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Home My WebLink About1961-0311 - Ordinance - 04/15/1961BOORUM & PEASE w w ORDINANCE NO. 311 AN ORDINANCE AUTHORIZING THE ISSUANCE OF RIGHT-OF-WAY TIME WARRANTS OF CITY OF COLLEGE STATION, TEXAS; PROVIDING TERMS AND PROVISIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST THEREON AND PRINCIPAL THEREOF; CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT AND BE IN FORCE FROM AND AFTER ITS PASSAGE THE STATE OF TEXAS COUNTY OF BRAZOS The City Council of the City of College Station, Texas, convened in special session at the City Hall within said City at 7:00 p.m. on the 24th day of March, 1961, with the following memebers present, to -wit: J. A. Orr Mayor Pro -Tem Carl W. Landiss Councilman Joe H. Sorrels Councilman A. P. Boyett Councilman K. A. Manning City Secretary and the following members absent, to -wit: Ernest Langford, D. A. Anderson, William A. Smith, when, among other business had, the following was trans- acted: The Mayor Pro -Tem introduced an ordinance which was read in full. Councilman Sorrels, made a motion that the ordinance be adopted as read. Councilman Landiss 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 Landiss, Sorrels, and Boyett. NOES: None The Mayor Pro -Tem requested that he be recorded as voting "Aye". The Mayor Pro -Tem 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: AN ORDINANCE AUTHORIZING THE ISSUANCE OF RIGHT-OF-WAY TIME WARRANTS OF CITY OF COLLEGE STATION, TEXAS; PROVIDING TERMS AND PROVISIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST THEREON AND PRINCIPAL THEREOF; CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT AND BE IN FORCE FROM AND AFTER ITS PASSAGE WHEREAS, the City Council of the City of College Station, Texas, has heretofore determined, and hereby affirmatively determines and declares, that time warrants of said City should be issued for the purpose of evidencing the indebtedness of said City for all or part of the cost of purchasing and ac- quiring rights-of-way for the public streets within said City, including any necessary incidental expenses in connection therewith; and WHEREAS, no petition of any kind has been filed requesting a referendum on the question of issuing bonds for such purpose and no request for an election has been received, and no written protest to the issuance of said time warr- ants has been presented; and WHEREAS, the City Council wishes to proceed with authorizing the issuance of said time warrants; Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION: Section 1: That for the purpose of evidencing the indebtedness of the City of College Station, Texas, for all or part of the cost of purchasing and acquiring rights-of-way for the public streets within said City, includ- ing any necessary incidental expenses in connection therewith, there shall be issued the time warrants of said City in the principal sum of $100,000, to be known and designated as "CITY OF COLLEGE STATION RIGHT-OF-WAY TIME WARRANTS, SERIES 1961", in strict conformity with the Constitution and laws of the State of Texas, particularly Chapter 163, Acts of the 42nd Legislature of Texas, Regular Session, 1931, as amended (Artible 2368a, Vernon's Texas Civil Statutes, as amended), and the Home -Rule Charter of said City. Section 2: That said time warrants shall be dated April 15, 1961, shall bear interest at the rate of 5% per annum, interest payable October 15, 1961, and semi-annually thereafter .on April 15th and October 15th of each year until the principal sum is paid. Both principal of and interest on said warrants shall be payable in lawful money of the United States of America, without exchange or collection charges to the owner or holder, at the College Station State Bank, College Station, Texas. The interest on said warrants shall be payable only upon presentation of said warrants as such interest becomes due, and the principal of said warrants shall be payable only upon presentation and surrender of said warrants as such warrants respectively become due. Said warrants shall be numbered consecutively from 1 to 100, both inclusive, shall be in the denomination of $1,000 each, aggregating $100,000, and shall become due and payable serially in their numerical order as follows: 00717 BOORUM & BOORUM & PEASE Warrants Nos. Maturity Amount (both incl.) 1 - 20 April 15, 1963 $20,000 21 - 40 April 15, 1964 20,000 41 - 60 April 15, 1965 20,000 61 ,'80 April 15, 1966 20,000 81 -100 April 15, 1967 20,000 The City reserves the right to redeem all the warrants of this issue, in whole or in part, on October 15, 1961, and on any interest payment date there- after, by paying to the owners or holders thereof a sum equal to par value of the warrants called for redemption plus unpaid accrued interest thereon to the date fixed for redemption. Notice of the exercise of the option to redeem shall be given in writing to the bank at which said warrants are payable at least thirty (30) days prior to the date fixed for redemption. When said warrants, in whole or in part, have been called for redemption in the manner prescribed and`due provision has been made to pay the principal of the warrants called for rS emption and unpaid accrued interest thereon to the date fixed for re- demption, the right of the owners or holders to collect interest which would otherwise accrue after the redemption date on the warrants called for redemption shall terminate on the date fixed for redemption. Section 3: That each of said time warrants shall be signed by the Mayor and countersigned by the City Secretary of the City of College Station, Texas, and the corporate seal of said City shall be impressed upon each of them. Section 4: That said time warrants shall be in substantially the follow- ing form: No. UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF BRAZOS CITY OF COLLEGE STATION RIGHT-OF-WAY TIME WARRANT SERIES 1961 $1,000 THE CITY OF COLLEGE STATION, in the County of Brazos, State of Texas, for VALUE RECEIVED, acknowledges itself indebted to and hereby PROMISES TO PAY TO THE BEARER HEREOF ON THE 15TH DAY OF APRIL, 19-_, the sum of ONE THOUSAND DOLLARS ($1,000), with interest thereon from the date hereof at the rate of 5% per annum, interest payable October 15, 1961, and semi-annually thereafter on April 15th and October 15th of each year until the principal sum.is paid. Both principal of and interest on this warrant are payable to bearer, in law- ful money of the United States of America, at the College Station State Bank, College Station, Texas. The interest hereon shall be payable only upon pres- entation of this warrant, and the principal hereof shall be payable only upon presentation and surrender of this warrant. 007i6 THIS WARRANT IS ONE OF A SERIES OF 100 SERIAL TIME WARRANTS of like tenor and effect, except as to number and maturity, numbered consecutively from 1 to 100, both inclusive, in the denomination of $1,000 each, AGGREGATING $100,000, and, together with the other warrants of said series, is issued for the purpose of evidencing the indebtedness of said City for all or part of the cost of purchasing and acquiring rights-of-way for the public streets within said City, including any necessary incidental expenses in the connection therewith, under and in strict conformity with the Constitution and laws of the State of Texas, including particularly Chapter 163, Acts of the 42nd Legislature of Texas, Regular Session, 1931, as amended (Article'2368a, Vernon's Texas Civil Statutes, as amended), and the Home -Rule Charter of said City, and pursuant to an ordi- nance passed by the City Council of said City which is of record in the offic- ial minutes of said City Council. THE DATE OF THIS WARRANT, in conformity with the ordinance above mentioned, IS APRIL 15, 1961. THE CITY EXPRESSLY RESERVES THE RIGHT TO REDEEM ALL THE WARRANTS OF THIS ISSUE, in whole or in part, ON OCTOBER 15, 1961, and any interest payment date thereafter, at a price of par and accrued interest. If the City elects to re- deem all or any part of said warrants, notice of the exercise of the option to redeem shall be given in writing to the bank at which said warrants are payable at least thirty (30) days prior to the date fixed for redemption. When said warrants, in whole or in part, have been called for redemption in the manner prescribed and due provision has been made to pay the principal of the warrants called for redemption and unpaid accrued interest thereon to the date fixed for redemption, the right of the owners or holders to collect interest which would otherwise accrue after the redemption date on the warrants called for redemption shall terminate as of the date fixed for redemption. IT IS HEREBY CERTIFIED, RECITED, AND REPRESENTED that the issuance of this warrant and the other warrants of the series of which this warrant is a part is duly authorized by law; that all acts, conditions, and things required to be done precedent to and in the issuance of this series of warrants have been properly done and performed and have happened in regular and due time, form, and manner as required by law; that due provision has been made for levying and collecting annually by taxation an amount sufficient to pay the interest on these warrants as it falls due and to provide a sinking fund for the final redemption of said warrants at maturity; that the City acknowledges receipt of full benefits of the consideration represented by these warrants; and that the entire issue of warrants of which this is one, together with all other indebtedness of said City, is within every debt and other limit pre- scribed by the Constitution and laws of the State of Texas; IN TESTIMONY WHEREOF, the City Council of the City of College Station, Texas, has caused the seal of said City to be impressed hereon and this warrant 00719 to be signed by the Mayor of said City and countersigned by the City Secretary, as of April 15, 1961. COUNTERSIGNED: City Secretar Mayor, City of College Station Section 5: That while said time warrants or any part of the principal thereof or interest thereon remain outstanding and unpaid, there is hereby levied and there shall be annually 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 1961, a continuing direct annual ad valorem tax upon all taxable property in the City of Collge Station, Texas, sufficient to pay the current interest on said warrants and to create and provide a sinking fund of not less than two per cent of the principal amount of the warrants then outstanding or of not less than the amount required to pay the principal payable out of said tax, whichever is greater, full allowance being made for delinquencies and costs of collection, and said taxes when collected shall be applied to the payment of the interest on and principal of said warrants, and to no other purpose. That to pay the interest falling due October 15, 1961, on said warrants, there is hereby appropriated, out of current funds of the City presently on hand and lawfully available therefor and not otherwise encumbered or allocated, the sum of $2,500 into the interest and sinking fund hereby created. Section 6: That the Mayor and City Secretary are authorized and directed to execute said warrants for and on behalf of the City of College Station, Texas, but none of said warrants shall be delivered until further order or orders of this City Council. Section 7: That this ordinance shall take effect and be in full force and after its passage, AND IT IS SO ORDAINED. ATTEST: City Secretary APPROVED: klbor ............ Mayor, City College Station, Texas 0072