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Home My WebLink About1959-0273 - Ordinance - 01/26/1959BOORUM & PEASE ORDINANCE NO. 273 AN ORDINANCE AUTHORIZING THE ISSUANCE OF STREET IMPROVEMENT BONDS OF THE CITY OF COLLEGE STATION; PRESCRIBING CERTAIN TERMS AND CONDITIONS RELATING THERETO; MAKING PROVISION FOR THE PAYMENT OF THE INTEREST THEREON AND PRINCIPAL THEREOF; PROVIDING FOR AN ELECTION AUTHORIZING THE ISSUANCE OF SUCH BONDS; AND CONTAIN- ING OTHER PROVISIONS RELATING TO THE SUBJECT. THE STATE OF TEXAS * COUNTY OF BRAZOS The City Council of the City of College Station, Texas, convened in regular session at the City Hall within said City on the 26th day of January, 1959, with the following members present, to -wit: Ernest Langford Mayor J. A. Orr Councilman A. P. Boyett Councilman C. W. Landiss Councilman L. J. McCall Councilman D. A. Anderson Councilman N. M. McGinnis City Secretary and the following members absent, to -wit: Joe H. Sorrels, when the following, among other business, was transacted: The Mayor introduced an ordinance which was read in full. Councilman Orr made a motion that the ordinance be adopted as read. The motion for a- doption of the ordinance was seconded by Councilman Anderson. The motion, carrying with it the adoption of the ordinance, prevailed by the following vote: AYES: Councilmen Orr, Boyett, Landiss, McCall, and Anderson. NOES: None. The Mayor requested that he be recorded as voting •Aye'. The Mayor thereupon announced that the ordinance had been duly and legally adopted. The ordinance thus adopted follows: AN ORDINANCE AUTHORIZING THE ISSUANCE OF STREET IMPROVEMENT BONDS OF THE CITY OF COLLEGE STATION; PRESCRIBING CERTAIN TERMS AND CONDITIONS.RE- LATING THERETO; MAKING PROVISION FOR THE PAYMENT OF THE INTEREST THEREON AND PRINCIPAL THEREOF; PROVIDING FOR AN ELECTION AUTHORIZING THE ISSUANCE OF SUCH BONDS; AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT. WHEREAS, under the Constitution and laws of the State of Texas and the Home -Rule Charter of the City of College Station, Texas, said City has authority to issue tax bonds for street improvement purposes; and WHEREAS, before such bonds can be issued, they must be approved at an election by a majority of the duly qualified resident electors of said City who own taxable property within said City and who have duly rendered the same for taxation, voting at said election; and WHEREAS, the City Council of said City wishes to proceed with the authorization of such bonds and to call an election for such purpose; THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION: Section 1: That an election shall be held in and throughout the City of College Station, Texas, on the 17th day of February, 1959, at which election there shall be submitted to the duly qualified resident electors of said City who own taxable property within said City and who have duly rendered the same for taxation, for their action thereupon, the following proposition, to -wit: PROPOSITION SHALL THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, BE AUTHORIZED TO ISSUE THE BONDS OF SAID CITY IN THE AMOUNT OF $350,000, MA- TURING SERIALLY WITHIN 30 YEARS FROM THEIR DATE OR DATES, AND BEARING IN- TEREST AT A RATE NOT TO EXCEED 5% PER ANNUM, FOR THE PURPOSE OF CONSTRUCTING PERMANENT STREET IMPROVEMENTS IN AND FOR SAID CITY, AND TO LEVY AN ANNUAL TAX ON ALL TAXABLE PROPERTY WITHIN SAID CITY SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AS IT ACCRUES AND TO CREATE AND PROVIDE A SINKING FUND TO PAY THE PRINCIPAL OF SAID BONDS AS IT MATURES? (The probable period of usefulness of the improvements for which the bond funds are to be expended is 40 years). Section 2: That the probable period of usefulness of the improvements for which the bond funds are to be expended is 40 years. Section 3: That said election shall be held at the following polling places, and the election officials shall be, for the purpose of this election, as follows: (1) In Ward No. 1, at the Music Room in the A & M Consolidated School Building. Presiding Judge: Assistant Judge: Clerk: Clerk: Dr. L. G. Jones Mrs. F. R. Brison Mrs. J. B. Hervey Mrs. J. G. McGuire