Loading...
HomeMy WebLinkAboutORD 90 FFVia_121a R AN ORDINANCE '3 `."276 AUTHORIZING THE ISSUANCE OF CITY OF BEAUMONT, TEXAS STREET -IMPROVEMENT BONDS, SERIES 1963, IN THE AMOUNT OF $2,000,000; PRESCRIBING THE TERMS AND CONDITIONS -THEREOF--F:--- -MAKING PROVISION -FOR -THE PAYMENT OF- PRINCI= - PAL AND INTEREST THEREON; PROVIDING FOR THE SALE THEREOF AND THE DISPOSITION OF THE PROCEEDS; AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT WHEREAS, at an election held within the City of Beaumont, Texas, on the 12th day of August, 1950, more than a majority of the duly qualified, resident electors of said City, who owned taxable property within said City and who had duly rendered the same for taxation, voting at said election, voted in favor of the proposition for the issuance of $4,000,000 Street Improvement Bonds for the purpose of paying part of the cost of the project for the elimination of railroad grade crossings from public streets and highways in the City of Beaumont, and work and expenses appertinent to said separation of grades, and of paying the cost of constructing storm sewers in connection therewith, and paying the cost of opening, widening, extending and improving the public streets and highways of the City of Beaumont in connection therewith; and,, WHEREAS, the City of Beaumont is authorized generally to pass this ordinance authorizing the issuance of the bonds herein mentioned under its Charter and the Constitution and Statutes of the State of Texas, pursuant to authority contained in Article 11, Section 5, of the Constitution of the State of Texas, and Article 1175, et seq., Revised Civil Statutes of Texas, and all laws thereunto enabling; and, WHEREAS, prolonged negotiations with the railroads involved have delayed the initial issue of the bonds authorized at said election on August 12, 1950, but such negotiations have progressed so that the first installment of $500,000 of said authorized bonds were issued by an ordinance adopted by the City Council of the City of Beaumont on January 28, 1958, which bonds were ba, L a u,r- /r dated February 15, 1958, and the proceeds from said bonds have been expended on such project; and the second installment of $1,500,000 of said authorized bonds were issued by an ordinance adopted by the City Council of the City of Beaumont on the 24th day of February, 1959 , which bonds were dated February 15, 1959, and the proceeds from said bonds have been expended on such project; and the City Council of the City of Beaumont now finds and determines that it is necessary and proper at this time to issue the remaining and final installment of $2,000,000 of the bonds authorized at said election, which amount will pay the cost of the third phase of said project within the City of Beaumont, and which is the amount, in the judgment of the City Council, that can be economically expended on said project at this time, and which will eliminate certain grade crossings and improve the public streets in the City of Beaumont. Now, therefore: BE IT ORDAINED BY THE CITY OF BEAUMONT: SECTION 1 That the City of Beaumont shall issue bonds, as hereinafter prescribed, for and on behalf of and upon the credit of the City of Beaumont, Texas, as follows: $2,000,000 principal amount of STREET IMPROVEMENT BONDS, SERIES 1963, for the purpose of paying part of the cost of the project for the elimination of railroad grade crossings from the public streets and highways in the City of Beaumont, and work and expenses appertinent to said separation of grades, and of paying the cost of constructing storm sewers in connection therewith, and paying the cost of opening, widening, extending and improving the public streets and '----- - highways of the City of Beaumont in connection therewith. SECTION 2 That said bonds shall be dated May 15, 1963; shall be numbered from 1 to 400, both inclusive; shall be in the denomination of $8,000 each, aggregating $2, 000, 000; and shall become due and payable serially n the 15th day of May in each of the years and in the respective amounts shown in the following schedule, to wit: 193 Bond Numbers Year of Amount (both incl.) Maturity_ Maturing_ 1 - 10 1973 $ 50,000 1.1 - 30 1974 100,000 Al - 50_ *1975 100,000 - - -- 51 - 70 -- 1976 100,000 7'1 - 100 1977 150,000 101 - 13 1978 150,000 131 - 160. 1979 150,000 161 - 190. 