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HomeMy WebLinkAboutORD 75-64r ORDINANCE NO. 75-� 4' ORDINANCE AUTHORIZING THE ISSUANCE OF $20,000,000 CITY OF BEAUMONT, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1975 THE STATE OF TEXAS § COUNTY OF JEFFERSON § CITY OF BEAUMONT § WHEREAS, at an election held in and throughout the City of Beaumont, Texas, on the lst day of October, 1974, more than a majority of the duly qualified resident electors of said City, voting at said election, voted in favor of the issuance of the following tax bonds of said City, to -wit: $12,000,000 bonds for the purpose of constructing permanent public improvements in and for said City, to -wit: a municipal or civic center, consisting -of an auditorium building, a convention building and an office building, $13,940,000 bonds for the purpose of constructing permanent public improvements.in and for -said City, to -wit: the construction and improvement of the roads, bridges, and streets of such City, including, but not by way of limitation, related drainage facilities, related traffic control devices, and the acquisition o,f rights-of-way,. $500,000 bonds for the purpose of constructing permanent public improvements in and for said City, to -wit: improving and extending a traffic control system for said City, $1,000,000 bonds for the purpose of acquiring and/or constructing permanent public improvements in and for said City, to -wit: acquiring or improving, or both, land for park,purposes (Fair Park),. and $560,000 bonds for the purpose of constructing and acquiring permanent public improvements in and for said City, to -wit: a transit system garage and office building, said bonds to mature serially within 25 years from their date or dates and bearing interest at any rate or rates as shall be determined with the discretion of said City Council, not to exceed the maximum interest rate now or hereafter authorized by law; and WHEREAS, the City Council of said City has determined that said $12,000,000 municipal or civic center bonds, $6,700,000 street improvement bonds, $1,000,000 Fair Park bonds and $300,000 transit system bonds, aggregating $20,000,000, should be combined into one issue of bonds, and said City Council now desires to. proceed with the issuance, sale and delivery of such bonds, leaving the remaining $8,000,000 bonds, to -wit: $7,240,000 street improvement bonds, $ 500,000 traffic control bonds, and $ 260,000 transit.system bonds to be issued, sold and delivered at a later date; Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: Section 1. That the City's negotiable, serial, coupon bonds to be designated "CITY OF BEAUMONT, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1975", are hereby authorized to be issued and de- livered in the principal amount of $20,000,000 for the purpose of constructing permanent public improvements in and for said City, to -wit: '3 a municipal or civic center, consisting of an auditorium building, a convention building and an office building; the construction and improvement of the roads, bridges and streets of such City, including but not by way of limitation, related drainage facilities, related traffic control devices, and the acquisition of rights-of-way, and for the further purpose of acquiring and/or constructing permanent public improvements in and for said City, to -wit: acquiring or improving, or both, land for park purposes (Fair Park), and for the further purpose of constructing and acquiring permanent public improvements in and for said City, to -wit: a transit system garage and office building. -2- Section 2. That said bonds shall be dated October 1, 1975, shall be numbered consecutively from 1 to 4000, both inclusive, shall be in the denomination of $5,000 each, and shall mature serially on April 1, without option of prior redemption, of each of the years, and in the amounts, respectively, as set forth in the following schedule: $ 300,000 1977/81 600,000 1982/83 800,000 198.4 1,100,000 1985 1,400,000 1986/96 Section 3. That said bonds shall bear interest per annum at the following rates, respectively, to -wit: Bonds maturing 1977 through 1984 6.75/, Bonds maturing 19 : through 1985, . 6.65%, Bonds maturing 1986 through 1988, 5.9 ./, Bonds maturing 19'- through 1989, 6.0 %, Bonds maturing 19.- through 1990, 6.15/, Bonds maturing 19. through 1991, 6.30%, Bonds maturing 19 through 1992, 6.45/, Bonds maturing 19^= through 1993, 6.60%, Bonds maturing 1994 through 1995, 6.75/, Bonds maturing 19 -,:through 1996, 5.750, _ interest payable April 1, 1976, and semiannually thereafter on October 1 and April 1 of each year until the principal sum is paid. Section 4. That said bonds, and the interest coupons apper- taining thereto, shall be payable, shall have the characteristics, and shall be signed and executed (and said bonds shall be sealed), all as provided and in the manner indicated in the FORM OF BONDS set forth in this ordinance. Section 5. That the form of said bonds, including the form of registration certificate of the Comptroller of Public Accounts of the State of Texas to