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-:O R D INA N C E
0RD!N.~CE ~UTHORIZING ISSUANCE OP REPD/~DING BONDS
CITY OF PI~IINVI~
COUNTY OP HALE
ON THIS the 5rd ~ay of Jtu~e, 1940,.th? City Council
of~the City of Plainview, TeXas, convened in session, at
~the reg~la~ meeting place therS0f in'the City Hall, tg$ fellowing
members bein~ presemt~a~d in attendance, t6 W~,m:'t~
John P. DuBose
-C.H.Hancock
Tom Roberts
E. ~. Osborne
' Floyd. Peer
,, ,, ~YOR,
., ALDEPa~N,
, ALDER~AI~,
The ~yor placed before .the City Council the fOllOwing
ordinance:
"AN ORDINANCE by the City Council of the City of
bearing interest at the rate of ~g per a~,
~ r~ ~ cancelling
ze th~ purpose (
in~ lieu of a like of bonded
indebtedness out'~udi~ $~ins~ said City;
: preseribi~ the form of boD~ and
pon; providi~ for~ the and
cbilection of a. t~ en ~ dollars'
~ valuation of all. thxab!~ property within %he
limits of~ sai~ City sufficient to pay
interest o~ said bonds ~ create a si~i~
fund for the redemtibn o~~ such bonds
~turity; ~' decl~ri~ ~ emergeney~
Alde~ Kiker me'ed %~at the ordinate be
on %~s first reading, seeon~d bZ ~derm~ ~obe~t~ ,
by ~he fol!e~ ye%e:
AYF,~~. . Klker ,
None.
peer., ~Osberne., a~d Hancock .
CARRIED: Placed on first re~ing~
~Alderman ,?o,er moved~hat the ordinance pass ~irs~ ~ead-
]79
lng, seconded by Alderma~ Ki.'ker , and carried by the folLlowing vote:
NOE~,: None.
Osborne ~, Hancock'.
CARRIED: Ordinance pass first read~.
,Alderman Osborne moved, that the rule be suspended
and that the o~mdinance ~pe placed on second raading; seconded by
Alde~ P~aer_, and carried by the foll~owi~ vote:
AYES: . Osborne , ~oer , Ki~er ~,- Roberts.,
NOES: None
~anC o~k ,
0ARRIED: 0rdinauce placed on second reading.
Alderman Hancock moved, that the ordinance pass sec-
ond reading; seconded by Alderman Eiker _, and carried by the follow-
ing vote:
AYES: Kiker , __~r , ...Robe?t~ , and Osborne .
NOE~.: None.
CA~IED: Ordinance passed on second reading.
Al~[e:~man Poor moved that the rule be suspended and that
the ordinance be placed on its third s~d final reading by caption,
seconded by Alderman . Roberts , and carried by the following vote:
AYES~ PCer~,
NOEB: None.
Osborne , Kiker ,
CARRIED: Ordinance passed on third reading,
Atdermau . Roberts. moved that the erdinauce pass third and
final reading; seconded by Alderman Ha~cock_, and carried by the
following vote:
AYES: _,Roberts
NOE~: None.
Hancoc~ , Kiker,
.Osborne , and Poor .
~ayor --DuBose then declared the ordinance finally passed.
The ordinance follows:
0RDIN~NCE by the City Co~ucil of the City of Plainview,
Texa~, authorizing the issuance of honds f~r the princi-
pal l~um of $20,000.00, bea~ing interest at the rate of
~per annum, for the purpose of refunding, cancelling
and in lieu of a like principal amount of bonded indebt-
edness outstanding against ~aid City; prescribing the
~e=m of bond and interest coupon; providing for the levy,
assessment and collection of a tax on the one h~ndred
dollars' valuation of all taxable property within the
limits of said City s~fficient to pay the interest on
said bonds and create a sinking fund for the redemption
of such bonds at maturity; and declaring an emergency."
