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HomeMy WebLinkAbout1968-0582 - Ordinance - 07/15/1968ORDINANCE NO. 582 AN ORDINANCE AUTHORIZING THE ISSUANCE OF $840, 000 GENERAL OBLIGATION BONDS, SERIES 1968; PRESCRIBING THE TERMS AND PROVISIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST THEREON AND THE PRINCIPAL THEREOF: CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL BE EFFECTIVE UPON AND AFTER ITS ADOPTION. THE STATE OF TEXAS COUNTY OF BRAZOS X The City Council of the City of College Station, Texas, convened in special session, open to the public, at the City Hall within said City on the 15th day of July, 1968, with the following members and the City Secretary present, to -wit: D A Anderson B . J. Cooley James H. Dozier O. M. Holt Dan R. Davis Florence Neeley Mayor Councilman Councilman Councilman Councilman Assistant City Secretary and the following member(s) absent, to -wit: Holleman, Rhodes, when among other business, the following was transacted: An ordinance was introduced which was read in full. Councilman Dozier made a motion that the ordinance be adopted. Councilman Davis seconded the motion for adoption of the ordinance. The motion, carrying with it the adoption of the ordinance, prevailed by the following vote: AYES: Mayor Anderson and Councilmen Cooley, Dozier, Holt, Davis. NOES: None. The Mayor thereupon announced that the ordinance had been duly and lawfully adopted. The ordinance thus adopted follows: 014S7 ORDINANCE AUTHORIZING THE ISSUANCE OF $840, 000 GENERAL OBLIGATION BONDS, SERIES 1968; PRESCRIBING THE TERMS AND PROVISIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST THEREON AND THE PRINCIPAL THEREOF; CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL BE EFFECTIVE UPON AND AFTER ITS ADOPTION WHEREAS, at an election held within the City of College Station, Texas, on the 3rd day of February, 1968, more than a majority of the duly qualified resident electors of said City who owned taxable property within said City and who had duly rendered the same for taxation, voting at said election, voted in favor of the issuance of the bonds of said City in the total amount of $840, 000, maturing serially within 40 years from their date or dates, and bearing interest at a rate or rates not to exceed 6% per annum, for the purpose of constructing a public building within said City, to -wit: a city hall building, for the purpose of constructing a public building within said City, to -wit: a fire station -police headquarters building, for the purpose of purchasing rights-of-way for State Highway No. 6 By -Pass, including two interchanges, and for the extension of University Drive from State Highway No. 6 to the proposed interchange on State Highway No. 6 By -Pass, all within said City, and for the purpose of the construction and improvement of the roads, bridges and streets of said City, to -wit: the street known as "29th" Street from the present City Limits to the City of College Station to Ashburn Avenue and the "County Road" from Glade Street to State Highway No. 6, all within said City, and the purchase of the necessary rights-of-way therefor within said City, and the levy of taxes in payment thereof; and WHEREAS, said election was called and held under and in strict conformity with the Constitution and laws of the State of Texas and the City Council of Said City has heretofore officially declared the results of said election and has determined the specific authority of said City to issue said bonds; and WHEREAS, the City Council now deems it advisable to issue, sell and deliver all of said $840, 000 bonds; Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION 01465 SECTION 1: NAME, AMOUNT, PURPOSE AND AUTHORIZATION: That the serial coupon bonds of the City of College Station, Texas, to be known and designated as "CITY OF COLLEGE STATION, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1968", be issued in the principal amount of $840, 000 for the purpose of constructing a public building within said City, to -wit: a city hall building, for the purpose of constructing a public building within said City, to -wit: a fire station -police headquarters building, for the purpose of purchasing rights-of-way for State Highway No. 6 By -Pass, including two interchanges, and for the extension of University Drive from State Highway No. 6 to the proposed interchange on State Highway No. 6 By -Pass, all within said City, and for the purpose of the construction and improvement of the roads, bridges and streets of said City, to -wit: the street known as "29th" Street from the present City Limits of the City of College Station to Ashburn Avenue and the "County Road" from Glade Street to State Highway No. 6, all within said City, and the purchase of the necessary rights-of-way therefor within said City, under and by virtue of the Constitution and laws of the State of Texas, including particularly Chapters 1 and 7 of Title 22, Revised Civil Statutes of Texas, 1925, as amended, and as authorized at the election held in and throughout said City on the 3rd day of February, 1968. SECTION 2: 2. 