HomeMy WebLinkAbout02/12/1951 - Regular Minutes - City CouncilOF R'.'�,G(TLAR
February 12, 195:1
Members present: 15yor Ungford; Councilmen Badgett, Black; Fitch,
Halpin, and Orr; City Secretary McGinnis, City IIanager Rogers, Assistant
City Secretary Ran Boswell, City Attorney Barger.
The PUrPOSO of th(; meeting was to consider and pass Bond Ordinance
No. 152.
Councilman Orr introduced a proposed ordinance. The ordinance was
read in full.
Councilywan Badgett made a motion that the rule requiring ordinances
to be read at more than one meeting be suspended. The motion was seconded
by CDuncilm,�.,�n Black. The motion carvied by the following vote:
AYES: Councilmen Slack, Badgett, Fitch, Halpin, and Orr
NOES: None
CDuncl'Unian Halpin made a motion thgt the ordinance be passed finally.
The motion was seconded '1:)5r C,)utic-1-l-,,,o.an131a.ok. The motion carried by the
following vote:
AYES: Councilmen Badgett, Black, Fitch, Halpin, and Orr.
NOES: None
The NhyDr announced that the ordinance had been finally passed.
The ordinance is as follows:
W374
Yinul;oii of
Go nt inued
FaLe '2
ORDINANCE NO. 152
BOND ORDINANCE
BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS,
AUTHORITING THE ISSUANCE Or, Qq000wo CITY OF COLLEGE STATION
ELECTRIC LIGHT, 0TERWORKS ANM SE,JER SYSTEM REVENUE BONDS,
FOR THE PURPOSE OF SECURING FUNDS WITH WHICH TO BTJTTD AND PURE
CHASE ZITPROVEMENTS AND EXTENSIONS TO THE ELECTRIC LIGHT SYSTEM,
AND COETSTRUCT 11)1.j'ROVE1M_i;NTS 'AIM EXTENSIONS TO THE WATERWORKS SYSTEM
AND THE 90JER, SYSTEM OF SAID CITY: PRESCRIBING THE FORM OF BOND
AND INTEREST COUPON; PLEDGING THE REVENUES OF TH.E,
SYSTEM AND SEWER SYSTEM TO PAY THE PRINCIPAL OF AND INTEREST ON
SAID BONDS AFTER PROVIDING FOR THE EXPENSES OF OPERATING SAID
SYSTEMS: MAKING CERTAIN C("TENANTS OF SAID CITY WITH REFERENCE
TO THE BOND FURVIT FROM WHICH SAID PRINCIPAL AND INTEREST ARE TO BE
PAID; PROVIDIhITG THAT THE, fjorj)ER OR HOLDERS OF SAID BONDS SHALL
WEVER HAVE THE RlGf-,,,T T(�, DE,'TA'!1,TD PAYMENT OF SAID OTT',IGATIONTS OUT
OF ANY FUNDS RAISED OR TO BE RAISED BY TATATION; AND DECLARING
AT EMERGENCY.
WHEREAS, the City Council of the City of College Station, Tens,
has heretofore on the 11th day of December, 1950, adopted a resolution
and order calling an election on the questions of the issuance of revenue
bonds of the City of College Station in the amount of $70,000.00, bearing
interest at a rate not to exceed three and one-half (3-1/2%) per cent
per annum, and maturing serially over a periDd of years not, exceed
thirty (30) years from their date, for the purpose of securing funds
with 4hich to build and purchase im-rovements and extensions to the
electric light system of said City; and the issuance of .re venae bonds
of the City of College Station in the amount of $20,000.00, bearing
interest at a rate not to exceed three and ona-half (3-1/2%) per cent
per annum, and maturing serially over a period of years not to exceed
thirty (30) years from their date, for the purpose of securing funds with
Which to construct improvements and extensiDns to the waterworks SySte-In
of said City; and the issuance of revenue bonds of the City of College
Station in the amount of $110,000.00, bearing interest at a rate not to
exceed three and one-half (3-1/12�) per cent or an-rium, and ijv-,turing,
serially over a period of years not to exceed thirty (30) years from their
date, for the purpose of securing funds with which to Construct improve-
ments and extensions to the sewer system of said City; and
WHEREAS, said resolution and order calling said election provided that
if the three propositions for the issuande of said bonds were adopted, the
City Council should have the right to issue combined Electric Light, Water-
works and Sewer System Revenue Bonds in the maximum amount of 41 2000000.00,
and to pledge the net revenues of the combined waterworks and sewer system
to the paytent of the principal of and interest on said combined Electric
Light, Waterworks and Sewer System Revenue Bonds; and
W375 0"A
V�
Minutes of Recular hKeting
cortinued
F090 3
ABEREASP said election was held pursuant to said resolution and
order, and in accordance with law, on the 8th day of January, 1951, and
resulted favorably to the issuance of said revenue bonds; and
AHEREAS, the City Council has heretofore adopted a resolution
declaring the result of said election and determining the specific
authority for the issuance of said bonds by the City of College Station;
and.
