Ord. 0126 1966-06-27C ;`i5=/3
ORDINANCE AUTHORIZING THE ISSUANCE OF $605,000 GENERAL
OBLIGATION BONDS, SERIES 1966; PRESCRIBING THE TERMS
AND CONDITIONS THEREOF; LEVYING TAXES FOR THE PAYMENT
OF PRINCIPAL AND INTEREST THEREON; AWARDING THE SALE
AND EXCHANGE THEREOF; CONTAINING OTHER PROVISIONS
RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDI-
NANCE SHALL TAKE EFFECT UPON AND AFTER ITS ADOPTION
THE STATE OF TEXAS §
COUNTY OF BRAZORIA §
The City Council of the City of Pearland, Texas, convened
•
in
/A
session at the City Hall within said City on
the 2 h day of June, 1966, with the following members, and the
City Secretary, present, to -wit:
Lloyd C. Hawkins Mayor
Victor A. Nolen Alderman
Joe Dan Calvin Alderman
Basil L. Cogbill Alderman
E. A. Wasek Alderman
W. A. McClellan
�irra�nrrair
City Secretary
and the following member(s) absent, to -wit:
when, among other business, the following was transacted:
The Mayor introduced an ordinance which was read in full.
Alderman_, 0 14 , made a motion that the ordinance be
adopted as read. Alderman seconded the motion
for adoption of the ordinance. T e motion, carrying with it the
adoption of the ordinance, prevailed by the following vote:
AYES: Aldermen Nolen, Calvin, Cogbill,
Wasek and 222p5Igt and Mayor Hawkins.
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:
ORDINANCE AUTHORIZING THE ISSUANCE OF s605,000 GENERAL
OBLIGATION BONDS, SERIES 1966; PRESCRIBING THE TERMS
AND CONDITIONS THEREOF; LEVYING TAXES FOR THE PAYMENT
OF PRINCIPAL AND INTEREST THEREON; AWARDING THE SALE
AND EXCHANGE THEREOF; CONTAINING OTHER PROVISIONS
RELATING TO THE SUBJECT; AND PROVIDING THAT THIS ORDI-
NANCE SHALL TAKE EFFECT UPON AND AFTER ITS ADOPTION
WHEREAS, at an election held within the City of Pearland,
Texas, on the llth day of July, 1964, more than a majority of the
duly qualified resident electors of said City who owned taxable
property within said City and who had duly rendered the same for
taxation, voting at said election, voted in favor of the issuance
of the bonds of said City, as follows:
said bonds to
serially over
their date or
(a)
51,000,000 for the purpose of con-
structing permanent improvements,
enlargements and extensions to the
sanitary sewer system of said City,
(b) $500,000 for the purpose of con-
structing permanent improvements,
enlargements and extensions to the
waterworks system of said City, and
(c)
$100,000 for public building purposes,
to -wit: the construction and equip-
ping of a city hall, fire station, and
police station building, in and for said
City,
be payable from ad valorem taxation and to
a period of not exceeding forty (40) years
mature
from
dates and to bear interest at a rate or rates not
to exceed five per cent (5%) per annum; and
strict
WHEREAS, said election was called and held under
and in
conformity with the Constitution and laws of the State of
Texas, and the City Council of said City has heretofore officially
declared the results of said election and has determined the spe-
cific authority of said City to issue said bonds and levy taxes in
payment thereof; and
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WHEREAS, said City has heretofore issued its S800,000
Waterworks and Sanitary Sewer System Improvement Bonds, Series
1964, being $150,000 waterworks system bonds and $650,000 sani-
tary sewer system bonds, as a portion and first installment of
the said $1,600,000 total authorized bonds, leaving the remain-
ing
350,000 waterworks system tax bonds, the remaining
sanitary sewer system tax bonds and the
350,000
100,000 public building
bonds authorized at said election of July 11, 1964, to be issued,
sold and delivered at a later date;
WHEREAS, this City Council now deems it advisable to
issue, sell and deliver (a)
150,000'of the remaining
350,000
waterworks system tax bonds and (b) all of the remaining
sanitary sewer system tax bonds, leaving the remaining
350,000
200,000
waterworks system tax bonds and the $100,000 public building
bonds to be issued at a later date; and
WHEREAS, this City Council 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 inclu-
sive, in the denomination of $1,000 each,
aggregating 8105,000, 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 6-15-198.5/92
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 this City
Council an the 23rd day of May, 1966, notice has heretofore
been published in the manner and for the time required bylaw of
the intention of said City Council to adopt an ordinance on the
27th day of June, 1966, to authorize the issuance of the refunding
bonds of said City in the maximum amount of
105,000, for the pur-
pose 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 per cent (10%) 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 8105,000 of the hereinafter described bonds
in lieu of the said outstanding Time Warrants and the City Council
is of the opinion that itis to the best interest of the City of
Pearland, Texas, that said Time Warrants be refunded; Therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
PEARLAND, 'TEXAS.
