Ordinance No. 462V
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CRDE\TkNCE NO 462
• AN ORDINANCE AUTHORIZING THE ISSUANCE OF $1,000,000
CITY OF BAYTOWN STREET AND DRAINAGE IMPROVEMENT
BONDS; PRESCRIBING THE TERMS AND CONDITIONS THEREOF;
LEVYING TAXES TO PAY THE PRINCIPAL THEREOF AND IN-
TEREST THEREON; AWARDING THE SALE THEREOF; CONTAIN-
ING OTHER PROVISIONS RELATING TO THE SUBJECT; AND
PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT FROM
AND AFTER ITS ADOPTION
THE STATE OF TEXAS §
COUNTY OF HARRIS §
The City Council of the City of Baytown, Texas, convened in
special session at the City Hall within said City on the 6th day of
February, 1958, with the following members present, to -wit:
• R. H. Pruett
W. C. Swain
James Garrison
Al Clayton
Paul Mears
Walter Lane Wurd
Lacy Lusk
Edna Oliver
and the following members absent, to -wit:
Mayor
Councilman
Councilman
Councilman
Councilman
Councilman
Councilman
City Clerk
when the following business was transacted:
The Mayor introduced an ordinance which was read in full. Coun-
cilman L v 5 A made a motion that the ordinance be adopted as
read. The motion for adoption was seconded by Councilman Al g 2 al
• The motion carrying with it the adoption of the ordinance prevailed
by the following vote: AYES: Councilmen Swain, Garrison, Clayton,
Mears, Ward, Lusk, and Mayor Pruett. NOES: None. The ordinance
thus adopted follows:
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AN ORDINANCE AUTHORIZING THE ISSUANCE OF $1,0001000
CITY OF BAYTOWN STREET AND DRAINAGE IMPROVEMENT
BONDS; PRESCRIBING THE TERMS AND CONDITIONS THEREOF;
LEVYING TAXES TO PAY THE PRINCIPAL THEREOF AND IN-
TEREST THEREON; AWARDING THE SALE THEREOF; CONTAIN-
ING OTHER PROVISIONS RELATING TO THE SUBJECT; AND
PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT FROM'
AND AFTER ITS ADOPTION
WHEREAS, pursuant to an ordinance adopted by the City Council
of the City of Baytown, Texas, on the 10th day of October, and to
an election held within said City on the 2nd day of November, 1957,
the following tax bonds of said City have been authorized:
$1,396,000 bonds for the purpose of constructing
permanent street improvements in and for said
• City, and
$300,000 bonds for the purpose of constructing
permanent drainage improvements in and for said
City;
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WHEREAS, the City Council has determined to issue at this time
(a) $700,000 bonds out of the voted $1,396,000 street improvement
bonds, and (b) all the voted $300,000 drainage improvement bonds,
and to combine the bonds to be issued to this time into one issue of
$1,000,000 bonds; and
WHEREAS, the City Council has caused notice of sale of such
• $1,000,000 bonds to be published in The Bond Buyer (a publication
carrying municipal bond notices and devoted primarily to financial
news) and in The Baytown Sun (the official newspaper of said City),
said notice having been published more than ten days prior to the
date set for the sale of said bonds; and
WHEREAS, bids have been received pursuant to said notice, and
the City Council wishes to authorize the issuance of said bonds and
award the sale thereof on the basis of the best bid received; There-
fore
• BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN:
Section 1:
RATIFICATION OF ORDINANCE OF OCTOBER 10, 1957: That the ordinance
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heretofore adopted by the City Council of the City of Baytown, Texas,
on the 10th day of October, 1957, authorizing the issuance of the
bonds described in the preamble hereto and calling an election there-
for, is hereby ratified and confirmed.
