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HomeMy WebLinkAboutORD 13-EE�• a �, 'S, �. AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS IN THE AMOUNT OF $516,000; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST THEREON AND THE PRINCIPAL THEREOF; PROVIDING FOR THE EXCHANGE THEREOF FOR THE BONDS BEING REFUNDED THEREBY; CONTAINING OTHER PROVISIONS RE- LATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT FROM AND AFTER ITS_ PASSAGE THE STATE OF TEXAS § COUNTY OF JEFFERSON § The City Council of the City of Beaumont, Texas, convened in regular session at the City Hall within said City on the 9th day of January , 1962, with the following members present, to -wit: C. H. LeBlanc Jack M. Moore W. W. Leach Earl L. Patton Rolfe Christopher Mayor Councilman, 'lard No. l Councilman, Ward No. 2 Councilman, Ward No. 3 Councilman, Ward No. 4 and the following member(s) absent, to -wit:. when, among other business had, the following was transacted: The Mayor introduced an ordinance which was read in full. Councilman Leach made a motion that the ordinance be adopted as.read. Councilman Patton seconded the motion for adoption of the ordinance. The motion, carrying with it the adoption of the ordinance, prevailed by the following vote: AYES: Councilmen Moore, Leach, Patton, Christopher and Mayor LeBlanc. NOES: None. The Mayor thereupon announced that the motion had duly and lawfully carried and that the ordinance had been duly and lawfully adopted. The ordinance thus adopted follows: r AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS IN THE AMOUNT OF $516,000; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST THEREON AND THE PRINCIPAL THEREOF; PROVIDING FOR THE EXCHANGE THEREOF FOR THE BONDS BEING REFUNDED THEREBY; CONTAINING OTHER PROVISIONS RE- LATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT FROM AND AFTER ITS PASSAGE WHEREAS, the following described bonds issued by the City of Beaumont, Texas, being in the denomination of $1,000 each, aggre- gating $516,000, are now outstanding and constitute valid obligations of said City, to -wit: DESCRIPTION AMOUNT Fire Department Bonds, dated October 1, 1922, Bonds Nos. 73 and 74, bearing interest at the rate of 5/ per annum, due October 1, 1961 (comptroller's Registration No. 6535) $ 2,000 Sewerage Bonds, dated October 1, 1922, Bonds Nos. 191 through 195, bearing interest at the rate of 5% per annum, due October 1, 1961 (Comptroller's Registration No. 6534) -5,000 Street & Highway Bonds, dated October 1, 1922, Bonds Nos. 333 through 341, bearing interest at the rate of 5% per annum, due October 1, 1961 (Comptroller's Registration No. 6537) 9,000 Waterworks Bonds, dated October 1, 1922, Bonds Nos. 333 through 341, bearing interest at the rate of 5% per annum, due October 1, 1961 (comptroller's Registration No. 6536 for Bonds Nos. 333/339 and No. 9150 for Bonds Nos. 340/3.41) 9"000 Street & Highway Bonds, dated December 1, 1926, Bonds Nos. 263 through 275, bearing interest at the rate of 5%, per annum, due December 1, 1961 (comptroller's Registration No. 9692) 13,000 Public Park Bonds, dated December 1, 1926, Bonds Nos. 77 through 80, bearing interest at the rate of 5% per annum, due December 1, 1961 (Comptroller's Registration No. 9685) 4,000 Market House Bond, dated December 1, 1926, Bond No. 35, bearing interest at the rate of 5% per annum, due December 1, 1961 (Comptroller's Registration No. 9686) 1,000 -2- a DESCRIPTION AMOUNT Fire Department Bonds, dated December 1, 1926, Bonds Nos. 115 through 120, bearing interest at the rate of 5% per annum, due December 1., 1961 (Comptroller's Registration No. 9689) $ 6,000 City Hall and Auditorium Bonds, dated December 1,. 