1980 150,000 191 220, 1981 150,000 221 - 250 1982 150,000 251 - 280 1983 150,000 281 - 300 1984 100,000 301 - 320 1985 100,000 321 - 340 1986 100,000 341 - 360 1987 100,000 361 - 380 1988 100,000 381 - 400 1989 100,000 The City of Beaumont expressly reserves the right to redeem Bonds Nos. 131 to 400, both inclusive, of this issue, in whole or in part, on May 15, 1978, or on any interest -payment date thereafter by paying to the owners and holders thereof a price equal to the principal amount of the bonds redeemed, plus unpaid accrued interest to the date fixed for redemption. Notice of the exercise of the option to redeem shall be given in writing to The First Security National Bank of Beaumont, Beaumont, Texas, and Harris Trust & Savings Bank, Chicago, Illinois, at which said bonds are payable, and by publication of such notice one time in a financial journa-l-df general circulation in the United States of America, which notice shall be mailed to said paying agents and published in said journal at least thirty (30) days prior to the date fixed for redemption. When said bonds, in whole or in part, have been called for redemption in the manner prescribed, and when due provision has been made to pay the principal and unpaid accrued interest on the bonds called for redemption to the date fixed for redemption, the right of the owners and holders to collect interest which would otherwise accrue after the redemption date on said bonds called for redemption shall terminate on the date fixed for redemption. SECTION 3 That said bonds shall bear interest per annum at the following rates: Bonds Nos. 1 to 250, both inclusive, 3-1/4 Bonds Nos. 251 to 400, both inclusive, 3-1/2 interest payable May 15, 1964, and semi-annually thereafter on November 15 and May 15 of each year until the principal sum thereof shall have been paid. 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, at The First Security National Bank of Beaumont, Beaumont, Texas, or, at the option of the holder, at Harris Trust & Savings Bank, Chicago, Illinois. The principal of such bonds shall be payable upon presentation and surrender of said bonds as they respectively mature, and interest accruing on or before the respective maturity dates of said bonds shall be payable only upon presentation and surrender of the interest coupons attached to said bonds as such coupons respectively become due and payable. SECTION 4 Each of said bonds shall be signed by the Mayor and countersigned by the City Clerk by their facsimile signatures, and the official seal of said City shall be impressed upon each of said bonds. The interest coupons attached to said bonds shall also be executed by the facsimile signatures of said Mayor and City Clerk. Said facsimile signatures, as above provided, may be engraved, lithographed, or printed, and shall have the same effect as if said bonds and coupons had been signed in person by each of said officers. The Comptroller's registration certificate„ as provided hereinafter in Section 7 of this ordinance, shall be manually subscribed. SECTION 5 That the form of such bonds shall be substantially as follows, to wit: NO. Ut� a tI U ' t /M. $5,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF JEFFERSON CITY OF BEAUMONT STREET IMPROVEMENT BOND, SERIES. 1963 THE CITY OF BEAUMONT, in the County of Jefferson, in the State of Texas, FOR VALUE RECEIVED, hereby acknowledges itself indebted to and PROMISES TO PAY TO BEARER on the 15TH DAY OF MAY, 19 the sum of FIVE THOUSAND DOLLARS ($5,000.00), with interest thereon from date hereof at the rate of * % per annum, interest payable on May 15, 1964, and semi-annually thereafter on November 15 and May 15 of each year until the principal sum hereof shall have been 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 Security National Bank of Beaumont, Beaumont, Texas, or, at the option of the holder, at Harris Trust & Savings Bank, Chicago, Illinois. The principal hereof shall be payable only upon presentation and surrender of this bond, and interest falling due on and prior to maturity shall be payable only upon presentation and surrender of the interest coupons hereto attached as they severally become due. THE DATE OF THIS BOND, in conformity with the ordinance hereinafter mentioned, is MAY 15, 1963. THIS BOND IS ONE OF A SERIES OF 400 -BONDS of like date and tenor, except as to number, maturity, interest rate, and option of redemption, being numbered from 1 to 400, both inclusive, in the denomination of $5,000.00 each, AGGREGATING $2,000,000, and is issued for the purpose of paying part of the cost of the project for the elimination of railroad grade crossings from the public. streets y and highways of the