WH~RE~.,S, by am ordinance adopted on the 6th day of February,
1922, as amended by ordinance adopted on the 20th day. of February,
1922, the 0it~o£ Plainview legally issued its bonds, k~own as CITY
OF P]4AINVIE~ ~ODITORIUI~ BONDS, dated September 15, 1921, in the prin-
_1..80
cipal sum of $60,000,00, numbere~ consecutively from 1 to 60, both
inclusive, in denomination o£ ~l,000,00, due serially on Septemb.er
15th in e~ach of the ~years I926 ~to 19~0, ~both inclusive, bearing ~n-
terest at the rate of 5% per annum; and of~ which ~SSue of bonds
there is now outstanding and ~.unpaid au indebtedness against said
City in the principal sUm o~ ~21~000,00 ; and,
'NHEREAS, by an ordinance adopted on the 1st day of Sep~
ember, 1926, the said City of Plai~yie~ legally issued its bonds,
known as "CITY 0F PZAINVIE~ REFUNDING BONDS~ SERIES 1928~" dated
September l, 1926, in the principal sum of $216,000,00, numbered
coneecuti~e~yfrom I to 216, both inclusive, in denomination of
$1:~-000.00 each, due serially on iiarch 1st in each 6f the yea_rs 192V
to 1966, both inclusive, bearing interest a~t the. rate of 5~ per
annum; ahd of which-issue of ~onds t~ere is now outstandin~ and
unpaid an indebtedness ag&inst said City in the .principal sum of
$1 6,ooo.oo .; and,
WHEP3I~8~ by an ordinance adopted on the &th day of ~gay,
1931, as amended by ordinance adopted on the 15th day of June, ig3l,
the said City of Plainview legally issued-its bonds, known ae
~CITY 0~ PZAINV. IA%~ RE~UlfDING BONDS, $~IE~ 1931,, date~ February l,
193l, ~ the principal s~ of ~80,000.00, n~bered consecutively
from I to 80, both inclusive, ~ denomination of ~l,000.00 each,
due serially on Febr~ry let i~each of the years 1932 to 19Y1,
both inolusi+e, bearing intere2t at the ~mte of 5~/~ per ann~; ~d
of ~ich issue of bonds thee is now outstand~ ~d unpaid ~
indebte~ess against said City in the principal san of ~ 65,000,00~
~M~S, by ~ ordinate adopted on the 10th day of
Pebruary, 19~6, as ~ended by ordin~ce adopted on the llth day
of April, 1936, the said City of Plainview legally issued its
bonds, ~o~ as "CITY OF P~I~F~I~ EE~UNDiNG BONDS. SER~ 19~6,"
dated Narch 10, 1936, in the principal s~ of ~8~,000.00, n~bered
consecutively from I to 8&, both inclusive, in deno~ination of
$1,000.00 each, due serially on ~/~rSh lOtk in each of the years
19$~ to 1950,_both inclusive, beaTi~ interest at the following
rates per ~n~; tb~t is to say: B0nd~ l{~berS i to ~2, both
inclusive, bea~i~ interest at the rate of 4~ ~r ~um. ~d
Bonds E~bers ~3 to 8&, both inclusive, bearing interst at the
rate of 4,3/~% per ~n~; and of whi~ issue of b~ds there is
now outst~di~ ~d unpaid- ~ indebtedness agai~t said Gity in
the principal ~m of $~0,000.,00 ; ~,
~3J~, the Gity Gouncil of the City of. Plainview
considers it necessai~, feasible and practicable, and to the
best interest of said City, to issue refunding bonds to take
the place o~ the following described bonds of each o~ the series
hereinabove mentioned; that is to say----
(a) Bor~ l~u~ber 36, of the issue known a2
CITY 0P PLAII~JIEW AUDITORIU~,I B01~S, dated ~eptember 15, 1921,
d~ue September 15, 19~0~ the tota~l em~ount of said issue to be
refunded hereby bei~ ~l,000,00,
(b) Bonds Numbers 21 and 22, of the issue
known as "CITY 0~ PZAINVIE'~ ~UI~ING BONDS, SER!~. 1926," dated
S;6ptember l, 1926, due Hatch l, 1941.; the total amount of said
issue-to be refunded hereby being
(~) Bonds Numbers 10, 59 to 64, both inclusive,
PLAINVIEW R/~UNDING ~ ~ e , 19~!,
due serially, $1,000.00 on February l, 1941, ~,000.O0 on
~ebru~ry 1st in each of the years 1966 and 196~, end ~,000.00 on
February l, 1969; the total amount of said issue to be refunded
hereby being SI1,000.00; and,
Cd) Bonds Number2 25 to 30, both inclusive, of
the issue known as "0tTY OF PL&Ilm?fi~ REFU~:CDING BONi~, SERIES 1936,"
dated ~arch 10, 1936, due ~Jarch 10~lg&t; the total amount of said
:iS~mue to :be refunded hereby being ~6,000.00.
