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Home My WebLink About1954-0198 - Ordinance - 11/08/1954STANDARD B & P STANDARD B&P" ORDINANCE NO. 198 AN ORDINANCE AUTHORIZING TIE ISSUANCE OF REVENUE BONDS OF THE CITY OF COLLEGE STATION, TEXAS; PRESCRIBING THE TERK3 AND CONDITIONS THEREOF; MAKING PROVISION FOR THE PAYMENT OF PRINCIPAL AND INTEREST THEREON; AND PROVIDING FOR AN ELECTION AUTHORIZING THE ISSUANCE OF SAID BONDS. THE STATE OF TEXAS 4 COUNTY OF BRAZOS The City Council of the City of College Station, Texas, convened in special session at the City Hall within said City on the 8th day of November, 1954, with the following members present, to—wit: Ernest Langford Mayor J. A. Orr Councilman A. P. Boyett Councilman Ernest Seeger Councilman G. W. Black Councilman Joe H. Sorrels Councilman N. A•I. McGinnis City Secretary M. C. Pugh Councilman and the following members absent, to—wit: none was transacted: , when the following business The Mayor introduced an ordinance which was read in full. Councilman Orr made a. motion that the ordinance be adopted as read. The motion was seconded by Councilman Pugh and carried by the following vote: AYES: Councilmen Orr, Pugh, Boyett, Seeger, Black, and Sorrels. NOES: None. The Mayor requested that he be recorded as voting 'Aye'. The ordinance thus adopted as follows: ORDINANCE NO. 198 AN ORDINANCE AUTHORIZING THE ISSUANCE OF REVENUE BONDS OF THE CITY OF COLLEGE STATION, TEXAS; PRESCRIBING THE TERMS AND CONDITIONS THEROF; MAKING PROVISION FOR TEE PAYIENT OF IR INC IPAL AND INTEREST THEREON; AND PROVIDING FOR AN ELECTION AUTHORIZING TEE ISSUANCE OF SAID BONDS. 00434 STANDARD B & P (US WHEREAS, under the Constitution and laws of the State of Texas and. the Horne -Rule Charter of the City of College Station, Texas, said City has authority to issue revenue bonds as hereinafter provided; and WHEREAS, before said bonds can be issued, they must be approved at an election by a majority vote of the resident qualified electors of said City who own taxable property within said City and who have duly rendered the same for taxation, voting at said election; THEREFORE BE TT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION: ,Sgption 1: That an election shall be held in and throughout the City of College Station, Texas, on the 1st day of December, 1954, 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 COLLEC STATIOIT, TEXAS, BE AUTHORIZED TO ISSUE THE REVENUE BONDS OF SAID CITY IN THE AMOUNT OF $300,000 .1ATURING SERIALLY WITHIN THIRTY (30) YEARS Fi:i.0i-r THE IR DATE OR DATES, BEARING INTEREST AT A RATE NOT TO EXCEED FOUR PER CENT (4%) PER ANNUM, FOR THE PURPOSE OF CONSTRUCTING IMPROVEMENTS AND EXTENSIONS TO THE CITY'S EXISTING SANITARY SEWER SYSTEM, SAID BONDS TO BE ISSUED IN ACCORDANCE WITH AND SECURED IN THE MANNER PROVIDED IN ARTICLES 1111 TO 1118, BOTH INCLUSIVE, VERNON'S TEXAS CIVIL STATUTES, AS AMENDED; AND TO SECURE THE PAYMENT OF THE INTEREST ON SAID BONDS AS TT ACCRUES AND THE PRINCIPAL OF SAID BONDS AS TT MATURES, BY PLEDGING THE " NET REVENUES FROM THE OPERATION OF THE CITY'S ELECTRIC LIGHT AND POWER SYSTEM , AND, AT TEE. OPTION OF THE CITY COUNCIL, BY ALSO PLEDGING THE NET REVENUES FROM THE OPERATION OF THE CITY'S WATERWORKS SYSTEM AND SANITARY SEWER SYSTEM, EITHER OR BOTH; • EACH BOND TO BE CONDITIONED THAT THE HOLDER THEREOF SHALL NEVER HAVE THE RIGHT TO DEMAND THE PAYMENT OF SAID OBLIGATION OUT OF ANY FUND RAISED OR TO BE RAISED BY TAXATION? ( The probable period of use- fulness of said improvements is forty (40) year.) 00485 X 4ction 2: That the probable period of usefulness of the improvements for which the bond funds are to be expended is forty (40) years. 3 0- Section 3: That said election shall be held at the following as 00 places, and the election officials shall be, for the purpose of this 0 election, as follows: Q ❑ In Ward No. 1 at the following polling place, to -wit: Z Q A M Consolidated School I�isic Room U) Presiding Judge E. 0. Ole c ,e• Assistant Judge Mrs. W. W. Armistead Clerk P. L. Dorms. Jrz Clerk Mrs. C. D. Godbey,_ In Ward No. 2 at the following polling place, to wit: J. C,� Culue j r_ s Office - 121 Walton Drive„_ Presiding Judge E. R. Alexa der Assistant Judge K. A. Mannino Clerk Mrs. P. W. Burns Clerk Tir. ss W. H. Dela,�lane In W, o. 1 at the following polling place, to wit: L� City of Col eye Stat',o City Hall �� 0 Presiding Judge C. J. Gorzycki z Assistant Judge Mrs. A. P. Bovett 0_ as Clerk Mrp. W. B. Clements 00 ❑ Clerk J. D. Chaney 0= Q Section 4: That said election shall be held in accordance with CD Z the provisions of the Constitution and laws of the State of Texas, Q Ul and only duly qualified resident electors of the City of College Station who own taxable property within the City and who have duly rendered the same for taxation shall be qualified to vote. 004% That the ballots of said election shall conform. to the requirements of Chapter 6 of the Election. Code of the State of Texas, Chapter 492, Acts of the 52nd Legislature, 1951, so far as applicable, and shall have printed thereon the following OFFICIAL BALLOT FOR TUE :tSSUANOE OF 000,000 SEWER IME REVENUE BONDS AGAINST TUE ISSUANCE OF ..!3.00,00 0 SEWER INTROVEWIT.P. REVENUE BONDS In accordance with the provisions of Article 61. of the Election Code (codified by Vernon as Article 6.05 of said Code), a square ahall be printed on the ballot beside each of the above expressions. The voter may vote by placing X or a plus sign, or any mark that clearlyshows his intent on, in the square beside the expression of his choice; or he may vote by marking out one of the above expressions, thus leaving the other as indicating his vote of the proposition. S-,ction 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 the wards within said City not less than fourteen. (14) days prior to the date on whichsaid 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 pub:lished. within. said City and which newspaper is the official newspaper of said City, the first of said publications to be not later than fourteen (14) days prior to the date set for said. election. 004S7 STANDARD B & P Section 7: That if said proposition is approved by a majority vote of the electors voting at said election, the same will constitute an approval of this ordinance and of the authority of the City Council to issue said bonds. Section &: That the issuance of said bonds is hereby authorized, subject to the approval by a majority vote of the resident qualified property taxpaying voters voting at the electionhereinabove provided, 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 the. 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 this ordinance shall take effect from and after its passage. PASSED AND APPROVED this 8th day of November, 1954. ATTEST: f 1 City Secretary CG LW 0 (SEAL) z 0 Mayor, City of Co /ge Station, Texas i 00488