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HomeMy WebLinkAboutORD 04.10.1922 - Bond Issuance for StreetsAN ORDINANCE by the City Council of the City of Georgetown, Texas, au- thorizing the issuance of bonds for the principal sum of $85,000.00, for the purpose of building, paving and improving the streets of the said City; and providing for the levy, assessment and collection of a tax of twenty- seven(27) cents on the one hundred dollars' valuation of all taxable pro- perty within the limits of said City to pay the interest and create a sink- ing fund for the redemption thereof, and prescribing the form of bond( and declaring an emergency). WHEREAS, at an election held in the City of Georgetown, on the 25th day of March, 1922, a majority of the qualified voters, who are property tax- payers of the City of Geor6etown,voting at said election, sustained the proposition to issue the bonds hereinafter described for the principal sum of $15,000.00, by a vote of 314 affirmative votes, and which carried by a majority vote of 38 in favor thereof, being "for the issuance of bonds." - THEREFORE, BE IT ORDAINED BY THE CITY COISSION(or Council) OF THE CITY OF GEORGETOVM : Section 1. That the bonds of said City, be called "Cit;i of George- town Street Bonds," be issued under and by virtue of Chapter 1,Title 18, R. S. 1911, and Chapter 9, General Laws, 37th Legislature, Regular Ses- sion, 1921, and the constitution and laws of the State of Texas, for the purpose of building, paving and improving the streets, of said City, in the principal sum of Eighty -Five Thousand($85000.00) DOLLARS. Section 2. That said bonds shall be numbered consecutively from one to 85, inclusive, shall be of the denomination of One Thousand($1000.00) Dollars, each, aggregating the sum of Eighty -Five thousand($85,000.00) Dollars. Section 3. That they shall be dated the 1st day of June, 1922, shall become due and payable forty(40) years from their date, but may be redeem- ed at the pleasure of the City at any time after ten(10) years from their date. Section 4. That they shall bear interest at the rate of five per ce7 per annum, payable semi-annually on the lst day of June and December, of each year. Section 5. That the principal and interest of said series of bonds shall be payable on presentation and surre�i-ider of bond or proper coupon, at the office of the State Treasurer, Austin, Texas, or at the Merchants and Metals National Bank, in the City of New York State of New York, at the option of the holder. Section 6. That each of ::aid bonds shall be signed by the Mayor, cowntersigned by the City Secretary, and registered by the City Treas- urer, and the corporate seal of the "City of Georgetown, Texas," shall be impressed upon each of them. prdah4nC.. I Section 7. That the facsimile signature of the Mayor and City Secretary may be lithographed on the coupons attached to said bonds, and -shall have the same effect as if they had been signed by them. Section 8. The form of said bonds shall be substantially as follows: No. $1000.00 UNITID STATE OF AMERICA. State of Texas, County of Williamson. The City of Georgetown Street Bond. KNOW ALL TAN BY BESE PRhSEIITS: That the City of Georgetown, in the County of Williamson, State of Texas, a municipal corporation, duly incorporated under the laws of the State of Texas, for value receiv- ed, hereby promises to pay to the bearer hereof on the lst day of June, 1962, the sum of One Thousand(1000.00)DOLLARS, in lawful money of the United States of America, with interest thereon from date here- of at the rate of five per cent per annum, interest payable semi-an- nually on the lst day of June, and the lst day of December, of each year, principal and interest payable upon presentation and surrender of -pond or proper coupon at the office of the State Treasurer, Austin, Texas, or at Eerchants and Metals National Bank, in the City of New York, State of New York, at the option of the holder, and the City of Georgetown, is hereby and firmly bound, and it's faith and credit, and all real and personal property in said City, are hereby pledged for the prompt payment of the principal of this bond and the interest there- on at maturity. This bond is one of a series of 85 bonds, numbered from 1 to 85, inclusive, of the denomination of One Thousand($1000.00)DOLLARS, each, aggregating Eighty -Five Thousand($85,000.00)D OLLARS, issued for the pur_)ose of building, paving and improving the streets of said City, under and by virtue of Chapter 1, Title 18, R. S. 1911, and Chapter 9, General Laws, 37th Legislature, Regular Session, 1921, and the consti- tution and laws of the State of Texas, and in pursuance of an ordinance passed by the City Council of the City of Georgetown, Texas, on the loth day of April, 1922, vhich