HomeMy WebLinkAboutORD 74-8l6►vP(J
ORDINANCE NO. 74-8
ORDINANCE AMENDING AN ORDINANCE
AUTHORIZING THE ISSUANCE OF
CERTIFICATES:OF OBLIGATION.
WHEREAS, .on December 18, 1973, the City Council of the City
of Beaumont, Texas, adopted an ordinance authorizing the issuance
of $1312,0;000 City of Beaumont, Texas, Sewer System Certificates
of Obligation, Series 197.4; and
WHEREAS, no interest rates were specified in said ordinance,
since. said Council provided in said Ordinance that said Certifi-
cates -would be sold at a later date at a price equal to not less
than the principal amount thereof plus accrued interest thereon -
from the date thereof to the date of actual delivery; and
WHEREAS, said certificates have been advertised for sale,
and the City Council now desires to specify said interest rates
and award the sale .thereof to the best -bidder -therefor; -and
WHEREAS, Sections -4 and 11 of said Ordinance should. -be amended
accordingly; Therefore
BE IT ORDAINED BY THE CITY OF BEAUMONT:
Section le That Sections 4 and ll, respectively, of the
Ordinance -adopted by the City Council of the City of Beaumont,
Texas, on December 18, 1973, authorizing the issuance of $1,120,000
City of Beaumont, Texas, Sewer System Certificates of Obligation,
Series 1974, should be and they are hereby respectively amended,
so that said Sections 4 and 11 of said Ordinance, respectively,
shall her.eafter read and -be -as follows:
"Section 4. That said Certificates shall bear interest at
the following rates per annum:
"Certificates
maturing
1979
through 19 q,
"Certificates
maturing
19
through 1901
"Certificates maturing:1.9
"Certificates -maturing -19
through 199-2- and
through 19 %.
"Interest shall be payable on the dates indicated in the FORM
OF CERTIFICATES set forth in this Ordinance."
"Section ll.
Said certificates, having been advertised
for public sale in accordance with the terms and provisions
of Section 4, Article IX of the City's Charter, and bids having
been received pursuant thereto, it is hereby found and determined
that: the bid of �C'�cd4-$ C�,, �� �QCc �Ag-,t! V 6=yJ5
,eF 7 -
at
at a price equal to the principal amount thereof, plus accrued
interest thereon from the date thereof to the date of actual
delivery plus -a cash premium of '$
is the best bid received, and the sale of said certificates to
the named bidder.at the stated price -is -hereby -authorized., ap-
proved.,-ratified.,-and
p-
proved,ratified,and confirmed, subject to the unqualified
approving opinions as tothe legality of -the certificates by
the -Attorney -General of the State of Texas and'Vinson, Elkins,
Searls, Connally & Smith,: Houston,:Texas, market attorneys., -is
hereby authorized, approved, -ratified, and confirmed."
MPAS
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016
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Section 2. That, except as hereinabove amended, said
Ordinance adopted December 18, 1973, shall remain and be in
full force and effect.
Section 3. That this Ordinance shall take effect'immediately
upon its passage.
PASSED AND APPROVED this -22nd -day -of January, 197+.
ATTEST:
&419r: 6�2
ity 9terk, City of
Beaumont, Texas
:(SEAL)
Mayor, City of Beaumont, Texas
-3-