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Ordinance No. 967ORDINANCE NO. 967 ORDINANCE AUTHORIZING THE ISSUANCE OF TIME WARRANTS; PRESCRIBING THE TERMS AND PROVISIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST THEREON AND THE PRINCIPAL THEREOF; AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT THE STATE OF TEXAS § COUNTY OF HARRIS § The City Council of the City of Baytown, Texas, con- vened in special session, open to the public, at the City Hall within said City on the 20th day of March, 1969, with the following members and the City Clerk present, to -wit: Seaborn Cravey Mayor Ted Kloesel Councilman C. Glen Walker Councilman A. M. Braswell Councilman Albert Fanestiel Councilman m C e444-man Lamar Kelley Councilman Mrs. Edna Oliver City Clerk and the following member(s) absent, to-wit: Don M. Hullum when, among other business, the following was transacted: The Mayor introduced an ordinance which was read in I full. Councilman Walker made a motion that the ordinance be adopted as read. Councilman Fanestiel seconded the motion for adoption of the ordinance. The motion, carrying with it the adoption of the ordinance, prevailed by the fol- lowing vote: AYES: Mayor Cravey and Councilmen Kloesel, Walker, Braswell, Fanestiel, iun, and Kelley NOES: None follows: The Mayor thereupon announced that the ordinance had been duly and lawfully adopted. The ordinance thus adopted follows: ORDINANCE AUTHORIZING THE ISSUANCE OF TIME WARRANTS; PRESCRIBING THE TERMS AND PROVISIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST THEREON AND THE PRINCIPAL THEREOF; AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT WHEREAS, on the 13th day of March, 1969, the City Council of the City of Baytown, Texas, adopted an resolution authorizing the City Clerk of said City to give notice of the intention of said City Council to adopt an ordinance on the 20th day of March, 1969, authorizing the issuance of time warrants of said City in the maximum amount of $90,000, maturing serially with a maximum maturity date of March 1, 1999, and bearing interest at a rate not exceeding 6% per annum, for the purpose of evidencing the indebtedness of said City for all, or any part of, the cost of acquiring and improving land for municipal purposes, including personal and professional services to be. rendered and other incidental expenses to be incurred in connection therewith; and WHEREAS, said notice of intention was given at the time and in the manner provided by law; and WHEREAS, no petition of any kind has been filed with or submitted to this City Council or any official of the City, and no written protest to the issuance of said time warrants has been presented, and it is affirmatively found that this City Council is now authorized to proceed with the issuance of said time warrants; therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS: 1 Section 1: That for the purpose of evidencing the indebtedness of the City of Baytown, Texas, for all, or any part of, the cost of acquiring and improving land for munici- pal purposes, including personal and professional services to be rendered and other incidental expenses to be incurred in connection therewith, there shall be issued the time warrants of said City in the principal sum of $90,000, to be known and designated as "CITY OF BAYTOWN, TEXAS, LAND SITE AND IMPROVEMENT TIME WARRANTS, SERIES 1969," in strict conformity with the Constitution and laws of the State of Texas, particu- larly Chapter 163, Acts of the 42nd Legislature of Texas, Regular Session, 1931, as amended (codified as Article 2368a, Vernon's Texas Civil Statutes, 1925, as amended). Section 2: That said warrants shall be dated March 15, 1969, shall be numbered consecutively from 1 through 90, shall be in the denomination of $1,000 each, aggregating $90,000, shall bear interest at the rate of 6% per annum, interest payable March 15, 1970, and semi - annually thereafter on September 15 and March 15 in each year until the principal sum is paid, and shall be payable without exchange or collection charges to the owners or holders thereof, 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. Said warrants shall become due and payable serially on the 15th day of March -2- . t in each of the years 1995 through 1998 in the respective amounts shown in the following schedule, to -wit: $15,000 1995 25,000 1996 25,000 1997 25,000 1998 Section 3: That said warrants shall be in substantially the following form: N0. $1,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF HARRIS CITY OF BAYTOWN, TEXAS, TIME WARRANT SERIES 1969 THE CITY OF BAYTOWN, in the County of Harris, State of Texas, for value received, acknowledges itself indebted to and hereby PROMISES TO PAY TO BEARER ON THE FIFTEENTH DAY OF MARCH, 199_, the sum of ONE THOUSAND DOLLARS ($1,000) with interest thereon from the date hereof until the principal is paid at the rate of 6% per annum, interest pay- able March 15, 1970, and semi- annually thereafter on September 15 and March 15 in each year until the principal sum is paid. Both principal of and interest