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Ord. 0113 1965-05-03i 1 3 AN ORDINANCE AUTHORIZING THE ISSUANCE OF $105,000 CITY OF PEARLAND, TEXAS, WATERWORKS SYSTEM REFUNDING BONDS, SERIES 1965; PRESCRIBING THE TERMS AND PROVISIONS THEREOF; MAKING PROVISIONS FOR THE PAYMENT OF PRINCIPAL AND INTEREST THEREON; PROVID- ING FOR THE EXCHANGE THEREOF FOR THE TIME WARRANTS BEING REFUNDED THEREBY; CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL BE EFFECTIVE ON AND AFTER ITS PASSAGE THE STATE OF TEXAS § COUNTY OF BRAZORIA § The City Council of the City of Pearland, Texas, convened inregular session at the City Hall within said City on the 3rd day of May, 1965, with the following members present, to -wit: John G. Kegley Mayor Victor A. Nolen Alderman Steve A. Shukanes Alderman Gene E. Sanders Alderman Basil L. Cogbill Alderman Joe Dan Calvin Alderman and the following member(s) absent, to -wit: when the following business was transacted: The Mayo introduced an ordinance which was read in full. Alderman L made a motion that the ordinance be /4/0/4/4 adopted as read. Alderman Q Q(.1.0v_ 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 Nolen, Shukanes, Sanders, Cogbill, and Calvin, and Mayor Kegley. 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 ISSLTANCE OF $105,000 CITY OF PEARLAND, TEXAS, WATERWORKS SYSTEM REFUNDING BONDS, SERIES 1965; PRESCRIBING THE TERMS AND PROVISIONS THEREOF; MAKING PROVISIONS FOR THE PAYMENT OF PRINCIPAL AND INTEREST THEREON; PROVID- ING FOR THE EXCHANGE THEREOF FOR THE TIME WARRANTS BEING REFUNDED THEREBY; CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDINANCE SHALL BE EFFECTIVE ON AND AFTER ITS PASSAGE WHEREAS, the City Council of the City of Pearland, Texas, has heretofore adopted an ordinance authorizing the issuance of the following described time warrants: CITY OF PEARLAND, TEXAS, WATERWORKS SYSTEM TIME WARRANTS, SERIES 1964, dated June 15, 1964, numbered from 1 to 105, both inclusive, in the denomination of $1,000 each, aggregating $105,000, bearing interest at the rate of 5% per annum, and maturing serially in each of the years 1985 to 1994, both inclusive, as follows: $1o,000 6-15-1985/92 15,000 1993 10,000 1994, and WHEREAS, said Ordinance authorized the issuance of said Time Warrants for the purposes specified therein; and WHEREAS, all of said Time Warrants above described have been issued and delivered to the persons entitled to receive the same and all of said Warrants are now outstanding and unpaid in the total principal amount of $105,000, and constitute the valid and legally binding obligations of the City of Pearland, Texas; and WHEREAS, pursuant to an ordinance adopted by the City Council of the City of Pearland, Texas, on the 25th day of March, 1965, notice has heretofore been published in the manner and for the time required by law of the intention of said City Council to adopt an ordinance on the 3rd day of May, 1965, to authorize the issuance of the refunding bonds of said City in the maximum amount of 105,000, for the purpose of refunding said hereinbefore described Time Warrants Nos, 1 to 105, both inclusive, in the aggregate amount of 105,000; and WHEREAS, no petition signed by ten (10%) percent of the qualified voters of the City of Pearland, Texas, requesting that an election be held on the proposition of the issuance of said refunding bonds has been. filed with the City Council of the City of Pearland, or with any officer or agent of said City, and no petition of any kind relating to the issuance of said refunding bonds has been filed with the City or any of its officers or agents; and WHEREAS, the owners and holders of said Time Warrants have agreed to accept the hereinafter described refunding bonds in lieu of the said outstanding Warrants and the City Council is of the opinion that it is to the best interest of the City of Pearland, Texas, that said Warrants be refunded; Therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS Section 1, NAME_, AMOUNT, PURPOSE AND AUTHORIZATION OF REFUNDING BONDS: That the serial coupon refunding tax bonds of the City of Pearland, Texas, to be known and designated as "CITY OF PEARLAND, TEXAS, WATERWORKS SYSTEM REFUNDING BONDS, SERIES 1965,e8 be issued in the principal sum of $105,000, for the purpose of refunding, cancelling, and in lieu of a like principal amount of outstanding time warrants of said City, being the outstanding Waterworks System Time Warrants, Series 1964, Nos, 1 to 105, both inclusive, aggregating $105,000, dated June 15, 1964, described in the preamble to this Ordinance, under and in strict conformity with the Constitution and laws of the State of Texas, particularly Chapter 163, Acts of the 42nd Legislature of the State of Texas, Regular Session, 1931, as amended. Section 2. 