HomeMy WebLinkAbout1955-0203 - Ordinance - 01/25/1955L [ 3j
BOND ORDINANCE NO. 203
THE STATE OF TEXAS
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 25th day of January, 1955, with
the following members present, to wit:
Ernest Langford
J. A. Orr
M. C. Pugh
A. P. Boyett
Ernest Seeger
G. W. Black
Joe H. Sorrels
N. M. McGinnis
and the following members absent, to wit:
business was transacted:
Mayor
Councilman
Councilman
Councilman
Councilman
Councilman
Councilman
City Secretary
None , when the following
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 Black, and carried by the following vote: AYES: Councilman Orr, Pugh,
Boyett, Seeger, Black, and Sorrels. NOES: None. The Mayor requested that he be
recorded as voting 'Aye'. The ordinance thus adopted follows:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $265,000.00 CITY OF COLLEGE
STATION ELECTRIC LIGHT AND POWER SYSTEM REVENUE BONDS, SERIES 1955;
DESCRIBING THE TERNS AND CONDITIONS THEREOF; AND MAKING PROVISION FOR
THE PAYNSNT OF PRINCIPAL AND INTEREST THEREON
WHEREAS, the City Council of the City of College Station, Texas, on the 8th
day of November, adopted an ordinance calling an election on the question of the
issuance of revenue bonds of said City in the amount of $300,000.00, for the pur-
pose of constructing improvements and extensions to the City's existing sanitary
sewer system, said bonds to bear interest at a rate not to exceed Four per cent
(4%) per annum and to mature serially over a period of years not to exceed 30
years from their date or dates, said bonds to be secured by a pledge of the net
revenues from the operation of the City's electric light and power system, and,
at the option of the City Council, also by a pledge of the net revenues from the
operation of the City's waterworks system and sanitary sewer system; and
WHEREAS, said election was held pursuant to said ordinance, and in accord-
ance with law, on the 1st day of December, 1954, and resulted favorably to the
issuance of said revenue bonds; and
WHEREAS, the City Council duly adopted an ordinance declaring the results
of said election and determined the specific authority of the City to issue said
bonds; and
WHEREAS, the City Council now deems it advisable to issue a first install-
ment of $265,000.00 out of said voted bonds, leaving the remaining $35,000.00
voted bonds to be subsequently issued when needed to carry out the voted purpose;
and
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WHEREAS, the City Council has determined, in accordance with the propo-
sition submitted to and approved by the qualified resident taxpaying voters of
said City at said election, to secure said bonds by a pledge of the net revenues
from the operation of the City's electric light and power system.
WHEREAS, it is now necessary and proper that the City Council proceed with
the issuance of such bonds. Therefore
BE TT ORDAINED BY THE C ]TY COUNCIL OF THE CITY OF COLLEGE STATION:
,section 1: That pursuant to the Constitution and statutes of the State of
Texas, including particularly Articles 1111 to 1118, both inclusive, of Vernon's
Texas Civil Statutes, 1925, as amended, and the charter of the City of College
Station, and in accordance with the election held for the purpose, there shall
be issued the bonds of said City in the principal sum of Two Hundred Sixty -Five
Thousand Dollars ($265,000.00), to be known and designated as "CITY OF COLLEGE
STATION ELECTRIC LIGHT AND POWER SYSTEM REVENUE BONDS, SERIES 1955", to be number-
ed consecutively from One (i) to Two Hundred Sixty -Five (265), both inclusive, in
the denomination of One Thousand Dollars 41,000.00) each, aggregating Two Hundred
Sixty -Five Thousand Dollars ($265,000.00); said bonds constituting the first in-
stallment or series issued by the City of College Station out of an issue in the
total principal amount of Three Hundred Thousand Dollars ($300,000.00), authorized
at an election held within said City on December 1, 1954, for the purpose of con-
structing improvements and extensions to the City's existing sanitary sewer system,
said bonds being secured by a pledge of the net revenues from the operation of the
City's electric light and power system as hereinafter provided.