ordinance is of record in the Ordinance Re- cords of said City. The City of Georgetown reserves the option of redeeming this bond at any time after ten gears from it's date by paying rinci?jal and ac- crued interest triereon, and in case the same shall be called in for re- deription before maturity, notice thereof in writing shall be given to the holder or holders thereof by the City Secretary of said City, at least thirty days before the date fixed for redemption, and should this bond not be presented for redemption, the same shall cease to near in- terest from and after the date so fixed, for redemption. IT IS HER20Y CERTIFIED A10 RECITED, -That the issuance of t3iis bond, and the series of which it is a part, it duly authorized by law and by a vote of the qualified property taxpaying voters of the City of Georgetown, Texas, voting at an election held for that purpose within said City on the 25th day of Larch, 1922, 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 pro- per provision for the levy and collection of ta-es has been made, which when collected shall be appropriated exclusively to the pay- ment of this bond, and of the series of which it is a paxt, and to the payment of the interest coupons hereto annexed as the same shall biecome due; and that the total indebtedness of said Ci,ty of George- town, including the entire series of bonds of which this is ane,does not exceed any constitutional or statutory limitation, IN WITNESS ,7HE11,',EOF,the City of Georgetown, by it's council has caused it's corporate seal to be affixed hereto, and this bond to be signed by it's mayor, and the interest coupons hereto attached to be executed by the lithographed signatures of the Mayor and the City Secretary; the date of this bond, in conformity with the or- dinance above referred to, being the lst day of June, 1922. (v) QUO . Ll . SAARFE . MAYOR, CITY OF G ;ORG.i;TOWN, TEXAS, COUNTERS IGNED : GEO. KEABEY CITY SECRETARY. REGISTERED: CITY TRLA SUM R. Section 9. The form of the coupon shall be substantially as follows: NO. ON the day $25.00 (w) of , 1922. The City of Georgetown, Texas, will pay to bearer at the office of the State Treasurer, Austin, Texas, or at the Iierchants and .:etals National .Dank, in the City of New York, State of New York, the sum of Twenty-five(',p25.00)DO-i�I1hRS, in laT:iful money of the United States of 1imerica, ( ) being six raonths' interest on the City of Georgetown, Street Bond No. , dated June lst, 1922. JNO . M. SHARPE . ILAYO R. GEO. KEAHEY CITY SECRr;TARY. 3 Section 10. The foll_oraling 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 re7uired by lai%, and that it has been issued in conformity with the constitution and laws of the State of Texas, and that it is a valid and binding obligation upon said City, of Georgetown, Texas, and said bond has this day been registered by me. Witness my rand and seal of office, at Austin, Texas, this the day of — _ _ _ _ , 1922. CO1,PTROLLJR OF lUBLIC ACCOUMM OF THE STILTE� OF TEXAS. Section 11. It is further ordained by the City Council of the City of Georgetown, Texas, that to pay the interest on said bonds and create a sinking fund sufficient to discharge them at maturity, a tax of twenty-seven(27,O)Cents on each One Hundred bollarb' valu- ation of all taxable property in'said City of Georgetown, Texas, shall be annually levied on said property, and annually assessed, and collected until said bonds and interest tr_.ereon are paid, and said tax is here now levied for the current year 1922, and for each suceeding year, chile said bonds are outstanding, and the same shall be assessed and collected for the current'year and an;-.ually there- after, and applied to the purpose named. Section 12. It is further ordained that L. J. Dimmitt, the Yay- or of said City, and his successors in office, shall be authorized to take and have charge of all necessary records pending inv--tiga- tion by the lttorney General and shai1 take and have charge and con- trol of the bonds herein authorized pending their approval by the Attorney General and registration uy the Comptroller of Public Ac- counts. Section 13. The fact that the City of Georgetown, Texas, is badly in need of street improvement, and v,hich improvement is neces- sary and ir,ill be to the best interests and general vielfare of the said City, create an emergency and an imperative public 2iccessity that the rule requiring ordinances to be read on _ separate days before final passage, be suspended, and such rule is hereby suspended, and it is ordained that this ordinance shall take effect and be in force immediately upon it's passage approval; Passed and approved this the loth day of April, 1922. Approved: JNO. M. SHARPE, Mayor, City of Georgetown, Texas. Attest: GEO. KEAHEY, City Secretary.