Ordinance No. 1,8946226-A
ORDINANCE NO.1894
ORDINANCE AUTHORIZING ISSUANCE OF $250,000 CITY OF
BAYTOWNFIRE EQUIPMENT CERTIFICATES OF OBLIGATION;
LEVYING A TAX FOR THE PAYMENT OF THE PRINCIPAL THEREOF
•AND.INTEREST THEREON;APPROVING CONTRACT AV/ARDS;AND
CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT
THE STATE OF TEXAS §
COUNTIES OF HARRIS AND CHAMBERS §
CITY OF BAYTOWN §
WHEREAS,the City Council ofthe CITY OF BAYTOWN,TEXAS
(the "City"),authorized the publication ofa notice to bidders
to the effect that competitive bids would be received by the
City Council on October 9,1975,forthe purchase by the City
of two fully equipped fire trucks,and that the City intends
to issue certificates of obligation for such purchase;and
WHEREAS,such notice was published at the timesand in
the manner required by the provisions of Article 2368a.1,
Vernon's Texas Civil Statutes,as amended;and
WHEREAS,onthe date specified in said notice the City
Council caused the bids received tobe opened and tabulated
and the following havebeen determined to be the lov/est and
best ofsuch bids:
AmountBidderEquipmentofBid
Ward LaFrance Truck Corp.
Elmira Heights,New York Aerial Ladder Truck $114,318
Ward LaFrance Truck Corp.
Elmira Heights,New York Pumper Truck 71,192
and theCity Council has heretofore,by ordinance,determined
to acceptsuchbids and has entered into contracts for such
purchases;and
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WHEREAS,it is hereby found and determined that both of
such bids in every respect meet the specifications mentioned
in the notice to bidders;and
"WHEREAS,the said bidder elected at the time ofthe re
ceipt by the City Council of such bids to assign such certifi
cates without discount to the CITIZENS NATIONAL BANK &TRUST
CO.of Baytown,Texas,with whom the City Council has made
provision for such assignment;and
WHEREAS,it is hereby found and determined that the City
Council is authorized to proceed with the issuance ofsaid
certificates of obligation in accordance with the terms and
provisions of this ordinance;
THEREFORE,BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF BAYTOWN:
•Section 1.The facts and recitations contained in the
preamble of this ordinance are hereby found and declared to
be true and correct.
Section 2.The City Council hereby approves,ratifies,
and confirms in all respects the contracts mentioned in the
preamble of this ordinance.
Section 3.The City's negotiable certificates of obliga
tion,tobe designated CITY OF BAYTOWN,TEXAS,FIRE EQUIPMENT
CERTIFICATES OF OBLIGATION,SERIES 1975 (hereinafter called
the "Certificates"),are hereby authorized to be issued and
delivered in the principal amount of $250,000 for the purpose
of evidencing the indebtedness of the City forall or any part
of the cost of purchasing two fully equipped fire trucks for
the City,including the cost of professional services in con
nection therewith,in strict conformity with the Constitution
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and laws of the State of Texas,particularly Article 2368a.1,
Vernon's Texas Civil Statutes,as amended.
Section k.The Certificates shall be dated October 1,
197-5,shall be numbered consecutively from 1 through 250,
shall be in the denomination of $1,000 each and shall mature
serially on December 1 of each of the years,and in the
amounts,respectively,set forth in the following schedule:
YEAR AMOUNT
1977 $50,000
1978 50,000
1979 50,000
1980 50,000
1981 50,000
The Certificates may be redeemed prior to their scheduled
maturities,at the option of the City,at any time after de
livery,in the manner provided inthe FORM OF CERTIFICATE
set forth in this ordinance.
Section 5.The Certificates shall bear interestfrom
the date of initial delivery shown on the face of each Cer
tificate at a rate per annum not in excess ofthat prescribed
by Article 717k-2,Vernon's Texas Civil Statutes,as amended,
interest payable on December 1,1977,and annually thereafter
on December 1 of each year until maturity or redemption.
Section 6.The Certificates shall be registrable both
as to principal and interest,shall be payable,and shall have
the characteristics,andshall be signed and executed (and
the Certificates shall be sealed),all as provided and in the
manner indicated in the FORM OF CERTIFICATE set forth in this
ordinance.
