Ordinance No. 538n
LJ
•
ORDINANCE NO. 538
-_AN ORDINANCE AUTHORIZING THE ISSUANCE OF $696,000
STREET IMPROVEMENT BONDS, SERIES 1959; PRESCRIBING
THE TERMS AND PROVISIONS THEREOF; APPROPRIATING OUT
OF THE PROCEEDS OF SALE OF SUCH BONDS.THE SUM OF
$696,000 FOR THE STREET IMPROVEMENT PROJECT; LEVYING
TAXES TO PAY THE PRINCIPAL OF AND INTEREST ON SAID
BONDS; AWARDING THE SALE THEREOF; CONTAINING 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 §
n ,
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
May, 1959, at 7:30 o'clock P.M,, with the following members present,
to -wit: R. H. Pruett Mayor
W. D. Hollaway Councilman
mason Ge�uffe4lman
Al Clayton Councilman
Paul Mears Councilman
Walter Lane Ward Councilman
Lacy Lusk Councilman
Edna Oliver City Clerk
and the following members absent, to -wit: _ G,f Gl 0,z Al'_
when, among other business, the following was transacted:
The Mayor introduced an ordinance which was read in full. Coun-
cilman Clayton made a motion that the ordinance be adopted
as read. The motion for adoption of the ordinance was seconded by
Councilman Ward The motion, carrying with it the
adoption of the ordinance prevailed by the following vote:
AYES: Councilmen Hollaway, Garrison, Clayton, Mears, Ward,
Lusk, and Mayor Pruett.
NOES: None.
tThe Mayor thereupon announced that the ordinance had been duly
and lawfully adopted. The ordinance thus adopted follows:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $696,000
STREET IMPROVEMENT BONDS, SERIES 1959; PRESCRIBING
® THE TERMS AND PROVISIONS THEREOF; APPROPRIATING OUT
OF THE PROCEEDS OF SALE OF SUCH BONDS THE SUM OF
$696,000 FOR THE STREET IMPROVEMENT PROJECT; LEVYING
TAXES TO PAY THE PRINCIPAL OF AND INTEREST ON SAID
BONDS; AWARDING THE SALE THEREOF; CONTAINING OTHER
PROVISIONS RELATING TOTHE 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, 1957, and to
an election held within said City on the 2nd day of November, 1957,
tax bonds of the City were authorized in the principal amount of
$1,396,000 for the purpose of constructing permanent street improve-
ments in and for said City, said bonds to bear interest at a rate not
to exceed 5% per annum and to mature serially within 30 years from
their date or dates; and
F
WHEREAS, pursuant to ordinance adopted on the 6th day of February,
1958, the City Council authorized, issued, sold, and.delivered a first
Installment of $700,000 bonds out of said total authorized $1,396,000
bonds, the bonds of the first installment being combined with $300,000
drainage improvement bonds into the $1,000,000 CITY OF BAYTOWN STREET
AND DRAINAGE IMPROVEMENT BONDS, SERIES 1958, dated February 15, 1958
• (Comptroller's Register No. 32265); and
WHEREAS, the City Council has determined to issue the remaining
$696,000 street improvement bonds authorized at said election held
November 2, 1957, and has caused notice of sale of such 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
paid bonds; and
•
WHEREAS, the bids have
been received
pursuant to
said
notice, and
the City Council wishes to
authorize the
issuance of
said
$696,000
-2-
0
•
bonds and award the sale thereof on the basis of the best bid received;
® Therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN:
Section 1:
RATIFICATION OF ORDINANCES: That the ordinances heretofore adopted by
the City Council of the City of Baytown, Texas, on the 10th day of
October, 1957 (authorizing the issuance of the $1,396,000 bonds de-
scribed in the preamble to this ordinance and calling an election
therefor) and on the 6th day of February, 1958 (authorizing the issu-
ance, sale, and delivery of the $1,000,000 City of Baytown Street and
Drainage Improvement Bonds, Series 1958) are hereby ratified and con-
firmed.
Section 2:
NAME AMOUNT, PURPOSE, AND AUTHORIZATION OF BONDS: That the tax bonds
of the City of Baytown, Texas, be issued in the principal sum of
$696,000, to be known and designated as "CITY OF BAYTOVIN STREET IM-
PROVEMENT BONDS, SERIES 1959 ", for the purpose of constructing perman-
ent street improvements in and for said City, under and in strict con-
formity with the Constitution and laws of the State of Texas, particu-
larly 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 herein autho-
rized being a portion and the second and final installment out of a
total of $1,396,000 street improvement bonds authorized at said elec-
tion, $700,000 bonds out of said total authorized bonds having hereto-
fore been issued).
