Ord. 0088 1964-06-18AN ORDINANCE AUTHORIZING THE ISSUANCE OF WATERWORKS SYSTEM I6 -(
TIME WARRANTS OF THE CITY OF PEARLAND, TEXAS; PRESCRIBING
THE TERMS AND CONDITIONS THEREOF AND UPON WHICH SUCH WAR-
RANTS SHALL RR ISSUED; LEVYING TAXES TO PROVIDE THE PAY-
MENT THEREOF; AND CONTAINING OTHER PROVISIONS RELATING TO
THE SUBJECT
THE STATE OF TEXAS §
COUNTY OF BRAZORIA §
The City Council of the City of Pearland, Texas, convened in
session at the City Hall within said City on the
of June, 1964, with the following members present, to -wit:
E. T. Gibbons
Gene Sanders
John Kegley
To Alexander
Victor Nolen
Mayor
Alderman
Alderman
Alderman
Alderman_
Alderman
W. A. McClellan City Secretary
and the following member(s) absent, to -wit :6Zw"-aNtis✓- :i,t aLt,1CaAnTO
��'�
when the following business was transacted:
The Mayor introduced an ordinance which was read in full.
Alderman A79 made a motion that the ordinance be
adopted as read. Alderman 4Q LQ�,.� seconded the motion
for adoption of the ordinance. The motion, carrying with it the
adoption of the ordinance, prevailed by the following vote:
AYES: Aldermen Slwakanes, Sanders, Kegley, Alcxander
and Nolen, and Mayor Gibbons.
NOES: None.
The Mayor thereupon announced that the motion had duly and
lawfully carried, and that the ordinance had been duly and lawfully
adopted. The ordinance thus adopted follows:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF WATER-
WORKS SYSTEM TIME WARRANTS OF THE CITY OF PEARLAND,
TEXAS; PRESCRIBING THE TERMS AND CONDITIONS THEREOF
AND UPON WHICH SUCH WARRANTS SHALL BE ISSUED; LEVY-
ING TAXES TO PROVIDE THE PAYMENT THEREOF; AND CON-
TAINING OTHER PROVISIONS RELATING TO THE SUBJECT.
WHEREAS, on the 22nd day of May, 1964, the City Council of
the City of Pearland, Texas, adopted a resolution authorizing and di-
recting the giving of notice of intention to issue Time Warrants of
said City in the maximum principal sum of $150,000, bearing interest at
a rate not to exceed five (5%) per cent per annum and maturing serially
over a period of years not to exceed thirty (30) years from their date
or dates, with a maximum maturity date not later than July 1, 1994,for
the purpose of evidencing the indebtedness of said City for all or any
part of the cost of constructing permanent improvements, additions and
extensions to such City's waterworks system, including personal and
professional services to be rendered in connection therewith and other
incidental expenses in connection therewith; and
WHEREAS, said notice of intention has been given in the
manner and for the time required by law; and
WHEREAS, no petition of any kind whatsoever has been filed
with or submitted to the City Council of the City of Pearland, Texas,
or any officer or official of said City requesting a referendum on the
question of issuing bonds for said purposes, and no written protest to
the issuance of Time Warrants has been presented, and it is hereby
affirmatively found that the City Council is now authorized to proceed
with the issuance of said Warrants in accordance with the terms of
this ordinance; therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS:
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Section
That all facts recited in the preamble to this ordinance
are hereby found and declared to be true and correct.
Section 2,
That for the purpose of evidencing the indebtedness of the
City of Pearland, Texas, for all or any part of the cost of construct-
ing permanent improvements, additions, and extensions to the City of
Pearland, Texas, Waterworks System, including personal and professional
services to be rendered in connection therewith and other incidental
expenses in connection therewith, there shall be issued the time
warrants of said City in the principal sum of
110,000, to be known
and designated as "CITY OF PEARLAND WATERWORKS SYSTEM TIME WARRANTS,
SERIES 1964," in strict conformity with the Constitution and laws of
the State of Texas, particularly Chapter 163, Acts of the 42nd Legis-
lature of Texas, Regular Session, 1931, as amended, compiled as Article
2368a, Vernon's Texas Civil Statutes, 1925, as amended.
Section 3.
That said warrants shall be dated June 15, 1964, shall be
numbered consecutively from 1 to 110, both inclusive, shall be in the
denomination of $1,000 each, aggregating
110,000, shall bear inter-
est at the rate of five per cent (5%) per annum, interest payable
June 15, 1965, and annually thereafter on June 15th in each year until
the principal sum is paid, and shall be payable, without exchange or
collection charges to the owners or holders thereof, at the office of
the City Treasurer of the City of Pearland, Texas, in any coin or
currency which, on the respective dates of payment of such principal
and interest, is legal tender for the payment of debts due the United
States of America. Said warrants shall become due and payable ser-
ially on the 15th day of June in each of the years 1985 to 1994, both
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inclusive, in the respective amounts shown in the following schedule,
to -wit:
Warrants Nos. Year of
(both incl.) Maturity
1 - 10 1985
11 - 20 1986
21 a 30 1987
31 - 4o 1988
41 - 5o 1989
51 - 6o 1990
61 - 7o 1991
71 - 8o 1992
81 - 95 1993
96 - ll0 1994
Amount
Maturing
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
15,000
15,000
Section 4.
That each of said warrants shall be signed by the Mayor of
the City of Pearland and countersigned by the City Secretary, and the
official seal of said City shall be impressed upon each of said warrants.
Section 5.
That said warrants shall be in substantially the following
form:
NO.