BOORUM & PEASE )DRUM & PEASE (2) In Ward No. 2, at 111 Walton Drive in the College Hills Shopping Center. Presiding Judge: Assistant Judge: Clerk: Clerk: Mrs. Charles Richardson Mrs. Omer Sperry Mrs. J. Y. Alexander Mrs. D. W. Andres (3) In Ward No. 3, at the College Station City Hall. Presiding Judge: Assistant Judge: Clerk: Clerk: Mrs. W. D. Lloyd Mrs. R. J. Bond Mr. W. H. Freiberger Mrs. L. M. Hovorak Section 4: That said election shall be held in accordance with the provisions of the Constitution and laws of the State of Texas, and only duly qualified resident electors of said City who own taxable property within said City and who have duly rendered the same for taxation shall be qualified to vote. Section 5: That the ballots of said election shall conform to the re- quirements of the Election Code of the State of Texas, Chapter 492, Acts of the 52nd Legislature of Texas, Regular Session, 1951, as amended, and shall have printed thereon the following: OFFICIAL BALLOT FOR THE ISSUANCE OF $350,000 STREET IMPROVEMENT BONDS AGAINST THE ISSUANCE OF $350,000 STREET IMPROVEMENT BONDS The voter shall vote on the proposition by scratching or marking out the ex- pression that he does not wish to vote for, thus leaving the one not so scratched or marked out as indicating his vote on such proposition, in accord- ance with said Election Code, as amended. Section 6: That notice of said election shall be given by posting a copy of a notice containing a substantial copy of this ordinance at the City Hall and at a public place in each of said wards within said City not less than fourteen (14) days prior to the date on which said election is to be held, and by publishing such notice on the same day in each of two successive weeks in The Battalion, a newspaper of general circulation published within said City and which newspaper is the official newspaper of said City, the first of said publications to be made not later than fourteen (14) days prior to the date set for said election. Said notice shall also be published on the same day in each of two successive weeks in The Bryan Daily Eagle, a news- paper published in Brazos County, Texas, and of general circulation within the City of College Station, the first of said publications to be made not later than fourteen (14) days prior to the date set for said election. C0632 Section 7: That if said proposition is approved by a majority vote of the electors voting at said election, the same will constitute an ap- proval of this ordinance and of the authority of the City Council to issue said bonds. BOORUM & PEASE Section 8: That the issuance of said bonds is hereby authorized, subject to the approval thereof by a majority vote of the resident qual- ified property tax paying voters voting at the election hereinabove pro- vide for, in accordance with the provisions of Section 63 of Article VI of the City's Home -Rule Charter; and that, if the bonds are so approved at said election, the details governing the issuance thereof shall be fixed and specified by ordinance or ordinances duly adopted by the City Council subsequent to the holding of said election. Section 9: That, subject to said approval, while said bonds or any part of the principal thereof or interest thereon remain outstanding and un- paid, there is hereby levied and there shall be annually assessed and collec- ted, 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, a continuing direct annual ad valorem tax upon all taxable property within said City sufficient to pay the current interest thereon and to create and provide a sinking fund of not less than 2% of the principal amount of such bonds then outstanding or of not less than the amount required to pay the principal pay- ab]e out of said tax, whichever is greater, full allowance being made for de- linquencies and costs of collection, and such taxes, when collected, shall be applied to the stated purposes and to no other. Section 10: That this ordinance shall take effect from and after its passage. PASSED AND APPROVED, this the 26th day of January, 1959. ATTEST: City Secretary (SEAL) APPROVED: 1,4-49/VJZ:2- Mayor, City of College Station, Texas • 0(1633