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HomeMy WebLinkAbout1955-11-28 Sewer Bond IssuanceTHE STATE OF TEXAS COUNTY OF ERATH CITY OF STEPHENVILLE . On this the 211A day of November, 1955, the City Council of the City of Stephenville, Texas, convened in Meeting, at the regular meeting place, with the following members present, to -wit: Henry Clark, Mayor, J. W. Clements, Dean Murray, J. P. Hedrick, J. D. Farr, Jr., Aldermen, Doyle White, Charles Riggins, John Hancock, J. Herman Ferguson, : Rex H. Cates, City Secretary, and with the following absent: ���y v ��i��✓ > > constituting a quorum of the City Council, at which time the following proceedings were had: Alderman '1�6't. introduced an ordinance and made a motion that it be passed. The motion was seconded by Alderman L4 The motion carrying with it the passage of the ordinance prevailed by the following vote: AYES: Aldermen Clements, Murray, Hedrick, Farr, White, Riggins, Hancock and Ferguson and Mayor Clark. NOES: None. The ordinance is as follows: :_N U TITMATM BY THE CITY COUNCIL OF THE CITY OF STEPHENVILLE, TEXAS, AUTHORIZING THE ISSUANCE OF 450,000.00 SEWER SYSTEM IMPROVEMENT AND EXTENSION BONDS, SERIES 1955; PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE REDEMPTION THEREOF AT MATURITY; PRESCRIBING THE FORM OF BOND; AND ORDAINING OTHER MATTERS RELATING TO THE SUBJECT. WHEREAS, heretofore on the 18th day of October, 1955; the City Council of the City of Stephenville, Texas, adopted a resolution calling an election to be held in said City on the 12th day of November, 1955) on the following proposition: "Shall the City Council of the City of Stephenville, Texas, be authorized to issue the bonds of said City in the amount of $150,000.00, maturing serially in such installments as may be fixed by the City Council, the maximum maturity date being not more than Twenty (20) years from their date, and bearing interest at a rate not to exceed Three and one-fourth (3-1%4%) per cent per annum, and to levy a tax sufficient to pay the interest as it accrues and principal as it matures on said issue of bonds, for the purpose of improving and extending the Sewer System of said City, as authorized by the Constitution and laws of the State of Texas." WHEREAS, said election was duly and legally held on the day set and a majority of the legally qualified electors, owning taxable property in said City and who had duly rendered the same for taxation, voting at said election, sustained the proposition to issue the bonds hereinafter described by the following votes: "FOR THE ISSUANCE OF SEWER SYSTEM IMPROVEMENT AND EXTENSION BONDS" 1177 Votes; "AGAINST THE ISSUANCE OF SEWER SYSTEM IMPROVEMENT AND EXTENSION BONDS" / y/ Votes; as is reflected in the election returns heretofore filed with the City Secretary; and WHEREAS, it is now proper that the City Council proceed with the issuance of said bonds; THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF STEPHENVILLE, TEXAS: 1. That the bonds of said City to be called "City of Stephenville Sewer System Improvement and Extension Bonds, Series 1955", be issued under and by virtue of the Constitution and laws of the State of Texas, in the principal sum of One Hundred Fifty Thousand ($150,000.00) Dollars, for the purpose of improving and extending the Sewer System of said City. 2. That said bonds shall be numbered from One (1) to One Hundred Fifty (150), both inclusive, shall be of the denomination of One Thousand ($1,000.00) Dollars each, aggregating One Hundred Fifty Thousand ($150,000.00) Dollars. 3. That they shall be dated November 1, 1955, and shall become due and payable serially as follows: 1 to 15, both incl., 16 to 30, " 31 to 45, " 46 to 6o, " 61 to 75, " 76 to 9o, " 91 to 110, " Ill to 130, " 131 to 150, " MATURITY DATES AMOUNTS November 1, 1965 $ 15,000.00 November 1, 1966 15,000.00 November 1, 1967 15,000.00 November 1, 1968 15)000.00 November 1, 1969 15)000.00 November 1, 1970 15,000.00 November 1, 1971 20,000.00 November 1, 1972 20,000.00 November 11 1973 20,000.00 In Bonds Numbers Sixteen (16) to One Hundred Fifty (150), both inclusive, the City reserves the option of calling each bond for redemption prior to maturity at par and accrued interest on any interest payment date on and after November 1, 1965) by giving thirty (30) days' notice in writing to the place of payment and by publication of such notice in a financial publication having general circulation in New York, New York. Said notice shall appear in said publication in at least one issue, the date of said issue being not less than thirty (30) days prior to the date so fixed for redemption. If any such bond is called for redemption in said manner, and if funds sufficient to pay the principal and accrued interest thereon shall have been duly placed in the place of payment, it shall not thereafter bear interest. rates: 4. That said bonds shall bear interest at the following Bonds Numbers 1 to 60, both inclusive, - - 2-3/4% per annum; Bonds Numbers 61 to 150, " " - - - - 3% per annum; evidenced by coupons payable November 1, 1956, and semi-annually thereafter on May 1 and November 1 of each year. 5. That the principal of and interest on said bonds shall be payable upon presentation and surrender of bond or proper coupon at the Mercantile National Bank at Dallas, Dallas, Texas, without exchange or collection charges to the owner or holder thereof. 