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Home My WebLink About11/19/1946 - Regular Minutes - City CouncilMINUTP'S OF CALLED MEETING November 19, 1946 Members present: Mayor Langford, Councilmen Ames, Brown, Harrington, Orr and Wilcox; City Secretary McGinnis and City Manager Vaughn and City Engineer Benson. Councilman Crawford was absent because of a previous engagement. Visitors present: Russel R. Rowles of Rowles & Co., Investment Securities, Houston, Texas and Henry Beissner of Moroney, Beissner & Co., Houston, Texas. The purpose of the meeting was to consider calling an election for the issuance of a bond issue of $100,000.00 and other questions relating thereto. Counciiman'Orr introduced a resolution and order and moved. its adoption. The motion was seconded by Councilman Brown. The motion, carrying with it the adoption of the resolution and order, prevailed by the following vote: AYES: Councilmen Ames, Orr, Harrington, Brown and. Wilcox. Noes: None The resolution and order is as follows: WHEREAS, the City Council of the City of College Station, Texas, deems it advisable and to the best interest of said City to submit to the resident qualified property taxpaying voters of said City the proposition for the is-uance of $35,000.00 of bonds of said City f or.the purpose of constructing improvements and extensions to the waterworks system of said City; the proposition for the issuance of $50,000.00 of bonds of said City for the purpose of constructing improvements and extensi ons to the sanitary sewer system of said City: and the proposition for the issuance of $15,000.00 of bonds of said City for the purpose of constructing improvements and extensions to the electric light system of said City; THT-REFORE, BE ISI' RTSOLVr`D AND ORD''RT'D BY THF CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS: That an election be held in the City of College Station, Texas, on the 17th day of December, 1946, at which election the following propositions shall be submitted to the resident qualified property taxpaying voters of said City, who own taxable property in said City and who have duly rendered the same for taxation, for their action thereupon: PROPOSITION NO. 1 Shall the City Council of the City of Col?ege Station, Texas �I be authorized to issue the bonds of the City of College Station, in the sum of $35,000.00, payable serially not to exceed twenty (20) years from their date, bearing interest at a rate not to exceed four (4J) per cent per annum, and to levy a tax sufficient to pay the interest on said bonds and create a sinking fund sufficient to redeem them at maturity, for the purpose of constructing improve- ments and extensions to the waterworks system of said City, as authorized by the Constitution and Laws of the State of Texas. PROPOSITION NO. 2 Shall the City Council of the City of College Station, Texas, be authorized to issue the bonds of the City of College Station, in the sum. of $50,000.00, payable serially not to exceed twenty (20) years from their date, bearing interest at a rate not to exceed four (4%) per cent per annum, and to levy a tax sufficient to pay the interest on said bonds and create a sinking fund sufficient to redeem them at maturity, for the purpose of constructing improvements and extensions to the sanitary sewer system of said City, as authorized by the Constitution and Laws of the State of Texas. PROPOSITION NO. 3 Shall the City C ouncil of the City of College Station, Texas, be authorized to issue the bonds of the City of College Station, in the sum of $15,000.00, payable serially not to exceed twenty (20) years from their date, bearing interest at a rate not to exceed four (4%) per cent per annum, and to levy a tax sufficient to pay the interest on said bonds and create a sinking fund sufficient to redeem them at maturity, for the purpose of constructing improve- ments and extensions to the e]_Fctric light system of said City, as authorized by the Constitution and Laws of the State of Texas. The said election shall be held at the following places in said City and the following named persons are hereby appointed election officers for said elects on: At the Southside Market Building, Ward No. 1, with F. R. Brison, as Presiding Judge, W. L. Hughes, as As-istant Judge, and Mrs. C. B. Godbey and Mrs. T. H. Terrell. as Clerks. At the Lukes Grocery Building, Ward No. 2, with E. H. Brock, as Presiding Judge, T. E. Rattan, as Assistant Judge, and Mrs. T. W. Leland and Mrs. R. E. Snuggs, as Clerks. At the A. M. Waldrop and Co. Building, Ward No. 3, with C. J. Gorzycki, as Presiding Judge, Guy Boyett, as Assistant Judge, and Mrs. C. L. Gillespie and Mrs. Walter Johnson, As Clerks. The said election shall be held un.d.er the provisions of and in accordance with the laws governing the issuance of municipal bonds by cities, as provided in the General Laws of the State of Texas, and only qualified electors, who own taxable prop(rty in the City and who have duly rendered the same for taxation, shall be HINNERM MMMFMRM qualified to