City of Beaumont, and work and expenses appertinent to said separation of grades, and of paying the cost of constructing storm sewers in con- nection therewith, and paying the cost of opening; widening, extending -and improv- ing the public streets and highwaysof the City of Beaumont in connection therewith, under and in strict conformity with the Constitution and laws of the State of Texas, and by authority of the vote of the majority of the duly qualified, resident electors of said City, who owned taxable property within said City and who had duly rendered the same for taxation, at an election held in said City on the 12th day of August, 1950, and pursuant to an ordinance duly adopted by the City Council of said City and duly recorded in the official minutes of said City Council. THE CITY OF BEAUMONT EXPRESSLY RESERVES THE RIGHT TO REDEEM BONDS NOS. 131 to 400, BOTH INCLUSIVE, of this issue, in whole or in part, on MAY 15, 1978, or on any interest -payment date thereafter by, paying to the owners . and holders thereof a price equal to the principal amount of the bonds -redeemed, plus unpaid accrued interest to the date fixed for redemption. Notice of the exercise of the option to redeem shall be given in writing to The First Security National Bank of Beaumont, Beaumont, Texas, and Harris Trust & Savings Bank, Chicago, Illinois, at which said bonds are payable, and by publication of such notice one ttime in a financial journal of general circulation in the United States of America, which notice shall be mailed to said paying agents and published in said journal at least thirty (30) days prior to the date fixed for redemption. When said bonds, in whole or in part, have been called for redemption in the manner prescribed, and when due provision has been made to pay the principal and unpaid accrued interest on the bonds called for redemption to the date .fixed for redemption, the right of the owners and holders to collect interest which would othenrvise accrue after the redemption date on said bonds called for redemption shall terminate on the date fixed for redemption. C 4t, EACH SUCCESSIVE HOLDER OF THIS BOND and each successive holder of each of the coupons hereto attached is conclusively presumed to forego and renounce his equities in favor of subsequent holders for value and without notice, and to agree that this bond and each of the coupons hereto attached may, be negotiated by delivery by any person having possession thereof, howsoever such possession may have been acquired, and that any holder who shall have taken this bond or any of the coupons from any person for value and without notice, thereby has acquired absolute title thereto, free from any defenses enforceable against any prior holder and free from all equities and claims of ownership of any such prior holder. The City of Beaumont and its officials and fiscal agents shall not be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the issuance of this bond, and the series of which it is a part, is duly authorized by law; that all acts, conditions and things required to exist and to be done pursuant .to and in the issuance of this bond, and the series of which it is a part, have been properly done and performed and have happened in regular and due time, form and manner as re- quired by law; that sufficient and proper provisions for the levy and collection of an ad valorem tax have been made, which when collected shall be appropriated exclusively to the payment of this bond and of the series of which it is a part, and to the payment of the interest coupons hereto attached as the same shall become due and payable; and that the total indebtedness of the City of Beaumont, including the entire series of bonds of which this is one, does not exceed any constitutional or statutory limitation. IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the additional tax levied and made necessary to be levied in order to provide for the payment of interest and principal of this issue of bonds, together with the rate of tax existing at the time of the issuance of these bonds, is within the limitation of the Constitu- tion and Laws of the State of Texas and the Charter of the City of Beaumont. a &2 (� rF b s, I -mo IN TESTIMONY WHEREOF, the City Council of the City of Beaumont, Texas, has caused this bond to be executed by the Mayor of said City and counter- signed by the City Clerk, by their facsimile signatures, has caused the corporate seal of said City to be affixed hereto, and has caused