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Ordinance No. 9280Ri7I1J di cz 1�0. 9-& ORDINANCE AUTHORIZING THE ISSUANCE OF $1,133,000 GENERAL OBLIGATION BONDS, SERIES 1968; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; APPROPRIATING THE SUM OF $1,133,000 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 PROVI- SIONS 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, open to the public, at the City Hall within said City on the 22nd day of August, 1968, with the following members present, to -wit: Seaborn Cravey Mayor Ted Kloesel Councilman C. Glen walker Councilman A. M. Braswell Councilman 1 Ce � -man Don M. Hullum Councilman Lamar Kelley Councilman Edna Oliver City Clerk and the following member(s) absent, to -wit: Councilman Fanestiel when, among other business, the following was transacted: The Mayor introduced an ordinance which was read in full. Councilman `ta1� {er made a motion that the ordinance be adopted as read. Councilman 4ul ' 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 Kloesel, Walker, Braswell, 1, Hullum, Kelley and Mayor Cravey. NOES: None. The Mayor thereupon announced that the ordinance had been duly and lawfully adopted. The ordinance thus adopted follows: -2- ORDINANCE AUTHORIZING THE ISSUANCE OF $1,133,000 GENERAL OBLIGATION BONDS, SERIES 1968; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; APPROPRIATING THE SUM OF $1,133,000 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 PRO- VISIONS 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 11th day of February, 1965, an election was held within said City of Baytown on the 6th day of March, 19615, whereat more than a majority of the duly quali- fied 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 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) $740,000 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 (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 -3- their date or dates, and to bear interest at a rate or rates not to exceed five per cent 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 de- clared the results of said election and has determined and de- clared the specific authority of the City to issue said bonds; and WHEREAS, the City Council has heretofore authorized, issued and sold all of the bonds mentioned in Paragraphs (a), (b), (c) and (e) above, and $100,000 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 fourth and final installment out of said total voted bonds of March 6, 1965, said fourth installment to consist of: all of the bonds mentioned in Paragraph (d) above and $1,078,000 of the bonds mentioned in Paragraph (f) above; and WHEREAS, the City Council has caused a notice of sale of the fourth installment of bonds to be published in the s Bond i��r (a publication carrying municipal bond notices and devoted primarily to financial news) and in The Baytown Sun (the official newspaper of said City), 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 the bonds and award the sale thereof on the basis of the best bid received; Therefore -4- BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN: SECTION l: RATIFICATION: 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 $1,133,000 bonds described in the preamble to this ordinance and calling an Election therefor) and the action of the City officials in causing notice of sale of the $1,133,000 bonds described in the preamble hereto to be pub- lisped in The Baytown Sun and the 'mss Bond - , are hereby and in all things ratified and confirmed. SECTION 2: NAME, AMOUNT, PURFOSE 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 196811 , be issued in the principal amount of $1,133,000, for the purpose of constructing and equipping a municipal building, to -wit: a fire sta- tion building, and constructing improvements to the City's water- works 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 elec- tion held within said City on the 6th day of March, 1065, 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, J voted in favor of the issuance of said bonds (being a portion and the fourth and final installment of $4,064,000 general obligation bonds authorized at said election). SECTION 3: DATE, BOND NUMBERS, DENOMINATION AND MATURITIES: That said bonds shall be dated August 1F, 1968, shall be numbered consecutively from 1 to 227, both inclusive, shall be in the denomination of $F,000 each, except Bond No. 1 which shall be in the denomination of $3,000, aggregating $1,133,000, and shall become due and pay- able serially in their numerical order, without option of prior redemption, on February 1F in each of the years 1978 to 1988, both inclusive, in the respective amounts shown in the following schedule, to -wit: $133,000 1978 100,000 1979/88 SECTION 4: 4.Ol - INTEREST RATES AND INTEREST PAYMENT DATES: That said bonds shall bear interest per annum at the following rates, respectively, to -wit: Bonds maturing 1978 through 19 j,_, Al �2 J" Bonds maturing 19 S,� through 19_LZL, _�.0 Bonds maturing 19 '.f- through 19, Bonds maturing 19 3 ?through 19 interest payable August 1969, and semi - annually thereafter on February I'- and August 11- of each year until the principal sum is paid. -6- 4.02 - MEDIUM AND PLACES OF PAYMENT: That both principal of and interest on said bonds shall be payable, without exchange or col- lection 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 Bank 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. gFCTTON '--: EXECUTION OF BONDS AND INTEREST COUPONS: That each of said bonds shall be signed by the Mayor and countersigned by the City Clerk of said City by their facsimile signatures, and the official seal of said City shall be impressed, or placed in facsimile, thereon. The interest coupons attached to said bonds shall be executed by the facsimile signatures of the Mayor and City Clerk. The regis- tration certificate of the Comptroller of Public Accounts of the State of Texas, which certificate is to be printed on the back of each of said bonds as provided hereafter in Section 8 of this ordinance, shall be manually executed. -7- cWPTTnU h FORM OF BONDS: That said bonds shall be in substantially the following form: No. $x,000* UNITED STATES OF AMERICA STATE OF 'TEXAS COUNTY OF HARRIS CITY OF BAYTOWN, TEXAS, GENERAL OBLIGATION BOND, SERIES 1968 