Ordinance No. 4631` 4.
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ORDIBgAy CE uO. 463
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $1,000,000
CITY OF BAYTOWN WATERWORKS AND SEWER SYSTEM REVENUE
BONDS; PRESCRIBING THE TERMS AND CONDITIONS THEREOF;
AWARDING THE SALE THEREOF; CONTAINING OTHER PROVI-
SIONS 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
Mayor
W. C. Swain
Councilman
James Garrison
Councilman
Al Clayton
Councilman
Paul Mears
Councilman
Walter Lane Ward
Councilman
Lacy Lusk
Councilman
Edna Oliver
City Clerk
and the following members absent, to -wit: /Yo ti r— "
when the following business was transacted:
The Mayor introduced an ordinance which was read in full.
Councilman )y tZ made a motion that the ordinance be
adopted as read. The motion for adoption was seconded by Councilman
R s o 41-- , and carried 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 $1,000,000
CITY OF BAYTOWN WATERWORKS AND SEWER SYSTEM REVENUE
BONDS; PRESCRIBING THE TERMS AND CONDITIONS THEREOF;
AWARDING THE SALE THEREOF; CONTAINING OTHER PROVI-
SIONS RELATING TO THE SUBJECT; AND PROVIDING THAT
THIS ORDINANCE SHALL TAKE EFFECT FROM AND AFTER ITS
ADOPTION
WHEREAS, the City Council of the City of Baytown, Texas,
adopted an ordinance on the 13th day of May, 1957, authorizing the
issuance of the following described revenue bonds of said City, to-
wit:
CITY OF BAYTOWN WATERWORKS AND SEWER SYSTEM REVENUE
REFUNDING BONDS, SERIES 1957, dated May 15, 1957,
numbered consecutively from 1 to 465, both inclusive,
in the denomination of $1,000 each, AGGREGATING
$465,000, and maturing serially in their numerical
order on May 15th in each of the years 1958 to 19671
both inclusive,
which bonds were approved by the Attorney General of the State of
Texas on the 6th day of June, 1957, and registered by the Comptroller
of Public Accounts on the State of Texas under Register No. 31865;
and
WHEREAS, it is expressly provided in said ordinance that the
City of Baytown reserves the right to issue additional parity bonds
in one or more installments and in one or more issues, and that such
Oadditional
bonds
may, when
issued,
be
secured
by
and
payable
from
a first lien on
and pledge
of the
net
revenues
of
the
City's
water-
works and sanitary sewer system in the same manner and to the same
extent as are the Series 1957 revenue bonds, and that such additional
bonds may in all respects be of equal dignity with said Series 1957
revenue bonds, but that no additional parity bonds shall be issued
unless:
(a) Each of the funds created by said ordinance contains
the amount of money then required to be on deposit therein;
O(b) The net revenues of said waterworks and sanitary sewer sys-
tem for the last preceding fiscal year, as certified by an independent
public accountant or firm of independent public accountants, were
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equal to at least one and one -half (1 -1/2) times the requirements
for the payment of principal and interest on all bonds that will
be outstanding and payable from the revenues of said system after
the bonds then proposed to be issued are issued, sold, and delivered,
for the calendar year in which said requirements are greatest; and
(c) The bonds then proposed to be issued are made to mature on
May 15th in each of the years in which they are scheduled to mature;
and
WHEREAS, pursuant to an ordinance adopted by the City Council
on the 10th day of October, 1957, and to an election held within
said City on the 2nd day of November, 1957, the following revenue
bonds have been authorized:
$524,000 revenue bonds for the purpose of ex-
tending and improving the City's existing water-
works system, and
$476,000 revenue bonds for the purpose of ex-
tending and improving the City's existing
sanitary sewer system,
said bonds to be secured by a pledge of the net revenues from the
operation of the City's waterworks and sanitary sewer system and to
be on a parity with the City's outstanding waterworks and sewer sys-
tem revenue bonds; and
WHEREAS, it was provided in the respective propositions covering
the said bonds authorized at said election held November 2, 1957,
that if both propositions were favored by a majority vote, the City
Council could combine such authorized bonds into one issue; and
WHEREAS, the City Council has determined that such bonds should
be combined into one issue of $1,000,000 revenue bonds; and
WHEREAS, the City Council has caused notice of sale of such
$1,000,000 revenue bonds to be published in The Bond Buyer (a publi-
cation 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
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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; and
WHEREAS, the City Council has determined that all conditions
pertaining to the issuance of additional parity bonds (as set forth
in said ordinance of May 13, 1957) have been met, that all terms
and provisions in the City's Home -Rule Charter and in the general
laws of the State of Texas pertaining to the issuance of the bonds
covered by this ordinance have been strictly complied with, and that
the City Council is now authorized to issue, sell, and deliver the
$1,000,000 revenue bonds authorized at said election held November 2,
1957; Therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN:
Section 1:
RATIFICATION OF ORDINANCE OF OCTOBER 10, 1957: That the ordinance
heretofore adopted by the City Council of the City of Baytown, Texas,
on the 10th day of October, 1957, authorizing the bonds described
in the preamble hereto and calling an election therefor, is hereby
ratified and confirmed.
