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HomeMy WebLinkAboutORD 52-X. _ FEC RDED Vol. 1'a�e AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE OF A PORTION OF THE SERIAL BONDS OF. -THE CITY OF BEAUMONT, TEXAS, AUTHORIZ- ED AT AN ELECTION HELD IN.SAID.CITY ON THE.8th DAY OF AUGUST, 1952, THE PORTION THEREOF.HEREBY AUTHORIZED AND DIRECTED TO BE. ISSUED. TO BE AS FOLLOWS: SANITARY SEWER IMPROVEMENT BONDS, ,SERIES-1952,.IN._THE AMOUNT OF TWO MILLION DOLLARS (2,000,000) 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 OCTOBER 15, 1952, 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 PURCHASER 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: And, 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 interest at a rate not to exceed five per cent (%) 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. - 1 - 5" u 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, Texas, 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 proposition 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 THEREOF 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 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 THEREOF 923 votes MAJORITY FOR THE ISSUANCE OF SAID BONDS 2773 votes And, 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 con- tained 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 said bonds in installments, as the money from same can be used to advantage in view of the scarcity of materials and labor and the unsettled economic conditions, and the City Council of the City of Beaumont now finds and determines that it is necessary and proper at this time to issue two million dollars (2,000,000) of the bonds authorized at said election, which is the amount in the judgment of the City Council that can be econom- ically expended on said improvements within a reasonable time, hereby re- serving the right and authority to issue the remainder of said bonds as and when needed; now, therefore: - 2 - BE IT ORDAINED BY THE CITY OF BEAUMONT, TEXAS: SECTION 1 The City of Beaumont, Texas, shall issue bonds as hereinafter pre- scribed for and on'behalf of and upon the credit of the City of Beaumont, Texas, as follows: $2,000,000 principal -amount of_SANITARY S51ER IMPROVEMENT BONDS, SERIES 1952, 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 October 15, 1952, and to mature serially on October 15; of each year, and in the amounts as follows: Bond Number Matuirty Date Amount 1 to 56, inc. October 15, 1953 $ 56,000 57 to 112, inc. October 15, 1954 56,000 113 to 172, inc. October'15, 1955 60,000 173 to' 232, inc. October 15, 1956 60,000 233 to 300, inc-. October 15, 1957 68,000 301 to 368, inc. October 15, 1958 68,000 369 to 436, inc. October 15', 1959 68,000 437 to 508, inc. October 15, 1960 721000 509 to 58019 inc. October 15, 1961 72,000 581 to 652, inc. October 15, 1962 72,000 653 to 728, inc. i �� IL( October 15, 1963 76,000 729 to 804, inc. -o October 15, 1964 76,000 805 to .884, inc. October 15, 1965 80,000 885 to 964, inc. October 15, 1966 80,000 965 -to 1052, inc. October 15, 1967 88,000 1053 to 1140, inc. October 15, 1968 88,000 1141 to 1228, inc.-,, October 15, 1969 88,000 1229 to 1320, inc. October 15, 1970_____ 92,000 1321 to 1412, inc. �: October 15, 1971 1413 to l504, inc.: ? /, October 15, 1972 92,000 1505 to 1600, inc._ October,l5, 1973 96,000 1601 to 1696, inc. C` October 15, 1974 96,000 1697 to 1796, inc. October 15, 1975 100,000 1797 to 1896, inc: October 15, 1976 100,000 1897 to 2000, inc. October 15, 1977 104,000 The City of Beaumont expressly reserves the right to redeem any one 3F�';� 3 Y or all of the bonds numbered 1053 to 2000, inclusive, prior to maturity on October 15, 1967, 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 in writing is given to the place 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 agent within - 3 - 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 agent the principal amount of the bonds to be redeemed, or make funds available to the paying agent 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 rates as follows: Bonds numbered 1 to 11+0, inclusive, at 344 per annum; bonds numbered 11+1 to 2000, inclusive, at 3% per annum, which interest shall be payable on October 15, 19.53, and thereafter -semi-annually on April 15 and October 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 Chemical Bank and Trust Company of'New York, New York. That said bonds and coupons to be attached thereto, and the State Comproller'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: No. $1,000.00 UNITED STATES OF AMERICA . STATE.OF TEXAS COUNTY OF JEFFERSON - CITY OF BEAUMONT SANITARY SEWER -IMPROVEMENT BOND SERIES 1952 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, ONE THOUSAND DOLLARS ($1,000.00) in lawful money of the United States of America, on the 15th day of October, 195with interest thereon from date hereof until paid at the rate of three and one fourth per cent (3). per annum, interest payable - 4 - October 15, 1953, and semi-annually thereafter on April 15 and October 15, 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 Chemical Bank and Trust Company of New York, New York, 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 October 15, 1967, 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 in writing is given to the place of payment before the time so fixed for prior redemption, and,the money for its redemption or pay- ment, including interest then due, shall have been deposited with the paying agent 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 agent the principal amount of this bond, or make funds available to the paying agent 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 2000 bonds of the denomination of one thousand dollars ($1,000.00) each, numbered consecutively from 1 to 2000, inclusive, each of said bonds being of like tenor and effect, except as to number, rate of interest, 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 - 5 - 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. - 6 - The date of this bond,,in-conformity with the ordinance above mentioned, is October 15, 1952. 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 facsmilie signatures of it -s Mayor and its City Clerk, as of the 15th day of October, 1952. Mayor of the City of Beaumont, Texas Attest: City Clerk of the City of Beaumont, Texas *(This paragraph should be omitted from bonds -numbered 1 to 1052, inclusive). The form of interest coupons attached to said -bonds shall be sub- stantially 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 Chemical Bank and Trust Company of New York, New York, the sum of 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 1952, bearing the number hereinafter specified, dated October 15, 1952. Bond No. Mayor of the City of Beaumont, Texas City Clerk of the City of Beaumont,' Texas - Coupons on said bonds numbered 1053 to 2000, 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." The form of the Comptroller's certificate which shall be printed on the back of each bond shall be substantially as follows: -7- 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 , 1952. 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 1952, and to create a sink- ing 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 $ .15 on each $100_valuation-of- all taxable property within the City of Beaumont, Texas, is here and now levied for the year 1952 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'outstand- ing, 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 bonds, 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 arerihereby 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 loth day of October, 1952, by the affirmative vote of all members of the City Council of the City of Beaumont, Texas. Mayor of the City of Beaumont, Texas - 9 -