1,M,REMS, the City Council now deems it advisable and to the best
interest of said City that of the bonds so authorized at said election
only. $60,000.00 of bonds should be issued at this time, and that said
bonds should be issued as combined Electric Light, Waterworks and Sewer
S7stem Revenue Bonds; and
NHEREAS9 it is now necessary and proper that the City Council proceed
with the issuance of such revenue bonds;
BE V ORT-)AII\TiD BY TUE CITY COUNC11', OF TIT, CITY OF COLLEGE,
STATIONTEXAS
I.
That for the purpose of securing funds with which to build and pur-
chase i-mprovements and extensions to the electric light system, and construct
improvements and extensions to the waterworks system and the sewer system
of said City, and pursuant to the Constitution and Statutes of the Rate of
'V
Texas, including particularly Articles 1111 --1118, both inclusive,;br the
Revised Civil StdtuteS of Was, 1925, as amended, and in accordance with
the election held for that purpose, there shall be issued CITY OF COLLEGE
STATION ELECTRIC LIGHT, ARTERNORKS Ar.'D SEWER SYSTE14 REVEVUEO BONDS, in the
principal aggregate sum of Sixty Thousand ($60,000.00) Dollars.
Ii.
That said bonds shall be numbered from ,One (1) to Sixty (60)
inclusive; shall be of the denomination of One Thousand ($1,000.001 Dollars
each, shall be dated February 1, 1951; Bonds Nos. I to 5, inclusive, shall
bear interest from date until paid at the rate of two and one-half (2-1/2%)
per cent per nnum, Bonds Numbers 6 to 20, inclusive, shall bear interest
from date until paid at the rate of two and three-fourths (2-3/0 per cent
per annum, and Bonds Numbers 21 to 60, inclusive, shall bear interest from
date until paid at the rate of three (30 per cent per annum; interest
payable August 1, 1951, and semi-annually thereafter on February Ist and
August 1st in each year, such interest to be evidenced by proper CDUDons
attached to each of said bonds; that principal of and interest on said
bonds shall be payable in lawful money of the United States of America upon
presentation and surrender of the bonds or prover coupons at the Col0ge
Station State Bank, College Station, Texas, or at Dallas National Bank,
Dallas, Texas, at the option of the holder.
W3
GIA
Y
That said bonds shall mature as follows:
BanATjjj ers
MMgqQUKijy_Daat;qes
j�y
Minutes of betular YeA&V
Continued
Fare 'I
Amcn-mts
With bonds numbers 21 to 60, inclusive, optional on February 1, 1966, or
on any interest payment date thereafter.
IV.
That I each of said bonds shall be signed QT the Mayor and counter-
signed by the City Secretary, and the corporate seal of the City Of College
Station, Texas, shall be improised upon each of said bonds. That the
facsimile signatures of the Mayor and the City Secretary may be printed,
engraved or lithographed upon the coupons attached to said bonds and shall
have the same effect as if they had been signed by said Dfricials.
0031, CT
1
February
1,
1952
1,000
2
February
1p
1953
19000
3
February
1,
1954
1,000
4
February
1,
1955
1,000
5
February
1,
1956
1,000
6
February
1,
1957
1,000
7
February
1,
1958
1,000
8
F, ebr-aary
1,
1959
1,000
9
February
1,
1960
1,000
10
February
1,
1961
1,000
11
- 12
February
1p
1962
2,000
13
- 1A,
February
1,
1963
29000
15
- 16
February
1,
1964
2,000
17
- 18
February
1,
1965
2,ono
19
- 20
February
1,
1966
2,000
21
- 22
February
1,
1967
2,000
23
- 2/+
February
1,
1968
2,000
25
- 26
February
1,
1969
2,000
27
- 28
February
1,
1970
2,000
29
- 30
February
1,
1971
2p000
31
-03
inclusive
February
1,
1972
3, 000
34
- 36
February
1,
1973
3,000
37
- 39
February
1,
1974.
