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HomeMy WebLinkAboutORD 05.16.1974 - Time Warrant Neighborhood Facility AN ORDINANCE AUTHORIZING THE ISSUANCE OF SAN GABRIEL NEIGHBOR- HOOD FACILITY FOR THE CITY OF GEORGETOWN WARRANTS, SERIES 1974, AGGREGATING TWENTY TWO THOUSAND FIVE HUNDRED AND NO/100 22,500.00) BEARING INTEREST AT THE RATE OF FIVE AND THREE FOURTHS 5-3/4%) PER ANNUM FOR THE PURPOSE OF REMODEL, RESTORING, REPLAC- ING, REPAIRING, REFURBISHING AND OTHERWISE IMPROVING THE COMMUNITY BUILDING LOCATED LOCATED IN THE SAN GABRIEL PARK IN THE CITY OF GEORGETOWN, PROVIDING FOR LEVYING AND COLLECTING TAXES ON ALL OF THE TAXABLE PROPERTY IN SAID CITY SUFFICIENT TO PAY THE INTEREST ON SAID WARRANTS AND THE PRINCIPAL AS IT MATURES AND DECLARING AN EMERGENCY. WHEREAS, it is deemed to be to the best interest of the City that there is a need for remodeling, restoring, replacing, repairing, refurbishing and other improvements be made to the community building located in the San Gabriel Park of the City of George- town being the San Gabriel Neighborhood Facility for the City of Georgetown; and, WHEREAS, the City Council find and adjudicates; That pursuant to the provisions of Chapter 163, Acts of the Regular Session of the 42nd. Legislature the City is duly authorized to issue Warrants in payment for labor, materials, and supplies; and, WHEREAS, the City does not have on hand and available for such purposes, the cash to pay for such labor and materials and supplies, but will have the funds on hand from taxation sufficient to pays for Warrants herein authorized: NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS: That Warrants to the City be denominated "San. Gabriel Neighborhood Facility for the City of Georgetown Warrants, Series 1974" be issued in the sum of Twenty Two Thou- sand Five Hundred and No/100 Dollars ($22,500.00) payable to bearer evidencing the indebtedness of said City. Said Warrants shall be numbered from One (1) to Five (5) inclusive, shall be in the demoninations of Two Thousand Five Hundred and No/100 Dollars ($2,500.00) for one 1) of suchwarrants and Five Thousand ($5,000.00) each for the remainder of said Warrants, aggregating Twenty Two Thousand Five Hundred and No/100 Dollars ($22,500.00). They shall be dated the 15th day of May, 1974, and shall bear interest at the rate of Five and Three fourths (5-3/4%) per annum payable the 1st day of January, 1975, and annually thereafter on the Ist day of each year thereafter until fully paid. Principal) and interest of said Warrants shall be payable at Citizens State Bank of Georgetown, Texas, and the said Warrants shall be made to mature serially as follows: WARRANT NUMBERS MATURITY DATES AMOUNTS One (1) January 1, 1975 2,500.00 Two (2) January 1p 1976 5, 000.00 Three (3) January 1, 1977 5,000.00 Four (4) January 1, 1978' 5,000.00 Five (5) January 1, 1979 5,000.00 Said Warrants shall be signed by the Mayor, counter -signed by the City Secretary, and registered by the City Treasurer and the Seal of the City shall be impressed upon each one of them. The form of such warrants shall be substantially as follows: 5,000.00 (in the case of No. one (1) $2,500.00 Number UNITED STATES OF AMERICA, NEIGHBORHOOD FACILITY FOR WARRANTS, SERIES 1974. STATE OF TEXAS, SAN GABRIEL THE CITY OF GEORGETOWN 397 THE CITY OF GEORGETOWN, TEXAS, a municipal corporation, in Williamson County, Texas, duly incorporated under the general laws of the State of Texas for value received acknowledges itself indebted to the bearer, on the 15th day of May, 1974, in the sum of Five Thousand Dollars ($5,000.00), (Two Thousand Five Hundred Dollars ($2,500.00) in case of No. One (1) ), in lawful money of the United States of America, with interest thereon from date hereof, at the rate of Five and Three -Fourths (5-3/4%) per annum payable on the Ist day of January 1975, and annually thereafter on the first (1st) day of January of each year until this warrant is paid, and such interest is evidenced by coupons attached hereto, principal and interest payable at the office of Citizens State Bank of Georgetown, Texas, upon presentation and surrender of Warrants or proper coupons, and the City Treasurer is authorized, ordered and directed to pay bearer said principal sum and in- terest as the some matures. In the event the sum of money evidenced by this Warrant and annexed coupons shall not be paid at maturity, the same shall thereafter bear interest at the rate of six (6%) per annum, until fully paid, and in the event of such default and it becomes necessary for the holder hereof or any of the coupons attached hereto to place claim therefor in the hands of an attorney for collection or to institute suit hereon then said City obligates itself to pay to holder an additional ten (10%) as attorney's fees. It is further understood and agreed that failure to pay any Warrants or interest thereon of this series when same becomes due and payable shall at the election of the holders thereof mature the entire issue and all Warrants and interest shall then be due and payable. THIS WARRANT is one of a series of five (5) Warrants of like date and tenor except that Warrant No. One (1) is in the principal amount of Two Thousand Five Hundred and No/100 ($2,500.00) and the remaining Warrants are in the amount