Section Said bonds shall be dated February 1, 1955, and shall bear inter-
est from date as follows: Nos. 1 to 122, both inclusive, at the rate of 2-3/4%
per annum; Bonds Nos. 123 to 187, both inclusive, at the rate of 3% per annum;
and Bonds Nos. 188 to 265, both inclusive, at the rate of 3-1/4% per annum; inter-
est shall be payable August 1, 1955, and semi-annually thereafter on February 1st
and August 1st in each year, such interest to be evidenced by proper coupons
attached to each of said bonds; the principal of and interest on said bonds shall
be payable in lawful money of the United States of America upon presentation and
surrender of the bonds or proper coupons at the College Station State Bank, College
Station, Texas.
Section 3: That said bonds shall mature serially on February 1st in each of
the years and in the respective amounts shown in the following schedule, to -wit:
Bpnds Numbered
Maturity Amount
1 - 5 1956 1 5,000.00
6 - 10 1957 5,000.00
11 - 15 1958 5,000.00
16 - 21 1959 6,000.00
22 - 27 1960 6,000.00
28 - 33 1961 6,000.00
34 - 39 1962 6,000.00
40 - 45 1963 6,000.00
46 - 52 1964 7,000.00
53 - 60 1965 8,000,00
61 - 68 1966 8,000.00
69 - 76 1967 8,000.00
77 - 85 1968 9,000.00
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86 - 94 1969 $ 9,000.00
95 - 103 1970 9,000.00
104 - 112 1971 9,000.00
113 - 122 1972 10,000.00
123 - 132 1973 10,000.00
133 - 142 1974 10,000.00
143 - 153 1975 11,000.00
154 - 164 1976 11,000.00
165 - 175 1977 11,000.00
176 - 187 1978 12,000.00
188 - 199 1979 12,000.00
200 - 211 1980 12,000.00
212 - 224 1981 13,000.00
225 - 237 1982 13,000.00
238 - 251 1983 14,000.00
252 - 265 1984 14,000.00
Seption 4: That the City of College Station expressly reserves the right
to redeem for refunding purposes only all the then outstanding bonds of this
issue on any interest payment date prior to 15 years from the bond date if the
following conditions are met:.
(a) All bonds then outstanding payable from the net revenues of the water-
works system, sanitary sewer system, and/or electric light and power system, or
from the net revenues of any combination of such systems, are to be refunded in
accordance with then existing law into one issue of bonds payable from the net
revenues of the waterworks system, sanitary sewer system and electric light and
power system; and
(b) Those bonds of the refunding bond issue which are to be exchanged for
the bonds authorized by this ordinance bear the same interest rate or rates and
maturity date or dates as the underlying bonds to be so refunded and exchanged.
If the conditions outlined in (a) and (b) are met, and notice of the
redemption is given as provided hereafter in Section 6, the holders and owners
of any such bond or bonds shall surrender the same and accept in lieu and ex-
change thereof a refunding bond or bonds authorized as above provided.
SecV.on 5: The City of College Station also expressly reserves the right
to redeem all or any part of the bonds authorized by this ordinance then out-
standing, for any lawful purpose, on any interest payment date on and after 15
years from the date of said bonds by paying to the owners and holders thereof
a price of par value of the bonds so redeemed plus accrued interest to the date
fixed for redemption.
Section 6: As to any bonds redeemed under either Section 4 or Section 5,
notice in writing thereof shall be given to the bank at which said bonds are
payable, and said notice shall be published at least one (1) time in a financial
journal published and of general circulation in the United States of America,
which notice shall be mailed to said bank and published in said journal at least
30 days prior to the date fixed for redemption. When said bonds have been called
for redemption under either Section 4 or Section 5 above and notice thereof has
been given as herein provided, and due provision has been madeto redeem the same,
the owners' and holderst right to collect interest on said bonds which would
otherwise accrue after the redemption date shall terminate as of the date fixed
for redemption.
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Section 7: That each of said bonds shall be signed by the Mayor and
countersigned by the City Secretary, and the corporate seal of the City shall
be impressed upon each of them. That the facsimile signatures of the Mayor
and City Secretary may be printed, engraved, or lithographed upon the coupons
attached to said bonds and shall have the same effect as if they had been signed
by such officers.
15ectiop 8: That the form of said bonds shall be substantially as follows:
NO.
