HomeMy WebLinkAboutORD 26-ZIt.LCDFD
AN ORDINANCE
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 17th DAY OF JULY, 1954, THE PORTION THEREOF
HEREBY AUTHORIZED AND DIRECTED TO BE. ISSUED TO BE.
AS FOLLOWS: STREET AND HIGHWAY IMPROVEMENT BONDS,.
SERIES 1955, IN THE AMOUNT OF ONE MILLION DOLLARS
($1, 000, 000) FOR THE PURPOSE OF EXTENDING,, IMPROVING
AND REPAIRING THE HIGHWAYS AND STREETS OF THE CITY
OF BEAUMONT, .INCLUDING A, FREEWAY AND THE APPROACHES
AND APPURTENANCES THERETO,,, AND ACQUIRING. NECESSARY
RIGHTS OF WAY THEREFOR $ .:SAID BONDS. HEREBY AUTHORIZED
TO BE ISSUED TO BE DATED FEBRUARY 15, 1955, TO MATURE
SERIALLY AS HEREIN SET FORTH; PRESCRIBING THE FORM
OF SUCH BONDS; PROVIDING FOR THE LEVYING AND COLLECT-
ING 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 PURCHASERS; 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 PURCHASERS 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 29th day of June, 1954, 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 17th day of July, 1954, 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 $2, 000, 000 to provide funds for the purpose of extending,
improving and repairing the highways and streets of the City
of Beaumont, including a freeway and the approaches and ap-
purtenances thereto, and acquiring necessary rights of way
therefor, said bonds maturing 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., bearing
interest at a rate not to exceed five per cent (5%) 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.
And,
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 17th day of July, 1954, 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, Texas., who own
taxable propertyin said city and who have duly rendered the same for taxation,
voting at said election, voted in favor of the proposition by the following vote:
FOR THE ISSUANCE OF THE SERIAL BONDS OF THE
CITY OF BEAUMONTS TEXAS, FOR THE PURPOSE, OF
EXTENDING*. IMPROVING AND REPAIRING THE HIGH-
WAYS
IGHWAYS AND STREETS OF THE CITY OF BEAUMONT,
INCLUDING A FREEWAY AND THE APPROACHES AND
APPURTENANCES THERETO., AND AC.QUIRIN.G NECES-
SARY RIGHTS .OF WAY THEREFOR, AND THE -LEVYING
OF A TAX IN PAYMENT THEREOF ------------------- 4106 votes
AGAINST THE ISSUANCE OF THE SERIAL BONDS OF
THE CITY OF BEAUMONT.. TEXAS. FOR THE PURPOSE.
OF EXTENDING. IMPROVING AND REPAIRING THE
HIGHWAYS AND STREETS OF' THE CITY OF BEAUMONT,
INCLUDING A FREEWAY AND THE APPROACHES AND
APPURTENANCES THERETO.. AND ACQUIRING NECES-
SARY RIGHTS OF WAY THEREFOR, AND THE LEVYING
OF A TAX IN PAYMENT THEREOF -------------- --- 3277 --votes.
MAJORITY FOR THE ISSUANCE OF SAID BONDS ------ 829 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
determines that it is to the best interest of the City of Beaumont to issue the
remaining.$1, 000, 000 bonds authorized at said election, the first $1, 000, 000
of said bonds having been heretofore issued'by an ordinance dated August 31,
1954; now, therefore:
G
BE IT ORDAINED BY THE. CITY OF BEAUMONT
.SEC TION I
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:
$1, 000, 000 principal amount of STREET AND HIGHWAY IMPROVEMENT
BONDS3 SERIES 1955, for the purpose of extending, improving and repairing
the highways and streets of the City of Beaumont, including a freeway and the
approaches and appurtenances thereto, and acquiring necessary rights of way
therefor, to be dated February 15, 1955, and to mature. serially on February 15,
of each year, and in the amounts as follows:
Bond Number
Maturity Date Amount
1 to
28,
both inclusive
February
15,
1956
$ 28,000
29 to
56,
both inclusive
February
15,
1957
2.8, 000
57- to
86,
both inclusive
February
15,
1958
30,000
87 to
116,
both inclusive
February
15,
1959
30,000
117 to
150,
both inclusive
February
15,
1960
34,000
151 to
184.,
both inclusive
February
15,
1961
34,000
185 to
218,
both inclusi ve
February
15,
1962
34,000
219 to
25.4,
both inclusive
February
15,
1963
36,000
255 to
290,
both inclusive
February
15,
1964
36,000
291 to
326,
both inclusive
February
15,
1965
36,000
327 to
364,
both inclusive
February
15,
1966
38,000
365 to
402,
both inclusive
February
15,
1967
38,000
403 to
442,
both inclusive
February
15,
1968-
40,000
443 to
482,
both inclusive
February
15,
1969
40,000
483 to
526,
both inclusive
February
15,
1970
44,000
527 to
570,
both inclusive
February
15,
1971
44,000
5.71 to
614,
both inclusive
February
15,
1972
44,000
615 to
660,
both inclusive
February
15,
1973.
46,000
661 to
706,
both inclusive
February
15,
1974.
