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Ordinance No. 135a 0 • C� J ORDINANCE NO. 135 AN ORDINANCE AUTHORIZING THE ISSUANCE OF $81,000 WATER AND SEWER REFUNDING BONDS, PRESCRIBING THE TERMS AND _dON- DITIONS THEREOF, AND IEVYING TAXES TO PAY.THE PRINCIPAL AND-INTEREST THEREON THE STATE OF TEXAS COUNTY OF HARRIS The-City Council of the City of Baytown, Texas, convened in I kt-4) LJA.A.) session at the City Hall within said City on the day of 1952, with the following members present, to-wit: J. A. Ward Mayor W. E . . Buelow Councilman n H. M. Campbell Councilman M- G.ciu=443;ffh-ta W. D. Reeves Councilman R. H. Pruett Councilman Mrs.. Edna Oliver, City Clerk when the following business was transacted: The Mayor introduced an ordinance which was read in full. 1DD✓ U ,L'� e.O,�W Councilman [,,r made a motion that the ordinance be a- dopted as read. The motion was seconded by Councilman and carried by the following vote: AYES: Mayor Ward, Councilmen Buelow, Bay.S�, H. M. Campbell, 1, Reeves and Pruett. NOES: None. The ordinance thus adopted follows: AN ORDINANCE AUTHORIZING-THE ISSUANCE OF $81,000 WATER -AND SEWER REFUNDING BONDS,: PRESCRIBING THE TERMS AND CONDITIONS_THEREOF,.AND LEVYING TAXES TO PAY THE PRINCIPAL AND INTEREST THEREON WHEREAS, there are now.outstanding and unpaid the following bonds of the City of Goose Creek, Texas, which bonds have been duly approved by the Attorney General of the State of Texas, duly regis- tered by the Comptroller of Public Accounts of Texas, and were is- sued and sold at not less than their par amount and accrued interest: City of Goose Creek, Texas, Waterworks and Sewer Bonds, Series 1941, dated March 1, 1941, numbered from 35 to 115, both inclusive, in the denomination of $1,000 each, ag- gregating Eighty One Thousand ($81,000) Dollars, bearing interest at the rate of three and one-half ( 3 -1 /2%) per n U and 0 cent per annum, and maturing serially on March 1st in each of the years 1953 to 1971, both inclusive; WHEREAS, in the ordinance authorizing the issuance of said waterworks and sewer bonds, Series 1941, said City of Goose Creek reserved the right to ve deem said bonds on March 1, 1952, or on any interest paying date thereafter; and WHEREAS, since the issuance of said bonds said City of Goose Creek has beenrconsolidated into the City of Baytown, Texas, and said City of Baytown is the successor to said City of Goose Creek; and WHEREAS, the City Council of said City of Baytown by a resolu- tion duly adopted January 22', 1952 has called said bonds for redemp- tion on March 1, 1952 in the manner provided in said - ordinance auth- orizing the issuance of said outstanding bonds; and WHEREAS, said bonds may be refunded at a lower rate of. interest thereby providing a substantial saving in interest cost; Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN: Section 1: That the bonds of the City of Baytown, Texas, to be called "CITY OF BAYTOWN WATER AND SEWER REFUNDING BONDS, SERIES 1952 ", shall be issued in.`the aggregate principal of Eighty One Thousand ($81,000) Dollars for the purpose of refunding, cancelling and in lieu of the Eighty One Thousand ($81,000) Dollars principal amount of outstanding and unpaid bonds described in the preamble of this ordinance, under and in strict conformity with the Constitution and laws of the State of Texas, particularly Chapter 163, Acts of the 42nd Legislature of Texas, Regular Session, 1931, as amended, and the Charter of said City. Section 2:, That said bonds shall be dated March 1, 1952, shall be numbered from 1, to 81, both. inclusive, shall be in the denomination of $1,000 each, aggregating Eighty One Thousand ($81,000) Dollars, land shall become due and payable serially on the lst day of March -2- os. 1 to 60, both inclusive, at the rate of two and one -half (2 -1/2%) per cent per annum; Bonds.Nos.- 61 to 81, both inclusive, at the rate of two and three - fourths '(2 -3/4 %) ,per cent per annum; interest pay- able September 1, 1952, and semi - annually thereafter on March lst and September 1st of each year until the principal sum is paid. Bo rincipal -of and interest on said bonds shall be payable in lawful ney of the United States of America at the City National Bank of Houston, Houston, Texas, upon presentation and surrender of the bonds ® as they severally become due, or, as to interest falling due on and or to maturity, upon presentation and surrender of the interest oupons attached to said bonds as they severally become due. . That each of said bonds shall be signed by the Mayor and ountersigned by the City Clerk of the City of Baytown, Texas, and he official seal of said City shall be impressed upon each of them, nd the facsimle signatures of the Mayor and the City Clerk shall be ngraved, lithographed or printed on the coupons attached to said onds and shall have the same effect as if they had been signed by uch officials. ® bection That the form of said bonds shall be substantially as fol ows: ® I ' in each of the years and in the respective amounts shown in the fol- lowing schedule, to-wit: Bond Nos. Maturity Amount 1 - 5 March 1, 1953 $ 5,000.00 6 - to " " 1954 5,000.00 11 - 15 " 1955 5,000.00 16 - 20 '.' '.' 