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF BRAZOS
CITY OF COJ.TFGE STATION ETECTRIC LIGHT AND POWER SYSTEM
REVENUE BOND,
SERIES 1955
$1,000.00
The City of College Station, in the County of Brazos, in the State of Texas,
for value received, hereby acknowledges itself indebted to and promises to pay to
the bearer, solely from the special funds hereinafter specified, the sum of
ONE THOUSAND DOLLARS
( 1,000.00), in lawful money of the United States of America, on the 1st day of
February, 19 , and to pay interest thereon from date hereof at the rate of
( %) per annum, payable August 1, 1955, and semi-annually thereafter on February
1st and August 1st in each year, until the principal sum shall be paid, upon
the presentation and surrender of proper coupons as they severally become due;
both principal and interest being payable at College Station State Bank, College
Station, Texas.
This bond is one of a series of Two Hundred Sixty -Five (265) bonds, numbered
consecutively from One (1) to Two Hundred Sixty -Five (265), inclusive, in the
denomination of One Thousand Dollars ($1,000.00) each, aggregating Two Hundred
Sixty -Five Thousand Dollars ($265,000.00), constituting the first series of bonds
issued by the City of College Station out of an issue in the total principal
amount of $300,000.00 authorized at an election held in said City on December 1,
1954, for the purpose of constructing improvements and extensions to the City's
existing sanitary sewer system, in accordance with the Constitution and laws of
the State of Texas, including particularly Articles 1111 to 1118, bath inclusive,
of Vernon's Texas Civil Statutes, 1925, as amended, and the charter of said City,
and the authority of a vote of the qualified electors of the City of College
Station, who owned taxable property in said City and who had duly rendered the
same for taxation, voting at an election held on the 1st day of December, 1954,
and pursuant to an ordinance passed by the City Council of the City of College
Station, Texas, duly recorded in the minutes of the City Council.
The date of this bond, in conformity with said ordinance is February 1, 1955.
This bond, and the series of which it is a part, constitute special obligations
of the City of College Station, Texas, payable solely from and secured by a first
lien on and pledge of the revenues of the electric light and power system of said
City, after deduction of reasonable operation and maintenance exp e
The holder hereof shall never have the right to demand payment of this
obligation out of any funds raised or to be raised by taxation.
The City of College Station expressly reserves the right to redeem for
refunding purposes only all the then outstanding bonds of this issue on any
interest payment date prior to fifteen (15) years from the date of said bonds,
but only pursuant to and subject to the restrictions and limitations contain-
ed in the ordinance authorizing this issue of bonds, to which reference is
hereby made for all particulars, and the holder or owner of this bond by the
acceptance thereof expressly agrees to the provisions of said ordinance.
Said City also expressly reserves the right to redeem all or any part of the
bonds authorized by this ordinance then outstanding, for any lawful purpose,
on any interest payment date on and after fifteen (15) years from the date
of said bonds by paying to the owners and holders therof a price of par value
of the bonds so redeemed plus unpaid accrued interest to the date fixed for
redemption.
As to any bonds redeemed, notice in writing thereof shall be given to the
bank at which said bonds are payable, and said notice shall be published at
least one (1) time in a financial journal published and of general circulation
in the United States of America, which notice shall be mailed to said bank and
published in said journal at least thirty (30) days prior to the date fixed for
redemption. When said bonds have been called for redemption and notice thereof
has been given as herein specified, and due provision has been made to redeem
the same, the owners' and holders' right to collect interest on said bonds which
would otherwise accrue after the redemption date shall terminate as of the date
fixed for redemption.
The City expressly reserves the right to issue the remaining bonds voted ,
at the election held December 1, 1954, and additional parity bonds payable
from the net revenues of the City's electric light and power system, and such
remaining voted bonds and additional bonds, when issued, may be on a parity
with the bonds of this issue, but only pursuant to and subject to the res-
trictions, covenants, and limitations contained in the ordinance authorizing
this issue of bonds, to which reference is made for all particulars.
AND IT IS HEREBY CERTIFIED 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 exist and to be done precedent to and in the issuance
of this bond to render the same lawful and valid, have been properly done, have
happened and been performed in regular and due time, form and manner as requir-
ed by the Constitution and laws of the State of Texas, and the ordinance here-
inabove mentioned, and that this series of revenue bonds does not exceed any
constitutional or statutory limitation; and that provision has been made for
the payment of the principal and interest of this bond and the series of which
it is a part, by irrevocably pledging the revenues of the electric light and
power system of the City of College Station, Texas.
IN TESTIMONY WHEREOF, the City Council of the City of College Station,
Texas, has caused the seal of said City to be impressed hereon, and this bond
to be signed by the Mayor of said City, countersigned by the City Secretary,
and has caused the annexed interest coupons to be signed by the facsimile
signatures of the Mayor and City Secretary.