Section 2:
NAME, AMOUNT, PURPOSE, AND AUTHORIZATION OF BONDS: That the revenue
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 WATER-
WORKS AND SEWER SYSTEM REVENUE BONDS, SERIES 1958 ", for the purpose
of extending and improving the City's existing waterworks and sanitary
sewer system, under and in strict conformity with the Constitution
and laws of the State of Texas, particularly Articles 1111 to 1118,
Vernon's Texas Civil Statutes, 1925, as amended, and the Home -Rule
0 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
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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: $524,000
revenue bonds for the purpose of extending and improving the City's
existing waterworks system, and $476,000 revenue bonds for the pur-
pose of extending the City's existing sanitary sewer system).
Section 3:
3.01 - DATE, NUMBERS, DENOMINATION, AMOUNT, AND MATURITIES: That
Osaid bonds shall be dated February 15, 1958, shall be numbered con-
secutively from 1 to 1,000, both inclusive, shall be in the denomin-
ation of $1,000 each, AGGREGATING $1,000,000, and shall become due
and payable serially in their numerical order on the 15th day of May
in each of the years 1967 to 1980, both inclusive, in the respective
amounts shown in the following schedule, to -wit:
Bonds
Nos.
Maturity
Amount
1 -
25
1967
$25,000
26 -
85
1968
6o,000
86 -
148
1969
63,000
149 -
214
1970
66,000
® 215 -
283
1971
69,000
284 -
355
1972
72,000
356 -
430
1973
75,000
431 -
509
1974
79,000
510 -
591
1975
82,000
592 -
677
1976
86,000
678 -
767
1977
90,000
768 -
861
1978
94,000
862 -
959
1979
98,000
960 -
1000
1980
41,000
3.02 - OPTION OF PRIOR REDEMPTION: The City of Baytown expressly
reserves the right to redeem Bonds Nos. 431 to 1,000, both inclusive
(being those bonds maturing on May 15th in the years 1974 to 1980,
both inclusive), of this issue, in whole or in part, on May 15, 19731
or on any interest payment date thereafter, by paying to the owners
and holders thereof a price equal to the principal amount of the
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bonds redeemed plus unpaid accrued interest thereon to the date
Ofixed for redemption. Notice of the exercise of the option to re-
deem shall be given in writing to the bank at which said bonds are
payable, and said notice shall be published one (1) time in a
financial journal or publication of general circulation in the
United States of America, which notice shall be mailed to said bank
and published in said journal or publication at least thirty (30)
days prior to the date fixed for redemption. When said bonds, in
whole or in part, have been called for redemption in the manner
prescribed, and when due provision has been made to pay the princi-
pal of and unpaid accrued interest on the bonds called for redemption
to the date fixed for redemption, the right of the owners or holders
to collect interest which would otherwise accrue after the redemption
date on the bonds called for redemption shall terminate on the date
fixed for redemption.
Section 4:
4.01 - INTEREST RATES: That said bonds shall bear interest at the
following rates per annum, to -wit:
aBonds Nos. 1 to h , both inclusive,
Bonds Nos. to -f b both inclusive, 2 a P,
Bonds Nos. O t to . /s—o-o, both inclusive, �f, and
Bonds Nos. t V
interest payable May 15, 1958, and semi - annually thereafter on
November 15th and May 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 lawful
money of the United States of America, at The First City National
Bank of Houston, Houston, Texas. The principal of said bonds shall
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be payable only upon presentation and surrender of said bonds as they
Orespectively 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 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 the
City Clerk, by their facsimile signatures; and the corporate seal
Oof 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 Ac-
counts of the State of Texas, as set forth hereafter in Section 8 of
this ordinance, shall be manually subscribed.
