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HomeMy WebLinkAboutORD 44-BBLt 9 AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY .OF BEAUMONT, TEXAS, STREET IMPROVEMENT BONDS, SERIES 1958, IN THE AMOUNT OF $500, 000; PRESCRIBING THE TERMS AND CONDITIONS. THEREOF; MAKING PROVISION FOR THE .PAYMENT OF PRINCIPAL AND INTEREST THEREON; PROVIDING FOR THE SALE THEREOF AND THE DISPOSI- TION OF THE PROCEEDS; AND CONTAINING OTHER PRO- VISIONS RELATING TO THE SUBJECT WHEREAS, at an election held within the City of Beaumont., Texas, on the 12th day of August, 1950, 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 at said election, voted in favor of the proposition for the issuance of $4, 000, 000_ Street Improvement Bonds for the purpose of paying part of the cost of the project for the elimination of railroad grade crossings from public streets and highways in the City of Beaumont,, and work and expenses appertinent to said separation of grades, and of paying the cost of constructing storm sewers in connection therewith, and paying the cost of opening, widening, extending and improving the public streets and highways of the City of Beaumont in connection therewith; and, WHEREAS, the City of Beaumont is authorized generally to pass this ordinance authorizing the issuance of the bonds herein mentioned under the Constitution and statutes of the State of Texas,, pursuant to authority contained in Article 11, Section 5, of the Constitution of the State of Texas, and. Article 1175,, et seq. , Revised Civil Statutes of Texas, and all laws thereunto enabling; and, WHEREAS, the City Council of the City of Beaumont now finds and determines that it has not been feasible heretofore to issue any of said authorized bonds, for the reason that negotiations with the several rail- roads concerned have been prolonged, but such negotiations have now reached a stage where the first phase of said project may be carried out in accordance with the proposition voted, which first phase of said project ctd will cost. $500, 000, and the- City Council .of the City of Beaumont now finds and determines- that it is necessary and proper at this time to: issue $500, 000 'of the bonds authorized at said election, . which amount will pay the cost of the..first phase of said project within the City of Beaumont, and which is the amount,, in the judgment of the City Council, that can be economically expended on said project at this time, and which will eliminate certain grade crossings and improve the public streets in the City of Beaumont. The City expressly res-erves the right and authority to issue the remainder of said bonds as and when needed; now, therefore: BE IT ORDAINED BY THE CITY. OF BEAUMONT, Section I That the City of Beaumont shall issue bonds,, as hereinafter prescribed, for and on behalf of and upon the credit of the City of Beaumont, Texas, as follows: $500, 00 principal amount of Street Improvement Bonds, Series 1958, for the purpose of paying part of the cost of the project for the elimination of railroad grade crossingsfrom the public streets and highways in the .City of Beaumont,, and work and expenses appertinent to said separation of grades, and of paying the cost of constructing storm sewers in connection therewith, and paying the cost of opening., widening, extending and improving the public streets and highways of the City of Beaumont in connection therewith. Section II That said bonds shall be dated February 15., 1958; shall be numbered from 1 to 500, both inclusive; shall be in the denomination of $1, 000 each, aggregating:$500, 000; and shall become due and payable serially on the 15th day of February in each of the years and in the respective amounts shown in the following schedule, to wit: /art �oJ �yY- 1 9—_113 9 Bond Nos. Maturity Amount 1 to 27., both inclusive February 15, 1959 $ 27,000 28 to. 55, both inclusive February 15, 1960. 28,000 56 to 84, both inclusive February 15, 1961 .29, 000 85 to 114, both inclusive February 15,, 1962 30,000 115 to 145,, both inclusive February 15, 1963 31, 000 146 to 17711 both inclusive February 15,, 1964 32,000 178 to 210, both inclusive February 15,, 1965 33,000 211 to 244, both inclusive February 15, 1966 34,000 245 to 279, both inclusive February 15,, 1967 35,000 280 to 315, both inclusive February 15, 1968 36,000 316 to 352, both inclusive . February 15, 1969 37,, 000. 353 to 391., both inclusive February 15, 1970. 39,000 392 to 431, both inclusive February 15, 1971 40,000 432 to 469, both inclusive February 15, 1972 38,000 470 to 500, both inclusive. February 15, 1973 31,000 The City of Beaumont expressly reserves the right to redeem Bonds Nos, 3.16 to 500, both inclusive, of this issue,, in whole. or in part, on February 15, 1968, or on any interest -payment date thereafter by paying to the owners and holders thereof a price equal to the principal amount of the bonds redeemed, plus unpaid accrued interest to the date fixed for redemp- tion. Notice of the exercise of the option to redeem shall be given in writing to the banks at which said bonds are. payable and by publication of such notice one time in a. financial journal of general circulation in the United .States of America, which notice shall bemailed to said banks and published in said journal 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 when due provision has been made to. pay the principal and unpaid accrued interest on the bonds called for redemption to. the date fixed for redemption., the right of the owners and holders to collect interest which would otherwise accrue after, the redemption date on said bonds called for redemption shall terminate on the date fixed for redemption. annum; Section III That said bonds shall bear interest at the following rates per Bonds Nos. 1 to 352, both inclusive., at the rate of 316 per annum Bonds Nos. 353 toy 500, both inclusive, at the