal �ender for the payment of debts due the United States
of America, at the Citizens State Bank of Dickinson, Dickinson,
Te�as, w�thout 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 in-
terest coupons hereto attached as such coupons severally become
dueo
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THE DATE OF THIS BOND, in conformity with the ordi-
nance hereinafter mentioned, IS MARCH 1, 1969 .
THIS BOND IS ONE OF A SERIES OF 137 SERIAL COUPON BONDS
of like tenor and effect , except as to serial number, amount,
option of prior redemption, and maturity, being numbered con-
secutively from 1 through 137, in the denomination of $1,000
each, except that Bond Nose 73 through 102, maturing in each
of the years 1980 through 1991, are in the denomination
of $5, 000 each, AGGREGATING $257, 000, and, together with the
other bonds of said series, is issued for the purpose of refund-
ing, canceling, and in lieu of a like principal amount of bonds
issued by Galveston County Water Control and Improvement
District Noo 15 of Galveston County, Texas, which bonds have
been assumed by, and are now the valid and binding obligations
of said City of Friendswood, Texas, under and by virtue of
the Constitution and laws of the State of Texas, including
particularly Vernon' s Articles 1182c-1 and 2368a, as amended,
and pursuant to an ordinance duly passed and adopted by the
City Council of said City, which ordinance is of record in
the minutes o� said City Councile
THE CITY EXPRESSLY RESERVES THE RIGHT TO REDEEM THOSE
BONDS OF THIS ISSUE MATURING IN EACH OF THE YEARS 1985 THROUGH
1993, in whole or in part, on March l, 1g84, or on any in-
terest 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 d�te fixed for redemption. If the City elects to re-
deem all or any part of said bonds on any such redemption
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� �
date, notice of the exercise oF the option to redeem sY�a7,1
be given in writing to the bank at which said bonds are pay-
able, and said notice shall be published one (I.) t�.me in a
financial journal or publication of general qirGUlation in
the United States of America, which notice shall be mailed
to said bank and published in said �ournal or� publication
at least thirty (30) days prior to �he date fixed for �edemp-
tion. When said bonds, in who�.e or in pSrt , have b�e� called
for redemption in the manner prescrib�d and due provision
has been made to pay the principal of the bonds called �'or
redemption and unpaid accrued inter�st thereon to the date
fixed for redemption, the right of the owr�e�rS or holders to
collect interest which would otherwise aecrue after the re--
demption date on the bonds called for redemption sY��,ll te�-
minate on the date fixed for redemption,
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that the
issuance of this bond, and the series of which �.t �.s a part,
is duly authorized by law; that all acts, GonditiQrls a�d things
required to be done precedent to and in �he issuan�e of this
bond and this series of bonds have been praperly done and
performed, and have happened in regular and due time , fprm
and manner as required by law; that due prov�.��.on has been
made for the payment of the principal. of and interest on th3,s
bond, and the series of which it is a, part , by the levy of
a direct annual ad valorem �ax upon all taxable property within
said City sufficient for said purposes; and that �Me �ota1
indebtedness of said Ci�y, inelud�.ng the entire �er3.�s o�'
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bonds of which this is one, does not exceed any Const�tutional
or statutory limitation.
IN TESTIMONY WHEREOF, the City Council of the C�ty
of Friendswood, Texas, has caused the corporate 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 lithographed or printed facsimile signa-
tures, and the annexed coupons also to be signed by said fac-
simile signatures of the Mayor and City Secretar�, all as
of the lst day of March, 1g69 .
Mayor, City of Friendswood, Texas
COUNTERSIGNED:
City Secretary,
City of Friendswood, Texas
SECTION 60
FORM OF INTEREST COUPONS: That the interest coupons to be
attached to said bonds shall be in substantially the follow,
ing form:
NOe $
ON THE 1ST DAY OF , 19 ,� THE CTTY
OF 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 amount shown hereon in any coin or curr�ncy 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, General Obligation
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Refu�d��g Bond, Series 1g69, bearing the number hereinafter
spec����d, dated March l, 1g69 � Bond No .
Mayor
City Se���tary
� (Coupons maturing after March l, 1g84,
shall contain the following additional
clausee
unless the bond to which this cou-
po� appertains has been called for
�edemption and due provision made
to redeem same, )
SECTION 7 :
REGISTRATICN OF BONDS BY STATE COMPTROLLER AND FORM OF REGTSTRATION
CERTIFI�ATEo That each of said bonds shall be registered
by the Comptroller of Public Accounts of the State of Texas,
as pr�vided by law, and the registration certificate of said
Co�pt�olle�, which is to be printed on the back of each of
sa�d bQnds a�d is to be manually executed, shall be in sub-
sta��ially ��e following form:
OF�ICE 0� THE COMPTROLLER §
REGISTER N0 .
T�E STATE OF TEXAS §
I HER�BY CERTIFY that there is on file and of record
i� my of�zcP a certificate of the Attorney General of the
St��� of �exas to the effect that this bond has been exam-
�r�ec? by him as �equired by law; that he finds that it has
bee� �ss�,�ed �� co�formity with the Constitution and laws of
the S�a�� o� Texas; and that it is a valid and binding obli-
gati�� upon �he City of Friendswood, Texas, and said bond
has thi� day been registered by me .
