HomeMy WebLinkAboutORD 78-35$1,000,000 bonds for the purpose of acquiring and/or
constructing permanent public improvements in and.
for said City, to -wit: acquiring or improving, or,
both, land for park purposes (Fair Park), and
$560,000 bonds for the purpose .of constructing and
acquiring permanent public improvements in and for
said.City, to -wit: a transit -system garage and
office building.,
said bonds to mature serially within 25 years from their date or
date -s and bearing interest at anyrate or rates as shall be
determined within the discretion of said City Council,.not to
exceed the maximum interest rate now or hereafter authorized.by
law; and
WHEREAS, the City Council has heretofore issued, sold and
delivered -said $12,000,000 municipal or civic center bonds,
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ORDINANCE -NO. 78-c3C5
ORDINANCE AUTHORIZING THE'ISSUANCE OF $7,740,000
CITY OF BEAUM41N TEXAS, PERMANENT,
IMPROVEMENT BONDS-, SERIES 1978
THE -STATE OF TEXAS §
COUNTY OF JEFFERSON §
-CITY OF BEAUMONT §
WHEREAS, at an.election held-in,and throughout the City of
Beaumont, Texas -,.on the.ls.t day of..October,.1974-, there were duly
and .favorably voted the following tax bonds of said City,
to -wit:
$12,000,000 bonds for the purpose of constructing,.
permanent public improvements in and for said City,
to -wit: a municipal or civic center, consisting of
an auditorium building, a convention building and
an office building,
$13,940,000 bonds -for the purpose of constructing'.
permanent public,improvements in and for said City,
to -wit: the construction and improvement of the
roads,- bridges, and streets of such City, including,
but not by way of limitation, related drainage
facilities, related -traffic control devices, and-.
the acquisition of rights-of-way;
$500,000 bonds for the purpose of constructing
permanent public improvements in and for said City,
to -wit: improving -and extending a traffic control
system for.said City,
$1,000,000 bonds for the purpose of acquiring and/or
constructing permanent public improvements in and.
for said City, to -wit: acquiring or improving, or,
both, land for park purposes (Fair Park), and
$560,000 bonds for the purpose .of constructing and
acquiring permanent public improvements in and for
said.City, to -wit: a transit -system garage and
office building.,
said bonds to mature serially within 25 years from their date or
date -s and bearing interest at anyrate or rates as shall be
determined within the discretion of said City Council,.not to
exceed the maximum interest rate now or hereafter authorized.by
law; and
WHEREAS, the City Council has heretofore issued, sold and
delivered -said $12,000,000 municipal or civic center bonds,
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$6,700,000 of said street improvement bonds, said $1,000,000
Fair..Park bonds and $300,000 of said transit system bonds,
leaving the remaining $8,000.,OOO,bonds authorized -at said
.election, to -wit:"
$7,240,000 street improvement bonds,
$ 5.00,000 traffic control., bonds, and
$ 260,00.0 transit system.:bonds,
to be issued, sold and delivered at a later date; and
WHEREAS, said City Council has determined to."issue-and de-.
liver said $7,240,000 street improvement bonds and said $500,000
traffic control bonds, aggregating $7,740,000,.should.be combined
into one issue.of bonds, and.said City.Council now desires to
proceed with .the issuance, sale and delivery of such bonds,
leaving the remaining $260,000. -bonds authorized at said election
to be issued, sold and delivered at a later date; Therefore
BE IT ORDAINED BY THE CITY COUNCIL.OF THE CITY OF BEAUMONT,
TEXAS:
Section 1. That the City's negotiable, serial, coupon bonds
to be designated "CITY OF BEAUMONT, TEXAS, PERMANENT IMPROVEMENT
BONDS, SERIES 1978", are hereby authorized to be issued and
delivered in the principal amount of $7,740,000 for the purpose
of constructing permanent public improvements in and for said
City, to -wit:
the construction and improvement of the roads,-
bridges
oads,bridges and streets of such City, including, but
not byway of limitation, related drainage facili-
ties, related traffic control devices, and.the
acquisition of rights-of-way, and.
improving and extending a traffic control.sy6tem for
said City.
