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HomeMy WebLinkAbout1966-05-10 - Special City CouncilStephenville, Texas May 10, 1966 The City Council met in a called meeting on the above data with Mayor Arthur presiding and the following Councilmen present: Robert Herrin, Mrs. Doyle White, Roy Swain, Charles Riggins, W. M. Irwin, Raymond Anderson, Telefus Cawyer, and Mrs. Fred McCloskey. Mr. Dan Almon appeared before the Council and presented an ordinance author- izing the issuance of refunding bonds. It was moved by Councilman Higgins, seconded by Councilman Swain, to adopt an ordinance authorizing the issuance of refunding bonds series 1966 in the amount of $274,000.00. Motion carried unanimously. ( Said ordinance being attached to and becoming a part of these minutes.) The Mayor reported that Mr. Tullus Smith has made a request for a loading zone on North Belknap. The request being made due to the fact that laundry trucks will z be loading at the front of the buiMng. z g It was moved by Councilman Herrin, seconded by Councilman Cawyer to grant the request of Mr. Smith for a loading zone in front of the building on North Belknap Street. Motion carried unanimously. £ Councilman Swain reported that the City owned land west of the West End Ceme- tary is rough and would like for the City crews to level a portion'of this land for future Cemetery use. Would also like to fence off 6th Street in this area to - discourage parking and trespassing. It was moved by Councilman Swain, seconded by Councilwoman White , to work on leveling this land and fence off 6th Street to stop parking and trespassing. Motion carried unanimously. 5 Councilman Cawyer reported that the hedge on the college property on West Washington Street has been trimmed. Also reported that the college has been contacted about removal of a part of the rock wall on the corner of Lillian and Vanderbilt Streets.. The 8ollege is agreeable for the wall to be torn down, but have no fund.s for this purpose. The Mayor asked the Fire Committee to consider making plans for a fire station on the corner of Harbin Drive and west Frey Street. The City Secretary reported that Texas water Wells, Inc. has presented for payment, estimate number 1 for drilling of new water well; also that the City will need to borrow some money to gay for this well. It was moved by Councilman Anderson, seconded by Councilman Herrin, to adopt the following resolution: RESOLUTION Resolved, that the Mayor, Jack Arthur, be, and he is hereby, authorized to complete a loan from The Stephenville State Bank of Stephenville, Texas, in the principal sum of $20,000.00 for the City of Stephenville, and to execute to said bank a note in the name of the City of Stephenville in this amount bearing interest from date at the rate of 4 -1/2 per cent per annum, such note to be payable on or before May 12, 1967, and with the City of Stephenville having the option oo pay any amounts on said note prior to its due date; and which note shall be attested by the City Secretary. ATTE ecretary Motion for the above resolution carried. unanimously. It was moved by Councilman Anderson, seconded by Councilman Herrin, to pay estimate number 1 to Texas Water Wells, Inc. Motion carried unanimously. The Council members were presented a copy of the findings and. recommendations of the Zoning Commission and Adjustment Board, in the case of an appeal filed. by Mr, W. B. Hale. The Board found that Mr. Hale is in violation of the Zoning Ordin- ance and failed to comply with his signed building permit. The Board pointed out that to allow such violations would have a tendency be defeat the purpose of zoning. The Board recommended that Mr. Hale be required to move the house located. at 302 Lennox Street back from the street in accordance with the building permit; or in line with the house adjacent to his property on the north. It was moved by Councilman Irwin, seconded. by Councilman Riggins, to accept the recommendations of the Zoning Commission and Adjustment Board. Motion carried, unanimously. There being no other business at this time, the Council stood adjourned subject to the Mayor's call. ATTES it C ecretary. ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS THE STATE OF TEXAS COUNTY OF ERATH CITY OF STEPHENVILLE WHEREAS, heretofore on the lst day of September, 1964, the City Council of the City of Stephenville, Texas, passed an ordinance authorizing the issuance of $310,000 of City of Stephenville Waterworks Improvement Warrants, Series 1964, dated .September 1, 1964, bearing interest at the rate of 4 -3/4% per annum; and WHEREAS, $274,000 of said Warrants have been delivered and the City has received full value therefor; and WHEREAS, said $274,000 of Warrants are now outstanding; and WHEREAS, on the 5th day of April, 1966, the City Council of the City of Stephenville, Texas, adopted a Resolution directing the giving of Notice of Intention to issue Refunding r Bonds and WHEREAS, said Notice was published as required by law; and WHEREAS, no Petition was filed by the property taxpay- ing voters of the City asking for a referendum on the question of issuing said bonds; and WHEREAS, it is to the best interest of the City and of its taxpayers to issue the Refunding Bonds as hereinafter