Section 6:
FORM OF BONDS: That the form of said bonds shall be substantially
as follows:
No.
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF BAYTOWN
WATERWORKS AND SEWER SYSTEM REVENUE BOND
SERIES 1958
$1,000
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 MAY, 19 , solely
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from the special fund hereinafter specified, the sum of
O ONE THOUSAND DOLLARS
($1,000), and to pay interest thereon, solely from said special
fund, from the date hereof at the rate of * per annum, interest
payable May 15, 1958, and semi- annually thereafter on November 15th
and May 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 First City
National Bank of Houston, Houston, Texas. The principal hereof
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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 and surrender of the inter-
est coupons hereto attached as such coupons severally become due.
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, maturity, and option of
prior redemption, being numbered consecutively from 1 to 1,000,
both inclusive, in the denomination of $1,000 each, AGGREGATING
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$1,000,000, and is issued for the purpose of extending and improving
the City's existing waterworks and sanitary sewer system, under and
in strict conformity with the Constitution and laws of the State of
Texas, particularly Articles 1111 to 1118, both inclusive, Vernon's
Texas Civil Statutes, 1925, as amended, and the Home -Rule Charter
of said City, pursuant to vote 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, at an election held
within said City on the 2nd day of November, 1957, and pursuant to
O an ordinance duly adopted by the City Council of said City, entitled
"AN ORDINANCE AUTHORIZING THE ISSUANCE OF $1,000,000 CITY OF BAYTOWN
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WATERWORKS AND SEWER SYSTEM REVENUE BONDS; PRESCRIBING THE TERMS
AND CONDITIONS THEREOF; PROVIDING FOR THE PAYMENT THEREOF; AWARDING
THE SALE THEREOF; CONTAINING OTHER PROVISIONS RELATING TO THE SUB-
JECT; AND PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT FROM AND
AFTER ITS ADOPTION ", finally passed February 61 1958, which ordinance
is of record in the official minutes of said City Council,-and to
all the provisions of which ordinance the holder of this bond by the
acceptance thereof expressly assents. The bonds of this issue are
composed of the following bonds authorized at said election held
November 2, 1957: $524,000 revenue bonds for the purpose of ex-
tending and improving the City's existing water works system, and
$476,000 revenue bonds for the purpose of extending and improving
the City's existing sanitary sewer system.
THE CITY OF BAYTOWN EXPRESSLY RESERVES THE RIGHT TO REDEEM
BONDS NOS. 431 TO 1,000, both inclusive (being those bonds maturing
on May 15th in the years 1974 to 1980, both inclusive), of this is-
sue, in whole or in part, on May 15, 1973, or on any interest payment
date thereafter, by paying to the owners and holders thereof a price
equal to the principal amount of the bonds redeemed plus unpaid
accrued interest thereon to the date fixed for redemption. Notice -
of the exercise of the option to redeem shall be given in writing
to the bank at which said bonds are payable, and said notice shall
be published one (1) time in a financial journal or publication of
general circulation in the United States of America, which notice
shall be mailed to said bank and published in said journal or pub-
lication at least thirty (30) days prior to the date fixed for re-
demption. When said bonds, in whole or in part, have been called
for redemption in the manner prescribed, and when due provision has
Abeen made to pay the principal of and unpaid accrued interest on
the bonds called for redemption to the date fixed for redemption,
the right of the owners or holders to collect interest which would
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otherwise accrue after the redemption date on the bonds called for
redemption shall terminate on the date fixed for redemption.
EACH SUCCESSIVE HOLDER of this bond and each successive holder
of the interest coupons hereto attached is conclusively presumed
to forego and renounce his equities in favor of subsequent holders
for value and without notice, and to agree that this bond and each
of the coupons hereto attached, may be negotiated by delivery by
any person having possession thereof, howsoever such possession may
have been acquired, and that any holder who shall have taken this
bond or any of the coupons from any person for value and without no-
tice thereby has acquired absolute title thereto, free from any
defenses enforceable against any such prior holder and free from
all equities and claims of ownership of any such prior holder. The
City of Baytown and its officials and fiscal agents shall not be
affected by any notice to the contrary.