1956' 5,000-00 21 - 25 1957 5,000.00 26 - 30 '; '= 1958 5,000-00 31 - 35 " :, 1959 5,000-00 36 - 40 '' 196o 5,000.00 41 - 45 �; rr. 1961 5,000-00 46 - 50 " " 1962 5,000.00 51 - 55 ,r �� 1963 5,000.00 56 - 6o " " 1964 5,000.00 61 - 65 " '.' 1965 5,000.00 ® 66 ­70 " '.' 1966 5,000.00 71 - 75 '; " 1967 5,000.00 76 - 81 " !' 1968 6,000.00 Section 3: That said bonds shall bear interest as follows: Bonds os. 1 to 60, both inclusive, at the rate of two and one -half (2 -1/2%) per cent per annum; Bonds.Nos.- 61 to 81, both inclusive, at the rate of two and three - fourths '(2 -3/4 %) ,per cent per annum; interest pay- able September 1, 1952, and semi - annually thereafter on March lst and September 1st of each year until the principal sum is paid. Bo rincipal -of and interest on said bonds shall be payable in lawful ney of the United States of America at the City National Bank of Houston, Houston, Texas, upon presentation and surrender of the bonds ® as they severally become due, or, as to interest falling due on and or to maturity, upon presentation and surrender of the interest oupons attached to said bonds as they severally become due. . That each of said bonds shall be signed by the Mayor and ountersigned by the City Clerk of the City of Baytown, Texas, and he official seal of said City shall be impressed upon each of them, nd the facsimle signatures of the Mayor and the City Clerk shall be ngraved, lithographed or printed on the coupons attached to said onds and shall have the same effect as if they had been signed by uch officials. ® bection That the form of said bonds shall be substantially as fol ows: E E No. $1,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF HARRIS CITY OF BAYT OWN WATER AND SEWER REFUNDING BOND, SERIES 1952 For value received, the City of Baytown, in the County of Harris, State of Texas, hereby acknowledges itself indebted to and promises to pay to bearer on the 1st day of March, lg , the sum of ONE THOUSAND DOLLARS ($1,000.00) with interest thereon from date hereof at the rate of ( *) per annum, interest payable September 1, 1952 and semi - annually thereafter on March 1st and September 1st of each year until the principal sum hereof shall have been paid. Both principal hereof and interest hereon are payable in lawful money of the United States of America at The City National Bank of Houston, Houston, Texas, -and interest falling due on or prior to maturity is payable only upon presentation and surrender of the interest coupons hereto at- tached as they severally become, due The date of this-bond, in conformity with the ordinance herein- after named, is March 1, 1952. This bond is one of a series of Eighty One (81) bonds of like date and tenor, except 'as' to number, maturity and interest rate, being numbered from One (1) to Eighty One (81), both inclusive, in the denomination of One Thousand ($1,000.00) Dollars each, aggregat- ing Eighty One Thousand ($81;000) Dollars, and is issued for the purpose of refunding, cancelling and in lieu of of an equal princi- 1 amount of Bonds Nos. 35 to 115, both inclusive, of the City of ® 1 Goose Creek, Texas, Waterworks and Sewer Bonds, Series 1941, dated ch 1, 1941,(sa id City of Goose Creek, Texas having been consoli- _a_ C� • dated into said City of Baytown, Texas and said City of Baytown, Texas being the successor to said City of Goose Creek, Texas), un- der and in strict conformity with the Constitution and laws of the State of Texas particularly Chapter 163, Acts of the 42nd Legisla- ture of Texas, Regular Session, 1931, as amended, and the Charter of said City, and pursuant to an ordinance duly passed and adopted by the City Council of the City of Baytown, which ordinance is of record in the minutes,of said City Council. It is hereby certified, recited and represented that all acts, A conditions and things necessary to be done precedent to and in the issuance of these bonds in order to make them legal, valid and bind- ing obligations of said City, have been done, have happened and been performed in regular and due time, form and manner, as required by law; that . due provision has been made for the payment of interest on-said series of bonds as it accrued., and to provide a sinking fund for the payment of the principal