set out; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF STEPHENVILLE. ' Section 1. That said City's coupon bonds to be designated the "City of Stephenville Refunding Bonds, Series 1966 ", are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas in the principal amount of $274,000 for the purpose of refunding the Warrants described in the preamble of this Ordinance. Section 2. That said bonds shall be dated May 1, 1966, shall be numbered consecutively from 1 through 58, shall be in the denomination of $5,000 each, except Bonds Numbers 55 through 58, in the denomination of $1,000 each, and shall mature and become due and payable serially on December 1 in each of the years, and in the amounts, respectively, as set forth in the following schedule: 1970 $ 20,000 1971 20,000 1972 202000 1974 20,000 1975 25,000 1976 25,000 1977 25,000 1978 50,000 1979 50,000 1980 19,000, Section 3. That said bonds shall bear interest from their date, until maturity, at the rate of 4 -1/2% per annum, with said interest to be evidenced by interest coupons payable on December 1, 1966, and semi - annually thereafter on each June 1 and December 1. Section 4. That the principal of and interest on said bonds shall be payable to bearer, in lawful money of the United States of America, without exchange or collection charges GENERAL CERTIFICATE THE STATE OF TEXAS COUNTY OF ERATH CITY OF STEPHENVILLE We, the undersigned, hereby officially certify that we are the Mayor and City Secretary, respectively, of said City, and we further certify as follows: 1. That the City of Stephenville is a duly incorporated Home Rule City, having more than 5000 inhabitants, operating and existing under the Constitution and laws of the State of Texas and the duly adopted Home Rule Charter of said City, which Charter has not been changed or amended since the passage of the ordinance authorizing the issuance of the most recently dated, issued, and outstanding bonds of said City shown on "Exhibit A ", which is attached hereto. 2. That no litigation of any nature has ever been filed pertaining to, affecting or contesting: (a) the issuance, delivery, payment, security or validity of City of Stephenville Refunding Bonds, Series 1966, dated ;..May 1, 1966, in the principal amount of $274,000, (b) the title of the present members and officers of the City Council of said City to their respective offices, or (c) the validity of the corporate exist- ence, the current Tax Rolls, or the Charter of said City; and that no litigation is pending pertaining to, affecting or con- testing the boundaries of said City. 3. That attached hereto, and marked "Exhibit A ", which shall be a part hereof for all purposes, is a true, full and correct schedule and statement of the aforesaid proposed bonds, and of the total presently outstanding bond, warrant or other indebted- ness of said City. 4. That the currently effective ad valorem Tax Rolls of said City are those for the year 1965, being the most recently approved Tax Rolls of said City; that the City Council of said City has caused the taxable property in said City to be assessed as required by law; that the Board of Equalization of said City has equalized and approved the valuation of taxable property in said City for said year; that the Tax Assessor of said City has duly verified the aforesaid Tax Rolls, and said Board of Equali- zation has finally approved the same; that the valuation of taxa- ble property in said City for said year, according to the afore- said Tax Rolls, as delivered to the City Secretary of said City, and finally approved and recorded by the City Council of said City, is $8,953,190. 5. That none of the City of Stephenville Waterworks Improve- ment Warrants, Series 1964, dated 9/1/64, being refunded by the aforesaid proposed Series 1966 Refunding Bonds, has ever been held in, or purchased for the account of, the interest and sink- ing fund created and maintained for the benefit of such warrants being so refunded, or purchased with any money collected from any taxes levied for the benefit thereof, and nothing in said interes and sinking fund, andnone of said tax money, is available and can1 be used for the retirement of any of such warrants. GNED AND SEALED this the 10t a of May, 66. City Secretary Mayor (CITY SEAL) "EXHIBIT A" Refunding Bonds, Series 1966, dated May 1, 1966, to be outstanding in the principal amount of $274,000, bearing interest, and maturing as set forth in the Ordinance author- izing said bonds. Airport Bonds, Series 1958, dated June 1, 1958, now outstanding in the principal amount of $25,000, bearing interest, and maturing in the amounts on June 1 of the years, as follows: 327: 1OM -74; 15M -75. Refunding Bonds, Series 1960, dated April 1, 1960, now outstand- ing in the principal amount of $75,000, bearing interest, and maturing in the amounts on April 1 of the years, as follows: 4 -3/4 %: IOM -74; 5M -75; 20M -76/78 kCity of Stephenville Waterworks Improvement Warrants, Series 1964, dated September 1, 1964, now outstanding in the principal amount of $274,000, bearing interest, and maturing in the amounts on September 1 of the years, as follows- 4-3/4%: 20M- 71/73; 20M -75; 25M- 76/78; 50M- 79/80; 55M -81. *(This issue of Warrants is being refunded by the proposed issue of Refunding Bonds). 