HomeMy WebLinkAboutORD 16-ZAN ORDINANCE
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AUTHORIZING AND DIRECTING THE. ISSUANCE OF
A PORTION OF THE SERIAL BONDS OF THE CITY OF
BEAUMONT, TEXAS, AUTHORIZED AT AN ELECTION
HELD IN SAID CITY ON THE STH DAY OF AUGUST, 1952,
THE PORTION THEREOF HEREBY AUTHORIZED AND
DIRECTED TO BE ISSUED TO BE AS FOLLOWS: SANITARY
SEWER IMPROVEMENT BONDS, SERIES 1954, IN THE
AMOUNT OF TWO MILLION FIVE HUNDRED THOUSAND
DOLLARS ($2, 500, 000) FOR THE PURPOSE OF THE IM-
PROVEMENT, EXTENSION AND REPAIR OF THE SANITARY
SEWER SYSTEM AND THE CONSTRUCTION OF SANITARY
SEWAGE TREATMENT PLANTS AND ALL APPURTENANCES
THERETO, AND THE PURCHASE. OF NECESSARY SITES
THEREFOR, IN THE CITY OF .BEAUMONT, TEXAS, SAID
BONDS HEREBY AUTHORIZED TO BE ISSUED TO BE DATED
SEPTEMBER 1, 1954, TO MATURE SERIALLY AS HEREIN
SET FORTH; PRESCRIBING THE FORM OF SUCH BONDS;
PROVIDING FOR THE LEVYING AND COLLECTING OF THE
NECESSARY TAXES TO PAY THE INTEREST AND CREATE
A SINKING FUND TO PAY THE PRINCIPAL OF SAID BONDS
AS THEY MATURE; PROVIDING FOR THE CUSTODY OF
SAID BONDS PENDING THEIR APPROVAL AND DELIVERY
TO THE PURCHASER; AUTHORIZING AND DIRECTING THE
MAYOR AND THE CITY CLERK TO EXECUTE SAID BONDS
AND THE INTEREST COUPONS THERETO ATTACHED AND
IMPRESS THE CORPORATE SEAL OF THE CITY OF BEAUMONT
THEREON, AND TO DO ALL OTHER THINGS NECESSARY IN
CONNECTION WITH THE SALE AND DELIVERY TO THE PUR-
CHASER THEREOF; REPEALING ALL ORDINANCES AND
PARTS OF ORDINANCES IN CONFLICT HEREWITH; AND
PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT
ON THE DATE. OF ITS PASSAGE.
WHEREAS, on the 15th day of July, 1952, the City Council of the
City of Beaumont, Texas, adopted an ordinance calling an election to be
held in the City of Beaumont, Texas, on the 8th day of August, 1952, at
which election there was submitted to the qualified electors of said city
who own taxable property in said city and who have duly rendered the
same for taxation, the following proposition:
SHALL. the City Council of the City of Beaumont, Texas,.
be authorized to issue serial bonds of said city in the amount
of SIX MILLION FIVE HUNDRED THOUSAND DOLLARS
($6, 500, 000) to provide funds for the purpose of the im-
provement, extension, and repair of the sanitary sewer
system and the construction of sanitary sewage treatment,
plants and all appurtenances thereto, and the purchase of
necessary sites therefor, in the City of Beaumont, Texas,
said bonds to mature. serially in such installments as may
be fixed by the City Council, over a period of years not to
exceed twenty-five (25) years from their date, to bear in-
terest at a rate not to exceed five per cent (51o) per annum;
and shall there be. annually levied, assessed and collected
while said bonds or any of them are outstanding an annual
ad valorem tax on all taxable. property in the City of
Beaumont, Texas,sufficient to pay the interest on all
of said bonds as it accrues and to create a sinking fund
sufficient to retire the same at maturity. The probable
period of usefulness of the improvements for which this
bond fund shall be expended is more than twenty-five.
(25) years.
WHEREAS, at said election held in the City of Beaumont, Texas,
on the 8th day of August, 1952, pursuant to said ordinance calling the
same, and pursuant to notice thereof duly given as provided by law,a
majority of the qualified electors residing within the City of Beaumont,
Texa.$, who. own taxable property in said city and who have duly rendered
the same for taxation, voting at said election, voted in favor of the pro-
position by the following vote:
FOR THE. ISSUANCE OF THE SERIAL. BONDS OF THE
CITY OF BEAUMONT, TEXAS, FOR THE PURPOSE
OF THE IMPROVEMENT, EXTENSION AND REPAIR OF
THE SANITARY SEWER SYSTEM AND THE CONSTRUCTION
OF SANITARY SEWAGE TREATMENT PLANTS AND ALL.