Section 2:
NAME1 AMOUNT, PURPOSE, AND AUTHORIZATION OF BONDS: That the tax
bonds of the City of Baytown, Texas, be issued in the principal sum
of $1,000,000, to be known and designated as "CITY OF BAYTOWN STREET
AND DRAINAGE IMPROVEMENT BONDS, SERIES 1958 ", for the purpose of
constructing permanent street improvements and permanent drainage
improvements in and for said City; under and in strict conformity
with the Constitution and laws of the State of Texas, particularly
Chapters 1 and 7 of Title 22, Revised Civil Statutes of Texas, 1925,
as amended, and the Home -Rule Charter of said City, and pursuant to
an election held within said City on the 2nd day of November, 1957,
at which election more than a majority of the duly qualified resident
electors of said City who owned taxable property within said City
and who had duly rendered the same for taxation, voting at said
election, voted in favor of the issuance of said bonds (the bonds
hereby authorized being a combination of the following bonds voted
at said election: $700,000 bonds out of a total of $1,396,000
bonds voted for the purpose of constructing permanent street improve-
ments in and for said City, and all $300,000 bonds voted for the pur-
pose of constructing permanent drainage improvements in and for said
City) .
Section 3:
DATE, NUMBERS, DENOMINATION, AMOUNT, AND MATURITIES: That said
bonds shall be dated February 15, 1958, shall be numbered consecu-
tively from 1 to 1,000, both inclusive, shall be in the denomination
of $1,000 each, AGGREGATING $1,000,000, and shall become due and
payable serially in their numerical order, without option of prior
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redemption, on the 15th day of February in each of the years 1960
ito 1974, both inclusive, in the respective amounts shown in the fol-
lowing schedule, to -wit:
Bonds
Nos.
Maturity
Amount
1 -
30
1960
$ 30,000
31 -
61
1961
31,000
62 -
94
1962
33,000
95 -
128
1963
34,000
129 -
164
1964
36,000
165 -
201
1965
37,000
202 -
24o
1966
39,000
241 -
281
1967
41,000
282 -
326
1968
45,000
327 -
366
1969
40,000
367 -
448
1970
82,000
449 -
575
1971
127,000
• 576 -
709
1972
134,000
710 -
850
1973
141,000
851 -
1000
1974
150,000
Section 4:
4.01 - INTEREST RATES: That said bonds shall bear interest at the
following rates per annum, to -wit:
Bonds Nos. 1 to both inclusive,,
Bonds Nos. to both inclusive,_,6,
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Bonds Nos. to both inclusive, f, and
Bonds Nos, to=1=5=9r ;—bath #nelteve�;,
• interest payable August 15, 1958, and semi - annually thereafter on
February 15th and August 15th of each year until the principal sum
is paid.
4.02 - BANK OF PAYMENT: That both principal of and interest on
said bonds shall be payable, without exchange or collection charges
to the owners or holders of the bonds and interest coupons, in law-
ful money of the United States of America, at the Citizens National
Bank & Trust Co., Baytown, Texas. The principal of said bonds
shall be payable only upon presentation and surrender of said bonds
as they respectively become due, and interest falling due on and
• prior to the respective maturity dates of the bonds shall be payable
only upon presentation and surrender of the interest coupons attached
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to said bonds as such coupons severally become due.
• Section 5:
EXECUTION OF BONDS AND INTEREST COUPONS: That, in accordance with
the provisions of Article 717j, Vernon's Texas Civil Statutes, each
of said bonds shall be signed by the Mayor and countersigned by tte
City Clerk, by their facsimile signatures; and the corporate seal
of said City shall be impressed upon each of said bonds. The inter-
est coupons attached to said bonds shall also be executed by the
facsimile signatures of said Mayor and City Clerk.
Said facsimile signatures, as above provided, may be engraved,
• lithographed, or printed, and shall have the same effect as if said
bonds and coupons had been signed manually and in person by each of
said officers.
The registration certificate of the Comptroller of Public Accounts
of the State of Texas, as set forth hereafter in Section 8 of this
ordinance, shall be manually subscribed.
