Ordinance No. 1,006ORDINANCE NO. 1006
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
BAYTOWN FINDING AND DETERMINING THAT CERTAIN EX-
PENDITURES_ FROM THE BOND FUNDS CREATED PURSUANT
TO THE APPROVAL OF PROPOSITION NO. ONE IN THE
1965 CAPITAL IMPROVEMENTS BOND ELECTION COULD
HAVE BEEN MADE FROM DRAINAGE IMPROVEMENT BOND
FUNDS CREATED AS A RESULT OF THE SALE OF BONDS
PURSUANT TO THE APPROVAL OF PROPOSITION NO. TWO
IN SAID BOND ELECTION; AUTHORIZING AND DIRECTING
THE DIRECTOR OF FINANCE TO TRANSFER ON THE OF-
FICIAL RECORDS OF THE CITY OF BAYTOWN THE SUM OF
SEVENTY -FIVE THOUSAND AND NO /100 ($75,000.00)
DOLLARS FROM THE DRAINAGE IMPROVEMENT BOND FUNDS
CREATED AS A RESULT OF THE SALE OF BONDS PURSUANT
TO THE APPROVAL OF SAID PROPOSITION NO. TWO TO
THE STREET IMPROVEMENT BOND FUNDS CREATED PURSUANT
TO THE SALE OF BONDS AUTHORIZED BY THE APPROVAL
OF PROPOSITION NO. ONE; REPEALING ORDINANCES IN-
CONSISTENT HEREWITH; AND PROVIDING FOR THE EFFEC-
TIVE DATE HEREOF.
WHEREAS, by Ordinance No. 740, enacted by the City
Council of the City of Baytown on the 11th day of February,
1965, a Capital Improvements Bond Election was ordered and
called for the 6th day of March, 1965; and
WHEREAS, such election was duly held as called,
and the results of such election were officially canvassed
by Ordinance No. 745, enacted by the City Council on the 17th
day of March, 1965; and
WHEREAS, as a result of such bond election, and as
officially determined and declared by the canvass of said
election returns, certain propositions voted upon in such
election were approved by the electors, including Propositions
No. One (1) and No. Two (2) which said propositions read as
follows, to -wit:
PROPOSITION NO. 1
SHALL THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS,
BE AUTHORIZED TO ISSUE THE BONDS OF SAID CITY IN THE
AMOUNT OF $1,661,000.00, MATURING SERIALLY WITHIN
40 YEARS FROM THEIR DATE OR DATES, AND BEARING INTEREST
AT A RATE OR RATES NOT TO EXCEED 5% PER ANNUM, FOR
THE PURPOSE OF CONSTRUCTING PERMANENT STREET IMPROVE-
MENTS IN AND FOR SAID CITY, AND TO LEVY AN ANNUAL
TAX ON ALL TAXABLE PROPERTY WITHIN SAID CITY SUFFI-
CIENT TO PAY THE INTEREST ON SAID BONDS AS IT ACCRUES
AND TO CREATE AND PROVIDE A SINKING FUND TO PAY THE
PRINCIPAL OF SAID BONDS AS IT MATURES? (The probable
period of usefulness of the improvements for which the
bond proceeds are to be expended is 40 years.)
