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HomeMy WebLinkAbout498 Ordsinking fund sufficient to redeem them at maturity, a tax of SIX CENTS ( 6~ ) on each one hundred dollars' valuation of all taxable property in the City of Plainwiew, Texas, or such an amount as may at all times be legally nee- essary, 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 required, until said bonds 'with interest thereon have been fully paid; and said tax of SIX CENTS (__~) is here now levied for the current year, and so much 'there- of as shall be necessary, or in addition thereto as may- be re- quired, is hereby levied for each succeeding year while said bonds, or any of the, are outstanding, and ~the same shall be annually assessed and collected and applied to the purpose named. SECTION 12: BE IT FURTHER 0RDA!I~-EB BY THE CITY COUNCIL OF THE CITY OF PLAINVIEW, TEXAS: That the Mayor of said City shall be, and he is hereby, authorized to take and have charge of all necessary orders and records pending investigation by the Attorney General of the State of Texas, and shall take and have charge and control of the bonds herein authorized pending their approval by the Attorney General and their registration by the Comptroller of Public Accounts. SECTION 13: AND BE IT FURTHER ORDAIIfED BY ~ CITY COUNCIL OF Tt~ CITY OF PLAI~UJIEW, TE~S: The public importance of 'this measure, and the fact that it is to the best interest of the City to acquire and improve such Airport at the earliest possible date, constitute and create an emergency and an urgent !Y~%~Iic necessity requiring the t the r$1es.providing for ordinances'~o be read more then on~ time or at more than one meeting be suspended, and requiring that this ordinance be passed as and take effect as an emergency measure, and such rules and provisions are accordingly suspended and this ordinance is passed as an emergency measure and shall take effect and be in force from and after its passage. PASSED AND APPROVED, on this the 20 day of November, 19&~. J.N. Jordan . May'~r~ ci'ty of 'Plainview, ~exas.' ATTEST: J.L. Gal taway. ~y Secretary', City 'of Plai'nview, Texas. (CITY SEAL) Ordinance No. 498 ORDINANCE AUTHORIZING ISSUANCE OF $50,000.0~0 "CITY OF PLAIIQVIEV~, TEXAS, ~STREET IMA°ROVE- '- MENT BONDS. ~" Ti~ STATE OF TEXAS ~ CiTY OF PLAiNVIEW ~ COUNTY OF H~2~ ~ ON THIS the 20th day of November, 1944, the City ODuncil of the City of ~Ptainview, Texas, convened in REGULAR session, at the regular meeting place in the City Hall, with the following members thereof, to-wit: J .N. JORDAN, MAYOR E.M. OSBORI~, ) W. C. MAL ONE , ) ALDERM~N, C~. H~NC 0CK, ) L ,M. FROGGE, ) ' Present, and the following absent: Ben F. Smith, constituting a quorum, when~ among other proceedings had, w~e the following: The Mayor ppaced before the City ~ouncil the following ordinance: "AN ORDINANCE by the City Council for the City of Plainview, Texas, authorizing the issuance of bonds 369 for the principal sum of $50.000.0'0 for the purpose of construction a~d improvement of the~ streets of said City; prescribing the form of the bonds and the form of the interest coupons; levying a continu- ing direct annual ad valorem tax on all taxable property with- in the limits of said City to pay the interes~ on such bonds and to create a sinking fund for the redemption there- of and providing for the assessment and collection of such taxes; enacting the provisions incident and relating to the subject and purpose of this ordinance; and declaring an emergency., Alde rman reading, ing vote mov'ed that the ordinance be placed on its first by Alderman OSBORNE, and carried by the follow- AYES: Aldermen ~ Frogge, Osborne, Hancock and Malone. NOES: None. CARRIED: Placed on first reading. Alderman Malone moved that the ordinance pass first read- i~, seconded by Alderman Frogge, and carried by the following vote: AYES: Alderman ~alone, Frogge, Osborne