2.01 - DATE, BOND NUMBERS, DENOMINATIONS AND MATURITIES: That said Refunding Bonds shall be dated June 1, 1965, shall be numbered consecutively from 1 to 21, both inclusive, shall be in the denomina- tion of $5,000 each, aggregating $105,000, and shall become due and payable on June 1st in each of the years 1985 to 1994, both inclusive, as follows: Bond. Numbers Year of Amount (both inch) Maturity Maturing 1 - 2 1985 $ lo,000 3 ._ 4 1986 lo,000 5 - 6 1987 lo,000 7 - 8 1988 lo,000 9 - l0 1989 10,000 11 - 12 1990 10,000 13 - 14 1991 10,000 15 - 1.6 1992 10,000 17 - 18 1993 10,00o 19 21 1994 15,000 2.02 - OPTION OF PRIOR REDEMPTION: The City expressly reserves the right to redeem all bonds of this issue, in whole or in part on June 1, 1984, and on any interest payment date thereafter by paying to the owners or holders thereof a sum equal to the principal amount of the bonds called for redemption plus unpaid accrued interest thereon to the date fixed for redemption. If the City elects to redeem all or any part of said bonds on any such redemption date, notice of the exercise of the option to redeem shall be given inwriting to the bank at which said bonds are payable, and said notice shall be published one (1) time in a financial journal or publication of general circulation in. the United States of America, which notice shall be mailed to said bank and published in said journal or publication at least thirty (30) days prior to the date fixed for redemption: When. said. bonds, in whole or in part, have been called for redemption in the manner prescribed and due provision has been made to pay the principal of the bonds called for redemption and unpaid accrued interest thereon to the date fixed for redemption, the right of the owners or holders to collect interest which would otherwise accrue after the redemption date on the bonds called for redemption shall terminate on the date fixed for redemption, Section 3e 3,01 ._ INTERREST RATE AND INTEREST PAYMENT DATES: That said refunding bonds shall bear interest at the rate of 4-1/4% per annum, interest payable December 1., 1965, and semi-annually thereafter on June 1st and December 1st of each year until the principal sum is paid, 3e02 - PLACE OF PAYMENT AND MEDIUM O.F PAYMENT: That both principal of and interest on said bonds shall be payable, without exchange or collection charges to the owners or holders of said bonds and the interest coupons appurtenant thereto, at the First City National Bank of Houston, Houston, Texas, in any coin or currency of the United States of America 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, The principal of such bonds shall be payable only upon presentation and surrender of said bonds as they respectively become due, and interest falling due on and prior to the respective maturity dates of the bonds shall be payable only upon presentation and surrender of the interest coupons attached to said bonds as such coupons severally become due. Section. 4, EXECUTION OF BONDS A..N➢ INTEREST COUPONS That each of said bonds shall be signed by the Mayor of the City of Pearland, Texas, and countersigned by the City Secretary of said City by their printed, or lithographed facsimile signatures, and the facsimile of the official seal of said City shall be printed. or lithographed on each of such honds© The interest coupons attached to said bonds shall also be executed by said facsimile signatures of the Mayor and City Secretary, Said facsimile signatures on the bonds and interest coupons and said facsimile seal of the City on the bonds shall have the same effect as if said bonds and coupons had been. signed in person and manually by each of such officers and the official seal of the City had been manually impressed upon each of said bonds. The registration certi- ficate of the Comptroller of Public Accounts of the State of Texas, which certificate is to be printed on the back of said bonds as provided, hereafter in Section 7 of this ordinance, shall be manually executed. Section 5, FORM OF BOND That said bonds shall be in substantially the follow- ing form: No. UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF BRAZORIA CITY OF PEARLA.ND, TEXAS, WATERWORKS SYSTEM REFUNDING BOND SERIES 1965 5,000 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 BEARER ON THE FIRST DAY OF DUNE, 19 the sum. of FIVE THOUSAND .DOLLARS 5,000), with interest thereon from the date hereof until paid at the rate of 4-1/4% per annum, interest payable December. 