HomeMy WebLinkAboutORD 58-EEAN ORDINANCE
AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING
BONDS IN THE AMOUNT OF $369,000; PRESCRIBING THE TERMS
'AND CONDITIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST
THEREON AND THE PRINCIPAL THEREOF; PROVIDING FOR THE:EX-
CHANGE THEREOF FOR THE BONDS,BEING REFUNDED THEREBY;
CONTAINING OTHER PROVISIONS RELATING 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 _-&'7
day of1962, with the following members present, to -
wit:
Jack M. Moore
D. L. Hybarger
W. W. Leach
Earl L. Patton
Rolfe Christopher
Jas. T. Garrard
Mayor
Councilman, Ward No. 1
Councilman, Ward No. 2
Councilman,
Ward
No. 3
Councilman,
Ward.
No. 4
City Clerk
and the following member(s) absent, to -wit: &V-AIe ,
when, among other business had, the following was transacted:
The Mayor introduced an ordinance which was read in full.
Councilman e_e made a motion that the ordinance be adopted
as read. Councilman ,jb prq&C 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 Hybarger, Leach, Patton,
and Christopher and Mayor Moore.
NOES: None.
The Mayor thereupon announced that the motion had duly
and lawfully carried and that the ordinance had been duly and law-
fully adopted. The ordinance thus adopted follows:
AN ORDINANCE
AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING
BONDS. IN THE AMOUNT OF $369,000; PRESCRIBING THE .TERMS
AND CONDITIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST
THEREON AND THE PRINCIPAL THEREOF; PROVIDING FOR THE EX-
CHANGE THEREOF'FOR THE BONDS BEING REFUNDED THEREBY;
CONTAINING OTHER PROVISIONS RELATING 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, Texans, being in the denomination of $1,000 each,
aggregating $369,000, are now outstanding and unpaid and constitute
valid .obligations of said.City, to -wit.:
DESCRIPTION
Sewerage Bonds, dated October 1, 1922 Bonds
Nos. 19ib through �5/, due October 1,
1962 (Comptroller's Reg. No. 6534)
Fire Department Bond, dated October 1, 1922,
Bond No. 75,.5%, due October 1, 1962
(:Comptroller's Reg. No. 6535)
Waterworks Bonds, dated October 1, 1922, Bonds
Nos. 342 through 350, 5%, due October 1,
1962 (Comptroller's Reg. Nos. 6536 and 9150)
Street and Highway Bonds, dated October 1, 1922,
Bonds Nos. 342'through 350, 5%,,due October 1,
1962 (Comptroller's Reg. No. 6537)
Fire Department Bonds, dated July 1, 1929,.
Bonds Nos. 69 through 72, 4-1/2%, duq July 1,
1962 (Comptroller's Reg. No,:12176)
Park Bond, dated July 1, 1929, Bond.Noo 33,
4-1/2%, due July 1, 1962 (Comptrol.ler'p Reg.
No. 12178)
Street and Highway Bonds, dated July 1, 1.929,
Bonds Nos. 137 through 144, 4-1/2%, due
July 1, 1962 (Comptroller''s Reg. No. 12179)
Sewerage Bonds, dated July 1, 1929, Bonds Nos.
103 through 108, 4-1/2%, due!July 1, 1962
(Comptroller's Reg. No. 12180)
Airport Bonds, dated July 1, 1929, Bonds Nos. 69
through 72, 4-1/2%, due July 1, 1962 (Comptroller's
Reg, No. 12181)
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AMOUNT
$ 5,000
1,000
9, 000 '-,
9, 000
:4, 000
1,000 V11,
8,000 Z
6, 000 ,V/
DESCRIPTION
Waterworks Bonds, dated July 1, 1929, Bonds Nos.
57 through 59, 47'.1/2%, 'due July 1,. 1962
(comptroller's Reg. No. 12185)
Street and Highway Bonds, dated July 1, 1930,
Bonds Nos. 193.through 204, 4-1/2%, due July 1,
1962 (Comptroller's Reg. No. 12757)
Public Building Bond, dated July 1, 1930, Bond
-No. 32,--4-1/2%, due July, 1, 1962' -(-Comptroller Is
Reg. No. 12758)
Street Opening and Widening Bonds, dated July 1,
1930, Bonds Nos. 225 through 238, 4�1/2%, due
July 1, 1962 (Comptroller's Reg. No. 12759)
Improvement Refunding Bonds, dated A-Lgust 1, 1946,.
