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HomeMy WebLinkAboutORD 33-EEAN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS IN THE AMOUNT OF $304,000; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST THEREON AND THE PRINCIPAL THEREOF; PROVIDING FOR THE EX- CHANGE THEREOF FOR THE BONDS BEING REFUNDED THEREBY; CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT FROM AND AFTER ITS PASSAGE THE STATE OF TEXAS § COUNTY OF JEFFERSON § The City Council of the City of Beaumont, Texas, convened in regular session at the City Hall within said City on the 3rd day of July ,, 1962, with the following members .present, to -wit: Jack M. Moore D. L.. Hybarger W. W. Leach Earl L. Patton Rolfe Christopher Jas. T. Garrard Mayor Councilman, Ward No. 1 Councilman, Ward No. 2 Councilman, Ward No. 3 Councilman, Ward No. 4 City Clerk and the following member(s) absent, to -wit: none when, among other business had, the following was transacted: The Mayor introduced an ordinance which was read in full. Councilman Leach made a motion that the ordinance be adopted as read. Councilman Patton seconded the motion for adoption of the ordinance. The motion, carrying with it the adoption. of the ordinance, prevailed by the following vote: AYES: Councilmen Hybarger, Leach, Patton, and Christopher and Mayor Moore. NOES: None. The Mayor thereupon announced that the motion had duly and lawfully carried and that the ordinance had been duly and law- fully adopted. The ordinance thus adopted follows: _® 33 CC, 3 [,-? 6 a AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS IN THE AMOUNT OF $304,000; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST THEREON AND THE PRINCIPAL THEREOF; PROVIDING FOR THE EX- CHANGE THEREOF FOR THE BONDS BEING REFUNDED THEREBY; CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT FROM AND AFTER ITS PASSAGE WHEREAS, the following described bonds issued by the City.of Beaumont, Texas, being in the denomination of $1,000 each,'aggregating.W4,000, are now outstanding and unpaid and constitute valid obligations. of said City, to -wit: DESCRIPTION AMOUNT Sewerage Bonds, dated February -1, 1926, Bonds Nos. 161 through 168, bearing interest at the rate, of 5/_.per annum; due February 1, 1962. (Comptroller's Reg. No. 9100) $ 8,000 Public Park Bonds, dated February 1, 1926, Bonds Nos. 41 and 42, bearing interest at the rate of 5/ per annum, due.February 1, 1962 (comptroller's Reg. No. 9101) 2,000 Department of Public Safety Bonds, dated February 1, 1926, Bonds.Nos. 81 through 84; bearing -interest at the rate of 5% per annum, due February 1, 1962 (Comptroller's Reg. No. 9102) 4,000 Street and Highway Bonds; dated February:l, 1926, Bonds Nos. 321 through 336, bearing interest at the rate of'55%.per annum, due February 1, 1962 (Comp troller's Reg.. No, 9103) 16,000 Waterworks Bonds, -dated February 1, 1931, Bonds Nos. 31 and 32, bearing interest at the rate of 4-1/2% per annum; due February 1, 1962 (Comp- troller's Rego No. 13166) 2,000 Street and Highway Bonds; dated February 1, 1931; Bonds Nos. 121 through 128, bearing interest at the rate, of 4-1/2%,per annum, due February 1, 1962 (Comptroller's Reg. No. 13167) 8,000 Sewerage Bonds, dated February 1; 1931,_Bonds Nos'. 91 through 96, bearing interest at the rate of 4-1/2% per annum, due February 1, 1962 (comptroller's Reg. No. 13168) 65000 -2- N C DESCRIPTION AMOUNT Fair Park Bonds, dated May 1, 1931, Bonds Nos. 61 through 64, bearing interest at the rate of 4-,1/2% per annum, due May 1, 1962 (Comptroller's Reg. No. 13344) $ 4,000 Storm Sewer Improvement Bonds, dated June 15, 1948, Bonds Nos. 288 through 313, bearing interest at the rate of 2-3/4% per annum, due June 15, 1962 (Comptroller's Reg. No. 25107) 26,000 Street Improvement Bonds, dated June 15, 1948, Bonds Nos. 222 through 241, bearing interest at the rate of 2-3/4/ per annum, due June 15, 1962 (Comptroller's Reg. No. 25108) 20,000 