HomeMy WebLinkAbout1958-05-13 Airport Bondc
CITY or sTepEcKvium
On this the 13th day of May, 1958, the City Council of the
City of Stephenville, Texas, convened in Special Mseetiag, at the
regular meeting place, with the following members present, to -wit:
J. Louis Evans, Mayor,
Scott D. Reed,
Virgil Dickerson,
Van Allen,
Marvin Ratliff,
Aldermen,
J. C. Oliver, Jr.,
Charles Riggins,
Walter Brandon,
Albert L. Graves,
Rex H. Cates, City Secretary,
and with the following absent: None ,
constituting a quorum of the City Council, at which time the following
proceedings were had:
Alderman Reed introduced an ordinance and made
a motion that it be passed. The motion was seconded by Alderman Brandon
The motion carrying with it the passage of the ordinance prevailed by the
following vote:
AYES: Aldermen Reed, Dickerson, Allen, Ratliff, Oliver,
Riggins, Brandon and Graves and Mayor Evans.
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The ordinance is as follows:
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WHEREAS., heretofore on the 2nd day of January, 1951, the
City Council of the City of Stephenville, Texas, adopted a resolution calling
an election to be held in said City on the 20th day of January, 19511, 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 $4,000.00, maturing serially in such installments
fixedas may be by the City ivthe maximum
being not more than Twenty Fivee(25;ayears from theirrdate
date
bearing interest at a rate not to exceed Three and one-half
(3J%) per cent per annum, payable annually or semi-annually,
and to levy a tax sufficient to pay interest as it accrues
and principal as it matures on said issue of bonds, for the
purpose of enlarging, improving and equipping an Airport,
air navigation facilities and eonstruting buildings and other
facilities incidental to the operation thereof, as authorized
by the Constitution and laws of the State of Texas."
WBBREAS, 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 M lowing votes:
"FOR THE ISSUANCE OF AIRPORT BONDS" 350 notes,
"AGAINST THE ISSUANCE OF AIRPORT BONDS" 107 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;
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I. That the bonds of said City to be called "City of
Stephenville Airport Bonds, Series 1958", be issued under and by virtue
of the Constitution and laws of the State of Texas, in the principal sum of
Twenty Five Thousand ($25,000.00) Dollars, for the purpose of enlarging,
improving and equipping an Airport, air navigation facilities and construct-
ing buildings and other facilities incidental to the operation thereof.
2. That said bonds shall be numbered from One (1) to
Twenty Five (25), both inclusive, shall be of the denomination of One Thousand
($10000.00) Dollars each, aggregating Twenty Five Thousand ($25,000.00)
3. That they shall be dated June 1, 1958, and shall become
due and payable serially as follows:
BOWS NE MMS MATURITY DAMS AlfDUM
1 to 10, both incl., June 10 1974 $ 100000.00
11 to 250 " June 1, 1975 15,000•00
The pity reserves the option of calling each bond for
redemption prior to maturity at per and accrued interest on any interest
payment date on and after June 1, 1959, 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 intereut.
4. That said bonds shall bear interest at the rate of Three
and one-half (3-1/2%) per cent per annum, evidenced by coupons payable
June 1, 1959, and semi-annually thereafter on December 1 and June 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
bfsrcantile National Hank at Dallas, Dallas, Texas, without exchange or
collection charges to the owner or holder thereof.
6. That each of said bonds and interest coupons shall be
executed by the imprinted facsimile signature of the Mayor and coumtersigned
by the imprinted facsimile signature of the City Secretary, and the corporate
seal of the City shall be impressed upon each of the Bonds. Such facsimile
signatures shall have the same effect as manual signatures.
7. The form of the said bonds shall be substantially as
follows:
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.
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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 on election held for that purpose within said
City of Stephenville, on the 20thday of January, 19511 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 appropriat-
ed 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
some shall become dueg and that the total indebtedness of said City of
SUpbanville, Texas, including the entire series of bonds of which this is
one, does not exceed any constitutional or statutory limitation.
IN TUTMW i WWW, the City Council of the City of
Stephenville.. Texas, has caused the seal of said City to be impressed hereon
and this bond and the annexed coupon$ to be executed by the facsimile
signature of the Mayor of said City and countersigned by the facsimile
signature of the City Secretary. S:�a
X%ytfr,, City of Stephenville, Texas.
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8. The form of coupon shall be substantially as follows:
N0.
ON THE 18T 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
13hited States of America *(unless the bond to which this coupon is attached
shall have been called for previous redemption as therein provided and
provision for the redemption thereof made), being months' interest
due that day on "City of Stephenville Airport Bond, Series 1958", dated
auras 1, 1958. No.
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y Secretary.
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*(This rparentheti 9 expression shall be printed only in coupons which mature
9. That substantially the following certificate shall be
printed on the back of each bond:
OFFICE OF CUNPTROLLER
STATS OF TE M
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.
WMMSS MY HAND and seal of office at Austin, Texas,
Comptroller of Public Accounts of the
State of Texas.
10. That a special fund to be designated "City of Stephenville
Airport Bonde, Series 1958 Fund", is hereby created and the proceeds from all
NO.
$ 1,000.00
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The City of Stephenville, in the County of Brath, 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 June, 19 , the sum of
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in lawful money of the United States of America, with interest thereon from
date hereof at the rate of Three and one -Half (3-1/2%) per cent per annum,
evidenced by coupons payable June 1, 1959, and semi-annually thereafter on
December 1 and June 1 of each year, both principal and interest payable upon
presentation and surrender of bond or proper coupon at the Mercantile Nation-
al 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 property 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 Twenty Five (25) bonds of
like tenor and effect, except as to number and maturity, numbered from one
(1) to Twenty Five (25), both inclusive, of the denomination of one Thousand
($1,000.00) Dollars each, aggregating Twenty Five Thousand ($25,000.00)
Dollars, issued for the purpose of enlarging, improving and equipping an
Airport, air navigation facilities and constructing buildings and other
facilities incidental to the operation thereof, as authorized by the Constitu-
tion and laws of the State of Texas, and pursuant 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 June 1, 1958.
The City reserves the right to redeem this bond prior to
maturity on any interest payment date on and after June 1, 1959, by paying
takes 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 allowances 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 any of said bonds or interest thereon are outstanding and unpaid, and
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 Do other purpose.
11. This issue of bonds and the record relating thereto
shall be submitted to the Attorney General of Texas, for his approval, and
after he shall have approved the same, they shall be deposed with the
Comptroller of Public Accounts of the State of Texas. Upon registration of
said Bonds, the Comptroller of Public Accounts (or a deputy designated in
writing to act for the Comptroller) shall manually sign the Comptroller's
certificate of registration prescribed herein to be printed on the back of
each bond, and the seal of said Comptroller shall be affixed to each of said
bonds.
12. That the sale of the bonds herein authorized to
Rauscher, Pierce & Company, Dallas, Texas, at a price of par and accrued
interest to date of delivery, is hereby confirmed. Delivery of such beside
shall be made to such purchaser as soon as may be after the passage of this
ordiaaaee upon payment therefor in accordance with the terms of sale.
13. All ordinances and resolutioust and parts thereof in
conflict herewith are hereby expressly repealed insofar as they conflict
herewith.
pASM AND ApMVXD
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blayory city or Staphenvillep
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1, the undersigued, City Secretary of the City of Stephenville,
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
$25,000.00 Airport Bonds, Series 1958, and that the same is duly of record
in the minutes of said City Council.
MMCUM UNDSH MY HAND and seal of said City, this the 13th
day of Lt0.Y, 1958• J-2L
•re a , city or stepheaviM—,
Texas.
(MAL)
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