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WITN�SS MY HAND AND SEAL OF OFFICE at Austin, Texas,
Comptroller of Public Accaunts
of the State of Texas
SECTION 8 :
INTEREST AND SINKING FUND, TRANSFER OF FUNDS AND TAX LEVY :
That there is he�?by created a special fund to be designated
''City �f �,�����swo�d, Texas, General Obligation Refunding
Bo�ds , Se�ies ��6g, Interest and Sinking Fund, " and the pro-
ceed.s f�om a�� taxes assessed and collected for and on ac-
co�nt of the bonds authorized by this ordinance shall, as
colle�ted, be deposited into said Fund. That immediately
after al1 0� the bonds which are being refunded hereby have
bee� �an�eled, all taxes thereafter collected for and on account
o� such bonds being refunded hereby shall be credited to said
Fund, and all mQneys in the interest and sinking funds of the
bo�ds being refu�ded hereby shall be transferred to said Fund.
Tha.t wh�le said bonds or any part of the principal thereof
o� i�t�rest �thereon remain outstanding and unpaid, there is
hereb,y le�z�d and there shall be annually assessed and col-
lected in due time, form and manner and at the same time other
C�ty taxes are assessed, levied and collected in each year,
beginning wi�h the current year, a continuing direct annual
ad �ala��m �a� upon all taxable property within said City
at a �ate each year sufficient to pay the current interest
on said ��nds a�d �o create and provide a sinking fund of
not less than ?� of the original principal amount of said
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issue of° refunding bonds, or of not less than the amount re-
quired to pay the principal payable out of said tax, which-
ever� is greater, full allowance being made for delinquencies
ax�d 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 g :
APPROTTAL A�1D REGISTRATION OF BONDS BY STATE OFFICERS : That
it sha�_1 be the duty of the Mayor or someone acting under
authority of said Mayor to submit the record of said bonds,
ar�d the bonds, to the Attorney General of the State of Texas
fcr examination and approval, and thereafter to have such
bonds registered by the Comptroller of Public Accounts of
the State of Texas , but the refunding bonds hereby authorized
sha11 not be registered until and as a like principal amount
of the bonds being refunded thereby, as hereinbefore provided,
have been surrendered for exchange and cancellation; when and
as said underl��ng bonds are surrendered to the said Comptroller
of Public Ac�ouz�ts , whether in one or more installments , the
said Comptroller is authorized and directed to deliver the said
Refundi�g Bonds i� like principal amount to the holder or
holders of the underlying bonds so surrendered, as hereinbefore
provided, but �he said Comptroller is further authorized and
d����ted to e�change certain of the bonds hereby authorized for
certai� of' the boa�ds being refunded in accordance wi�h a further
ordinance, or� ordinances, to be hereafter passed and adopted by
this City Cou�n�il�
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SECTION 10 :
SUBROGATIONe That , except as provided herein, the holder or
holders of the bonds hereby authorized are, and shall be , sub-
rogated 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 11 :
DUTIES OF CITY OFFICIALS : That the Mayor of said City and
other appropriate officials of the City are directed to do
any and al1 things necessary or convenient to carry out the
provisions of thi� ordinance .
SECTION 12 :
ORDINANCE IMMEDIATELY EFFECTIVE: That this ordinance shall
take effect from and after its passage ,
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M ,
CERTIFICATE FOR
ORDINANCE AUTHORIZING ISSUANCE OF CITY OF FRIENDSWOOD, TEXAS,
GENERAL GBLIGATION REFUNDING BONDS, SERIES 196g; $257, 000
THE STATE OF TEXAS §
COUNTY OF GALVESTON §
THE CITY OF FRIENDSWOOD §
We, the undersigned officers of the City Council of the City of
Friendswood, Texas, hereby certify as follows :
l. The City Council of the City of Friendswood, Texas, convened
in REGULAR MEETING ON THE 16TH DAY OF JUNE, 1969, in the City Hall
within said City, and the roll was called of the duly constituted offi-
cers and members of said Council and the City Secretary, to-wit :
Ralph W. Somers Mayor
Edward F . Stuart Alderman and
Mayor Pro Tem
James E. Mager Alderman
George F . Prude Alderman
Ronald G. Hamil Alderman
Thomas F . Woods Alderman
L. B. Cline City Secretary
and all of said person� were present, except the following absentees :
, thus constituting a
quorum. Whereupon, among other business, the following was transacted
at said meeting: a written
ORDINANCE AUTHORIZING ISSUANCE OF CITY OF FRIENDSWOOD, TEXAS,
GENERAL OBLIGATION REFUNDING BONDS, SERIES 1g69; $257, 000
was duly introduced for the consideration of said Council, and read
in full, It was then duly moved and seconded that said ordinance be
adopted; and, after due discussion, said motion, carrying with it the
adoption of said ordinance, prevailed and carried by the following vote :
AYES : Al1 members of said Council shown present
above voted "Aye . "
NOES : None .
2 . That a true, full, and correct copy of the aforesaid ordinance
adopted at the meeting described in the above and foregoing paragraph
is attached to and follows this certificate; that said ordinance has
been duly recorded in said Council ' s minutes of said meeting; that the
above and foregoing paragraph is a true, full, and correct excerpt from
said Council' s minutes of said meeting pertaining to the adoption of
said ordinance; that the persons named in the above and foregoing para-
graph are the duly chosen, qualified, and acting officers and members
of said Council as indicated therein; that each of the officers and
members of said Council was duly and sufficiently notified officially
and personally, in advance, of the time, place, and purpose of the afore-
said meeting, and that said ordinance would be introduced and consid-
ered for adoption at said meeting, and each of said officers and mem-
bers consented, in advance, to the holding of said meeting for such
purpose; and that said meeting was open to the public as required by
law.
�-� � �......w. �'� GNED AND SEALED the 16th day of June, 1969 .
�� OF F ��' .
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