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Section 7.The form of Certificates,including the form
of the Certificate of Registration,shall be,respectively,
substantially as follows:
'FORM OF CERTIFICATE:
N0-$1,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTIES OF HARRIS ANDCHAMBERS
CITY OF BAYTOWN,TEXAS
FIRE EQUIPMENT CERTIFICATE OF OBLIGATION
SERIES 1975
ON DECEMBER 1,197 ,the CITY OF BAYTOWN (hereinafter
called the "City"),in the Counties of Harris andChambers,
in the State of Texas,promises to pay to bearer or,if this
Certificate is registered,to the registered owner hereof,
the principal amount of
ONE THOUSAND DOLLARS
and to pay interest thereon,FROM THE DATE OF INITIAL DELIVERY
SHOWN ON THE FACE HEREOF,to bearer or,if this Certificate
is registered,to the registered owner hereof,at the rateof
%per annum,interest payable December 1,1977,and
annually thereafter on each December 1 while this Certificate
is outstanding.Both the principal of and interest on this
Certificate shall be payable,without exchange or collection
charges to the owners or holders,upon presentation and,in
the caseof the principal when due,surrender of this Certifi
cate at the CITIZENS NATIONAL BANK &TRUST CO.,Baytown,Texas,
which shall be the paying agentforthis series of Certificates.
THIS CERTIFICATE is one of a series of negotiable,regis-
trable Certificates of Obligation,dated October 1,1975,
numbered from 1 through 250,in the denomination of $1,000
each,aggregating $250,000,issued in accordance with the Con
stitution and laws of the State of Texas,particularly Article
2368a.li Vernon's TexasCivil Statutes,as amended,for the
purpose of evidencing the indebtedness of the City for all or
anypart of the cost of purchasing two fully equipped fire
trucks for the City,including the cost of professional ser
vices in connection therewith,and pursuant toan ordinance
adopted by the City Council of the City on the 23rdday of
October,1975.
THE CITY RESERVES THE RIGHT TO REDEEM the outstanding Cer
tificates of this series on any date prior to their scheduled
maturities,at the option of the City,IN WHOLE OR ifi PART,
for the principal amount thereof and accrued interest thereon
to the date fixed for any such redemption.At least thirty
days prior to the date fixed for any such redemption,the City
shallcause a written notice of such redemption to be delivered
to the registered owners,or their duly authorized agents,of
the Certificates to be so redeemed or,at the option of the
City,a written notice of such redemption shall be published,
at least thirty days prior to the date fixed forany such
redemption,in a newspaper of general circulation in the City.
By the date fixed for any such redemption,due provision shall
be made with the paying agent for the payment of the required
redemption price.If such writtennotice of redemption is
given or published,and if due provision for such payment is
made,all as provided above,the Certificates which are to be
so.redeemed shall thereby automatically be redeemed prior to
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T their scheduled maturities;and they shall not be regarded as
being outstanding except for the purpose of being paid by the
paying agent with thefunds so provided for such payment.
"'IT-IS HEREBY certified,recited,and covenanted that this
Certificate has been duly and validly authorized,issued,and
delivered;that all acts,conditions,and things required or
proper to be performed,exist,and be done precedent to or in
the issuance and delivery of this Certificate,have been per
formed,existed,and been done in accordance with lav;;that
f»*this Certificate is a general obligation of the City,issued
onthe full faith and credit thereof;that annual ad valorem
taxes sufficient to provide for the payment of the interest on
and principal of this Certificate,as such interest comes due
and such principal matures,have been levied and ordered to
be levied against all taxable property in the City and have
been pledged irrevocably for such payment within the limits
prescribed by law;that this Certificate shall be adebt of
the City within the meaning of Article XI,Sections 5 and 7
-^of the Constitution of Texas;and that,when delivered,this
Certificate shall be deemed and construed (i)tobe a "Security"
within the meaning of Chapter 8,Investment Securities,Uniform
Commercial Code (Chapter 785,Acts of the 60th Legislature,
Regular Session,1967),and (ii)to be a general obligation
of the City within the meaning of Chapter 784,Acts of the
6lst Legislature of Texas,Regular Session,1969.
This Certificate shall be transferable by delivery unless
registered asto principal in the owner's nameupon books of
the City to be kept for that purpose at the office of the City
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Clerk of the City,the registrar,such registration to be
noted hereon.After such registration,no transfer of this
Certificate shall be valid unless made onsaid books at the
request of the registered owner hereof,or his duly authorized
agent,and similarly noted hereon;but this Certificate may
be discharged from registration by being in like manner trans
ferred to bearer,whereupon transferability by delivery shall
be restored;and this Certificate may again and from time to
time be registered or made payable to bearer as before.
