HomeMy WebLinkAboutORD 06.24.1963 - St Improvement BondsAN ORDIFAFCM
BY T47 CITY COU701L OF TEE CITY OF 0700nTaUM,
AUTHORIZING THE !SSUANCM OF " cjjy nr 001GETO
i", " Pr 0"'1" 71"`M1',T `�01'77�S, SPRIrs OF 1963? !X THE A10
FIFTY THOUSAND DOLLARS ( 150,000-00) POP TIE P
CONSTRUCTING STREET IMPROVEMENTS !N SAID CITY;
FOR THE LEVY, ASSPSSMRMT AND COLLECTION' OF A T
THE TAXABLE PROPERTY WITHIN TIM LILITS OF SAID
PAY THE 0TPRE0 AND CREK27�, kup
TION THEREOF; AWARDING TEE SALE OF THE BONDS;
AN EhlERCEFOY.
vy
STPIPT
OF
OSE
ON 011C
ON ALL
TY TO
RB?TEP*
DECLARING
1HREMAG, the City Council of the City of Georg townil Texas, has
heretofore an May 13, 103, adopted a resolution and ord calling an
election on the question of the issuance of 150,000,00 T11 Bonds for
the purpose of constructing street improvements in said Sty. such
bonds to bear interest at a rate not to exceed fi-e per cent (5%) per
annum, and to mature serially over a period of years not to exceed
thirty-00) years from their date; and I
1BEREAS, said election was held pursuant to said rd4olution and
order and in accordance with law on june 4, 1963, and res6lted favor-
i
ablyto the issuance of soid 150,000-00 of bonds; and
WREAS, the City Council has heretofore an June 11, , 1963,
I
adopted a resolution canvassinE the returns and declarinalthe result
of said election ; and
1AUREAS, the City Council doems it advisable and tN the best
interest of the City of Georgetown to now proceed with thl issuance
of such bonds;
THEREFORE, BE !I ORDAINED BY TIM CITY COUUCIL OF TME CIT7 0141
07 T7,'XIIS:
Section 1. That the bonds of said Sity, to be cKled "City of
GE0RC7T0WN3TRP7T iMPROV71RAT 90IDS, S7RIPS OF 1963," be iisued under
nnd by virtue Of the Constitution and laws of the State 0: Texas in the
sum of Fifty Thousand Doliars Q50,000.00) for the purpost of con-
strnQ06 street improvements in said City.
-Section 2That said bonds shall be numbered cor-ecutively from
one (1) to fifty (PIO), inclusive, and shall be of the dendrination of
One Thousand Dollars (f!,000.00) each.
Section 3. That said bonds shall be dated july 3, 190, and
shall bear interest from date until paid as followsl
Bonds nim.,bered 1 to 20, inclusive, maturing July 1,11 1Q,, K
through july 1, 1969, pt the rate of two and seven
percent (2-54,101 annum; and
pe,
W"I
Bonds numbered 21 to A inalysive, maturing july 1, IP70
throuEh july 1, 1970, at the rate of three and one -eighth
per cent (3-1151 per annum;
which interest shall be evidencnd by proper coupons attached to each
of said bonds and shall be payable January Ist.in each year.
Section 4. That both principal of and interest on said bonds
shall be payable in lawful money of the United States of America, with-
out excahange or collection charaes to the owner or holder, upon pre-
sentation and surrender of bonds or proper coupons at The First National
Bunk, Georgetown, 2exas,,
Section I That said bonds shall mature serially as follows;
BOND HUMBERS
(Inclusive) MATURITY DAT73 AMOUNTS
1-2
truly 1, l9b-4
q, 2,000
3-4
july 1,
2,000
july 1, 1966
1,000
6-10
july 1, 1967
5,000
11-15
july 1, 196B
5,000
16-20
july 1, 1969
5,000
21-25
July 1, 19 7 C)
5,000
W-30
July 1, 1971
r, C"00
31-35
July 1, 1972
-.1.000
36-49
july 1 , 1973
00")
4 1 -4 fn'
july 1, 1974
000
46-VO
july 1, 19 7 _5
5,0(00
-Section 0.