1926, Bonds Nos. 229 through 240, bearing interest at the rate of 5o per annum, due December 1, 1961 (Comptroller's Registration No. 9690) 12,000 Sewerage Bonds, dated December 1, 1926, Bonds Nos. 191 through 200, bearing interest at the rate of 5J per annum, due December 1, 1961 (comptroller's Registration No. 9691) 10,000 Police Department Bonds, dated December 1, 1926, Bonds Nos. 77 through 80, bearing interest at the rate of 5/ per annum, due December 1, 1961 (Comptroller's Registration No. 9687) 4,000 Airport Bonds, dated July 1, 1929, Bonds Nos. 65 through 68, bearing interest at the rate of 4-1/2% per annum, due July 1, 1961 (comptroller's Registration No. 12181) 4,000 Fire Department Bonds, dated July 1, 1929, Bonds Nos. 65 through 68, bearing interest at the rate of 4-1/2/ 'per annum, due July 1, 1961 (Comptroller's Registration No. 12176) 4,p00 Park Bond, dated July 1, 1929, Bond No.. 32, bearing interest at the rate of 4-1/2% per annum, due July 1, 1961 (Comptroller's Registration No. 12178) l'WO Sewerage Bonds, dated July 1, 1929, Bonds Nos. 97 through 102, bearing interest at the rate of 4-1/2/ per annum, due July 1, 1961 (comptroller's Registration No. 12180) 6,000 Street & Highway Bonds, dated July 1, 1929, Bonds Nos. 129 through 136, bearing interest at the rate of 4-1/2% per annum, due July 1, 1961 (Comptroller's Registration No. 12179) 8,000 Water Works Bonds, dated July 1, 1929, Bonds Nos. 54 through 56, bearing interest at the rate of 4-1/2% per annum, due July 1, 1961 (Comptroller's Registration No. 12185) 3,000 Public Bailding Bond, dated July 1, 1930, Bond No. 31, bearing interest at the rate of 4-1/2% per annum, due July 1, 1961 (Comptroller's Registration No. 12758) 1,000 -3- i. b • DESCRIPTION AMOUNT Street Opening & Widening Bonds, dated July 1, 1930, Bonds Nos. 211 through 224, bearing interest at the rate of 4-1/2% per annum, due July 1, 1961 14,000 (Comptroller's Registration No. 12759)- Street & Highway Bonds, dated July 1, 1930, Bonds Nos. 181 through 192, bearing interest at the rate of 4-1/2% per annum, due July 1, 1961 (Comptroller's Registration No. 12757) 12,000 Airport Bonds, dated December 1, 1939, Bonds Nos. 108 through 114, bearing interest at the rate of 3-1/4% per annum, due December 1, 1961 (Comptroller's Registration No. 19767) 7,000 Assembly Hall & Recreation Building Bonds, dated December 1, 1939, Bonds Nos. 23 and 24, bearing interest at the rate of 3-1/4% per annum, due December 1, 1961 (Comptroller' Registration No. 19768) 2,000 Sewerage Bond, dated December 1, 1939, Bond No. 22, bearing interest at the rate of 3-1/4% per annum, due December 1, 1961 . . (Comptroller's Registration No. 19770) 1,000 Improvement Refunding Bonds, dated August 1, 1946, Bonds Nos. 351 through 375, bearing interest at the rate of 2-1/4% per annum, due August 1, 1961 (comptroller's Registration No. 23634) 25,000 Police Station Improvement Bonds, dated September 1, 1947, Bonds Nos. 23 and 24, bearing interest at the rate of 2-1/4/ per annum, due September 1, 1961 (Comptroller's Registration No. 24436) 2,000 Sewerage System Improvement Bonds, dated September 1, 1947, Bonds Nos. 222 through 241, bearing interest at the rate of 2-1/41 per annum, due September 1, 1961 (Comptroller's Registration No. 24433) 20,000 Storm Sewer Improvement Bonds, dated September 1, 1947, Bonds Nos. 45 through 48, bearing interest at the rate of 2-1/4% per annum, due September 1, 1961 (comptroller's Registration No. 24435) 4,000 Street Improvement Bonds, dated September 1, 1947, Bonds Nos. 222 through 241, bearing interest at the rate of 2-1/4% per annum, due September 1, 1961 (comptroller's Registration No. 24432) 20,000 Fire Station Improvement Bonds, dated September 1, 1947, Bonds Nos. 45 through 48, bearing interest at the rate of 2-1/4% per annum, due September 1, 1961 (Comptroller's Registration No. 24434) 4,000 -4- G, �� �•-X�l(�' DESCRIPTION AMOUNT Sanitary Sewer Improvement Bonds, dated October 15, 1952, Bonds Nos. 509 through.580, bearing interest at the rate of 3-1/4% per annum, due October 15, 1961 (Comptroller's Registration No. 28620) $ 72,000 Sanitary Sewer Improvement Bonds, dated November 15, 1953, Bonds Nos. 437 through 508, bearing interest at the rate of 2-3/4% per annum, due November 15, 1961 (comptroller's Registration No. 29345) 72,000 Sanitary Sewer Improvement Bonds, dated September 1, 1954,.Bonds Nos. 71 through 130, bearing interest at the rate of 2-1/2% per annum, due September 1, 1961 (comptroller's Registration No. 29940) 6o,o00 ,,,-,Street & Highway Improvement Bonds, dated September 1, 1954, Bonds Nos. 185 through 218, bearing