HomeMy WebLinkAboutORD 15-Zvol.
AN ORDINANCE
AUTHORIZING AND DIRECTING THE ISSUANCE OF A
PORTION OF THE. SERIAL BONDS OF THE CITY OF BEAUMONT,
TEXAS, AUTHORIZED AT AN ELECTION HELD, IN SAID CITY
ON THE 17th DAY OF JULY, 1954, THE PORTION THEREOF
HEREBY AUTHORIZED AND DIRECTED TO BE ISSUED TO BE
AS FOLLOWS: STREET AND HIGHWAY IMPROVEMENT BONDS,
SERIES 1954, IN THE AMOUNT OF ONE MILLION DOLLARS
($1, 000, 000) FOR THE PURPOSE OF EXTENDING, IMPROVING
AND REPAIRING THE HIGHWAYS AND STREETS OF THE CITY
OF BEAUMONT, INCLUDING A FREEWAY AND THE APPROACHES
AND APPURTENANCES THERETO, AND ACQUIRING NECESSARY
RIGHTS -OF WAY THEREFOR, SAID BONDS HEREBY AUTHORIZED
TO BE ISSUED TO BE. DATED SEPTEMBER 1, 1954, TO MATURE.
SERIALLY AS HEREIN SET FORTH; PRESCRIBING THE FORM
OF SUCH BONDS; PROVIDING- FOR THE LEVYING AND COLLECT-
ING OF THE NECESSARY TAXES. TO PAY THE INTEREST AND
CREATE A .SINKING FUND TO PAY THE PRINCIPAL OF SAID
BONDS AS THEY MATURE; PROVIDING FOR THE CUSTODY OF
SAID BONDS PENDING THEIR APPROVAL AND DELIVERY TO
THE PURCHASER; AUTHORIZING AND DIRECTING THE MAYOR
AND THE CITY CLERK TO EXECUTE .SAID BONDS AND THE
INTEREST COUPONS THERETO ATTACHED AND IMPRESS THE
CORPORATE SEAL OF THE CITY OF BEAUMONT THEREON,
AND TO DO ALL OTHER THINGS'NECESSARY IN CONNECTION
WITH THE SALE AND DELIVERY'TO THE PURCHASER THEREOF;
REPEALING ALL. ORDINANCES AND PARTS OF ORDINANCES
IN CONFLICT HEREWITH; AND PROVIDING THAT THIS ORDIN-
ANCE SHALL TAKE EFFECT ON THE DATE OF ITS PASSAGE.
WHEREAS, on the 29th day of June, 1954, the City Council of the City
of Beaumont, Texas, adopted an ordinance calling an election to be held in
the City of Beaumont, Texas, on the 17th day of July, 1954, at which election
there was submitted to the qualified electors of said city who own taxable
property in said city and who. have duly rendered the same for taxation, the
following proposition:
SHALL. the City Council of the City of Beaumont, Texas,
be authorized to issue serial bonds of said city in the amount
of $2, 000, 000 to provide funds for the purpose of extending,
improving and repairing the highways and streets of the City
of Beaumont, including a freeway and the approaches and ap-
purtenances thereto, and acquiring necessary rights of way
therefor, said bonds maturing serially in such installments
as may be fixed by the City Council, over a period of years
not to exceed twenty-five (25) years from their date, bearing
interest at a rate not to exceed five per, cent (516) per annum;
and shall there be annually levied, assessed and collected,
while said bonds or any of them are outstanding, an annual
ad valorem tax on all taxable property in the City of Beaumont
Texas, sufficient to pay the interest on all of said bonds as
it accrues, and to create a sinking fund sufficient to retire
the same at maturity.
The probable period of usefulness of the, improvements for
which this bond fund shall be expended is more than twenty-
five (25) years.