6. That each of said bonds shall be signed by the Mayor and countersigned by the City Secretary, and the corporate seal of the City of Stephenville, Texas, shall be impressed upon each of them. 7. That the facsimile signatures of the Mayor and City Secretary may be lithographed or printed on the coupons attached to said bonds and said facsimile signatures shall have the same effect as if they had been executed manually by the said officials. follows: NO. 8. The form of the said bonds shall be substantially as $ 1,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF ERATH CITY OF STEPHENVILLE SEWER SYSTEM IMPROVEMENT AND EXTENSION DOM SERIES 1955 The City of Stephenville, in the County of Erath, State of Texas, a municipal corporation, duly incorporated under the laws of the State of Texas, for value received, hereby promises to pay to bearer hereof on the 1st day of November, 19 , the sum of ONE THOUSAND DOLLARS in lawful money of the United States of America, with interest thereon from date hereof at the rate of ( %) per cent per annum, evidenced by coupons payable November 1, 1956, and semi-annually thereafter on May 1 and November 1 of each year, both principal and interest payable upon presentation and surrender of bond or proper coupon at the Mercantile National Bank at Dallas, Dallas, Texas, without exchange or collection charges to the owner or holder hereof, and the City of Stephenville is hereby held and firmly bound and its faith and credit and all taxable prope ty in said City are hereby pledged for the prompt payment of the principal of this bond at maturity and the interest thereon as it accrues. This bond is one of a series of One Hundred Fifty (150) bonds of like tenor and effect, except as to number, interest rate, maturity and right of prior redemption, numbered from One (1) to One Hundred Fifty (150), both inclusive, of the denomination of One Thousand ($10000.00) Dollars each, aggregating One Hundred Fifty Thousand ($150,000.00) Dollars, issued for the purpose of improving and extending the Sewer System of said City, as authorized by the Constitution and laws of the State of Texas, and pur- suant to an ordinance passed by the City Council of the City of Stephenville, Texas, which ordinance is duly of record in the minutes of said City Council. The date of this bond in conformity with the ordinance above mentioned is November 11 1955- *(The City reserves the right to redeem this bond prior to maturity on any interest payment date on and after November 1, 1965, by paying the par value thereof plus accrued interest to date fixed for payment provided thirty (30) days' notice in writing is given to the place of payment, and provided such notice is published in a financial publication having general circulation in New York, New York. Said notice shall appear in said publication in at least one issue) the date of said issue being not less than thirty days prior to the date so fixed for redemption. If this bond is called for payment in said manner and money is placed in the place of payment by the date so fixed for redemption sufficient to pay the principal and interest to said date it shall not thereafter bear interest.) AND IT IS HEREBY CERTIFIED AND RECITED that the issuance of this bond and the series of which it is a part, is duly authorized by law and by a vote of the resident, qualified electors who own taxable property in said City and who had duly rendered the same for taxation in the City of Stephenville, Texas, voting at an election held for that purpose within said City of Stephenville, on the 12th day of November, 1955; that all acts, conditions and things required to be done precedent to and in the issuance of this series of bonds, and of this bond, have been properly done and performed and have happened in regular and due time, form and manner as required by law; that sufficient and proper provision for the levy and collection of taxes has been made which, when collected, shall be appropriated exclusively to the payment of this bond, and of the series of which it is a part, and to the payment of the interest coupons hereto attached as the same shall become due; and that the total indebtedness of said City of Stephenville, Texas, including the entire series of