That said bonds, and the interest coupons appur-
tenant thereto, shall be executed with the imprinted facsimile signatures
of the Layer and City Secretary of the wity of Georgetown, Texas, and
the seal of the City
of Geor6ntown shall be affixed
to each of said bonds.
nxecution in such manner shall have the same effect
as it such bonds and coupons
had been signeO by the
hpynr and City Secretary in
person by their manual
signatures. Tnasnmch as such bonds are required
to be registered by the
Cw,,pi-roller of Public Accounts of the State of Texas,
only his signature,
or that of a deputy
designated in writi, to act for
the Comptroller, shall
be required to be manually
subscribed to such bonds
in connection with his
registration certificate
to appear thereon as hereinafter
provided, all in
accordance with the
pro7isions of Article 717 j-1,
Vernon's Civil Statutes Of'
Texas, 1925, as amended.
Section 7-
That the form of said bonds shall
be substantially as
follows;
11,000
Yo - -------
U",,,ITT',,D STATES OF' A1,,rER1CA
STATE OF TEXAS
COUNTY OF hILLIANSON
CITY OF GEORGETOIN STREET !MPROVEMENT
SERIES OF 190
LL BYTESE RESETKTON N HPNTS: hat the City of borgetown, in
the County of Williamson, State of Texas, a municipal coinoration duly
incorporeted under the laws of the State of Texas, FOR TALUE RPCV!V7P-'
hereby promises to pay to the bearer hereof he on tIst d&r of july,
the sum of
ONE TT07SAND POKIRS
(01,000-00), in lawful money of the United Sta tes of Am ith
ica, w
interest thereon from date hereof at the rate of I'
per cent per annum, payable January 1, 1>64, anj semi-annually
thereafter on July Ist and January lst in each year until the principal
sum shall be paid. principal and interest payable upon pi.sentation and
surrender of bp bond or roper coupon at The Virst hational �`arii"a Georgetown,
Texas, without exchange or collection charges to the own df or holder; and
the City of Georgetown is hereby held and firmly bound, e : d its faith and
credit and all real and personal property in said Caty ay hereby pledSed,
for the prompt payment of the principal of this bond and he interest thereon
at maturity,
This bond is one of a series of 5G bonds, n-,,.iTI1hnre0 Honsecutively from
1 tb 50, inclusive, of the denomination of One Thousand Slars (11,000.00)
each , aggregating Fifty Thousand Dollars (2,50,000-00). 11sued by the City
of %orgetown, Texas, for the purpose of constructing st et improvements in
said City, under and by virtue of the Uonstitution and l:js of the State of
Texas, and in pursuance of an ordinance passed by the Cit Council of said City,
which ordinance is of record in the Minutes of said City louncil.
The date of this bond, in conformity with the ordin n.ce above
mentioned, is July,l, 19A.
1T !3 H7REBY C7RTIF17D AND RECIT7D that the issuanc of this bond,
and the series of which it is a part, is duly authorized w jhA by a
vote ofthe qualified property taxpaying voters of the Ci , 11 laof Georgetown,
wholown taxable property in said City and who had duly redlered the same for
taxation, voting at an election held for that purpose witlin said City on
June 4, 1903; that all acts, conditions and thinEs requir(ld to be done prece-
dent to and in the issuance of this series of bonds,and oA this bond, have
been properly done and performed and have happened in reg 11 ar and due time,
22 6 V,
form and manner as required by lam; that sufficient and proper provision,- —
for the levy and gollection of taxes has been made which when collected
shall be appropriate? exclusively to the payment of this bond, and of
the series of which it is a part, and to the payment of the interest ccupons
hereto annexed as the same shall become due; and that the total indebtness of
said City of GeorLetown, including the entire series of bonds of which this
is one, does not excoed any constitutional or statutory limitation.
1N WITNESSWERROF, the City of UeorCotown, Texas, by its City
Cu oncil, has caused its corporate seal to he affixed hereto and this bond
and its appurtenant ccupons to 4 exjai uted with the inTrinted facsimile
signajures.:of the Mayor and City Secretary of said City, in accordacce
with the provisions of Article 7!7j-1, Vernon's Civil Statutes of Texas,
1925, as amended.
