HomeMy WebLinkAboutORD 54-AAJF
-0-1 V W-40 a
AN ORDINANCE
AUTHORIZING AND PROVIDING FOR THE PAYMENT
AND REDEMPTION OF OUTSTANDING WATERORKS
SYSTEM REVENUE BONDS, THE DEPOSIT OFpFUNDS
WITH THE STATE TREASURER OF TEXAS FOR SUCH
PURPOSES, AND FIXING THE DETAILS RELATING
THERETO
WHEREAS, the City of Beaumont, Texas, is in the process of
issuing waterworks system revenue bonds of said City in the amount of
$2, 800, 000, to be dated September 1, 1956, for the purpose of refunding
$800, 000 in principal amount of said City's outstanding Waterworks .Im-
provement and Extension Revenue Bonds, Series 1947, dated September 1,
1947, and for the further purpose of improving and extending the water-
works system of said City, said bonds in process of issuance to be
designated as City of Beaumont Waterworks System Revenue Bonds,
Series 1956; and,
WHEREAS, the outstanding bonds of said :Series 1947 issue aggre-
gate $873, 000, being Bonds Nos. 1128 to 2000, both inclusive, in the
denomination of $1, 000 each; and,
WHEREAS, Bonds Nos. 1128/1265 mature September 1, 1957, and
Bonds Nos; 1266/2000 are redeemable, prior to maturity, on September 1,
1957, and the City Council wishes to issue its notice of call as to said
redeemable bonds, as hereinafter provided; and,
WHEREAS, said City wishes to accept the benefits of Article
1118n-5, Vernon's Texas Civil Statutes, as amended in 1925, and cause
to be deposited with the Treasurer of the State of Texas funds sufficient
to pay said outstanding $873, 000 bonds on September 1, 1957, together
with interest thereon, charges of the paying agents, and statutory fees
of the State Treasurer; and;
WHEREAS, the fees of the State Treasurer for performing his
duties under said state are the following:
and,
1 /20th of 17o of principal ($873; 000, 00)
1/8th of 1-0/o of interest ($19, 297.50)
Total
$ 436..50
24. 15
$ 460.65
WHEREAS, the charges of the paying agents for the payment of
the principal and interest on said outstanding bonds, as above provided,
is .$1, 139. 74; and,
WHEREAS, the City has on hand, and available therefor, net
revenues derived from the operation of said waterworks system sufficient
to pay.$73, 000 in principal amount of said outstanding bonds; the interest
falling due March 1, 1957, and September 1, 1957, on the outstanding
$873, 000 bonds, and the charges of the paying agents and fees of the
State .Treasurer inn connection with the payment of the interest on and
principal of said outstanding $873, 000 bonds on March 1, 1957 (interest)
and September 1, 1957, (interest and principal); and,
WHEREAS, funds in the amount of $800, 000 are to be deposited
with the State Treasurer from the sale of a like amount of said Series
1956 bonds to pay and retire a like amount of the outstanding bonds; and,
WHEREAS, the following constitutes a summary of the amounts
that must be deposited with said State Treasurer for the payment of the
interest :on and principal of said $873, 000 outstanding bonds (all .said
bonds to be paid September 1, 1957), the charges of the paying agents,
and the statutory fees of the .State Treasurer, all in accordance with the
provisions of Article 1.1.18n-5, .Vernon's Texas Civil Statutes, as amended
in 1955:
Interest to be paid March 1, 195-7 $ 9,648.75
Interest to be paid September 1, 1957 9,64.8.75
Principal to be paid September 1, 1957 873, 000.00
Charges of paying agents 1, 139.74
Fees of State Treasurer 460.65
Total $ 893, 897.89
and
&,?.� SAA
WHEREAS, with the exception of the payment of $800, 000 like
amount of principal of said Series 1947 bonds on September 1, 1957, all
items listed above will be paid out of net revenues derived from the
operation of said waterworks system; and,
WHEREAS, the City Council wishes to proceed with the exercise
-of the option of redemption of Bonds Nos. 1266 to 2000, both inclusive, of
the Series 1947 bonds, and to fix the details concerning the deposit of
funds with the .State Treasurer so that there will be no delay in the issuance
of the Series 1956 bonds; therefore:
BE IT ORDAINED BY THE CITY OF BEAUMONT:
Section 1:
That Bonds Nos. 1266 to 2000, both inclusive, of the City of
BeaumontWaterworks improvement and Extension Revenue Bonds, Series
1947, dated September 1, 1947, are hereby called for redemption, prior
to their maturity, on September 1, 1957, and the Mayor and City Clerk
are hereby authorized and directed immediately to give the following notice
in writing to the banks at which said bonds are payable; and to cause such
notice to be published in The Bond Buyer (a financial publication in the
.City of New York, New York):
NOTICE OF REDEMPTION OF BONDS PRIOR TO MATURITY
CITY OF B E A U M O N T, TEXAS
WATERWORKS IMPROVEMENT AND EXTENSION REVENUE BONDS
SERIES 1947
NOTICE IS HEREBY GIVEN that the following bonds out of the. City
of Beaumont Waterworks Improvement and Extension Revenue Bonds, Series
1947, dated September 1, 1947, are called for redemption, prior to their
maturity, on September 1, 1957:
R nn rl c TxTn a
1266 to
1406,
both incl.