01 - DATE, BOND NUMBERS, DENOMINATION AND MATURITIES: That said bonds shall be dated August 1, 1968, shall be numbered from 1 through 168, shall be in the denomination of $5, 000 each, aggregating $840, 000, and shall become due and payable serially in their numerical order on August 1 in each of the years 1970 through 1994 in the respective amounts shown in the following schedule, to -wit: $15, 000 1970 20,000 1971/73 25,000 1974/78 30,000 1979/81 35,000 1982/84 40,000 1985/87 45, 000 1988/92 50,000 1993/94 O14u9 2. 02 - OPTION OF PRIOR REDEMPTION: The City expressly reserves the right to redeem those bonds of this issue maturing in each of the years 1984 through 1994 in whole or in part on August 1, 1983, or on any interest payment date thereafter, by paying to the owners or holders thereof a sum equal to the principal amount of the bonds called for redemption plus unpaid accrued interest thereon to the date fixed for redemption. If the City elects to redeem all or any part of said bonds on any such redemption date, notice of the exercise of the option to redeem shall be given in writing to the bank at which said bonds are payable, and said notice shall be published one (1) time in a financial journal or publication of general circulation in the United States of America, which notice shall be mailed to said bank and published in said journal or publication at least thirty (30) days prior to the date fixed for redemption. When said bonds, 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 bonds 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 bonds called for redemption shall terminate on the date fixed for redemption. SECTION 3: 3.01 - INTEREST RATES AND INTEREST PAYMENT DATES: That said bonds shall bear interest per annum at the following rates, respectively, to -wit: Bonds maturing 1970 through 1973, 6. 00%, Bonds maturing 1974 through 1984, 4. 40%, Bonds maturing 1985 through 1986, 4. 50%, Bonds maturing 1987 through 1989, 4. 60%, Bonds maturing 1990 through 1994, 4. 70%, interest payable August 1, 1969, and semi-annually thereafter on February 1 and August 1 of each year until the principal sum is paid. 3. 02 - MEDIUM AND PLACE OF PAYMENT: That both principal of and interest on said bonds shall be payable, without exchange or collection charges to the owners or holders of the bonds and/or interest coupons, at the University National Bank, College Station, Texas, in any coin or currency which, on the respective dates of payment of such principal and interest, is legal tender for the payment of debts due the United States of America. The principal of said bonds shall be payable only upon presentation and surrender of said bonds as they respectively become due, and interest falling due on and prior to the respective maturity dates of the bonds shall be payable only upon presentation and surrender of the interest coupons attached to said bonds as such coupons severally become due. 01410 SECTION 4: EXECUTION OF BONDS AND INTEREST COUPONS: That each of said bonds shall be signed by the Mayor and countersigned by the City Secretary, by their lithographed or printed facsimile signatures, and the official seal of the City shall be impressed, or placed in facsimile, upon each of said bonds. The interest coupons attached to said bonds shall also be signed by said facsimile signatures of the Mayor and City Secretary. Said facsimile signatures on the bonds and interest coupons and said facsimile seal on the bonds shall have the same effect as if each of said bonds and interest coupons had been signed manually and in person by each of said officers and the official seal of said City had been manually impressed upon each such bond. The registration certificate of the Comptroller of Public Accounts of the State of Texas, which certificate is to be printed upon the back of each of said bonds as hereinafter provided in Section 7 of this ordinance, shall be manually signed. SECTION 5: FORM OF BONDS: That said bonds shall be in substantially the following form: NO. $5, 000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF BRAZOS CITY OF COLLEGE STATION, TEXAS GENERAL OBLIGATION BOND SERIES 1968 FOR VALUE RECEIVED, THE CITY OF COLLEGE STATION, in the County of Brazos, State of Texas, hereby acknowledges itself indebted to and PROMISES TO PAY TO BEARER the sum of FIVE THOUSAND DOLLARS $5, 000), ON THE FIRST DAY OF AUGUST, 19 , and to pay interest thereon from the date hereof at the rate of % (NOTE TO PRINTER: For interest rates, see Section 3. 