Ordinance No. 416b2 rCs ► XJA-c.
ORDINANCE N0. 416
c
r AN ORDINANCE AUTHORIZING THE ISSUANCE
OF $230,000 WATERWORKS AND SEWER SYSTEM
REFUNDING BONDS, SERIES 1957; PRESCRIBING
THE TERMS AND CONDITIONS THEREOF; LEVYING
TAXES TO PAY THE PRINCIPAL AND INTEREST
THEREON; 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 41- session at the City Hall within said City on the
AV
/3 "day of May, 1957, 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: /�o�✓�
when the following business was
transacted:
The Mayor introduced an ordinance which was read in full.
Councilman. �� �Yf��/ made a motion that the ordinance be
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adopted as read. The motion for adoption was seconded by Council-
man Af ,4 R 5 and carried by the following vote: AYES:
Councilmen Swain, Garrison, Clayton, Mears, Ward, Lusk,and Mayor
Pruett. NOES: None. The ordinance thus adopted follows:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
$230,000 WATERWORKS AND SEWER SYSTEM
REFUNDING BONDS, SERIES 1957; PRESCRIBING
THE TERMS AND CONDITIONS THEREOF; LEVYING
TAXES TO PAY THE PRINCIPAL AND INTEREST
THEREON; AND PROVIDING THAT THIS ORDINANCE
SHALL TAKE EFFECT FROM AND AFTER ITS ADOPTION
WHEREAS, Harris County Water Control and Improvement
District No. 30 has heretofore issued the following described
bonds, to -wit:
and
HARRIS COUNTY WATER CONTROL AND IMPROVEMENT DISTRICT
NO. 30 WATERWORKS AND SEWER SYSTEM COMBINATION TAX
AND REVENUE BONDS, 1952, dated April 1, 1952, num-
bered consecutively from 1 to 250, both inclusive,
in the denomination of $1,000 each, aggregating
$250,000, which bonds were approved by the Attorney
General of Texas April 10, 1952, and registered by
the Comptroller of Public Accounts of Texas on the
same date under Registration No. 28162;
WHEREAS, Bonds Nos. 1 to 20, both inclusive, aggregating
$20,000, of said issue have matured and been paid, and Bonds Nos.
21 to 250, both inclusive, aggregating $230,000 (maturing serially
on April 1st in each of the years 1958 to 1981, both inclusive)
are outstanding and unpaid; and
.. WHEREAS, the City of Baytown, Texas, has heretofore an-
nexed all-of the territory within said District and has assumed
and become liable for the payment of all debts and obligations of
said District, including particularly the above - described bonds,
and said bonds are now the valid and binding obligations of the
City of Baytown, and said District has been abolished, and the City
of Baytown has taken over all of the assets and properties of said:
District; and
WHEREAS, under the provisions of Article 1182c -1, Vernon's
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Texas Civil
Statutes,
1925, as
amended, the
City is authorized to
refund said
bonds in
the name
of the City of
Baytown, Texas, and
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to provide for the payment of the principal thereof and interest
thereon by levying a tax for such purposes upon all taxable prop-
erty within said City; and
WHEREAS, the owners and holders of all said bonds de-
scribed above have agreed to surrender said bonds in exchange for
the refunding bonds hereinafter authorized, thereby effecting a
substantial saving in the total interest to be paid on said in-
debtedness, and this City Council is of the opinion that it is to
the best.interests of the City of Baytown to refund said bonds in
the manner hereinafter provided; Therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN:
Section 1: That the bonds of the City of Baytown, Texas,
be issued in the principal sum of $230,000, to be known and desig-
nated as "CITY OF BAYTOWN WATERWORKS AND SEWER SYSTEM REFUNDING
BONDS, SERIES 1957 ", for the purpose of refunding, danceling, and
in lieu of a like principal amount of Harris County Water Control
and Improvement District No. 30 Waterworks and Sewer System Com-
bination Tax and Revenue Bonds, 1952, dated April 1, 1952, which
bonds have been assumed by, and are now the valid and binding ob-
ligations of the City of Baytown, under and by virtue of the Con-
stitution and laws of the State of Texas, particularly Articles
1182c -1 and 2368a, Vernon's Texas Civil Statutes, 1925, as amended,
and the Charter of the City of Baytown.
