HomeMy WebLinkAboutORD 59-BBAN ORDINANCE
AUTHORIZING THE ISSUANCE OF CITY OF BEAUMONT
REFUNDING BONDS, SERIES 1958, IN THE AMOUNT OF
$432,000; PRESCRIBING THE TERMS AND CONDITIONS
THEREOF; AND LEVYING TAXES TO PAY THE PRINCIPAL
AND INTEREST THEREON; AND CONTAINING OTHER
PROVISIONS RELATING TO THE SUBJECT
THE STATE OF TEXAS §
~-COUNTY OF JEFFERSON § -
The City Council of the City of Beaumont, Texas, convened in
(J1AR session at the regular meeting place -thereof within -.said
City on -the day. of March, 1958, with the following- members "
.present, to ---:wit:
Jimmie P. Cokinos Mayor
Paul.H. Anger Councilman, Ward 1
Dr. G. -M. Brassard Councilman, Ward 2
Dr. J. R. Venza Councilman, Ward 3
___-Councilman-,---Ward-_4_--
T...-eB m Gavr * City Clerk -96$ :N?) .
and the following members absent, to -wit: $ . %./CAMaq)
when the following business was transacted'::.
Councilman -Dr, VeZjZA introduced an ordinance and moved that
it be adopted. The ordinance was read in full. The motion for
adoption was seconded by Councilman and carried by the
following vote: AYES: Councilmen Anger, Brassard, Venza and Mason,
and Mayor Cokinos. NOES: None. The ordinance thus adopted fol-
lows:
AN ORDINANCE
AUTHORIZING THE ISSUANCE OF CITY OF BEAUMONT
REFUNDING BONDS, SERIES 1958, IN THE AMOUNT OF
$432,000; PRESCRIBING THE TERMS AND CONDITIONS
THEREOF; AND LEVYING TAXES TO PAY THE PRINCIPAL
AND INTEREST THEREON; AND CONTAINING OTHER
PROVISIONS RELATING TO THE SUBJECT
N
4 d/ _ 5 / 816
WHEREAS, Jefferson County Water Control and Improvement District
No. 7 has heretofore issued, sold and delivered the following described
bonds which are'now validly outstanding and unpaid, to -wit:
JEFFERSON COUNTY WATER CONTROL AND IMPROVEMENT DISTRICT
NO. 7 WATER SYSTEM TAX AND REVENUE BONDS, SERIES 1955,
dated December 1, 1955, numbered from 1 to 445, both
inclusive, in the denomination of $1,.000 each, aggre-
gating,$445,000, and maturing serially on April 1st in
each of the years 1958 through 198.0,.both inclusive,
Comptroller's Registration No. 30835; and
WHEREAS, the City of Beaumont, Texas, has heretofore annexed
all of the territory within said above-named District and has assumed
and become liable for the payment of all.debts and obligations of
said District, including the above-described issue of bonds and said
bonds are now the valid and binding obligations of said City of
Beaumont, and said District has been abolished and the City of
Beaumont has taken over all of the assets and properties of said
. --District;-and - - - - - -
WHEREAS, under the provisions of Article 1182c-1, Vernon's
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
WHEREAS, $13,000 in principal amount of said Series 1955 bonds
matures on April 1, 1958, and owners and holders of the remaining
$432,000 of said $445,000 bonds hereinabove described, have agreed to
surrender said remaining bonds in exchange for the refunding bonds
hereinafter authorized; and
WHEREAS, this 'City Council is of the opinion that it is to the
best interests of the City of Beaumont to pay and retire, at their
maturity on April 1, 1958, bonds Nos. 1 to 13, inclusive, of said
Series 1955 bonds and to -refund the remaining $432,000 in.principal
amount of said Series 1955 bonds (being bonds Nos. 14 to 445, in-
clusive of said Series 1955 bonds) in the manner hereafter provided;
-2-
Therefore
otd, 511.13
3 --�5-19 5T
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 $432,000 to be known and designated as CITY OF
BEAUMONT REFUNDING BONDS, SERIES 1958, for the purpose of refunding,
cancelling and in lieu of a like principal amount of the Jefferson
County Water Control and Improvement District No. 7 Water System
Tax and Refunding Bonds, Series 1955, dated December 1, 1955, aggre-
gating $432,000 and being bonds Nos. 14 to 445, inclusive of said
Series 1955 bonds, which bonds have been assumed by, and are now the
valid and binding obligations of, the City of Beaumont, under and by
virtue of the Constitution and laws of -the State of.Texas, particu-
larly Articles -1182c-1 and 2368a, Vernon's Texas Civil Statutes, as
amended, and the Charter of the City of Beaumont.
Section II.
That said bonds shall be dated April 1, 1958, shall be numbered
consecutively from 1 to 432, both inclusive, shall be in the denomi-
nation of $1,000 each, aggregating $432,000, and shall become due
and payable serially on the 1st day of April in each of the years
41
and in the respective amounts shown in the following schedule, to -wit:
Bonds Nos.
1 -
13
14
- 27
28
- 41
42
- 56
57
- 71
72 -
87
88
- 103
lo4 -
12o!