on this warrant 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 First City National Bank of Houston, Houston, Texas, with- out exchange or collection charges to the owner or holder, -3- c and for the prompt payment of this warrant at maturity and the interest hereon as it becomes due, the full faith, credit, and resources of said City are hereby irrevocably pledged. THIS,WARRANT IS ONE OF A SERIES OF 90 SERIAL WARRANTS of like tenor and effect, except as to number and maturity, being numbered consecutively from 1 through 90, in the denomina- tion of $1,000 each, aggregating $90,000, and together with the other warrants of this series, is issued for the purpose of evidencing the indebtedness of said City for all, or any part of, the cost of acquiring and improving land for munici- pal purposes, including personal and professional services to be rendered and other incidental expenses to be incurred in connection therewith, under and in strict conformity with the Constitution and laws of the State of Texas, including particu- larly Chapter 163, Acts of the 42nd Legislature of Texas, Regular Session, 1931, as amended (codified as Article 2368a, Vernon's Texas Civil Statutes, 1925, as amended) and pursuant to an ordinance passed by the City Council of said City, which ordinance is of record in the official minutes of said City Council. THE DATE OF THIS WARRANT, in conformity with the ordi- nance above mentioned, IS MARCH 15, 1969. IT IS HEREBY CERTIFIED, RECITED, AND REPRESENTED that the issuance of this warrant 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 series of warrants have been properly done and performed, -4- and have happened in regular and due time, form, and manner, as required by law; that due provision has been made for levying and collecting annually by taxation an amount suffi- cient to pay the interest on these warrants as it falls due and to create and provide a sinking fund for the final redemption of said warrants at maturity; that the issue of warrants, of which this is one, together with all other indebtedness of said City is within every debt and other limitation prescribed by the Constitution and laws of the State of Texas. IN WITNESS WHEREOF, the City of Baytown, Texas, act- ing by and through the City Council of said City, has caused the seal of said City to be affixed hereto and this warrant to be signed by the Mayor, countersigned by the City Clerk, and registered by the City Treasurer of said City, all as of the 15th day of March, 1969. COUNTERSIGNED: City Clerk City of Baytown, Texas (SEAL) Mayor City of Baytown, Texas Section 4: That each of said warrants shall be signed by the Mayor, countersigned by the City Clerk, and registered by the City Treasurer, and the official seal of the City -5- Council of the City of Baytown, Texas, shall be impressed upon each of said warrants. Section 5: That said warrants shall be executed and delivered as hereinabove provided, in payment of claims covered by the warrant purposes, when such claims have been approved by this City Council and upon further orders of the City Council. Said warrants may be issued in installments, and if claims in payment of which such warrants are authorized to be issued are not in such sums and denominations as will permit the delivery of warrants to cover the entire and exact amount of such claims, the balance remaining after the deliv- ery of such warrants as will leave a claim unpaid for less than $1,000 may be carried forward until other claims suffi- cient to bring the total to at least $1,000 have been lawfully incurred, whereupon an additional warrant or warrants may be delivered as the facts and circumstances shall require. Section 6: That while said warrants., 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 col- lected in each. year, beginning with the current year, a con- tinuing direct annual ad valorem tax upon all taxable property within the City of Baytown, Texas, sufficient to pay the cur- rent interest on said warrants and to create and provide a sinking fund of not less than 2% of the principal amount of said warrants then outstanding or of not less than the amount required to pay the principal payable out of said tax, which- ever 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 of and interest on said warrants, and to no other purpose. ADOPTED this 20th day of March, 1969° ATTEST; /s/ Edna Oliver City Clerk City of Baytown, Texas (SEAL) /s/ Seaborn Cravey Mayor City of Baytown, Texas -7- THE STATE OF' TEXAS COUNTY OF HARRIS I, the undersigned, City Clerk of the City of Baytown, Texas, do hereby certify that the attached and foregoing is a true and correct copy of' an ordinance adopted by the City Council of said City q.t a meeting, held on the 20th day of March, 1969, together with an excerpt from the minutes of said meeting showing the adoption thereof, as same appear of record in the official minutes of said City Council on file in my office. WITNESS MY HAND AND THE OFF'ICIAL SEAL OF SAID CITY', this 20th day of March, 1969. c, City Clerk City of' Baytown, Texas (SEAL)