HomeMy WebLinkAboutORD 26-CCAN ORDINANCE
AUTHORIZING THE ISSUANCE OF CITY OF BEAUMONT,
TEXAS, STREET IMPROVEMENT BONDS, SERIES 1959,
IN THE AMOUNT OF $19 500, 000; PRESCRIBING THE
TERMS AND CONDITIONS THEREOF; MAKING PROVISION
FOR THE PAYMENT OF PRINCIPAL AND INTEREST THERE-
ON; PROVIDING FOR THE SALE THEREOF AND THE DIS-
POSITION OF THE PROCEEDS; AND CONTA_ INING OTHER
PROVISIONS RELATING TO THE SUBJECT
WHEREAS, at an election. held within the City of Beaumont, Texas,
on the - 12th day of August, 1950, more than a majority of the duly qualified,
resident electors of said City, who owned taxable property within said City
and who had duly rendered the same for taxation, voting at said election, voted
in favor of the proposition for the issuance of $4. 000. 000 Street Improvement
Bonds for the purpose of paying part of the cost of the project for the elimina-
tion of railroad grade. crossings from public streets and highways in the City
of Beaumont, and work and expeni3es app�rt neat io 'said separation of grades,
and of paying the cost of constructing storm sewers in connection therewith,
and paying the cost of opening, widening, extending and improving the public
streets and highways of the City of Beaumont in connection therewith; and,
WHEREAS, the City of Beaumont is authorized generally to pass this
ordinance authorizing the issuance of the bonds herein mentioned under its
Charter and 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. prolonged negotiations with the railroads involved have
delgyed the initial issue of the bonds authorized at said election on August 12.
1950. but such negotiations- have progressed so that the first installment of
$500, 000 of said authorized bonds were issued by an ordinance adopted by the
City Council of the City of Beaumont on January 28, 1958. which bonds were
dated February 15, 1958, and the proceeds from said bonds have been expended
on such project; and the City Council of the City of Beaumont now finds and
LA
determines that it is necessary and proper at this time to issue $1, 500, 000 of
the bonds authorized at said election, which amount will pay the cost of the
second phase of said project within the City. of Beaumont, and which is the
amount, in the judgment of the City Council, that can be economically expended
on said project at this time, and which will eliminate _certain grade crossings
and improve the public streets in the City of Beaumont.
The City expressly reserve3 the right and authority to issue the remainder
of said bonds as and when needed; now, therefore:
BE IT ORDAINE13 BY THE CITY OF BEAUMONT:
SECTION 1
That the City of Beaumont shall issue bonds, as hereinafter prescribed,
for and on behalf of and upon the credit of .the City of Beaumont, Texas$ as
follows:
$18 500, 000 principal amount of STREET IMPROVEMENT BONDS,
SERIES 1959, for -the purpose of paying { art of the -cost of the_ project for the
elimination of railroad grade crossings from the public streets and highways in
the City of Beaumont and work and expenses appertinent to said separation of
grades, and of paying the cost of constructing storm sewers in connection there-
with, and paying the cost of opening, widening, extending and improving the
public streets and highways of the City of Beaumont in connection therewith,
SECTION 2
That said bonds shall be dated February 1 % 1959; shall be numbered
from I to 1500, both inclusive; shall be in the denomination of $1, 000 each,
aggregating $1, 500, 000; and shall become due and payable serially on the 15th
day of February in each of the -years- and- in- the respective amounts shown in -
the following schedule, to wit;
�2-o2�-lC1S�i
Bond Nos.
1 to
5,
6 to
10,
11 to
15,
16 to
20,
21 to
35.
36 to
70,
71 to
115,
116 to
175,
176 to
260.
261 to
350,
351 to
450,
451 to
550,
551 to
655,
656 to
765,
766 to
880,
881 to
1000,
1001 to
1120,
1121 to
1245,
1246 to
13 70,
1371 to
1500,
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
both inclusive
Maturity
February 15,
February 15,
February 15,
February 15,
February 15,
February 15,
February 15.
February 15,
February 15,
February 15.
February 15,
February 15.
February 15,
February 15,
February 15.
February 15.
February 15,
February 15,
February 15,
February 15.
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
Amount
5,000
51,000
5, 000
5, 000
15,000
35,000
45,000
60,000
850000
90, 000
1000000
100,000
105,000
110, 000
115,000
120, 000
1200000
1252000
125, 000
130. 000
The City of Beaumont expressly reserves the right to redeem Bonds Nos. 881 to
1500, both inclusive. of this issue, in whole or in part♦ on February 15. 1974, or
on 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 foi- iedemption. Notice of the exercise of the
option to redeem shall be given in writing to the banks at which said bonds are
payable and by publication of such notice one time in a financial journal of
general circulation in the United States of America, which notice shall be mailed
to said banks 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 said bonds called for redemption shall terminate on the date fixed for
redemption.
