Ordinance No. 777ORDINANCE AUTHORIZING THE ISSUANCE OF $1,740,000
GENERAL OBLIGATION BONDS, SERIES 1966; PRESCRIB-
ING THE TERMS AND CONDITIONS THEREOF; APPROPRIAT-
ING THE SUM OF $1,740,000 OUT OF THE PROCEEDS OF
SALE OF SUCH BONDS 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
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 24th
day of February, 1966, with the following members and the City
Clerk present, to -wit:
Seaborn Cravey Mayor
Ae M. Braswell Councilman.
J. Robert Barnes Councilman
Ca
M.
Massey
Councilman
J,
C.
Huron
Councilman
Dot; M. Hallurn round iman
Raymond Donnally Councilman
Edna Oliver City Clerk
and the following member(s) absent, to -wit: v �
when, among other business, the following was transac ed:
The Mayor introdiztled at ordinair:c�e wt�i:,}, v, -�s read in
full° Councilman made a motion that the ordinance
be adopted as read. Councilman�� seconded the motion
for adoption of the ordinance, The motion, carrying with it the
adoption of the ordinance, prevailed by the following vote:
AYES: Councilmen Braswell, Barnes, Massey,
Huron, Hullum and Donnally.
NOES: bone,
The Mayor thereupon announced that the ordinance had
been duly and lawfully adopted. The ordinance thus adopted
follows:
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ORDINANCE AUTHORIZING THE ISSUANCE OF $1,740,000
GENERAL OBLIGATION BONDS, SERIES 1966; PRESCRIB-
ING THE 'TERMS AND CONDITIONS THEREOF; A PPROPRIAT-
ING THE SUM OF $1,740,000 OUT OF THE PROCEEDS OF
SALE OF SUCH BONDS 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
WHEREAS, pursuant to an ordinance adopted by the City
Council of the City of Baytown, Texas, on the llth day of
February, 1965, an election was held within said City of Baytown
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) $i,66i,occ for the purpose of constructing
permanent street improvements in and for
said City;
(b) $130,000 for the purpose of constructing
permanent drainage improvements in and
for said City;
(c) $300,000 for the purpose of constructing
and equipping a municipal building, to -.wit:
a city hall building;
(d) $55,000 for the purpose of constructing
and equipping a municipal building, to -wit:
a fire station building;
(e) $74o,coo for the purpose of constructing
and equipping a municipal building, to -wit:
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 not exceeding forty (40) years From
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their date or dates, and to bear interest at a rate or rates
not to exceed five per cent ( 5 %) per annum; and
WHEREAS, said election was called and held under and
in strict conformity with the Constitution and laws of the State
of Texas and the Home -Rule Charter of the City of Baytown, 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 heretofore authorized,
issued and sold $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; and
WHEREAS, the City Council has determined and deems it
advisable to proceed with the authorization, issuance and sale
of a second installment out of said total voted bonds of March 6,
1965, said second installment to consist of: $800,000 of the
bonds mentioned in Paragraph (a) above; all of the bonds mentioned
in Paragraph (c) above; $590,000 of the bonds mentioned in
Paragraph (e) above; and $50,000 of the bonds mentioned in
Paragraph (f) above, leaving remaining the following described
bonds to be issued, sold and delivered at a later date:
(a) $761,coo for the purpose of constructing
permanent street improvements in and for
said City;
(b) $130,000 for the purpose of constructing
permanent drainage improvements in and for
said City;
(c) $55,000 for the purpose of constructing
and equipping a municipal building, to -wit:
a fire station building; and
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(d) $1,078,000 for the purpose of constructing
improvements to the City's waterworks
system; and
WHEREAS, the City Council has caused a notice of sale
of such second installment of bonds 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
sale of such bonds; and
WHEREAS, bids have been received pursuant to said notice
and the City Council wishes to authorize the issuance of said
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, TEXAS:
Section 1:
RATIFICATION OF ORDINANCE: 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 $1,740,000
bonds described in the preamble to this ordinance and calling an
election therefor) is hereby and in all things ratified and
confirmed,
Section 2:
NAME, AMOUNT, PURPOSE AND AUTHORIZATION: That the serial coupon
bonds of the City of Baytown., Texas, to be known and designated
as "CITY OF BAYTOWN, TEXAS, GENERAL OBLIGATION BONDS, SERIES
1966 ", be issued in the principal amount of $1,740,000, $800,000
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of which is for the purpose of constructing permanent street
improvements in and for said City, $300,000 of which is for the
purpose of constructing and equipping a municipal building,
to-wit: a city hall building, $590,000 of which is issued for
the purpose of constructing and equipping a municipal. building,
to. -wit: 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
Statutes 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
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 ( being a portion and the second
installment of $4,064,000 General Obligation .Bonds authorized
at said election),
Section 3:
DATE. BOND NUMBERS, DENOMINATION AND MATURTTI:ES: That said bonds
shall be dated February 15, 1966, shall. be numbered consecutively
from 1 to 346, both inclusive, shall be in the denomination of
$5,000 each, aggregating $1,7+0,000, and shall become due and
payable serially in their numerical order,without option of
prior redemption, on February 15 in each of the years 1967 to
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1986, both inclusive, in the respective amounts shown in the
following schedule, to -wit:
Bond
Numbers
Year„ of
Amount
both
inclj
Maturity.
