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HomeMy WebLinkAbout1967-0501 - Ordinance - 01/23/1967(g) ORDINANCE NO. 501 0 AN ORDINANCE SUPPLEMENTING AND AMENDING THE ORDINANCE AUTHORIZING THE ISSUANCE OF $333, 000 WATERWORKS AND SEWER SYSTEM AND ELECTRIC LIGHT AND POWER SYSTEM REVENUE REFUNDING BONDS AND DECLARING THAT THIS ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY UPON ITS ADOPTION. THE STATE OF TEXAS X COUNTY OF BRAZOS X O=' The City Council of the City of College Station, Texas, convened in regular 0 session at the regular meeting place thereof in the City Hall, within said City on the 0 23rd day of January, 1967, with the following members present, to -wit: CO BOORUM & PEASE "N TTe^R" D. A. Anderson Mayor Bill J. Cooley Councilman Homer B. Adams Councilman Robert R. Rhodes Councilman 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 Holt made a motion that the ordinance be adopted as read. Councilman Boyett 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 duly 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 $333, 000 WATERWORKS AND SEWER SYSTEM AND ELECTRIC LIGHT AND POWER SYSTEM REVENUE REFUNDING BONDS AND DECLARING THAT THIS ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY UPON ITS ADOPTION. WHEREAS, the Council of the City of College Station, Texas, on January 13, 1967, duly adopted an ordinance authorizing the issuance of $333, 000 Waterworks and Sewer System and Electric Light and Power System Revenue Bonds, Series 1967; and 01219 Ordinance No. 501 January 23, 1967 Page 2 WHEREAS, said Council desires to supplement and amend said ordinance in order to perfect the sale and delivery of Bonds numbered 14 to 22, both inclusive, of said Series of Bonds and to conform the provision relating to the issuance of additional bonds to coincide with the fiscal year accounting basis of said City; 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: (a) inserting the words "per annum" immediately following the word "rates" in the sixth (6th) line of said section; (b) deleting the heading "Coupon Rate" in the schedule contained within said section and substituting therefor the heading "Coupon Rate % Per Annum"; (c) deleting the coupon rate of 4. 50% specified in said schedule for bonds numbered 14 to 16, both inclusive, maturing in 1968 and substituting therefor the rate of 5% per annum; and (d) deleting the coupon rate of 4. 50% specified in said schedule for bonds numbered 17 to 22, both inclusive, maturing in 1969, and substituting therefor the rate of 5% per annum. Section 2: That Section 11 (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 17 of the aforesaid ordinance shall be, and is hereby, amended by deleting said section in its entirety and substituting the following therefor: "Section 17. Approval, Registration and Exchange. It shall be the duty of the Mayor, or someone acting under his authority, to submit the record of said refunding bonds, and the bonds, to the Attorney General of Texas for approval and thereafter to have said refunding bonds registered by the Comptroller of Public Accounts of Texas. "$45, 000 in principal amount of the refunding bonds herein authorized, such bonds being represented by Bonds numbered 14 through 22, are being issued and sold pursuant to the provisions of Article 717k, Revised Civil Statutes of the State of Texas, and as such are authorized to be registered by said Comptroller notwithstanding the fact that some or all of the underlying bonds have not been surrendered at the time by the holders thereof for payment or cancellation. "$288, 000 in principal amount of the refunding Bonds herein authorized, such bonds being represented by Bonds numbered 1 through 13 and 23 through 281, respectively, shall be exchanged for the bonds being refunded thereby. Said Comptroller is hereby authorized and directed to deliver said refunding Bonds numbered 1 through 13 and 23 through 281, respectively, to the holder or holders of the obligation being refunded thereby, in exchange for and upon surrender and cancellation of, a like principal amount, a like interest rate or rates, and a like 0122 Ordinance No. 501 January 23, 1967 Page 3 maturity date or dates of the underlying bonds being refunded, provided that all current and unmatured interest coupons are attached to each of said obligations surrendered for exchange. Said exchange may be made in one or in several installment deliveries. " Section 4: The proper officials of the City of College Station are hereby authorized and directed to (a) deposit or cause to be deposited to the State Treasurer of the State of Texas a sum of money equal to the principal amount of the City's Waterworks and Sewer System Revenue Bonds dated February 1, 1951 and the City's Waterworks and Sewer System Revenue Bonds, Series 11 of 1951, dated August 1, 1951, which have been duly called for redemption, the amount of interest accrued thereon to February 1, 1967, the fees of the State Treasurer for performing his duties under Article 717k, Revised Civil Statutes of Texas, and the paying agent fees due the First National Bank of Dallas, Dallas, Texas (formerly the Dallas National Bank, Dallas, Texas) and the University National Bank, College Station, Texas (formerly the College Station State Bank, College Station, Texas); and (b) do any and all other acts necessary to comply with the requirements of said Article 717k. Section 5: Sale of Bonds: That the sale of said Bonds numbered 14 through 22 to Underwood, Neuhaus & Co. at a price equal to the principal amount thereof plus accrued interest thereon to the date of such Bonds to the date of actual delivery, plus a cash premium of $50. 00 is hereby approved, ratified and confirmed. Section 6: 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 numbered 14 through 22 to the purchaser named above in accordance with the pro- visions 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 aforesaid Ordinance, as supplemented and amended hereby. Section 7: Confirmation of Previous Ordinance: That the aforesaid Ordinance, including without limitation the provisions of Section 9 thereof providing for the pledge of the net revenues derived from the operation of the City's Waterworks and Sewer System and Electric Light and Power System to the payment of said refunding Bonds, (and any "Additional Bonds" as defined therein) as supplemented and amended by this ordinance, is hereby in all respects ratified, confirmed and readopted. Section 8: Effective Date of Ordinance: This ordinance shall take effect from and after its passage. PASSED AND APPROVED this 23rd day of January, 1967. APPROVED: ATTEST: City Secretary AC -R" dokimti D. A. Anderson, Mayor