Section 2: That said bonds shall be dated May 15, 1957,
shall be numbered consecutively from 1 to 230, both inclusive,
shall be in the denomination of $1,000 each, aggregating $230,000,
shall bear interest per annum'at the rates shown in the following
schedule, and shall become due and payable serially on the 15th
day of May in each of the.years 1958 to 1970, both inclusive, in
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Section '�: That said bonds shall bear interest per annum
• at the rates set forth in the schedule provided in Section 2, to-
wit:
3 -1/2% - Bonds Nos. 1/24;
3 -3/4% - Bonds Nos. 25/49, 60/62, 68/76, and
86/9o;
4 -1/4% - Bonds Nos. 56/59, 91/105, and 194/205; and
4% - Bonds Nos.'63/67, 77/85, 106/193, and
206/230,
interest payable November 15, 1957, and semi - annually thereafter on
May 15th and November 15th of each year until the principal sum is
paid. Both principal of and interest on said bonds shall be pay-
able in lawful money of the United States of America, without
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the respective
amounts shown in
the following
schedule, to -wit:
Bonds
Nos.
Interest Rate
Maturity
Amount
i -
6
3 -1/2%
1958
$ 6,000
7 -
12
3 -1 /2q
1959
6,000
13 -
18
3 -1/2%
1960
6,000
19 -
24
3 -1/2%
1961
6,000
25 -
36
3 -3/4%
1962
12,000
37 -
49
3 -3/4%
1963
13,000
50 -
59
4 -1 /4r%
1964
10,000
6o -
62
3 -3/4%
1964
3,000
63 -
67
4%
1965
5,000
68 -
76
3 -3/4%
1965
9,000
77 -
85
4%
1966
9,000
86 -
90
3 -3/4%
1966
5,000
91 -
105
4 -1/4%
1967
15,000
lo6 -
149.
4%
1968
44,000
150 -
193
4%
1969
44,000
194 -
205
4 -1/4%
1969
12,000
2o6 -
230
4%
1970
25,000
Section '�: That said bonds shall bear interest per annum
• at the rates set forth in the schedule provided in Section 2, to-
wit:
3 -1/2% - Bonds Nos. 1/24;
3 -3/4% - Bonds Nos. 25/49, 60/62, 68/76, and
86/9o;
4 -1/4% - Bonds Nos. 56/59, 91/105, and 194/205; and
4% - Bonds Nos.'63/67, 77/85, 106/193, and
206/230,
interest payable November 15, 1957, and semi - annually thereafter on
May 15th and November 15th of each year until the principal sum is
paid. Both principal of and interest on said bonds shall be pay-
able in lawful money of the United States of America, without
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exchange'or collection charges to the owners or holders, at the
Citizens National Bank and Trust Company, 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 to said bonds as such coupons
severally become due.
Section 4: That, in accordance with the provisions of
Chapter 293, Acts of the 54th Legislature of Texas, Regular Ses-
sion, 1955 (codified in Vernon's Texas Civil Statutes, 1925, as
amended, as Article 717j), each of said bonds shall be signed by
the Mayor and countersigned by the City Clerk, by their facsimile
signatures, and the corporate sael of said City shall be impressed
upon each of sa',id bonds. The interest coupons attached to said
bonds shall also be executed by the facsimile signatures of said
Mayor and City Clerk. Said facsimile signatures, as above pro-
vided, may be engraved, lithographed, or printed, and shall have
the same effect as if said bonds and coupons had been signed in
person by each of said officers. The Comptroller's registration
certificate, as set forth hereinafter in Section 7 of this ordin-
ance, shall be manually subscribed.
Section 5:
tially as follows:
No.
That the form of such bonds shall be substan-
$1,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF BAYTOWN WATERWORKS AND SEWER SYSTEM
REFUNDING BOND
SERIES 1957
THE CITY OF BAYTOWN, in the County of Harris, State of
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Texas, FOR VALUE RECEIVED, hereby acknowledges itself indebted to
and PROMISES TO PAY TO BEARER ON THE 15TH DAY OF MAY, 19 , the
sum of
ONE THOUSAND DOLLARS
($1,000), with interest thereon from the date hereof at the rate
of * % per annum, interest payable November 15, 1957, and semi-
annually thereafter on May 15th and November 15th of each year
until the principal sum hereof shall have been paid. Both princi-
pal of and interest on this bond are payable in lawful money of
the United States of America, without exchange or collection
charges to the owner or holder, at the Citizens National Bank and
Trust Company, Baytown, Texas. The principal hereof shall be pay-
able only upon presentation and surrender of this bond, and inter-
est falling due on and prior to the maturity of this bond shall
be payable only upon presentation and surrender of the interest
coupons hereto attached as they severally become due.
THE DATE OF THIS BOND, in conformity with the ordinance
hereinafter mentioned, IS MAY 15, 1957•
THIS BOND IS ONE OF A SERIES OF 230 BONDS of like date and
tenor, except as to number, maturity, and interest rate, being
numbered consecutively from 1 to 230, both inclusive, in the de-
nomination of $1,000 each, AGGREGATING $230,000, and is issued for
the purpose of refunding, canceling and in lieu of a like principal
amount of Harris County Water Control and Improvement District No.