COUNTERSIGNED:
Mayor, City of College Station, Texas
City Secretary, City of College dt tion Texas
(Bonds Nos. 1 to 122, both inclusive, at the rate of 2-3/4% per annum;
Bonds Nos. 123 to 187, both inclusive, at the rate of 3% per annum; and
Bonds Nos. 188 to 265, both inclusive, at the rate of 3-1/4% per annum.)
,section 9: That the form of said coupons attached to said bonds shall be
substantially as follows:
NO.
On the 1st day of , 19 , unless the bond to which this
coupon is attached has been called for redemption and due provision made to
redeem same, the City of College Station, Texas, will pay to bearer out of
funds specified in the bond to which this coupon is attached at the College
Station State Bank, College Station, Texas, the sum of
(�$ ) Dollars, said sum being months: interest due that
day on CITY OF COT,TF(E STATION ELECTRIC LIGHT AND POWER SYSTEM REVENUE BOND,
SERIES 1955, NO. , dated February 1, 1955, to which this coupon is attach-
ed and is a part thereof. The holder hereof shall never have the right to de-
mand payment of this obligation out of any funds raised or to be raised by
taxation.
Section 10: That substantially
ed on the back of each bond:
OFFICE OF COMPTROLTER
STATE OF TEXAS
Mayor, City of College Station, Texas
City Secretary, City of College Station,
Texas
the following certificate shall be print -
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, 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 valid and binding special obligation of said City of
College Station, Texas, payable from the revenues pledged to its payment by
and in the ordinance authorizing same, and said bond has this day been register-
ed by me.
WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas,
this ,
Comptroller of Public Accounts of the
State of Texas
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ec.U.on 11: In this ordinance the term "System" shall include and mean
the electric light and power system of said City, together with additions and
extensions thereto and improvements and replacements thereof.
Section 12: The City Council shall at all times, while any of said bonds
or any interest thereon are outstanding and unpaid, charge and collect for ser-
vices rendered by said System, rates sufficient to pay all maintenance, deprecia-
tion, replacement, betterment, and interest charges, and for Interest and Sink-
ing Fund sufficient to pay the interest and principal of said bonds as such
principal and interest matures and accrues and any outstanding indebtedness
against the System, as is required by Article 1113, Vernon1s Civil Statutes of
Texas, 1925, and amendments thereto. For the benefit of the original purchaser,
and for the benefit of any and all subsequent holders of said bonds, coupons, or
any part thereof, and in addition to all provisions and covenants in the laws of
the State of Texas and in this ordinance, it is expressly stipulated:
A. RATES: The City shall fix and maintain rates and collect charges for
the facilities and services afforded by the System which will provide revenues
sufficient at all times:
(1) To pay all operation, maintenance, depreciation, replacement and
betterment charges of the System.
(2) To establish and maintain the Bond Fund.
(3) To pay all outstanding indebtedness against the System, other than
bonds, as and when the same become due. Provided also, that no free
service of the System shall be allowed, and should the City or any of its
agencies or instrumentalities make use of the services and facilities of
the System, payment of the reasonable value thereof shall be made by the
City out of funds derived from sources other than the revenues and income
I of the System.
B. USE OF REVENUS: The City will deposit as collected all revenues
derived from the operation of the System into a separate account (herein called
o the "System Fund") which shall be kept separate and apart from all other funds
of the City. The System Fund shall be administered as follows:
(1) BOND FUND: From the funds in the System Fund, the City shall pay into
the Bond Fund during each year in which any of the bonds herein authorized are
01 outstanding, commencing with the date of the delivery of the bonds herein
C authorized to the purchasers thereof, an amount equal to 100 per centum of the
Ot amounts required to meet the interest and principal payments falling due on or
‹r, before the next maturity date of the bonds. In addition to such payment, the
CI City shall pay into the Bond Fund from the System Fund in each year twenty (20%)
per centum of the above required amount until such time as there is in the Bond
Fund an amount sufficient to meet the interest and principal payments falling
due on or before the next maturity date of the bonds and the interest and
principal payments on the bonds for one year thereafter. The amount required
to be paid into the Bond Fund in each year shall be paid in substantially equal
monthly payments from the moneys in the System Fund, after deductions have been
made for paying the reasonable cost of the operating and maintaining of the
System for such month. If the revenues of the System in any month, after ded-
uctions for operation and maintenance, are insufficient to make the required
payment into the Bond Fund, then the amount of any deficiency in the payment shall
be added to the amount otherwise required to be paid into the Bond Fund in the
next month.