APPURTENANCES THERETO, AND THE PURCHASE OF
NECESSARY SITES THEREFOR, IN THE CITY OF BEAUMONT,
TEXAS, AND THE LEVYING OF A TAX IN PAYMENT THERE-
OF----------------------------------------------------- 3696, votes
AGAINST THE ISSUANCE OF THE SERIAL BONDS OF
THE CITY OF BEAUMONT, TEXAS, FOR THE PURPOSE
OF THE IMPROVEMENT, EXTENSION AND REPAIR OF
THE SANITARY SEWER SYSTEM AND THE CONSTRUC-
TION OF SANITARY SEWAGE. TREATMENT PLANTS
AND ALL APPURTENANCES THERETO, AND THE PUR-
CHASE OF NECESSARY SITES THEREFOR, IN THE CITY
OF BEAUMONT, TEXAS, AND THE LEVYING OF A TAX
IN PAYMENT THEREOF ------------------------------ 923 votes
MAJORITY FOR THE ISSUANCE OF SAID BONDS -------- 2,773 votes
WHEREAS, the City of Beaumont is authorized generally to pass
this ordinance authorizing the issuance of the bonds herein mentioned
under 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, the City Council of the City of Beaumont now finds
and dete.rmine s that it is to the best interest of the City of Beaumont
to issue the remaining $2, 500, 000 of bonds authorized at said election,
the first $2, 000, 000 of said bonds having been heretofore issued by an
- ordinance dated the 14th day of October, 1952, and the second $2, 000, 000
of said bonds having been heretofore issued by an ordinance dated the 17th
day of November, .1953; now, therefore:
BE IT ORDAINED BY THE CITY OF BEAUMONT, TEXAS:
SECTION 1
The City of Beaumont, Texas, shall issue bonds as hereinafter
prescribed for and on behalf of and upon the credit of the City of Beaumont,
Texas, as follows:
$2,500, 000 principal amount of SANITARY SEINER IMPROVEMENT
BONDS, SERIES 1954, for the purpose of the improvement, extension and
repair of the sanitary sewer system and the construction of sanitary
sewage treatment plants and all appurtenances thereto and the purchase
of necessary sites therefor in the City of Beaumont, Texas, to be dated
September 1, 1954, and to mature serially on September 1, of each year,
and in the amounts as follows:
Bond Number
Maturity Date.
Amount
1 to
5,
inclusive
September
1,
1955
$ 5,000
6 to.
'10,
inclusive
September
1,
1956
5, 000
11 to
15,.
inclusive
September
1,
1957
5,000
16 to
20,
inclusive
September
1,
1958
5, 000
21 to
35,
inclusive
September
1,
1959
15,000
36 to
70,
inclusive
September
1,,
1960
35, 000
71 to
130,
inclusive
September
1,.
1961
60, 000
131 to
230,
inclusive
September
1;
1962
100, 000
231 to
339,
inclusive.
September
1,
1963
109, 000
340 to
450,
inclusive
September
1,
1964
111, 000
451 to
564,
inclusive
September
I,
1965
114,000
565 to
681,
inclusive
September
1,
1966
117, 000
682 to
801,
inclusive
September
I,
1967
120,000
802 to
924,
inclusive
September
1,
1968
123, 000
925 to
1050,
inclusive
September
1,
1969
126,000
1051 to
1179,
inclusive
September
1,
1970
129, 000
1180 to
1311,
i; elusive
September
1,
1971
132, 000
1312 to
1447,.
inclusive
September'
1,
1972
136., 000
1448 to
1586,
inclusive
September
1,
1973
139,000
1587 to
1729,
inclusive
September
1,
1974
143, 000
1730 to
1875,
inclusive
September
1,
1975
146,000
1876 to
2025,
inclusive
September
1,
1976
150, 000
Bond Number
2026 to 2179, inclusive
2180 to: 2336, inclusive
2337 to 2500, inclusive
Maturity Date
Amount
September 1, 1977 $154,000
September 1, 1978 157, 000
September 1, 1979 164,000
The City of Beaumont expressly reserves the, right to redeem any
one or all of the bonds numbered 1051 to 2500, inclusive., prior to maturity
on September 1,. 1969, and on any interest -payment date thereafter,
provided notice of such redemption is published in a financial publication
in the City of New York, NewYork, at least once not less than thirty
(3.0) days before the time fixed for prior payment, and thirty (30) days'
notice is given in writing to the places of payment before the time so
fixed for prior redemption, and the. money for their redemption or pay-
ment, including the interest then due, shall have been deposited with the
paying agents within ten (10) days prior to. or on the date. required for
payment. If upon the happening of the above condition said bonds are not
presented for payment they shall not thereafter bear interest. Unless on
or prior to the redemption date the city shall pay or cause to be paid to
the paying agents the principal amount of the bonds to be redeemed, or
make funds available to the paying agents therefor, together with interest
thereon to date of redemption, such redemption shall fail and said bonds
shall continue to be in full force and effect the same as if such redemption
proceedings had never been started, and interest on said bonds shall
continue to run until maturity and payment or subsequent redemption, as
provided herein.