1, 1965, and semi-annually thereafter on. June 1st and December 1st of each year until the principal sum is paid. Both principal of and interest on this bond shall, be payable in any coin or currency of the United States of ameri,ca 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 First City National Bank of Houston, Houston, Texas, without exchange or collection, charges to the owner or holder. The principal hereof shall be payable only upon presentation and surrender of this bond, and interest hereon falling due on and prior to the maturity of this bond shall be payable only upon. presentation and surrender of the interest coupons hereto attached as such coupons severally become due. THE DATE OF THIS BOND, in conformity with. the ordinance hereinafter mentioned, is JUNE 1, 1965. THIS BOND IS ONE OF A SERIES OF 21 SERIAL BONDS of like tenor and effect, except as to number and maturity, numbered consecutively from. 1 to 21, both inclusive, in. the denomination. of $5,000 each, aggregating '105,000, and together with the other bonds of said series, is issued for the purpose of refunding, cancelling, and In lieu of a like principal amount of said City,s Waterworks System Time Warrants, Series 1964, dated June 15, 1964, now outstanding, under and, in strict conformity with the Constitution and laws of the State of Texas, including particularly Chapter 163, Acts of the -2n.d Legislature of the State of Texas, Regular Session, 1931, as amended, a..n.d pursuant to an. ordinance lawfully adopted by the City Cou.r..cil of said City and duly recorded in the official minutes of said, City Council° THE CITY EXPRESSLY RESERVES THE RIGHT TO REDEEM ALL BONDS OF THiS ISSUE, in whole or in part, on June 1, 1984, and on any interest payment date thereafter by paying to the owners or holders thereof a sum. eaual to the principal amount of the bonds called for redemption. plus unpaid accrued, interest thereon 'cc the date fixed for redemption. If the City elects to redeem. all or any part of said bonds on any such redemption, date, notice of the exercise of the option to redeem shall be given in writing to the bank at which said bonds are payable, and said. notice shall be published one (1) time in a financial journal or publication of general circulation in the United States of .America, which notice shall be mailed to said bank and published in said journal cr publication at least thirty (30) days prior to the date .fixed. for redemption° When said bonds, in whole or in part, have been called for redemption and unpaid accrued interest thereon to the date fixed for redemption, the right of the owners or holders to collect interest which. would otherwise accrue after the redemption date on the bonds called .for redemption shall terminate on, the date fixed for redemption., The holder of this bond and the holders of the other bonds of the series of which this bond is a part shall be subrogated to all the rights and privileges belonging to the holder or holders of the time warrants which have been .refunded, by the issuance of this series of bonds, except as may be provided in the ordinance authorizing the issuance of this series of refunding bonds, IT IS HEREBY CERTIFIED, RECITED„ AND DECLARED that all acts, condition .s, and things required to be done precedent to and in the .issuance of this bond and this series of bonds in order to make them valid, and binding obligations o.f said City have been properly done and, performed, and have happened in regular and due time, form, and m.a.nn.er, as required by law; that; a direct annual ad valorem tax has been levied upon. all taxable property within said City sufficient to pay the interest on this bond and the principal hereof at maturity; and. that the total indebtedness of said. City, including the entire series of bonds of which this .is one, does not exceed any Constitutional or statutory limitation. IN WITNESS WHEREOF, the City Council of the City of Pearland, Texas, has caused. the facsimile of the official seal of said City to be lithographed or printed hereon, this bond t,o be signed, by the Mayor. and countersigned. by the City Secretary of said City, by their lithographed or printed facsimile signatures, and the annexed interest coupons to be signed, by the facsimile signatures of said Mayor and City Secretary, all as of the 1st day of June, 1965. Mayor, City of Pearland, Texas COUNTERSIGNED City Secretary, City of Pearland, Texas (SEAL) Section 60 FORM OF INTEREST COUPONS That the interest coupons to be attached to said bonds shall be in substantially the following form No. ON THE FIRST DAY OF , 19 , the City of Pearland, Brazoria County, Texas, promises to pay to bearer, without exchange or collection charges, at the First City National Bank of Houston, Houston, Texas, the sum of , in any coin or currency of the United States of America which on such date is legal tender for the payment of debts due the United States of America, being interest due that date on the City of Pearland, Texas, Waterworks System Refunding Bond, Series 1965, dated June 1, 1965, Bond No. COUNTERSIGNED° Mayor, City of Pearland, Texas City Secretary, City of Pearland, Texas *(Coupons maturing after June 1, 1964, shall contain the following additional clause: unless the bond to which this coupon appertains has been called for previous