Section 2. That said bonds shall be dated March 1,.197.8,
shall be numbered consecutively from l to 1548, both inclusive,
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shall be in the denomination of $5,000 each, andshall mature
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serially on September 1, without option of prior.redemp.tion, of
each of the years, and in the amounts,'respectively,:as set forth
in the following schedule:-
100,000
cheduler100,000 1979/1987
400,000 1988/1991.
600,000 1992/1996
1,120,000' 1997/1998
Section 3. That said bonds shall bear interest per annum at
the following rates., respectively, to -wit:
Bonds maturing 1979 through.1987,
Bonds maturing 19_ through 19L__.I:_',,�G '/o
Bonds maturing 1981 through 1911, 4`80 . %j
Bonds maturing 19'%,R through 1.9 3, . 9e
Bonds maturing 19 through 19 �-,
a
Bonds maturing. 19±� through 1990, S-,
interest payable September 1, 1978, and semiannually thereafter
on March 1 and September 1 of each year.until the principal sum
is paid.
Section 4. That said bonds, and the interest coupons apper-
taining thereto, shall be payable, shall have the characteristics,
and shall ,be signed and executed (and- said bondsshall be sealed) ,
all as provided and in the manner indicated'in the FORM OF BONDS.
set forth in this ordinance.
Section 5. That the form of said bonds, including the form
of registration certificate of the Comptroller of Public Accounts
of the State of Texas to be printed and.endorsed on.each of said
bonds, and.the form of the aforesaid interest coupons which shall
appertain and be attached initially to each of.said bonds, shall
be substantially as follows; with such additions, deletions and
variations as may be necessary or desirable and permitted by this
ordinance:
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FORM OF BONDS:
No.
1 $5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY'OF JEFFERSON
CITY OF-BEAUMONT, TEXAS
PERMANENT IMPROVEMENT BOND
SERIES -1978
ON SEPTEMBER 1,.19. the CITY OF BEAUMONT, in the County
of Jefferson, State of Tex . as, PROMISES TO -PAY -TO' -BEARER the
.,principal amo,unt'of
FIVE THOUSAND'DOLLARS
and to pay interest thereon, from the date hereof, at the rate of
%per annum, evidenced.by interest coupons payable September
1,-1978,- and semiannually thereafter on March l,and.September 1
of each year until the principal sum is paid. .The principal of
this bond and the interest coupons.appertaini ng hereto shall be
payable to bearer in any coin or currency which on the respective
dates of payment of'such principal. and interest is legal tender
for the payment of debts due the United States of America, without
exchange or collection charges -to the bearer., upon -presentation,
and surrender of this.bond or proper coupon at The.American
National Bank of Beaumont, Texas, Beaumont,. -Texas., which shall be,
the paying agent for this series of bonds.
THE DATE'OF.THIS,BOND, in conformity with the ordinance
hereinafter mentioned, is MARCH 1,. 197.8.
THIS BOND IS ONE OF A SERIES OF. NEGOTIABLE, SERIAL, COUPON
BONDS of like tenor and effect exceptas to serial number,
maturity and interest rate, being numbered consecutively from 1
to 1548,,both inclusive, in the denominationof$5,000 each,
aggregating $7,740',000 and together with the.other bonds of said.
series, is issued for the purpose of constructing permanent
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public improvements in and for said City, to -wit:
the construction.and improvement -of the roads,
bridges and streets of such City,, including, but
not by way of limitation, related drainage facili-
ties, related traffic control devices, and the
acquisition of rights-of-way, and
improving and extending'a traffic control.system.for
said City,
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under and by virtue of.the.Constitution and laws.of the State of
Texas:, including particularly Chapters 1 and.7.of Title 22,
Revised Civil Statutes. of Texas, 1925-, as amended, the Home -Rule
Charter of said City and as authorized at.and election held in
and.throughout said.City on October 1, 1974, and pursuant to an
ordinance duly pas.sed and adopted by the City Council of said
City, which -ordinance is of record in the minutes of said City
Council.