the interest coupons hereto annexed to be executed by the facsimile signatures of said officers, as provided by law, all as of the 15th day of May, 1963. COUNTERSIGNED: City Clerk of the City of Beaumont,. Texas Mayor of the City of Beaumont, Texas * Bonds Nos. 1 to 250, both inclusive, 3-1/4% per annum Bonds Nos. 251 to 400, both inclusive, 3-1/2% per annum SECTION 6 The form of coupons attached to said bonds shall be substantially as follows, to wit: NO. $ ON THE 15TH DAY OF 19 *, the City of Beaumont, inthe County of Jefferson, in the State of Texas, PROMISES TO PAY TO BEARER, without exchange or collection charge -s, at The First Security National Bank of Beaumont, Beaumont, Texas, or, at the option of the holder, at Harris Trust & Savings Bank, Chicago, Illinois, in lawful money of the United States of America, the sum of $ , said sum being the interest due that date on City of Beaumont Street Improvement Bond, Series 1963, dated May 15, 1963, Bond No. Mayor City Clerk IO i% *Coupons maturing after May 15, 1978, shall contain the following additional clause: unless the bond to which this coupon appertains has been called for prior redemp- tion and due provision made to redeem same. SECTION 7 That substantially the following certificate_ shall be printed on the back of each of said bonds, which certificate shall be manually subscribed: 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, and that he finds that it has been issued in conformity with the Constitution and Laws of the State of Texas and is a valid and binding obligation of 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 It is further ORDAINED that for the purpose of paying the interest on said STREET IMPROVEMENT BONDS, SERIES 1963, as it accrues, and to create a sinking fund to pay the various installments of principal as the same shall respectively mature, a sufficient tax on each $100.00 valuation of taxable property,in the City of Beaumont, Texas, shall be annually levied on said property and annually assess - ed and collected in due time, form and manner, and at the same time other taxes are assessed, levied and collected, in each year, full allowance being made for delinquencies and costs of collection; and a tax of five cents ($ .05) on each' $100.00 valuation of taxable property within the City of Beaumont, Texas, is here FF and now levied for the year 1963, and said tax, or so much thereof as shall be necessary or in addition thereto as may be required, is hereby levied for each succeeding year while said bonds or any part of the principal thereof or interest thereon remain outstanding and unpaid, and the same shall be annually assessed and collected and applied to the purpose named. SECTION 9 That said bonds having been advertised for public sale, in accordance with the terms and provisions of Section 4, of Article 9, of the City's Home Rule Charter, and bids having been received pursuant thereto, it is hereby FOUND AND DETERMINED that the bid of Harris Trust & Savings Bank, Chicago, Illinois, and Associates, at a price of the principal of said bonds, plus accrued interest thereon from the date thereof to the date of actual delivery, plus a cash premium of $1,001.00, with a 15 -year option of redemption, 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 opinion as to the legality of said bonds of the Attorney General of Texas, and Sykes, Galloway and Dikeman, market attorneys, of New York, New York. SECTION 10 That it shall be the duty of the Mayor of the City of Beaumont, or someone acting under authority of said 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 such bonds registered by the Comptroller of Public Accounts of the State of Texas. After the bonds have been approved by said Attorney General and registered by the Comptroller of Public Accounts of the State of -Texas, said Comptroller is authorized and requested to deliver the same to The American National 'j •i q`'. Bank at Austin, Texas, for account of the City of Beaumont. Upon receipt of the full purchase price, said bonds shall be delivered to the -purchaser. SECTION 11 That the Mayor and City Clerk are hereby authorized and directed to do any and all things necessary to carry out the terms of this ordinance. SECTION 12 This ordinance shall take effect from and after the date of its passage. PASSED this 7th day of May, 1963. ATTEST; yor of the C ty of Beaumont, Texas Clerk —The foregoing ordinance and all the terms and provisions thereof are hereby- appreved . �Y_ r�� Director of Finance