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HomeMy WebLinkAbout438 Ordinancethe market op$. ion; b.and1e all other details wL reference to the refunding of 11t.a. p Refunding Bonds, mature; to Pay the Doane i EAL) ry ,eee in provi .ing the above, the City agre of MO. For 0 e undersigned. officials of the City of Plainview Texas, hereby accept the above proposal, by order of the STATE OF TE COUNTY OF . HAI CITY OF PLAIIIV 00 in 1944, 00 in 1946 ,000 in 1951, 2,000 in 1953, 1. GA114w C ity 3' tarry, City of Plainview , Texas sion, tb: :e, ,the 3Cth day of JanaarY, 1939, The mo tion to accept the above was made by Alderman Q- borne and seoonded by Alderman ,Frogge, he espeotfully eubmi'ted, rm er & ompany, Inc+ with 4RD I FA T C o, 438 clay of February, 1939, the Oi'y ounoil of the ITY '' P oonvened in regular seee- on in the Council Rocs in the City Hal a11 members thereof, to -wits and J. 1 ,business AYES Osborne ing , vote: alla placed on its first reading; seconded by Alderman Frogge and carri.rd, by the following votes: id u o E BY THE C ITY COUNCIL OF THE CITY CAF PLAIN IN - VIEW, T t , AUTHORIZING TH E ISSUANCE OF BONDS FOR THE • .L SUM OF ELEVEN THOUSABD DOLIAR (411„0004.00) E 2uRPOSE OF REFUNDING, CANCELLING AND< IN LIEU OP A LIKE AM:CUNT OF ICI IRDEBTEDNEsa OUTSTANDING ..<- G .IN3T S, .ID CITY; PRESCRIBING THE FC:R. OF BOND AND INTEREST COUPONS; PROVIDING FOR THE LEVY ASSESSMENT AND COLLECTION 0i A TAX ` ON THE 4100 VALUATION OF AIL TAXABLE PROPERTY WITHIN THE LIMITS OF SAID CITY SUFFI- CIENT TO PAY THE INTEREST AND CREATE SINKING FUND FOR THE iEDEi `ION OF SUCH BONDS AT MATURITY; AND DECLARING AN ELERGENCy NOBS: None • Tom he.tOn born Kiker Froge Hancock 1 ty Secretary, being present, and among other sacted, the following ordinance was passedr, HaneOck ed: Placed on first reading. carried by the following vote: A YES: Kiker Frpgg NOES None seconded by Alderman Torogge Osborne rriedL: Ordinance passed first re di ockker .Aldermen Ock moved that the ordinance be rage Alderman Kiker moved that the ordinance pass first reading; seconded by lder an Osborne and Csbs ne alde rman Osborne moved that the rules be spended and that the ordinance be placed on second reading; and carried by the follow- Fro 93 9 gge ance pass second reading; eco ded b and, carried by the followi: g 7vte; A YES ._...r,.. Next *ock : : :done Carried: Ordin T AYES: t ikes ally passed, view, Texas, ie d: Grdin nce placed on None Alderman .lderr pass third and final NOES. None„ T ayor To sb eading; sborne and carried by th:e following vote: borne 2Q of the City of Pla,:inview, eggs ond reading, d second reading, moved that the ordinance econded by .lderm. Hancock The ordinance: follow AN OR - E BX THE 0 VIEW, TEXAS, AUTHORI4 IS U PRINCIPAL L SUM . OF ELEVEN THOUSAND D FOR THE PURPOSE F REFUNDING, G 0 1 LIKE AMOUNT F : EG L INDEBTEDUE SAID CITY; PRESCRIBING G THE :Taam OF BOND AND INTEREST COUPONS; PROVIDING FOR THE LEVY, ASSESSMENT AND COLLEC- TION OF A TA N THE 4100 VALUATION OF AIL TAXABLE PRO- DERTY WITHIN THE LINITS OF SAID CITY SUFFICIENT TO PAY THE INTEREST ANL CREATE TE .. SINXING FUND D FOR THE REDEUP - TICK OF SUCH BONDS AT MATURITY; AND DECLARING ING N ENERGENCY all of which are now Qu Berman Kiker CITY OP PLAIN- OF BONDS FOR THE ($11,000.40) LUN AND IN LIEU OF 5 OUTSTANDING AGAINST Landing moved that the ordin- H d the ordinance fin.- the City Council of the CITY OF PIAflV. AS, by ordinances duly passed and adopted, has authorized the saan.ce of the following described bonds of the City of Plain- indebtedness le SEWER BONDS, dated June 10, 1921, bearing interest at the rate of 5% per annum, in denomination of 41,000 each, No 40 to 42 inclusive, due June 10, 1939, aggregating -- 9 000. 0 and REFUNDING BONDS, interest at the of Q1,000 each, aggregating REFUNDING BONDS, interest at the Of 01,000 eaoh, 10, 1959, aggregating WHEREAS, the above described indebtedness in the aggregate amount'of Eleven Thousand Dollars ($11,000.00) was existing at the time Chapter 163, Acts of the Regular Session of the FOrty -second Legislature of the State of Texas became effective or consists of legally issued outstanding bonds, and there exists authority under said. Chapter 165, Acts of the Reg ular Seasion of the Forty-second Legislature (being the General Bond and Viarrant Law of 1951) for the refunding of each and all of the above described items o'f indebtedness; and HEREAS, the Gity Couneil of the city