991!
Section 3:
® DATE, NUMBERS, DENOMINATION, AMOUNT, AND MATURITIES: That said bonds
-4-
shall be dated May 1, 1959, shall be numbered consecutively from 1 to
696, both inclusive, shall
be in the denomination of $1,000 each, AG-
GREGATING $696,000, and
shall become due
and payable serially in their
numerical order, without
option of prior
redemption, on the 1st day of
May in each of the years
1961 to 1977, both inclusive, in the respec-
tive amounts shown in the
following schedule, to -wit:
Bonds Nos.
-Maturity
Amount
(both'-incl.)
1 -- 21
1961
$ 21,000
22 - 41
1962
20,000
42 - 66
1963
25,000
67 - 91
1964
25,000
92 - 116
1965
25,000
117 - 146
1966
30,000
147 - 176
1967
30,000
177 - 2o6
1968
30,000
207 - 236
1969
30,000
237 - 266
1970
30,000
267 - 301
1971
35,000
302 - 336
1972
35,000
337 - 371
1973
35,000
372 - 4o6
1974
35,000
407 - 496
1975
90,000
497 - 596
1976
100,000
597 -- 696
1977
100,000
Section 4:
4.01 - INTEREST RATES:
That said bonds
shall bear interest at the
following rates per annum, to -wit:
-4-
\J
•
Bonds Nos. 1 to 266, both inclusive, 4 -1 /2o,
Bonds Nos. 267 to 596, both inclusive, 4 %, and
Bonds Nos. 597 to 696, both inclusive, 2 -1/2,
interest payable November 1, 1959, and semi- annually thereafter on
May 1st and November 1st 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 Citizens National Bank 8c
® Trust Co., Baytown, Texas. The principal of said bonds shall be pay-
able only upon presentation and surrender of said bonds as they re-
spectively 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 of
said City shall be impressed upon each of said bonds. The interest
coupons attached to said bonds shall also be executed by the fac-
simile 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
-5-
this ordinance, shall be manually subscribed.
® S6ct o' 6.i
FORM OF BONDS: That the form of said bonds shall be substantially as
follows:
No.
$1,000.
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF BAYTOWN
STREET IMPROVEMENT BOND
SERIES 1959
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 1ST DAY OF MAY, 19 -, the sum of
ONE THOUSAND DOLLARS
($1,000), with interest thereon from the date hereof at the rate of
(NOTE TO PRINTER: For interest rates, see Section 4.01 of
bond ordinance) per annum, interest payable November 1, 1959, and
semi- annually thereafter on May lst and November lst of each year un-
til 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
render of this bond, and interest falling due on and prior to the ma-
turity of this bond shall be payable only upon presentation of the in-
terest coupons hereto attached as such coupons severally become due.
THE DATE OF THIS BOND, in conformity with the ordinance herein-
after mentioned, IS MAY 1, 1959
THIS BOND IS ONE OF A SERIES OF 696 BONDS of like date and tenor,
except as to number, interest rate, and maturity, being numbered con-
secutively from 1 to 696, both inclusive, in the denomination of
$1,000 each, AGGREGATING $696,000, and is issued for the purpose of
-6-
of
America, at the Citizens
National
Bank & Trust Co., Baytown, Texas.
The
principal hereof shall
be payable
only upon presentation and sur-
render of this bond, and interest falling due on and prior to the ma-
turity of this bond shall be payable only upon presentation of the in-
terest coupons hereto attached as such coupons severally become due.