interest at the rate of 2-1/2/ per annum, due September 1, 1961 (comptroller's Registration No. 29941) 34,000 General Obligation Refunding Bonds, dated November 1, 1957, Bonds Nos. 1 through 65, bearing interest at the rate of .5% per annum, due November 1, 1961 (Comptroiler's Registration No. 32220) 65,00o and WHEREAS, the City Council of the City of Beaumont wishes to refund said $516,000 outstanding bonds described above into the refunding bonds hereafter authorized by this ordinance to be issued; and WHEREAS, the City Council wishes to proceed with the issu- ance of said refunding bonds; Therefore BE IT ORDAINED BY THE CITY OF BEAUMONT: Gg:h(% -.1 nn l AMOUNT, NAME, PURPOSE AND AUTHORIZATION OF BONDS: That the refunding bonds of the City of Beaumont, Texas, be issued in the principal sum of $516,000, to be known and designated as "CITY OF BEAUMONT, TEXAS, GENERAL OBLIGATION REFUNDING BONDS, SERIES 196111, for the purpose of refunding, cancelling, and in lieu of a. like principal amount of out- standing bonds of said City (being the $516,000 outstanding bonds described in the preamble to this ordinance), under and by virtue of -5- and in strict conformity with, the Constitution and laws of the State of Texas, particularly Articles 2368a, Vernon's Texas Civil Statutes, as amended, and the Home Rule Charter of said City. Section 2: DATE, NUMBERS, DENOMINATION, AMOUNT AND MATURITIES. That said.re- 0 funding bonds shall be dated December 15, 1961, shall be numbered consecutively from'l to 516, both inclusive, and shall become due and payable serially in.their numerical order, without option of prior redemption, on December 15th in each of the years 1966 to 1971, both inclusive, in the respective amounts shown in the following schedule, to -wit: Bond Numbers Year of Amount (both incl.) Maturity Maturing 1 - 6 1966 $ 6,000 7 - 96 r 1967 90,000 97 - 191 1968 95,000 192 - 291 1969 100,000 292 - 401 1970 110,000 402 - 516 1971 115,000 Section 3: 3.01 - INTEREST RATES AND INTEREST PAYMENT DATES: That said bonds shall bear interest per annum at the following rates, respectively, to -wit:. Bonds NOS. 1 to 191, both incl., 3:.30%, 'and Bonds Nos. 192 to 5.16, both Incl., 3.40%, interest payable June 15, 1962, and semi-annually thereafter on December 15th and June 15th of each year until the principal sum is paid. 3.02 - BANK OF PAYMENT: That both principal of and interest on said bonds shall be payable in lawful money of the United States of -6- 04A / 3 E / ---G loll_)Z- 0 America, without exchange or collection charges to the owners or holders of the bonds and/or interest coupons, at The First National Bank of Beaumont, Beaumont, Texas. The principal of said bonds shall be payable only upon presentation and surrender of said bonds as they respectively become due, and interest falling due on and prior to the respective maturity dates of the bonds shall be payable only upon presentation and surrender of the interest coupons at- tached to said bonds as such interest coupons severally become due. Cart nn LL • EXECUTION OF BONDS AND INTEREST COUPONS: That each of said bonds shall be signed by the Mayor and countersigned by the City Clerk, by their lithographed or imprinted facsimile signatures, and the fac- simile of the corporate seal of said City shall be lithographed or imprinted upon each of said bonds. The interest coupons attached to said bonds shall also be executed by the lithographed or imprinted facsimile signatures of said Mayor and City Clerk. Said facsimile signatures on the bonds and interest coupons shall have the same ef- fect as if each of said bonds had been signed manually and in person by each of such officers, and said facsimile seal on the bonds shall have the same effect as if the official seal of said City had been manually impressed upon each of said bonds. The registration certif- icate of the Comptroller of Public Accounts of the State of Texas, which certificate is to be printed on the back of each of said bonds as set forth hereafter in Section 7 of this ordinance, shall be manu- ally subscribed, and the official seal of said Comptroller shall be manually impressed thereon. Section 