C -- --V! W017fit 71-TeTT
CITY MaETARY, City of Georgetown,
Texas
Section S. That the form of interest coupons attached to said
bonds shall be substantially as follows;
ON THE 1ST DAY OF 19
The City of Georgetown, Texas, will pay to bearor at The First
National Bank, Georgerown, Texas, the sum of
Dollars ) , in lawfulnmoney, of the F5nited States of !Uaericza,
without exchance or collection charges to the caner or holder hereof, beins
six months' interest due that day ClCITY OF GEORGETOIN STREET iMPROVEMENT
BOND, KRIES OF 1963, dated July 1, 1963, No- 1.
City Secretary via
Section Pa That substantially the following certificate shall
be pYinted on the back of each nond;
OFFICE OF COYFTROLIER ;
STATE OF TEXAS � RPUKER NO,
I H7RERY WRTAPY that there is on file and of reco& in my office a
certificate of the Attorney General of the State of Texas to the effect
thatthis bond has been examin.ed b,,
him as required by law and that he finds
it has been issued in conformity with the Conctitution and laws of the State
of Texas, and that it is a valid and binding oblioation upon said City of
CeorGetown, Texas, and said bond has this day been registered by me.
MAU
L
WITNESS UY HAND and seal of office at Auitin, Texa this
Comptroller of TV !TTT_7_ATcoJ?�,-Tqts _3TTf__ -'--
The Stat: of Texas
-Section 10. !T 13 FIRTYER ORDAINED by the City Council of the
City of Georgetown, Texas, that while said bonds, or any of them, are
outstanding and unpaid, there shall be annually levied, ssessed and
collected in due time, form and manner a tax upon all ta#able property
in the City of Georgetown sufficient to pay the current nterest on said
bonds and create a sinking fund sufficient to pay each d8tallment of the
principal as the same becomed due; and theie is hereby livied for the
current year a sufficient tax on each elOO.00 7aluat1.on taxable proper#y
in said City, and the sRme shall be assessed and collect a and app ied to the
outstanding and
purpose named; and while said bonds, or any of them, are
unpaid, a tax for each year at a rate from year to -,,rear K will "he ample an-d_
sufi fcient to Provide fi;tnds to pay.06 Orrent interest di said bonds and ho
provide the necessary sinking fund to pay the principal, rull
allowance beinE made for delinquencies and costs of collf3tion, or to pro-
vide at least two per cent(2%) of the principal as a sinAl-nZ f -wnd,whinh ever
amount is grepter, shall be, and is hereby levied for ea(D year, res-
pectively, while said rwords, or any K them , are out stai ing and unpaid,
and said tax shall each year be assessed and collected ail applied to the
payment of the interest on and principal of said bonds. yy
Section 11. That the honds and a complete recoll of proceedings
shall be submitted to the Attorney Kneral of the State 4P Texas for his
approval; and after he shall have qinproved the same. the Donds shall be
deposited with the Comptroller of Public Accounts for rejiLstration. The
State Comptroller is hereby authorized and directed to dd iver the
registered bonds to the American Notional Bank of AustinAustin, Texase
i
Section 12. That the bid of par and accrued Werest to dote
of delivery submitted by Rauscher, Pierce & Co., inc., jhereby found
and determined to be the best bid received for the bondsiberein authorized
and said bid is hereby accepted. Pelivery of the bond4lshall be made
to said purchasers as soon as may be after the passage ollthis ordinance
upon payment therefor in accordance with the terms of sall.
Section 13- The fact that the City of Georgeto'Mq T,xus, is
badly in need of the ipprovemants herein contemplated and aid improvements
will be to the best interest and general walfare of the City of OoorgetcWn
and its inhabitants, creates an enorgency aald an ive public
necessity that the rule requiring ordinances to be read at more than
one meeting of the City Council before final passaSe be suspended, and
said rule is hereby suspended, and that this ordinance take effect and
be in full force and effect immediately from and after its passage at
j this meetinG, and it is sc WOW.
PARED AND APPROVET this 24th day of One, 143,
Tkyor, W w x or`car own, Texas
M�HHMRM
CITY SWRETARY