of Plainview, Texas consider it necessary, feasible and practicable and to the best interests said. City that Refunding Bonds as hereinafter described be issued, upon the faith and credit of the City for the purpose of refunding, cancelling and in lieu of an equal * of the existing indebtedness hereinabove desoribed of said City in the amount of Eleven:Thousand Dollars ($11,000.00): NOW, THEREFORE, dated. SeRtember 1, 1926, bearing rate of 5w% per annum, in denomination Nos. 17 and 18, due Larch 1, 19 3 9 , $2,000.00 • dated Larch 10, 1936, bearing rate of 4% per annum, in denomination Nos, 13 to"18 inclusive, due Larch IT ORDAINED BY TH aITY COUNCIL OF TBB OITY PLAI 46,000.00 That the negotiable coupon bonds of said City to be called "CITY OF PLAINVIEW,'TEXAS REFUNDING BONDS, SERIES 1939 in the aggregate amount of Eleven Thousand Dollars 011,900.00) be issued under and by virtue of the Constitution and laws of the State of Texas, including Chapter 163, Acts of the Regular Session of the Forty-second Legislature of the State of Texas E5: 95 96 effective y 21, 19 and and supplemental thereto, fo ing and in lieu of the fo of said ity shall b ER BONDS, dated. June 10, 1921, . bearing interest at he rate of 5% per annum, in denomination of 41,000 Nos,, 40 to 42 inclusive, due June 10, 1939 aggregating - - REFUNDING B©NDS dated interest at the rate of of $1,000 each, Nos. 17 aggregating - - - RB ST ING BONDS interest at the of $ 1 , 000 each, 10, 1939, aggregating be in denomination numbered from One Tha That the pri,nc payable in lawfu - I I. Iv. each of said bonds oinplerenta c anae ll- describe. existing indebtedness amendatory the purpose of 4.0 000 MO aid bonds shall be dated L� 5,000,00 tuber 1, 1926, bearing per annum, in denomination nd 18 due Larch 1, 1939, - - - 0 . dated harch,10, 1936, bearing r ate of 4% per annum, in denomination Nos. 13 to 18 inclusive, due Larch 0,000.00 h 1 1939, shall One Thousand Dollars (41,000,00) each, to E Leven (11) inclusive. pal of and interest on said bonds money of the United States of America, upon presentation and surrender of bonds or proper coupons at Firs iational Dank in Dallas, Dallas, Texas, hall be signed by the kayor and countersigned by the City secretary, and the corporatE of the City of 'Plainview, them. T hat the facsimile signatures of the Layor and Secretary may be lithographed upon the interest coupons at seal eras shall be impressed upon each of y shed to said bonds and shall have the same effect as if they had been signed by them. VIa That said bonds shall express upon their face, the purpose for which they are issued; that they are issued under and in strict conformity with the Constitution aad laws of the State of Texas, including ChAPtor 165, 'Lets of the Regular Sess- ion of the Forty-second Legislature of the State of Texas, effec- tive Lay 21, 1931, and in pursuance of an ordinance of said City Council. VII. Said bonds shall be numbered and become due and pay- able as follows: phIBER3 AMOUNT hATURITY 1, 2 - 4'2,000 Larch 1, 1944 3 , 1,000 karch 1, 1946 4 to 9 6,000 karch 1, 1951 10, to- 11 2,000 larch 1, 1953 it being hereby affirmatively found and determined that the financial condition of the City is such that the maturities herein set out are necessary in view of the tax burden of-the City. Said bonds shall bear interest at the rate of our per cent (4%) per annum payable September 1, 1939 and semi- annually thereafter on the first days of Larch and September of each year. follows: The form of said bonds shall be substantt1iy as 97 98 The :ity of Ilainview, municipal corporation a; to of Texas, aokno ledges heel indebted to, and for value received, ' hereby promises to pay to bearer the sum of Conn ''signs d, ? sere cry, v ,' y UNITED ST AT STATE . 00UNTY CITY OP R FU WING EMU)* Yo y o awfu . money of the United States of .erioa, on the let daft ch, 19 , with interest thereon from date hereof until paid the raT of Four Per cent (4%) per annum, payable September 1, 1939, and semi-annually thereafter on the first daYS of .larch and September of each year, both principal and interest of this bend payable upon presentation and surrender of bond or proper coupons at the in National Bank in Dallaa Dallas* Texas, and the said City of Plainview, Texas is hereby helm and firmly bid, and its faith and.credit and all real and personal proper.. ty in said City are hereby pledged for the prompt payment of the interest on this