Maturing
1
- 8
1967
$ 4o,o00
9
- 18
1968
50,000
19
- 28
1969
50,000
29
- 38
1970
50,000
39
- �+8
1971
50,000
49
- 58
1972
50,000
59
68
1973
50,000
69
- 78
1974
50,000
79
- 88
1975
50,000
89
- 98
1976
50,000
99
- 108
1977
50,000
109
- 128
1978
100,000
129
- 148
1979
100,000
144
- 168
1980
100,000
169
- 188
1981
100,000
189
- 218
1982
150,000
21.9
- 248
1983
150,000
249
- 278
1984
150,000
279
- 308
1985
150,000
309
- 348
1986
200,000
4.01 - INTEREST RATES AND INTEREST PAYMENT DATES: That said bonds
shall bear interest from date until paid at the following rates
per annum, respectively, to -wit:
Bond
.Nos, 1
to
, both
inclusive,
A
Bond
Nos,
to
, both
inclusive,
A
Bond
Nos,
to
, both
inclusive,
A
Bond
Nose
to
, both
inclusive,
%, and
Bond
loos,
to
both
inclusive,
f,
interest payable Pebinary 14, 19+6 , and semi- annually thereafter
on August 15th and February iOL of each year until the principal
sum is paid
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4,02 - MEDIUM AND PLACES 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 said bonds
and /or the interest coupons appurtenant thereto, at the Citizens
National Bank & Trust Co,, Baytown, Texas, or, at the option of
the holder, at the First City National Barak of Houston, Houston,
Texas, in any coin or currency which, on the respective dates
of payment of such principal and interest, is legal tender for
the payment of debts due the United States of America. The
principal of such 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 5:
EXECUTION OF BONDS AND INTEREST COUPONS: That the facsimile
of the official seal of said City shall be printed, engraved,
lithographed or stamped on each of said bonds, and each of
said bonds shall be signed by the Mayor and countersigned by
the City Clerk of said City by their printed, engraved, litho-
graphed or stamped facsi.mi.le signatures, and the interest
coupons attached to said bonds shall also be executed by the
facsimile signatures of the Mayor and City Clerk, Said facsimile
seal on t'r:e bonds and said facsimile signatures on the bonds
and interest coupons shall have the same effect as If the official
seal of the City had been manually impressed upon each such bond
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and as if the Mayor and City Clerk had in person and manually
signed each 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
each of said bonds as hereafter provided in Section 8 of this
ordinance, shall be manually subscribed.
0, nn4 -1 nn r.-
FORM OF BONDS: That said bonds shall be in substantially the
following form:
N0. $5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF HARRIS
CITY OF BAYTOWN, TEXAS
GENERAL OBLIGATION BOND, SERIES 1966
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 Fifteenth day
of February, 19 , the sum of
FIVE THOUSAND DOLLARS
($5,000), and to pay 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
February 15, 1967, and semi - annually thereafter on August 15th
and February 15th of each year until the principal sum is paid,
Both principal of and interest on this bond shall be payable in
any coin or currency which on the respective dates 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, or, at the option
of the holder, at the First City National Bank of Houston,
Houston, Texas, without exchange or collection charges to the
owner or holder. The principal hereof shall be payable only
upon presentation and surrender of this bond, and interest
hereon 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 such coupons severally
become due.
THE DATE OF THIS BOND, in conformity with the ordinance
hereinafter mentioned, is February 15, 1966.
THIS BOND IS ONE OF A SERIES OF 348 SERIAL COUPON BONDS
of like tenor and effect except as to serial number, interest
rate, and maturity, being numbered consecutively from 1 to 348,
in the denomination of $5,000 each, aggregating $1,740,000,
$800,000 of which is for the purpose of constructing permanent
street improvements in and for said City, $300,000 of which is
for the purpose of constructing and equipping a municipal
building, to -wit: a city hall building, $590,000 of which is
for the purpose of constructing and equipping a municipal
building, to -wit: 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 Statutes
of Texas, as amended, the Home -Rule Charter of said City, and
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by authority of 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
1,740,000 GENERAL OBLIGATION BONDS, SERIES 1966; PRESCRIBING
THE TERMS AND CONDITIONS THEREOF; APPROPRIATING THE SUM OF
1,740,000 OUT OF THE PROCEEDS OF SALE OF SUCH BONDS 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 24th day of February, 1966. (This bond
is a portion and second installment of $4,064,000 General
Obligation Bonds, voted at the election hereinabove mentioned.)
IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that
the issuance of this bond, and the series of which it is a part,
is duly authorized by law; that all acts, conditions, and
things required to be done precedent to and in the issuance of
this bond and this series of bonds have been properly done
and performed, and have happened in regular and in 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 the total
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indebtedness of said City, including the entire series of
bonds of which this is one, 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 corporate
seal of said City to be printed, engraved, lithographed or
stamped hereon, this bond to be signed by the Mayor and counter-
signed by the City Clerk by their printed, engraved, lithographed
or stamped facsimile signatures, and the annexed coupons also
to be signed by said facsimile signatures of the Mayor and City
Clerk, all as of the 15th -Jay of February, L966.