of Five Thousand and No/100 ($5,000.00) each and except as to maturity, numbered One (1) to Five (5) inclusive, in the denominations as aforesaid, aggregating the sum of Twenty Two Thousand Five Hundred and No/100 ($22,500.00) issued for the purpose of evidencing the indebtedness due by said City to the bearer for certain remodeling, restoring, replacing, repairing and refurbishing the existing Community Building in the San Gabriel Park and being the San Gabriel Neighborhood ac i l i ty for the City of Georgetown, and pursuant to an ordinance passed by the City Council for the City of Georgetown which Ordinance is recorded in the minutes of said Council. THE DATE OF THIS WARRANT IN CONFORMITY WITH THE ORDINANCE ABOVE MENTIONED IS May 15, 1974. AND IT IS HEREBY CERTIFIED AND RECITED That all acts, conditions and things reqired to be done, precedent to and in the issuance of this Warrant have been performed in regular and due time, form and manner as required by law, and that the total indebted- ness of said City, including this Warrant and the entire series of which this is one, does not exceed any constitutional or statutory limitations; and that a sufficient tax to pay the prin- cipal and interest of this Warrant and the entire series of which this is one have been levied for said purpose and will continue to be annually levied, assessed and collected while said Warrants or any one of them are outstanding. IN TESTIMONY WHEREOF, The City Council of the City of Georgetown has caused the seal of said City to be hereto affixed and this Warrant to be signed by ,the Mayor, counter- signed by the City Secretary, and registered by the City Treasurer, and the interest coupons hereto attached be executed by the Mayor and attested by the City Secretary as of the 15th day of May, A.D. 1974. -- COUNTER -SIGNED: TEXAS 398 REGISTERED AS of the 15th day of May, A. D. 1974. CITY TREASURER, CITY OF GEORGETOWN, TEXAS The form of interest coupons attached to each of said Warrants shall be substantially as follows: Warrant, No. Coupon No. On this the ' _day of 19 , the City Treasurer of the City oGeorgetown, in Wi I liamson County, Texas, wiT`pay to bearer at the Citizens State dank at Georgetown, Texas, the sum of $ , being months interest due that date on the "San Gabriel Neig or - hood Facility or ity o Georgetown Warrants, Series 1974", dated , 1974. OfQ_Ag a. - - _,,O/ City Secretary or BE IT FURTHER ORDAINED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, That to pay the interest and to create a sinking fund to retire said Warrants at their maturity and to provide ten (10%) attorney's fees in the event of default, a tax at the rate of twenty-eight cents ($0.28) on the One Hundred Dollars ($100.00) valuation of all taxable property in the said City, out of the taxing funds of said City is hereby levied,' For the years 1974; that during the year 1975 and each year thereafter while any of said Warrants are outstanding and unpaid and at the time other City Taxes are levied in each of the said years there shall be computed and ascertained what rate of tax base on the latest approved tax roles of said City will be necessary, requisite and sufficient to fully make, raise and produce in each of said years the amount of principal necessary to be raised for that year, plus the interest maturing in said year upon the amount of this series of Warrants outstanding and unpaid and provide for a ten (10%) attorney's fee in case of default, and for each of said years there is hereby ordered to be and there is hereby levied and ordered to be assessed and collected in due time, form and manner, a tax at the rate of which shall be found necessary as aforesaid, and all of the proceeds of such taxes shall be placed in a separate fund for this series of Warrants, and the City Treasurer shall not honor any draft upon said fund or pay out any of the same except in the payment of interest on said Warrants or for retiring the same, or for attorney's fees as provided above. The Mayor and City Secretary are hereby directed to execute said Warrants, and the Treasurer is hereby directed to register them. Said Warrants shall be held by the City Treasurer subject to the Order of the City Council and shall be used to pay for labor, materials and supplies used in said community building improvements. The fact that the City of Georgetown is greatly in need of the improvements herein creates an emergency and an imperative necessity that the rule requiring ordinances to be read and passed at more than one meeting be suspended and said rule is hereby suspended, and that this ordinance shall take effect and be enforced from and after its passage, and it is so ordained. PASSED AND APPROVED this the 16th day of May, A. D. 1974. ATTEST: 1_ City Secretary oe . Crawford, Mayor THE STATE OF TEXAS COUNTY OF WILLIAMSON CITY OF GEORGETOWN I, the undersigned City Secretary of the City of Georgetown, Texas, hereby certify that the foregoing is a true and correct copy of an ordinance passed by the City Council of the City of Georgetown, Texas, held at City Hall in said City on the 16th day of May, 1974, which ordinance is of record in Book 6, Page 247., et seq., of the Minutes of said City Council. GIVEN UNDER MY HAND AND May, 1974. SEAL OF SAID CITY, this 16th day of 3 9 9