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HomeMy WebLinkAboutORD 45-BBAN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF BEAUMONT GENERAL OBLIGATION REFUNDING BONDS, SERIES 1957, IN THE AMOUNT OF $2,980,000; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; AND LEVYING TAXES TO PAY THE PRINCIPAL AND INTEREST THEREON;.AND CONTAINING OTHER PROVISIONS RE- LATING TO THE SUBJECT THE STATE OF TEXAS I COUNTY OF JEFFERSON. I The City Council of the City of Beaumont, Texas, convened in regular session at the regular meeting place thereof within said City on the o1/ day of January, 1958, with the following members present, to -wit: Jimmie P. Cokinos Paul H. Anger Dr. G. M. Brassard Dr. J. R. Venza Harry B. Mason James T. Garrard Mayor Councilman, Ward 1 Councilman, Ward 2 Councilman, Ward 3 Councilman, Ward 4 City Clerk and the following members absent, to -wit: %-e iye when the following business was transacted: Councilman introduced an ordinance and moved that it be adopted. The ordinance was read in full. The motion for adoption was seconded by Councilman 16�rasSar &_, and carried by the following vote: AYES: Councilmen Anger, Brassard, Venza and Mason, and Mayor Cokinos. NOES: None. The ordinance thus adopted follows: AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF BEAUMONT GENERAL OBLIGATION REFUNDING BONDS, SERIES 1957, IN THE AMOUNT OF $2,980,000; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; AND LEVYING TAXES TO PAY THE PRINCIPAL AND IRTEREST THEREON; AND CONTAINING OTHER PROVISIONS RE- LATING TO THE SUBJECT i WHEREAS, Jefferson County Fresh Water Supply District No. 2 has heretofore issued, sold and delivered the following de- scribed bonds, which are now outstanding, to -wit: and JEFFERSON COUNTY FRESH WATER SUPPLY DISTRICT NO. 2 WATERWORKS AND SANITARY SEWER SYSTEM COMBINATION REVE- NUE AND UNLIMITED TAX BONDS, SERIES 1957, dated November 1, 1957, numbered from 1 to 2,100, both in- clusive, in the denomination of $1,000 each, aggregating $2,100,000, and maturing serially on November lst in each of the years 1961 through 1982, both inclusive; WHEREAS, Jefferson County Water Control and Improvement Dis- trict No. 7 has heretofore issued, sold and delivered the following described bonds, wnich..are now outstanding, to -wit': and JEFFERSON COUNTY WATER CONTROL AND IMPROVEMENT DISTRICT NO. 7 SANITARY SEWER SYSTEM BONDS, SERIES 1957, dated November 1, 1957, numbered from l to 880, both inclusive, in the denomination of $1,000 each, aggregating $880,000, and maturing serially on November 1st in each of the years .1-961 through 1977, both inclusive; WHEREAS, the City of Beaumont, Texas, has heretofore annexed all of the territory within each of said above-named Districts and has assumed and become liable for the payment of all debts and obligations of said District, including both the above- described issues of bonds and both said issues of bonds are now the valid and binding obligations of said City of Beaumont, and each of said Districts has been abolished and the City of Beaumont has taken over all of the assets and properties of said Districts; and WHEREAS, under the provisions of Article 1182c-1, Vernonts Texas Civil Statutes, as amended, the City is authorized to refund said bonds in the name of the City of Beaumont and to provide for the payment of principal and interest thereon by levying a tax on all taxable property within said City for such purposes; and - 2 - .f ,y 6. WHEREAS, the owners.and holders of.all said bonds.described above, aggregating $2;980,000, have agreed to surrender said bonds in exchange for the refunding bonds hereinafter authorized", and this City Council is.of the opinion .that it is to the best interests of the City of Beaumont to refund said bonds in the manner.hereinafter provided; Therefore BE IT ORDAINED BY THE CITY OF BEAUMONT: Section I: That the bonds of the City of.Beaumont, Texas, be issued.in the principal .sum of $2,980,-000, to' be known and designated as CITY OF BEAUMONT,'GENERAL OBLIGATION REFUNDING BONDS, SERIES 1957, for the purpose.of refunding"' cancelling and -in lieu of a like principal,amount.' of-theJefferson County Fresh Water Supply Dis- trict.No. 2 Waterworks and Sanitary Sewer System Combination Reve- nue,and Unlimited Tax Bonds, Series 1957,.dated November 1, 1957, aggregating $,2,100, 000, and Jefferson. County Water Control and Improvement District No. 7 Sanitary Sewer System Bonds, Series . 1957, dated November 1, 1957, aggregating $880,000, which bonds have been assumed by, and are now the valid and binding obliga- tions bliga-tions of, the ..City of Beaumont,, under and by virtue -6f the Con- stitution and.laws of the -State of Texas, particularly Articles 1182c'-1 and 2368a, Vernons Texas,Civil Statutes, as,amended, and the Charter of the "City. 'of Beaumont. Section 'II: That said bonds shall be dated November 1, 1957, shall be. numbered 'co nsecutivel y from ,l to 2,980, both inclusive, shall be in the denomination of $1,000�each, aggregating $2,980,000, and shall become due and payable serially -on the lst day of November in -each of the years and in the respective amounts shown in the following schedule, to -wit: Bonds Nos. Maturity Amount 1 - 65 1961 $ 652000 66 - 140 1962 75,000 141 - 225 1963 85,000 226 - 320 1964 95,000 321 - 425 1965 1052000 426 - 54o 1966 115, 000 541 - 665 1967 125,000 666 - 795 1968 130,000 796 - 935 1969 14o,000 936 - 1,o8o 1970 145,000 1,081 - 11235 1971 1552000 1,236 - 1,.395 1972 16o;000 1;396 - 12565 1973 170,000 1,566 - 1,74o 1974 175,000 1,741 - 1,920 1975 180,000 1,921 - 2,110 1976 1901000 2,111 - 2,305 1977 195,000 2,306 - 2,430 1978 125,000 2,431 - 2,56o 1979 130,000 2,561 - 20695 1980 115,000 29696 - 2',835 . 