and Hancock. NOES: None. CARRIED: Ordinance passed first reading. Alderman Frogge moved that the rule be suspended and that the ordinance be placed on second reading; seconded by Alderman Osborne, and carried by the following vote: AYES: ~Z~~ Frogge, Osborne, Hancock and ~lalone. · NOES: None. CARRIED: Ordinance placed on second reading. Alderman Osborne moved that the ordiance pass second reading; seconded mby Alderman~' Malone , and carried by the following vote- AYES: Aldermen 0sborne, Malone, Frogge and Hancock. NOES: None. CARRIED: Ordinance passed on second reading. Aldermen Frogge moved that. the rule be sospended and that the ordinance be plac~'~on its third and final reading by caption, sec- onded by Alderman Malone , and carried by the following vote: AYES: Frogge,.Malone, Hancock and. Osborne. NOES: None. CARRIED- OrdinanCe passed on third readiD~. Alderman Osborne moved that the ordinance.pass third and final reading; second~'d~by Alderman Malone _, a~d carried by the follow- ing vote: AYES: Aldermen Osborne, Malone, Frogge and Hancock. ~dopted. The Mayor then declared the ordinance finally passed and The ordinance follows: "AN 0RDINANGE by the City Council for the City of Plainview, Texas, authorizing the issuance of bonds for the principal sum of $50,000.00 for the purpose of construction and'improvement of the streets~of said City; prescribing the form of the nonds and the form of the interest coupom; levying a continuing direct annual advalorem tax on all taxable property within the limits of said City to pay the inter- est on such bonds and to create a sinking fund for the redemption there- of a~d providing for~the assessment and collection of such taxes; enact- ing the provisions incident and relating to the subject and purpose of this ordinance; and declaring an emergency." ~IEREAS, at an election held i~ th~ ~%ty of_~$isview..Texas, on the 3rd day of November, 194~, a majoriDy or ~ne qua±zzmem vo~ers who are property taxpayers, of the City of Plainview, voting at said election, sustained the proposition to issue the bonds hereinafter des- br~i~.in the principal sum of $50,000.00 by a vote of 771 for and 59 againsD the proposition; 370 WHEREAS~ this Council has examined into and investigated the regularity of the proceed~ings for said election~ and finds the same was duly and legally held; that the notice required by law to be given has been duly and legally given; and that said election was conducted in strict _conformity with the law; therefore, BE IT ORDAINED BY ~ CITY COUNCIL OF TEE CITY OF PLAIiQqflEW, TEXAS: SECTION l: That the bonds of said City, to be called "CITY OF P~INVIEW, TEXAS, STREET I~[PROVE~ENT BONDS", be issued under and by virtue of the Constitution and laws of the State of Texas, for the purpose of construction and improvement of the streets of said City, in the principal sum of FIFTY THOUSAER O0nL~S ($50,000.00). SECTION 2: T~t said b~ds shall be numbered consecu- tively from 0nd (1)'to Fifty (5~), both inclusive; shall be of the denomination of--O~ THOUSAND DOLLARS ($1,000.00) each; aggre- gating the sum of FIFTY THOUSAND DOLLARS ($50,000o00). SECTION 3: That they shall be dated December, 15, 1944, and shall become due and payable serially according to thee follow- ing schedule: B010 EIIMBERS MATURITY DATES AMOUNTS (All Inclusive) ~' i December 15, 1955 $ 1,000.00 2 and 3 December 15, 19~ 2,000.00 4 December 15, 1947 1,000.00 5 and 6 December 15, 19~8 2,000.00 7 and 8 December 15, 1949 2,000.00 9 and l0 December 15, 1950 2,000.00 ll to 13 December 15, 1951 3,000.00 14 tol6 December 15, 1952 3,000.00 17 to 20 December 15, 1953 ~,000.00 21 to 25 December 15, 195~ 5,000.00 26 to 30 December 15, 1955 5,000.00 3! to 35 December 15, 1956 $,000.00 36 to 40 December 15, 1957 5,000.00 '~l to 45 December 15, 1958 5,000.00 46 to 50 December 15, 1959 5,000.00 SECTIO~ 4: That said bonds shall