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 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 August 11--, 1969, and semi- annually thereafter on February 1F and August 11-- of each year until the principal sum is paid. Both prin- cipal 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 8c Trust Co., Baytown, Texas, or, at the option of the holder, at the First City National Bank of Houston, Houston, Texas, without ex- change or collection charges to the owner or holder. The principal hereof shall be payable only upon presentation and surrender of -(NOTE TO PRINTER: Bond No. 1 is in the denomination of $3,000.) -8- 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 AUGUST 1�, 1968. THIS BOND IS ONE OF A SERIES OF 227 SERIAL COUPON BONDS of like tenor and effect, except as to denomination, serial num- ber, interest rate and maturity, being numbered consecutively from 1 to 227, both inclusive, in the denomination of $ _1,000 each, except Bond No. 1 which is in the denomination of $3,000, aggregating $1,133,000, and, together with the other bonds of said series, is issued for the purpose of constructing and equipping a municipal building, to -wit: a fire station building, and con- structing 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 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, 1961-, and pursuant to an ordinance duly adopted by the City Council of said City on the 22nd day of August, 1968. This bond is a portion and the fourth and final installment of $4,064,000 general obligation bonds voted at the election hereinabove mentioned. -9- 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 bonds and this series of bonds have been properly done and per- formed, and have happened in regular and due time, form and manner as required by law; that due provision has been made for the pay- ment 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 indebtedness of said City, in- cluding 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 official seal of said City to be impressed or placed in facsimile hereon, this bond to be signed by the Mayor and countersigned by the City Clerk by their facsimile signatures, and the annexed coupons also to be signed by said facsimile signatures of the Mayor and City Clerk, all as of the 1Jth day of August, 1968. Mayor, City of Baytown, exas COUNTERSIGNED: City Clerk, City of Baytown, Texas -10- SECTION 7: FORM OF INTEREST COUPONS: That the interest coupons to be at- tacked to said bonds shall be in substantially the following form: 12res ON THE FIFTEENTH DAY OF , 19 , the CITY OF BAYTOWN, in the County of Harris, State of Texas, PROMISES TO PAY TO BEARER the amount shown on this interest coupon, in lawful money of the United States of America, without exchange or collec- tion charges to the bearer, upon presentation and surrender of this interest coupon, 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, said amount being inter- est due that date on the bond, bearing the number hereinafter desig- nated, of that issue of City of Baytown, Texas, General Obligation Bonds, Series 1968, dated August 15, 1968. Bond No. Mayor, City of Baytown, Te)cas City Clerk, City of Baytown, Texas SECTION 8: 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 -11- 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 con- formity with the Constitution and laws of the State of Texas; and that it is a valid and binding obligation upon the City of Baytown, 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 g: 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 $5 ,-,C00 for the purpose of con- structing and equipping a municipal building, to -wit: a fire station building; and (b) the sum of $1,078,000 for the purpose of constructing improvements to the City's waterworks system. It is estimated that the maximum cost of constructing and equipping a municipal building, to -wit: a fire station, will be $J _150001 and -12- that the maximum cost of constructing waterworks system will be 1,078,000; no necessity for any down payment and made. 9.02 - APPLICATION OF BOND PROCEEDS: of sale of the bonds authorized by th improvements to the City's consequently, there is no such down payments are That $55,000 of the proceeds is ordinance shall be used and expended for the purpose of constructing and equipping a municipal building, to -wit: a fire station building, and $1,078,000 of the proceeds of sale of the bonds shall be used and expended 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, 1961-. SECTION 10: INTEREST A_VD SINKING FUND - TAX LEVY: That there is hereby ere- ated a special fund to be designated as "CITY OF BAYTOWN, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1968, INTEREST AND SINKING FUND ", and all taxes levied, assessed and collected for and on account of the bonds authorized by this ordinance 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 col- lected 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 -13- 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, or of not less than the amount required to pay the principal of said bonds payable out of said tax, whichever is greater, full allow- ante 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 11: 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 regis- tered by the Comptroller of Public Accounts of the State of Texas. SECTION 12: 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 7 to purchase said bonds at a price equal to the principal amount thereof plus accrued interest thereon from the date thereof to the d-O date of actual delivery, plus a cash premium of $_34Z , is the best bid received, and the sale of said bonds to the named bidder at the stated price, subject to the unqualified approving -14- 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 13: DUTIES OF CITY OFFICIALS: That the Mayor and City Clerk of said City and other appropriate officials of the City are hereby autho- rized and directed to do any and all things necessary and /or con- venient to carry out the provisions of this ordinance. SECTION 14: EFFECTIVE DATE OF ORDINANCE: That this ordinance shall take ef- fect and be in full force upon and after its adoption, and it is so ordained. PASSED AND APPROVED this 22nd day of August, 1968. Mayor, City of Baytown, xas ATTEST: C City Clerk, City of Baytown, Texas (SEAL)