vote. The ballots for said election shall have written or printed thereon the following: "FOR THE ISSUANCE OF WATERWORKS SYSTEM BONDS AND THE I,EVYI tG OF THE TAX IN PAYMENT THr-RF'OF, AS SUBMITTVID IN PROPOSITION NO. 1." "AGAINST THE ISSUANCE OF WATFRWORKS SYSTEM BONDS AND THE LEVYING OF TT_Tr TAX IN PAY14ENT THTREOF, AS STTBMITTI;`D IN PROPOSITION NO. 1." "FOR THE IS"'TTANCE OF SEWER SYSTEM BONDS AND THE LF'VYING OF THE TAX IN PAYMENT THEREOF, AS SUBMITTED IN PROPOSITION NO. 2." "AGAINST THE IS "DANCE OF SEWF'.R. SYSTEM BONDS AND THE LEVYING OF THE TAX IN PAYMENT THEREOF, AS SUBMITTED IN PROPOSITION NO. 2." "FOR THE ISSUANCE OF ELECTRIC LIGHT SYSTEM BONDS AND THE LEVYING OF TNF TAX IN PAYMENT THF'REOF, AS SUBMITTT{D IN PROPOSITION NO. 3-t' "AGAINST THE ISSUANCE OF ELECTRIC LIGHT SYSTEM BONDS AND THE LEVYING OF THE TAX IN PAYMENT THEREOF, AS SUBMITTED IN PROPOSITION NO. 3." As to each of the foregoing propositions, each voter shall mark out with black ink or black pencil one of the above expressions, thus leaving the othFr as indicating his vote on the three propositions, respectively. A copy of this resolution and order signed by the Mayor of said City and attested by the City Secretary, shall serve as proper notice of said election. The Mayor is authorized and directed to cause said notice of the election to be posted at the City Hall in said City, and at each of the places designated for holding said election, .for at least fifteen (15) full days prior to the date of said election. The Mayor is further authorized and directed to have said notice of election published in Battalion a newspaper published in the City of College Station, Texas, and which notice shall be published on the same day in each of two (2) successive weeks, the date of the first publication being not less than fourteen (14) full days prior to the date of the election. PASSED AND APPROVED this the 19th day of November, 1946. ATTEST: N. M. cGinnis City Secretary. s/Ernest Langford, Mayor, City of College Station,Texas ANNIMM aw inThe investment firms of Rowles and Co. of Houston, Texas represented bpi Mr. Russell R. Rowles, and Moroney, Beissner & Co., represented by Mr. Henry Beis-ner, offered the following proposal to purchase the bonds if and when they are voted: "Mayor and City Council City of College Station College Station, Texas Gentlemen: For your legally issued $100,000.00 City of College Station Electric Light, Wat-r Works, and Sewer Bonds payable from ad. valorem taxes accompanied by the unqualified opinion of a firm of nationally recognized bond attorneys plus a non -litigation certificate, we will pay you par and accrued int,rest plus a premium of none for bonds maturing and bearing interest as follows: Amount Year Interest Rate Amount Year Interest Rate $3000.duel948 2% $5000.due 1958 2 3/4% 3000. 1949 " 5000. 1959 it 4000. 1950 6000. 1960 it 4000. 1951 ►► 6000. 1961 it 4000. 1952 6000. 1962 it 4000. 1953 2 3/4% 6000. 1963 3% fflffimwhw5000. 1954 " 6000. 1964 ►► 5000. 1955 it 6000. 1965 if 5000. 1956 it 6000. 1966 it 5000. 1957 if 6000. 1967 ►► It is further understood that the above bonds will be dated on or about January 1, 1947 and mature annually each year on March 1 with interest payable March 1, 1948 and semi-annually thereafter. It is anticipated that the bonds will be delivered to us within a reasonable time and not later than February 1, 1947. We further agree that an election will be held authorizing the above bonds on or about December 17, 1946. In event thetaxpayers fail to autrorize the issuance of the bonds, both parties are hereby released from the trrms of this agreembnt. It is further understood that we will pay all the expenses incident to the issuance of the bonds and the approval of a nationally recognized firm of bond attorneys, and we further agree to reimburse the City of College Station for the legal expenses incurred by Gibson, Gibson and Boothman. We attach hereto cashier's check in the amount of two per cent of the par value thereof, total amount $2000.00, which is to be held by you uncashed pending our fulfillment of the terms of this agreement. In the event we fail to comply with the terms of this contract, said check is to be retained by the City of College Station as full and complete liquidated damages against us. 1-9 P 610201 Acceptance: APPROWD AND ACCEPTED by order of the City Council of the City of College Station, Texas, pursuant to a resolution adopted this 19th day of November, 1946. Attest: Ernest Langford, Mayor N. M. McGinnis City Secretary" On motion of Councilman Harrington, seconded by Councilman Orr, the offer of Me[srs: Rowles and Beissner was accepted by unanimous vote. The Council authorized City Manager Vaughn to confer with the attorney for the City, J. W. Bargfr, as to his attending regular meetings of the Council. The Council authorized the Mayor and City Manager to attend the annual meeting of the League of Texas Municipalities in Harlingen from December 1 to 5. ATTEST: FIA �I I%t .N u,.1 APPROVED: ®-ate MAYOR '�� 0 202 a`