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HomeMy WebLinkAbout1971-0734 - Ordinance - 04/07/1971ORDINANCE NO. 734 THE STATE OF TEXAS COUNTY OF BRAZOS The City Council of the City of College Station, in special session at the regular meeting place thereof i within said City, on the 7th day of April, 1971, with the bers present, to -wit: D. A. Anderson, Mayor Bill J. Cooley, Councilman Dr. Cecil B. Ryan, Councilman Joseph J. McGraw, Councilman Dr. C. H. Ransdell, Councilman James H. Dozier, Councilman Dan R. Davis, Councilman and the following members absent, to -wit: None Texas, convened n the City Hall, following mem- when, among other business, the following was transacted, to -wit: The Mayor intorduced an ordinance which was read in full. Councilman Davis moved that the ordinance be adopted as read. Coun- cilman McGraw seconded the motion for adoption of said ordinance. The motion, carrying with it the adoption of the ordinance, prevailed by the following vote: AYES: All present. NOES: None. The Mayor thereupon announced that the motion had duly and law- fully carried and that the ordinance had been duly and lawfully adopted. The ordinance thus adopted follows: ORDINANCE CANVASSING RETURNS AND DECLARING RESULTS OF BOND ELECTION AND DECLARING THAT SAID ORDINANCE SHALL BE EFFECTIVE IMMEDIATELY UPON ITS ADOPTION. WHEREAS, on the 9th day of March, 1971, the City Council of the City of College Station, Texas, adopted an ordinance calling an elecLiun Yn be bold in said City of tba htb day of April, 1971, for the purpose of submitting to the duly qualified resident electors of said City who owned taxable property within said City and who had duly rendered the same for taxation, for their action, and for the purpose of submitting to the duly qualified resident electors of said City for their separate action, upon the following propositions, to -wit: PROPOSITION NO. 1 SHALL THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, BE AUTHORIZED TO ISSUE THE TAX BONDS OF SAID CITY, IN ONE OR MORE SERIES OR ISSUES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $500,000, MATURING SERIALLY WITHIN 30 YEARS FROM THEIR DATE OR DATES AND BEARING INTEREST AT A RATE OR RATES NOT Ordinance No. 734 Page 2 TO EXCEED THE MAXIMUM NOW OR HEREAFTER AUTHORIZED BY LAW, ALL AS SHALL BE DETERMINED BY SAID CITY COUNCIL, FOR THE PURPOSE OF MAKING PERMANENT PUBLIC IMPROVEMENTS, TO -WIT: CONSTRUCTING IMPROVEMENTS TO THE STREETS IN SAID CITY, INCLUDING NECESSARY DRAINAGE IN CONNECTION THEREWITH, AND TO LEVY AN ANNUAL TAX ON ALL TAXABLE PROPERTY WITHIN SAID CITY SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AS IT ACCRUES AND TO CREATE AND PROVIDE A SINK- ING FUND TO PAY THE PRINCIPAL OF SAID BONDS AS THEY MATURE? PROPOSITION NO. 2 SHALL THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, BE AUTHORIZED TO ISSUE THE REVENUE BONDS OF SAID CITY, IN ONE OR MORE SERIES, IN THE AG- GREGATE PRINCIPAL AMOUNT OF $125,000, MATURING SERIALLY WITHIN 30 YEARS FROM THEIR DATE OR DATES AND BEARING INTEREST AT A RATE OR RATES NOT TO EXCEED THE MAXIMUM NOW OR HEREAFTER AUTHORIZED BY LAW, ALL AS SHALL BE DE- TERMINED BY SAID CITY COUNCIL, FOR THE PURPOSE OF EXTENDING AND IMPROVING THE CITY'S EXISTING WATERWORKS SYSTEM; SAID BONDS TO BE ISSUED IN ACCORDANCE WITH AND SECURED IN THE MANNER PROVIDED IN ARTICLES 1111 to 1118, BOTH IN- CLUSIVE, VERNON'S TEXAS CIVIL STATUTES, AS AMENDED; AND TO SECURE THE PAY- MENT OF THE INTEREST ON SAID BONDS AS IT ACCRUES AND THE PRINCIPAL OF SAID BONDS AS THEY MATURE BY PLEDGING THE NET REVENUES FROM THE OPERATION OF THE CITY'S WATERWORKS SYSTEM, SANITARY SEWER SYSTEM AND ELECTRIC LIGHT AND POWER SYSTEM; EACH BOND TO BE CONDITIONED THAT THE HOLDER THEREOF SHALL NEVER HAVE THE RIGHT TO DEMAND PAYMENT OF SAID