ITIS HEREBY.CERTIFIED, RECITED AND COVENANTED that this
bond has been duly and validly voted, authorized, issued and de-
livered; that all acts, conditions and things required'or proper
to be performed, exist and be done precedent to or-in:the issuance
and delivery of this bond, have been performed, existed and been
done in.accordance with.law; and that.'annual.ad valorem taxes
sufficient to provide for the payment of the interest on and
principal of this bond, as such interest comes due and such prin-
cipal matures, have been levied and ordered to be levied against
all taxable property in the City and have been pledged irrevo-
cably,for such payment within the limits prescribed by law.
IN WITNESS WHEREOF, this bond and the interest coupons
appertaining hereto have been signed with the facsimile signature
of the Mayor.of the City and countersigned with the facsimile
signature of the.City Clerk of the City, and the official seal of
the City has been duly impressed, or placed in facsimile, on this
bond.
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COUNTERSIGNED:
xxxxxxxxxxxxxxx
City Clerk, City of
Beaumont, Texas
(SEAL)
xxxxxxxxxxxxxxxxxx
Mayor, City of Beaumont, Texas
FORM OF REGISTRATION CERTIFICATE:
COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER N0.
I HEREBY CERTIFY that this bond has been examined, certified
as to validity, and approved by the Attorney General of the State
of Texas and that this bond has been registered by the Comptroller
of Public Accounts of the State of Texas.
WITNESS MY SIGNATURE AND SEAL this
XXXXXxxxxxxxxxxxxx
Comptroller of Public Accounts
(SEAL) of the State of Texas
FORM OF INTEREST COUPONS:
No. $
ON
1, 19—,
the CITY OF BEAUMONT, in the County, of Jefferson, State of Texas,
promises to pay to bearer the amount shown on this interest
coupon, in any coin or currency which on such date is legal
tender for the payment of debts due the United.States of America,
without exchange or collection charges to the bearer, upon pre -
septation and surrender of this coupon, at The American National
Bank of Beaumont, Texas, Beaumont, Texas, said amount being
interest due that date on the bond bearing the number hereinafter
designated of that issue of City of Beaumont, Texas, Permanent
Improvement Bonds, Series 1978, dated March 1, 1978.
Bond No.
xxxxxxxxxxxxxxxxx
City Clerk
Mayor
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Section 6. That the approving opinion of. Vinson ,& Elkins,
Houston, Texas, and Qu sip Numbers may be printed on. the backs of
the bonds, but errors or omissions in such opinion or errors or
omissions of such numbers shall have.no effect.,whatever.on the
validity of such bonds.
Section 7. That there is hereby created.a special fund to.
be,designated "City. of Beaumont, Texas, Permanent.Improvement
Bonds, Series 1978, Interest and Sinking Fund"; and the proceeds
from all taxes assessed and collected -for and on account of the
bonds authorized by this ordinance shall, as collected, be de,-
posited
e-posited into said Fund. That while said bonds or any part of the
principal thereof or interest thereon remain outstanding and
unpaid, there is hereby levied and there shall be annually as-
sessed and collected, in due time, form and.manner, and at the
same time other City taxes.are levied, assessed andcollected, in
each year, beginning with the current year, a continuing direct
annual ad valorem tax upon all taxable property within said City
sufficient to pay the current interest thereon and to create and
provide a sinking fund of not less than two per cent (2%) of the
principal amount of the bonds or of not less than the amount
required.to pay the principal payable out of said tax, whichever
is greater, full allowance being made for delinquencies and cost
of collection,,and said taxes when collected shall be applied to
the payment of the principal of and interest on said bonds, and -
to no other purpose; and to pay the first interest maturing on
September 1, 1978 on said bonds, there is hereby appropriated
from current funds on hand and available for such purpose an
amount sufficient to pay said interest., and said amount shall be
used for no other purpose.