bear interest from date until Paid ~b ~e rate of TVJ0 AND 0NEsFOURTH PER CENTU~ (~2~%) per annum, payable semi-annually on June 15th and December 15th in each year, the first interest payment date being December 15, 1945, and such interest shall be evidenced by proper coupons attached to each of 'said bonds. SECTION 5: That the principal and interest of said bonds shall be payable on presentation and surrender of bonds or proper coupons, in lawful money of the United States of America, at FIRST NATIONAL BA~K IN DALLAS, DAL~, TEXAS. SECTION 6: That each of said bonds shall be signed by the Mayor, countersigned by the City Secretary, and the cor- porate seal of the "CITY OF PLAINVIEW, TEXAS,." shall be impressed upon each of them. SECTION..~7~: That the facsimile signatures of the Mayor and City Secretary may be l[thographed or Printed on the interest coupons attached-to said bonds, and shall have the same effect as if they had been signed by them. SECTION 8: That the form of said bonds shall be sub- stantially as follows: NO. UNITED STATES OF AMERICA, STATE OF TEXAS, OOUNTY OF HALE, .$1~000.00 CITY OF PLAINVIEW, TEXAS, STRE~ET !MPROVEI~T B01~D. CITY OF PLAINVIEW, a municipal corporation of the State of Texas, acknowledges itself indebted to and, FORVALUE RECEIVED, hereby promises to pay to bearer, the sum of THOUSAND DOLLARS ($1,000.00), in lawful meney of the United States of America, on the FIFTEENTH DAY OF DECEMBER, 19, wi~ interest thereon from the date hereof until paid at the rate of TWO AND ONE-FOURTH PER CENTUM (2¼%) per annum, payable semi-annually on June 15th and December 15th, in each year, the first interest payment date being December 15, 1945, on presentation and surrender of the annexed coupons as they severally mature. BOTH PRINCIPAL and interest of this bond are hereby made payable at FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS, and for the prompt payment of this bond and the interest thereon at maturity, the full faith, credit and resources of the City of Plainview, Texas, are hereby irrevocably pledged. THIS BOND is one of a series of like tenor and effect, except as to number and maturity, numbered consecutively from One (~) to Fifty (50), both ~nclusive, in denomination of One Thousand Dollars ($1,000.00) each, aggregating in amount Fifty Thousand Dollays($50,000.00) and issued for the purpose of construction and improvement of the streets of sa~d .City, under authority of the Constitution and laws of the State of Texas, particularly the Charter of the City of Plainview, pursuant to ordinance dul~yadopted by the City Council of the City of Plainview, Texas, and recorded in the Minutes of the City Council. IT IS HEREBY CERTIFIED, RECITED AiqD REPRESEI~ED that the iSsuance of this bond and the series of which it is a part, is duSy authorized by law~.and by a vote of the qualified property taxpaying voters of the C~ty of PlainView, T~xas, voting at an election held for that purpose within said City on the 3rd day of November, 194~ _that all acts, conditions and things required to be done prece- dent ';o and in the issuance of this serie.s of bonds, and of this bond, have been properly done and p.erformed and have happened in reg- ular md due time, form and manner as required by law; that suffi- cient and proper provision for the levy and collection of taxes has been ~ade which, when collected, shall be aRj~r~~d~exclusively to the p~yment of this bond and the series of which, it is a par. t, and to th~ payment of the interest coupons hereto annexed as the same shall becom~ due; and that the total indebtedness of the City of Plainview, Texas, including the entire series of bonds of whiCh this is one, does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, ~He City Council of the City of Plainview, Texas, has caused the seal of said City ~O~be affixed hereto, and this bond to be signed by the Mayor