SECTION to
1.01 - RECITATIONS IN PREAMBLE° That the matters and facts
recited in the preamble of this ordinance are hereby found and
declared to be true and correct.
1.02 - NAME, AMOUNT, PURPOSE AND AUTHORIZATION That the serial
coupon bonds of the City of Pearland, Texas, to be known and
designated as "CITY OF PEARLAND, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1966", be issued in the principal amount of $605,000
($150,000 being a portion and the second installment of $500,000
waterworks system bonds and $350,000 being a portion and the
second and final installment of $1,000,000 sanitary sewer system
bonds, all voted at an election held in said City on July 11,
1964, $800,000 of said voted authorization having been previously
issued), for the purpose of constructing permanent improvements,
enlargements and extensions to the waterworks and sanitary sewer
systems of the City, under and by virtue of the Constitution and
laws of the State of Texas, including particularly Chapters 1 and
7 of Title 22, Revised Civil Statutes of Texas, 1925, as amended,
and as authorized at the election held in and throughout said City
on the llth day of July, 1964, and for the purpose of refunding,
cancelling and in lieu of said City's Waterworks System Time War-
rants, Series 1964, dated June 15, 1964, now outstanding in the
aggregate principal amount of $105,000, under and by virtue of
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
2001 - DATE, BOND NUMBERS, DENOMINATION AND MATURITIES: That
said bonds
secutively
ination of
shall be dated June 1, 1966, shall be numbered con -
from 1 to 121, both inclusive, shall be in the denom-
S5,000 each, and shall become due and payable serially
in their numerical order on June 1st in each of the years 1971 to
1995, both inclusive, in the respective amounts shown in the
following schedule, to -wit:
Bond Numbers Year of Amount
(both incl.) Maturity Maturing
1 - 2 1971 $ 10,000
3 - 4 1972 lo,000
5 - 6 1973 10,000
7 - 8 1974 lo,000
9 - l0 1975 lo,000
11 - 12 1976 10,000
.13 - 15 1977 15,000
16 _ 18 .1978 15,000
19 - 21 1979 15,000
22 - 24 1980 15,000
25 - 27 1981 15,000
28 - 30 1982 15,000
31 - 33 1983 15,000
34 - 36 1984 15,000
37 - 42 1985 30,000
43 - 48 1986 30,000
49 - 54 1987 30,000
55 - 6o 1988 30,000
61 - 66 1989 30,000
67 - 72 1990 30,000
73 - 79 1991 35,000
8o - 86 1992 35,000
87 - 93 1993 35,000
94 - in 1994 40,000
102 121 1995 100,000
2.02 - OPTION OF PRIOR REDEMPTION: The City expressly reserves
the right to redeem Bonds Nos, 49 to 121, both inclusive, of this
issue, in whole or in part, on June 1, 1986, 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 such 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
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 redemp-
tion 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 redemp-
tion.
SECTION 3:
3.01 - INTEREST RATES AND::INTEREST PAYMENT DATES: That said bonds
shall bear interest per annum at the following rates, respectively,
to -wit:
Bonds Nos. 1 to 16 1 , both inclusive, • -0 %,
Bonds Nos.Z to '7'7 , both inclusive,
Bonds Nos. g5 to
both inclusive,I ..]0 o,
Bonds Nos • 6 f to 7c%' , both inclusive,,
Bonds Nos. to /Z% , both inclusive,4•-D
interest payable December 1, 1966, and semi-annually thereafter
on June 1 and December 1 in each year until the principal sum is
paid.
3.02 - MEDIUM AND PLACE OF PAYMENT: That both principal of and
interest on said bonds shall be payable, without exchange or col-
lection charges to the owners or holders of said bonds and/or the
interest coupons appurtenant thereto, at the First City National
Bank of Houston, Houston, 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. The principal of such bonds shall be payable only upon
presentation and surrender of said bonds as they respectively be-
come due, and interest falling due on and prior to the respective
maturity dates of the bonds shall be payable only upon presenta-
tion and surrender of the interest coupons attached to said bonds
as such coupons severally become due.