Police Stations Improvement Bonds, dated June 15, 1948, Bonds Nos. 89 through 96, bearing interest at the rate of 2-3/4% per annum, due June 15, 1962 (C arhptroller's Reg. No. 25109) 83000 Fire Stations Improvement Bonds, dated June 15, 1948, Bonds Nos. 45 through 48, bearing interest at the rate of 2-3/4% per annum, due June 15, 1962 (Comptroller's Reg. No, 25110) 4,000 Public Library Improvement Bonds, dated June 15, 1948, Bonds Nos. 33 through 35, bearing interest at the rate of 2-3/4% per annum, due June 15, 1962 (Comptroller's Reg. No. 25111) 3,000 Waterworks Improvement Bonds, dated -February 1, 1949, Bonds Nos. 530 through 582, bearing interest at the rate of 2-1/2/ per annum, due February 1, 1962 (Comptroller's Reg. No. 25561) 53,000 Street Improvement Bonds, dated February 1, 1949, Bonds Nos. 403 through 442, bearing inter- est at the rate of 2-1/2% per annum, due February 1, 1962 (Comptroller's Reg. No. 25562) 40,Q0Q Storm Sewer Improvement Bonds, dated February 1, 1949, Bonds Nos. 101 through 110, bearing interest at the rate of 2-1/2�, per annum, due February 1, 1962 (Comptroller's Reg. No. 25563) 10,000 Fire Stations Improvement Bonds, dated February 1, 1949, Bonds Nos. 53 through 57, bearing interest at the rate of 2-1/2% per annum, due February 1, 1962 (Comptroller's Reg. No. 25564) 5,000 -3- r DESCRIPTION AMOUNT Police Stations Improvement Bond, dated February 1, 1949, Bond No. 13, bearing in- terest at the rate of 2=1/2/ per annum, due February 1, 1962 (Comptroller's Reg. No. 25565) $ 1,000 Street and Highway Improvement Bonds, dated February 15, 1955, Bonds Nos. 185 through 218, bearing interest at the rate of 3% per annum, due February 15, 1962 (Comptroller's Reg. No. 30243) 34,000 Street Improvement Bonds, dateq February 15, 1958, Bonds Nos+. 85 through 114,-bearing interest at the rate of 3% per annum, due February 15, 1962 (Comptroller's Reg. No. 32252) 30,000 .Refunding Bonds, dated April 1, 1958,. Bonds Nos. 42 through 56, bearing interest at the rate of 3-1/4% per annum, due April 1, 1962 (Comptroller's Reg. No. 32419) 15,000 Street Improvement Bonds, dated February 15, 1959,.Bonds .Nos. ll"through 15, bearing in- terest at the rate of 4% per annum, due - February 15, 1962 (Comptroller's Reg. No. 32975) 5,000 and WHEREAS, the City Council of the City of Beaumont wishes to refund said $304,000 outstanding bonds described above into the refunding bonds hereafter authorized by this ordinance to be issued; and WHEREAS, the City Council wishes to proceed with the issuance of said refunding bonds; Therefore BE IT ORDAINED BY THE CITY OF BEAUMONT: �P�t-i nn l AMOUNT, NAME, PURPOSE AND AUTHORIZATION OF BONDS; That the refund- ing bonds of the City of Beaumont, Texas, be issued in the prin- cipal sum of .$304,000, to be known and designated as "CITY OF BEAUMONT, TEXAS, GENERAL OBLIGATION REFUNDING BONDS, SERIES 1962", -4- for the purpose of refunding, canceling, and in lieu of a like principal amount of outstanding bonds of said City (being the $304,000 outstanding bonds described in the preamble to this ordinance), under and by virtue of and in strict conformity with, the Constitution and laws of the State of Texas, par- ticularly Article 2378a, Vernon's Texas Civil Statutes, as amended, and the Home Rule Charter of said City. Section 20 DATE, NUMBERS, DENOMINATION, AND MATURITIES: That said refund- ing bonds shall be dated June 15, 1962, shall be numbered con- secutively from 1 to.304, both inclusive, shall be in the denomination of $1,000 each, aggregating $304,000, and shall be- come due and payable serially in their numerical order, without option of _prior redemption, on December 15th in each of the years 1963 to 1966, both inclusive, in the respective amounts shown in the following schedule, to -wits Bond Numbers Year of Amount (both incl.) Maturity_ Maturing 1 - 70 1963 $ 70,000 71 - 145 1964 75,000 146 - 225 1965 80,000 226 - 3o4 1966 79,000 ..Section 30 3.01 — INTEREST RATE AND INTEREST PAYMENT DATES. That said bonds shall bear interest at the rate of 3% per annum, interest payable December 15, 1962, and semi-annually thereafter on June 15th and December.15th of each year until the principal sum is.paid. 3.02 -_BANK OF.PA'YMENT. That both principal. of and interest on i,said bonds shall be payable in lawful money ,of the United States of America, without exchange or collection charges to the owners -5- G6--ld 1 3- 3 6 C for the purpose of refunding, canceling, and in lieu of a like principal amount of outstanding bonds of said City (being the $30 ,000 outstanding bonds described in the preamble to this ordinance), under and by virtue of and in strict conformity with, the Constitution and laws of the.State of Texas, par- ticularly Article 2378a, Vernon's Texas Civil Statutes, as amended, and the Home Rule Charter of said City. DATE, NUMBERS, DENOMINATION, AND MATURITIES- That said refund- ing bonds shall be dated June 15,.1962, shall be numbered con- secutively from l to.304, both inclusive, shall be in the denomination of $1,000 each, aggregating. W4,000, and shall be- come due and payable serially in their numerical order, without option of prior redemption, on December 15th in each of the years 1963 to 1966, both inclusive, in the respective amounts shown in the following schedule, to -wit: Bond Numbers Year of Amount both Incl.) Maturity Maturing 1 - 70 1963 $ 70,000 .71 - 145 1964 75,000 146 - 225 1965 80,000 226 - 3o4 1966- 79,000 Section 3- 3.01 —INTEREST RATE AND INTEREST PAYMENT DATES: That said bonds shall bear interest at the rate of 3% per annum, interest payable December 15, 1962, and semi-annually thereafter on June 15th and December-15th of each year until the principal sum is.paid. ...3.02_- BANK OF.PAYMENT. That both principal.of and interest on i.said bonds shall be payable in lawful money of the United States of America, without exchange or collection charges to the owners -5- for the -purpose of refunding, canceling, and in lieu of a like principal amount of outstanding bonds of said City (being the $304,0o0 outstanding bonds described in the preamble to this ordinance), under and by virtue of and in strict conformity with, the, Constitution and laws of the. State of Texas, par - titularly Article 2378a, Vernon's Texas Civil Statutes, as amended, and the Home Rule Charter of said City. Section 2-, DATE, NUMBERS., DENOMINATION, AND MATURITIES-, That said refund- ing bonds shall be dated.June-15,.1962, shall be -numbered con- secutively from-1 to.304, both inclusive, shall be in the denomination of $1,000 each_, aggregating W4,00o, and shall be- come due and payable serially in their numerical order, without option of prior redemption, on -December 15th in each of the years 1963 to 1966,.both inclusive, in the respective amounts shown in the following schedule, to -wit-, Bond Numbers (both Incl.) 1 - 70 71 - 145 146 - 225 226 - 3o4 Year of Amount Maturity Maturing 1963 $.70,000 1964 75,000 1965 8o,000 1966 79,000 Section.3-, 3..01 — INTEREST RATE AND INTEREST PAYMENT.DATES-, That. -said -bonds shall bear interest at -the rate of 3% per annum., interest payable December..15, 1962, and semi=annually thereafter on June 15th and December-_15th of each year until the principal sum is.paid. BANK OF.PAYMENT-, That both.principal.of and interest on i.said bonds shall be payable in lawful money.of the United States of America, without exchange or collection charges to the owners -5- or holders of the bonds and/or interest coupons, at The First National Bank of Beaumont, Beaumont, Texas. The principal of said bonds shall be payable only upon presentation and surrender of said bonds as they respectively become due, and interest falling due on and prior to the respective maturity dates of the bonds shall be payable only upon presentation and surrender of the interest