rate of 3-1/4% per annum interest payable- February 15, 1959, and semi-annually thereafter on August 15 and February 15 of each year until the principal sum thereof shall have been paid. Both principal of and interest on said bonds shall be payable in lawful money of the United States.of America, without ex- change or collection charges to the owners or holders, at The First National Bank of Beaumont, Beaumont, Texas, or, at the option of the holder, at the First National Bank in Dallas, Dallas, Texas. The prin- cipal of such bonds shall be payable upon presentation and surrender of said bonds as they respectively mature, and interest accruing on or before the respective maturity dates of said bonds shall be payable only upon pre-sentation.and surrender of the interest coupons attached to - said bonds as such coupons respectively become due and payable. Section IV That in accordance with the provisions of Chapter 293, Acts of the 54th- egislature 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 fa -c - simile signatures, and the official seal of said City shall be impressed upon each bond. The. interest couponsattached to said bonds shall also be executed by the facsimile signatures of said Mayor and City Clerk. Said facsimile signatures, as- above provided, may be engraved, litho- graphed, or printed, and shall 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 hereinafter in Section VII .of this ordinance, shall be manually subscribed. Section V That the form of such bonds shall be substantially as follows, to wit: lbw q5 NO,, $1, 000 UNITED STATES OF AMERICA STATE OF TEXAS. COUNTY OF JEFFERSON CITY OF BEAU.MONT STREET IMPROVEMENT BOND, SERIES 1.958 THE CITY OF BEAUMONT, in the County of Jefferson, in the State of Texas, FOR VALUE RECEIVED., hereby acknowledges itself indebted to and PROMISES TO PAY TO BEARER on the 15TH:. DAY OF FEBRUARY, 19 , the sum of O N E, T H O U S A N D. D' O L. L. A R S (.$ 1, 0 0 0 ) with interest thereon from date hereof at the rate of *O/o per annum, interest payable on February 15, 1959, and semi-annually there- after on August 15 and February 15 of each year until the principal sum hereof shall have been paid. Both principal of and interest on this bond are payable in lawful money of the United States_ of America, without exchange or collection charges to the owner or holder, at The First National Bank of Beaumont, Beaumont, Texas,, or, at the option. of the holder, at the First National Bank in Dallas,, Dallas, Texas. The prin- cipal hereof shall be payable only upon presentation and surrender of this bond,, and interest falling due on and prior to maturity shall be payable only upon presentation and surrender of the interest coupons hereto attached as they severally become due. THE DATE -OF THIS BOND, in conformity with the ordinance hereinafter mentioned, is- FEBRUARY 15, 1958. THIS BOND IS ONE OF A SERIES OF 500 BONDS of like date and tenor, except as to number,, maturity, interest rate, and option of redemption., being numbered from 1 to 500, both inclusive, in the de- nomination of $1, 000 each, AGGREGATING. $500, 000, and is issued for the purpose of paying part of the cost of the project for the elimination of railroad grade crossings from the public streets and highways of the City of Beaumont, and work and expenses appertinent to said separation of grades, and of paying the cost of constructing storm sewers in con- vection therewith, and paying the cost of opening,, widening, extending and improving the public streets and highways of the City of Beaumont in connection therewith, under and in strict conformity with the Con- stitution and laws. of the State of Texas,, and by authority of the vote of the 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, at an election held in said City on the 12th. -day of August, 1950, and pursuant to an ordinance duly adopted by the City Council of said City and duly recorded in the official minutes of said City Council. THE. CITY OF BEAUMONT EXPRESSLY RESERVES THE RIGHT to REDEEM BONDS NOS. 315 to- 500,, BOTH INCLUSIVE., of this issue, in whole or in part, on FEBRUARY 15, 1968, or on any interest -payment date thereafter by paying to the owners and holders thereof a. price equal to the principal amount of the bondsredeemed, plus unpaid accrued interest to the.date fixed for redemption. Notice of the exercise of the option to redeem shall be given in writing to the banks at which said bonds are payable and by publication of such notice one time in a finan- cial journal of general circulation in the United States of America, which notice shall be .mailed to said banks and published in said journal at least thirty (30) days prior to the date fixed for redemption. T&en said bonds, .in whole or in part, have been called for redemption in the manner pre- scribed, and when due provision has been made to pay the principal and unpaid accrued interest on the bonds called for redemption to- the date fixed for redemption, the right of the owners and holders to: collect interest which would otherwise accrue after the redemption date on said bonds called for redemption shall terminate on the date fixed for redemption. EACH SUCCESSIVE HOLDER OF THIS BOND and each successive holder of each of the coupons hereto attached is conclusively presumed to forego and renounce his equities in -favor of subsequent holders for value and without notice,, and to agree that this bond and each of the . coupons hereto attached may be negotiated by delivery by any person having posses- sion thereof., howsoever such possession may have been acquired, and that any holder who shall have taken this bond or any of the coupons from any person for value and .without notice,, thereby .has acquired absolute title the.reto', free from any defenses enforceable against any prior holder and free from all equities and claims of ownership of