0 to the bearer, upon presentation and surrender of proper bond or interest coupon, at the Stephenville State Bank, Stephenville, Texas, which place shall be the paying agent for said bonds. Section 5. That each of said bonds and interest cou- pons shall be signed by the imprinted or lithographed facsimile signature of the Mayor of said City and countersigned by the imprinted or lithographed facsimile signature of the City Secretary of said City, and the official seal of said City shall be impressed, or printed, or lithographed on each of said bonds. Section 6. That the form of said bonds, including the form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas to be printed and endorsed on each bond, and the form of the interest coupons to be attached to said bonds, shall be, respectively, substantially as follows: (FORM OF BOND) NO. $ UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF ERATH CITY OF STEPHENVILLE REFUNDING BOND SERIES 1966 On December 1, 19_, the City of Stephenville, in the County of Erath, State of Texas, promises to pay to bearer the principal amount of THOUSAND DOLLARS and to pay interest thereon, from the date hereof, at the rate of 4 -1/2 % per annum, evidenced by interest coupons payable December 1, 1966, and semi - annually thereafter on each June 1 and December 1 while this bond is outstanding. The principal of this bond and the interest coupons attached hereto shall be payable to bearer, in lawful money of the United States of 0 America, without exchange or collection charges to the bearer, upon presentation and surrender of this bond or proper interest coupon, at the Stephenville State Bank, Stephenville, Texas, which place shall be the paying agent for this Series of bonds. This bond is one of a Series of coupon bonds dated May 1, 1966, issued in the principal amount of $274,000, for the purpose of refunding outstanding Warrants of said City. In addition to all other rights, the holders of this Series of Bonds shall be subrogated to all pertinent and necessary rights of the holders of the obligations being refunded thereby. It is hereby certified and recited that this bond has been duly and validly authorized, issued and delivered in accordance with the Constitution and laws of the State of Texas; that this bond is a general obligation of said City, issued on the full faith and credit thereof; and that the ad valorem taxes, upon all taxable property in said City, necessary to pay the interest on and principal of this bond, as such interest comes due, and such principal matures, have been pledged irrevocably for such purpose, within the limit prescribed by law. In witness whereof, this bond and the interest coupons attached hereto have been signed by the imprinted or lithographed facsimile signature of the Mayor of said City and countersigned by the imprinted or lithographed facsimile signature of the City Secretary of said City, and the official seal of said City has been duly impressed, or printed, or lithographed on this bond. City Secretary, City of Stephenville Mayor, City of Stephenville (FORM OF REGISTRATION CERTIFICATE) COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO. I hereby certify that this bond has been examined, certified as to validity, and approved by the Attorney General o the State of Texas; and that this bond has been registered by the Comptroller of Public Accounts of the State of Texas. Witness my signature and seal this Comptroller of Public Accounts of the State of Texas (FORM OF INTEREST COUPON) NO. $ On , 19 _, the City of Stephenville, in the County of Erath, State of Texas, promises to pay to bearer, the amount of Dollars, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this interest coupon, at the Stephenville State Bank, Stephenville, Texas, said amount being interest due that day on the bond, bearing the number herein- after designated, of that issue of City of Stephenville Refunding Bonds, Series 1966, dated May 1, 1966. Bond No. City Secretary Section 7. That a special fund or account, to be designated the "City of Stephenville Refunding Bonds, Series 1966, Interest and Sinking Fund" is hereby created and shall be established and maintained by said City at its official deposi- tory bank. Said Interest and Sinking Fund shall be kept separate and apart from all other funds and accounts of said City, and shall be used only for paying the interest on and principal of said bonds. All taxes levied and collected for and on account of said bonds shall be deposited, as collected, to the credit of said Interest and Sinking Fund. During each year while any of said bonds or interest coupons appertaining thereto are out- standing and unpaid, the City Council of said City shall compute and ascertain the rate and amount of ad valorem tax, based on the latest approved tax rolls of said.City, with full allowances being made for tax delinquencies and costs of tax collections, which will be sufficient to raise and produce the money required to pay the interest on said bonds as such interest comes due, and to provide a sinking fund to pay the principal of such bonds as such principal matures, but never less than 2% of the original principal amount of said bonds as a sinking