coupons attached to said bonds as such interest coupons severally become due. Section 4: EXECUTION OF BONDS AND INTEREST COUPONS: That each of said bonds shall be signed by the Mayor and countersigned by the City Clerk,. by their lithographed or printed facsimile signatures, and the facsimile of the corporate seal of said City shall be lithographed or printed upon each of said bonds. The interest coupons attached to said bonds shall also be executed by the lithographed or printed facsimile signatures of said Mayor and City Clerk. Said facsimile signatures on the bonds and interest coupons shall have the same effect as if each of said bonds had been signed manually and in person by each of such officers, and said facsimile seal on the bonds shall have the same effect as if the official seal of said City had been manually impressed upon each of said bonds. The registration certificate of the Comptroller of Public Accounts of the State of Texas, which certificate is to be, printed on the back of each of said bonds as set forth hereafter in Section 7 of the ordinance, shall be manually subscribed, and the official seal of said Comptroller shall be manually impressed thereon. Section 5: FORM OF BONDS: That said bonds shall be in substantially the following form: M o ��-33E-E 17-3 NOo.� ; $1,000 UNITED.STATES OF AMERICA STATE OF TEXAS COUNTY OF JEFFERS ON CITY OF BEAUMONT, TEXAS, GENERAL OBLIGATION REFUNDING BOND SERIES 1962 THE CITY OF BEAUMONT, in the County of Jefferson, in the State of Texas, FOR VALUE RECEIVED, acknowledges itself in- debted to and hereby PROMISES TO PAY TO BEARER ON THE:I5TH DAY OF 'DECEMBER 19 , .the sum of ONE THOUSAND DOLLARS ($1,000), with interestthereon from the date hereof at the rate of.3% per annum, interest„payable December 15,•1962, and semi- annually thereafter on June 15th and December 15th of each year until the principal sum shall be paid. Both principal of and in- terest 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. The principal hereof shall be payable only upon presenta- tion and surrender of this bond, and interest -'here -on falling due on and prior to the maturity of this bond shall be payable only upon presentation and surrender of the interest coupons hereto attached as such coupons severally become due. THE DATE OF THIS BOND, in conformity,with the ordinance hereinafter mentioned, IS JUNE 15, 1962. THIS BOND IS ONE OF A SERIES OF.304 SERIAL BONDS of like date and tenor, except.as to serial number and maturity, being numbered consecutively from 1 to 304, both inclusive, in the denomination of $1,000 each, AGGREGATING $304,000, and, -7- 17-3--lg62� together with the other bonds of said series, is issued for -the i purpose of refunding, canceling, ' and in lieu of a like principal amount of outstanding bonded indebtedness of said City, under and by virtue of the Constitution and laws of the State of Texas, par- ticularly Article 2368a, Vernon's Texas Civil Statutes, as amended, and the Home Rule Charter of said City, and pursuant to an ordinance passed and adopted by the City Council of.said City, which ordinance is of record in the official minutes of said City Council. THE HOLDER OF THIS BOND AND THE HOLDERS OF THE OTHER BONDS OF THE SERIES OF WHICH THIS BOND IS A PART shall be subro- gated to all the rights and privileges belonging to the holder or holders of the bonds which have been refunded by the issuance of this series of bonds. IT IS HEREBY CERTIFIED, RECITED, AND REPRESENTED that all acts, conditions, and things necessary to be done precedent to and in the issuance of this bond and the other bonds of the series of bonds of which this is one, in order to render the same legal, valid, and binding obligations of said City, have been done, have happened, and have been.perf ormed in regular and due time, form, and manner as required by law; that due provision has been made for the. payment of the