5: FORM OF BONDS: That said bonds shall be in substantially the follow - form: -7- a No. $ 1,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF JEFFERSON CITY OF BEAUMONT GENERAL OBLIGATION REFUNDING BOND SERIES 1961 THE CITY OF BEAUMONT, in the County of Jefferson, in the State of Texas, FOR VALUE RECEIVED, acknowledges itself indebted to and hereby PROMISES TO PAY TO BEARER ON THE 15TH DAY OF DECEMBER, 19 the sum of ONE THOUSAND DOLLARS ($1,000), with interest thereon from the date hereof at the rate of o (NOTE TO PRINTER: For interest rates, see Section 3.01 of bond ordinance) per annum, interest payable June 15, 1962, and semi- annually thereafter•on December 15th and June 15th of each year un- til the principal sum shall be 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. The principal hereof shall be payable only upon presentation and sur- render of this bond, and interest hereon falling due on and prior to the maturity of this bond shall be payable only upon presentation and surrender of the interest coupons hereto attached as such cou- pons severally become due. THE nATE OF THIS BOND, in conformity with the ordinance hereinafter mentioned, IS DECEMBER 15, 1961. THIS BOND IS ONE OF A SERIES OF 516 SERIAL BONDS of like date and tenor, except as to serial number, interest rate, and ma- turity, being numbered consecutively from 1 to 516, both inclusive, in the denomination of $1,000 each, AGGREGATING $516,000, and, to- gether with the other bonds of said series, is issued for the purpose Me A, cl lj eC of refunding, cancelling, and in lieu of a like principal amount of outstanding bonded indebtedness of said City, under and by virtue of the Constitution and laws of the State of Texas, particularly Article. 2368a, Vernon's Texas Civil Statutes, as amended, and the Home Rule Charter of said City, and pursuant to an ordinance passed and adopted by the City Council of said City, which ordinance is of record in the official minutes of said City Council. THE HOLDER OF THIS BOND AND THE HOLDERS OF THE OTHER BONDS OF THE SERIES OF WHICH THIS BOND IS A PART shall be subrogated to all the rights and privileges belonging to the holder or holders of the bonds which have been refunded by the issuance of this series of bonds. IT IS HEREBY CERTIFIED, RECITED, AND REPRESENTED that all acts, conditions, and things necessary to be done precedent to and in the issuance of this bond and the other bonds of the series of bonds of which this is one, in order to render the same legal, valid, and binding obligations of said City, have been done, have happened, and have been performed in regular and due time, form, and manner as required by law; that due provision has been made for the payment of the principal of and interest on this bond and the other bonds of the series of which this bond is one, by the levy of a direct annual ad valorem tax upon all taxable property within said City, suffi- cient for said purposes; and that the entire issue of bonds of which this one is a part, together with all other indebtedness of said City, does not exceed any Constitutional or statutory limitation. IN TESTIMONY WHEREOF, the City Council of the City of Beaumont, Texas, has caused the.facsimile of the corporate seal of said City to be lithographed or imprint'-. ,hereon, ''t i,s• bond to be signed by the Mayor of said Cityand countersigned by the City Clerk, Ma by their lithographed or imprinted facsimile signatures, and the in- terest coupons hereto annexed also to be executed by the facsimile signatures of said Mayor and City Clerk, all as of the 15th day of December, 1961. COUNTERSIGNED: City Clerk Mayor, City of Beaumont, Texas n__t;_- G. FORM OF INTEREST COUPONS: That the interest coupons to be attached to said bonds shall be in substantially the following form: No. ON THE 15th DAY OF 19_, THE CITY OF BEAUMONT, in the County of Jefferson, State of Texas, PROMISES TO PAY TO BEARER, without exchange or collection charges, at The First National Bank of Beaumont, Beaumont, Texas, the sum of $ in lawful money of the United States of America, being interest due that date on City of Beaumont General Obligation Refunding