SECTION k
EXECUTION OF BONDS AND INTEREST COUPONS: That the facsimile of
the official seal of said City shall be printed, engraved, litho-
graphed or stamped on each of said bonds, and each of said bonds
shall be signed by the Mayor and countersigned by the City
Secretary of said City by their printed, engraved, lithographed
or stamped facsimile signatures, and the interest coupons attached
to said bonds shall also be executed by the facsimile signatures
of the Mayor and City Secretary. Said facsimile seal on the bonds
and said facsimile signatures on the bonds and interest coupons
shall have the same effect as if the official seal of the City
had been manually impressed upon each such bond and as if the
Mayor and City Secretary had in person and manually signed each
such bond andinterest coupon, The registration certificate of
the Comptroller of Public Accounts of the State of Texas, which
certificate is to be printed upon the back of each of said bonds
as hereinafter provided in Section 7 of this ordinance, shall be
manually subscribed.
SECTION 5
FORM OF BONDS: That said bonds shall be in substantially the
following form:
No. $5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF BRAZORIA
CITY OF PEARLAND, TEXAS,
GENERAL OBLIGATION BOND, SERIES 1966
FOR VALUE RECEIVED, the CITY OF PEARLAND, in the County
of Brazoria, in the State of Texas, hereby acknowledges itself
indebted to and PROMISES TO PAY TO BEARER ON THE 1ST DAY OF JUNE,
19 , the sum of
FIVE THOUSAND DOLLARS
($5,000), and to pay interest thereon from the date hereof at the
rate of % (NOTE TO PRINTERg For interest rates, see Section
3.01 of bond ordinance) per annum, interest payable December 1,
1966, and semi-annually thereafter on June 1 and December 1 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
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 fall-
ing 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, 1966.
THIS BOND IS ONE OF A SERIES OF 121 SERIAL COUPON BONDS
of like tenor and effect except as to serial number, interest rate,
maturity and option of prior redemption, being numbered .consecu-
tively from.:1 to 121, both inclusive, in the denomination of $5,000
each, aggregating $605,000 ($150,000 being a portion and the second
installment of $500,000 waterworks system bonds and 5350,000 being
a portion and the second and final installment of $1,000,000 sani-
tary sewer system bonds, all voted at an election held in said City
on July 11, 1964, $800,000 of said voted authorization having been
previously issued), and, together with the other bonds of said
series, is issued for the purpose of constructing permanent
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improvements, enlargements and extensions to the waterworks and
sanitary sewer systems of the City, under and by virtue of the
Constitution and laws of the State of Texas, including particu-
larly Chapters 1 and 7 of Title 22, Revised Civil Statutes of
Texas, 1925, as amended, and as authorized at the election held
in and throughout said City on the llth day of July, 1964, and
for the purpose of refunding, cancelling and in lieu of said City's
Waterworks System Time Warrants, Series 1964, dated June 15, 1964,
now outstanding in the aggregate principal amount of $105,000,
under and by virtue of 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, and pursu-
ant to an ordinance duly passed and adopted by the City Council of
said City, which ordinance is of record in the minutes of said City
Council.
THE CITY OF PEARLAND EXPRESSLY RESERVES THE RIGHT TO REDEEM
BONDS NOS. 49 TO 121, BOTH INCLUSIVE, of this issue, in whole or
in part, on June 1, 1986, and on any interest payment date there-
after, by paying to the owners or holders thereof a sum equal to
the principal amount of the bonds called for redemption plus un-
paid accrued interest thereon to the date fixed for redemption.
If the City elects to redeem all or any part of such 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 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
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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,
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that the
issuance of this bond and the series of which it is a part, is
duly authorized by law; that all acts, conditions and things
required to be done precedent to and in the issuance of this bond
and this series of bonds 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 the payment
of the principal of and interest on this bond and the series of
which it is a part, by the levy of a direct annual ad valorem
tax upon all taxable property within said City sufficient for
said purposes; 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.
THE HOLDER OR HOLDERS OF BONDS NOS, 1 TO 21, BOTH INCLU-
SIVE, OF THIS ISSUE shall be subrogated to all the rights and
privileges belonging to the holder or holders of the Time Warrants
refunded by said Bonds Nos. 1 to 21, both inclusive, except as may
be provided by the ordinance authorizing the issuance of this series
of bonds.
IN TESTIMONY WHEREOF, the City Council of the City of
Pearland, Texas, has caused the facsimile of the corporate seal
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of said City to be printed, engraved, lithographed or stamped
hereon, this bond to be signed by the Mayor and countersigned by
the City Secretary by their printed, engraved, lithographed or
stamped facsimile signatures, and the annexed coupons also to be
signed by said facsimile signatures of the Mayor and City Secre-
tary, all as of the 1st day of June, 1966.
Mayor, City of Pearland, Texas
COUNTERSIGNED:
City Secretary
SECTION 6:
FORM OF INTEREST COUPONS: That the interest coupons to be at-
tached to said bonds shall be in substantially the following form:
No.