01 of bond ordinance) per annum, interest payable August 1, 1969, and semi-annually thereafter on February 1 and August 1 of each year until the principal sum is paid. Both principal of and interest on this bond shall be payable in any coin or currency which, on the respective dates of payment of such principal and interest, is legal tender for the payment of debts due the United States of America, at the University National Bank, College Station, Texas, without exchange or collection charges to the owner or holder. The principal hereof shall be payable only upon presentation and surrender of this bond, and interest hereon falling due on and prior to the maturity of this bond shall be payable only upon presentation 01471 and surrender of the interest coupons hereto attached as such coupons severally become due. THE DATE OF THIS BOND, in conformity with the ordinance hereinafter mentioned, IS AUGUST 1, 1968. THIS BOND IS ONE OF A SERIES OF 168 SERIAL COUPON BONDS of like tenor and effect, except as to serial number, interest rate, maturity and option of prior redemption, being numbered consecutively from 1 through 168, in the denomination of $5, 000 each, AGGREGATING $840, 000, and, together with the other bonds of said series, is issued for the purpose of constructing a public building within said City, to -wit: a city hall building, for the purpose of constructing a public building within said City, to -wit: a fire station -police headquarters building, for the purpose of purchasing rights-of-way for State Highway No. 6 By -Pass, including two interchanges, and for the extension of University Drive from State Highway No. 6 to the proposed interchange on State Highway No. 6 By -Pass, all within said City, and for the purpose of the construction and improvement of the roads, bridges and streets of said City, to -wit: the street known as "29th" Street from the present City limits of the City of College Station to Ashburn Avenue and the "County Road" from Glade Street to State Highway No. 6, all within said City, and the purchase of the necessary rights-of-way therefor within said City, under and by virtue of the Constitution and laws of the State of Texas, including particularly Chapters 1 and 7 of Title 22, Revised Civil Statutes of Texas, 1925, as amended, and by authority of a vote of the duly qualified resident electors of said City who owned taxable property within said City and who had duly rendered the same for taxation, at the election held within said City on the 3rd day of February, 1968, and pursuant to an ordinance duly passed and adopted by the City Council of said City, which ordinance is of record in the minutes of said City Council. THE CITY EXPRESSLY RESERVES THE RIGHT TO REDEEM THOSE BONDS OF THIS ISSUE MATURING IN EACH OF THE YEARS 1984 THROUGH 1994, in whole or in part, on August 1, 1983, or on any interest payment date thereafter by paying to the owners or holders thereof a sum equal to the principal amount of the bonds called for redemption plus unpaid accrued interest thereon to the date fixed for redemption. If the City elects to redeem all or any part of said bonds on any such redemption date, notice of the exercise of the option to redeem shall be given in writing to the bank at which said bonds are payable, and said notice shall be published one (1) time in a financial journal or publication of general circulation in the United States of America, which notice shall be mailed to said bank 01472 and published in said journal or publication at least thirty (30) days prior to the date fixed for redemption. When said bonds, 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 bonds 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 bonds called for redemption shall terminate on the date fixed for redemption. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that the issuance of this bond, and the series of which it 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 bond and this series of bonds 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 the payment of the principal of and interest on this bond, and the series of which it is a part, by the levy of a direct annual ad valorem tax upon all taxable property within said City sufficient for said purposes; and that the total indebtedness of said City, including the entire series of bonds of which this is one, does not exceed any Constitutional or statutory limitation. IN TESTIMONY WHEREOF, the City Council of the City of College Station, Texas, has caused the corporate seal of said City to be impressed, or placed in facsimile, hereon, this bond to be signed by the Mayor and countersigned by the City Secretary by their lithographed or printed facsimile signatures, and the annexed coupons also to be signed by said facsimile signatures of the Mayor and City Secretary, all as of the 1st day of August, 1968. Mayor, City of College Station, Texas COUNTERSIGNED: City Secretary, City of College Station, Texas 01473 SECTION 6: FORM OF INTEREST COUPONS: That the interest coupons to be attached to said bonds shall be in substantially the following form: NO. $ ON THE 1ST DAY OF , 19 , * THE CITY OF COLLEGE STATION, in the County of Brazos, State of Texas, PROMISES TO PAY TO BEARER, without exchange or collection charges, at the University National Bank, College Station, Texas, the amount shown hereon in any coin or currency which on such date is legal tender for the payment of debts due the United States of America, being interest due that date on the City of College Station, Texas, General Obligation Bond, Series 1968, bearing the number hereinafter specified, dated August 1, 1968. Bond No. . Mayor City Secretary *(Coupons maturing after 1, 198 shall contain the following additional clause: unless the bond to which this coupon appertains has been called for redemption and due provision made to redeem same, ) 01414 SECTION 7: REGISTRATION OF BONDS BY STATE COMPTROLLER AND FORM OF REGISTRATION CERTIFICATE: That each of said bonds shall be registered by the Comptroller of Public Accounts of the State of Texas, as provided by law, and the registration certificate of said Comptroller, which is to be printed on the back of each of said bonds and is to be manually executed, shall be in substantially the following form: OFFICE OF THE COMPTROLLER X THE STATE OF TEXAS X REGISTER NO. I HEREBY CERTIFY that there is on file and of record in my office a certificate of the Attorney General of the State of Texas to the effect that this bond has been examined by him as required by law; 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 the City of College Station, Texas, and said bond has this day been registered by me. WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas, Comptroller of Public Accounts of the State of Texas SECTION 8: INTEREST AND SINKING FUND - TAX LEVY: That there is hereby created a special fund to be designated "City of College Station, Texas, Series 1968, Interest and Sinking Fund", and the proceeds from all taxes assessed and collected for and on account of the bonds authorized by this ordinance shall, as collected, be deposited into said Fund. That while said bonds 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 assessed, levied and collected in each year, beginning with the current year, a continuing direct annual ad valorem tax upon all taxable property within said City at a rate each year sufficient to pay the current interest on said bonds and to create and provide a sinking fund of not less 01475 than 2% of the principal amount of said bonds 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 principal of and interest on said bonds and to no other purpose. SECTION 9: APPROVAL AND REGISTRATION OF BONDS BY STATE OFFICERS: That it shall be the duty of the Mayor or someone acting under authority of said Mayor to submit the record of said bonds, and the bonds, to the Attorney General of the State of Texas for examination and approval, and thereafter to have such bonds registered by the Comptroller of Public Accounts of the State of Texas. SECTION 10: SALE OF BONDS: That the sale of said bonds to First National Bank, Dallas, Texas, at a price equal to the principal amount of such bonds, plus accrued interest thereon from the date of such bonds to the date of actual delivery, plus a cash premium of $90. 00, subject to the unqualified approving opinion, as to the legality of said bonds, of the Attorney General of the State of Texas and Vinson, Elkins, Weems & Searls, Houston, Texas, market attorneys, is hereby authorized, approved, ratified and confirmed. When said bonds have been approved by the Attorney General and registered by the Comptroller of Public Accounts of the State of Texas, they shall be delivered to the named purchaser upon receipt of the full purchase price. SECTION 11: DUTIES OF CITY OFFICIALS: That the Mayor of said City and other appropriate officials of the City are directed to do any and all things necessary or convenient to carry out the provisions of this ordinance. SECTION 12: EFFECTIVE DATE OF ORDINANCE: That this ordinance shall become effective and be in full force and effect upon and after its adoption. (L476 PASSED AND APPROVED this 15th day of July, 1968. ATTEST: Assistant City Secetary, City of College Station, Texas (SEAL) Mayor, City of College Station, Texas 01477