AI~.D ~;HEREAS, the amount of indebtedness to be refunded
?
the issuanc~e of new or ref~mdir~-bonds aggregate~ the sum of
~E0,000.00; said refunding bonds to bear interest at the rate
hereinafter prescribed, and the principal to be payable in
serial ann~.al installments as hereinafter stated; it being
herein af£irmatively adjudged that tlhe fin~cia! condition
of the City will not permit the issuance of such refunding
bonds in such installn~ents as will make the burden of taxa-
tion to support same approximately unifor~ throughout the
term of ~mid bond issue; and,
~qqEREAS, this Gouncil~ upon due i~estig~tion, has
ascertained that none of the bond~ hereinaBove mentioned has
~een acquired or purchased as an investn~ent for the sinking
funds of such bond issues; therefore,
BE IT 0R]~AiNED BY THE GtTY COUNCIL 0F TPiE CITY
PLAINVIEW, TEXAS:
SEGTION 1: That, for the purpose of refunding, can-
telling a~6n lieu of a like principal amount of bonded in-
debtednes~ outstanding ~ainst said City, herei~bove described,
there ~l be issued the bonds o~ said City, to be ~o~ as
"CITY 0~ P~I~IEW, T~, ~ R~DING B0~, S~I~ 1940,"
da~ed J~ne !, t9~0, in the principal s~ of T~E~Y THOUS~D
DOL~R~ ~$~0,000.00~ n~bered consecutively free One (1) to
~enty ~E0~, both inclusive, in denomination of ONE THOUSA~
DOLZ~S ~$1,000,00) e~h, an~ due ~ p~yable in n~erical
order, as follows:
1 and 2
~ ~d 8
9 and 10
1I mad 12
1~ au~ 14
15 a~ 16
17 mad 18
19 and 20
June 1, 19~E
June 1, 19~S
June 1, i9~t
June i, 19~5
June i, 19~6
Ju~e 1, i9~?
June 1, 19~8
June !, 19~9
J~ne 1, 1950
June l, 1951
$ ~,000,00
Z,000.00
£,000,00
Z ,000.00
Z.000.00
Z, 000 · 00
~,000~00
Z,000.00
~.000.00
Section Z: That said ~efund~g bond~ shall bear interest
from date--~~id at the rate of THREE AND ONE-HALP PER CENTTJN
(~) per annu~, payable on December l, t9~0, and semi-annually
thereafter on June 1st anti'December lsat, in each year; such
interest to be, evidenced by proper coupons attached to each of
said b ond~,,
That the l~rincia~pat of and iniereStm on said
be payable in lawful money 6f the United
States of America, upon presentation and surrender of the bonds
or p~oper couponS, at NEROANTILE NATIONAL BANK AT DALLAS, DALLAS,
ON ~: That each of said refunding bonds shall be
sigr~d ,or of the Oity of Plainview, Texas, and counter-
sismed by tt~ City Secretary, and the corporate seal of the "OITY
OF PLAINVIEW, TEXAS," shall be i~presaed upon each of them;
the faesi~[e signatures of the l~or aud City Secretary may be
lilY,graphed or prin~ed on the interest coupons attached to said
bonds, and which shall have the same effect as if such coupons
had been signed by each of said officers in person.
SECT
. rain on
That each of said refunding bonds shall con-
words:
"I~ ADDITION to alt other rights, the holder Or
holders of this bond, an~ of th~; serie~ of which it is a
part, is and are s~bregated to all the rights, and h~s and
have all of the remedies of the holders of the original
indebtedness refUnded by this issue of bo~ds,"
said refundir~' bonds sh~l expre.~s upon
their face purp ,r which they are issued; that they are issue~
under ~d in strie~ eon~ormi~ ~ the Constitution ~d l~ws o~ the
~tate of Tex~s. including the Char~er of the City of pIa~view,Tex~s~
~d Ohapter 16 o~ the Ge ~s~ed by the For~y-seeond !egis.
lature, at it~ ,ula. Seas, ion
~nce o~ ~is 0ouneil; ~d the ~or~ of each' o~ s~ ref~.~ bonds
sha~ be _mAbst~ially as follows:
NO. UNIT~ ~TATES
: ~TATE O~
COUI~Y O~ HAZE.