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It is the intent of this provision that the snma paid into the Bond Fund
shall be in excess of the immediate requirements for payment of interest
on and principal of the bonds until there has been accumulated in the Bond
Fund, as a reserve for contingencies, an amount sufficient to service the
bonds for one year. The moneys in the bond fund shall be used solely for
the purpose of paying interest on and principal of the bonds until all the
bonds have been retired; provided, that, when the total in the Bond Fund is
equal to the aggregate principal amount of the bonds outstanding plus accrued
interest thereon, the moneys in the Bond Fund may be used to purchase said
bonds at a price, exclusive of accrued interest, not exceeding the principal
amount thereof, or to redeem said bonds in accordance with the redemption
provision contained in Section 5 of this ordinance. The moneys paid into
the Bond Fund shall be deposited in a bank or banks and shall be continuously
secured by a valid pledge to the City of direct obligations of the United
States of America, having an aggregate market value, exclusive of accrued
interest, at all times equal at least to such Bond Fund. The Bond Fund, at
the option of the City, may be invested in such direct obligations of the
United States of America and deposited in escrow under an escrow agreement.
If such funds are so invested and deposited in escrow, the `City 'shall have
the right to have sold through the escrow agent on the open market a suffici-
ent amount of said securities in order to meet its obligations of principal
and interest in event it does not have sufficient funds, uninvested, on hand
for such purpose. Under such circumstances, the Mayor is hereby authorized,
ordered and directed to give fifteen days notice to such escrow agent of the
necessity to sell said securities on the open market. After such sale, the
moneys resulting therefrom shall belong to the Bond Fund and shall be avail-
able to pay such obligations of principal and interest.
(2) SURPLUS: Any funds remaining in the System Fund, after provision
for the reasonable cost of operating and maintaining the System, and after
paying the amounts required to be paid into the Bond Fund as above provided,
may be used by the City for the purchase of said bonds at not exceeding the
principal amount thereof (exclusive of accrued interest) or for redeeming
said bonds in accordance with the redemption provision contained in Section
5 of this ordinance, or for any other purpose permitted by law.
C. ADDIT IONA�BONDS:
(1) The City of College Station reserves the right to issue the remain-
ing X35,000.00 bonds voted at the election held December 1, 1954, and said
bonds when issued shall be on a parity with the bonds of this issue, but none
of said remaining voted bonds shall be issued unless the conditions provided
below with respect to the issuance of additional parity bonds are met.
(2) In addition to inferior lien bonds authorized by Chapters 249
and 250, Acts of the 51st Legislature of Texas, 1949, as amended, the City
reserves the right hereafter to issue additional parity bonds, and such
additional parity bonds, when issued, may be secured by and payable from, a
first lien on and pledge of the net revenues of the electric light and power
system in the same manner and to the same extent as are the bonds authorized
by this ordinance, and the bonds authorized herein and such additional parity
bonds may in all respects be of equal dignity. It is provided, however, that
no such additional parity bonds shall be issued unless:
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(a) An independent firm of certified public accountants certifies that the
net earnings of the System for the twelve month period next preceding the month
in which the ordinance authorizing such additional parity bonds is adopted, were
equal to at least one and one-half (1-1/2) times the principal and interest
requirements on the then outstanding bonds payable from the revenues of said
System and on said additional bonds, when issued, sold and delivered, for the
calendar year in which said requirements are greatest. The term "net earnings"
as used herein shall mean all of the net revenues of the electric light and
power system (exclusive of income received specifically for capital items)
after deduction of the reasonable expenses of operation and maintenance of the
System (excluding expenditures for capital items).
(b) Said additional bonds are made to mature on February 1st in each of
the years in which they are scheduled to mature.
D. MAINTENANCE AND OPERATION: The City shall maintain the System in good
condition and operate the same in an efficient manner and at a reasonable cost.
So long as any of the bonds are outstanding, the City agrees to maintain
insurance for the benefit of the holder or holders of the bonds, on the System,
of a kind and in an amount which usually would be carried by private companies
engaged in a similar type of business. Nothing in this ordinance shall be
construed as requiring the City to expend any funds which are derived from
sources other than the operation of the System, but nothing herein shall be
construed as preventing the City from doing so.
