HomeMy WebLinkAbout1966-0493 - Ordinance - 12/16/1966BOW RUM w PEASE
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ORDINANCE NO. 493
ORDINANCE CALLING REVENUE BONDS FOR REDEMPTION;
PROVIDING FOR THE GIVING OF NOTICE WITH RESPECT
THERETO; AND PROVIDING THAT THIS ORDINANCE SHALL
TAKE EFFECT IMMEDIATELY UPON ITS ADOPTION
THE STATE OF TEXAS
COUNTY OF BRAZOS
The City Council of the City of College Station, Texas, convened in
regular session at their regular meeting place thereof in the City Hall,
within said City, on the 16th day of December, 1966, with the following
members present, to -wit:
Name Title
D. A. Anderson Mayor
Bill J. Cooley Councilman
Homer B. Adams Councilman
Robert R. Rhodes Councilman
O. M. Holt Councilman
A. L. Rosprim Councilman
A. P. Boyett Councilman
Charles F. Richardson City Secretary
and the following members absent, to -wit: None, when, among other business,
the following was transacted:
The Mayor introduced an ordinance which was read in full. Councilman
O. M. Holt made a motion that the ordinance be adopted as read. Councilman
R. R. Rhodes 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 Cooley, Adams, Rhodes, Holt, Rosprim,
Boyett, and Mayor Anderson.
NOES: None
The Mayor thereupon announced that the motion had duly and lawfully
carried, and that the ordinance had been duly and lawfully adopted. The
ordinance thus adopted follows:
ORDINANCE CALLING REVENUE BONDS FOR REDEMPTION;
PROVIDING FOR THE GIVING OF NOTICE WITH RESPECT
THERETO; AND PROVIDING THAT THIS ORDINANCE SHALL
TAKE EFFECT IMMEDIATELY UPON ITS ADOPTION
01177
Ordinance No. 493
Page 2
WHEREAS, the City of College Station has reserved the right to redeem,
on any interest payment date after February 1, 1966, the following revenue
bonds payable from the net revenues of the City's waterworks and sanitary
sewer system, to -wit:
(a) Waterworks and Sewer System Revenue Bonds, dated February 1,
1951, presently outstanding in the amount of $40, 000, of which
$38, 000, being Bonds Nos. 23 through 60 in the denomination
of $1, 000 each, may be redeemed on February 1, 1967, and the
balance of which is due and payable on such date; and
(b) Waterworks and Sewer System Revenue Bonds, Series II of 1951,
dated August 1, 1951, presently outstanding in the amount of
$10, 000, of which $8, 000, being Bonds Nos. 23 through 30 in the
denomination of $1, 000 each, may be redeemed on February 1,
1967, and the balance of which is due and payable on such date;
and
WHEREAS, the City of College Station has reserved the right to redeem
for refunding purposes only, on any interest payment date prior to February 1,
1970, the following revenue bonds payable from the net revenues of the City's
waterworks and sanitary sewer system, to -wit:
Waterworks and Sewer System Revenue Bonds, Series of 1955, dated
February 1, 1955, presently outstanding in the amount of $82, 000,
of which $79, 000, being Bonds Nos. 32 through 110 in the denomination
of $1, 000 each, may be redeemed for refunding purposes on February 1,
1967, and the balance of which is due and payable on such date;
and
WHEREAS, the City of College Station has reserved the right to redeem
for refunding purposes only, on any interest payment date prior to February 1,
1970, the following revenue bonds payable from the net revenues of the City's
electric light and power system, to -wit:
(a) Electric Light and Power System Revenue Bonds, Series 1955,
dated February 1, 1955, presently outstanding in the amount of
$197, 000, of which $189, 000, being Bonds Nos. 77 through 265
in the denomination of $1, 000 each, may be redeemed for refunding
purposes on February 1, 1967, and the balance of which is due
and payable on such date; and
(b)
Electric Light and Power System Revenue Bonds, Series 1962,
dated August 1, 1962, presently outstanding in the amount of
$25, 000, of which $20, 000, being Bonds Nos. 4 through 7 in the
denomination of $5, 000 each, may be redeemed for refunding
Ordinance No. 493
Page 3
purposes on February 1, 1967, and the balance of which is
due and payable on such date;
and
WHEREAS, the above described revenue bonds constitute the only
outstanding revenue bonds which are payable from the net revenues of the
City's waterworks system, sanitary sewer system or electric light and
power system; and
WHEREAS, the City desires to refund all of the above described out-
standing revenue bonds (except those due and payable on February 1, 1967,
which will be paid) into one issue of bonds payable from the net revenues
of the City's waterworks system, sanitary sewer system and electric light
and power system in such manner as to satisfy all of the conditions relating
thereto set forth in said bonds and the respective ordinances authorizing
their issuance and sale; and
WHEREAS, each of said bonds and ordinances requires in substance that
the City call such bonds for redemption and that the City Secretary give
proper written notice with respect thereto at least thirty days prior to the
date fixed for redemption; and
WHEREAS, the City Council wishes to proceed with the redemption
and refunding of said outstanding revenue bonds; Therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE
STATION:
Section 1: That the City of College Station hereby exercises its
right or option to redeem, and hereby fixes February 1, 1967, as the date
for the redemption of (a) bonds Nos. 23 through 60 of the above described
Waterworks and Sewer System Revenue Bonds dated February 1, 1951, and
(b) bonds Nos. 23 through 30 of the above described Waterworks and Sewer
System Revenue Bonds, Series II of 1951, dated August 1, 1951, all such
bonds to be redeemed at the price of par and accrued interest to February 1,
1967; and that the City Secretary shall be, and is hereby, authorized and
directed to cause to be given proper and timely notice in the manner prescribed
in said bonds and the respective ordinances authorizing the same that all
such bonds have been called for redemption, such notice to be in substantially
the following form:
NOTICE OF BOND REDEMPTION
NOTICE IS HEREBY GIVEN that the following described bonds have
been called for payment and redemption on February 1, 1967:
CITY OF COLLEGE STATION WATERWORKS AND
SEWER SYSTEM REVENUE BONDS, dated February 1, 1951,
01119
Ordinance No. 493
Page 4
being Bonds Nos. 23 to 60, both inclusive, in the denomination of
$1, 000 each, aggregating the principal sum of $38, 000 (being
all of the bonds of said issue which mature on February 1 in
each of the years 1968 through 1981); and
CITY OF COLLEGE STATION WATERWORKS AND SEWER
SYSTEM REVENUE BONDS, SERIES II OF 1951, dated August 1,
1951, being Bonds Nos. 23 through 30, both inclusive, in the
denomination of $1, 000 each, aggregating the principal sum of
$8, 000 (being all of the bonds of said issue which mature on
February 1 in each of the years 1968 through 1971).