$
ON THE 1ST DAY OF ,.19 ,* THE CITY OF PEARLAND,
in the County of Brazoria, State of 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 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, General Obligation
Bond, Series 1966, bearing the number hereinafter specified, dated
June 1, 1966. Bond No,
City Secretary
Mayor
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*(Coupons maturing after June 1, 1986, shall
contain the following additional clauses
unless the bond to which this coupon
appertains has been called for re-
demption and due provision made to
redeem same,)
SECTION 7e
REGISTRATION OF BONDS BY STATE COMPTROLLER AND FORM OF REGISTRATION
CERTIFICATE° That each of said bonds shall be registered by the
Comptroller of Public Accounts of the State of Texas, as provided
by law, and the registration certificate of the said Comptroller,
which certificate is to be printed upon the back of each of said
bonds and is to be manually executed, shall be in substantially the
following forma
OFFICE OF THE COMPTROLLER
REGISTER:NO,
THE 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 required
by law; 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, of Brazoria
County, Texas; and said bond has this day been registered by me,
WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas,
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Comptroller of Public Accounts
of the State of Texas
SECTION 8:
SUBROGATION OF RIGHTS: That, except as provided in this ordi-
nance, the holder or holders of Bonds Nos. 1 to 21, both inclu-
sive, authorized by this ordinance shall be subrogated to all
the rights and privileges belonging to the holder or holders of
the underlying time warrants which are being hereby refunded.
SECTION 9
INTEREST AND SINKING FUND - TAX LEVY: That there is hereby
created a special fund to be designated "City of Pearland, Texas,
General Obligation Bonds, Series 1966, Interest and Sinking Fund",
and the proceeds from all taxes levied, assessed and collected for
and on account of the time warrants being refunded hereby and for
the bonds authorized by this order, shall be deposited into said
Fund. That while said 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 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
taxableproperty within said City sufficient to pay the current
interest thereon and to create a sinking fund of not less than two
per cent (2%) of the original principal amount of said bonds or of
not less than the amount required to pay the principal 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 principal of and interest on said bonds
and for no other purpose,
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OF BONDS: That the sale to
CkAa \A:
SECTION 10:
APPROVAL AND REGISTRATION OF BONDS BY STATE OFFICERS: That it
shall be the duty of the Mayor of said City, or someone acting
under authority of said Mayor, to submit the record of said bonds,
and the bonds, to the Attorney General of the State of Texas for
examination and approval, and thereafter to have such bonds
registered by the Comptroller of Public Accounts of the State of
Texas.
SECTION 11:
SALE OF BONDS, SURRENDER OF UNDERLYING TIME WARRANTS AND DELIVERY
e
s
of Bonds Nos. 22 to 121, both inclusive, aggregating $500,000 of
the bonds hereby authorized, at a price equal to the principal
amount of said bonds, plus accrued interest thereon from the date
thereof to the date of actual delivery, plus a cash premium of
, subject to the unqualified approving opinion, as
to their legality, by the Attorney General of the State of Texas,
and Vinson, Elkins, Weems & Searls, Houston, Texas, market attor-
neys, is hereby authorized, approved, ratified and confirmed.
None of the bonds hereby authorized shall be registered until all
of the $105,000 Time Warrants being refunded have been surrendered
to and cancelled by the Comptroller of Public Accounts. When said
Time Warrants have been so cancelled, and when all of the bonds
hereby authorized have been approved by the Attorney General of
Texas and registered by the said Comptroller of Public Accounts,
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the said Comptroller is hereby authorized and respectfully
requested to deliver all said bonds hereby authorized to The
American National Bank of Austin, Austin, Texas, for the
account of said City, and Bonds Nos, 1 to 21, both inclusive,
aggregating $105,000, shall be delivered to the holder or
holders of said Time Warrants, and Bonds Nos. 22 to 121, both
inclusive, aggregating $500,000, shall be delivered to the
named purchaser upon receipt of the full purchase price.
SECTION 12:
DUTIES OF CITY OFFICIALS: That the Mayor and the City Secretary
of said City and other appropriate officials of the City are
hereby authorized and directed to do any and all things neces-
sary and/or convenient to carry out the provisions of this
ordinance.
SECTION 13:
EFFECTIVE DATE OF ORDINANCE: That this ordinance shall take
effect and be in full force upon and after its adoption, and it
is so ordered,
PASSED AND APPROVED, this 27th day of June, 1966.
ATTEST:
City Secretary,
City of Pearland, Texas
(SEAL)
Mayor, City of Pear land, Texas
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