Ordinance No. 760�k -
ORDINANCE NO. 760
ORDINANCE AUTHORIZING THE :I:SSUANCE OF A $300,000
GENERAL OBLIGATION BOND, I:SSU:E OF 1965; PRESCRIBING
THE TERMS AND CONDITIONS THEREOF; APPROPRIATING THE
SUM OF $300,000 OUT OF THE PROCEEDS OF SALE OF SUCH
BOND FOR VARIOUS PROJECTS; LEVYING TAXES FOR THE PAY-
MENT OF PRINCIPAL AND INTEREST THEREON; AWARDING THE
SALE THEREOF; CONTAINING OTHER PROVISIONS RELATING
TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE
SHALL TAKE EFFECT UPON 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 28th
day of October, 1965, at 7:00 P.M,, C.S.T., with the following mem-
bers and the City Clerk present, to -wit:
Seaborn Cravey Mayor
A. M. Braswell Councilman
J. Robert Barnes Councilman
C. M. Massey Councilman
J. C. Huron Councilman
Don M. Hullum Councilman
Raymond Donna.11y Councilman
Edna Oliver City Clerk
and the following member(s) absent, to-wit- ,
when, among other business, tkle following was transacted:
The Mayor introduced an ordinance which was read in full.
Councilman made a motion that the ordinance be adopted
as read. The motion for adoption of the ordinance was seconded by
Councilman The motion carrying with it the adoption
of the ordinance, prevailed by the following vote:
AYES: Councilmen Braswell, Barnes, Massey, Huron,
Hullum, Donnally and Mayor Cravey.
NOES: None,
The Mayor thereupon announced that the ordinance had been
duly and lawfully adopted. The ordinance thus adopted follows:
WAI
ORDINANCE AUTHORIZING THE ISSUANCE OF A $300,000
GENERAL OBLIGATION BOND, ISSUE OF 1965; PRESCRIBING
THE TERMS AND CONDITIONS THEREOF; APPROPRIATING THE
SUM OF $300,000 OUT OF THE PROCEEDS OF SALE OF SUCH
BOND FOR VARIOUS PROJECTS; LEVYING TAXES FOR THE PAY-
MENT OF PRINCIPAL AND TNTEREST THEREON; AWARDING THE
SALE THEREOF; CONTAINING O'T'HER PROVISIONS RELATING TO
THE SUBJECT; AND PROV:IDING THAT THIS ORDINANCE SHALL
TAKE EFFECT UPON AND AFTER ITS ADOPTION
WHEREAS, pursuant to an ordinance adopted by the City Council
of the City of Baytown, Texas, on the 11th day of February, 1965,
and to an election held within said City on the 6th day of March,
1965, whereat 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 in said
election, voted in favor of the issuance of-.
(a) $1,661,000 for the purpose of constructing
permanent street improvements in and for said
City;
(b) $130,000 for the purpose of constructing per-
manent drainage improvements in and for said
City;
(c) $300,000 for the purpose of constructing and
equipping a city hall building;
(d) $55,000 for the purpose of constructing and
equipping a fire station building;
(e) $744,000 for the purpose of constructing and
equipping a community center building, including
the purchase of the necessary site therefor,
and
(f) $1,178,000 for the purpose of constructing
improvements to the City's waterworks system,
said bonds to be payable from ad valorem taxation and to mature
serially over a period of time not exceeding forty (40) years from
their date or dates, and to bear interest at a rate or rates not to
exceed five per cent. (5f) per annum; and
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WHEREAS, said election was called and held under and in
strict conformity with the Constitution and laws of the State of
Texas, and the City Council.. of said City has heretofore officially
declared the results of said election and has determined and
declared the specific authority of the City to issue said bonds;
and
WHEREAS, the City Council has determined and deems it advis-
able to proceed with the authorization, issuance and sale of $100,000
of the bonds mentioned in paragraph (a) above, $150,000 of the bonds
mentioned in paragraph (e) above, and $50,000 of the bonds mentioned
in paragraph (f) above., leaving remaining,(1) $1,561,000 bonds for
the purpose of constructing permanent street improvements in and for
said City, (2) $590,000 bonds for the purpose of constructing and
equipping a community center building, (3) $1,128,000 bonds for
the purpose of constructing improvements to the City's waterworks
system, and all of the bonds described in paragraphs (b), (c), and