30 Waterworks and Sewer System Combination Tax and Revenue Bonds,
1952, dated April 1, 1952, which bonds have been assumed by, and
are the valid and binding obligations of, the City of Baytown,
under and by virtue of the Constitution and laws of the State of
Texas, particularly Articles 1182c -1 and 2368a, Vernon's Texas
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Civil Statutes, 1925, as amended, the Charter of said City, and
pursuant to an ordinance adopted by the City Council of said City,
which ordinance has been duly recorded in the official minutes of
said City Council.
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 Chapter
293, Acts of the 54th Legislature of Texas, Regular Session, 1955
(codified as Article 717j in Vernon's Texas Civil Statutes, 1925,
as amended), has caused this bond to be signed by the Mayor of
said City 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 May, 1955.
Mayo , City of Baytown, T xas
COUNTERSIGNED:
City Clerk, City of Baytown,
Texas
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*(For interest rates, see Sections 2 and 3.)
Section 6: That the form of coupon 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
to bearer, without exchange or collection
National Bank and Trust Company, Baytown,
$ , in lawful money of the United
ing the interest due that date on City of
Sewer System Refunding Bond, Series 1957,
Bond No.
Texas, promises to pay
charges, atIthe Citizens
Texas, the sum of
States of America, be-
Baytown Waterworks and
dated May 15, 1957,
Mayor
City Clerk
Section 7: That substantially the following certificate
shall be printed on the back of each of said bonds, which certi-
ficate shall be manually subscribed:
OFFICE OF THE COMPTROLLER
THE STATE OF TEXAS
REGISTER NO.
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 re-
quired by law, and that he finds that it has been issued in con-
formity 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
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Section 8: To pay the interest on said refunding bonds
and to create and provide a sinking fund to pay the principal as
it matures, there is hereby transferred to the interest and sink-
ing fund of the refunding bonds herein authorized the proceeds of
all taxes levied and collected for and on account of the issue of
bonds which are being refunded hereby, and all taxes collected
hereafter for and on account of the bonds being refunded hereby
shall be credited to said fund, and all moneys in the interest
and sinking fund of the bonds being refunded hereby shall be
transferred to said fund; that while the bonds authorized hereby,
or any part of the principal thereof or interest thereon, remain
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outstanding and unpaid;' there shall be levied, assessed, and col-
lected, in due time, form, and manner, and at the same time other
City taxes are levied, assessed, and collected, an annual ad
valorem tax upon all taxable property within said City sufficient
to pay the current interest on said bonds as it accrues and to pay
each installment of the principal of said bonds as it matures;
and to pay the interest on and principal of said bonds as they
become due, there is hereby levied for the current year, and for
each year while said bonds or any part of the principal thereof
or interest thereon remain outstanding and unpaid, on all taxable
property within said City, a sufficient ad valorem tax for said
purposes on each $100 valuation of taxable property in said City,
and the same shall be assessed and collected and applied to the
purposes named.
That while said bonds, or any part of the principal there-
of or interest thereon, are outstanding and unpaid, a tax upon all
taxable property within said City, sufficient in amount to pay the
interest on such bonds, together with an additional amount to be
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placed in the sinking fund sufficient to redeem and discharge
such bonds at their maturity, full allowance being made for de-
linquencies and costs of collection, shall be', and is hereby,
levied for each year, respectively, and shall each year be
assessed and collected and applied to the payment of the interest
on and principal of said bonds, and to no other purpose.
Section 9: That the Mayor of said City is hereby author-
ized to take and have charge of said bonds pending their investi-
gation and approval by the Attorney General of Texas and regis-
tration by the Comptroller of Public Accounts of the State of
Texas. That the bonds authorized hereby shall not be registered
until all of the bonds refunded hereby have been surrendered for
cancelation. The said Comptroller is authorized and directed to
deliver the refunding bonds authorized hereby.in like amount to
the holder or holders of the bonds surrendered.
Section 10: That, except as provided herein, the holder
or holders of the bonds authorized hereby are and shall be subro-
gated to all the rights and privileges had and possessed by the
holders of the bonds which are being refunded by.the issuance of
this series of bonds.
Section 11: That the Mayor and City Clerk are authorized
and directed to do any and all things necessary and /or convenient
to carry out the terms of this ordinance.
Section 12: That this ordinance shall take effect and be
in full force from and after its adoption.
PASSED AND APPROVED, this the 13 4� day of May, 1957.
• ATT T:
City Clerk, City of Baytown,
Texas
(SEAL)
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Mayor, City of Baytown, Texas
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