Said bonds shall be presented for payment and redemption on said
call date at the University National Bank of College Station (formerly,
College Station State Bank), College Station, Texas, or, at the option of
the holder, at First National Bank in Dallas, (formerly, Dallas National
Bank), Dallas, Texas; and any bonds not so presented for payment and
redemption on said call date shall cease to bear interest thereafter.
EXECUTED this the 16th day of December, 1966, for and on behalf
of the City of College Station, Texas, and pursuant to the authority of
the City Council thereof.
(JL/2 -1 , C
City Secretary, City of College Station,
Texas
Section 2: That the City of College Station hereby exercises its
right or option to redeem for refunding purposes, and hereby fixes February 1,
1967, as the date for such redemption of, (a) bonds Nos. 32 through 110 of
the above described Waterworks and Sewer System Revenue Bonds, Series of
1955, dated February 1, 1955, (b) bonds Nos. 77 through 265 of the above
described Electric Light and Power System Revenue Bonds, Series 1955,
dated February 1, 1955, and (c) bonds Nos. 4 through 7 of the above described
Electric Light and Power System Revenue Bonds, Series 1962, dated August 1,
1962, all such bonds to be refunded into one issue of bonds payable from
the net revenues of the City's waterworks system, sanitary sewer system and
electric light and power system in accordance with the provisions of such
bonds and the respective ordinances authorizing the same; and that the City
Secretary shall be, and is hereby, authorized and directed to cause to be
given proper and timely notice in the manner prescribed in said bonds and
the respective ordinances authorizing the same that all such bonds have been
called for redemption for refunding purposes, such notice to be in substantially
the following form:
Ordinance No. 493
Page 5
NOTICE OF BOND REDEMPTION
NOTICE IS HEREBY GIVEN that the following described bonds have
been called for redemption on February 1, 1967, for refunding purposes in
accordance with the provisions of such bonds and the respective ordinances
authorizing the same; to -wit:
CITY OF COLLEGE STATION WATERWORKS AND SEWER
SYSTEM REVENUE BONDS, SERIES OF 1955, dated February 1,
1955, being Bonds Nos. 32 to 110, both inclusive, in the denomi-
nation of $1, 000 each, aggregating the principal sum of $79, 000
(being all of the bonds of said issue which mature on February 1,
in each of the years 1968 through 1984); and
CITY OF COLLEGE STATION ELECTRIC LIGHT AND
POWER SYSTEM REVENUE BONDS, SERIES 1955, dated
February 1, 1955, being Bonds Nos. 77 to 265, both inclusive,
in the denomination of $1, 000 each, aggregating the principal
sum of $189, 000 (being all of the bonds of said issue which
mature on February 1, in each of the years 1968 through 1984);
and
CITY OF COLLEGE STATION, TEXAS, ELECTRIC
LIGHT AND POWER SYSTEM REVENUE BONDS, SERIES
1962, dated August 1, 1962, being Bonds Nos. 4 to 7, both
inclusive, in the denomination of $5, 000 each, aggregating
the principal sum of $20, 000 (being all of the bonds of said
issue which mature on February 1, in each of the years 1968
through 1971).
All such bonds shall be presented for redemption for such
refunding purposes on said call date at The American National Bank in
Austin, Texas, or, at the option of the holder, at University National Bank
of College Station (formerly, College Station State Bank), College Station,
`Texas, or (but only in the case of the aforesaid Waterworks and Sewer
System Revenue Bonds), at the option of the holder, at First National Bank
in Dallas (formerly, Dallas National Bank), Dallas, Texas, and any of such
bonds not so presented for redemption for such purposes on said call date
shall cease to bear interest thereafter.
EXECUTED this the 16th day of December, 1966, for and
on the behalf of the City of College Station, Texas, and pursuant to the
authority of the City Council thereof.
(19:1441--(6,Q./
City Secretary,
Texas
City of College Station,
01181
Ordinance No. 493
Page 6
Section 3: That this ordinance shall take effect and be in full force
immediately upon and after its adoption.
PASSED AND APPROVED this 16th day of December, 1966.
676 aaietfyi/i
ATTEST:
(6,A,
City Secretary
(SEAL)
Mayor, City of College Station,
Texas
0118Z