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HomeMy WebLinkAbout1946-0095 - Ordinance - 12/30/1946ORDINANCE NO. 95. BOND ORDINANCE BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAC,,AUTHORIZING THE ISSUANCE OF I3ONDS FOR THE PRINCIPAL SUM OF $15,000.00, FOR THE PURPO OF CONSTRUCTING IMPROVEMENTS AND EXTE;SIONS TO THE ELECTRIC LIGHT SYSTEM OF SAID CITY; AND PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF a TAX ON ALL THE TAXABLE PROPERTY 1ITHIN THE LIMITS OF STAID CITY TO PAY THE INTEREST AND CREATE A SINKING FUND FOR THE REDEMPTION THEREOF; PRESCRIBING THE FORM OF BOND; AND DECLARING AN EMERGENCY. WHEREAS, the City Council of the City of College Station, Texas, has heretofore on the 19th day of November, 1946, adopted an order calling an election on the question of the issuance of aonds of the City of College Stat:i,on, Texas, in the sum of $15,000.00, for the purpose of constructing improvements and extensions to the electric light system of said City; and NHEREAS, said election was held pursuant to said order and in accordance with law on the 17th day of December, 1946, and resulted favorably to the issuance of said bonds; and WHEREAS, on the 19th day of December, 1946, the City Council ado -ted a resolution canvassing the returns of said election and declaring the result thereof; and WHEREAS, The City Council now deems it advisable to proceed with the issuance of said bonds; THEREFORE, BE IT 01,DAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS: I. That the bonds of said City, to be called "CITY OF COLLEGE STATION ELECTRIC LIGHT SYSTEa; BONDS, SERIES 1947," be issued under and b- virtue of the Consti- tution and laws of the State of Texas, for the purpose of constructing im- provements and extensions to the Electric Light System, of said City. II. That said bonds shall be numbered consecutively from 1 to 15, inclusive; shall be of the denomination of One Thousand ($1,000.00) Dollars each, aggregating Fifteen Thousand ($15,000.00) Dollars. That said bonds shall be dated January 1, 1947, and shall mature serially as follows: • BOND NUMBERS MATURITY DATES AMOUNTS 1 March 1, 1948 $ 1,000.00 2 March 1, 191,E 1,000.00 3 March 1, 1950 1,000.00 4 March 1, 1951 1,000.00 00227 BOND NUMBERS MATURITY DATES AMOUNTS 5 March 1, 1952 $ 1,000.00 6 March 1, 1953 1,000.00 7 March 1, 1954 1,000.00 8 March 1, 1955 1,000.00 9 March 1, 1956 1,000.00 10 March 1, 1957 1,000.00" ,11 March 1, 1958 1,000.00 12 March 1, 1959 1,000.00 13 March 1, 1960 1,000.00 �4 March 1, 1961 1,000.00 15 March 1, 1962 1,000.00 IV. That said bonds shall bear interest from date as follows: Bonds Numbers 1 to 5, inclusive, at the rate of two (2,%) per cent per annum, and Bonds Numbers 6 to 15, inclusive, at the rate of two and three-fourths (2-3/4%) per cent per annum; interest payable March'1, 1948 and semi-annually theresfta• on September 1st and March 1st in each year. V. Principal and interest on said bonds shall be payable upon presentation and surrender of bonds or proper coupon at First National Bank, Houston, Texas. VI. That each of said bonds shall be signed by the Mayor, countersigned by the City Secretary, and the corporate seal of the City of College Station, Texas, shall be impressed upon each of them. VII. That the coupons attached to said bonds may be executed by the facsimile signatures of the Mayor and City Secretary, and shall have the same effect as if they had been signed by said officers. VIII. The form of said bonds shall be substantially as follows; NO. $1,000.00 UNTIED STATES OF AMERICA STATES OF TEXAS COUNTY OF BRAZOS- CITY OF COLLEGE STATION ELECTRIC LIGHT SYSTEM BOND SERIES 1947 KNOW ALL MEN BY THESE PRESENTS: That the City of College Station, in the County of Brazos, State of Texas, a municipal corporation duly incorporated under under the laws of the State of Texas, FOR VALUE RECEIVED, hereby promises to pay to the bearer hereof on the 1st day of March, 19 , the sum of. ONE THOUSAND DOLLARS ($1,000.00), in lawful money of the United States of America, with interest 00228 thereon from date hereof at the rate of ( ,%) per. cent per annum, interest payable March 1, 1948 and semi-annually thereafter on September -1st in each year, principal and interest payable upon presentation and surrender of bond or proper coupon at the First National Bank, Houston, Texas, and the City of College Station, Texas, is hereby, held and firmly bound, and its faith and credit, and all real and personal property in said City, are hereby pledged for the prompt payment of the principal of this bond and the interest thereon at maturity. This bond is one of a series of 15 bonds, numbered from 1 to 15, inclusive, of the denomination of One Thousand ($1,000.00) Dollars each, aggregating Fifteen Thousand ($15,000.00) Dollars, issued for the purpose of constructing improvements and extensions to the electric light system of said City, under and by virtue of the, Constitution and Laws of the State of Texas, and in pursuance of an ordinance passed by the City Council of the City of College Station, Texas, which ordinance is of record in the Minutes of the said City Council. IT IS HEREBY CERTIFIED