46,000
707 to
752,
both inclusive
February
15,
1975
46,000
753 to
800,
both inclusive
February
15,
1976
48,000
801 to
848,
both inclusive
February
15,
1977
48, 000
849 to
898,
both inclusive
February
15,
1978
50, 000
899 to
948,
both inblusive
February
15,
1979
50,000
949 to
1000,
both inclusive
February
15,
1980'
52,000
The .City of Beaumont expressly reserves the right to redeem any one
or all of the bonds numbered 527 to 1000, both inclusive, prior to maturity on
February 15, 1970, 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 (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 payment, 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-intere st at the rates as. follows:
Bonds numbered 1 to 2.54, inclusive, at 37o per annum; bonds numbered
255 to 1000, inclusive, at 2-3/416 per annum, which interest shall be -payable
on February 15, 1.956, and semi-annually thereafter on August 15 -and February
15, 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 Mercantile
National ,Bank at Dallas, Dallas, Texas, at the option of the holder.
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.follo.wing.forms,
respectively, with proper omissions, insertions, and variations., permitted or
otherwise, as herein provided:
(FORM OF BOND)
No.. $1,000.00
UNITED .STATES OF AMERICA
STATE OF TEXAS.
COUNTY OF JEFFERSON
CITY OF BEAUMONT
STREET AND HIGHWAY IMPROVEMENT BOND
SERIES. 1955
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 States of America, on the 15th day of
February, 19 , with interest thereon from date: hereof until paid at the rate
of
% per annum, interest payable February 15, 1956,.and semi-
annually thereafter on August 15 and February 15., of each year, on presentation
and surrender of the .annexed interest coupons as theyseverallymature.
Both principal and interest of this bond are payable at The. First National
Bank.of Beaumont, Beaumont, Texas, or at The. Mercantile National Bank at
Dallas, Dallas, Texas, 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, bond and the interest thereon as it matures.
The -City of Beaumont, Texas, hereby expressly reserves the right
to redeem this bond prior to maturity on February 15, 1970, 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 pay-
ment and thirty (30) days' notice in writing is given to the places of payment
before the time so fixed for prior redemption, and the money for its redemp-
tion 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 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 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 subsequent redemption.
This bond is one of a series of 1000 bonds of the denomination of one
thousand dollars ($1, 000. 00) -each, numbered consecutively from 1 to 1000,
inclusive, each of said bonds being of like.tenor and effect, except as to number,
rate of interest, maturity, and option of redemption before maturity, issued
by the City of Beaumont, Texas, for the-purpos.e of extending, improving and
repairing the highways and streets of the City of Beaumont, including a freeway
and the approaches and appurtenances thereto, and acquiring necessary rights
of way therefor, 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 17th day of July,,_1954, pursuant to an
ordinance duly passed on the 29th day of June, 1954, 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 provision for the levy
and collection of an ad valorem tax has 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 heretoannexed
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 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 February 15, 1955.
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 February 15, 1955.
Mayor of the City of Beaumont, Texas
Attest:
City Clerk of the
City of Beaumont, Texas
(Bonds numbered 1 to 254, inclusive, bear interest at the rate .of 370
per annum; bonds numbered 255 to 1000, inclusive, bear interest at the rate
of 2-3/416 per annum) .
(This -paragraph should be omitted from bonds numbered 1 to 526, inclusive)
The form of interest coupons attached to said bonds shall be substantially
as follows:
On the 15th day of ***( , 19 ), the City of Beaumont, Texas,
will pay to bearer'at The First National Bank of Beaumont, Beaumont, Texas, or
at The Mercantile National Bank at Dallas, Dallas, Texas, at the option of the
holder, the sum of ) in lawful money of the United States of
America, said sum being'( ) interest due that day on its STREET
AND HIGHWAY IMPROVEMENT BOND,. SERIES 1955, bearing the number,.here.-
inafter specified, dated February 15, 1955.
Bond No. Mayor of the City of Beaumont, Texas
City Clerk of the City of
Beaumont, Texas
Coupons on said bonds numbered 52.7 to 1000, 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 payment made
or provided for as therein recited. 11
Fk (Interest payable February 15, 1956, and semi-annually thereafter on
August 15 and February 15, of each year)
**** (Bonds numbered 1 to 254, inclusive, bear interest at the rate .of 310
per annum; bonds numbered 255 to 1000, inclusive, bear interest at the rate
of 2-3/410 per annum).
The form of 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.
Witness my hand and seal of office at Austin, Texas, this, the
day of , 1955.
Comptroller of Public Accounts
of the State of Texas
It is further ordained that for the purpose .of paying the interest on said
STREET AND HIGHWAY IMPROVEMENT BONDS,.SERIES 1955, and to create
a sinking fund to pay the various installments of principal as the same shall
respectively mature, a sufficient tax on each $100 valuation of all taxable
property in the City of Beaumont, Texas, shall be annually levied on said
property and annually assessed and collected, and a tax of four and one-half
cents- ($ .045) on each $100 valuation of all taxable property within the City
of Beaumont, Texas, is here'and now levied for the year 1955 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 purchasers.
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 8th day of February, 1955, by the affirmative vote of
all members of the City- Council of the City of Beaumont, Texas.
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Attest: Mayor of the -City of Beaumont, Texas
,/city ' Clerk of the City oaf Beaumont,
Texas