1981 14o,*0oo 2, 836 - 2,98o 1982 145,000 The City of Beaumont expressly reserves the right to redeem; in their inverse numerical order, Bonds Nos. 1,396 to 2,9801 both inclusive, of this issue, in whole or in part, on November 1, 1972, 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 bank, at which said bonds are payable and by publication of such notice one (1) time in a financial journal of general circulation in the United States of America, which notice shall be mailed to said bank 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 pro- vision 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 - 4 - �1S X13' on the bonds called for redemption shall terminate on the date fixed for redemption. Section III: That said bonds shall bear interest at the following rates per annum,. to -wit: Bonds Nos. 1 to 495, both inclusive,. at the rate of 5% per annum; Bonds Nos. 496 to 1,920, both inclusive, at the rate of 3.60% per annum; Bonds Nos. 1,921 to 2,980, both inclusive, at the rate of 3.70% per annum,. interest payable November 1, 1958, and semi-annually thereafter on May lst and November 1st 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 City National Bank of Houston, Houston, Texas. The principal of such bonds shall be payable upon presenta- tion and surrender of such bonds as they respectively become due, and interest on said bonds falling due on and prior to maturity shall be payable only upon presentation and surrender of the in- terest coupons attached to said bonds as they severally become due. Section IV: That, in accordance with the provisions of Chapter 293, Acts of the 54th Legislature of Texas, Regular Session, 1955 (codified in Vernon's Texas Civil Statutes as Article 717j), 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 on each bond. The interest coupons attached to said bonds shall also be executed by the facsimile signatures of said Mayor and'City Clerk. Said facsimile signatures - 5 - M k 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 Comptrolleris reg- istration certificate, as provided hereafter in Section VII of this ordinance, shall be manually subscribed. Section V: That the form of such bonds shall be substantially as follows, to -wit: NO; UNITED STATES OF AMERICA $1,000 STATE OF TEXAS COUNTY OF JEFFERSON CITY OF BEAUMONT GENERAL OBLIGATION REFUNDING BOND SERIES 1957 THE CITY OF BEAUMONT, in the County of Jefferson, in the State of Texas, FOR VALUE RECEIVED, hereby acknowledges itself in- debted to and PROMISES TO PAY TO BEARER on -the IST DAY OF NOVEMBER. 19 , the sum of ONE THOUSAND DOLLARS ($1,000), with interest thereon from date hereof at the rate of *% per annum, interest payable November 1, 1958, and semi-annually thereafter on May 13t and November. 1st of each year until the prin- cipal sum hereof shall have been paid. Both principal of and in- terest on this bond are payable in lawful money of the.United State of America, without exchange or collection charges to the owner or holder, at the First City National Bank of Houston, Houston, Texas. 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 NOVEMBER 1, 1957. It THIS BOND IS ONE OF A SERIES OF 2,980 BONDS of like date and tenor, except as to number, maturity, interest rate, and option of redemption, being numbered from.1 to 2,980, both inclusive, in the denomination,of $1,000 each, AGGREGATING $2,980,000, and is issued for the purpose of refunding; cancelling and.in lieu -of a like principal amount of the Jefferson.County Fresh Water Supply District No. 2 Waterworks and Sanitary Sewer System Combination Revenue and Unlimited Tax Bonds, Series,1957.1. dated November 1, .1957, aggregating $2,100,000, and the Jefferson County Water Control.and.Improvement-District No. 7 Sanitary Sewer System Bonds, Series. 1957, dated November 1, 1957, aggregating $880,000, which bonds have been assumed by, and arefnow'the valid and binding obligations of, the City of Beaumont, under and by virtue of the Constitution and laws..of the State of Texas, par- ticularly Articles 1182c-1 and 2368a,.Vernonfs Texas Civil Statutes as amended, and the Charter of the City of Beaumont, and pursuant to an ordinance passed by the City Council of said City., duly recorded in the minutes of said City Council. THE CITY OF BEAUMONT EXPRESSLY RESERVES THE RIGHT TO REDEEM, in their inverse numerical order, BONDS NOS. 1,396 TO 2,980, bothinclusive, of this issue, in whole or in part, on November 1, 1972, 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 bank at which said' bonds are payable and by publication of such notice one,(!) time in a financial journal of general circulation in the United States of America, which notice shall be mailed to said bank 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 pro- vision has been made to pay the principal and unpaid accrued - 7 - a � 11 L.1 rJJC interest on the bonds called for redemption to the date Mixed for redemption, the right of the owners and holders to collect interest which would otherwise accrue after the redemption date on the bonds called for redemption shall terminate on the date fixed for redemption. 