Ordinance No. 419:7
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ORDINANCE N0. 419
ORDINANCE PROVIDING FOR ESCROW AND PAYMENT
OF FISCAL AGENCY FEE AND PROVIDING FOR
ACCEPTANCE OF ESCROW AGREEMENT AS PROVIDED
IN THIS ORDINANCE BY BANK; CONTAINING OTHER
PROVISIONS RELATING TO SUBJECT; AND PROVID-
ING 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
regular session at the City Hall within °said City on the 23rd day
of May, 1957, with the following members present, to -wit:
R. H. Pruett
W. C. Swain
James Garrison
Al Clayton
Paul Mears
Walter Lane Ward
Lacy Lusk
Edna Oliver
Mayor
Councilman
Councilman
Councilman
Councilman
Councilman
Councilman
City Clerk
and ,the following members absent.,-'to-wit: c}��
when the following business was transacted:
The Mayor introduced an ordinance which was read in full..
Councilman )made a motion that the ordinance be adopted as
read. The moti n for adoption was seconded by Councilman
and carried by the following vote: AYES: Councilmen Swain, Garrison,
Clayton, Mears, Ward, Lusk, and Mayor Pruett. NOES: None. The
ordinance thus adopted follows:
ORDINANCE PROVIDING FOR ESCROW AND PAYMENT
OF FISCAL AGENCY FEE AND PROVIDING FOR -
ACCEPTANCE OF ESCROW AGREEMENT AS PROVIDED
IN THIS ORDINANCE BY BANK; CONTAINING OTHER
PROVISIONS RELATING TO SUBJECT; AND PROVID-
ING THAT THIS ORDINANCE SHALL TAKE EFFECT
FROM AND AFTER ITS ADOPTION
WHEREAS, the City of Baytown, Texas, is in the process of re-
funding Bonds Nos. 21 to 250, in the denomination of $1,000 each,
aggregating $230,000,.Harris County Water Control and Improvement
District No. 30 Waterworks and Sewer System Combination Tax and
Revenue Bonds, Series 1952, dated April.,l, 1952, into $230,000 CITY
OF BAYTOWN WATERWORKS AND SEWER SYSTEM REFUNDING BONDS, SERIES 1957,
dated May 15, 1957; and
WHEREAS, said City is also in the process of refunding the
following described bonds:
(a) City of Goose Creek Waterworks and Sewer System
® Revenue Bonds, dated August 1, 1945, Bonds Nos.
901150 and 207/250, in the denomination of
$1,000 each, aggregating $105,000,
(b) City of Pelly.Waterworks and Sewer System Revenue
Bonds, dated December 1, 1956, Bonds Nos. 50/150
and 182 /235, in the denomination -of $1,000 each,
aggregating $155,000,
(c) Harris County Water Control and Improvement
District-No. 7 Waterworks and Sewer System Revenue
Bonds,-Series 1945, dated March 1, 1945, Bonds Nos.
431147, in-the denomination-of $1,000_ each, ag-
gregating.$105,000,,.•
(d) Harris County Water Control and Improvement Dis-
trict-No. 7 Waterworks and Sewer System Revenue
Bonds, Series 1945A, dated September 1, 1945, Bonds
Nos. 21/60, in the denomination of $1,000 each,
• aggregating $40,000, and
(e) Harris County Water Control and Improvement.Dis-
trict No. 7 Waterworks and Sewer System Revenue
Bonds, Series 1946, dated December 1, 1946, Bonds
Nos. 31/90, in the denomination of $1,000 each,
aggregating $60,000,
into $465,000 CITY OF BAYTOWN.WATERWORKS AND SEWER SYSTEM REVENUE
REFUNDING BONDS, SERIES 1957, dated May 15, 1957; and
WHEREAS, Moroney, Beissner & Co., Houston, Texas, is fiscal -
agent for said City in the refunding of all such underlying bonds.,
and the issuance 'of such refunding bonds, and said City. has a con-
tract with said company for'services as fiscal agent, the fiscal
agency fees being as follows:
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$30 per underlying bond of (a) the $230,000 Harris
® County Water Control and Improvement,,District No. 30
bonds described above, and (b) the $155,000 City of
Pelly bonds -described'above,.and
$20 per underlying bond of -(a) the $105,000 City of
Goose Creek bonds described above, (b), the $105,000
Harris County Water Control and Improvement-District
No. 7 bonds dated March 1, 1945,- described above,
(c) The $40,000 Harris County Water Control and Im-
provement District No. 7 bonds.dated September 1,
1945, described "above, and (d) the $60,000 Harris
County Water Control and Improvement District No. 7
bonds'dated December 1, 1946, described above,
which per- bond,fees.are to be paid to,said company upon the cancela-
tion and refunding of each of said underlying bonds; and
WHEREAS, the City wishes to escrow the total fiscal agency
fees with the American National Bank, Austin, Texas, and authorize
said bank to pay.,the same..to said company on.a per bond basis;
Therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE'CITY OF BAYTOWN:
Section 1: That the appropriate officials of the City of
Baytown, Texas, are hereby authorized and instructed to deposit
in a special account in the American National Bank, Austin, Texas,
the sum of $17,750, and said Bank is authorized and directed to pay
the same in installments to Moroney, Beissner & Co., Houston, Texas,
® or order, as follows:.
$30 per canceled and refunded bond of 1) the $230,000
Harris County Water Control and Improvement District
No. 30 bonds described in the preamble to this ordinance,,
and (b) the $155,000 City of Pelly bonds described in
the preamble,to this ordinance, and
$20 per canceled and refunded bond of (1) the $105,000
City of Goose Creek bonds described in the preamble to
this ordinance, (2) the $105,000 Harris County Water
Control and Improvement District bonds dated March 1,
1945, described in the preamble to this ordinance, (3)
the $40,000 Harris County Water Control and-Improve --
ment-District No. 7 bonds dated September 1, 1945,
described in the preamble to this ordinance, and (4)
the $60,000 Harris.County Water Control and Improve-
ment-District No. 7 bonds dated December 1, 1946,
described in the preamble to this ordinance.
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Section 2: That this ordinance and-agreement may be amended
from time to time as necessary with.the consent and approval of the
City Council and Moroney, Beissner & Co., Itut no such amendment
shall increase the liabilities or responsibilities or diminish the
rights of said Bank without its.consent. Said Bank shall have no
liability except that expressly set forth herein, and should a con-
troversy arise requiring said Bank to employ legal counsel to rep-
resent it, such Bank shall be reimbursed for all costs and expenses
in connection therewith, including reasonable attorneys' fees.
Section 3: That a certified copy of this ordinance, together
with acceptance notations signed by a representative of Moroney,
Beissner & Co., and by a Vice President and Cashier (or Assistant
Cashier) of the American National Bank, shall constitute theescrow
agreement.
PASSED AND APPROVED, this the 23rd'day of May, 1957.
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Mayor, City of Baytown, `'Texas
ATTEST:
City Clerk
(SEAL)