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF BR.AZORIA
CITY OF PEARLAND WATERWORKS
SYSTEM TIME WARRANTS
SERIES 1964
$1,000
THE CITY OF PEARLAND, in the County of Brazoria, State of
Texas, for value received, acknowledges itself indebted to and hereby
PROMISES TO PAY TO RFARER ON THE FIFTEENTH DAY OF JUNE, 19 , the sum
of
ONE THOUSAND DOLLARS
($1,000), with interest thereon from the date hereof until the princi-
pal is paid at the rate of five per cent (5$) per annum, interest pay-
able June 15, 1965, and annually thereafter on June 15th in each year
until the principal sum is paid. Both principal of and interest on
this warrant shall be payable in any coin or currency which on the
respective dates of payment of such principal and interest is legal
tender for the payment of debts due the United States of America, at
the office of the City Treasurer of the City of Pearland, Texas, without
exchange or collection charges to the owner or holder. And for the
prompt payment of this warrant at maturity and the interest hereon as
it becomes due, the full faith, credit, and resources of said City are
hereby irrevocably pledged.
THIS WARRANT IS ONE OF A SERIES OF 110 SERIAL TIME WARRANTS of
like tenor and effect, except as to serial number and maturity, being
numbered consecutively from 1 to 110, both inclusive, in the denomin-
ation of $1,000 each, aggregating $110,000, and together with the other
warrants of this series, is issued for the purpose of evidencing the
indebtedness of said City for all or any part of the cost of constructing
permanent improvements, additions, and extensions to the City of Pearland,
Texas, Waterworks System, including personal and professional services
rendered in connection therewith and other incidental expenses in connec-
tion therewith, under and in strict conformity with the Constitution and
laws of the State of Texas, including particularly Chapter 163, Acts of
the 4+2nd Legislature of Texas, Regular Session, 1931,.as amended, com-
piled as Article 2368a, Vernon's Texas Civil Statutes, 1925, as amended,
and pursuant to an ordinance adopted by the City Council of said City,
which ordinance is of record in the official minutes of said City
Council.
THE DATE OF THIS WARRANT, in conformity with the ordinance
above mentioned, IS JUNE 15, 196-L
IT IS HEREBY CERTIFIED, RECITED, AND REPRESENTED that the
issuance of this warrant and the series of which it is a part is duly
authorized by law; that all acts, conditions and things required to be
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done precedent to and in the issuance of this series of warrants have
been properly done and performed, and have happened in regular and due
time, form, and manner, as required by law; that due provision has
been made for levying and collecting annually by taxation an amount
sufficient to pay the interest on these warrants as it falls due and
to create and provide a sinking fund for the final redemption of said
warrants at maturity; that the issue of the series of warrants, of which
this is one, together with all other indebtedness of said City is within
every debt and other limitation prescribed by the Constitution and laws
of the State of Texas,
IN WITNESS WHEREOF, the City Council of the City of Pearland,
Texas, has caused the corporate seal of said City to be affixed hereto
and this warrant to be signed by the Mayor and countersigned by the
City Secretary, all as of June 15, 1964.
Mayor, City of Pearland, Texas
COUNTERSIGNED:
City Secretary, City of Pearland, Texas
(SEAL)
Section 6e
That while said warrants, or any part of the principal thereof
or interest thereon, remain outstanding and unpaid, there is hereby
levied and there shall be annually assessed and collected in due time,
form, and manner, and at the same time other City taxes are assessed,
levied, and collected, in each year, beginning with the current year, a
continuing direct annual ad valorem tax upon all taxable property within
said City sufficient to pay the current interest on said warrants and
to create and provide a sinking fund of not less than two per cent .(2$)
of the principal amount of said warrants then outstanding or of not
less than the amount required to pay the principal payable out of
said tax, whichever is greater, full allowance being made for delin-
quencies and costs of collection and said taxes when collected shall
be applied to the payment of the principal of and interest on said
warrants, and to no other purpose.
Section 7,
That the Mayor and City Secretary are authorized and directed
to execute and countersign each of said warrants for and on behalf of
the City of Pearland, but said warrants shall not be delivered until
further authorized by this City Council.
Section 8.
That this ordinance shall be effective immediately upon its
adoption.
PASSED AND APPROVED this t $ day of June, 1964.
ATTEST:
City Secretary, City of
Texas
Pearland,
0 J
Mayor, City of Pearland, Texas
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WAIVER. AND RATIFICATION CER.TIFICA.TE
THE STATE OF TEXAS
COUNTY OF BRAZORIA §
We, the undersigned, members of the City Council of the
City of Pearland, Texas, do hereby waive notice of and consent to
the holding of a special meeting of said City Council on the 18th
day of June, 1964, for the purpose of adopting an ordinance entited:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF WATERWORKS
SYSTEM TIME WARRANTS OF THE CITY OF PEARLAND, TEXAS;
PRESCRIBING THE TERMS AND CONDITIONS THEREOF AND UPON
WHICH SUCH WARRANTS SHALL BE ISSUED; LEVYING TAXES
TO PROVIDE THE PAYMENT THEREOF; AND CONTAINING OTHER
PROVISIONS RELATING TO THE SUBJECT;
and also for the purpose of adopting an ordinance entited:
AN ORDINANCE ACCEPTING BIDS AND AWARDING CONTRACTS
FOR FURNISHING LABOR AND MATERIALS FOR CONSTRUCTING
PERMANENT WATERWORKS SYSTEM IMPROVEMENTS FOR THE
CITY OF PEARLAND, TEXAS.
We hereby ratify, adopt, confirm, and approve all proceed-
ings had by said City Council at said special meeting.
WITNESS OUR HANDS this 1 day of October , 1964.
S. A. Shukanes
Tom Alexander