E. ACCOUNTS AND PERIODIC STATEMENTS: The City shall keep proper books of
records and accounts ( separate from all other records and accounts) in which
complete and correct entries shall be made of all transactions relating to the
System. The City shall furnish to any holder of any of the bonds, at the
written request of such holder, not more than thirty days after the close of
each six monthst fiscal period, complete operating and income statements of
the System in reasonable detail covering such six months' period, and, not
more than sixty days after the close of such fiscal year, complete financial
statements of the System in reasonable detail covering such fiscal year, certi-
fied by the City's Auditor.
F. IICT ION: Any purchaser of 25 per centum in aggregate principal amount
of the bonds at the time then outstanding or any holder or holders of 25 per
centum of said amount of outstanding bonds shall have the right at all reason-
able times to inspect the System and all records, accounts and data of the City
relating thereto.
G. INFORMATION: Upon written request, the City will furnish to any purchaser
of 25 per centum of the bonds such financial statements and other pertinent
information and data relating to the City and System as each such purchaser from
time to time may reasonably require.
H. SALE OF BONDS: Upon request, the City will furnish to any purchaser or
holder of 25 per centum of the bonds, information for the preparation of a bond
circular in customary form, signed by the proper official of the City, containing
such data as such purchaser or holder may reasonably request concerning the City
and the System.
Section 13: The Mayor, City Secretary and City Treasurer are hereby instruct-
ed and directed to do any and all things necessary and/or convenient in reference
to the installing and maintaining of a complete system of records and accounts
pertaining to said Systemand to make the moneys available for the payment of
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said revenue bonds in the manner provided by Chapter 122, Acts of the Regular
Session of the Forty-third Legislature of Texas, effective May 12, 1933. In
accordance with the provisions of Article 1113, Revised Civil Statutes of Texas,
as amended, the fiscal year for the operation of such System shall be July 1st
to June 30th of each year.
Section 14: The City further covenants and agrees by and through this
ordinance as follows:
(a) That the revenue bonds authorized hereunder shall be special obligations
of the City and the holder thereof shall never have the right to demand payment
thereof out of funds raised or to be raised by taxation.
(b) That it has the lawful power to pledge the revenues supporting this
issue of bonds and has lawfully exercised said power under the Constitution and
laws of the State of Texas, including the power existing under Articles 1111 --
1115, both inclusive, 1925, Vernonts Civil Statutes of the State of Texas, with
amendments thereto, and by authority of a vote of qualified electors of said City
voting at an election held in said City on December 1, 1954; that the bonds
issued hereunder shall be ratably secured under said pledge of income in such
manner that one bond shall have no preference over any other bond of this issue.
(c) That other than for the payment of the bonds herein provided for, the
rents, revenues and income of the said System have not been pledged in any manner
to the payment of any debts or obligations of the City, nor of said System.
Section 15: It shall be the duty of the Mayor to submit the record of said
bonds and the bonds to the Attorney General of the State of Texas for approval
and thereafter to have them registered by the Comptroller of Public Accounts of
the State of Texas. When said bonds have been registered by the State Comptroller,
the State Comptroller is hereby authorized and instructed to deliver the bonds to
the American National Bank, Austin, Texas, where they will be taken up and paid
by the purchaser.
Section 16: That said bonds have been advertised for sale as provided by
Section 65 of the City's Home Rule Charter and bids having been received on
January 17, 1955, pursuant to said advertisement and the bid of Rowles, Winston
& Co., Houston, Texas, being the best bid received, and the City Council hereby
determines that said bid is the best bid, the sale of said bonds to Rowles,
Winston & Co., Houston, Texas, at its bid price, to wit: the principal amount
plus accrued interest thereon from the date of said bonds to the date of actual
delivery subject to the unqualified approving opinion as to the legality of said
bonds by the Attorney General of Texas, and market attorneys selected by the pur-
chaser, is hereby approved, ratified, and confirmed.
Section 17: That this ordinance shall take effect from and after its passage.
PASSED AND APPROVED this 25th day of January, 1955.
ATTEST:
tke.4149.41/),:09
City Secretary
(SEAL)
Mayor, City of C 1 e Station, Texas
00,507