of said bonds as it matures by the levy of a direct annual ad valorem tax upon all taxable property within said City sufficient for said purposes in the manner pro- vided by law; and that this series of bonds does not exceed any constitutional or statutory limitation. IN TESTIMONY WHEREOF, the City Council of the City of Baytown has caused the seal of said City to be affixed hereto and this bond to be signed by the Mayor and' countersigned by the City Clerk, the interest coupons attached to be executed by the facsimile signatures of the Mayor and City Clerk of said City, all as of the lst day of (March, 1952. (Countersigned: City Clerk, City of Baytown, Texas to Mayor, City of Baytown, Texas *(Bonds Nos. One (1) to Sixty (60) both inclusive, at the rate of two and one- half.N-1/2%) per cent per annum; YI �J E C • • Bonds Nos. Sixty One (61) to Eighty One'(8l), both inclusive, at the rate of Two and Three - Fourths (2 -3/4 %) percent per annum) Section 6: That the form of coupon attached to such bond shall be substantially as follows: No. On the 1st day of , 19 the City of Baytown, in the County of Harris, in the ,State of Texas, promises to pay to bearer at The City National Bank of Houston, Houston, Texas, the sum of ( $ ) Dollars in lawful money of the United States of America, being the interest due that date on the.-City of Baytown Water and Sewer Refund- ing Bond, Series 1952, dated March 1, 1952, Bond No. Mayor City C le rk : That substantially the following certificate shall be printed on the back of each of said bonds: OFFICE OF THE - COMPTROLLER REGISTER NO. THE STATE OF. TEXAS 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, that it is a valid binding obligation of said City of Baytown, Texas, and said bond s this day been registered by me. WITNESS my hand and seal of office at Austin, Texas, 0 Comptroller of Public Accounts of the State of Texas funded by the issuance of this series of bonds. Section 8: That while said bonds or any part of the principal there That the of or interest thereon remain outstanding- and unpaid, there is here- said City by levied and shall be assessed and collected in due time, form and been so manner, an annual ad valorem tax upon all taxable property within shall said City, sufficient to pay the current interest on said bonds as the Comptroller of the-same becomes due, and to pay each installment of the principal of said bonds as the same matures; and to pay the interest on said the principal thereof as it matures, there is hereby lev- ,bonds.and ied for the year 1952 on all taxable property within said City, an ® ® ad valorem tax of 7 .wRer x 0 .+G 1,44< cents on each $100 .valuation of taxable property in said City, and same shall be assessed and col - lected and applied to the purpose's named. While said bonds, or any part of the principal thereof or in- l,terest thereon are outstanding and unpaid, a tax upon all taxable i property within said City, sufficient in amount to pay the interest on such bonds, together with an additional amount to be placed in a sinking fund sufficient to redeem and discharge such bonds at their maturity, full-'allowance being made for delinquencies and costs of collection, shall be and is hereby levied for. each year respectively and said tax shall each year be assessed and collected and applied ® to the payment of the interest on, and the principal of said bonds. Section 9: That the interest and sinking funds and taxes heretofore levied for the payment of all the bonds being refunded hereby are hereby transferred to the sinking fund account of the refunding bond herein authorized. The holder or holders of said refunding bonds ar, and shall be subrogated to all of the rights and privileges had and possessed by the holders of the original bonds, which are being re- funded by the issuance of this series of bonds. Section 10: That the Mayor of said City be, and he is hereby, au- thorized to take and have charge of said bonds pending their investi ccounts of the State of Texas for registration. Said refunding gation.and approval by the Attorney Ceneral.and when the same have been so approved, he shall deliver them to the Comptroller of Public ccounts of the State of Texas for registration. Said refunding I. f• IFj bonds shall not be registered until and after a like amount of said original bonds have been surrendered for cancellation. As and when said original bonds, either in one deltvery or in installments, are surrendered to the Comptroller, he is authorized and directed to de- liver the refunding bonds in like amounts to the holder or holders of said original bonds. PASSED and APPROVED this day of 1952. ATTE T City Clerk, City of Baytown, Texas (SEAL) City of Bayto , Texas