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 this series of bonds, 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 series of which it is a part, by the levy of a direct annual ad valorem tax upon all taxable property within said City, sufficient.for said purposes; and that this series of bonds, together with all other indebtedness of said City, does not exceed any Constitutional or statutory limitation. IN TESTIMONY WHEREOF, the City Coun0lTl.1on of the City of Beaumont, in conformity with'the provisions of Chapter 293, Acts of the 54th Legislature of Texas, Regular Session, 1955 (codified in Vernon's Texas Civil Statutes as Article 717j), has caused this bond to be signed by the Mayor and.countersigned 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, all as of the lst day of November, 1957. Mayor, City of Beaumont, Texas COUNTERSIGNED: City Clerk, City of BeaumQnt,, Texas *(Bonds Nos. 1 to 495, both inclusive - 5% per annum;: Bonds Nos. 496 to 1,920, both inclusive - 3.60% per annum; and Bonds Nos. 1,921 to 2, 980, both inclusive - 3.70% per annum.) Section VI: That the form of coupon attached to such bonds shall be substantially as follows.. to -wit: NO.. $ On the 1st day of , 190 * 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 City National Bank of Houston; Houston, Texas,.the sum of in lawful money of the United -States of America, being the interest due.that date on the City of Beaumont General Obligation Refunding Bond, Series 1957, dated November 1, 1957, Bond No. Mayor City Clerk *(Coupons maturing after November 1, 1972, shall contain the following additional clause: unless the bond to which this coupon appertains has been called for previous redemption and due pro- vision made to redeem same,) Section VII: 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 THE STATE OF TEXAS COMPTROLLER REGISTER NO. 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 - 9 - al ` ( 1"'Gt. to the effect that this bond has been examined by him as required by law, and that he finds that it hasbeen issued in conformity with the Constitution and laws of the State of Texas and the Charter of the City of Beaumont, Texas, and that it is.;a valid and binding obligation of said City, and said bond has this day been registered by me. WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas, Comptroller of Public Aecounts of - the State of Texas Section VIII: To pay the interest on.said refunding bonds and to create a sinking fund to pay the principal as i't matures, there is hereby transferred to the interest and sinking fund of the refunding bonds herein authorized the proceeds of all.taxes levied and collected for and on account of the issues of bonds which are being refunded hereby, and all taxes assessed and collected hereafter for and on account of the bonds being refunded hereby shall be credited to said fund; that while.said bonds, or any part -of the principal thereof or interest thereon remain outstanding and unpaid, there shall be levied, assessed and collected, in due time, form, and manner, an ad valorem tax upon all taxable property within said City, sufficient to pay the current interest on said bonds as it accrues, and to pay each installment of the'principal of said bonds as they become due, there is hereby levied for the current year on all taxable property within said City, a sufficient ad valorem tax on each $100 valuation of taxable property in said City and the same shall he assessed and collected and applied to the purposes named, That while said bonds, or any part of the principal thereof or interest thereon, are.outstanding and unpaid, a tax upon all 10 - taxable property within said City, .sufficient in amount to pay the interest on such bonds,,together'with an additional amount to be placed in the. sinking fund sufficient to redeem and dis- charge such bonds at their maturity, full allowance being made for delinquencies and.costs of collection, shall be, and is hereby, levied for each year,.respectively, and shall each year be assessed and collected and applied to.the payment of the in- terest on and the principal of said bonds, and -to no other purpose. Section IX: That the Mayor of -said City. -Is hereby authorized to take and have_cha-rge of said bonds -pending their investigation and ap- proval by the Attorney General of Texas and registration by.the Comptroller of Public Accounts of the State of Texas. That said refunding bonds shall not be registered until.and as a like princi- pal amount of said original bonds have been surrendered for can- cellation. As and when said original bonds are surrendered to the Comptroller of Public Accounts, he is authorized and directed to deliver the refunding bonds -in like amount to the hofder or holders of the bonds surrendered. Section X.: That the holder or holders of said refunding bonds herein authorized are and shall be subrogated to all..the rights and privileges had and possessed by the. holders of the bonds which are being refunded by the issuance :of this series of bonds. Section XI: That.the Mayor and. City Clerk are authorized and directed, to do any and all things necessary and/or convenient to carry out the terms of this ordinance. Section XII: Willie J. Brockman, - City Manager and Director of Finance (SEAL)