(d) above, to be issued, sold and delivered at a later date; and
WHEREAS, the City Council has caused a notice of sale of such
bond to be published in the Texas Bond Reporter (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 (10) days prior to
the date set for the sale of said bond; and
WHEREAS, bids have been received pursuant to said notice.,
and the City Council wishes to authorize the issuance of said bond
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:
RATIFICATION OF ORDINANCE
SPr,''r1 ) n 1
That the ordinance heretofore adopted by
the City Council of the City of Baytown, Texas, on the 11th day of
February, 1965 (authorizing the issuance of the $300,000 bond de-
scribed in the preamble to this ordinance and calling an election
therefor), is hereby in al.1 things ratified and confirmed,
Section 2:
NAME, AMOUNT, PURPOSE AND AUTHORIZATION OF BOND- That a tax bond
of the City of Baytown, Texas, be issued in the principal sum of
$300,000, to be known and designated as "CI:TY OF BAYTOWN, TEXAS,
GENERAL OBLIGATION BOND, :ISSUE OF 1965 ", $100,000 of which is for the
purpose of constructing permanent street improvements in and for
said City, $150,000 of which is issued for the purpose of construct-
ing and equipping a community center building, including the purchase
of the necessary site therefor, and $50,000 of which is issued for
the purpose of constructing improvements to the City's waterworks
system, under and in strict conformity with the Constitution and
laws of the State of Texas., including particularly Chapters 1 and
7 of Title 22, Revised Civil. Statures of Texas, as amended, the Home-
Rule Charter of said City, and pursuant to an election held within
said City on the 6th day of March, 1965, at which more than a majority
of the duly qualified resident electors of said City who owned tax-
able 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 bond (being a portion and the first installment of $4,064,000
general obligation bonds authorized at said election).
Section 3,
DATE, BOND NUMBER, DENOMI=NATION, AND MATURITY; That said bond shall
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be dated November 1, 1965, shall be numbered 1, shall be in the
denomination of $300,000, and shall. become due and payable, with-
out option of prior redemption, on May 1, 1966.
Section 4.
3.01 - INTEREST RATE AND INTEREST PAYMENT DATE: That said bond
shall bear interest from date until paid at the rate of 1/20 of 1
per cent (.05/ ), with interest payable May 1, 1966°
3.02 - MEDIUM AND PLACE OF PAYMENT. That both principal of and
interest on said bond shall be payable, without exchange or col-
lection charges to the owner or holder of said bond and /or the
interest coupon appurtenant thereto., at the Citizens National Bank
& Trust Co., Baytown, Texas, in any coin or currency which on such
date is legal tender for the payment of debts due the United States
of America. The principal of such bond shall be payable only upon
its presentation and surrender, and interest falling due on May 1,
1966, shall be payable only upon presentation and surrender of the
interest coupon attached to said bond,
Section 50
EXECUTION OF BOND AND INTEREST COUPON. That the facsimile of the
official seal of said City shall. be lithographed or printed on said
bond, and said bond shall be signed by the Mayor and countersigned
by the City Clerk of said City by their lithographed or printed
facsimile signatures, and the interest coupon attached to said bond
shall also be executed by the facsimile .signatures of the Mayor and
City Clerk. Said facsimile seal on the bond and said facsimile sig-
natures on the bond and interest coupon shall have the same effect
as if the official seal of the City had been manually impressed upon
such bond and as if the Mayor and City Clerk had in person and
manually signed such bond and interest coupon. The registration
certificate of the Comptroller, of Public Accounts of the State of
Texas, which certificate is to be printed upon the back of said bond
as hereafter provided in Section 7 of this o.rdi.nance, shall be manu-
ally subscribed.