bond and the prinoiPal thereof at maturity, THIS :FoiD is one of a series of. eleven (11) bonds of like tenor and effect except as to maturity, numbered from One (1) to :eleven (11) inclusive, aggregating Eleven. Thousand Dollars ($11,000 issued for the purpose of refunding, cancelling and in lieu of an equal amount of the existing indebtedness of said City and is issued under and in strict conformity with the Cons- titution and laws of the Mate of Texas, including OhaPter 163, ..tits of the Regular Sesaton of the tort- second Legislature of the State of Texas, effective day 1, 1931, in. accordance with the provisions of the city charter,, and pursuant to an ordinance adopted by the City Council of the City of 'lainview, Texas duly recorded in the Inutes of said City Council.. IT IS ;Y C , TID'IE'D, RECITED and. REFRESENTED that all acts, conditions and things necessary to be done precedent to and in the issuance of this series of bands, in order to make them legal, valid and binding obligations of said CitY have been done, happened and performed d in regular and due form, as required by law; that the holder or holders of this bond, or the series of which it is a part, are and shall be subrogated to all the rights and privileges against said City had and possessed by the holders of the original indebtedness; t t due provision has been Made for levying and collecting annually by taxation an amount siff e Tent to pay the interest on this series of bonds as it falls due and to provide a sinking fund for the final redemption of said bonds at maturity; and that the issue of bonds of which this is one, together with all other indebtedness of said City, ia with- in every debt and other limit prescribed by the Conatitatiemand laws of said State. IN _WITNESS EOF, the City Council of the City of Plain- view, Texas has caused the seas, of said City to be affixed here- to, and this bond to be signed by its Liayor and countersigned by the City Secretary, and the interest coupons hereto attached to be executed by the lithographed. facsimile signatures of said Layor and City Secretary as of the 1st day of arch, 1939. g..1aaag, • ori as follows: No. The CITY OP PLAINVIEW, TEXAS, a municipal corpor- ation of the State of Texas, hereby Promises to PAY to bearer at the Fir National Bank in Dallas, Dallas, Texas, the sum of DOLLARS in lawful money of the United. States of America, being the interest due that date on the City of Plainview, Texas Refunding Bond, Ser- ies 1939, dated March 1, 1959. No. ec XI. That the following certificate shall be printed on the back of each bond: OFFICE E OP 001iTTROILER f STATE OF TEXA4 1 HEREBY OERTIFY'that there is on fileand of record in my office a certificate of the Attorney General of the State of Texas, to the effect that this bond has been examined by him as required by law and that he finds that it has been issued in con- formity with the Constitution and laws of the State of Texas, and that it is a and binding obligation upon said City of Plain- view, Texas, and said bond has this day been registered by me. WITNESS my hand and seal of office at Anatin, Texas, thia That the form of iziterest c�tipQn shall be substantially 1.0.6•1•■•111.1010aga.......0.111.111.11M1 rotary On the 1st day of Comptroller of Public Accounts �f the State of Texas. XII. X. REG ISTER NO keg or It is further ORDAINED by the Council of the City of Plainview, Texas that to pay the interest 011 said bonds and 99 create a sinking fund sufficient to redeem them at maturity, a tax of Two oents ( 2' ) an each one Hundred Doll' Lion of taxable property in the said City of Plainview shall be annually levied on said property and annually assessed and doll ected., or so much thereof, or in addition thereto as may be re- quired until said bonds with interest thereon have been ally paid, and the said tax of Two Gents ( 20 ) is here now levied Co' the current year 19$9, and so much thereof as shall be necessary or in addition thereto as may be required is hereby levied for each succeeding year. while said bonds or any of them are outstandiug and same shall be annually assessed and collected and applied to the purpose named* That for*the year 1940 and each succeeding year while ay of said bonds or interest thereon are outstanding and unpaid, and at the time that other city taxes are determined, a tax rate based upon the latest aPP roved tax rolls of the City shall be calculated and said rate, requisite