PROPOSITION NO. 2
SHALL THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS,
BE AUTHORIZED TO ISSUE BONDS OF SAID CITY IN THE AMOUNT
OF $130,000.00, MATURING SERIALLY WITHIN 40 YEARS FROM
THEIR DATE OR DATES, AND BEARING INTEREST AT A RATE OR
RATES NOT TO EXCEED 5% PER ANNUM, FOR THE PURPOSE OF
CONSTRUCTING PERMANENT DRAINAGE IMPROVEMENTS IN AND
FOR SAID CITY, AND TO LEVY AN ANNUAL TAX ON ALL TAX-
ABLE PROPERTY WITHIN SAID CITY SUFFICIENT TO PAY THE
INTEREST ON SAID BONDS AS IT ACCRUES AND TO CREATE
AND PROVIDE A SINKING FUND TO PAY THE PRINCIPAL OF
SAID BONDS AS IT MATURES? (The probable period of
usefulness of the improvements for which the bond
proceeds are to be expended is 40 years.); and
WHEREAS, Proposition No. 2, as above specified,
authorized the City to issue bonds in the amount of ONE
HUNDRED THIRTY THOUSAND AND NO /100 ($130,000.00) DOLLARS
for the purpose of constructing permanent drainage improve-
ments in and for the said City; and
WHEREAS, the City, as a result of the approval of
such proposition, derived income from the sale of such bonds
in the full amount of ONE HUNDRED THIRTY THOUSAND AND NO /100
($130,000.00) DOLLARS; and
WHEREAS, no portion of the drainage bond funds
above described have ever been expended, leaving a total
fund balance, including accrued interest, through the date
of September 30, 1969, in the amount of ONE HUNDRED FORTY
THOUSAND THREE HUNDRED THIRTY AND 42/100 ($140,330.42)
DOLLARS; and
WHEREAS, the City has, from time to time, engaged
in various projects under the 1965 Capital Improvements
Program for the improvement of certain streets, to include
drainage improvements and miscellaneous improvements incident
to such street improvements; and
WHEREAS, all of such drainage improvements have
been paid for from the street improvement bond fund created
as a result of the approval of Proposition No. 1 in such bond
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election, and none of such improvements have been paid for
from the drainage bond funds created by the approval of the
said Proposition No. 2; and
WHEREAS, the City Council of the City of Baytown
deems it necessary to make an adjustment as between the said
bond funds, so as to charge the drainage bond fund created
pursuant to Proposition No. 2 with a portion of the expendi-
tures which have been made for drainage improvements inci-
dent to street improvements under the said bond program, it
being the intention of the City Council to transfer the sum
of SEVENTY -FIVE THOUSAND AND NO /100 ($75,000.00) DOLLARS from
the drainage bond fund above referred to the street im-
provement bond fund; NOW THEREFORE,
BAYTOWN:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
Section 1: It is the finding of the City Council
that the expenditures for drainage improvements incident to
the street improvement program could have been paid from the
drainage bond funds created as a result of the approval of
Proposition No. 2 in the 1965 Capital Improvements Bond
Election, and it is the intention of the City Council to
hereby make a proper adjustment as between such bond funds
by transferring the sum of SEVENTY -FIVE THOUSAND AND NO /100
($75,000.00) DOLLARS from the drainage bond funds created
by the approval of the said Proposition No. 2 to the street
bond funds created by the approval of the said Proposition
No. 1.
Section 2: That the Director of Finance is hereby
authorized and directed to transfer on the official records
of the City of Baytown, the sum of SEVENTY -FIVE THOUSAND AND
NO /100 ($75,000.00) DOLLARS from the Drainage Improvement
Funds created as a result of the sale of bonds pursuant to
the approval of Proposition No. 2 in the 1965 Capital Improve-
ments Bond Program, to the Street Improvement Bond Funds
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'ANX)t"
created pursuant to th�e sale of bonds authorized by the aps
proval of Proposition No. 1 of said Bond Program.
Section 3: Repealing Clause: All ordinances, or
parts of ordinances inconsistent with the terms of this or-
dinance are hereby repealed; provided, however, that such
repeal shall be only to the extent of such inconsistency
and in all other respects this ordinance shall be cumulative
of other ordinances regulating and governing the subject
matter covered by this ordinance.
Section 4: Effective Date: That this ordinance
shall take effect from and after the date of its passage
by the City Council of the City of Baytown.
vote of the City Council of the City of Baytown, on this the
18th day of December, 1969.
4/00W
EDNA OLIVER, City Cl'bYk-
APPROVED:
WILLIAM R. LAUGHLIN, City
C. GLEN WALKER, Mayor
Attorney
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