OBLIGATION OUT OF ANY FUNDS RAISED OR TO BE RAISED BY TAXATION; AND SAID BONDS TO BE ON A PARITY IN ALL RESPECTS WITH THE OUTSTANDING BONDS OF SAID CITY PAYABLE FROM THE NET REVENUES OF SAID WATERWORKS SYSTEM, SANITARY SEWER SYSTEM AND ELECTRIC LIGHT AND POWER SYSTEM? PROPOSITION NO. 3 SHALL THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, BE AUTHORIZED TO ISSUE THE REVENUE BONDS OF SAID CITY, IN ONE OR MORE SERIES, IN THE AG- GREGATE PRINCIPAL AMOUNT OF $795,000, MATURING SERIALLY WITHIN 30 YEARS FROM THEIR DATE OR DATES AND BEARING INTEREST AT A RATE OR RATES NOT TO EXCEED THE MAXIMUM NOW OR HEREAFTER AUTHORIZED BY LAW, ALL AS SHALL BE DETERMINED BY SAID CITY COUNCIL, FOR THE PURPOSE OF EXTENDING AND IMPROV- ING THE CITY'S EXISTING SANITARY SEWER SYSTEM; SAID BONDS TO BE ISSUED IN ACCORDANCE WITH AND SECURED IN THE MANNER PROVIDED IN ARTICLES 1111 TO 1118, BOTH INCLUSIVE, VERNON'S TEXAS CIVIL STATUTES, AS AMENDED; AND TO SECURE THE PAYMENT OF THE INTEREST ON SAID BONDS AS IT ACCRUES AND THE PRINCIPAL OF SAID BONDS AS THEY MATURE BY PLEDGING THE NET REVENUES FROM THE OPERATION OF THE CITY'S WATERWORKS SYSTEM, SANITARY SEWER SYSTEM AND ELECTRIC LIGHT AND POWER SYSTEM; EACH BOND TO BE CONDITIONED THAT THE HOLDER THEREOF SHALL NEVER HAVE THE RIGHT TO DEMAND PAYMENT OF SAID OBLI- GATION OUT OF ANY FUNDS RAISED OR TO BE RAISED BY TAXATION; AND SAID BONDS TO BE ON A PARITY IN ALL RESPECTS WITH THE OUTSTANDING BONDS OF SAID CITY PAYABLE FROM THE NET REVENUES OF SAID WATERWORKS SYSTEM, SANITARY SEWER SYSTEM AND ELECTRIC LIGHT AND POWER SYSTEM? PROPOSITION NO. 4 SHALL THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS,BE AUTHORIZED TO ISSUE THE REVENUE BONDS OF SAID CITY, IN ONE OR MORE SERIES, IN THE -AG- GREGATE PRINCIPAL AMOUNT OF $380,000, MATURING SERIALLY WITHIN 30 YEARS FROM THEIR DATE OR DATES AND BEARING INTEREST AT A RATE OR RATES NOT TO Ordinance No. 734 Page 3 EXCEED THE MAXIMUM NOW OR HEREAFTER AUTHORIZED BY LAW, ALL AS SHALL BE DETERMINED BY SAID CITY COUNCIL, FOR THE PURPOSE OF EXTENDING AND IMPROV- ING THE CITY'S EXISTING ELECTRIC LIGHT AND POWER SYSTEM; SAID BONDS TO BE ISSUED IN ACCORDANCE WITH AND SECURED IN THE MANNER PROVIDED IN ARTICLES 1111 to 1118, BOTH INCLUSIVE, VERNON'S TEXAS CIVIL STATUTES, AS AMENDED; AND TO SECURE THE PAYMENT OF THE INTEREST ON SAID BONDS AS IT ACCRUES AND THE PRINCIPAL OF SAID BONDS AS THEY MATURE BY PLEDGING THE NET REVE- NUES FROM THE OPERATION OF THE CITY'S WATERWORKS SYSTEM, SANITARY SEWER SYSTEM AND ELECTRIC LIGHT AND POWER SYSTEM; EACH BOND TO BE CONDITIONED THAT THE HOLDER THEREOF SHALL NEVER HAVE THE RIGHT TO DEMAND PAYMENT OF SAID OBLIGATION OUT OF ANY FUNDS RAISED OR TO BE RAISED BY TAXATION; AND SAID BONDS TO BE ON A PARITY IN ALL RESPECTS WITH 'THE OUTSTANDING BONDS OF SAID CITY PAYABLE FROM THE NET REVENUES OF SAID WATERWORKS SYSTEM, SANITARY SEWER SYSTEM AND ELECTRIC LIGHT AND POWER SYSTEM? WHEREAS, the duly qualified resident electors of said City who own taxable property within said City and who have duly rendered the same for taxation cast the following votes, respectively, at said elec- tion on said propositions, to -wit: PROPOSITION NO. I FOR THE ISSUANCE OF $500,000 STREET IMPROVEMENT TAX BONDS 822 votes AGAINST THE ISSUANCE OF $500,000 STREET IMPROVEMENT TAX BONDS 261 votes PROPOSITION NO. 2 FOR THE ISSUANCE OF $125,000 WATER- WORKS SYSTEM IMPROVEMENTS REVENUE BONDS 901 votes AGAINST THE ISSUANCE OF $125,000 WATERWORKS SYSTEM IMPROVEMENTS REVENUE BONDS 176 votes PROPOSITION NO. 3 FOR THE ISSUANCE OF $795,000 SANITARY SEWER SYSTEM IMPROVEMENTS REVENUE BONDS 901 votes AGAINST THE ISSUANCE OF $795,000 SANITARY SEWER SYSTEM IMPROVEMENTS REVENUE BONDS 175 votes PROPOSITION NO. 4 FOR THE ISSUANCE OF $380,000 ELECTRIC LIGHT AND POWER SYSTEM IMPROVEMENTS