be printed and endorsed on each of said bonds, and the form of the aforesaid interest coupons which shall -3- appertain and be attached initially to each of said bonds, shall be respectively, substantially as follows: T/ln nrt nrn n��1rn _ No. UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF JEFFERSON $5,000 CITY OF BEAUMONT, TEXAS, GENERAL OBLIGATION BOND, SERIES 1975 ON APRIL'l, 19 , the CITY OF BEAUMONT; in the County of Jefferson, State of Texas, PROMISES TO PAY. TO BEARER the principal amount of FIVE THOUSAND DOLLARS and to pay interest thereon, from the date hereof, at the rate of % per annum, evidenced by interest coupons payable April 1, 1976, and semiannually thereafter on October 1 and April 1 of each year until the principal sum is paid. The principal of this bond and the interest coupons appertaining hereto shall be L payable to bearer in'any coin or currency which on the respective dates of payment of such principal and interest is legal tender for the payment of debts due the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this bond or proper coupon at the Texas Commerce. Bank N.A., Houston, Texas, or, at the option of the holder, at The American National Bank of Beaumont, Beaumont, Texas,. which shall be the paying agents for this series of bonds. THE DATE OF THIS BOND, in conformity with the ordinance hereinafter mentioned, is OCTOBER 1, 1975. THIS BOND IS ONE OF A SERIES OF NEGOTIABLE, SERIAL, COUPON BONDS of like tenor and effect except as to serial number, maturity -4- and interest rate, being numbered consecutively from 1 to 4000, both inclusive, in the denomination of $5,000 each, aggregating. $20,000,000, and together with the other bonds of said series, is issued for the purpose of constructing permanent public improvements in and for said City, to -wit: a municipal or civic center, consisting of an auditorium building, a convention building and an office building; the construction and improvement of the roads, bridges and streets of such City, including but not by way.of limitation, related drainage facilities, related traffic control devices, and the acquisition of rights-of-way, and for the further purpose of acquiring and/or constructing permanent public improvements in and for said City, to -wit: acquiring or improving, or.both, land for park purposes (Fair Park), and for the further purpose of constructing and acquiring permanent public improvements in and for said City, to -wit: a transit system garage and office building, under and by virtue of the Constitution and laws of the State of Texas, including particularly Chapters 1 and 7 of Title 22, Re- vised Civil Statutes of Texas, 1925, as amended, the Home -Rule Charter of said City and as authorized at an election held in and throughout said City on October 1, 1974, and pursuant to an ordinance duly passed and adopted by the City Council of said City, which ordinance is,of record in the minutes of said City Council. IT IS HEREBY CERTIFIED, RECITED AND COVENANTED that this bond has been duly and validly voted, authorized, issued and de- livered; that all acts, conditions and things required or proper to be performed, exist and be done precedent to or in the issuance and delivery of this bond, have been performed, existed and been -5-- l 6 --7-L9 75 - done in accordance with law; and that annual ad valorem taxes sufficient to provide for the payment of the interest on and principal of this bond, as such interest comes due and such prin- cipal matures, have been levied and ordered to be levied against all taxable property in the City and have been pledged irrevocably for such payment within the limits prescribed by law. IN WITNESS WHEREOF, this bond has been signed by the Mayor of the City by his manual signature and countersigned by the City Clerk of the City by her facsimile signature, and the interest coupons appertaining hereto have been signed by the facsimile signatures of said Mayor and City Clerk, and the official seal of the City has been impressed, or placed in facsimile, on this bond. xxxxxxxxxxxxxxxxxx Mayor, City of Beaumont, Texas COUNTERSIGNED: XVxxxxxxxxxx)VX City Clerk, City of Beaumont, Texas (SEAL) FORM OF REGISTRATION CERTIFICATE: COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO. I HEREBY CERTIFY that this bond has been examined, certified as to validity,.and approved by the Attorney General of the State of Texas and that this bond has been registered by the Comptroller of Public Accounts of the State of Texas. WITNESS MY SIGNATURE AND'SEAL this (SEAL) Comptroller of Public Accounts of the State of Texas W J FORM OF INTEREST COUPONS: No. ON 11 .193 the CITY OF BEAUMONT, in the County of Jefferson, State of Texas, promises to pay to bearer the amount shown on this interest coupon, in any coin or currency which on such date is legal tender for the payment of debts due the United States of America., without exchange or collection charges to the bearer, upon -pre- sentation and surrender of this coupon, at the Texas Commerce Bank N.A., Houston, Texas, or,, at the option of the holder, at The American National