WOO
40
- 42
February
1,
1975
3,000
43
- 45
February
1,
1976
3,000
46
- 48
February
1,
1977
3,000
49
- 51
February
1,
1978
3,000
52
- 54
February
1,
1979
3,000
55
- 57
February
1,
1980
3,000
58
- 60
n
February
1,
1981
3,000
With bonds numbers 21 to 60, inclusive, optional on February 1, 1966, or
on any interest payment date thereafter.
IV.
That I each of said bonds shall be signed QT the Mayor and counter-
signed by the City Secretary, and the corporate seal of the City Of College
Station, Texas, shall be improised upon each of said bonds. That the
facsimile signatures of the Mayor and the City Secretary may be printed,
engraved or lithographed upon the coupons attached to said bonds and shall
have the same effect as if they had been signed by said Dfricials.
0031, CT
Minutes of Regular Meeting
Continued
Page 5
V.
That the form of said bonds shall be substantially as follows:
No._
UNITED STATES OF AMCRICA
STATE OF TEXAS
COUNTY OF BRAZOS
CITY OF COLLEGE STATION ELECTRIC TIGHT, WATERWORKS AND SEWER
SYSTEM REVENUE BOND
1,000
THE CITY OF COLLEGE STATION, in the County of Brazos, in the
State of Texas, FOR VALUE RECEIVED, hereby acknowledges itself indebted
to and promises to pay to the bearer, solely from the special funds
hereinafter specified, the sum of
ONE THOUSAND DOLLARS
(1,000.00), in lawful money of the United States of America, on the
lst day of February, 19 y, and to pay interest thereon from date
hereof at the rate of (____%) per cent per annum,
payable August 1, 1951, and semi—annually thereafter on February lst
and August lst in each gear, until the prindipal sum shall be paid,
Upon the presentation and surrender of proper coupons as they severally
become due; both principal and interest being payable at College Station
State Bank, College Station, Texas, or at Dallas National Bank, Dallas,.
Texas, at the option of the holder.
THIS BOND is one of a series of Sixty (60) bonds, numbered consecutively
from One (1) to Sixty (60), inclusive, in the denomination of One Thousand
$(1,000.00) Dollars each, aggregating Sixty Thousand ($60,000.00) Dollars,
issued by the City of College Station, Texas, for the purpose of securing
funds with which to build and purchase improvements and extensions to the
electric light system, =end construct improvements and extensions to the
waterworks system and the sewer system of said City, in accordance with the
Constitution and Laws of the State of Texas, including p^rticularly
Articles 1111 — 1119, both inclusive, of the Revised Civil Statutes of
Texas, 1925, as amended, the authority of a vote of the qualified electors
of the City of College Station, Texas who owned taxable property in said
City and who had duly rendered the same for taxation, voting at an election
held on the 8th day of January, 1951, and pursuant to an ordinance passed,
by the City Council of the City of College Station, Texas, duly recorded
in the Minutes of the Cit7T Council.
1951.
The date of this bond, in conformity with said ordinance, is February 1,
00378 op
41
Finutes of hegular haet%,,r
Continued
%e (_')
This bond and the series of which it is a part, constitute special
obligations of the City of College Station, Texas, payable solely from and
secured by an exclusive first lien on and pledge of the revenues of the
waterworks and sewer system of said City, after deduction of reasonable
operation and mnintenance expenses; provided, that the remaining bonds in
the aggregate amount of $140,000.00, authorized at said election held
on the 8th day of January, 1951, when and if issued and sold shall be
on a prritjr with the bonds of this series.
The holder hereof shril never have the right to demand payment of
this obligation out of any funds raised or to be raised by taxation.
The City of College Station reserves the right to redeem this bond
on February 1, 1966, or on any interest payment date therenfter, by paying
principal and accrued interest thereon, and in the event Pane is called
for redemption prior to its maturity, notice thereof in writing shall be
given by the City Secretary to the `College Station State Bank, College
Station, Texas and to Dallas National Bank, DAllas, Texas at least
thirty (30) days prior to the date fixed for redemption, and notice shall
also be given. IV publication of a copy of said notice in a financial
journal published in the State of Texas one time at least thirty (30)
days prior to the date fixed for redemption, and should -this bond not
be presented for redemptiong it shall cease to bear interest from and
after the date so fixed for redemption.