fund each year. Said rate and amount of ad valorem tax is hereby ordered to be levied and is hereby levied against all taxable property in said City for each year while any of said bonds or interest coupons apper- taining thereto are outstanding and unpaid, and said ad valorem tax shall be assessed and collected each such year and deposited to the credit of the aforesaid Interest and Sinking Fund. Said ad valorem taxes necessary to pay the interest on and principal of said bonds, as such interest comes due, and such principal matures, are hereby pledged irrevocably for such purpose, within the limit prescribed by law. Section 8. That the proper proportionate part of the interest and sinking fund originally established for the obligations being refunded, together with the proper proportion- ate part of all taxes heretofore levied and now in the process of collection for the benefit of said obligations being refunded, are hereby appropriated, and shall be transferred immediately, to the Series 1966 Interest and Sinking Fund created herein. Section 9. That in addition to all other rights, the holders of said bonds shall be subrogated to all pertinent and necessary rights of the holders of the obligations being refunded thereby. Section 10. That the Mayor of said City is hereby authorized to have control of said bonds and all necessary records and proceedings pertaining to said bonds pending their delivery and their investigation, examination and approval by the Attorney General of the State of Texas, and their registration by the Comptroller of Public Accounts of the State of Texas. Upon registration of said bonds, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate prescribed herein to be printed and endorsed on each bond, and the seal of said Comp- troller shall be impressed, or printed, or lithographed on each of said bonds. Section 11. That the Comptroller of Public Accounts of the State of Texas is hereby authorized and directed to deliver said bonds to the holder or holders of the obligations being refunded thereby, in exchange for, and upon surrender and cancellation of, a like principal amount of said obligations being so refunded, provided that all current and unmatured in- terest coupons are attached to each of said obligations surrende ed for exchange. Said exchange may be made in one or in several installment deliveries. Section 12. It is hereby determined and found that it would not be practicable to make the bonds herein authorized, or any of them, optional for prior redemption, as such a provision would materially affect a favorable rate of interest on said bonds. Section 13. This Ordinance shall become effective immediately upon passage. CERTIFICATE FOR BOND ORDINANCE THE STATE OF TEXAS COUNTY OF ERATH CITY OF STEPHE.NVILLE We, the undersigned officers of said City, hereby certify as follows: 1. The City Council of said City convened in SPECIAL MEETING ON THE 10TH DAY OF MAY,. 1966, at the City Hall, and the roll was called of the duly consti- tuted officers and members of said City Council, to -wit: Jack Arthur, Mayor Rex H. Cates, City Secretary Robert Herrin $iiixOkristiRn Raymond Anderson Roy Swain, Jr. Charles Riggins Mrs. Doyle White KxbertxDRrby W. M. Irwin Telefus B. Cawyer Mrs. Fred McClesky and all of said persons were present, except the following absentees: thus constituting a quorum. Whereupon, among other business, the following was transacted at said Meeting: a written ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS was duly introduced for the consideration of said City Council, and read in full. It was then duly moved and seconded that said ordinance be passed, and, after due discussion, the motion carry- ing with it the passage of said ordinance, prevailed and carried by the following vote: AYES: All members of said City Council shown present above voted "Aye." NOES: None. 2. That a true, full and correct copy of the aforesaid ordinance passed at the meeting described in the above and fore- going paragraph is attached to and follows this Certificate; that said ordinance has been duly recorded in said City Council's min- utes of said Meeting; that the above and foregoing paragraph is a true, full and correct excerpt from said City Council's minutes o said meeting pertaining to the passage of said ordinance; that th persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of said City Council as indicated therein; and that each of the officers and members of said City Council was duly and sufficiently notified officially and personally, in advance, of the time, place and pur pose of the aforesaid meeting, and that said ordinance would be introduced and considered for passage at said meeting, and each o said officers and members consented, in advance, to the holding of said meeting for such purpose. 3. That the Mayor of said City has approved, and here approves, the aforesaid ordinance; that the Mayor and the City Secretary of said City have duly signed said ordinance; and that the Mayor and the City Secretary of said City hereby declare tha their signing of this Certificate shall constitute the signing o the attached and following copy of said ordinance for all purpos SIGNED AND ,-SEALED the 1 h ay-of M 19 ..- Secretary Mayor (CITY SEAL)