121
- 138
139
- 156
157
- 175
176
- 194
195
- 21-4---
1-4i215
215
- 235--,
236 -
257
258
- 279 \
280
- 302
303
- 326 j
327
- 351
352
- 377
378
- 404 /
405
- 432
Maturity Amount
1959
$13,000
1960 7
14,. 000
1961
14,000
1962
15,000
1963
15,000
1964
16.,000
1965
16;000
1966,
17,000
1967
-18., 000
1968
18;000
1969
19,000
1970-
19,000
1971
20,000
1972
2i,006--
1973
22,000
1974
22,000
1975
23,000
1976
24,000
1977
25,000
1978
26,000
1979
27,000
1980
28,000
-3-
3 - X25-19S�
The City of Beaumont expressly reserves the right to redeem, in
their inverse numerical order, Bonds Nos. 215 to 432, both inclusive,
of this issue, in whole or in part, on April 1, 1971, or on any in-
terest 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
witing to the bank at which said bonds are payable and by publication
of such notice one (1) time in a financial journal of general circu-
lation 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 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 in-
terest which would otherwise accrue after the redemption date 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 41, both inclusive, at the rate of 3%
per annum;
Bonds Nos. 42 to 120, both inclusive, at the rate of
3-1/4% per annum; .
Bonds Nos. 121 to 214, both inclusive, at the rate of
3-1/2f per annum;
Bonds Nos. 215 to 432, both inclusive, at the rate of
3-3/4% per annum,
interest payable October 1, 1958, and semi-annually thereafter on
April lst and October 1st of each year until the principal sum there-
of shall have been paid. Both principal of and interest on said
-4-
3-aS-i qsy
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 National Bank, Beaumont, Texas. The principal
of such bonds shall be payable upon presentation 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 interest coupons attached to
said bonds as they severally become due.
Section IV:
That, in accordance with the.provisions of Chapter 293, Acts of
E
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, as above pro-
vided, 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 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
REFUNDING BOND
SERIES 1958
THE CITY OF BEAUMONT, in the County of Jefferson, in the State
of Texas, FOR VALUE RECEIVED, hereby acknowledges itself indebted
-5-
C2c�, S ff�9
to and PROMISES TO PAY TO BEARER on the 1ST DAY OF APRIL, 19 , the
sum of
014E THOUSAND DOLLARS.
($1,000), with interest thereon from date hereof at the rate of *%
per annum, interest payable October 1, 1958, and semi-annually there-
after on April 1st and October 1st 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 National Bank, Beaumont, 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 at-
tacked as they severally become due..
THE DATE OF THIS
BOND,
in
conformity with the ordinance here-
inafter mentioned, IS
APRIL
-1,_
1958.
THIS BOND IS ONE OF A SERIES OF 432 BONDS of like date and tenor,
except as to number, maturity, interest rate,,and option of redemption,
being numbered from 1 to 432, both inclusive, in the denomination of
$1,000 each, AGGREGATING $432,000, and is issued for the purpose of
refunding, cancelling and in lieu of a like principal amount of the
Jefferson County Water Control and.Improvement District No. 7 Water
System 'fax and Refunding Bonds, .Series 1955, dated December 1, 1955,
aggregating $432,000, and being bonds Nos..14 to 445, inclusive, of
said Series 1955 bonds, which bonds have been assumed by, and are now
the valid and binding obligations of, the City of Beaumont, under
and by virtue of the Constitution and laws of the State of Texas,
particularly Articles 1182c-1 and 2368a, Vernon'.s 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..
-6-
THE CITY OF BEAUMONT EXPRESSLY RESERVES THE RIGHT TO REDEEM,
in their inverse numerical order, BONDS NOS. 215 TO 432, both inclu-
sive, of this issue, in whole or in part, on April 1, 1971, or ori
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 redemp-
tion. 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 publi-
cation 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 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 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 pro-
vision 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.
-7-
b
IN TESTIMONY WHEREOF, the City Council 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 1st day of April, 1958.
Mayor, City of Beaumont, Texas
COUNTERSIGNED:
City Clerk, City of Beaumont, Texas
*(Bonds Nos. 1 to 41, both inclusive - 3% per annum;
Bonds Nos. 42 to 120, both inclusive - 3-1/4% per annum;
Bonds Nos. 121 to 214, both inclusive - 3-1/2f per
annLun; and
Bonds Nos. 215 to 432, both inclusive - 3-3/4% per annum.)
Section VI:
That the form of coupon attached to such bonds shall be sub-
stantially as follows, to -wit:
NO.
$
On the 1st day of 19 , * 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 National Bank,
Beaumont, Texas, the sum of $ in lawful money of the
United States of America, being the interest due that date on the
City of Beaumont Refunding Bond, Series 1958, dated April 1, 1958,
Bond No.
City Clerk
Mayor
dllzd l S q 122
_. G> W • : 4
*(Coupons maturing after April 1, 1971, 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
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 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 Accounts 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 it 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 issue of bonds which .is being refunded
hereby, and all taxes assessed and collected hereafter for and on
account of the bonds being refunded hereby shall be credited to
-9-
O 1 cl
(CI Ld.
3-025 — L 5Sc
said fund; that while said bonds, or any part of the principal there-
of 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, suf-
ficient 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 be 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 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 discharge 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 interest 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 charge of said bonds pending their investigation and approval
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 principal amount,
of said original bonds have been surrendered for cancellation. As
and when said original bonds are surrendered to the Comptroller of
Public Accounts, he is authorized and directed to deliver the re-
funding bonds in like amount to the holder or holders of the bonds
surrendered.
-10-
Section X:
That the holder or holders of said refunding bonds herein
authorized are and shall be subrogated to all the rights and privi-
leges 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:
That this Ordinance shall take effect from and after the date
of its passage.
PASSED BY THE CITY COUNCIL,
4
94r1_1 is the day of March, 1958.
ATTEST:
C -Clerk, City of Beaum t, Texas
Willie J. 1#rockman, City Manager and Director of Finance
(SEAL)
0
xas