Bank of Beaumont, Beaumont, Texas, said amount being interest due. that date on the bond bearing the number here- inafter designated of that issue of City of Beaumont, Texas, General Obligation Bonds, Series 1975, dated October 1, 1975. Bond -No.. Mayor xxxxxxxxxxx xx x City Clerk xxxxxxxxxxxxxxxxxx Section 6. That the approving opinion of Vinson, Elkins, Searls, Connally & Smith, Houston, Texas, and Cusip Numbers may be printed on the backs of the bonds, but errors or omissions in such opinion or errors or omissions'of such numbers shall have no effect whatever on the validity of such bonds. Section 7. That there is hereby created a special fund to be designated "City of Beaumont, Texas, General Obligation Bonds, Series 1975, Interest and Sinking.Fund", and the proceeds from all taxes assessed and collected for and on account of the bonds authorized by this ordinance shall, as collected, be deposited into said Fund. That while said bonds or any part of the prin- cipal thereof or interest thereon remain outstanding and unpaid, -7- there'is hereby levied and there shall be annually assessed and collected, in due time, form and manner, and at the same time other City taxes are levied, assessed and collected, in each year, beginning with the current year, a continuing direct annual ad valorem tax upon all taxable property within said City suffi- cient to pay the current interest thereon and to create and provide a sinking fund of not less than two per cent (2%) of the principal amount of the bonds or of not less than the amount required to pay the principal payable out of said tax, whichever is greater, full allowance being made for delinquencies and cost 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 8. That the accrued interest and premium, if any, of the proceeds of sale of said bonds shall be deposited in the City of Beaumont, Texas, General Obligation Bonds, Series 1975, Interest and Sinking Fund, heretofore created for said bonds. Section 9. That the City certifies that based upon all facts, estimates and circumstances now known or reasonably expected to be in existence on the date the bonds are delivered and paid for the City reasonably expects that the proceeds of the bonds will. not be used in a manner that would cause the bonds or any portion of the bonds to be an "arbitrage bond" under Section 103(d)(2) of the Internal Revenue Code of 1954, as amended, and the tem- porary and proposed regulations heretofore prescribed thereunder, including, without limitation, Sections 1.103-13 and 1.103-14 of the proposed regulations published in the Federal Register on May 3, 1973. Furthermore, all officers, employees and agents of the City are authorized and directed to pr ovide_certifications 1,6 --) -/ q 7S - % s % of facts, estimates and circumstances which are material to the reasonable expectations of the City as of the date the bonds are delivered and paid for, and any such certifications may be relied upon by counsel, by the owners or holders of. the bonds, or by any person interested in the exemption of interest.on the bonds from Federal income taxation. Moreover, .the City covenants that it shall make such use of the proceeds of the bonds, regulate investments of proceeds of the bonds, and take such other and further action as may be required so that the bonds.shall not be "arbitrage bonds" under Section 103(d) of the Internal Rev- enue Code of 1954, as amended, and regulations prescribed from time to time thereunder. Section 10. That the Mayor of said City is hereby autho- rized to have control of said bonds and all necessary records and proceedings. pertaining to said bonds pending their delivery and their investigation, examination and approval by the Attorney General of the State of Texas and their registration by the Comptroller of Public Accounts of the State of Texas. Upon registration of said bonds, the Comptroller of Public Accounts (or a deputy designated in writing to act for the Comptroller) shall manually sign the Comptroller's registration certificate prescribed herein to be printed and endorsed on each bond; and the seal of the Comptroller shall be impressed,.or placed in facsimile, on each of said bonds. Section 11. That said bonds, having been advertised for pub- lic 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 Q� °jam of First City National Bank of Houston, et al , at a price equal to the principal amount thereof, plus accrued interest thereon from the date of actual delivery, plus a cash premium of $ 85.00 , 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 opinions as to the legality bf such bonds 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. Section 12. That the Mayor, City Clerk and other appropriate officers of the City of Beaumont are hereby authorized and directed to do any and all things necessary and/or convenient to carry out the terms of this ordinance. Section 13. That this ordinance shall take effect immediately upon its passage. PASSED AND APPROVED.this 7th day of October, 1975. ay , Cit of Beaumont, Texas ATTEST: City lerk, City o Be mont, Texas (SEAL)