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Home My WebLink About1964-0414 - Ordinance - 07/27/1964BOORUM & PEASE ORDINANCE NO. 414 AN ORDINANCE AUTHORIZING THE ISSUANCE OF RIGHT-OF-WAY TIME WARRANTS OF THE CITY OF COLLEGE STATION, TEXAS; PRESCRIBING THE TERMS AND CONDITIONS THERE- OF AND UPON WHICH SUCH WARRANTS SHALL BE ISSUED; LEVYING TAXES TO PROVIDE THE PAYMENT OF THE PRINCIPAL THEREOF AND INTEREST THEREON; 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 regular session at the City Hall within said City at 7:00 o'clock p.m. on the 27th day of July, 1964, with the following members present, to -wit: Ernest Langford Mayor T. R. Holleman Councilman Robert R. Rhodes Councilman 0, M. Holt Councilman A. L. Rosprim Councilman A. P. Boyett Councilman and the following members absent, to -wit: J. A. Orr and K, A. Manning, when the following business was transacted: The Mayor introduced an ordinance which was read in full. Councilman Holleman made a motion that the ordinance be adopted as read. The motion for adoption was seconded by Councilman Holt and carried by the following vote: AYES: Councilmen Holleman, Rhodes, Holt, Rosprim, and Boyett, and Mayor Langford. NOES: None. The ordinance thus adopted follows: AN ORDINANCE AUTHORIZING THE ISSUANCE OF RIGHT-OF-WAY TIME WARRANTS OF THE CITY OF COLLEGE STATION, TEXAS; PRESCRIBING THE TERMS AND CONDITIONS THERE- OF AND UPON WHICH SUCH WARRANTS SHALL BE ISSUED; LEVYING TAXES TO PROVIDE THE PAYMENT OF THE PRINCIPAL THEREOF AND INTEREST THEREON; CONTAINING OTHER LLI PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT AND BE IN FORCE FROM AND AFTER ITS PASSAGE. WHEREAS, on the 6th day of July, 1964, the City Council of the City of College Station, Texas, adopted a resolution authorizing the giving of C) 00995 BOORUM & BOORUM & PEASE notice of intention to issue time warrants of said City in the maximum principal sum of $100,000 for the purpose of evidencing the indebtedness of said City for all or any part of the cost of purchasing and acquiring rights-of-way for the public streets within said City, including professional services to be rendered in connection therewith and other incidental expenses in connection therewith, and said notice has been published in the manner and for the time required by law; and WHEREAS, no petition of any kind whatsoever has been filed requesting a referendum on the question of issuing warrants for the purpose of paying �- for such rights-of-way and professional services and other incidental expenses min connection therewith, and no request for an election has been received, and no written protest to the issuance of time warrants has been presented, and it is hereby affirmatively found that the City Council is now authorized to proceed with the issuance of said warrants in accordance with the terms of this ordinance; Therefore _ BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION: Section 1. That all facts recited in the preamble to this ordinance are hereby found and declared to be true and correct. Section 2. That for the purpose of evidencing the indebtedness of the City of College Station, Texas, for all or any part of the cost of purchasing and acquiring rights-of-way for the public streets within said City, including professional services to be rendered in connection therewith and other 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 1964", under and 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 (codified as Article 2368a, Vernonts Texas Civil Statutes, 1925, as amended), and the Home Rule Charter of said City. Section 3. That said warrants shall be dated August 1, 1964, shall bear interest at the rate of four and one-half per cent (4-1/2%) per annum, interest payable August 1, 1965, and semi-annually „thereafter on February 1st and August 1st of each year until the principal sum is paid. 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 mature serially in their numerical order on August 1st in each of the years 1966 to 1976, both inclusive, in the amounts shown in the following schedule, to -wit: 00996 BOORUM & PEASE Warrants Nos. Year of Amount (both incl.) Maturity Maturing 1 - 5 1966 $ 5,000 6 - 10 1967 5,000 11 - 20 1968 10,000 21 - 30 1969 10,000 31 - 40 1970 10,000 41 - 50 1971 10,000 51 - 60 1972 10,000 61 - 70 1973 10,000 71 - 80 1974 10,000 81 - 90 1975 10,000 91 -100 1976 10,000 Section 4. Both principal and interest on said warrants shall be payable, without exchange or collection charges, to the owners or holders of said warrants, at the University National Bank, College