(NOTE TO PRINTER: The above paragraph anplies only to Bonds
—1
Nos. pi to 60, inclusive).
AMT IT IS 1,11E[UBY CERTIF11T, that the issuance of -this bond, and
the series of which it is a part, is duly authorized by law; Ant all
acts, conditions and things required to exist and to be done precedent
to and in the issuance of this bond to render the same 1,ai..ifill an(', valid,
have been aroperly done, have happened nnd have been performed in regular
and due time, form and manner as required by the Constitution and Laws
of the State of Texas, and the ordinance hereinabove mentioned, and that
this series of revenue bonds does not exceed any constitutional or statutory
limitation! and that provision has been made for the payment of the
principal and interest of this bond and the series of which it is a part,
by irrevocably pledgingOn.
the revenues of the waterworks and sewer system
of the City of College Station, Texas
IN TJ,-,STIMOT.\TY 1,11EREOF, the City Vi_i_ncil of -the, City of College,
Station, Texas, has caused the seal of said City to be hereon impressed,
and this bond to be signed by the Mayer Q said City, countersigned
by the Citw Secretary, and has caused the annexed interest coupons to be
signed by the facsimile signatures of the Wyor and City Secretary. ,
Mayor, Cite of College Station., Texas
. ...............
..........
COUNTERS IGNED
City Secretary, City "_f: College Stationp
Texas,
00379 X
Firnxt"'s' of
COMMUCO
FRre 7
V1.
That the form of said WUPOnS attached to said bonds shall be
substantially as follows:
ON THE IST DAY OF
The City of College Station, Texas, will pay to bearer Out of funds
specified in the bond to which this coupon is attached at -the College
Station State Bank, College Station, Texas, or at Dallas National Bank,
Dallas, Texas, at the option of the holder, the sum of
Dollars, said sum being month' interest due that
day on CITY ('.? COLLEGE 9TATION ELECTRIC LIGHT, MARWKS AND SENER
SYSTEM )%EMMJE, 1300� no. ___, dated February 1, 1951, to which this
coupon is attached and is a part thereof. The holder hereof shall never
have the right to demand payment of this obligation out of any funds
raised or to be raised by taxation.
MAyor, City of College Station,Texas
City Secretary, City of College Sltatbn,
'�
Texas
Vill
That substantially the following certificate shall be printed on the
back of each bond:
OFFICE OF COW)TROLLI-M
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, and that
he finds that it has been issued in conformity with the C6nstitution and
Laws of the State of Texas, and that it is a valid and binding special
obligation of said City of College Station, Texas, payable from the revenues
pledged to its payment by and in the ordinance authorizing same, and said
bond has this day been registdred by me.
WI'1'!\jE1SS W HAND and seal of office at Austin, Texas, this
Comptroller of Public Accounts of
The State of Texas.
00380
In this ordinance the term "system"
waterworks system and the sewer system of
any additions and extensions thereto and
thereof.
Ty.
Minvtes of PvEular Neeting
Continued
Pape s"
shall include and mean the
said City, toqe.thpr, with
improvements and rerlacementS
The City Council shall at all times, while any of Salo bonds or
any interest thereon are outstanding and nnpqid, Wrye and collect
for services rendered by said System, rates sufficient to nay all
maintenance, depreciation, replacement, betterment and interest charge,
and for Interest and Sinking Fund sufficient to pay the in and
inter es ar
principal of said bonds as such. principal ano interest matures Ino accrues
and any outstandinq indebtedness against the System, as is reavired by
Article 1113, Revised Civil Statutes of Texas, 025, and amendments b
thereto. For the benefit of the original onrchaser, and for the benefit
of any and all Subsequent 'holders of Said bonds, Coupons, or any part
thereof, anO in ad"ition. to all other provisions and covenants in the
lal-TS of theState of Texas and in this ordinance, it is exrressly
stipulated:
A. RATES: The City shall fix and maintain rates and collect
charges for the facilities and services afforded by the System which
Will Provide revenues sufficient at all times:
(1) To pay all operation, maintenance, derreciation,
replacement and betterment charges of the System.
(2) To establish anl maintain the Bond Fund.