CITY OF PLAINVIEW. TEXAS. ~ REFUI~DING
BOI~D. SERI~ 1940.
CITY OP PLAI!~VIEW. a municipal ~orporation of the S~ate of
Texas. acknowledges itself indebted to s~d. FOR VALUE RECEIVED, hereby
promises topay- to bearer, the sum~ of
ONE THOU SA~D
($!,000.00), in lawful money of the United S~ates of America. on the
PIRST DAY OF JUNE, ,19_., with ~interest thereon from the date hereof
until paid at the rate of TH~ A~YD ONE-H~I~ ~R CENTUi~(~) per
annum, payable on December l, !9~0, aud semi-a~mualty thereafter on
June let and December let, in each year. as evidenced by the coupons
hereto attache~.
.... ~ ~. BOTH PRINCIPA~ and interest of this bon~ are hereby m~e pay-
able a~'~RcA~ .TTI~' NATIONAL BANK AT DALLAS, DALLAS. TEXAS,
THIS BOND is one of a series of Twenty (EO) serial bonds, ef
like tenor ~d effect, except as to number and maturity, dated the
first of glu~e, 19~O, numbered consecutively from O~e (1) te
~oth inclusive, in denomination o'f One ,Th~ Dollar~
THOUSA!'~D DOLIAR~ 000.00
issued for the purpose of . cancelling ~nd in lieu of a
like principal amount of bonded indebtedness outstanding against
said Oily; and this bon~ i~ issued under and in strict conformity
with the Oonstitution and laws of the State of Texas. including the
Charte~ of the Cit~ of ,-21ainvieW. Texas. and Chmp'ter 15~, of the
General I~wa paSs,ed by the ~orty-second Legislature, at its Regular
Session in 1951, aud in pursuance of an ordinance duly passed aud
adopted by the City Council of said Oity ~nd du!y recorded in the
~inutes of said City Oouncii.
IT IS HEREBY C~TRTIFIED. RECITED A!~D REPRES~L~ED that all acts,
conditions ~ud things necessary to be done precedent to and in the
issuing of these bond~, in order to make them legal v~lid and binding
obligations of ~s~id City, have been done, happened and performed in
regular end due form. as required by law; th~t'~he faith, credit an~
resources, of said City are hereby irrevocably pledged: for the prompt
pmyment o£ the principal· a~ interest o£ these bonds at maturity;
that due provision has been made for levying ~nd collecting a~zuuAlly
by taxation ~u amount sufficient to pa~V the interest on these bond~
~s it falls due. ~ud to provide a sinking fund for the final redemp-
tion of said bends ~t maturity; and that the issue of bonds of which
this is one, together with all other indebtedness of s~id City. is
within every debt and other limit prescribed by the Constitution
laws of said ~tate.
IA ADDITION to all other rights, the holder or holders of
this bond and o£ the series of which it is A part. is ~nd are sub-'
rogated to all the ri~ts, and has and have all of the remedies of
the hblders of the original indebte~ness refunded by this issue of
bonds.
IN WITNESS ~{HEREOF, the City Council of the City of Plain-
view. Texas, has caused ~ne seal of said City to be affixed hereto,
and this bond to be signed by the ~-or ~nd co~tersigned by the
Oity Secret~ry, ~d th~ interest coupons hereto attached to be ex-
ecutsd by the lithogr~phed or printed ~csimile signatures of ~id
~,yor ~nd 0ity Secreta~; the dmte of this bond, in conformity
with the ordinate ~bove referred to being the first d~y of June
1940. ' '
COUNTERSiGt~J): ~a~or, City ~ Plai~iew.-To~S~
Oit~y of Pl~h~lew. Tex~s.