Section 60
FORM OF BOND: That said bond shall be in substantially the following
form:
Noe 1
$300,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF BAYTOWN, TEXAS
GENERAL OBLIGATION BOND, ISSUE OF 1965
For value received, THE CITY OF BAYTOWN, in the County of
Harris, in the State of Texas, HEREBY ACKNOWLEDGES ITSELF INDEBTED
TO AND PROMISES TO PAY TO BEARER on the lst day of May, 1966, THE SUM
OF
THREE HUNDRED THOUSAND DOLLARS
($300,000), and to pay interest thereon from the date hereof at the
rate of 1/20 of 1 per cent per annum, interest payable May 1, 19660
Both principal of and interest on this bond shall be payable in any
coin or currency which on the date of payment of such principal and
interest is legal tender for the payment of debts due the United
States of America, at the Citizens National Bank & Trust Co., Baytown,
Texas, without exchange or collection charges to the owner or holder,
The principal hereof shall. be payable only upon presentation and sur-
render of this bond, and interest hereon shall be payable only upon
presentation and surrender, of the interest coupon hereto attached
when such coupon becomes due.
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THE DATE OF THIS BOND, in conformity with the ordinance
hereinafter mentioned, is NOVEMBER 1, 19650
THIS BOND, in the denomination of $3009000, $1.00,000 of
which is for the purpose of constructing permanent street improve-
ments, $150,000 of which is for the purpose of constructing and
equipping a community center building, including the purchase of
the necessary site therefor, and $50,000 of which is for the purpose
of constructing improvements to the City`s waterworks system, is
issued under and in strict conformity with the Constitution and laws
of the State of Texas, particularly Chapters 1 and 7 of Title 22,
Revised Civil Statutes of Texas, 1925, as amended, the Home --Rule
Charter of said City, and pursuant to a 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 6th day of March, 1965, and
pursuant to an ordinance duly adopted by the City Council of said
City entitled, "ORDINANCE AUTHORIZING THE ISSUANCE OF A $300,000
GENERAL OBLIGATION BOND, ISSUE OF 1965, . PRESCRIBING THE TERMS AND
CONDITIONS THEREOF; APPROPRIATING THE SUM OF $300,000 OUT OF THE
PROCEEDS OF SALE OF SUCH BOND FOR VARIOUS PROJECTS; LEVYING TAXES
FOR THE PAYMENT OF PRINCIPAL AND INTEREST THEREON; AWARDING THE
SALE THEREOF; CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT;
AND PROVIDING THAT THIS ORDINANCE SHALL TAKE EFFECT UPON AND AFTER
ITS ADOPTION ", finally passed on the 28th day of October, 19650
(This bond is a portion and first installment of $4 ,064,000 general
obligation bonds voted at the election hereinabove mentioned.)
IT IS HEREBY CER.T:IFIED,, REC:I:TE.D, AND DECLARED that the issu-
ance of this bond is duly authorized by law; that all acts, conditions,
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and things required to be done precedent to and in the issuance of
this bond 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 the principal of and
interest on this bond by the levy of a direct annual ad valorem tax
upon all taxable property within said City sufficient for said pur-
poses; and that the total indebtedness of said City, including this
bond, does not exceed any Constitutional or statutory limitation.
IN TESTIMONY WHEREOF, the City Council of the City of Baytown,
Texas, has caused the facsimile of the official seal of said City
to be lithographed or printed hereon, this bond to be signed by the
Mayor and countersigned by the City Clerk by their lithographed or
printed facsimile signatures, and the annexed coupon also to be
signed by said facsimile signatures of the Mayor and City Clerk, all
as of the Ist day of November, 19650
COUNTERSIGNED-.
City Clerk, City of Baytown,
Texas
(SEAL)
FORM OF INTEREST COUPON-.
Mayor, City of Baytown, Texas
Section 7-.
That the interest coupon to be attached to
said bond shall be in substantially the following form-.
No. 1
$75000
ON THE FIRST DAY OF MAY, 1.966, 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 $75000, in any coin or currency which
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.1
on such date is 1ega.1 tender for the payment of debts due the United
States of America, being interest due that date on the City of
Baytown, Texas, General. Obligation Bond, Issue of 1965, bearing the
number 1, dated November 1, 19650
City Clerk, City of Baytown,
Texas
Mayor, City of Baytown, Texas
Section 8�
REGISTRATION OF BOND BY STAVE COMPTROLLER AND FORM OF REGISTRATION
CERTIFICATE: That said bond sha11 be registered by the Comptroller
of Public Accounts of the State of Texas, as provided by law, and
the registration certificate of the said Comptroller, which certifi-
cate is to be printed upon the back of said bond and is to be
manually executed, shall be in substantially the following form:
OFFICE OF THE COMPTROLLER.
