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Ordinance No. 968'�alrW�(ttofrt'' "'ad((r(o, ORDINANCE NO. 968 ORDINANCE AUTHORIZING AND APPROVING CONTRACT FOR PERSONAL AND PROFESSIONAL SERVICES OF FINANCIAL ADVISOR TO BE RENDERED IN CONNECTION WITH THE ` ACQUISITION AND IMPROVEMENT OF LAND FOR MUNICIPAL PURPOSES; CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT AND PROVIDING THAT THIS ORDINANCE SHALL BE EFFECTIVE UPON AND AFTER ITS ADOPTION 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. Lamar Kelley Councilman Mrs, Edna Oliver City Clerk and the following member(s) absent, to-wit: Don M. NNullum when, among other business, the following was transacted: The Mayor introduced an ordinance which was read in full. Councilman Walker made a motion that the ordinance be adopted as read. Councilman Fmiestiel seconded the motion for adoption of the ordinance.. The motion, carrying with it the adoption of the ordinance, prevailed by the fol- rs • AYES:. Mayor Cravey and Councilmen Kloesel, Walker, Braswell, Fa.nestiel, NUTDamV and Kelley • gloom @ The Mayor thereupon announced that the ordinance had been duly and lawfully adopted. The ordinance thus adopte�O w ORDINANCE AUTHORIZING AND APPROVING CONTRACT FOR PERSONAL AND PROFESSIONAL SERVICES OF FINANCIAL ADVISOR TO BE RENDERED IN CONNECTION WITH THE ACQUISITION AND IMPROVEMENT OF LAND FOR MUNICIPAL PURPOSES; CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL BE EFFECTIVE UPON AND AFTER ITS ADOPTION WHEREAS, heretofore on the 20th day of March, 1969, the City Council of the City of Baytown, Texas, adopted an ordinance authorizing the issuance of $90,000 City of Baytown, Texas, Land Site and Improvement Time Warrants, Series 1969, dated March 15, 1969, 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; and WHEREAS, in order to accomplish the said warrant pur- pose, including the issuance of said warrants, the City Council has found, and hereby affirmatively finds, that it is necessary to secure certain personal and professional ser- vices and to award contracts therefor,, the same being included within the warrant purpose; and WHEREAS, the City Council has asked Underwood,, Neuhaus & Co.,, Incorporated, Houston, Texas, to submit a proposal to perform all fiscal services in connection with the accomplish- ment of the warrant purpose and the issuance and delivery of said time warrants; and WHEREAS, Underwood, Neuhaus & Co., Incorporated has submitted a proposal to perform such services, as hereinafter set forth, and the City Council desires to accept such proposal and to award a contract therefor to the said Underwood, Neuhaus & Co., Incorporated; therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS: Section 1: That it is hereby found that it is neces- sary to employ Underwood, Neuhaus & Co., Incorporated, Houston, Texas, and to award a contract to said firm for the perform- ance of fiscal and financial services in connection with the accomplishment of the warrant purpose and the issuance of said $90,000 City of Baytown, Texas, Land Site and Improvement Time Warrants, Series 1969, dated March 15, 1969, as set forth in the proposal of said Underwood, Neuhaus & Co., Incorporated, dated the 41 � 0 day of LA-,e, ,L)_, 1969, which proposal hereinafter appears in Section 2 of this ordinance. Section 2: That the Mayor is hereby authorized and directed, for and on behalf of the City Council, and said City, to execute the acceptance notations of the following proposal submitted by Underwood, Neuhaus & Co., Incorporated, which proposal with the executed acceptance notations will constitute the contract between the City and said firm: City Council City of Baytown Baytown, Texas Gentlemen: You have asked us to submit our proposal for rendering all professional fiscal services, in connection with the issu- ance of approximately $90,000 City of Baytown land site and improvement time warrants and refunding the warrants into general obligation bonds after the warrant purpose has been satisfied and the warrants delivered. We will perform all professional fiscal services in connection with the issuance of the time warrants and refund- ing bonds, and will pay expenses in connection therewith, as follows: 1. The award of any and all contracts payable from said warrants 2. Financial matters arising out of said 'con- tracts 3. The printing, issuance and delivery of the warrants and refunding bonds Supervision cf'all fiscal and financial matters in connection therewith 5. All other matters of a financial or fiscal nature arising out of the effecting of the warrant purpose and the issuance of the warrants and refunding bonds, including: a. The furnishing of funds to pay claims, which claims have been approved by the City Council, that result from the accomplish- dent of the warrant purpose b Tht a(uoeptai,-ice, aftci, the warrant purpose has been satisfied, of time warrants by Underwood, Neuhaus & Co., Incorporated in satisfaction of such claims which have been paid by and assigned to Underwood, Neuhaus & Cc., Incorporated M 1w City Council City of Baytown Page , 1969 C. Making the warrants available to the City for refunding into bends immediately after the warrant purpose is accomplished; by accept- ance of this offer, the City agrees to twee the necessary steps promptly to refund such warrants into bonds d. Preparation of notice of sale requesting public bids for the pur- chase of said refunding bonds imme- diately upon approval by the City of the schedule of maturities for such refunding bonds 6. Reimbursing you for the fees of recognized bond attorneys employed, by you to prepare all legal proceedings incidental to the issuance of the time warrants and refunding bonds and to render an opinion as to the legality of the refunding bonds We will perform the us ve services and pay said expe for the minimum fee as adopted by the Municipal Advisory Council of Texas for the issuance of the time warrants plus the same fee for refunding the warrants into refunding bonds;,, We agree to accept payment for our services hereunder by the issuance and delivery to us of a proper amount of such time warrants or by the payment to us of current funds of the City, either or both. We further agree that no payment need be made to us until such time as the warrant purpose is fully satisfied. UNDER WOOD, NEUHAU CO., INCORPORATED Houston, Texas go ABOVE OFFER ACCEPTED IN CITY COUNCIL MEETING, open to the public, and contract hereby awarded to Underwood, Neuhaus Co., incorporated, Houston, Texas, this day of , 1969 ATTEST. City Clerk (SEAL) CITY OF BAYTO N, TEXAS By Mayor -4- Section 3: That said contract is hereby awarded to said Underwood, Neuhaus & Co., Incorporated, Houston, Texas, and said contract i "'I'VIIII "I"P, 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 at 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 • record in the official minutes of said City Council on file in my office. this 20tih day of March, 1969. City Clerk City of Baytown, Texas (SEAL)