AND RECITED that the issuance of this•bond, and the series of which i is a part, is duly authorized b;; law and by a Grote of the qualified property taxpaying vo ers of the City of College'Station, who owned taxable -property in said City and .ho had duly rendered the same for tation,`voting at an election held for that purpose within said City on the 17th day of December, 1946; that all acts, conditions and things required to be done precedent to and in the issuance of this series of bonds, and of this bond, have been proper1.r done and performed and have happened in regular and due time, form and manner az required by law; that sufficient and proper provision for the levy and collection of taxes has been made which when collected shall be appropriated exclusively to the payment of this bond, and of the series of which it is a part, and to the payment of the interest coupons hereto annexed as the same shall become due; and that the total indebtedness of said City of College Station, including the entire series of bonds of which this is -one, does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the City of College Station by its City Council, has caused its corporate seal to be affixed hereto, and this bond to be signed by its Mayor, countersigned by its City Secretary, and the interest coupons hereto attached to be executed by the facsimile signatures of the Mayor and City Secretary; the date of this bond, in conformity with the ordinance above referred to, being the 1st day of January, 1947. Ernest Langford, Mayor Signed COUNTERSIGNED: N. M. McGinnis. City Secretary Signed Ix. The form of coupon shall be substantially as follows; NO. On the 1st day of lc'_._., The National in lawful the CITY 1, 1947, bond: City of College Station, Texas, promises to pay to bearer '_t the First Bank, Houston, Texas, the sum of ( j Dollars, . money of the United States of America, being months' interest on OF COLLEGE STATION ELECTRIC LIGHT SYSTEM BOND, SERIES 1947, dated January No. X. Ernest Langford, Mayor Signed 5 N. M. McGinnis. City Zamtiary Signed Substantially the following certificate shall be printed on the back of each OFFICE OF COMPTROLLER STATE OF TEXAS I HEREBY CERTIFY that there is on file and of record in my office a certificate of the Attorney Generaly 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 Constitution and Laws of the State of Texas, and that it is a valid and binding obligation upon said City of College Station, Texas, and that said bond has this day been registered by me. WITNESS MY HAND and seal of office, at Austin, Texas, this Comptroller of Public Accounts of The State of Texas XI. IT IS FURTHER ORDAINED by the City Council of the City of College Station, that while said bonds, or any of them, are outstanding and unpaid, there shall be annually levied, assessed and collected, in due time, form and manner, a tax upon all the taxable property in said City of College Station, sufficient to pay the current interest thereon and create a sinking fund sufficient to pay each installment of the principal as the same becomes due, and to pay the interest on said bonds for the first year and to create a sinking fund with which to pa;' the principal as the some becomes due, there is hereb, levied a tax of 12 Cents on each $100.00 valuation of taxable property in said City for the year 1947, and the s same shall be assessed and collected and applied to the purpose named; and while said bonds, or any of them, are outstanding and unpaid, a tax for each year at a rate from year to year, as will be ample and sufficient to provide funds to pay the current interest on said bonds and to provide the necessary sinking fund, full allowance being made for deliquencies and costs of collection, shall be, and is hereby levied for each year, respectively, while said bonds, or any of them, are outstanding and unpaid, and said tax shall each year be assessed and collected and applied to the payment of the interest on, and principal of, said bonds. XII. It is further ordained that the Mayor of said City shall be authorized • to take and have charge of all necessary records pending investiglr.za®the Attorney General and shall take and have charge and control of the bonds herein • authorized pending their approval by the Attorney General and registration by the Comptroller of Public Accounts. XIII. It is further ordained that all ordinances and parts of ordinances in conflict herewith are hereby expressly repealed. XIV. The fact that the City of College Station, Texas, is badly in need of the improvements herein contemplated, and said improvements will be to the best interest and-eneral welfare of the said City creates an emergency and an iriperative public necessity that the rule requiring ordinances to be read at more than one meeting o f the City Council before final passage be suspended, and said rule is hereb y suspended, and that this ordinance take effect and be in full force and effect immediately from and after its passage at this meeting, and it is so ordained. PASSED AND APPROVED, this 30th day of December, 19/i. ATTEST: City Secretary Mayor, City of Colle Texas 00231 ation ,