principal of and interest on this bond and the other bonds'of the series of which this bond is one, by the levy of a direct annual ad valorem tax upon all taxable.property within said City, sufficient for said ___,purposes; and that the entire issue of bonds of which this one is a part, together with all other indebtedness of said City, does not exceed any Constitutional or statutory limitation. M IN TESTIMONY WHEREOF, the City Council of the City of Beaumont, Texas; has caused the facsimile of the corporate seal of said City to be lithographed or printed hereon, this bond.to be signed by the Mayor of said City and countersigned by the City Clerk, by their lithographed or printed facsimile signatures, and the interest coupons hereto annexed also to be executed by the facsimile signatures of said Mayor and City Clerk, all as of the 15th day of June, 1962. Mayor, City of Beaumont, Texas COUNTERSIGNED: City Clerk Section 6: FORM OF INTEREST COUPONS: That the interest coupons to be attached to said bonds shall be in substantially the following form: No. i ON. THE 15TH DAY'„OF 19 , THE CITY OF BEAUMONT, in the County of Jefferson, State of Texas, PROMISES TO PAY TO BEARER, without exchange or collection charges, at The First National Bank of Beaumont, Beaumont,_ Texas, THE SUM OF in lawful money of the United States of America, being interest due that date on City of Beaumont, Texas, General Obligation Refunding Bond, Series 1962, bearing the number here- inafter specified, dated June 15,' 1962. Bond No. Mayor, City of Beaumont, Texas City Clerk Q, Section 7., REGISTRATION OF BONDS BY COMPTROLLER AND FORM OF REGISTRATION CER- TIFICATE., That each of said bonds shall be registered by the Comptroller of Public Accounts of the State of Texas, as provided by law, and the registration certificate of said Comptroller of Public Accounts shall be printed on the back of each of said bonds, shall be manually executed, and shall be in substantially the following form: OFFICE OF THE COMPTROLLER REGISTER NO, THE .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, that he finds that it has been issued in con- formity with the Constitution and laws of the State,of Texas, and that it is a valid and binding obligation upon,the City of Beaumont, Texas; and said bond has this day been registered by me. WITNESS MY HAND AND SEAL OF OFFICE.at Austin, Texas, Comptroller of Public Accounts of the State of Texas Section 8., INTEREST AND SINKING FUND, AND TAX LEVY., That there is hereby created a special fund to be called "City of Beaumont General Obligation Refunding Bonds, Series 1962, Interest and Sinking Fund", and there shall be transferred to said Fund the proceeds of all taxes levied and collected for and on account of the bonds which are being refunded hereby, and all taxes collected hereafter =635 for and on.account of said bonds which are being refunded hereby shall, as collected, be deposited into said Fund, and all taxes levied, assessed, and collected for and on account of said re- funding bonds authorized by this ordinance shall, as collected, be deposited into said Fund. That while the refunding bonds authorized by this ordinance, or any part of the principal there- of or interest thereon, remain outstanding and unpaid, there is hereby levied, and there shall be assessed and collected, in due time, form, and manner, and at the same time other City taxes are levied, assessed:, and collected, in each year, beginning with the current year 1962, a continuing direct annual ad valorem tax upon all taxable.