HomeMy WebLinkAbout1947-0107 - Ordinance - 09/17/1947ORDINANCE NO. 107
AUTHORIZING THE ISSUANCE OF WARRANTS FOR THE PRINCIPAL SUM OF $20,250.00 FOR THE
PURPOSE OF CONSTRUCTING A CITY WAREHOUSE AND OFFICE, AND PROVIDING FOR THE LEVY,
ASSESSMENT AND COLLECTION OF A TAX ON ALL TAXABLE PROPERTY WITHIN THE CITY LIMITS
OF SAID CITY TO PAY THE INTEREST AND CREATE A SINKING FUND FOR THE REDEMPTION
THEREOF; PRESCRIBING THE FORM OF WARRANT; AND DECLARING AN EMERGENCY.
WHEREAS, the City Council of the City of College Station, Texas has determined
the necessity for a city warehouse and office, and
WHEREAS, on August 29, 1947 the City Council accepted the proposal of
Clarence Andrews, Contractor as the lowest secure bid for the construction of a city
warehouse and office, and
WHEREAS, on August 29, 1947 the City Council adopted a resolution approving
the issuance of warrants of the City of College Station, Texas, in the sum of
$20,250.00 for the purpose of constructing a warehouse and oity office, and
WHEREAS, the City Council now deems it advisable and to the best interests
of said city to issue said warrants ad one issue of warehouse warrants;
THEREFORE, be it ordained by the City Council of the City of College
Station, Texas:
That the warrants of said city, to be called "City of College Station
Warehouse Warrants, Series 1947", be issued underand by virtue of the constitution
and laws of the State of Texas, for the purpose of constructing a city warehouse
and office.
That
shall be of
aggregating
That
serially as
said warrants shall be numbered consecutively from 1 to 27, inclusive;
the denomination of seven hundred fifty dollars ($750.00) each,
$20,250.00.
the said warrants shall be dated November 1, 1947 and shall mature
follows:
Bond Number Maturity Date
1
2
3
4
5
6
7
8
9
3.0
11
12
13
14
15
16
17
18
19
20
May 1, 1948
Nov. 1, 1948
May 1, 1949
Nov. 1, 1949
May 1, 1950
Nov. 1, 1950
May 1, 1951
Nov. 1, 1951
May 1, 1952
Nov. 1, 1952
May 1, 1953
Nov. 1, 1953
May 1, 1954
Nov. 1, 1954
May 1, 1955
Nov. 1, 1955
May 1, 1956
Nov. 1, 1956
May 1, 1957
Nov. 1, 1957
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is
4'0
2
Bond Number Maturity Date
21 May 1, 1958
22 Nov. 1, 1958
23 May 1, 1959
24 Nov. 1, 1959
25 May 1, 1960
26 Nov. 1, 1960
27 May 1, 1961
That said warrants shall bear interest from date at the rate of three (3%)
per cent per annum, interest payable May 1, 1948 and semi-annually thereafter on
November 1st and May 1st of each year.
That principal and interest on said warrants shall be payable upon
presentation of warrant or proper coupon at the College Station State Bank,
College Station,_ Texas.
That each of said warrants 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.
That the coupons attached to said warrants 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.
That the form of the warrant shall be substantially as follows:
United States of America
State of Texas
County of Brazos
City of College Station Warehouse Warrant
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 the
laws of the State of Texas, for value received, hereby promises to pay to the
bearer hereof on the 1st day of the sum of
Seven Hundred Fifty Dollars
0750.00), in lawful money of the United States of America, with interest thereon
from date hereof at the rate of three (3/) per cent per annum, interest payable
May 1, 1948 and semiannually thereafter on November 1st and May 1st in each year,
principal and interest payable upon presentation and surrender of bond or proper
coupon at the College Station State Bank, College Station, Texas, and the City of
College Station is hereby held and firmly bound, and its faith and credits, and
all real and personal property in said city, are hereby pledged for the prompt
payment of the principal of this warrant and the interest thereon at maturity.
This warrant is one of a series of twenty-seven (27) warrants numbered from 1 to
27, inclusive, of the denomination of Seven Hundred Fifty ($750.00) Dollars each,
aggregating Twenty Thousand Two Hundred Fifty (20,250.00) Dollars, issued for
the purpose of constructing a city warehouse and office, 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.
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Ao'H
It is hereby certified and recited that the issuance of this bond, and the series
of which it is a part, is duly authorized by law and that all acts, conditions
and things required to be done precedent to and in the issuance of this series of
warrants, and of this warrant, have been properly done and performed and have
happened in regular and due time, form and manner as 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
warrant, and of the series of which it is a part, and to 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 warrants 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 oorporate 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 warrant, in conformity with the ordinance above referred to, being the
1st day of November, 1947.
Countersigned:
Mayor, City of College Station, Texas
City Secretary, City of College Station, Texas
The form of the coupon shall be substantially as follows:
No.
on the 1st day of
19
The City of College Station, Texas, promises to pay to bearer at the College Station
State Bank, College Station, Texas, the sum of ($ ) dollars,
in lawful money of the United States of America, being monthts interest
on the City of College Station Warehouse Warrant, Series 1947, dated
19, No. .
Mayor, City of College Station, Texas
City Secretary, City of Ciiilegetaexas
It is further ordained by the City Council of the City of College Station,
that while said warrants, 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 interest thereon and create a sinking fund sufficient to pay each installment
of the principal as the same becomes due.
It is further ordained that all ordinances and parts of ordinances in
oonfliot herewith are hereby expressly repealed.
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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 general welfare of the said City creates an emergency and an imperative publics
necessity that the rule requiring ordinances to be read at more than one meeting of
the City Council before final passage be suspended, and said rule is hereby sus-
pended, 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 17th day of September, 1947.
City Secretary
Approve
%� •c. �Ji'
Mayor
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