redemption and due provision made to redeem same). Section 70 REGISTRATION OF BONDS BY STATE COMPTROLLER AND FORM OF REGISTRATION CERTIFICATE That each of said bonds shall be registered in the office of the Comptroller of Public Accounts of the State of Texas, as provided by troller, which law, and the registration certificate of said Comp - is to be printed on the back of each of said bonds and is to be manually executed, shall be in substantially the following form: OFFICE OF THE COMPTROLLER REGISTRATION NO. THE STATE OF TEXAS I hereby certify that there is on file an.d 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 required by law and that he finds 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 the City of Pearland, Brazoria County, Texas; and said bond has this day been registered by me. WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas, Comptroller of Public Accounts of the State of Texas. Section 8e INTEREST AND SINKING FUND - TAX LEVY° That there is hereby created a special fund to be called "City of Pearland, Texas, Waterworks System Refunding Bonds, Series 1965, Interest and Sinking Fund," and there shall be transferred to said Fund the proceeds from all taxes levied and collected for and on account of the time warrants which are being refunded hereby, and all taxes collected hereafter for or on account of the time warrants which are being refunded hereby shall, as collected, be deposited into said Fund, and all taxes levied, assessed, and collected for and on account of said refunding bonds authorized by this ordinance shall, as collected, be deposited in said Fund. That while said refunding bonds, 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 time other City taxes are assessed, levied and collected in each year, beginning with the current year, a continuing, direct annual ad valorem tax on all taxable property within said City sufficient to pay the current interest on said bonds as the same become due and to pay each installment of the principal of said bonds as the same matures and to create a sinking fund of not less than 2% of the principal amount of said refunding bonds then outstanding or not less than the amount required to pay the principal payable out of said tax, whichever is greater, full allowance being made for delinquencies and costs of collection, and said taxes when collected shall be applied to the payment of the principal of and interest and premiums, if any, on said refunding bonds and to no other purpose° Section 90 SUBROGATION: That, except as otherwise provided in this ordinance, the holder or holders of the refunding bonds authorized by this ordinance are, and shall be, subrogated to all the rights and privileges had and possessed by the holder or holders of the time warrants which are being refunded by the issuance of this series of refunding bonds. Section 10. APPROVAL AND REGISTRATION OF BONDS BY STATE OFFICERS: That it shall be the duty of the Mayor of the City of Pearland, Texas, to submit the record of the bonds, and the bonds, to the Attorney Generalof the State of. Texas for examination and. approval, and thereafter to have them registered by the Comptroller o.f Public Accounts of the State of Texas. Said refunding undi.ng bonds shall not be registered, until and as a like principal amount of the time warrants being refunded thereby have been surrendered for exchange and cancellation. As and when sa..id underlying time warrants are surrendered to said Comptroller of Public Accounts, whether in. one or more installments, he is authorized and directed to deliver the refunding bonds authorized by this ordinance in like amount or amounts to the holder or holders of the time warrants surrendered. Section 11. DUTIES OF CITY OFFICERS: That the Mayor and City Secretary of the City o.f Pearland are hereby authorized and directed to do any and all things necessary or convenient to carry out the terms and provisions of this ordinance. Section 12, EFFECTIVE DATE OF ORDINANCE: That this ordinance shall become effective and be in full force upon and after its adoption, and it is so ordained. PASSED AND APPROVED this 3rd day of May, 1965 ATTEST 67 pity ecretary, City of Pearland, May,+', City of Pearland, ..exa.s Texas (SEAL) THE STATE OF TEXAS § COUNTY OF BRAZOR.:I:A. § I, the undersigned, City Secretary of the City of Pearland, Texas, do hereby certify that the attached and fore- going is a true and correct copy of an ordinance adopted by the City Council of said City at a meeting thereof held on the 3rd day of May, 1965, together with an excerpt from the minutes of said meeting showing the adoption of said ordinance, as same appears of record in the official minutes of said City Council on file in my office. WITNESS MY HAND AND THE OFFICIAL SEAL OF SAID CITY, this the 3rd day of May, 1965. i City Secre ar. City ty of Pearland, Texas (SEAL)