FORM OF BONDS:
as follows:
Section 6:
That the form of said bonds shall be substantially
is No. $1,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF BAYTOWN
STREET AND DRAINAGE IMPROVEMENT BOND
SERIES 1958
THE CITY OF BAYTOWN, in the County of Harris, in the State of
Texas, FOR VALUE RECEIVED,hereby acknowledges itself indebted to and
PROMISES TO PAY TO BEARER ON THE 15TH DAY OF FEBRUARY, 19 , the
sum of
,ONE THOUSAND DOLLARS
• ($1,000), with interest thereon from the date hereof at the rate of
* % per annum, interest payable August 15, 1958, and semi - annually
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thereafter on February 15th and August 15th of each year until the
• principal sum hereof shall have been paid. Both principal of and
interest on this bond are payable, without exchange or collection
charges to the owner or holder,in lawful money of the United States
of America, at the Citizens National Bank & Trust Co., Baytown,
Texas. The principal hereof shall be payable only upon presentation
and surrender of this bond, and interest falling due on and prior
to the maturity of this bond shall be payable only upon presentation
of the interest coupons hereto attached as such coupons severally
become due.
o THE DATE OF THIS BOND, in conformity with the ordinance herein-
after mentioned, IS FEBRUARY 15, 1958.
THIS BOND IS ONE OF A SERIES OF 1,000 BONDS of like date and
tenor, except as to number, interest rate, and maturity, being num-
bered consecutively from 1 to 1,000, both inclusive, in the denomi-
nation of $1,000 each, AGGREGATING $1,000,000, and is issued for the
purpose of constructing permanent street improvements and permanent
drainage improvements in and for said City, under and in strict
conformity with the Constitution and laws of the State of Texas,
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particularly Chapters 1 and
7 of
Title 22, Revised Civil
Statutes
of Texas, 1925, as amended,
and
the Home -Rule Charter of
said City,
pursuant to a vote of the duly qualified resident electors of said
City who owned taxable property in said City and who had duly ren-
dered the same for taxation, at an election held within said City on
the 2nd day of November, 1957, and pursuant to an ordinance duly
adopted by the City Council of said City, entitled "AN ORDINANCE
AUTHORIZING THE ISSUANCE OF $1,0001000 CITY OF BAYTOWN STREET AND
DRAINAGE IMPROVEMENT BONDS; PRESCRIBING THE TERMS AND CONDITIONS
O THEREOF; LEVYING TAXES TO PAY THE PRINCIPAL THEREOF AND INTEREST
THEREON; AWARDING THE SALE THEREOF; CONTAINING OTHER PROVISIONS RE-
LATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL TAKE
EFFECT FROM AND AFTER ITS ADOPTION ", finally passed February 6, 1958,
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which ordinance is of record in the official minutes of said City
OCouncil. At said election held November 2, 1957, street improvement
bonds were authorized in the principal sum of $1,396,000, and drain-
age improvement bonds were authorized in the principal sum of $300,000.
The bonds of this issue are composed of $700,000 bonds as a parcel
and first installment out of the voted $1,396,000 street improvement
bonds, and all the voted $300,000 drainage improvement bonds.
IT IS HEREBY CERTIFIED, RECITED, AND REPRESENTED that all acts,
conditions, and things necessary to be done precedent to and in the
issuance of this bond, and this series of bonds, in order to render
the same legal, valid, and binding obligations of said City, have
been done, have happened, and have been performed in regular and
due time, form, and manner, as required by law; that due provision
has been made for the payment of the principal of and interest on
this bond, and the series.of which it is a part, by the levy of a
direct annual ad valorem tax upon all taxable property within said
City sufficient for said purposes; and that this series of bonds,
together with all other indebtedness of said City, does not exceed
any Constitutional or statutory limitation.
IN TESTIMONY WHEREOF, the City Council of the City of Baytown,
Texas, has caused the corporate seal of said City to be affixed
hereto, and, in accordance with the provisions of Article 717j,
Vernon's Texas Civil Statutes, has caused this bond to be signed by
the Mayor and countersigned by the City Clerk, by their facsimile
signatures, and has caused the interest coupons hereto annexed also
to be executed by the facsimile signatures of said Mayor and City
Clerk, all as of the 15th day of February, 1958.
Mayor, City of Baytown, Texas
COUNTERSIGNED:
City Clerk
*(For interest rates, see Section 4.)
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Section 7:
FORM OF INTEREST COUPONS: That the form of interest coupons attached
to such bonds shall be substantially as follows:
No. $
ON THE 15TH DAY OF 19 , THE CITY OF BAYTOWN,
in the County of Harris, State of Texas, PROMISES TO PAY TO BEARER,
without exchange or collection charges, at the Citizens National
Bank & Trust Co., Baytown, Texas, THE SUM OF $
in law-
ful money of the United States of America, being the interest due
that date on City of Baytown Street and Drainage Improvement Bond,
Series 1958, dated February 15, 1958, Bond No.