any such -prior holder. The City of Beaumont and its officials and fiscal agents shall not be affected by any notice to the .contrary. I.T IS HEREBY CERTIFIED, RECITED. AND REPRESENTED that the issuance of this bond,, and the series of which it is a part,, is duly author- ized by law; that all acts, conditions and things required to exist and to be done pursuant to and in the issuance of this bond, and the series- of which it is a part, have been properly done and performed and have: happened in regular and due time,, form and manner,, as' required by law; that sufficient and proper provisions for the levy and collection of an ad valorem tax have been made., which when °collected shall be appropriated exclusively to. the payment of this bond., and of the. series of which it is a part, and to the payment of the interest coupons hereto: attached as the same shall become due and payable, .and that the total indebtedness of the City of Beaumont, including the entire series of, bonds of which this is- one does not exceed any constitu- tional or statutory limitation. IT IS HEREBY CERTIFIED,. RECITED AND REPRESENTED_ that the additional tax levied and made necessary to: be levied in order to- provide for the payment of interest and principal of this issue of bonds,, together with the rate of tax existing at the time of the issuance ,of these bonds, is within the limitation of the Constitution and laws of the ;State of Texas and the charter of the ' City of Beaumont. IN TESTIMONY WHEREOF, the City Council of the City of Beaumont,, Texas, has caused this bond to be executed by the Mayor of said City and countersigned by the City Clerk, .by their facsimile signatures, has caused the corporate seal of said City to be affixed hereto,, and has caused the interest coupons hereto, annexed to be executed by the facsimile sig- natures of said officers (in accordance with the provisions of Chapter 293, Acts of the 54th.Legislature of Texas, Regular Session., 1955, codified as Article 717j in Vernon's Texas Civil Statutes), all as of the 15th day of February, 1958. Countersigned: City Clerk, City of Beaumont, Texas Mayor of the City of Beaumont, Texas (Bonds Nos. 1 to 352, both inclusive,, 3%; Bonds Nos. 353 to - 500, both inclusive, 3-1/4%) (This redemption clause shall be omitted from Bonds Nos. 1 to 315, both inclusive). Section VI The form of coupons attached to said bonds shall be substantially as follows,, to wit: No. On. the 15th day of 19. the City of Beaumont, in the County of Jefferson, in the State of Texas, promises to pay to bearer, without exchange or collection charges, at The First National Bank of Beaumont, Beaumont, Texas, or, at the option of the holder., at the First National Bank in Dallas, Dallas,, Texas, in lawful money of the United States of America, the sum of $ ,, said sum being the interest due that dateon the. City of Beaumont Street Improvement Bond,, Series 1958, dated February 15, 1958. Bond No. Mayor City Clerk (Coupons maturing after February 15, 1968, shall contain the following additional clause: unless the bond to- which this coupon appertains has been called for previous redemp- tion and due provision made to redeem same). Section VII 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 THE STATE OF TEXAS REGISTER NO. 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 is, a valid and binding obligation of the City of Beaumont, 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 VIII It is further ORDAINED that for the. purpose of paying the interest on said .STREET IMPROVEMENT BONDS,.. SERIES. 1958, and to create a sinking fund to pay the various installments of principal as the same shall respectively mature, a sufficient tax on each _$100 valuation of taxable property in the City of Beaumont, Texas, shall be annually levied on said property and annually assessed and collected, and a tax of three cents ($ .03) on each $100 valuation of taxable property within the City of Beaumont,, Texas, is here and now levied for the year 1958, and said tax, or so much thereof as shall be necessary or in addition thereto a's may be- required, is hereby levied for each succeeding year while said bonds or any of them are outstanding, and the same shall be -annually asse-ssed and .collected and applied to the purpose named. Section lK. Sale of Bonds! That said bonds having been advertised for public sale,, in accordance with the terms and provisions of Section 4, of Article 9, of the City's Home Rule Charter,, and bids having been received pursuant thereto,, it is hereby found and determined that the bid of the. First National Bank in Dallas, and Mercantile Trust Company of .St. Louis,, at a price of the principal of said bonds,, plus accrued interest thereon from the date thereof to the date of actual delivery, plus a cash premium of $22. 50, with a 10 -year option of redemption, is the best bid received,, and the sale of said bonds to the named bidder at the stated price is hereby .authorized, approved, ratified, and confirmed, subject to the unqualified approving opinion as to the legality of said bonds .of the Attorney General of Texas, and Vandewater, Sykes, Heckler & Galloway, market attorneys, of New York, New York. After the bonds have been .registere d by the Comptroller of Public Accounts- of the State of Texas, said Comptroller is authorized and requested to deliver the same to The American National Bank at Austin, Texas, for account of the .City. Upon receipt of the full purchase price, said bonds shall be delivered to: the purchaser. Section X That the Mayor and .City Clerk are hereby authorized and directed to do any and all things necessary tocarry out the terms of this ordinance. Section XI This ordinance shall take effect from and after the. date of its passage. PASSED this 28th day of .Januar/y,-9 58. ra Atte st; yor of the City of Beaumont,\ Texas ? -7 Clerk