Bonds Nos. 376 through 405, 2-1/4%, due August 1,
1962 (Comptroller's Reg., No. 23634)
r
'AMOUNT
$ 3,000
12,000
1,000
14, 000 L__
3.0., 000
Street Improvement Bonds, dated -September 1, 1947,
Bonds Nos. 242 through 263, 2-•1/4%, due September
1, 1962 (Comptroller's Reg. No, 24432) 22,000
Sewerage System Improvement Bonds, dated September 1,
1947; Bonds Nos. 242 through 263, 2-1/4%, due September
1, 1962 (Comptroller's Reg. No. 24433) 22,000
Fire Stations Improvement Bonds, dated September
1, 1947, Bonds Nos. 49 through ,52, 2-1/4%, due
September 1, 1962 (Comptroller's Reg. No. 24434) 4,0o0
Storm Sewer Improvement Bonds, dated September 11
1947, Bonds Nbs,.49 through 52, 2-1./4/, due September
1, 1962 (Comptrolleres'Reg. No. 24435) 4,000
Police Stations Improvement Bonds, dated September
1, 1947, Bonds Nos. 25 and 26, 2-1/4%, due September
1, 1962 (Comptroller's Reg. No. 24436) 2,000
Sanitary Sewer Improvement Bonds, dated October
15, 1952, Bonds Nos. 581 through 652, 3-1/4%, due
October 15, 1962 (Comptroller's Reg. No.28620) 72,000
Sanitary Sewer Improvement Bonds, dated September 1,
1954, Bonds Nos. 131 through 230, 2-1/2%, due
-September l; 1962 (Comptroller's Reg. No. 29940) 100,000
Street and Highway Improvement Bonds, dated
September 1, 1954, Bonds Nos. 219 through 254,
2-1/2%, due September 1,,1962 (Comptroller's Reg.
No. 29941) 36,000
and
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�-7-19 6 z
r
WHEREAS, the City Council of the City of Beaumont wishes
F
to refund said $369,000 outstanding bonds described above into the
refunding bonds hereafter authorized by this ordinance to be issued;
E,'9[I
WHEREAS, the City Council wishes to proceed with the issu-
ance of said refunding bonds; Therefore -
BE IT ORDAINED BY THE CITY OF BEAUMONT:
AMOUNT, NAME, PURPOSE AND AUTHORIZATION OF BONDS: That the serial
coupon refunding bonds of the -City of Beaumont, Texas, be issued in
the principal sum of $369,000, to be known and designated as "CITY
OF BEAUMONT, TEXAS, GENERAL OBLIGATION REFUNDING BONDS,.SERIES
1962-A", for the purpose of refunding, canceling, and in lieu of a
like principal amount of outstanding bonds of said City (being the
$369,000 outstanding bonds described in the preamble to this -ordi-
nance), under and by virtue of the State of Texas, particularly
Article 2368a, Vernon's Texas Civil Statutes, as amended, and the
Home Rule Charter of said City.
Section 20
DATE, NUMBERS, DENOMINATION., AND MATURITIES° That said refunding
bonds shall be dated November 15, 1962, shall be numbered consecu-
tively from 1 to 369, both inclusive, shall be in the denomination
of $1,000 each, aggregating $369,000, and shall.become due and pay-
able serially in their numerical order, without option of prior
redemption, on -November 15th in each of the years 1967 to 1973,
both inclusive, in the respective amounts shown in the following
schedule, to -wits
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Bond Numbers
Year of
Amount
(both incl.)
Maturity
Maturing
l.- 69
1967
$69,000
70 119
1968
50,000
120 - 169
1969
50,000
1.70 219
1970
50,000
220 W 269
1971
50,000
270 W 319
1972
50,000
320 - 369
1973
50,000
Section 3:
3.01 - INTEREST RATE AND INTEREST PAYMENT DATES:, That said bonds
shall bear interest at the rate of 3% per annum, interest payable
May 15, 1963, and semi -,annually thereafter.on November 15th and
May 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 America, without exchange or collection charges to the owners
or holders of the bonds and/or interest coupons, at The First
Security 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 in-
terest coupons attached to said bonds as such interest coupons
severally become due.
Section 4:
EXECUTION OF BONDS AND 'I:NTEREST COUPONS: That each of said bonds
shall be signed by the Mayor and countersigned by the City Clerk -,-
by their lithographed or printed facsimile signatures, and the
facsimile of the corporate seal of said City shall be lithographed
4
or printed upon each of said bonds. The interest coupons attached
to said bonds shall also be executed by the lithographed or printed
m
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62.