and sufficient to fully make, raise and produce in each of the said years, a sum of money necessary to pay the in- terest and principal maturing in said years shall be levied, assessed and collectedoand said tax so found to be necessary is hereby ordered to be levied and is hereby levied and &ail be assessed and collected and applied to the purpose named, That a ll moneys to the credit of the interest'and sinking funds of the issues hereinabove deseribed, in the Pro" portion applicable to the payment of the bonds authorized:to be refunded by this issue of bonds, and the proportionate part of all collections of delinquent taxes which have been heretofore levied, or are in process of oollection for the payment of the interest and principal of the bonds authorized to be refunded by. this ordinance, shall be, and they are hereby ordered transferred to the interest and sinking fund oreated for the payment Of CITY of IIAINVIEW, TEXAS RMUNDING 1141 sERIEs. 1939 and such fmadat as and when collected, shall be placed in the special fund created for the payment of said. Refunding Bonds to be held for the purpose offpayment of interest and principal of said Refunding Bonds, Series 1939, at maturity, provided, that said transfer of funds Shall be made proportionately from time to time as and when said bonds have been actually surrendered in exchange for said Refund- ing Bonds, in such manner that the outstanding indebtedness not exchanged will always be protected by a proper interest and sink- ing fund heretofore provided for that purpose, That to pay the interest Which will become due September 1939 :in amount of 0220,00on said. Refunding Bonds there shall e and there is hereby appropriated out of funds- on hand and Which Will be-available therefor, and out of taxes in process of collect- the said sum of $2201.00 which shall be set aside for the pur- ose of paying Such interest when due and shall be held and used or no other purpose. It is further ORDAINED by the City Council that said orig- xnal indebtedness which is being refunded hereby, be, and the 6ame is, hereby in all things validated and held and declared to be valid, subsisting, binding and unsatisfied obligations against Said City, and the acts of the City officials in the issuance of said indebtedness ate hereby in all things ratified and confirmed, XIV. XVI. It is further ORDAINED that in addition to all other rights the holder or holders of the Refunding Bonds, Series 1939, herein authorized, is and are subrogated to all of the rights and equities Which may have ever been possessed or held at any time by the holders and/or the owners of the original debts refunded by this issue of bonds, and any of the rights and equities of any other parties pertaining thereto, especially in the event aid. bonds are held unenforcible or invalid, Be it further ORDAINED by the City Counoil of the City Of Plainview, Texas that the Layer of the City of Plainview hall be authorized to teke and have Charge of all necessary recOrds pending investigation by the Attorney General and shall take and have charge and control of the bonds herein authorized pending their approval by the Attorney General and registration by the Gomptroller of Public Accounts, and the Comptroller of Public Accounts shall take and hold said. Refunding Bonds unregia-,. tered pending the delivery to him for cancellation of the securi-,.. ties to be refunded by this isene, and he shall upon presentation of any or all of the indebtedness herein described, register an equal amount of said Refunding Bonds gnd deliver same to Orummer compsny, inc., of Texas or its order, in accordance with in-T structions by the Mayor of the City of Plainview, Texas, The fact that the OitY Council has now an opportunity to redeem the outstanding bonds hereinabove described and is in urgent need of the finanoial relief oontemPlat ed in this ovdi- ance creates an emergency demanding that the rule requiring reading of this ordinance on more than one day before fin - s- age be saspended, and such rule is hereby suspended, and it ordained that this ordinance shall take effect and be in force itmediatelY Upon its passage and zapproval. Attest: PASSED this 6th day of February, APPROVED this 6th day. of February, 1939, J. J L. aUaway OITY 'EGR2TARY yo Plainvie Texas. , a* At this point the iri eeting was recess reoess nut il 7:30 , February 13, 1959* XV II* pox Shelton 'MAYOR - City of Plainview, Texas ■■.