(3) To pay all outstanding indebtedness against the
System, other than bonds, as and when the same become
due. Provided also, that no free service of the
System shall be allowed, and should the City or
any of its agencies or instriii-n.entalities make use of
the services and facilities of the System, payment of
the reasonable value thereof shall be made by the
City out of funds derived from Sources other th=an the
revenues and income of the System.
B. USE OE MVENUES: The City will deposit as collected all revenues
derived from the operation of the System into a Separate account (herein
called the 07stepq Fund") Which shall be kept separate and anart from a11
other funds of the City. The System Fund shall be administered as follows:
(1) From the funds in the System Fund, the City shall nay into
the Bond Fund during each year in which any of the bonds are outstanding,
U0351
t'j
Al.inute,s of Regpl,.- - t n. -
Continued
Face )
commencing with the date of -the delivery of the bonds herein authorized
to the purchasers thereof, an amount equal to 100 per centum of the amounts
required to meet the interest and principal payments falling due on or
before the next maturity date of the bonds. In addition to such paymentg
the City shall pay into the Bond Fund from the System Fund in each
year twenty (20%) per centum of the above required amount until such
time as there is in the Bond Fund an amount sufficient to meet the
interest and principal payments falling due On or before the next maturity
date of the bonds and the interest and principal payments on the bonds
for one year thereafter. The amount required to be paid into the Bond
Fund in each year shall be paid in substantially equal monthly payments
from the moneys in the System Fund, after deductions have been made
for paying the reasonable cost of the operating and maintaining of the
System for such Month. If the revenues of the System in any month, after
deductions for operation and maintenance, are insufficient to make the
required -payment into the Bond Fund, then the amount of any deficiency
in the payment shall be added to the amount otherwise required -to be
paid into the Bond Fund in the next Month. It is the intent of this
Provision that the sums paid into the Bond Fund shall be in excess of
the immediate requirements for payment of interest on and principal of
the bonds until there has been accumulated in the Bond Fund, as a reserve
for contingencies, an amount sufficient to service the bonds for one
year. The moneys in the Bond Fund shall be used solely for the purpose
of paying interest on and principal of the bonds until all the bonds
have been retired; provided, that, when the total in the Bond Fund is
equal to the aggregate principal amount of the bonds outstanding plus
accrued interest thereon, the Moneys in the Bond Fund may be used to
purchase said bonds at a price, exclusive of accrued interest, not exceeding
the principal amount thereof, or to redeem said bonds in accordance with
the redemption provision contained in Section III of this ordinance.
The moneys paid into the Bond Fund shall be deposited in a bank or banks
and shall be continuously secured by a valid pledge to the City of direct
obligations of the United States of America, having an aggregate market
value, exylusive of accrued interest, at all -times at least equal to
such Bond Fund. The Bond Fund, at the option of the City, may be invested
in such direct obligations of the United States of America and deposited
in escrow under an escrow agreement. If such funds are so invested and,
deposited in excrow, the City shall have the right to have sold through
the escrow agent on the open market a sufficient amount of said securities
in order to meet its obligations of principal and interest in event it
does not have ,5ijf-licient funds, uninvested, on hand for such purpose.
Under such circumstances, the Mayor is hereby authorized, order and directed
to give fifteen days notice to such escrow agent of the necessity to
sell said securities on the open market. After such sale, the moneys
resulting therefrom shall belong to the Bond Fund and shall be available
to pay such obligations -of principal and interest.
(2) SErvjMg: Any funds remaining in the System Fund, after provision
for the reasonable cost or operating and maintaining the System, and after
paying the amounts required to be paid into the Bond Fund, as above provided.,
may be used b,cr the City for the purchase of said bonds at not exceeding
the principal amount -thereof (exclusive of accrued interest) or for re—
deeming said bonds in accordance with the redemption provision contained
in Section III of this ordinance, or for any other purpose permitted by law.
6,0382
Minutes of Repular Meeting
Continued
Fare 10
C. ADDITIONAL BONDS: EpauMjrancp_an!_Q19, While any of the bonds
are outstanding, the City shall not issue any additional bonds payable from
the revenues of the System unless the lien of such bonds payable from
the revenues of the System is made junior and subordinate in all respects
to the lien of the bonds herein authorized. In no event, while any of
said bonds are outstanding, will the City mortgage or otherwise encumber
the System or any part -thereof, or Sell, lease or otherwise dispose of
any substantial portion of such System. These orDViSiOnS shall inure
to the benefit of and be enforceable by the holder of any of the bonds.