REVENUE BONDS 889 votes AGAINST THE ISSUANCE OF $380,000 ELECTRIC LIGHT AND POWER SYSTEM IMPROVEMENTS REVENUE BONDS 175 votes 011194 Ordinance No. 734 Page 4 as shown in the official election returns heretofore submitted to said City Council and filed with the City Secretary; and WHEREAS, the duly qualified resident electors of said City sepa- rately cast the following votes, respectively, at said election on said propositions, to -wit: PROPOSITION NO. 1 FOR THE ISSUANCE OF $500,000 STREET IMPROVEMENT TAX BONDS 44 votes AGAINST THE ISSUANCE OF $500,000 STREET IMPROVEMENT TAX BONDS 15 votes PROPOSITION NO. 2 FOR THE ISSUANCE OF $125,000 WATER_ WORKS SYSTEM IMPROVEMENTS REVENUE BONDS 48 votes AGAINST THE ISSUANCE OF $125,000 WATERWORKS SYSTEM IMPROVEMENTS REVENUE BONDS 11 votes PROPOSITION NO. 3 FOR THE ISSUANCE OF $795,000 SANITARY SEWER SYSTEM IMPROVEMENTS REVENUE BONDS 48 votes AGAINST THE ISSUANCE OF $795,000 SANITARY SEWER SYSTEM IMPROVEMENTS REVENUE BONDS 11 votes PROPOSITION NO. 4 FOR THE ISSUANCE OF $380,000 ELECTRIC LIGHT AND POWER SYSTEM IMPROVEMENTS REVENUE BONDS 48 votes AGAINST THE ISSUANCE OF $380,000 ELECTRIC LIGHT AND POWER SYSTEM IMPROVEMENTS REVENUE BONDS 22 votes as shown in the official election returns heretofore duly submitted to said City Council and filed with the City Secretary; therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION: 1. That the City Council officially finds and determines that the bond election held in and throughout the City of College Station, Texas, on the 6th day of April, 1971, which election is more particularly described in the preamble to this ordinance, was duly called and notice thereof duly Ordinance No. 734 Page 5 given in accordance with law; that said election was duly held in the man- ner required by law and that the returns of the election have been duly delivered to the City Council and it has duly canvassed the same. 2. That said election has resulted favorably to the adoption of Proposition No. 1 providing for the issuance of tax bonds for street improvement purposes; that more than a majority of the duly qualified resident electors of the City who own taxable property within the City and who have duly rendered the same for taxation and who voted in the election voted for the issuance of said bonds; and that more than a major- ity of the duly qualified resident electors who voted separately in said election voted for the issuance of said bonds. 3. That said election has resulted favorably to the adoption of Propositions Nos. 2, 3, and 4, respectively, providing for the issuance of revenue bonds for waterworks system improvements, sanitary sewer system improvements and electric light and power system improvements and that more than a majority of all of the duly qualified resident electors who voted in said election, including both those who own taxable property within the City and who have duly rendered the same for taxation and those who do not, voted for the issuance of the bonds described in each of said Propositions; Nos. 2, 3, and 4. 4. That the City Council is now authorized to issue all of the bonds described in said Proposition No. 1, and to levy, assess and collect the tax in payment thereof, is now authorized to issue all of the bonds described in Propositions Nos. 2, 3 and 4 and to pledge the net revenues from the operation of the City's Waterworks System, Sanitary Sewer System and Electric Light and Power System to secure payment thereof, and is now authorized to do any and all things necessary and convenient in connection therewith. 5. That this ordinance shall take effect and be in full force upon and after its adoption. PASSED AND APPROVED this 7th day of April, 1971. Mayor, City of College Station, Texas ATTEST: Asst. City Sec r Lary (SEAL)