Bond, Series 1961, bearing the number hereinafter specified, dated December 15, 1961. Bond No. Mayor, City of Beaumont, Texas City Clerk Section 7: REGISTRATION OF BONDS BY COMPTROLLER AND FORM OF REGISTRATION CERTIFI- CATE: That each of said bonds shall be registered by the Comptroller of Public Accounts of the State of Texas, as provided by law, and the registration certificate of said Comptroller of Public Accounts shall be printed on the back of each of said bonds, shall be manually exe- cuted, and shall be in -.substantially the following form: -10- OFFICE OF THE COMPTROLLER REGISTER NO. THE 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, 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 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 8: INTEREST AND SINKING FUND; AND TAX LEVY: That there is hereby created a special fund to be called "City of Beaumont General Obligation Refund:i.ng Bonds, Series 1961, Interest and Sinking Fund", and there shall be transferred to said Fund the proceeds of all taxes levied and collected for and on account of the bonds which are being refunded hereby, and all taxes collected hereafter for and on account of said bonds which are being refunded hereby shall, as collected, be deposited into said Fund, and all taxes levied, as- sessed, and collected for and on account of said refunding bonds authorized by this ordinance shall, as collected, be deposited into said Fund. That while the refunding bonds authorized by this ordi- nance, or any part of the principal thereof or interest thereon, re- main outstanding and unpaid, there is hereby levied, and there shall be assessed and collected, in due time, form, and manner, and at the same time other City taxes are levied, assessed, and collected, in -11- each year, beginning with the current year, a continuing direct annual ad valorem tax upon all taxable property within said City sufficient to pay the current interest on said bonds as it accrues and to pay each installment of the principal of said bonds as it matures, full allowance being made for delinquencies and costs 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 9: SUBROGATION: That except as provided herein, the holder"or holders of the refunding bonds authorized by this ordinance are, and shall be,.subrogated to all the rights and privileges had and possessed by the holder or.holders of the bonds which are being refunded by the issuance of this series of refunding bonds. Section 10: APPROVAL AND REGISTRATION OF BONDS BY STATE OFFICERS: That it shall be the duty of the Mayor to submit the record of said bonds, and the bonds, to the Attorney General of the State of Texas for examination and approval, and thereafter to have them registered by the Comptroller of Public Accounts of the State of Texas. That said re- funding bonds shall not be registered until and as a like principal amount of the bonds being refunded thereby have been surrendered for exchange and cancellation.. As and when said underlying bonds are surrendered to said Comptroller of Public Accounts, whether in one or more installments, he is authorized and directed to deliver the refunding bonds authorized by this ordinance in like principal amount to the holder or holders of the underlying bonds so surren- dered. It is specifically provided, however, that Bonds Nos. 1 to 5, both inclusive, of the refunding bonds authorized hereby shall be exchanged for the $5,000 underlying Park Bonds (being Bonds Nos. -12- 77/80 of the Public Park Bonds dated December 1, 1926, and Bond No. 32 of the Park Bonds -dated July 1, 1929) . Section 11: DUTIES OF CITY OFFICERS: That the Mayor, City Clerk, and other ap- propriate officers of the City are hereby authorized and directed to do any and all things necessary or convenient to carry out the terms of this ordinance. Section 12: EFFECTIVE DATE OF ORDINANCE: That this ordinance shall take effect from and after the date of its passage. PASSED this day of .Iq AlL; A 1962. Mayor, City of Beaumont, Texas ATTEST: Ci y Clerk, City of Beaumont, Texas (SEW _The foregoing ordinance and all the terms and provisions thereof are hereby approved. DiOctor c?;f n nce