THE DATE OF THIS BOND, in conformity with the ordinance herein-
after mentioned, IS MAY 1, 1959
THIS BOND IS ONE OF A SERIES OF 696 BONDS of like date and tenor,
except as to number, interest rate, and maturity, being numbered con-
secutively from 1 to 696, both inclusive, in the denomination of
$1,000 each, AGGREGATING $696,000, and is issued for the purpose of
-6-
•
E
constructing permanent street improvements in and for said City, under
is
and in strict conformity with
the
Constitution
and
laws of the State
SALE OF SUCH
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, pursuant to a vote of the duly qualified resident electors
of said City who owned taxable property in 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 an ordinance duly
adopted by the City Council of said City, entitled "AN ORDINANCE
AUTHORIZING THE ISSUANCE OF $696,000 STREET IMPROVEMENT BONDS, SERIES
®
1959; PRESCRIBING
THE TERMS AND
PROVISIONS THEREOF; APPROPRIATING OUT
OF THE PROCEEDS OF
SALE OF SUCH
BONDS THE SUM OF$696,000 FOR THE
STREET IMPROVEMENT PROJECT; LEVYING TAXES TO PAY THE PRINCIPAL OF AND
INTEREST ON SAID BONDS; AWARDING THE SALE THEREOF; CONTAINING OTHER
PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE
SHALL TAKE EFFECT FROM AND AFTER ITS ADOPTION ", finally passed April
30, 1959, which ordinance is of record in the official minutes of said
City Council. The bonds of this issue constitute a portion and the
second and final installment out of a total of $1,396,000 street im-
provement bonds authorized at said election held on the 2nd day of
November, 1957, $700,000 bonds out of said total authorized bonds hav-
ing heretofore been issued.
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, b
p y the levy of a direct annual ad
_7_
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
1st day of May, 1959.
COUNTERSIGNED:
City Clerk
Mayor, City of Baytown, Texas
Ccn i-1 nn 7 •
FORM OF INTEREST COUPONS: That the form of interest coupons attached
to such bonds shall be substantially as follows:
• No. $.
0
ON THE 1ST 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 lawful money of the
United States of America, being the interest due that date on City of
Baytown Street Improvement Bond, Series 1959, dated May 1, 1959, Bond
No.
City Clerk
-8-
Mayor, City of Baytown, Texas
• •
® COMPTROLLER'S CERTIFICATE
Dan i-i nn
That substantially the following certifi-
cate shall be printed on the back of each of said bonds, which certif-
icate shall be manually subscribed:
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 ef-
feet 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 Constitu-
tion and laws of the State of Texas, and that it is a valid and bind -
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
Cant-Inn a.
9.01 - APPROPRIATION OF BOND PROCEEDS: That there is hereby appropri-
ent street improvements in and for said City. It is estimated that
the maximum costs of constructing said permanent street improvements
will be $696,000; consequently, there is no necessity for any down
payment, and no such down payment is made.
9.02 - APPLICATION OF BOND PROCEEDS: That the proceeds of sale of the
bonds authorized by this ordinance shall be used and expended for the
purpose of constructing permanent street improvements in and for said
• City, as outlined in the ordinance adopted October 10, 1957, calling
the bond election which was held in said City on the 2nd day of
R
ated out
of the proceeds of the sale
of the bonds
authorized by this
ordinance
the sum of $696,000 for the
purpose of
constructing perman-
ent street improvements in and for said City. It is estimated that
the maximum costs of constructing said permanent street improvements
will be $696,000; consequently, there is no necessity for any down
payment, and no such down payment is made.
9.02 - APPLICATION OF BOND PROCEEDS: That the proceeds of sale of the
bonds authorized by this ordinance shall be used and expended for the
purpose of constructing permanent street improvements in and for said
• City, as outlined in the ordinance adopted October 10, 1957, calling
the bond election which was held in said City on the 2nd day of
R
n
LJ
�J
November, 1957.
Section 10:
•
TAX LEVY: That while said bonds or any part of the principal thereof
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
1959, a continuing direct annual ad valorem tax on each $100 valua-
tion 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. applied to the pay-
ment of the principal of and interest on said bonds, and to no other
purpose.
Section 11:
APPROVAL AND REGISTRATION OF BONDS: That it shall be the duty of'the
is Mayor to submit the record of said bonds, and the bonds, to the At-
torney General of the State of Texas for examination and approval,
and thereafter to have them registered by the Comptroller of Public
Accounts of Texas.
Section 12:
SALE OF BONDS: 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 on the 30th day of
April, 1959, it is hereby found and determined that the bid submitted
by Rowles, Winston & Company, Houston, Texas, and associates, to pur-
chase 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, is the best bid received, and the sale of said bonds
to the named bidder 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 VINSON, ELKINS, WEEMS & SEARLS,
market attorneys, is hereby authorized, approved, ratified, and con-
firmed. When said bonds have been approved by the said Attorney Gen-
eral 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.
0 Section 13:
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.
Section 14:
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 May, 1959.
A BST:
1 -Ai
City Clerk, City of Baytown
(SEAL)
_:_11-
Mayor, City of 6aytown, Texas