COUNTERSIGNED:
City Clerk, City of
Baytown, Texas
( SEAL)
Mayor, City of Baytown, Texas
Section y:
FORM OF INTEREST COUPONS: That the interest coupons to be
attached to said bonds shall be in substantially the following
form:
NO.
ON THE FIFTEENTH 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, or, at the option of the holder, at the First City
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National Bank of Houston, Houston, Texas, the sum of $ ,
in any coin or currency which on such date is legal 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, Series 1965, bearing the number hereinafter
specified, dated February 15, 1966, Bond No.
City Clerk, City of
Baytown, Texas
( SEAL)
Mayor, City of Baytown, Texas
REGISTRATION OF BONDS BY STATE COMPTROLLER AND FORM OF REGISTRATION
CERTIFICATE: That each of said bonds shall 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 certificate is to be printed upon the back of each of said
bonds and is to be manually executed, shall be in substantially
the following form:
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; 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
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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
Section 9:
9.01 - APPROPRIATION OF BOND PROCEEDS: That there is hereby
appropriated out of the proceeds of sale of the bonds authorized
by this ordinance:
(a) The sum of $800,000 for the purpose of
constructing permanent street improvements
in and for said City;
(b) The sum of $300,000 for the purpose of
constructing and equipping a municipal
building, to -wit: a city hall building;
(c) The sum of $590,000 for the purpose of
constructing and equipping a municipal
building, to�-wit: a community center
building, including the purchase of the
necessary site therefor; and
(d) The sum of $50,000 for the purpose of
constructing improvements to the City's
waterworks system.
It is estimated that the maximum cost of constructing permanent
street improvements will be $800,000, that the maximum cost of
constructing and equipping a municipal building, to -wit: a city
hall building, will be $300,000, that the maximum cost of
constructing and equipping a municipal building, to -wit: a
community center building, including the purchase of the necessary
site therefor will be $590,000, and that the maximum cost of
constructing improvements to the City's waterworks system will
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be $50,000; consequently, there is no necessity for any down
payments and no such down payments are made.
9.02 - APPLICATION OF BOND PROCEEDS: That $800,000 of the
proceeds of sale of the bonds authorized by this ordinance
shall be used and extended for the purpose of constructing
permanent street improvements in and for the City of Baytown,
$300,000 of the proceeds of sale shall be used for the purpose
of constructing and equipping a municipal building, to -wit:
a city hall building, $590,000 of the proceeds of sale shall
be used for the purpose of constructing and equipping a municipal
building, to -wit: a community center building, including the
purchase of the necessary site therefor, and $50,000 of the
proceeds of sale of the bonds 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, 1965.
Section 10:
DESIGNATION OF BONDS THAT ARE TO BE ISSUED FOR WATERWORKS SYSTEM
IMPROVEMENT PURPOSES: The following bonds of this issue are
hereby declared to be the bonds issued for the purpose of
constructing improvements to the City's waterworks system, to -wit:
39, 49, 59, 69, 79, 89, 99, 109, 129, and 149.
Section 11:
INTEREST AND SINKING FUND - TAX LEVY: That there is hereby
created a special fund to be designated "CITY OF BAYTOWN, TEXAS,
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GENERAL OBLIGATION BONDS, SERIES 1966, INTEREST AND SINKING
FUND ", and all taxes levied, assessed and collected for and on
account of the bonds authorized by this order shall, as collected,
be deposited into said fund. 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 levied, assessed and collected,
in each year, beginning with the current year, a continuing
direct ad valorem tax upon all taxable property in said City
sufficient to pay the current interest thereon as it accrues
and to create a sinking fund of not less than two per cent (2 %)
of the principal amount of said 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 payment
of the principal and interest on said bonds and to no other
purpose.
Section 12:
APPROVAL AND REGISTRATION OF BONDS BY STATE OFFICERS: 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 said
bonds, and the bonds, to the Attorney General of the State of
Texas for examination and approval, and thereafter to have such
bonds registered by the Comptroller of Public Accounts of the
State of Texas.
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Section 13:
THE SALE OF BONDS: That the 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,
it is hereby found and determined that the bid submitted by
to purchase 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, plus a cash premium of $ , 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, Houston,
Texas, market attorneys, is hereby authorized, approved, ratified
and confirmed. When said bonds have been approved by the said
Attorney General and registered by the Comptroller of Public
Accounts of the State of Texas, they shall be delivered to the
named purchaser upon receipt of the full purchase price.
Section 14:
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 15:
EFFECTIVE DATE OF ORDINANCE: That this ordinance shall take
effect and be in full .force and effect upon and after its
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adoption, and it is so ordained.
ATTEST:
ity pert
PASSED AND APPR i" D this 24th day of February, 1966,
Mayor, CRY of 0aj -Powr� '.Vex.as
W