THIS BOND SHALL NOT BE DEEMED TO CONSTITUTE A DEBT of the City
of Baytown or a pledge of its faith and credit, but shall be payable,
as to principal and interest, along with the outstanding bonds of
the City's $465,000 Waterworks and Sewer System Revenue Refunding
Bonds, Series 1957, dated May 15, 1957, solely from the revenues
derived from the operation of the City's waterworks and sanitary
sewer system, including all additions, extensions, and improvements
thereto which may hereafter be made, after deduction of the reason-
able expenses of maintenance and operation of said system. The bonds
of this issue and the outstanding bonds of said Series 1957 bonds
are in all respects on a parity with one another. 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 RESERVES THE RIGHT TO ISSUE ADDITIONAL BONDS payable
from the net revenues of said waterworks and sanitary sewer system,
and said additional bonds may be on a parity in all respects with
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the bonds of this issue and the outstanding Series 1957 bonds, but
only pursuant to and subject to the restrictions, covenants, and
limitations contained in the ordinances authorizing the bonds of this
issue and said Series 1957 bonds, to which reference is hereby made
for full particulars.
IT IS HEREBY CERTIFIED, RECITED, AND REPRESENTED that the is-
suance 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 be done precedent to and in the issuance of this series
of bonds have been properly done and'performed, and have happened
® in regular and due time, form, and manner, as required by law; that
due provision has been made for'the payment of principal of and in-
terest on this bond and the series of which it is a part and the
outstanding Series 1957 bonds, by irrevocably pledging the net reve-
nues of said waterworks and sanitary sewer system; and that the is-
suance of this series of bonds 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•
COUNTERSIGNED:
O City Clerk
Mayor, City 'of aytown, Texas
*(For interest rates, see Section 4.01)
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USection 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 BAYTO'WN..
in the County of Harris, State of Texas, PROMISES TO PAY TO BEARER,
without exchange or collection charges, at The First City National
Bank of Houston, Houston, Texas, THE SUM OF $ , in lawful
money of the United States of America, solely from the special fund
especified in the bond to which this coupon appertains, said sum
being the interest due that date on City of Baytown Waterworks and
Sewer System Revenue Bond, Series 1958, dated February 15, 1958•
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.
Bond No
Mayor, City of Baytown, Texas
City Clerk
*(Coupons maturing after May 15, 19731
- shall contain the following additional
O.clause:
unless the bond to which this coupon
appertains has been called for previous
redemption and due provision made to re-
deem same,)
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
REGISTER NO.
THE STATE OF TEXAS
O 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
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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 special obligation of the City of Baytown, Texas;
payable from the revenues pledged to its payment by and in the ordin-
ance authorizing the same, 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
OSection 9:
9.01 - APPROPRIATION OF BOND PROCEEDS: That there is hereby appropri-
ated out of the proceeds of sale of the bonds authorized by this
ordinance (a) the sum of $524,000 for the purpose of extending and
improving the City's existing waterworks system, and (b) the sum
of $476,000 for the purpose of extending and improving the City's
existing sanitary sewer system. It is estimated that the maximum
costs of extending and improving the City's waterworks system will
be $524,000, and that the maximum costs of extending and improving
Othe City's sanitary sewer system will be $476,000; consequently,
there is no necessity for any down payments, and no such down pay-
ments are made.
9.02 - APPLICATION OF BOND PROCEEDS: That the proceeds of the bonds
hereby authorized shall be used and expended for the purpose of ex-
tending and improving the waterworks and sanitary sewer system,.as
outlined in the ordinance adopted October 10, 1957, calling the
bond election which was held in said City on the 2nd day of November,
1957.
Section 10:
DEFINITIONS: That, as used in this ordinance, the following terms
shall mean and include, and are defined, as follows, to -wit:
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(a) City - the City of Baytown, Texas, and, where appropriate,
® the City Council thereof.
(b) System - the waterworks and sanitary sewer system of the
City, including all present and future extensions, replacements,
and improvements to said waterworks and sanitary sewer system.
(c) Net revenues - the gross revenues derived from the operation
of the System less the reasonable expenses of operation and mainten-
ance of said System, including all salaries, labor, materials, inter-
est, and such repairs and extensions as in the judgment of the
governing body of the City are necessary to keep the plant or utility
40 in operation and render adequate service to the City and the in-
habitants thereof, or such as might be necessary to meet some physi-
cal accident or condition which would otherwise impair the original
security.