and countersigned by the City Secretary, and the interest coupons hereto attached to be executed by the lithographed or printed facsimile signatures of said Mayor and City Secretary; the date of this bond, in conformity with the ordinance above referred to, being the fifteenth day of December, 19~. ~ .C~it of P~lai~nvzew, Ma~Sr, ' ~of ' ' ' Texas. COUNTERSIGNED: ~~xas City secre~y~'~ity.of Pl~invi ~ · S~CTION 9: That the ~rm of interest coupon attached to each of ~i~d bonds shall be substantially as follows: NO. ON TP~ DAY OF , $ 19 , the CITY OF PLAINVIEVv~, a municiD~al corporation of the State of Texas, hereby promises to pay to bearer, at FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS, the ~sum of DOLLARS ($ ~), in lawful money of ~the Un~ted States of America, said ~Sum b"~ing months' interest due that day on the "CITY OF PLAII~IEW, TEXAS," STREET IMPROVEM~NT BONDS", dated December 15, 19~. Bond No. . SEOE~0N~//That the followingV v certificate shall be printed on the ba0kI ~" each Bond: OFFICE OF COMPTROLLER STATE OF TEXAS REGISTER NO. I HEREBY CERTIFY that there is on file and of record in m2 ~e a certificate of the Attorney General of the State of Te: , .to the effect that this bond has been examined-by him as requi~red by law, and that he finds that it has been issued in co~ormity with the Constitution and laws Of the State of Texas, and that it is a valid and binding obligation upon said City of Plainview, Texas, and said bond has this day been register~ by me. V~ITEESS MY HAND AND THE SE~ OF MY OFFICE at Austin, Texas, this the day of _. ,19 · C'omp'trbller of Pub[ic AccOunts` of'the State of Texas. SECTION 11: BE IT FL~RTHER ORDAINED BY THE cITy 'COUNCIL OF THE CITY OF PLAINVIEW, TEXAS: That to pay the interest on said bonds and create a sinking fund sufficient to redeem them at maturity, a tax of FOUR CENTS (4i$) on each one hundred dollars' valuation of all taxable property in the City of Plainview, Texas, or such an amount as may at all times be legally necessary, 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 required, until said bonds with interest thereon have been fully paid, and said t~ of FOUR CENTS (4¢) is here now levied, for the current year, 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 oUtstanding, a~d the same shall be annually assessed 'and collected and applied to the p ~trp~se named. SECTION 12: BE IT FURTHER ORDAINED BY THE CITY COUNCIL OF THE CITY OF' PI~i~IEW, TEXAS: That the Mayor of said City shall be, and he is hereby, authorized to take and have charge of 'all necessary orders and re- cords pending investigation by the Atbor. ney General of the State of Texas, and shall take and have charge and control of the bonds herein authorized pending their approval by the kttOr~ney General and their registration by the Comptroller of Public Accounts. SECTION 13,:,1, ~ND BE IT FURTHER ORDAINED BY THE CITY COUNCIL' OF THE CITY OF PLAI~IVIEW, TEXAS: The public importance of~ this measure, and the fact that it is to the best interest of the City to construct and improve the streets of said 8ity at the earliest possible date, constitute and create an emergency and an urgent public necessity requiring that the rules providing for ordinances to be read more than one time or at more than one meeting be suspended, and requiring that this ord- inance be passed as and take effect as an emergency measure,-and such rules~and provisions are accordingly suspended and this ordinance ~is passed as an emergency measure and shall take effect and be in force from and after its Passage. PASSED AND APPROVED, on this the'20th day of November, 1944. J.N. JORD~N Mayor, ~'i~y of "Pia inview, Texas. ATTEST: J.L. GALLAV~AY City Secretary,--city 6f'Plainview,Te~as.' (CITY SEALt RESOLUTION CONFIRMING SALE OF $50,000.00 ST~ET iM~ROVEMENT BONDS THE STATE OF TEXAS ~ CITY OF PLAINViEW I COUNTY OF HALE ~ ON