CC Resolution No. 169 r` ^ 091 '1
RESOLUTION No. 169
RESOLUTION AUTHORIZING NOTICE OF SALE OF BONDS
THE STATE OF TEXAS )
COUNTY OF HARRIS )
The City Council of the City of Baytown, Texas, convened in
regular session at the City Hall within said City on the llth day
of May , 1967, with the following members and the City Clerk present,
to-wit :
Seaborn Cravey Mayor
A. M. Braswell Councilman
Patrick Ball Councilman
r Glen Walker Councilman
Albert Fanestiel Councilman
Den- rru3-l-um G@tutc:Llman
Lamar Kelley Councilman
Mrs. Edna Oliver City Clerk
and the following member(s) absent, to-wit : &� ! .y
when, among other business, the following was transacted:
The Mayor introduced a resolution which was read in full.
Councilman 6- )__ made a motion that the resolution be
adopted as read. Councilman / seconded the motion for
o' adoption of the resolution. The motion, carrying with it the
adoption of the resolution, prevailed by the following vote :
AYES : Coun ilmen Braswell, Ball, Walker, Fanestiel,
Hullum and Kelley.
NOES: None.
The Mayor thereupon announced that the resolution had been
duly and lawfully adopted. The resolution thus adopted follows :
. d
RESOLUTION AUTHORIZING NOTICE OF SALE OF BONDS
WHEREAS, the City Council of the City of Baytown, Texas,
wishes to proceed with the issuance of $891,000 General Obligation
Bonds , Series 1967, and $425,000 Waterworks and Sanitary Sewer
System Revenue Bonds, Series 1967; and
WHEREAS, Section 63 of the Charter of the City of Baytown
requires that all bonds issued by the City of Baytown be sold at
public sale; Therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS:
Section 1 :
That the Mayor of the City of Baytown is hereby authorized
and directed to give notice of sale of $891,000 General Obligation
Bonds, Series 1967, and $425,000 Waterworks and Sanitary Sewer
System Revenue Bonds , Series 1967, said notice of sale to be in
substantially the following form:
r
OFFICIAL NOTICE OF SALE
CITY OF BAYTOWN, TEXAS
$891,000
General Obligation Bonds, Series 1967
and
$425 ,000
Waterworks and Sanitary Sewer System Revenue Bonds, Series 1967
Selling: May 25, 1967 at 6 : 30 p.m. , C.D.S.T.
PLACE AND TIME OF SALE: The City Council of the City of Baytown,
Texas, will receive sealed bids at the City Hall, Baytown, Texas, until
6: 30 p.m. , C.D.S.T. on Thursday, May 25, 1967 , for the purchase of the
above bonds .
ADDRESS OF BIDS: Sealed bids, plainly marked "BID FOR BONDS"
should be addressed to the Mayor and City Council, City of Baytown,
Texas . All bids must be submitted on the Official Bid Form.
TYPE OF BIDS AND INTEREST RATES: The bonds will be sold in two
separate blocks: (1) $891,000 General Obligation Bonds, Series 1967,
and (2) $425,000 Waterworks and Sanitary Sewer System Revenue Bonds ,
Series 1967 . Bids may specify coupon. rates in multiples of 1/8th
and/or 1/20th of 1% , not exceeding 5%, but no more than four (4 )
coupon rates and three (3) changes will be considered. In each block
all bonds maturing within a single year must bear the same rate of
interest. Each bond must bear a single interest coupon to evidence
a single maturity. Bids must be for all of the bonds in the block
bid upon and at a price of not less than par plus accrued interest .
The City reserves the right to reject any and all bids, to take new
bids, to waive irregularities, and/or accept the bid deemed most
advantageous to the City.
GOOD FAITH DEPOSIT: Each bid must be accompanied by a Cashier' s
or Certified check payable to the City of Baytown, Texas, in the
amount of 2% of the par value of the bonds bid upon, as evidence of
the bidder' s good faith. This check shall be held uncashed by the
City pending completion of the successful bidder' s contract and payment
for the bonds at his agreed purchase price, at which time the check
will be returned. In the event the purchaser fails or refuses to
comply with the terms of his bid, then said check is to be cashed
by the City and the proceeds retained by it as full and complete
liquidated damages. The checks of the unsuccessful bidders will be
returned immediately.
PRINTED BONDS AND LEGAL OPINION: The City will furnish without
expense to the purchasers the printed bonds , a complete transcript of
the proceedings incident to the issuance of the bonds, and the unquali-
fied approving legal opinion of Vinson, Elkins, Weems & Searls , Bond
Attorneys, Houston, Texas . The opinion will be printed on the bonds ,
but upon request a separate executed opinion will be furnished. The
bonds will be issued in $5 ,000 denomination, except Bond No . 1 of
the General Obligation Bonds will be in the denomination of $6,000.
DELIVERY: Delivery of the bonds to the purchasers will be made
at The American National Bank, Austin, Texas. It is anticipated
that delivery can be made within thirty (30) days from the date of
this sale, however, if not delivered within sixty (60) days, the
successful bidder will have the option of accepting the bonds at his
price when they are ready for delivery.
Copies of the Official Notice of Sale and of the Official Bid
Form may be obtained from Underwood, Neuhaus & Co. , Inc . , 724 Travis
Street, Houston, Texas, 77002, Financial Advisors to the City.
SEABORN CRAVEY
Mayor, City of Baytown, Texas
Section 2 •
That notice of such sale shall be given by the Mayor of the
City of Baytown by publishing said notice at least once in a pub-
lication carrying municipal bond notices and devoted primarily
to financial news and at least once in the official newspaper of
the City of Baytown, to-wit : The Baytown Sun, said publications
to be at least ten (10) days prior to May 25 , 1967 .
PASSED AND APPROVED this llth day of May, 1967 .
Mayor, City, aytown, Tex
ATTEST:
City Clerk, City of
Baytown, Texas
(SEAL)