(d) Bonds - the $1,000,000 Series 1958 bonds authorized by
this ordinance.
(e) Outstanding Bonds - the outstanding bonds of the City's
Waterworks and Sewer System Revenue Refunding Bonds, Series 1957,
dated May 15, 1957.
e (f) Additional Bonds - the additional bonds that the City
expressly reserves the right to issue in Section 12 of this ordin-
ance.
Section 11:
ADOPTION OF PROVISIONS OF REVENUE BOND ORDINANCE OF MAY 13, 1957:
That the Bonds authorized by this ordinance shall be issued under
the terms, conditions, and provisions of Sections 9, 10, 11, and 12
of the ordinance adopted by this City Council on the 13th day of
May, 1957, which authorized the issuance of the Outstanding Bonds,
except where the designated provisions of said ordinance of May 13,
® 1957, are inconsistent or in conflict with the terms and provisions
of this ordinance, in which event the provisions of this ordinance
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shall govern; and said designated sections (except where inconsistent
Oor in conflict herewith) are hereby made a part of this ordinance
and shall apply with equal force to the Bonds hereby authorized.
Section 12:
ADDITIONAL BONDS: That, in addition to inferior lien bonds authorized
by Chapters 249 and 250, Acts of the 51st Legislature of Texas, 1949,
as amended (Articles lllla and llllb, Vernon's Texas Civil Statutes,
1925, as amended), the City expressly reserves the 'right to issue
additional parity bonds in one or more installments, and such Addi-
tional Bonds, when issued, may be secured by and payable from a first
lien on and pledge of the net revenues of the System in the same
manner and to the same extent as are the Bonds and the Outstanding
Bonds, and such Additional Bonds may in all respects be of equal
dignity with said Bonds. It is expressly provided, however, that
no such Additional Bonds shall be issued unless:
(a) Each of the funds created by the ordinance of May 13, 1957
(authorizing the Outstanding Bonds) contains the amount of money then
required (by said ordinance of May 13, 1957, and by this ordinance)
to be on deposit therein;
® (b) The net revenues of the System for the last preceding fis-
cal year (the fiscal year next preceding the month in which the
ordinance authorizing any Additional Bonds is adopted), as certified
by an independent'public accountant or firm of independent public
accountants, were equal to at least one and one -half (1 -1/2) times
the requirements for the payment of principal and interest on all
bonds that will be outstanding and payable from the revenues of the
System after the bonds then proposed to be issued are issued, sold,
and delivered, for the calendar year in which said requirements are
greatest; and
o(c) The bonds then proposed to be issued are made to' mature on
May 15th in each of the years in which they are scheduled to mature.
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The term "net revenues" as used herein shall mean all of the
revenues of the System (excluding income received specifically for
capital items) after deduction of the reasonable expenses of operation
and maintenance of the System (excluding expenditures for capital
items).
Section 13:
REVENUES NOT ENCUMBERED: That the City covenants and represents
that other than for the Outstanding Bonds, the rents, revenues,
properties, and income of the System are not in any manner pledged
to the payment of any other debt or obligation of the City, nor of
the System. The Bonds hereby authorized and the Outstanding Bonds
are, and shall be, in all respects on a parity with one another.
Section 14:
APPROVAL AND REGISTRATION OF BONDS: That it shall be the duty of
the Mayor to submit the record of the 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 the State of Texas.
Section 15:
SALE OF BONDS: That the 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
found 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
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date of actual delivery, plus a cash premium of $ -� �Py , is
the best bid received, and the sale of said Bonds to the named bid-
7m
der at the stated price, subject to the unqualified approving opinion,
Oas to the legality of said Bonds, of the Attorney General of the
State of Texas and market attorneys selected by said purchaser, is
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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 16:
DUTIES OF MAYOR AND CITY CLERK: That the Mayor and 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.
Section 17:
EFFECTIVE DATE OR ORDINANCE: That this ordinance shall take
effect and be in full force from and after its adoption.
1958.
PASSED AND APPROVED, this the 6th day of February,
Mayor, City of Baytown, Texas
A ST: 1 ,
CzL f
City Clerk, City of Baytown, Texas
E