REGISTER. NO.
THE STATE OF TEXAS
1 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; 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 obligation upon the City of Baytown, of Harris County,
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 9°
9.01 - APPROPRIATION OF BOND PROCEEDS., That there is hereby
appropriated out of the proceeds of sale of the bond authorized by
this ordinance the sum of $100,000 for the purpose of constructing
permanent street improvements in and for the City of Baytown,
$150,000 for the purpose of constructing and equipping a community
center, building, including the purchase of the necessary site there-
for, and $50,000 for the purpose of constructing improvements to the
City's waterworks system. It is estimated that the maximum cost for
the street improvement project, the portion of the community center
building project under consideration, and the waterworks system
project will not exceed $100,000, $150,000, and $50,000, respectively,
and there is no necessity for any down payment on these projects and
no such down payment is made.
9.02 - APPLICATION OF BOND PROCEEDS- That $100,000 of the proceeds
of sale of the bond authorized by this ordinance shall be used and
expended for the purpose of constructing permanent street improve-
ments in and for the City of Baytown, $1.50,000 of the proceeds of
sale shall be used for the purpose of constructing and equipping a
community center building, including the purchase of the necessary
site therefor, and $50,000 of the proceeds of the sale of this bond
shall be used for the purpose of constructing improvements to the
City's waterworks system, as provided in the ordinance adopted on
the 11th day of February, 1965, calling the bond election which was
held in said City on the 6th day of March, 1.965.
Section 10°
INTEREST AND SINKING FUND - TAX LEVY, That there is hereby created
a special fund to be designated "City of Baytown, Texas, General
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Obligation Bond, Tssue of 1965, Tnter,est and Sinking Fund ", and all
taxes levied, assessed, and collected for and on account of the bond
authorized by this order shall., as collected, be deposited into said
fund. That the City Council of the City of Baytown has heretofore
levied a sufficient ad valorem tax for the year 1965 upon all tax-
able property within the City of Baytown to pay the principal of and
interest on this bond at maturity, which was approved by the voters
of the City of Bayto -wn at the election held on March 6, 1965, full
allowance having been made for delinquencies and costs of collection,
and such tax levy is hereby ratified and confirmed, When said tax
is collected, it shall be applied to the payment of the principal.
of and interest on this bond and shall be used for no other purposes
Section 11°
APPROVAL AND REGTSTRATTON OF BOND BY STATE OF'FTCERS: That it shall
be the duty of the Mayor of said City, or someone acting under
authority of said Mayor, to submit the record of this bond, and the
bond, to the Attorney General of the State of Texas for examination
and approval, and thereafter to have said bond registered by the
Comptroller of Public Accounts of the State of Texas,
Section 12:
SALE OF BOND: That the sale of said bond to the Citizens National
Bank & Trust Goo, Baytown, Texas, at a price equal to the principal
amount of such bond, plus accrued interest thereon from the date of
said bond to the date of actual delivery, subject to the unqualified
approving opinion, as to the legality of said bond, of the Attorney
General of the State of Texas and Vinson., Elkins, Weems & Searls,
Houston, `texas, market attorneys, is hereby authorized, approved,
ratified and confirmed, When said bond has been approved by the
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S,
said Attorney General and registered by the Comptroller. of Public
Accounts of the State of Texas, it shall be delivered to the named
purchaser upon receipt of the full purchase price.
Section l3
DUTIES OF CITY OFFICIALS! That the Mayor and the City Clerk of
said City and other appropriate officials of the City are hereby
authorized and directed to do any and all things necessary and /or
convenient to carry out the provisions of this ordinance.
Section 140
EFFECTIVE DATE OF ORDINANCE: That this ordinance shall take effect
and be in full force upon and after its adoption, and it is so
ordered.
PASSED AND APPROVED this 280h day of October, 19650
ATTEST:
City Clerk, City of :Baytown,
Texas
(SEAL)
7ay7Fr, City of Saytown, � xas
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