Said bonds shall bear interest at the rate of two and one-half per cent
(2-1 /2%) per annum, which interest shall be payable. on March 1, 1955,
and thereafter semi-annually on September 1 and March 1, of each year.
The principal and interest on said series of bonds shall be payable upon
presentation and surrender of the bonds or proper coupons at The First
National Bank of Beaumont, Beaumont, Texas, or at the Harris Trust &
Savings Bank, Chicago, Illinois.
That said bonds and coupons to be attached thereto, and the State
Comptroller's certificate of registration to be endorsed thereon are to be
in the. following forms, respectively, with proper omissions, insertions,
and variations, permitted or otherwise, as herein provided:
IM
$ 1, 000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF JEFFERSON
CITY OF BEAUMONT
SANITARY SEWER IMPROVEMENT BOND
SERIES 1954
KNOW ALL MEN BY THESE. PRESENTS: That the City of Beaumont,
Jefferson County, Texas, for value received, acknowledges itself indebted
to and hereby promises to pay to bearer
O N E T H O U S A N D D O L L. A R S
$1, 000, 00) in lawful money of the United State s of America, on the 1 s.t day
of September, 19 with interest thereon from date hereof until paid at
the.rate of two and one-half per cent (.2-1/276) per annum, interest payable
March 1, 1955, and semi-annually thereafter on September 1 and March 1,
of each year, on presentation and surrender of the annexed interest coupons
as they severally mature.
Both_ principal and interest of this bond are payable at The First National
Bank of Beaumont, Beaumont, Texas, or at the Harris Trust & Savings
Bank, Chicago, Illinois, at the option of the holder; and the City of Beaumont,
Texas, is hereby held and firmly bound, and its full faith and credit and all
taxable real and personal property therein are, hereby pledged for the prompt
payment of the principal of this bondand the. interest thereon as it matures.
'The City of Beaumont, Texas, hereby expressly reserves the right
to redeem this bond prior to maturity on September 1, 1969, and on any
interest -payment date thereafter, provided notice of such redemption is
published in a financial publication in the City of New York, New York, at least
once not less than thirty (30) days. before the time fixed for prior payment and
thirty days'notice in writing is given to. the places of payment before the time
so fixed for prior redemption, and the money for its redemption or payment,
including interest then due, shall have been deposited with the paying agents
within ten (10): days prior to or on the date required for payment. If upon the
happening of the above condition said bond is not presented for payment it
/l 1
shall not thereafter bear interest. Unless on or prior tothe redemption
date the city shall pay or cause to be paid to the paying agents the principal
amount of this bond, or make funds available to the paying agents therefor,
together with interest thereon to date of redemption, such redemption shall
fail and said bond shall continue to be in full force and effect the same as if
such redemption proceedings were never started, and interest on said bond
shall continue to run until maturity and payment or subs-equent redemption.
This bond is one of a series of 2500 bonds of the denomination of one
thousand dollars ($1, 000. 00) each, numbered consecutively from 1 to 2500,
inclusive, each of said bonds being of like tenor and effect, except as to.
number and maturity and option of redemption before maturity, issued
by the City of Beaumont, Texas, for the purpose of the improvement,
extension and repair of the sanitary sewer system and the construction
of sanitary sewage treatment plants and all appurtenances thereto and the
purchase of necessary sites therefor in the City of Beaumont, Texas, issued
under and by virtue of the constitution and laws of the State of Texas and
the charter of the City of Beaumont, and in strict conformity with Article 11,
Section 5, of the Constitution of the State of Texas, and Article 1175, et seq. , and
amendments thereto, of -the Revised Civil Statutes of Texas, and all laws
thereunto enabling. It is hereby certified and recited that the issuance of
this bond and the series of which it is a part is duly authorized by law and
by a majority vote of the resident qualified electors of the City of Beaumont,
Texas, who own taxable property in said city and who have duly rendered
the same for taxation, voting at an election held for the purpose within the
City of "Beaumont on the 8th day of August, 1952, pursuant to an ordinance
duly passed on the 15th day of July, 1952, ordering said election.