Section 8. That the accrued interest and premium, if any,
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of the proceeds. of sale of said bonds shall be deposited -in the
City of Beaumont, Texas, Permanent.Improvement Bonds., Series
1978, Interest and Sinking Fund,. heretofore created for said
bonds.
Section 9. That the City certifies..that based upon all
facts, estimates and circumstances now known or reasonably ex-.
pected to be in existence on the date the bonds are delivered and
paid for'the City reasonably expects that .the.proceeds of the
bonds will not be used in.a manner that would cause the bonds or
any portion of the bonds to be an "arbitrage bond" under,Section
103(c) (2) of the Internal Revenue Code of .1954, 'as amended, - and
the temporary.and proposed regulationsheretofore prescribed
thereunder. Furthermore, all officers, employees and agents of
the City are authorized and directed to provide certifications of
facts, estimates and.circumstances which are material to -the
reasonable expectations of the City as of the date the bonds are
delivered and paid for, and any such certifications.may be relied
upon by counsel, by the owners or holders of the bonds, or by any
person interested in the exemption of interest,on.the bonds. from
Federal income taxation.. Moreover, the City covenants that it
shall make such,use of the proceeds of the bonds, regulate in-
vestments of proceeds of the bonds., and take such other and
further action as may be required so that the bonds shall -not be
"arbitrage bonds" under Section :103(c). of the Internal Revenue
Code of 1954, as amended, and regulations prescribed from time to
time thereunder.
Section 10. That the Mayor of said.City is hereby autho-
rized to have control of said bonds and all necessary records and
proceedings pertaining to said bonds pending their delivery and
their investigation, examination and approval by the Attorney
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.General of'the State of Texas and their registration by the
Comptroller of Public Accounts of the State -of Texas. Upon
registration of said bonds, the Comptroller of Public Accounts
(or a deputy designat'ed;in.writing to.act.for, the Comptroller)
shall manually sign the. Comptroller's registration certificate
prescribed herein to be printed and endors.ed.on'each bond; and
the seal of the Comptroller shall -be impressed,,or placed in
facsimile, -on each of said bonds.
Section ll... That said bonds, having been advertised for
public sale in accordance with the terms and provisions of Sec-
tion 4, Article -IX of the City's Charter, and bids having been
received -pursuant thereto, it is hereby found and determined that
the bid of at
a price equal to the principal amount thereof,plus.accrued inter-.
est thereon from the.date of -such -bonds to the date of actual
delivery, plus a cash premium of $ ✓70.00, is the best bid re-
ceived, and the sale of said bonds to the named.bidder,at the
stated price, is. hereby authorized, approved, ratified and con-
firmed, subject to the approving opinions as to the legality of
such bonds of the Attorney General of Texas and Vinson.& Elkins,
Houston, Texas, market attorneys, is hereby authorized, approved,
ratified and confirmed. When said bonds have been.approved by .
the Attorney General of Texas -and registered.by the Comptroller
of Public Accounts of Texas,. they shall be delivered to the
purchasers thereof upon receipt of the full purchase price.
Section.12. That the Mayor, City Secretary and other appro-.
priate officers of the City of Beaumont are hereby authorized and
directed to do any and all things necessary and/or convenient to
carry out the terms of this ordinance.
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Section 13. That this ordinance shall .take effect immedi-
ately upon its passage.
Section 14.._ That the. Official Statement relating to the
Bonds and submitted to the City Council at this meeting is hereby
authorized and approved.
PASSED AND APPROVED this 14th day of March, 1978..
Mayor, City o Beaumont, Texas
ATTEST:
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