IN WITNESS WHEREOF,this Certificate of Obligation has
been signed by the Mayor of the City and countersigned by the
City Clerk of the City,and the official seal of the City has
been duly impressed,or placed in facsimile,on this Certifi
cate.
DATE OP INITIALDELIVERY OP THIS CERTIFICATE:
xxxxxxxxxx
COUNTERSIGNED:Mayor,City of Baytown,Texas"
xxxxxxxxxx
City Clerk,City of Baytown,Texas
(SEAL)
CERTIFICATE OF REGISTRATION:
IT IS HEREBY CERTIFIED that,at the request of the holder
of the within Certificate,I have this day registered it as to
principal in the name of such holder as indicated in the regis
tration blank below,on the bookskeptbymefor such purpose.
The principal of and interest on this Certificate shall be pay
ableonly to the registered holder named in the below registra
tion blanks.If the last transfer recorded on the books of
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the Registrar and in the below registration blank shall be to
bearer,the principal and interest of this Certificate shall
be payable to bearer,and such Certificate shall be in all
respects negotiable.
Signature of
Name of Date of City Clerk
Registered Holder Registration (Registrar)
Section 8.A special fund or account,to be designated
the "City of Baytown,Texas,Fire Equipment Certificates of
Obligation,Series 1975,Interest and Sinking Fund"(herein
after called the "Interest and Sinking Fund"),is hereby
created and shall be established and maintained by the City
at an official depository bank of the City.The Interest and
Sinking Fund shall be kept separate and apart from all other
funds and accounts of the City and shall be used only for
paying the interest on and principal of the Certificates.All
ad valorem taxes levied and collected for and on account of the
Certificates shall be deposited,as collected,to the credit
of the Interest and Sinking Fund.During eachyear while any
of the Certificates are outstanding and unpaid,the City Council
ofthe City shall compute and ascertain a rate and amount of
ad valorem tax which will be sufficient to raise and produce
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the money required to pay the interest on the Certificates as
such interest comes dueand to provide and maintain a sinking
fund adequate to pay the principal of the Certificates as such
principal matures but never less than 2%of the original prin
cipal amount of the Certificates as a sinking fundeach year*
and said taxshall be based on the latest approved tax rolls
of the City,with full allowance being made fortax delinquen
cies andthe cost of tax collection.Said rate and amount of
ad valorem tax are hereby levied,and are hereby ordered tobe
levied,against all taxable property in theCityfor each year
while any of the Certificates are outstanding and unpaid;and
said tax shall be assessed and collected eachsuch year and de
posited to the credit of the Interest and Sinking Fund.Said
ad valorem taxes sufficient to provide for the payment of the
interest on and principal of the Certificates,as such interest
comesdue and such principal matures,are hereby pledged irrevo
cably for such payment within the limits prescribed by law.
Section 9.Claims incurred forthe purposes set forth in
Section 3 hereofmay be funded and exchanged for a like total
principal amount of Certificates,and any amountinexcess of
the principal amount of Certificates delivered at any one time
may be paid in cash or carriedforward to a subsequent exchange,
or exchanges,of claims for Certificates.However,none of the
Certificates authorized by this ordinance shall be delivered
except pursuant to a further ordinance,or ordinances,to be
adopted by thisCity Council.
Section 10.The Mayor and all other appropriate officers
of the City of Baytown are hereby authorized and directed to
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do any and all things necessary or convenient to carry outthe
provisions of this ordinance.
Section 11.This ordinance shall take effect immediately
upon,its passage.
'Section 12.Itis hereby officially foundand determined
that the need of the City for such financing creates anemer
gency and an urgent public necessity for the holding,at the
scheduled time,of the meeting of the City Council at which this
ordinance is adopted and forthe adoption of this ordinance;and
the NOTICE OP MEETING relating to said meeting and heretofore
posted by the City Clerk,and the posting thereof,are hereby
authorized,approved,adopted,ratified,and confirmed.
PASSED AND APPROVED this 23rd day of October,19-75•
ATTEST:
Mayor
CITY OF BAYTOWN,TEXAS
City,Clerk
CITY1 'OF BAYTOWN,TEXAS
/
(SEAL)
APPROVED:
City Attorney
CITY OP BAYTOWN,TEXAS
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