SECTION ?: That the form of interest coupon attached to each
of said ~-efunding-bonds shall be subst~utially ~s-follows:
NO. __ ON THE DAY OF ., ~
19 .
the CITY 0P PI~INVIE~, a n]unicipal corporation of the S'tate of Texas.
her~eby promises to pay to ~bearer, at ]~O~{TILE I{ATIONAL BANE AT
DAL~.LAS, D~Z~$, TEXA~, the s~u~ of
DOLI~_RS
($._ ), in lawful money of the United States. of A~erica, said
su~ ~ months' interest due that day on the "CITY 0P
PL .[NVIE~?,-~S-, ~ ~FUN~ING BOI~D, ~ERIE8 1940. dated June i,
1940o Bond No. .
SECTI~ That the following certificate sh~ll be orinted
on tke b~--~ ~ e~h bond: ~
OFFICE O? COI~ROZDER, ~
STATE OF TE~L~S. $
REG ! ST~ ~0.
I HE'BY CERTIFY that there is on file and of record in
my office a certificate of the Attorney General of the State' of Texas,
to the effect that this bond h~s been examined by him ~s required by
law, and that he finds that it has been issued in conforznity with the
Constitution ~ud l~ws of the State of Texas, aud that it is a valid
~nd binding obligation uoon said Oity of Plainview, Texas, and said
bond has this day been registered by me,
this th e
~Yi~{ESS 1~ Hi~ND AND SEAZ 0F I~ 0PF!CE at Austin, Texas,
day of ~, 194~D.
' 0of~ptr0]'ler of P~b!ie Accounts of
the State of Tex~s.
~C~ION .. BE IT ~D-P~T~R 0RDA!I{ED BY THE CITY COUNCIL
THE CITY OF PI~Ii~E~, TE~[AS:
That to p~y the interest on s~id refunding bonds and create
a sinking fund sufficient, to redeem them ~t maturity, a tax of
TWO CE~S (2~~) on each one hundred dollars' valuation' of all taxable
~perty in the City of Plainview, Texas shall-be annually levied on
said property and annually assessed and collected, or so much thereof
as shall be necessary, or in addition thereto as may be req~uired,
ur~il said bonds with interest thereon have been fully paid; and the
said tax o£ TWO OE!~S (2~) is here and now levied for the current
year, and thud tax, or so much thereof as shall be necessary, or
in addition ther~eto as ~y be required, is hereby levied for each
succeeding year while said bonds, o~ any of them, are outstanding, and
the same shall be az~u~ly assessed and collected and applied to the
purpose named ~
All monies in the: sinking funds, and all taxes heretofore
levied or in process of collection, for the benefit of' the bonds
being refunded by said r~efunding bonds, shall be dud th~ san~ are
hereby appropriated to the benefit o~ said refunding bonds.
SECTIOI~ _l.~:_ BE IT FURT~R ORDAINED BY THE CITY COUNCIZ OF
THE CITY OF P~AII~IE~'7, TEXAS:
That the ~;~ayor of said City shall be and is hereby authorized
.to take and have charge of all necessary records pertinent to said'
refunding bonds pending the investigation thereof by the Attorney
General of the 'State of Texas, and the l~,~ayor shall also take and have .
charge and control of the bonds herein authorized pending their app--
royal by the Attorney Geners.1 and their registration by the Comptroller
of i~blic Accounts.
BE IT ?URTHER 0RDAII~ED ~Y THE CYTY C OUI~CIZ-
~ ~ O- A.I~D
visions are accordi~gly suspended and this ordinance is passed as
an emergency measure and shell take effect a~!d be in force from and
after its. passage.
PASSE AI[D API%ROVED, on this the 3rd day of June 19&O.
John F. DuBose
t~iayo r, Czt.
ATTEST:
J~
--City of Piainview,
Texas.
(City Seal)
!i E. S 0 L U T i O N
BE IT R~IBERED that on this the Std. day of June, 19&0,
at a regular meeti~ of the City Council of the City of Plainview,
came on for consideration the advisability of extending ~d opening
~Up l&th. street for a distance of 4~6,5, and it appearirg to the
~ouncil that great numbers of persons who reside in Hale County and
said City use said street, and that it is 2o the best interests of
said city and the general public that said street be so opened, re-
constructed a~ud m~intained, it being also made to appear that