City Clerk
Mayor, City of Baytown, Texas
Section 8:
COMPTROLLER'S CERTIFICATE: That substantially the following certifi-
cate shall be printed on the back of each of said bonds, which cer-
tificate shall be manually subscribed:
OFFICE OF THE COMPTROLLER
O THE STATE OF TEXAS
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REGISTER NO.
I HEREBY CERTIFY that there is on file and of record in my of-
Tice 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 a
valid and binding obligation of the.City of Baytown, Texas; and said
bond has this day been registered by me.
WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas,
Comptroller of Public Accounts of
the State of Texas
Section 9:
9.01 - APPROPRIATION OF BOND PROCEEDS: That there is hereby appropri-
ated out of the proceeds of the sale of the bonds authorized by this
ordinance (a) the sum of $700,000 for the purpose of constructing
permanent street improvements in and for said City, and (b) the sum
of $300,000 for the purpose of constructing permanent drainage im-
provements in and for said City. It is estimated that the maximum
costs of constructing said permanent street improvements will be
$700,000, and that the maximum costs of constructing said permanent
drainage improvements will be $300,000; consequently, there is no
necessity for any down payments, and no such down payments are made.
9.02 - APPLICATION OF BOND PROCEEDS: That the proceeds of sale of
the bonds hereby authorized shall be used and expended for the pur-
pose of .constructing permanent street improvements and for the pur-
pose of constructing permanent drainage improvements, in and for
said City, as outlined in the ordinance adopted October 10, 19571
calling the bond election which was held in said City on the 2nd
O day of November, 1957•
Section 10:
TAX LEVY: That while said bonds or any part of the principal there-
of 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
assessed, levied, and collected, in each year, beginning with the
current year 1958, a continuing direct annual ad valorem tax on each
$.100 valuation of taxable property in said City at a rate sufficient
to pay the current interest on said bonds and to create and provide
® a sinking fund of not less than two per cent of the principal
amount of the bonds then outstanding or of not less than the amount
required to pay the principal of said bonds 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 ap-
plied to the payment of the principal of and interest'on said bonds,
and to no other purpose. To pay the interest on said bonds falling
due August 15, 1958, there is hereby appropriated out of lawfully
available current funds of the City (which funds are not otherwise
Oallocated, appropriated, or encumbered) the sum of $/'7, Soo D . which
sum shall be placedw -3n the'Interest• and einking,fund• hereby created
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to be used only for the stated purpose.
® Section 11:
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APPROVAL AND REGISTRATION OF BONDS: That 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 examination and approval,
and thereafter to have them registered by the Comptroller of Public
Accounts of Texas.
SALE OF BONDS
Section 12:
That said bonds, having been advertised for sale as
provided in Section 63 of Article VI of the City's Home -Rule Charter,;
and sealed proposals having been received therefor, it is hereby
and determined that the bid submitted by
to purchase said bonds at a price equal to the principal amount
thereof plus accrued interest thereon from the date thereof to the
date of actual delivery, plus a cash premium of $ 7 % 7 7 1 , is
the best bid received, and the sale of said bonds to the named bid-
der'at the stated price, subject to the unqualified approving opinion,
as to the legality of said bonds, of the Attorney General of the
State -of Texas and market attorneys selected by said purchaser,
is hereby authorized, approved, ratified, and confirmed. When said
bonds have been approved by the said Attorney General and registered
by the Comptroller of Public Accounts of the State of Texas, they
shall be delivered to the purchaser upon receipt of the full purchase
price.
Section 1
DUTIES OF MAYOR AND CITY CLERK:
That the Mayor and the City Clerk
are hereby authorized and directed to do any and all things necessary
® and /or convenient to carry out the terms of this ordinance.
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Section 14:
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EFFECTIVE DATE OF ORDINANCE: That this ordinance shall take
effect and be in full force from and after its adoption.
PASSED AND APPROVED, this the 6th day of February,
1958.
Mayor, City of Baytown,.Texas
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-City Clerk, City of Baytown, Texas
® .(SEAL)
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