-pro.perty within said City sufficient to pay the current interest on said bonds as it accrues and to. pay each installment of the principal of said bonds as it matures, full allowance being made for delinquencies and costs of collec- tion, and said taxes when collected shall be applied to the pay- ment of the principal of and interest on said bonds, and to no other purpose. Section 90 SUBROGATION: That except as provided herein, the holder or holders of the refunding bonds authorized by this ordinance are, and shall be, subrogated to all the rights and privileges had and possessed by the holder or holders of the bonds.which are being re- funded by the.issuance of this series of refunding bonds. Section 10° APPROVAL AND REGISTRATION OF BONDS BY STATE OFFICERS° That it shall be the duty of the Mayor to submit the record of said bonds, and the bonds, to the Attorney General of the State of Texas for -11- examination and approval, and thereafter to have them registered by the Comptroller of Public Accounts of the State of Texas. That said refunding bonds shall not be registered until and as a like principal amount of the bonds being refunded thereby have been surrendered for exchange and cancellation. As and when said underlying bonds are surrendered to said Comptroller of Public Accounts, whether in one or more installments, he is authorized and directed to deliver the refunding bonds authorized by this ordinance in like principal amount to the holder or holders of the underlying bonds so surrendered. It is specifically provided, however, that Bonds Nos. 1 to 6, both inclusive, of the refunding bonds authorized hereby shall be exchanged for the $6,000 under- lying Park Bonds (being Bonds Nos. 41 and 42 of the Public Park Bonds, dated February 1, 1926, and Bonds Nos. 61 to 64, both in- clusive, of the Fair Park Bonds, dated May 1, 1931). DUTIES OF CITY OFFICERS: Section 11: That the Mayor, City Clerk, and other appropriate officers of the City are hereby authorized and directed to do any and all things necessary or convenient to carry out the terms of this ordinance. Section 12• EFFECTIVE DATE OF ORDINANCE: That this ordinance shall take effect from and after the date of its passage. PASSED this 3rd day of July , 1962. ATTEST: City Clerk, City of Beaumont, Texas (SEAL) City of Beaumont, Texas -12- n 1 The foregoing ordinance and all the terms and provisions thereof are hereby approved. (IJN1, - ,� Lf%, :/VVI " Director of Finance -13- Date` Attorney General of Texas Attention: Bond Division Austin 11, Texas Comptroller --of Public Accounts of Texas Attention: Hon. Raymon Allen,' Director Bond and Inventory -Division Austin 11, Texas Re ::, ..: ,, a, .:��, 'ta`. .G.w»y1ta,r 4:tt i# �,, r ,�4. .i:.��nE.,$,�..4,.a ( f v.K, :,- eq����5 Al � 'ta�'{..� ,. �uyi �3d� aJi Gentlemen: TO THE'ATTORNEY GENERAL We.have directed that the captioned bonds be sent to you for approval, and we enclose herewith one duly executed but undated SIGNATURE IDENTIFICATION AND NO -LITIGATION CERTIFICATE. Upon approval of the bonds,.you are authorized and --respectfully requested to insert the date in such cer- tificate, which date is to be the same,as your appr-oval.date. If any litigation should develop before you have approved such bonds, we will notify you at once both by telephone and by telegraph. With this assurance you can rely upon the absence of litigation at the.time that you approve the bonds unless we advise you to the contrary. After you have approved such bonds, please deliver them to the Comptroller of Public Accounts of Texas for registration. TO THE COMPTROLLER When you have registered the captioned bonds, please deliver them to the American National Bank for our account. Very truly yours, ePF,s``Tr Encl. to Atty. Gen. EDDLEMAN, POLLOK & FOSDICK I N C O R P O R A T E D INVESTMENT BANKERS 440 BANK OF THE SOUTHWEST BLDG. HOUSTON 2, TEXAS CAP 1 TO L 4.9 22 1 IV August 7, 1962 ,1 Mr. Jas. T. Garrard, City Clerk City Hall Beaumont, Texas Re: $3o4,000 City of Beaumont, Texas, General Obligation Refunding Bonds, Series 1962 Dear Mr. Garrard: Tne enclosed copy of Letter to the Attorney General and Comp- troller should be retained in the files of the City. Very truly yours, EDDLEMAN, POLLOK & FOSDICK, INC. Secretary to Mr. Eddleman dm/encl.