1407 to
1550,
both incl.
1.551 to
1697,
both incl.
1698 to
1847,
both incl.
1848 to
2000,
both incl.
Maturity ,Date
September
1,
1958
.September
1,
1959
September
1,
1960
September
1,
1961
September
1,
1962
16-!6-Ic)V
Said bonds are in the denomination of '$1,, 000 each, aggregating
$735, 000, and are called for payment on September 1, 1957, at The
.First National Bank of Beaumont, Beaumont, Texas, or at The First
National City Bank of New York, New York, or at The First City National
Bank of Houston, Houston, Texas, at the option of the holders, where
funds will be available for the redemption of said bonds.
By order of the City Council of the City of Beaumont, Texas.
Mayor, City of Beaumont,, Texas
City .Clerk
Section 2:
That the City Clerk is hereby ordered, authorized, and directed
to cause to be deposited with the Treasurer of the State of Texas, Austin,
Texas, the following sums:
(a) Out of the net revenues of the waterworks system
of said City, for the payment of:
Interest falling due March 1 and September
1, 1957 $ 19,297. 50
A like principal amount of the outstanding
Series 1947 bonds 73, 000. 00
Paying agents charges 1,139.74
State Treasurer fees 460.65
$93i897.89
(b) Out of the proceeds of sale of the Series
1956, for the payment of a like principal
amount of the outstanding Series 1947 bonds $ 800; 000. 00
TOTAL FUNDS TO BE DEPOSITED WITH
STATE TREASURER $ 893, 897. 89
.Section 3:
That the City Clerk shall at the same time deliver to said State
Treasurer a certified copy of this ordinance, a certified copy of the ordinance
authorizing the Series 1956 bonds, and certified excerpts from the ordinance
authorizing said Series 1947 bonds, which excerpt shall clearly show the
amounts and dates on which interest is due on such bonds, the maturity
dates, 'and the option of redemption date, and the names and addresses of
the banks at which such bonds .are payable.
Section 4:
That said City Clerk shall also at the same time deliver to the
Attorney. General .of the State of Texas and the Comptroller of Public
Accounts of the State of Texas a certified copy of this ordinance and a
certified copy of the ordinance authorizing the issuance of said Series
1956 bonds, and such other documents and papers as said officers shall
require.
Section 5;
That the Mayor and the City Clerk are hereby authorized and
directed to do any and all things necessary and/or convenient in carrying
out the terms of this ordinance.
Section 6:
That this ordinance shall take effect from and after the date of its
passage.
PASSED this day of October, 1956, by a majority vote .of
the City Council of the City of Beaumont, Texas.
t
Map6r, City of Beaumont, Texas
Atte st:
OU,prjClerk of the _City of
Beaumont, Texas
�a 16-C�57,
- , •
THE STATE OF TEXAS I
COUNTY OF JEFFERSON j;
I, the undersigned, City _Clerk of the City of Beaumont, Texas,
do hereby certify that the attached and foregoing is a true and correct
copy of an ordinance adopted by the City Council of said City at a meeting
held on the 16th day of October, 1956; together with an excerpt from the
minutes. of said meeting showing the adoption thereof, as same appears
of record in the official minutes of said City Council .on file in.my office.
WITNESS MY HAND AND THE OFFICIAL SEAL OF SAID CITY,
this day of October, 1956.
(Seal)
City Clerk of the City of
Beaumont, Texas
91d, �--y A -A
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