bonds of which this is one, does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the City of Stephenville, Texas, by its City Council has caused its corporate seal to be affixed hereto and this bond to be signed by its Mayor, and countersigned by its City Secretary, and the interest coupons hereto attached to be executed by the lithographed or printed facsimile signatures of the Mayor and City Secretary as of the lst day of November, 1955 • ..711 � = � City'of Stephenville, Texas. COUNTERSIGNED: City%S6ccretary, City of Stephenville, Texas. *(This paragraph shall appear only in Bonds Numbers 16 to 150, both incl.) 9. The form of coupon shall be substantially as follows: NO. $ ON THE 1ST DAY OF 19 The City of Stephenville, Texas, will pay to bearer at the Mercantile National Bank at Dallas, Dallas, Texas, without exchange or collection charges to the owner or holder hereof, the sum of ( ) Dollars in lawful money of the United States of America *(unless the bond to which this couposis attached shall have been called for previous redemption as therein provided and pro- vision for the redemption thereof made), being; months' interest due that day on "City of Stephenville Sewer System Improvement and Extension Bond,- cries 1955", dated November 1, 1955• No. Ci cretary, City of Stephenville, Mayo , City Stephenville, Texas. Texas. G *(This parenthetical expression shall be printed only in coupons which mature after November 1, 1965, which are attached to the optional bonds.) 10. That substantially the following certificate shall be printed on the back of each bond: OFFICE OF COMPTROLLER STATE OF TEXAS I HEREBY 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 has been examined by him as required by law, and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas, and that it is a valid and legally binding obligation upon said City of Stephenville. Texas, and said bond has this day been registered by me. WITNESS MY HAND and seal of office at Austin, Texas, Comptroller of Public Accounts of the State of Texas. 11. That a special fund to be designated "City of Stephenville Sewer System Improvement and Extension Bonds, Series 1955 Fund", is hereby created and the proceeds from all taxes collected for and on account of this series of bonds shall be credited to said fund for the purpose of paying the interest as it accrues and to provide a sinking fund for the purpose of paying each installment of principal as it becomes due, and said fund shall be used for no other purpose. For each year while any of said bonds or interest thereon are unpaid, there shall be computed and ascertained, at the time other taxes are levied, the rate of tax based on the latest approved rolls of said City as will be requisite and sufficient to make, raise and produce in each of said years a fund to pay the interest as it accrues and to pay the principal as it matures, or to provide at least two (2%) per cent of the principal as a sinking fund, whichever is greater, full allowance being made for delinquencies and costs of collection. A tax at the rate as hereinabove determined is ordered to be levied and is hereby levied against all of the taxable property in said City for the current year and for each year hereafter while said bonds or any of them are outstandi and unpaid, the said tax each year shall be assessed and collected and placed in the Fund hereby created and the Treasurer shall honor warrants against said Fund for the purpose of paying the interest on and principal of said bonds and for no other purpose. 12. Be it further ordained that the Mayor shall be authoriz- ed to take 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, registra- tion by the Comptroller and their actual delivery to the purchaser thereof. 13. That said Bonds authorized by this Ordinance, are hereby awarded to, and shall be sold and delivered to Rauscher, Pierce & Company, Inc. Dallas, Texas, for the price of par and accrued interest to date of delivery. 14. That all ordinances and parts thereof in conflict hereii are hereby expressly repealed to the extent of such conflict. a'?ek PASSED AND APPROVED this the IPWI day of November, 955. Mayo , City Stephenville, Texas. ATTESJ5: Cit cretary, City of Stephenville, Texas. ,_N...F w THE STATE OF TEXAS COUNTY OF ERATH CITY OF STEPHENVILLE I, the undersigned, City Secretary of the City of Stephenvill Texas, do hereby certify that the above and foregoing is a true and correct copy of an ordinance passed by the City Council of the City of Stephenville, Texas, (and of the minutes pertaining thereto) authorizing the issuance of $150,000.00 Sewer System Improvement and Extension Bonds, Series 1955, and that the same is duly of record in the minutes of said City Council. EXECUTED UNDER MY HAND and seal of said City, this the day of November, 1955 • (SEAL) Texas.