Station, Texas, in any coin or currency of the United State of America, 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. Section 5. That each of said warrants shall be signed by the Mayor of the City of College Station and countersigned by the City Secretary, and the official seal of said City shall be impressed upon each of said warrants. Section 6. That said warrants shall be substantially in the following form: No. $1,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF BRAZOS CITY OF COLLEGE STATION RIGHT-OF-WAY TIME WARRANT SERIES 1964 THE CITY OF COLLEGE STATION, in the County of Brazos, State of Texas, FOR VALUE RECEIVED, acknowledges itself indebted to and hereby PROMISES TO La! PAY TO BEARER ON THE FIRST DAY OF AUGUST 19_, the sum of ONE THOUSAND C" DOLLARS (1,000) in lawful money of the United States of America, with interest thereon from the date hereof at the rate of four and one-half (4-1/2%) per O 2 00997 BOORUM & BOORUM & PEASE 0. h annum, interest payable August 1, 1965, and semi-annually thereafter on February 1st and August 1st of each year until the principal sum is paid. The principal of and interest on this warrant shall be payable to bearer in any coin or currency of the United States of America 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. For the prompt payment of this warrant at maturity and the interest hereon as it becomes due, the full faith, credit, and resources of said City are hereby irrevocably pledged. THIS WARRANT IS ONE OF A SERIES OF 100 SERIAL TIME WARRANTS of like tenor and effect, except as to serial number and maturity, dated August 1, 1964, numbered consecutively from 1 to 100, both inclusive, in the denomination of $1,000 each, AGGREGATING $100,000, and is issued for the purpose of evidencing the indebtedness of said City for all or any part of the cost of purchasing and acquiring rights-of-way for the public streets within said City, including professional services to be rendered in connection therewith and other incidental expenses in connection therewith, the benefits of which are hereby acknowledged to have been received by said City, 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, 1925, as amended), and the Home Rule Charter of said City, and pursuant to an ordinance adopted by the City Council of said City, which ordinance is of record in the official minutes of said City Council. THE DATE OF THIS WARRANT, in conformity with the ordinance above mentioned, is AUGUST ]., 1964. IT IS HEREBY CERTIFIED, RECITED, AND REPRESENTED that the issuance of this warrant and the series of warrants of which it is a part id duly authorized by law; that all acts, conditions and things required to be done precedent to and in the issuance of this warrant and 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 the levying and collecting annually by taxation an amount sufficient to pay the interest on said warrants as it falls due and to provide a sinking fund for the final redemption of said warrants at maturity; and that the issuance of the series of warrants, of which this is one, together with all other indebtedness of said City, is within every debt or other limit prescribed by the Constitution and laws of the State of Texas. IN WITNESS WHEREOF, the City Council of the City of College Station, Texas, has caused the corporate seal of said City to be affixed hereto, and this warrant to be signed by the Mayor and countersigned by the City Secretary, all as of the 1st day of August, 1964. Countersigned: City Secretarl r G 1' Mayor, City of ol]e ge Station, Texas 00398 BOORUM & PEASE BOORUM & PEASE Section 7. That while said 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, a continuing direct annual ad valorem tax upon all taxable property in said City sufficient to pay the current interest on said warrants and to create and provide a sinkinyfund of not less than two per cent (2%) of the principal amount of said 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 principal of and interest on said warrants, and to no other purpose. Section 8. That the Mayor and City Secretary are authorized and directed to execute and countersign each of said warrants for an on behalf of the City of College Station, but said warrants shall not be delivered until further authorized by this City Council. Section 9. That this ordinance shall take effect and be in full force and effect from and after its passage. PASSED AND APPROVED, this the 27th day of July, 1964. ATTEST: City Secretary, City of Cege Station, Texas Mayor, City of /College Station, Texas 00999