And,
WHEREAS, at said election held in the City of Beaumont, Texas,
on the 17th day of July, 1954, . pursuant to said ordinance calling the same,
and pursuant to notice thereof duly given as provided by law, a majority
of the qualified electors residing within the City of Beaumont, Texas, who
own taxable property in said city and who have duly rendered the same for
taxation, voting at said election, voted in favor of the proposition by the
following vote:
FOR THE ISSUANCE OF THE SERIAL BONDS OF THE
CITY OF BEAUMONT, TEXAS, FOR THE PURPOSE OF
EXTENDING, IMPROVING AND REPAIRING THE HIGH-
WAYS AND STREETS OF THE CITY OF BEAUMONT,
INCLUDING A FREEWAY AND THE APPROACHES AND
APPURTENANCES THERETO, AND ACQUIRING NECES-
SARY RIGHTS OF WAY THEREFOR, AND THE LEVYING
OF A TAX IN PAYMENT THEREOF ------------------ 4106 votes
AGAINST THE ISSUANCE OF THE SERIAL BONDS OF
THE CITY OF BEAUMONT,. TEXAS, FOR THE PURPOSE
OF EXTENDING, IMPROVING AND REPAIRING THE
HIGHWAYS AND STREETS OF THE CITY OF BEAUMONT,
INCLUDING A FREEWAY AND THE APPROACHES AND
APPURTENANCES THERETO, AND ACQUIRING NECES-
SARY RIGHTS OF WAY THEREFOR, AND THE LEVYING
OF A. TAX. IN PAYMENT THEREOF ------------------- 3277 votes
MAJORITY FOR THE ISSUANCE OF SAID BONDS =- - - -- 829 votes
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 is to the best interest of the City of Beaumont to issue. said bonds in in-
stallments, as the money from same can be used to advantage in view of the
scarcity of materials and labor and the unsettled economic conditions, and the
City Council of the City of Beaumont now finds and determines that it is neces-
sary and proper at this time to issue one million dollars ($1, 000, 000) of the
bonds authorized at said election, which is the amount in the judgment of the
City Council that can be economically expended on said improvements within a
reasonable time, hereby reserving 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, TEXAS:
SECTION 1
The City of Beaumont, Texas, shall issue bonds as hereinafter pre-
scribed for and on behalf of and upon the credit of the City of Beaumont, Texas,
as follows:
$1, 000, 000 principal amount of STREET AND HIGHWAY IMPROVEMENT
BONDS, SERIES 1954, , for the purpose of extending, improving and repairing
the highways and streets of the City of Beaumont, including a freeway and the
approaches and appurtenances thereto, and acquiring necessary rights of way
therefor, to be dated September 1, 1954, and to mature serially on September
1, of each year, and in the amounts as follows:
Bond Number
Maturity Date
Amount
1 to
28,
inclusive
September
1,
1955
$ 2'a, 000
29 to
56,
inclusive
September
1,
1956
28,000
57 to
86,
inclusive
September
1,
1957
30, 000
87 to
116,
inclusive
September
1,
1958
30,000
117 to
150,
inclusive
September
1,
1959
34, 000
151 to
184,
inclusive
September
1,
1960
34,000
185 to
2.18,
inclusive
September
1,
1961
34,000
219 to
254,
inclusive
September
1,
1962
36,000
255 to
290,
inclusive
September
1,
1963
36, 000
291 to
32.6,
inclusive
September
1,
1964
36,000
327 to
364,
inclusive
September
1,
1965
38, 000
365 to
402,
inclusive
September
1,
1966.
38,000
403 to
442,
inclusive
September
1,
1967
40,000
443 to
482,
inclusive.
September
1,
1968
40,000
483 to
.: 526,
inclusive
September
1,
1969
44,000
52.7 to
570,
inclusive
September
1,
1970
44,.000
571 to
614,
inclusive
September
1,
1971
44,000
615 to
660,
inclusive
September
1,
1972
46,000
661 to
706,
inclusive
September
1,
1973
46,000
707 to
752,
inclusive
September
1,
1974
46,000-
753 to
800,
inclusive
September
1,
1975
48,000
801 to
848,
inclusive
September
1,
1976
48,000
849 to
898,
inclusive
September
1,
1977
50,.000
899 to
948,
inclusive
September
1,.
1978
50,000
949 to
1000,.
inclusive
September
1,
1979
52,000
The City of Beaumont expressly reserves the right to redeem any one
or all of the. bonds numbered 527 to 1000, inclusive, prior to maturity on
September 1, 1969, and on any ,interest -payment date therezfter, provided notice
of such redemption is published in a financial publication in the City of New Yor}c,
New York, at least once not less than thirty (30) days before the time fixed for
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prior payment, and thirty (30) days' notice is given in writing to the places
of payment before the time so. fixed for prior redemption, and the money for
I
their redemption or paymenf�/including the interest then due, shall have been
deposited with the paying agents within ten (10) days prior to or on the date
required for payment. If upon the happening of the above condition said bonds
are not presented for payment they shall not thereafter bear interest. Unless
on or prior to the redemption date the city shall pay or ' cause to be paid to
the paying agents the principal amount of the bonds to be redeemed, or make
funds available to the paying agents therefor, together with interest thereon
to date of redemption, such redemption shall fail and said bonds shall continue
to be in full force and effect the same as if such redemption proceedings
had never been started, and interest on said bonds shall continue to run until
maturity and payment or subsequent redemption, as provided herein.