The remaining bonds authorized at said election held on January 8,
1951, in the total aggregate amount of $140,000.00, may be issued and
sold by the City and such bonds when issued and sold shall be on a
parity with the bonds herein authorized; provided, however, that the
City shall not issue and sell any of such remaining bonds authorized at
said election held on January 8, 1951, until such time as the average
annual revenues of the System for a period of twelve (12) Months
immediately preceding the sale of such remaining bonds, after deducting
the reasonable Cost of operating and maintaining the System, are cer—
tified by an Engineer of the City's choice, who is registered W the
State Board of Registration for Professional Engineers of the State of
Texas, to be equal to at least 1.4 times the average annual requirements
of principal and interest Pn the outstanding bonds Of the series herein
authorized and such additional bonds authorized at said election, to be
so issued and Sold; and in addition there -Go, the City shall have made
all required payments into the Bond Yund.
D. 1vV1,_C0T.L2\!A.N1QE A11D OPE 17' o The CWT shall maintain the System
in good Condition and operate the same in an efficient manner and at a
reasonable cost. SO long as any of the bonds are outstanding, the City
agrees to maintain insurance for the benefit A the holder or holders
of the bonds, on the System, of a kind and in an amount which usually Would
be carried W private compnnies engaged in a similar type of business.
Nothing in this ordinance shall be construed as req7iring the City to
expend any funds which are derived from Sources other than the operation
of the System, but nothing herein shall be construed as preventing the
City from doing so.
Eshall keep proper . ACCOUWTS `�_--D !_-Di`,'RT0DIU' IWIT001, The City
books of records and accounts (separate from all other records and accounts)
in which complete and correct entries shall be made of all transactions
relating to the System. The City shall furnish to any holder of any of
the bonds, at the written request of such holder, not mare than thirty
days after the close of each six montV fiscal period, complete operating
and income statements of the System in reasonable detail covering such
six months' period, and, not More than sixty days after the ClOSO of Such
fiscal year, complete financial statements of the System in reasonable
detail covering such fiscal year, certified by the City's auditor.
Q13183 I
17)
Minutes of Regular Meeting
Continued
Pe re 11
F. IINTS"'E'C"I DON: Any purchaser of 25 per centum in aggregate
principal amount of the bonds at the time then outstanding or any holder
or holders of 25 per centum of said amount of outstanding bonds shall
have the right at all reasonable times to inspect the System and all records,
accounts and datp of the City relating thereto.
G. INTiORWITION: Upon written request, the City will furnish to
any purchaser of 25 per centum of the bonds such financial statements
and other pertinent information and data relating to the City and the
aystem Ps such purchaser from time to time may reasonably require.
H. SAT ET' M?130IDS: Uponwrequest, the City ill furnish any Durchaser
or holder of 25 per centum of the bonds, informotinn for the preparation
of a bond circular in customary form, signed T�;�r t1he proper officials
of the City, containing such data as such purchaser or holder may reasonably
request concerning the City and the System.
X.
The 14ayor, City Secretary and City Trdasurer are hereby instructed
and directed to do any and all things necessary and/or convenient in
reference to the instRIling and maintaining of a complete system of
records and accounts pertaining to said System and to make the moneys
available for the payment of said revenue bonds in the manner provided
by Chapter 122, Acts of the Regular Session of the Forth -third Legis-
lature of Texas, effective Yhy 12, 1933. In accordance with the
Provisions of Article 1113, Revised Civil Statutes of Texas, as amended,
the fiscal year for the operation of such System shall be
to of each year.
too
The MY further covenants by and through this ordinance as follows:
(a) That the revenue bonds authorized hereunder shall be special
obligations of the City nnJ the holder thereof shall never have the right
to demand payment thereof out of funds raised or to be raised by taxation.
(b) That it has the lawful power to pledge the revenues Supporting
this issue of bonds and has lawfully exercised said power under the
Constitution and Laws of the State of Texas, including the power existing
under Articles 1111 - 1118, both inclusive, 1925 Revised Civil Statutes
of the State of Texas, with amendments thereto, and I -q authDrit-j of a vote
of the qualified electors of said City voting at an election held in
said Cl.ty On January 8, 1951; that the bonds issued hereunder shall be
ratably secured under said pledge Of income in such manner that one bond
shall have no preference over any other bond of this issue
(c) That other than for the payment of the bonds herein Drovided
for, the rents, revenues and income of the said system have not been
pledged in any manner to the payment of any debts or obligations of the
City, nor of said System.