• }f
SECTION 3
That said bonds shall be interest at the ioliowizik reties per annum:
Bonds Nos. 1 to 350, both itillasive, at the rate bf 40/a �er,annxn
Bonds Nos. 351 to 1000t boih inclusive; at the rate df per annum
Bonds Nos. 1001 to 1500; bo"th inclusive, at the'rete of 3-a3/416 per annum
interest payable February 15, 19609 and semi-annually thereafter on August 15
and February 15 of each year until the principal sum thereof shall have been
paid. Both principal of and interest on said 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 of Beaumont, Beaumont,
Texas, or, at the option of the holder, at the American National Bank & Trust
Company of Chicago, Chicago, Illinois. The principal of such bonds shall be
payable upon presentation and surrender of said bonds as they respectively
mature, and interest accruing on or before the respective maturity dates of said
bonds shall be payable only upon presentation and surrender of the interest
coupons attached to said bonds as such coupons respectively become due and
payable.
SECTION 4
That in accordance 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) 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 upon 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 provided, 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 hereinafter in Section 7
of this ordinance, shall be manually subscribed.
SECTION 5
That the form of such bonds shall be substantially as follows, to wit:
NO.
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF JEFFERSON
CITY OF .BEAUMONT
$1, 000.00
STREET IMPROVEMENT BOND, SERI�S i459 .
THE CITY OF BEAUMONT, in the County of Jeffe'r'so`n, in. 'thie State of
Texas, FOR VALUE RECEIVED, hereby acknowledges itself indebted to and
PROMISES TO PAY ' .0: BEARER on the 15TH DAY OF FEBRUARY, 19
the sum of
O N E T H O U S A N D D O L L A R S
($1, 000. 00), with interest thereon from date hereof at the rate of *Jo per annum,
interest payable on February 15, 1960, and semi-annually thereafter on August
15 and February 15 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 of Beaumont, Beaumont, Texas, or, at
the option of the holder, at the American National Bank & Trust Company of
Chicago, Chicago, Illinois. 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 attached as they severally become due.
THE DATE OF THIS BOND, in conformity with the ordinance hereinafter
mentioned, is FEBRUARY 15, 1959.
THIS BOND IS ONE OF A SERIES OF 1500-BONDS of like date and tenor,
except as to number, maturity, interest rate, and option of redemption, being
numbered from 1 to 1500. both inclusive, in the denomination of $1, 000. 00 each,
AGGREGATING $1, 500, 000, .and is issued for the purpose of paying part of the
cost of the project for the elimination of railroad grade crossings from the public
OA d, Z6
streets and highways of the City of Beaumont, and work and expenses appertinent
to said separation of grades, and of paying the cost of constructing storm sewers
in connection therewith, and paying the cost of opening, widening, extending and
improving the public streets and highways of the City of Beaumont in connection
therewith, under and in strict conformity with the Constitution and laws of the
State of Texas, and by authority of the vote of the majority of the duly qualified,
resident electors of said City, who owned taxable property wi.thiti said City and
whd has d> iy ihi�tidared the same for tdlatibAj at an blecti6ti held in said City on
the 12th daj of Aiigii t, 1950, and pursua6l' an ordiriai ce ttuly, adopted by the
City Council of said City and duly recorded in tic official xnitiutes of said City
Council.
THE CITY OF BEAUMONT EXPRESSLY RESER V]t§ THE RIGHT TO
I.
REDEEM BONDS NOS. 881 to 1500, BOTH INCLUSIVE, of this isiti j in whole
or in part, on FEBR UAR Y 15, 1974, or on any interest -payment date thereafter
bylpaying 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 banks at which said bonds are payable and by publication of such notice one
time in a financial journal of general circulation in the United States of America,
which notice shall be mailed to said banks 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`owirer s--and holders to collect- interest which would otherwise accrue
after the redemption date on said bonds called for redemption shall terminate on
the date fixed for redemption.
`Sv C-d f r,_6 d-e-
' oZ O 1F- `i-' `
EACH SUCCESSIVE HOLDER OF THIS BOND and each successive
holder of each of the coupons hereto attached is conclusively presumed to
forego and renounce his equities in favor of subsequent holders for value and
without notice, and to agree that this bond and each of the coupons hereto attached
may be negotiated by delivery by any person having possession thereof, howso-
ever such possession may have been adqutred, and that any holder who shall
haVe taken this bond or any of the cdupbns from ai%y person for value and without
notice, thereby has acquiredabsoliit6 ttile thereto; free; from any.defenses en-
forceable against any prior holder alid Bela from all '�quities4id claims of
ownership of any such prior holder. The City of b4liiii 6ntl and its officials and
fiscal agents shall not be affected by any notice to the �otitraryc
IT_IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the
issuance of this bond, and the series of which it is a part, is duly authorized by
law; that all acts, conditions and things required to exist and to be done pursuant
to and in the issuance of this bond, and the series of which it is a part, have been
properly done and performed and have happened 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 attached 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 REPRESENTED that the
additional=tax-levied and made -necessary to be levied in order- to -provide for the
payment of 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 limitation
of the Constitution and laws of the State of Texas and the charter of the City of
Beaumont.
y.