Said bonds shall bear interest at the rate of two and one-half per cent
(2-1/276) per annum, which interest shall be. payable on March 1, 1955, and
thereafter semi-annually on September 1 and March 1, of each year. The
principal and interest on said series of bonds shall be payable upon presenta-
tion and surrender of the bonds or proper coupons at The First National Bank
of Beaumont, Beaumont, Texas, or at the Harris Trust & Savings Bank,
Chicago, Illinois.
That said bonds and coupons to be attached thereto, and the State
Comptroller's certificate of registration to be endorsed thereon are to be
in the. following forms, respectively, with proper omissions, insertions, and
variations, permitted or otherwise, as herein provided:
No.
$1, 000. 00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF JEFFERSON
CITY OF BEAUMONT
STREET AND HIGHWAY IMPROVEMENT BOND
SERIES 1954
KNOW ALL MEN BY THESE PRESENTS: That the City
of Beaumont, Jefferson County, Texas, for value._re.Geivei, acknowledges
itself indebted to and hereby promises to pay to bearer
O N E T H O U S-A N D D O L L A R S
($1, 000. 00) in lawful money of the United States of America, on the 1 st day
of September, 19 , with interest thereon from date hereof until paid at
the rate of two and one-half per cent (2-1/2%) per annum, interest payable
March 1, 1955, and semi-annually thereafter on September 1 and March 1,.
of each year, on presentation and surrender of the annexed interest coupons
as they severally mature.
Both principal and interest of this bowl are payable at The First National
Bank of Beaumont, Beaumont, Texas, or at the Harris Trust & Savings
Bank, Chicago, Illinois, at the option of the holder; and the City of Beaumont,
Texas, is hereby held and firmly bound, and its full faith and credit and all
taxable real and personal property therein are hereby pledged for the prompt
payment of the principal of this bond and the interest thereon as it matures.
'The City of Beaumont, Texas, hereby expressly reserves the right
to redeem this bond prior to maturity on September 1, 1969, and on any
interest -payment date thereafter, provided notice of such redemption is
published in: -.a financial publication in the City of New York, New York, at
least once not less than thirty (30) days before the time fixed for prior pay-
ment and thirty (30) days' notice in writing is given to the, places of payment
before the time, so fixed for prior redemption, and the money for its redemp-
tion or payment, including interest then due, shall have been deposited with
the paying agents within ten (10) days prior to or on the date required for
payment. If upon the happening of the above condition said bond is not
presented for payment it shall not thereafter bear interest. Unless on or
prior to the redemption date the city shall pay or cause to be paid to the
paying agents the principal amount of this bond,, or make funds available to
the paying agents therefor, together with interest thereon to date of redemp-
tion, such redemption shall fail and said bond shall continue to- be in full force
and effect the same as if such redemption proceedings were never started,
and interest on said bond shall continue to run until maturity and payment
or subsequent redemption.
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This bond is one of a series of 1000 bonds of the denomination of one
thousand dollars ($1, 000. 00) each, numbered consecutively from 1 to 1000,
inclusive, each of said bonds being of like tenor and effect, except as to
number and maturity -and option of redemption before maturity, issued
by the City of Beaumont, Texas, for the purpose of extending, improving
and repairing the highways and streets of the City of Beaumont,including a
freeway and the approaches and appurtenances thereto, and acquiring neces-
sary rights of way therefor, issued under and by virtue of the constitution
and laws of the State of Texas and the charter of the City of Beaumont, Vand
in strict conformity with Article 11,, Section 5, of the Constitution of the :State
of Texas,. and Article 1175, et seq. ,- and amendments thereto, of the Revised
Civil Statutes of Texas, and all laws thereunto enabling. It is hereby certi-
fied and recited that the issuance of this bond and the series of which it is
a part is duly authorized by law and by a majority vote of the resident
qualified electors of the City of Beaumont, Texas, who -own taxable property
in said city and who have duly rendered the same for taxation, voting at an
election held for the purpose within the City of Beaumont on the 17th day of
July, 1954,pursuant to an ordinance duly passed on the 29th day of June,
1954, ordering said election.