00384 j)-fo'
!"flinutes of hegular Maatlr�i,
Gont Suid
Fage 12
XII.
It shall be the duty of the Mlayor to submit the record of said
bonds and the bonds to the Attorney General of the State of Texas for
approval and thereafter to have them registered by the Comptroller of
Public Accounts of the State of Texas. When said bonds have been
registered by the State Comptroller, the State Comptroller is hereby
authorized and instructed to deliver the bonds to the American National
Bank, Austin, Texas, where they will be taken up and paid for by the
purchasers.
XIII.
That the sale of the bonds herein authorized to Rowles, Winston
& Co., of Houston, Texas, at a price of par and accrued interest to
date of delivery, be, and the same is hereby confirmed, and the Mayor,
City Secretary and City Treasurer are horeby authorized, directed and
instructed to do all things necessary to deliver said bonds to said Rowles,
Winston & Co., at said price of par and accrued interest to date of
delivery.
XIV.
By reason of the Pact that the City CD-U-DC.1-1 of the Ci-�y of College
Station, Texas, considers the passage of this ordinance and the issuance
of said bonds necessary for the preservation of the public health and
safety of the citizens of said City, it is hereby declared to be an
emergency measure demanding that the rule requiring ordinances to be
read at more than one meeting of the City Council be suspended, and
that this ordinance take effect immediately from and after its passage,
and it is So ordained.
PASSED AND APPROVED, this 12th day of 1951.
ATTEST:
CITY SE AHETA
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CITY OF CO i - 1 PA
NAYOR2 LE, I I U&S
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Minutes, of Regular Meeting
Continued
Pa ge 13
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C� Councilman Orr made a motion, seconded by Councilman Halpin, that
ZOrdinance No. 153, an ordinance calling for a general election to be
< held on April 3, 1951) to elect a councilman from each of the three
(7 city wards, be passed.
The Council vote was unanimous in favor of the motion.
Councilman Halpin made a motion, seconded by Councilman Black, that
the City Secretary be appointed Registrar of Vital Statistics and that
Mrs. Florence Neelley be appointed Deputy.
The Council vote was unanimous in favor of the motion.
Councilman Orr made a motion, seconded by Councilman Black, that
Mayor Langford be authorized to renew the $3,000.00 note which will
Soon be due at the College Station State Bank.
The Council vote was unanimous in favor of the motion.
Councilman Orr made a motion, seconded by Councilman Halpin, that
C. L. Andrews be paid $1,324./++ as his final statement on city contracts.
The Council vote was unanimous in favor of the motion.
Councilman Orr made a motion, seconded by Councilman Black, that the
city pay Homer Hunter $405.82 as a final payment on engineering services.
The Council vote was unanimous in favor of the motion.
!f� Councilman Badgett made a motion, seconded by Councilman Orr, that
® Captain D. E. Carlson be appointed Civil Defense Director for the College
Station area. ��iN �k`y► fZ�D
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The Council vote was unanimous in favor of the motion.
Cb
Cb Councilman Orr made a motion, seconded by Councilman Badgett, that
the City contribute a sum not to exceed $200.00 for completing the
entrance gate to the City Cemetery; and that the Council express thanks
to Mr. R. S. Ennis, S. R. Murphy, R. B. Butler, and C. L. Andrews for
their assistance in the construction of the gate.
The Council vote was unanimous in favor of the motion.
6�
U) Mayor Langford and other members of the City Council will meet with
the Consolidated ,School Board to discuss the tax assessing and collecting
problem.
Councilman Orr made a motion, seconded by Councilman Black, that
the salaried employees of the City be given an increase in salary effective
on February 1, 1951, as follows:
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Minutes of Regular Meeting
Continued
Paige 1/,.
Lee Norwood from
$2,700
to $2,,900
Curtis Bullock
2,400
2,600
L. P. Dulaney
3,600
31$00
Mrs. Florence Neelley
2, 700
2,900
Ran Boswell
31900
4,300
R. L. Rogers
41500
11,,700
The Council vote was unanl-mous in favor of the motion.
ATTEST :
N. M. McGinnis, City Secretary
Al PROVED :
Ernest Langford, _Ma r
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