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HomeMy WebLinkAboutORD 4-L-i AN ORDIN1110E C '3 PROVIDING FOR THE ISSUANCE OF $80,000.00 CITY OF BEUMONT REFUNDING BONDS FOR TIS PURPOSE OF REFUNDING PART OF THE OUTSTAND- ING INDEBTEDNESS OF THE CITY OF BEAUMONT REPRESENTED BY � $0, 000.00 CITY OF BEAUMONT ,`ATER V,1ORKS BONDS; PROVIDING FOR THE LEVY AND COLLECTION OF THE NECESSARY TAX TO PAY THS; INTEREST AND CREATE A SINKING FUND FOR THE REDBV1PTION OF SAID REFUNDING BONDS AT MATURITY; ITY; PRESCRIBING THE FOR14 OF SUCH BONDS; J!dgD I�ECLI.RING AN :EjdIERGENCY. It appearing affirmatively to the City Commission that the City of Beaumont has heretofore issued '•500,000.00 City of Beaumont aVatel°-lruorks -Bonds- #2 -dated March -1, 1914, -bearing interest at the .rate of five per. cent (5f) 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 Lighty Thousand Dollars (480,000.00) of such bonds are stall outstanding. NOW, THEREFORE, BE IT ORDAINED BY THE CITY CO1vU%1ISSION OF THI; CITY OF BEAUvIONT : Section 1 That the City of Beaumont shall issue refunding bonds of said City to the extent of Mighty Thousand Dollars 0:80,000.00) for the purpose of refunding and canceling and in lieu of like amount of the hereinbefore described outstanding bonds of the City of Beaumont, said refunding bonds to be issued for the following purpose, to -wit: City of Beaumont Water utorks Refunding Bonds Series B. to the amount of 4805000.00. 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 9, of the Charter of the City of Beaumont: Section 2 The said refunding bonds in -the sum of Eighty Thousand Dollars (480,000.00) shall be divided into sixteen (16) installments and shall be knoz,�m and called ?'CITY OF BEAUI4IONT NATER WORKS REFUND- ING BONDS SERIES B11; 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: ;?ATER 1ORKS REFUNDING BONDS SERIES B, 480,000.00: Water Works Refunding Bonds Series B, Eighty Thousand Dollars ($80,000.00) to be divided into eighty (80) bonds of the denomination of One Thousand Dollars 0`1,000.00) each. to be numbered from one (1) to eighty (80), inclusive, payable as follows*, respectively: Nos. 1 to- 5- o.f- x`1,000.00 each payable -lst° day -of September;" 1937 Nos. 6 to 10 of x1,000.00 each payable lst day of September, 1938 Nos. 11 to 15 of �:;1,000.00 each payable 1st day of September, 1939 Nos. 16 to 20 of 4.1,000.00 each payable lst day of September, 1940 Nos. 21 to 25 of 51,000.00 each payable lst day of September, 1941 Nos. 26 to 30 of x'1,000.00 each payable 18t day of September, 1942 Nos. .31 to 35 of 11,000.00 each payable lst day of September, 1943 Nos. 36 to 40 of x'1,000.00 each payable lst day of September, 1944 Nos. 41 to 45 of :x;1,000.00 each payable lst day of September, 1945 Nos. -46 to 50 of ~;1,000.00 each payable lst day of September, 1946 Nos. 51 to 55 of ',:1,000.00 each payable lst day of September, 1947 Nos. 56 to 60 of el,000.00 each payable lst day of September, 1948 Nos. 61 to 65 of 41,000.00 each payable lst day of September, 1949 Nos. 66 to 70 of '-1,000.00 each payable lst day of September, 1950 Nos. 71 to 75 of 41000.00 each payable lst day of September, 1951 Nos. 76 to(80' of 41,000.00 each payable lst day of September, 1952 i i. Said bonds are to be payable in lawful money of the United States of America, each dated the first day of September, A. D. 1936, numbered.from one (1) to eighty (80), inclusive, and shall bear interest from their date at the rate of three and one-quarter percent (3-1/4%) per annum, interest,payable semi-annually on March lst and September lst of each year until fully paid. The ilayor 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 lithographed 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 the City of New York, in the City of New York, State of 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 TEAS COUNTY OF JEFFERSON CITY OF B AUMONT WATER WORKS REFUNDING BOND SERIES B No. 1. $1,000.00 KNOW ALL MEN BY THESE PRESENTS: That the'City of Beaumont, in the State of Texas, for value received, acknowledges itself indebted and hereby promises -to pay to bearer on the lst day of September, 1937, the sum of ONE THOUSAND DOLLARS ----------------------------------($1,000.00) in lawful money of the United StEtes of America, with interest there- on from the date hereof at the rate of three and one-quarter percent (3-114.) per annum, interest payable semi-annually on March lst and September lst of each year, principal and interest payable upon presentation and surrendet of bond or proper coupon at the office of the Director of Finance of the City of Beaumont, Beeiumont, Texas, or at the Chase National Bank of the.City of New York, in the City of New York, State of New York, at thy: 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 here- by pledged, for the prompt payment of the principal of this bond and the interest ther.uon as it matures. This bond is'one of a series of eighty (80),bonds of the denomination of One Thousand Dollars ($1,000.00) each- known and called ti11'ater IrVorks Refunding Bonds Series B of like tenor and dote except as to maturity, numbered from one (1i to eighty (80), inclu- sive, bearing interest at three and one-quarter percent (3-1/4%) per annum, aggregating in amount