HomeMy WebLinkAbout1967-0502 - Ordinance - 01/23/1967ORDINANCE NO. 502
AN ORDINANCE SUPPLEMENTING AND AMENDING THE ORDINANCE AUTHORIZING
THE ISSUANCE OF $600, 000 WATERWORKS AND SEWER SYSTEM AND ELECTRIC
LIGHT AND POWER SYSTEM REVENUE BONDS, SERIES 1967, AND DECLARING THAT
THIS ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY UPON ITS ADOPTION.
THE STATE OF TEXAS X
'Q COUNTY OF BRAZOS
The City Council of the City of College Station, Texas, convened in regular
session at the regular meeting place thereof in the City Hall, within said City on the
23rd day of January, 1967, with the following members present, to -wit:
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D. A. Anderson Mayor
Bill J. Cooley Councilman
Homer B. Adams Councilman
Robert R. Rhodes Councilman
0 O. M. Holt Councilman
A. L. Rosprim Councilman
A. P. Boyett Councilman
Charles F. Richardson City Secretary
and the following member(s) absent, to -wit None, when, among other business, the
following was transacted:
The Mayor introduced an ordinance which was read in full. Councilman
Boyett made a motion that the ordinance be adopted as read. Councilman Rosprim
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 dully and lawfully carried,
and that the ordinance had been duly and lawfully adopted. The ordinance thus adopted
follows:
AN ORDINANCE SUPPLEMENTING AND AMENDING THE ORDINANCE AUTHORIZING
THE ISSUANCE OF $600, 000 WATERWORKS AND SEWER SYSTEM AND ELECTRIC
Z LIGHT AND POWER SYSTEM REVENUE BONDS, SERIES 1967, AND DECLARING THAT
THIS ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY UPON ITS ADOPTION.
(J� WHEREAS, the Council of the City of College Station, Texas, on January 13, 1967, d
LTJ adopted an Ordinance authorizing the issuance of $600, 000 Waterworks and Sewer System
and Electric Light and Power System Revenue Bonds, Series 1967; and
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Ordinance No. 502
January 23, 1967
Page 2
WHEREAS, said Council desires to supplement and amend said ordinance in
order to perfect the sale and delivery of said Bonds, to conform the provision
relating to the issuance of additional bonds to coincide with the fiscal year accounting
basis of said City, and to make its intentions absolutely clear with regard to the deposit
of revenues and separation of such funds; THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION:
Section 1: That Section 2 of the aforesaid Ordinance be, and is hereby, amended
by deleting the words in the 5th and 6th lines "shall bear interest from their date
until maturity at the rate of 4--1/2%" and inserting the following: "shall bear interest
per annum from their date until maturity at the following rates, respectively:
BONDS MATURING
IN THE YEARS INTEREST RATE
1970 5. 00%
1971 4. 25%
1972 through 1986 3. 60%
1987 through 1989 3. 65%
Section 2: That Section 12 (a) of the aforesaid ordinance be and is hereby,amended
by deleting the words "twelve month period next preceding the month" in the third (3rd)
line of said section and substituting therefor the words "fiscal year next preceding
the year. "
Section 3: That Section 11 of the aforesaid ordinance be, and is hereby, amended
by inserting the following immediately following the heading "Payments into Bond Fund":
"The City further covenants and agrees with the holders of the Bonds, the Outstanding
Bonds, and Additional Bonds if and when issued, that it will deposit as collected all
revenues derived from the operation of the Systems into the Systems Fund which shall
be kept separate and apart from all other funds of the City. "
Section 4: Sale of Bonds: That the sale of said Bonds to Underwood, Neuhaus & Co.
at a price equal to the principal amount thereof from the date of such Bonds to the date
of actual delivery, plus a cash premium of $ NONE is hereby approved, ratified
and confirmed.
Section 5: Duties of City Officers: That the appropriate officers of said City are
hereby authorized and directed to complete the sale and delivery of said Bonds to
the purchaser named above in accordance with the provisions of the aforesaid Ordinance,
as supplemented and amended hereby, upon receipt of the full purchase price thereof,
and otherwise to do or cause to be done all other acts and things which may be
necessary or convenient to carry out the provisions of the Original Ordinance, as
supplemented and amended hereby.
Section 6: Confirmation of Previous Ordinance: That the aforesaid Ordinance, includir
without limitation the provisions of Section 9 thereof providing for the pledge of the net
01223
Ordinance No. 502
January 23, 1967
Page 3
revenues derived from the operation of the City's Waterworks and Sewer System
and Electric Light and Power System to the payment of said Bonds ( and "Outstanding
Bonds" and "Additional Bonds" as defined therein), as supplemented and amended by
this Ordinance, is hereby in all respects ratified, confirmed and readopted.
Section 7: Effective Date of Ordinance: This Ordinance shall take effect from
and after its passage.
PASSED AND APPROVED this 23rd day of January, 1967.
APPROVED:
D. A. Anderson, Mayor
ATTEST:
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City Secretary
(SEAL)
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