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 and that
all acts, conditions, and things required to be done precedent to and in the
issuance of this bond and of the series of which it is a part have been properly
done, have happened and been performed in regular and due time, form, and
manner, as required by law; that sufficient and proper provisoons 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 annexed
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 constitutional or statutory limitation.
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It is hereby recited, certified, and declared that the additional tax
levied and made necessary to be levied in order to provide for the 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. limitations of the
constitution and laws of the State of Texas and the charter of the City of
Beaumont.
The date of this bond, in conformity with the ordinance above mentioned,
is September 1, 1954.
IN WITNESS WHEREOF, the City Council of the City of Beaumont, Texas,
has caused the corporate seal of the City of Beaumont to be affixed hereto .and
this bond to be signed by its Mayor and countersigned by its City Clerk, and
the interest coupons hereto attached to be executed by the facsimile signatures
of its Mayor and its City Clerk, as of the 1 st day of September, 1954.
Mayor of the City of Beaumont, Texas
Atte st:
City Clerk of the
City of Beaumont, Texas
*(This paragraph should be omitted from bonds numbered 1 to 526, in-
clusive).
The form of interest: -coupons attached to said bonds shall be substantially
as follows:
On the 1 st day of , 19 , the City of Beaumont, Texas, will pay
to bearer at The. First National Bank of Beaumont, Beaumont, Texas, or at
the Harris Trust & Savings Bank, Chicago, Illinois, the sum of $12. 50 in
lawful money of the United States of America, said sum being six months'
interest due that day on its STREET AND HIGHWAY IMPROVEMENT BOND,
SERIES 1954, bearing the number hereinafter specified, dated September 1, 1954.
Bond No. Mayor of the City of Beaumont, Texas
City Clerk of the City of
Beaumont, Texas
Coupons on said bonds numbered 527 to 1000, inclusive, shall include
the following clause after the interest payment date: "Unless the bond to
which this coupon is attached has been called for prior redemption and pay -
meat made or provided for as therein recited. 11
The form of the Comptroller's certificate which shall be printed on
the back of each bond shall be substantially as follows:
OFFICE. OF COMPTROLLER
REGISTER NO.
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, and 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 said City
of Beaumont, Texas, and said bond has this day been registered by me.
Witness my hand and seal of office at Austin, Texas, this, the.
day of , 1954.
Comptroller of Public Accounts
of the State of Texas
It is further ordained that for the purpose of paying the interest on said
STREET AND HIGHWAY IMPROVEMENT BONDS, SERIES 1954, and to
create a sinking fund to pay the various installments of principal as the
same shall respectively mature, a sufficient tax on each $100 valuation of
all taxable property in the City of Beaumont, Texas, shall be annually levied
on said property and annually assessed and collected, and a tax of four and
one-half cents ($ .045) on each $100 valuation of all taxable property within
the City of Beaumont, Texas, is here and now levied for the year 1954, and
said tax, or so much thereof as shall be necessary or in addition thereto
as 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 assessed
and collected and applied to the purpose named.
SECTION 2
That each of said bonds shall be signed by the Mayor and countersigned
by the City Clerk of the City of Beaumont, and the corporate seal of the
City of Beaumont, Texas, shall be impressed upon each of them. The facsimile
signatures of the Mayor and the City Clerk may be printed or lithographed on
said coupons, and said facsimile signatures shall have the same effect as if
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they had been executed manually by said officials.
SECTION 3
The Mayor of the City of Beaumont is hereby directed to submit the
record of said bonds and the bonds themselves to the Attorney General of the
State of Texas for approval, and thereafter to have them registered by the
Comptroller of the State of Texas, and said bonds, when properly executed
by the city officials, shall be held by the Mayor of the City of Beaumont to be
delivered by the Mayor to the purchaser -or purchasers thereof. The Mayor
and City Clerk are authorized and directed to do any and all things necessary
and convenient to effect delivery thereof to the purchaser.
SECTION 4
All ordinances and parts of ordinances and all resolutions and parts
of resolutions inconsistent with the provisions of this ordinance are hereby
rescinded and repealed in so far as same may conflict herewith, and it is
further provided that if any portion of this ordinance shall be declared invalid,
such invalidity shall in no way affect the remaining valid portions thereof.
PASSED this, the 31 st day of August, 1954, by the affirmative vote of
all members of the City Council of the City of Beaumont, Texas.
Mayor of the City of Beaumont, Texas