THIS the ~Oth day of November, 1944, t~e City Council of the City of Plainview, Texas, convened in REGULAR session at the regular meeting place in the City Hall, with the following members thereof, to-wit: J.N.JORDAN, MAYOR E. M. OSB 01~E, ) ) C .H.HANCO¢K, ) L. M. F'RoGGE, ) ALDERMEN, present, and the fo r~m, when, among Alderman rive to the sale of BONDS", aggregating in full,'on motion the reso~ti~h'~a~-~ passage~toJ~a gote o The =esol' WHEREAS, ~lowinga~bsen~:- Ben F. Smi~h , constituting a quo- ~er ~roceedings had, were 'b~g following: Malone introduced the following resolution rela- th~ "C~TY OF PLAINVIEW, TEXAS, STREET IMPROVE~EENT $50,000.00, and after said resolution was read ~f Alderman Malone seconded by Alderman Frogge , ~assed and a~opted by a vote of all in favor 6T"i'ts none against'its passage. ~tion f~llows: ~here has been submitted to the City Council of the ~exas-, the proposal~or bid of'CR~R AND COMPANY, City of Plainview, ' INC., OF T~XAS~ DAL~AS, TEXAS, to purchase the "CITY OF PLAINVIEW, TEXAS STREET IMPR0'~_MENT BONDS" dated December 15, 19~4, aggregating $50,000.00 at a price not less than par and accrued interest to date of delivery; and VfHEREAS. ~he City Council, upon advice and consideration, finds that the sa~d~bid of CRUN~R AND COMPNAY, INC., OF TEXAS, DALLAS, ~EXAS~ ~O~ the purchase of said bonds at not less than par and accrued interest to date of delivery, is the highest and best bid recieved; therefore, TEXAS: BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLAINVI~.~V, That the bid of CRUMMER AND C0I~PNAY, iNC., OF TEXAS, 3?4 DALLAS, TEXAS, to purchase "C~TY OF PLALNWIEW, .TEXAS, .STREET IR~R0~T BONDS", dated December.15, 19~, at a price not less than par and accrued interest to ~date of delivery, shall b'~e, and the same is hereby, accepted; said bonds being for the sum of $50,000.00 in denomination of $1,000.00, numbered consecutively f~om i t.o 50, ~oth inclusive, due serially $1,000.00, on December 15, 1945, $2,000.00 on December l~, 19~6; $1~000.00 on December 15, 19~7; $2~000.00 on December 15th in each of.the Years 19~8 to 1950; $3,000.00 on December 15th in each of the years 1951 and 1952; ~ $~,000.00 on December 15, 1953; and $5,000.00 on December 15th in eaoh of the years 1954 to 1959, all inclusive, beari~g interest at the rate of 2~-% per annum, payable semi-annually on December 15th and June 15th in each year, the first interest payment date being December 15, 1945, both interest and principal being payable at First National Bank in Dallas, Dallas, Texas. II. That said bonds are hereby ~declared to be sold, and the same are this date sold, to the said CRID~IER AND COMPANY, INC., OF TEXAS, DALLAS, TEXAS, at a price not less than par and accrued interest to date of delivery. PASSED AND APPROVED this the 20th day of November, 1944. J.N. JORDAN -'~ayor, City of ps~i~r~i~w, Texas. ' ....... ATTEST: J.L. Gallaway City Secretary, City of Plainview, 'Texas. ( CITY SEAL ) RESOLUTION CONFIRMING SALE OF $50,000.00 AIRPORT BONDS THE STA~ OF TEXAS CITY OF PLAii~VIEW COUNTY OF PLALE ON THIS the 20th day of November, 19&~, the City Council of the City of Plainview,-Texas, conve~ed in REGULAR session at the regular meeting place in the City Hall, with the following members thereof, to-~it: J. N. JORDAN, MIkYOR E. M. OSBORNE, ) W. C..MALONE , ) C. H. HANCOCK, ) L. M. FROGGE , ) ALDE~ present-, and the_ following absent: Ben F. Smith, constituting a quorum, when, among other proceedings had, were the following: Alderman Malone introduced the following resolution relative to the sale of the "CITY OF PLAINVIEW, TEXAS, AIRPORT BONDS", aggregating $50,000.00, and after said resolution was read in full, on motion of Alderman Malone, seconded by Alderman Frogge, the resolution was passed and adopted by a vote of all in favor of its passage to a vote of none against its passage: The resolution follows: