HomeMy WebLinkAboutORD 54-KGRID, c '
17
L
AN ORDINANCE
PROVIDING FOR THE ISSUANCE OF 1225,000.00 CITY OF
BEAUMONT REFUNDING BONDS FOR THE, PURPOSE OF REFUNDING PART OF THE
OUTSTANDING INDEBTEDNESS OF THE CITY OF BEAUMONT REPRESENTED BY
$225,000.00 CITY OF BEAUMONT WATER WORKS BONDS; PROVIDING FOR THE
LEVY AND COLLECTION OF THE NECESSARY TAX TO PAY THE INTEREST AND
CREATE A SINKING FUND FOR THE REDEMPTION OF SAID REFUNDING BONDS
AT MATURITY; PRESCRIBING .THE FORM OF SUCH BONDS, rXD DECLARING
AN EMERGENCY.
It appearing affirmatively to the City Commission that
the City of Beaumont has heretofore issued q5500,000.00 City of
Beaumont Water Works Bonds #2 dated Larch 1, 1914, bearing inter-
est at the rate of five per cent (5%) per annum, maturing forty
(40) years after their date, with option of redemption at any
time after twenty (20) years from their date, and that Two Hundred
Twenty-five Thousand Dollars ($2253000.00) of such bonds are still
outstanding;
And it further appearing to the City Commission that
all of the hereinbefore described bonds have reached their optional
date, and that it is advisable and to the best interest of the
City of Beaumont that they should be called for redemption, and
should be refunded at a lower rate of interest, as hereinafter
more fully set out, by the issuance of the hereinafter described
refunding bonds.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION
OF THE CITY OF BEAUMONT.-
Section-
That the City of Beaumont shall issue refunding bonds
of said City to the extent of Two Hundred Twenty-five Thousand
Dollars ($225,000.00) for the purpose of refunding and canceling
and in lieu of like amount of the hereinbefore described out-
standing bonds of the City of Beaumont, said refunding bonds to
be issued for the following purpose, to -wit:
City of Beaumont Water Works Refunding Bonds
Series A, to the amount of $225,000.00.
That said refunding bonds provided for herein shall be
and are issued under and by virtue of the Constitution and laws
of the State of Texas, and the Charter of the City of Beaumont,
including Articles 717 and 725 Revised Civil Statutes of 1925, and
Section 16, sub -section 99 of the Charter of the, City of Beaumont.
Section 2.
The said refunding bonds in the sum of Two Hundred Twenty-
five Thousand Dollars ($2259000.00) shall be divided into nine
(9) installments, and shall be known and called "CITY OF BEAUMONT
WATER WORKS REFUNDING BONDS SERIES All; and the Mayor of the City
of Beaumont is hereby authorized and directed to have prepared and
executed a set of bonds for said purpose as follows.
WATER WORKS REFUNDING BONDS SERIES A, $225,000.00. tijater Works
Refunding Bonds Series A, Two Hundred Twenty-five Thousand Dollars
($225)000.00) to be divided into two hundred twenty-five (225)
bonds of the denomination of One Thousand Dollars ($1,000.00) each,
to be numbered from one (1) to ttvio hundred twenty-five (225) ,
inclusive, payable as follows, respectively.
_e •
#3.
refunding and canceling and in lieu of a like =?mount of valid out-
standing Water Works bonds of said city, under and by virtue of
the Constitution amd laws of the State of Texas, and the Charter of
the City of Beaumont, including Articles 717 and 725, Revised Civil
Statutes of 1925, and Section 16, subsection 9, of the Charter of
the City of Beaumont, and pursuant to an ordinance passed by the
City Commission of the City of Beaumont, which ordinance is of
record in the Minutes of said Commission.
The date of this bond in conformity with the ordinance
above mentioned, is September 1, 1935.
And 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 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 pert have been properly done, have happened and
been performed in regular and due time, form and manner as required
by law, and that the total indebtedness of said city, including the
entire series of bonds of which this is one, does not exceed any
constitutional or statutory limitation.
IN WITNESS WHEREOF the City Commission of the City of
Beaumont, Texas, has caused its corporate seal to be affixed hereto
and this bond to be signed by its Mayor, countersigned and attested
by its City Clerk, and registered by its Director of Finance, and
the interest coupons hereto attached to be executed by the facsimile
signatures of its Mayor and its City Clerk, as of the lst day of
September, A. D. 1935.
mayor, City of Beaumont, Texas.
Countersigned and Attested°
City Clerk, City of Beaumont,
Texas.
Registered,
Director of Finance, City of
Beaumont, Texas.
FORM OF COUPON
No.
015.00
On the lst day of _ , 19 , the City of Beaumont,
Texas, promises to pay to bearer at the office of the Director of
Finance of the City of Beaumont, at Beaumont, Texas, or at the Chase
National Bank of New York City, New York, at the option of the holder,
the sum of FIFTEEN and No/100 DOLLARS ($15.00) in lawful money of the
United States of America, being six months' interest due that date
on its City of Beaumont Water Works Refunding Bond Series A, dated
September 1, 1935, numbered
ATTEST.
City Clerk, City of Beaumont,
Texas.
Mayor, City of Beaumont, Texas.
Section 4
The following certificate shall be printed on the back of
each bond.
#2.
Nos.
1
to 25
of
$1,000.00
each
payable lst day
of September, 1936
Nos.
26
to 50
of
$1,000.00
each
payable lst day
of September,, -1937
Nos.
51
to 75
of
$1,000.00
each
payable lst day
of September, 1938
Nos.
76
to 100
of
$19000.00
each
payable lst day
of September, 1939
Nos.
101
to 125
of
$1,000.00
each
payable lst day
of September, 1940
Nos.
126
to 150
of
$1,000.00
each
payable lst day
of September, 1941
Nos.
151
to 175
of
$1,000.00
each
payable lst day
of September, 1942
Nos.
176
to 200
of
$1,000.00
each
payable 1stday
of September, 1943
Nos.
201
to 225
of
$1,000.00
each
payable lst day
of September, 1944.
Said
bonds are to be payable in -lawful money of the United
States
of America,
each dated the
-first day of September, A.D. 1935)
numbered
from one
(1) to two
hundred
twenty-five
(225), inclusive,
and
shall bear
interest
from
their
date at the rate
of three percent
(3f)
per
annum,
interest
payable
semi-annually on
March lst and
September lst of each
year until
fully paid.
The Mayor shall sign said bonds, and they shall be counter-
signed and attested by the City Clerk, and registered by the Director
of Finance, and the seal of the City of Beaumont shall be impressed
upon .each one of them. The coupons shall be executed with the litho-
graphed signatures of the mayor and City Clerk. Said bonds and
interest coupons shall be payable upon presentation and surrender
at the office of the Director of Finance of the City of Beaumont,
at Beaumont, Texas, or at the Chase National Bank of New York City,
New York, at the option of the holder.
Section 3.
The bonds and interest coupons above provided for upon
their face shall be substantially in words and figures as follows:
FORM OF BOND
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF JEFFERSON
CITY OF BEAUMONT
WATER WORKS REFUNDING BOND SERIES A
No. 1. $1,000.00.
KNOti,z ALL MEN BY THESE PRESENTS; That the City of Beaumont,
in the State of Texas, for value received, acknowledges itself in-
debted and hereby promises to pay to bearer on the lst day of
September, 1936, the sum of
ONE THOUSAND DOLLARS - - - - - - - - - - - - - - - - ($11000.00)
in lawful money of the United States of America, with interest there-
on from the date hereof at the rate of three percent (3%) per annum,
interest payable semi-annually on Larch lst and September lst of
each year, principal and interest payable upon presentation and
surrender of bond or proper coupon at the office of the Director of
Finance of the City of Beaumont, Beaumont, Texas, or at the Chase
National Bank of New York City, New York, at the option of the holder,
and said city 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.
This bond is one of a series of two hundred twenty-five
(225) bonds of the denomination of One Thousand Dollars ($1,000.00)
each, known and called Water Works Refunding Bonds Series A, of like
tenor and date except as to maturity, numbered from one (1) to two
hundred twenty-five (225) , inclusive, bearing interest at three
percent (3%) per annum; aggregating in amount,Two Hundred Twenty-five
Thousand Dollars ($225,000.00), said bonds issued for the purpose of
#4.
OFFICE OF COMPTROLLER,
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 and that he finds that it has been issued in conformity with the
Constitution and laws of the State of Texas, and 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 _ , 1935.
Comptroller of Public Accounts
of the State of Texas.
Section 5
Be it further ordained that for the purpose of paying the
interest on said VVater V--Jorks Refunding Bonds Series A, as well as
the various installments of principal as the same shall, respectively
mature, there is hereby levied for the year 1935 and for each year
thereafter so long as the same may be necessary to provide for
the interest and annual installments of principal of said bonds, on
all of the property in the City of Beaumont subject to taxation, an
additional tax of tiP.065 on each one hundred dollars valuation of
all taxable property within the City of Beaumont, or so much thereof
or such other rate of tax as shall be necessary, and the same shall
bo so annually assessed, collected end applied, and said tax or so
much thereof or such other tax as may be necessary is hereby levied
for each year hereafter while said bonds or any number thereof are
outstanding, and the same shall be annually assessed, collected and
applied to the purpose named. The taxes heretofore levied for the
purpose of paying the bonds being refunded hereby are ratified,
brought forward and consolidated into the levy.
Section 6
It is further ordained that the Mayor of said City is hereby
authorized to take and have charge of said bonds pending their in-
vestigation by the Attorney General and registration by the Comptroller
of Public Accounts, and is also authorized to deliver the same either
all at one time or in installments in exchange for the surrender and
cancelation of an equal amount of the hereinbefore described bonds
that are being refunded, and in the event such deliveries shall be made
in installments, the Mayor is hereby authorized to deliver any of the
new bonds in exchange for the surrender and cancela.tion of a like amount
of any of the old bonds which are being refunded.
Section 7
The fact that it will be to the advantage of the financial
condition of the. City of Beaumont to complete the refunding herein
provided constitutes an emergency and an imperative public necessity
requiring that the rule requiring ordinances to be passed at more
than one meeting be suspended, and such rule is hereby suspended, and
this ordinance shall be in force and effect from and after its
passage.
Passed -by the affirmative vote of all members of the City
Commission this the 30th day of July, A.D. 1935.
1dayor. .