It is hereby certified, recited, and declared that the issuance of this
bond and the series of which it is a part is duly authorized by law and that all
acts, conditions, and things required to be done precedent to and in the
issuance of this bond and of the series of which it is a part have been properly
done, have happened and been performed in regular and due time, form,
and manner, as required 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 annexed 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 recited, certified, and declared that the additional tax
levied and made necessary to be levied in order to provide for the 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 limitations of the
constitution and laws of the State of Texas and the charter of the City of
Beaumont.
The. date of this bond, in conformity with the ordinance above mentioned,
is September 1, 1954.
IN WITNESS WHEREOF, the City Council of the City of Beaumont, Texas,
has caused the corporate. seal of the City of Beaumont to be affixed hereto and
this bond to be signed by its Mayor and countersigned by its City Clerk, and
the interest coupons hereto attached to be executed by the facsimile signatures
of its Mayor and its. City Clerk, as of the 1st day of September,. 1954.
Mayor of the City of Beaumont, Texas
Atte st:
City Clerk of the City of
Beaumont, Texas
*(This paragraph should be omitted from bonds numbered 1 to 1050, in-
clusive).
The form of interest coupons attached to said bonds shall be substantially
a.s follows:
On the 1 st day .of 7 19 , the City of Beaumont, Texas, will pay
to bearer at The First National Bank of Beaumont, Beaumont, Texas, or at.
the Harris Trust & Savings Bank, Chicago, Illinois, the sum of $12. 50 in lawful
money of the United States of America, said sum being six months' interest
due that day on its SANITARY SEWER IMPROVEMENT BOND, SERIES 1954,
bearing the number hereinafter specified, dated September 1, 1954.
Bond No.
Mayor of the City of Beaumont, Texas
City Clerk of the City of
Beaumont, Texas
Coupons on said bonds numbered 1051 to 2500, inclusive, shall include.
the following clause after the interest payment date: "Unless the bond to
which this coupon is attached has been called for prior redemption and pay-
ment made or provided for as therein recited. "
The form of the Comptroller's certificate which shall be printed on
the back of each bond shall be substantially as follows:
OFFICE OF COMPTROLLER
REGISTER NO.
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 that it is a valid and binding obligation upon said City
of Beaumont, Texas, and said bond has this day been registered by me.
Witne.ss my hand and seal of office at Austin, Texas, this, the
day of , 1954.
Comptroller of Public Accounts
of the State of Texas
It is further ordained that for the purpose of paying the interest on said
SANITARY SEWER IMPROVEMENT BONDS, SERIES 1.954, 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 valuation of all taxable
property in the City of Beaumont, Texas, shall be annually levied on said
property and annually assessed and collected, and a tax of $ . 06 on each $100
valuation of all taxable property within. the City of Beaumont, Texas, is here
and now luded for the year 1954, 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 of them are outstanding,
and the same shall be annually assessed and collected and applied to the
purpose named.
SECTION 2
That each of said bonds shall be signed by the Mayor and countersigned
by the City Clerk of the City of Beaumont, and the corporate seal of the
City of Beaumont, Texas, shall be impressed upon each of them. The facsimile
signatures of the. Mayor and the. City Clerk may be printed or lithographed
on said coupons, and said facsimile signatures shall have the same effect
as if they had been executed manually by said officials.
SECTION 3
The Mayor of the City of Beaumont is hereby directed to submit the
record of said bonds .and the bonds themselves to the Attorney General of the
State of Texas for approval, and thereafter to have them registered by the
Comptroller of the State of Texas, and said bonds, when properly executed
by the city officials, shall be held by the Mayor of the City of Beaumont to be
delivered by the Mayor to the purchaser or purchasers thereof. The Mayor
and City Clerk are authorized and directed to do any and all things necessary
and convenient to effect delivery thereof to the purchaser.
SECTION 4
All ordinances and parts of ordinances and all resolutions and parts
of resolutions inconsistent with the provisions of this ordinance are hereby
rescinded and repealed in so far as same may conflict herewith, and it is
further provided that if'any portion of this ordinance shall be declared invalid,
such invalidity shall in no way affect the remaining valid portions thereof.
PASSED this, the 31 st day of August, 1954,by the affirmative vote of all
members of the City Council of the City of Beaumont, Texas.
Mayor of the City of Beaumont, Texas