HomeMy WebLinkAboutORD 52-X. _ FEC RDED
Vol.
1'a�e
AN ORDINANCE
AUTHORIZING AND DIRECTING THE ISSUANCE OF A PORTION OF
THE SERIAL BONDS OF. -THE CITY OF BEAUMONT, TEXAS, AUTHORIZ-
ED AT AN ELECTION HELD IN.SAID.CITY ON THE.8th DAY OF
AUGUST, 1952, THE PORTION THEREOF.HEREBY AUTHORIZED AND
DIRECTED TO BE. ISSUED. TO BE AS FOLLOWS: SANITARY SEWER
IMPROVEMENT BONDS, ,SERIES-1952,.IN._THE AMOUNT OF TWO
MILLION DOLLARS (2,000,000) FOR.THE PURPOSE OF THE IM-
PROVEMENT, EXTENSION AND REPAIR OF THE SANITARY SEWER
SYSTEM AND THE CONSTRUCTION OF SANITARY SEWAGE TREATMENT
PLANTS AND ALL APPURTENANCES THERETO, AND THE PURCHASE OF
NECESSARY SITES THEREFOR, IN THE CITY OF BEAUMONT, TEXAS,
SAID BONDS HEREBY -AUTHORIZED TO BE ISSUED TO BE DATED
OCTOBER 15, 1952, TO.MATURE SERIALLY AS HEREIN SET FORTH;
PRESCRIBING THE FORM OF.SUCH BONDS; PROVIDING FOR THE
LEVYING AND COLLECTING 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 ORDINANCE SHALL.TAKE EFFECT ON THE DATE OF ITS
PASSAGE.
WHEREAS, on the 15th day of July, 1952, 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 8th day of August, 1952, 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:
And,
SHALL the City Council of the City of Beaumont, Texas,
be authorized to issue serial bonds of said city in the
amount of SIX MILLION FIVE HUNDRED THOUSAND DOLLARS
(6,500,000) to provide -funds for the purpose of the im-
provement, extension, and repair of the sanitary sewer
system and the construction of sanitary sewage treatment
plants and all appurtenances thereto, and the purchase
of necessary sites therefor, in the City of Beaumont,
Texas, said bonds to mature 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, to bear interest at a rate not to exceed five per
cent (%) 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.
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WHEREAS, at said election held in the City of Beaumont, Texas, on
the 8th day of August, 1952, 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 THE IMPROVEMENT,
EXTENSION AND REPAIR OF THE SANITARY.SEWER SYSTEM AND
THE CONSTRUCTION OF SANITARY SEWAGE TREATMENT PLANTS
AND ALL APPURTENANCES THERETO, AND THE PURCHASE OF,
NECESSARY SITES THEREFOR, IN THE CITY OF BEAUMONT,
TEXAS, AND THE LEVYING OF A. TAX IN PAYMENT THEREOF 3696 votes
AGAINST THE ISSUANCE OF THE SERIAL BONDS OF THE
CITY OF BEAUMONT, TEXAS,.FOR THE PURPOSE OF THE
IMPROVEMENT, EXTENSION AND REPAIR OF THE SANITARY
SEWER SYSTEM AND THE CONSTRUCTION OF SANITARY.
SEWAGE TREATMENT PLANTS AND ALL APPURTENANCES
THERETO, AND THE PURCHASE OF NECESSARY SITES
THEREFOR, IN THE CITY OF BEAUMONT, .TEXAS,.AND
THE LEVYING OF A TAX IN PAYMENT THEREOF 923 votes
MAJORITY FOR THE ISSUANCE OF SAID BONDS 2773 votes
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 con-
tained 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 installments, 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 necessary and proper at this time to issue
two million dollars (2,000,000) of the bonds authorized at said election,
which is the amount in the judgment of the City Council that can be econom-
ically expended on said improvements within a reasonable time, hereby re-
serving the right and authority to issue the remainder of said bonds as
and when needed; now, therefore:
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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:
$2,000,000 principal -amount of_SANITARY S51ER IMPROVEMENT BONDS,
SERIES 1952, for the purpose of. the improvement, extension and repair of
the sanitary sewer system and the construction of sanitary sewage treatment
plants and all appurtenances thereto and the purchase of necessary sites
therefor in the City of Beaumont, Texas, to be dated October 15, 1952,
and to mature serially on October 15; of each year, and in the amounts
as follows:
Bond
Number
Matuirty Date
Amount
1
to
56,
inc.
October
15,
1953
$ 56,000
57
to
112,
inc.
October
15,
1954
56,000
113
to
172,
inc.
October'15,
1955
60,000
173
to'
232,
inc.
October
15,
1956
60,000
233
to
300,
inc-.
October
15,
1957
68,000
301
to
368,
inc.
October
15,
1958
68,000
369
to
436,
inc.
October
15',
1959
68,000
437
to
508,
inc.
October
15,
1960
721000
509
to
58019
inc.
October
15,
1961
72,000
581
to
652,
inc.
October
15,
1962
72,000
653
to
728,
inc.
i ��
IL(
October
15,
1963
76,000
729
to
804,
inc.
-o
October
15,
1964
76,000
805
to
.884,
inc.
October
15,
1965
80,000
885
to
964,
inc.
October
15,
1966
80,000
965 -to
1052,
inc.
October
15,
1967
88,000
1053
to
1140,
inc.