9 s
facsimile signatures of said Mayor and City Clerk. Said facsimile
signatures on the bonds and interest coupons shall have'the same
effect 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 certificate 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 the
ordinance, shall be manually 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 fol-
lowing forme
No.
$1,0o0
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF JEFFERS ON
CITY OF BEAUMONT, TEXAS, GENERAL OBLIGATION REFUNDING BOND
SERIES 1962-A
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 NOVEMBER,
19 , the sum of
ONE THOUSAND DOLLARS
-- -($1,000-)_. -with" interest --thereon from the date hereof at the rate of
3% per annum, interest payable May 15, 1963, and semi-annually
thereafter on November 15th and May 15th of each year until the
principal sum shall be paid
EE
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 Security National Bank of Beaumont, Beaumont,
Texas. The principal hereof shall be payable only upon presentation
and surrender of this bond] and interest hereon falling due on and -
prior to the maturity of this bond shall be payable only upon pres-
entation and surrender.of the interest coupons hereto attached as
such coupons severally become due.
THE DATE OF THIS BOND, in conformity with the ordinance
hereinafter mentioned, IS NOVEMBER 15, 1962.
THIS BOND IS ONE OF A SERIES OF 369 SERIAL BONDS of like
date and tenor., except as to serial number and maturity, being num-
bered consecutively from 1 to 369, both inclusive, in the denomi
nation of $1,000 each, AGGREGATING $369,000, and, together with the
other bonds of said series, is issued for the purpose of refunding,
canceling, 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�T-HE.-SERIES-- OF_- WHICH THhS-=BOND -I-SA PART shall -
gated 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.
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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, sufficient 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 printed hereon, this bond to
be signed by the Mayor of said City and countersigned by the City
Clerk, by their lithographed or printed facsimile signatures, and
the interest coupons hereto annexed also to be executed by the
facsimile signatures of said Mayor and City Clerk, all as of the
15th day of November, 1962.
COUNTERSIGNED°
City Clerk
Mayor, City of Beaumont, Texas
Section 60
FORM OF INTEREST COUPONS. That the interest coupons to be attached
to said bonds shall be in substantially the following forme
Cat, S T E5
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
Security 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, Texas, General Obligation
Refunding Bonds, Series 1962-A, bearing the number hereinafter speci-
fied, dated November 15, 1962. Bond No.
City Clerk
Mayor, City of Beaumont,. Texas
Section 70
REGISTRATION OF BONDS BY COMPTROLLER AND FORM OF REGISTRATION CER-
TIFICATEo 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 executed, and shall be -in substantially the fol-
lowing form.*
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 ha.s been examined by him as re-
quired 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;
Wo
c(,++13-9 E E
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 LEVY2 That there is hereby
created a special fund to be called "City of Beaumont General
Obligation Refunding Bonds, Series 1962-A, 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, assessed, 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
ordinance, or any part of the principal thereof or interest there-
on, remain.outstanding and unpaid, there is hereby levied,.and
there shall be assessed and collected, in due time, form, -and man-
ner., and at the same time other City taxes are levied, assessed,
and collected, in each year, beginning with the current year, a con-
tinuing direct annual ad valorem tax upon all taxable property with-
in said City sufficient to pay the current interest on said bonds
as it accrues and to pay _ each installment, of _.the principa.l-_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.
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SUBROGATION°
Section 9:
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 100
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 exam-
ination and approval, and thereafter to have them registeredby
the Comptroller of Public Accounts of the State .of Texas. . That
said refunding bonds shall not be registered until and as a like
principal amount of the bonds being refunded thereby have been sur-
rendered for exchange and cancellation. As and when said under-
lying 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 surrendered. It is specifically provided, however, that
Bond.No. 1 of the refunding bonds authorized hereby shall be ex-
changed for the $1,000 underlying Park Bond (being Bond No. 33 of
the Park Bonds, dated July 1, 1929).
Section 11:
DUTIES OF CITY OFFICERS-. That the Mayor, City Clerk, and other
appropriate 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.
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Section 12:
EFFECTIVE DATE OF ORDINANCE: That this ordinance shall take effect
from and after the date of its passage.
PASSED this Z_7 #-day of & eln e,e, , 1962.
ATTEST:
V"ty Clerk, City of Beaumont, Texas
(SEAL)
or, City of Beaumont, 'Texas
The foregoing ordinance and all the terms and provisions
thereof are hereby approved.
CIL,
Director of Finance