C4-d , o2lA CSC
IN TESTIMONY WHEREOF, the City Council of the City of Beaumont,
Texas, has caused this bond to be executed by the Mayor of said City and counter-
signed 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 (in accordance
with the provisions of Chapter 293, Acts of the 54th Legislature of Texas,
Regular Session,. 1955, codified as Article 717j in Vernon's Texas Civil Statutes),
all as of the 15th day of February, 1959.
Countersigned: Mayor of the City of Beaumont, Texas
City Clerk, City of Beaumont, Texas
(Bonds Nos. 1 to 350, both inclusive, 47o; Bonds Nos. 351 to 1000,
both inclusive, 3-5/8016; Bonds Nos. 1001 to 1500, both inclusive,
3-3/4%)
(This redemption clause shall be,omitted from Bonds Nos. 1 to
880, both inclusive).
SECTION 6
The form of coupons attached to said bonds shall be substantially as
follows, to wit;
No. $
On the 15th day of 19 , the City of Beaumont, in the
County of Jefferson, in the Sta't"e of Texas, promises to pay to bearer, without
exchange or collection charges, at The First -National.Bank of Beaumont,,
Beaumont, Texas, or, at the option of the holder, at the American National
Bank & Trust Company of Chicago, Chicago, Illinois, in lawful money. of the
United States of America, the 'sum of $ , said sum being the interest
due that date on the City of Beaumont Street Improvement Bond, Series 1954,
dated February:. ISO _ 1959,, Bond No.
Mayor
OC,
—(q SI
i
(Coiipoiih maturit# after February 5j 10 sa11 cdtatn tkaa
fo iovsi ng ,a. att o#a . blauit4 uh, i4 a. the b i i d t6 which this
C$tipd�t. a�pegr,taitig .etas bedn called fdr prdvtoai emtitioij
aiid due pr6v" istclf made to re ti same}
SECTION ?'
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
THE STATE OF TEXAS REGISTER NO.
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 bf Texas
and is a valid and binding obligation of the City of Beaumont, Texas, . and said
bond has this day been iegitdred by me.
WITNESS M! HJkN' b AND SEAL OF OFFICE at Austin, Texas,
ad>i'-f itb l —AdEbUilts of thb
6ta6 of 'Nda
SECTION 8
It is further ORDAINED that for the purpose of paying the interest on said
STREET IMPROVEMENT BONDS, SERIES 1959. and to create a sinking fund to
pay the various installments of principal as the same shall respectively mature,
a sufficient tax on each $100 valuation of taxable property in the City of Beaumont,
Texas, shall be annually levied on said property and annually assessed and
collected, and a tax of five cents ($ .05) on each $100 valuation of taxable property
within the City of Beaumont. Texas, is here and now levied for the year 1959, 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 boncb or any of
them.are outstanding, and the same shall be annually assessed and collected and
applied to the purpose named.
SE&tOR 9
Sale of Bonds: That said bonds having been adve'rtsed for public sale, in
accordance with the terms and provisions of Section 4, of Article 9, of the City's.
Home Rule Charter, and bids having been received pursuant thereto, it is hereby
found and determined that the bid of John Nuveen &_ Company, and Associates, at
a price of the principal of said bonds, plus accrued interest thereon from the
date thereof to the date of actual delivery, plus a. cash premium of $1,129. 50,
with a 15-year option of redemption, is the beat bid received, and the sale of
said bonds to the named bidder at the stated price is hereby authorized, approved,
ratified, and confirmedi ; sub3edt to the unqualified approving opinion as to the
legality of said bdnde of the Attorney Ferretti df texas, and Vandewater, Sykes,
Heckler, &.GaltdsWi� j Mitket at i rrieys� of New Yoit+�Ci Ndw''or 1�fter the
bonds have beeti r �ist�iked bpi the Coinptroiter bf 1�1 �i1 d Aid tilitit's of the State of
Texas; baiA Cdi4ti6 �dr i� siittitirit�e� at d egliested tb gift' i tie eame to The
American National Bank at Austin, Texas, for account of the City. Upon receipt
of the full purchase price, said bonds shall be delivered to the purchaser.
SECTION 10
That the Mayor and City Clerk are hereby authorized and directed to do
any and all things necessary to carry out the terms of this ordinance.
SECTION 11
This ordinance shall take effect from and after the date of its passage.
PASSkD this Z4th day of February, 1959.
Attest;
Piy,or of the City of Beaumont, Texas
rqty Clerk
The foregoing ordinance and all the terms and provisions thereof are
hereby approved.
Director of Fifiance