October
15,
1968
88,000
1141
to
1228,
inc.-,,
October
15,
1969
88,000
1229
to
1320,
inc.
October
15,
1970_____
92,000
1321
to
1412,
inc.
�:
October
15,
1971
1413
to
l504,
inc.:
?
/,
October
15,
1972
92,000
1505
to
1600,
inc._
October,l5,
1973
96,000
1601
to
1696,
inc.
C`
October
15,
1974
96,000
1697
to
1796,
inc.
October
15,
1975
100,000
1797
to
1896,
inc:
October
15,
1976
100,000
1897
to
2000,
inc.
October
15,
1977
104,000
The City of Beaumont expressly reserves the right to redeem any one
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or all of the bonds numbered 1053 to 2000, inclusive, prior to maturity
on October 15, 1967, 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 payment, and thirty (30), days' notice in
writing is given to the place of payment before the time so fixed for prior
redemption, and the money for their redemption or payment, including the
interest then due, shall have been deposited with the paying agent within
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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 agent the principal
amount of the bonds to be redeemed, or make funds available to the paying
agent 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 rates as follows:
Bonds numbered 1 to 11+0, inclusive, at 344 per annum; bonds numbered
11+1 to 2000, inclusive, at 3% per annum, which interest shall be payable
on October 15, 19.53, and thereafter -semi-annually on April 15 and October 15,
of each year. The principal and interest on said series of bonds shall be
payable upon presentation and surrender of the bonds or proper coupons at
The First National Bank of Beaumont, Beaumont, Texas, or at The Chemical
Bank and Trust Company of'New York, New York.
That said bonds and coupons to be attached thereto, and the State
Comproller'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
SANITARY SEWER -IMPROVEMENT BOND
SERIES 1952
KNOW ALL MEN BY THESE PRESENTS: That the City of Beaumont, Jefferson
County, Texas, for value received, acknowledges itself indebted to and
hereby promises to pay to bearer,
ONE THOUSAND DOLLARS
($1,000.00) in lawful money of the United States of America, on the 15th
day of October, 195with interest thereon from date hereof until paid
at the rate of three and one fourth per cent (3). per annum, interest payable
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October 15, 1953, and semi-annually thereafter on April 15 and October 15,
of.each year, on presentation and surrender of the annexed interest coupons
as they severally mature.
Both principal and interest of this bond are payable at The First
National Bank of Beaumont, Beaumont, Texas, or at The Chemical Bank and
Trust Company of New York, New York, 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 October 15, 1967, 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 payment and thirty
(30) days' notice in writing is given to the place of payment before the
time so fixed for prior redemption, and,the money for its redemption or pay-
ment, including interest then due, shall have been deposited with the paying
agent 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 agent
the principal amount of this bond, or make funds available to the paying
agent therefor, together with interest thereon to date of redemption, 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.
This bond is one of a series of 2000 bonds of the denomination of
one thousand dollars ($1,000.00) each, numbered consecutively from 1 to
2000, inclusive, each of said bonds being of like tenor and effect, except
as to number, rate of interest, and maturity, and option of redemption before
maturity,.issued by the City of Beaumont, Texas, for the purpose of the
.improvement,, extension and repair of the sanitary sewer system and the
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construction of sanitary sewage treatment plants and all appurtenances
thereto and the purchase of necessary sites therefor in the City of Beaumont,
Texas, issued under and by virtue of the constitution and laws of the State
of Texas and the charter of the City of Beaumont, and 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 certified 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 8th day of August,
1952, pursuant to an ordinance duly passed on the 15th day of July, 1952,
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 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 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.
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.
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The date of this bond,,in-conformity with the ordinance above
mentioned, is October 15, 1952.
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 facsmilie
signatures of it -s Mayor and its City Clerk, as of the 15th day of October,
1952.
Mayor of the City of Beaumont, Texas
Attest:
City Clerk of the City of
Beaumont, Texas
*(This paragraph should be omitted from bonds -numbered 1 to 1052,
inclusive).
The form of interest coupons attached to said -bonds shall be sub-
stantially as follows:
On the 15th
day of , 19 ,
the City of Beaumont,
Texas,
will pay to bearer
at The First National Bank
of Beaumont, Beaumont,
Texas,
or at The Chemical Bank and Trust Company of New York, New York, the sum of
in lawful money of the United States of America, said sum
being six months' interest due that day on its SANITARY SEWER IMPROVEMENT
BOND, SERIES 1952, bearing the number hereinafter specified, dated October
15, 1952.
Bond No.
Mayor of the City of Beaumont, Texas
City Clerk of the City of
Beaumont,' Texas -
Coupons on said bonds numbered 1053 to 2000, 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
payment made or provided for as therein recited."
The form of the Comptroller's certificate which shall be printed on
the back of each bond shall be substantially as follows:
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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 , 1952.
Comptroller of Public Accounts
of the State of Texas
It is further ordained that for the purpose of paying the interest
on said SANITARY SEWER IMPROVEMENT BONDS, SERIES 1952, and to create a sink-
ing 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 $ .15 on each
$100_valuation-of- all taxable property within the City of Beaumont, Texas,
is here and now levied for the year 1952 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'outstand-
ing, 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 bonds, and said facsimile signatures shall have the same effect as
if 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 arerihereby
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 loth day of October, 1952, by the affirmative
vote of all members of the City Council of the City of Beaumont, Texas.
Mayor of the City of Beaumont, Texas
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