Eighty Thousand Dollars 0;80,000.00), said bonds issued for the purpose of refunding and canceling and in lieu of a like amount of valid outstanding -Vater Works bonds of said city, 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 162 sub- section 9, of the Charter of the City of beaumont, and pursuant to an ordinance passed by the City Commission of the City of Beaumonto which ordinance is of record in the Minutes of said Commission.. #3. In addition to all other rights, the holder or holders of this bond and of the series of which it is a pest, is -..nd c.re subrogated to c-11 the rights Lnd has and have all of the remedies of the holders of the; original indebtedness refunded by this issue of bonds. The date of this bond in conformity with the: ordinance above mentioned, is September .1, 1936. Acid it is hereby certified and recited that the issuance of this bond and the; series of which it is- a part is duly authorized e c�ll acts, conditions, and things required to be by law, and th don6 precedent to and in the; issuEnce of this bond and of the series of which it is a part, have been properly done, have happened and been performed in regular end due time, form and manner as re- quired by law, that sufficient ,-nd proper provision for the levy and collection of ad valorem toxos, has been mc;dc which when collect- ud, shall be appropric.ted exclusively to the pc..yment of this bond and of the series of which it is o. pest Lnd to the: pt,ymont of the interest ,coupons hereto annexed as the; s : mu shc,.11 become due and pc+y<<ble, ,. nd thc,.t the total indebtedness of said city, including the unti.re series of bonds of which this is one:, does not exceed any constitutional or statutory limitation. IN WITNESS V111EREOF the City Commission of the City of Beau- mont, Texas, h,,s cc:used its corporrte 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 fac- simile signatures of its ivic..yo_r r-�.nd its City Clerk, as of the 1st day of September, A. D. 1936. 1,4,�yor, City of 3,�aumont, Texas. Countersigned and Attested: City Clerk, City of B6cumont, TTexas.Registered: Director of Fint.nce, City of Bee'-umoht, Texas. FOR144 OF COUPON No. $16.25 On the 1st 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 Beoumont, a,t Bee.umont, Tcxas, or ,.a the Chase M-tional Bank of the City of New York, in the City of New York, State of Nese York, «t the; option of the holder., the sum of- -. SIXTEEN and 25/100 DOLLARS (5='16.25) in lawful money of the United Stc:te;s of America, being six monthst intore>st due that date on its City of Beaumont-,,`vater `�:orks Rofunding Bond Serie=s B, dated September 1,1936, numbored M- yor9 City of Boc_umont, Texas. ATTEST: City Clerk, City of Beoumont, Texas. A. Section 4 The following certificate shall be printed on the back of each bond: OFFICE OF COMPTROLLER: TI3E 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 boon 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 Becumont, Texas, and said bond has this day been registered by me. WITNESS my hand and soa:l of office at Austin, Texas, this the day of , 1936. Comptroller of Public Accounts of the Stvte of Texas. Section 5 Be it further ordiined that for the purpose of paying the interest on said Nater Yorks Refunding Bonds Series B, as well as the; various installments of principal as the same shall respectively mature, a sufficient tax on each one; hundred dollars valuation of C''ll taxable property in the• City of Beaumont shall be annually icvied on said property and annually assessed and collected, and a tax of $.0175 on c;cch one hundred dollars valuation of all taxable property within the City of Beaumont, is here and now levied for the current year of 1936, cnd said tax, or so much thereof as shall be Ve6essory or in addition thereto as may be required, is hereby lovied for occh succeeding year while said bonds or any number there- of are outstanding, and the sane shall be annually assessed and collected and applied to the same purpose named. All monies and/or securities in the sinking fund, and all taxers heretofore levied or in the process of collection for the benefit of the bonds heing refunded by spid refunding bonds, shall be cnd the some are hereby nppropria,ted and trcnsfe;rred to the bonefit , of the said refunding bonds. Section -66 It is further ordained that the Mayor of said City is hQreby authorized to tt;!ke and have charge of said bonds pending their in- vestigr. tion by the Attorney Gunural and re gistrs.tion by the Comp- troller of Public Accounts, and is :also authorized to. deliver the s^me either all at one tiS or in installments in exchange for the surrender and ca:neela_tion of an equal amount of the hereinbefore described bonds that are being refunded, and in the event such de liveries shall be; made in installments, the dayor is hereby authorized to deliver any of the; new bonds in exchange for the surrender and ca.ncelation of a like; amount, of any of the old bonds which are being refunded. Section '7 The f&ct. thEt 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 "rdinnnces to be passed at more than one meeting be suspended, and such rule is hereby suspendyd 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 lith day of August, A.D. 1936= MAYOR.