Ord. 0310 07-14-75ORDINANCE NO. 310
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.
WHEREAS, the City Council of the City of Pearland has heretofore determined
that it would be in the best interest of the City to have emergency repairs made
on the existing water supply system of the City in order to assure an adequacy of
potable water for the forthcoming year, and for the general health and welfare of
the citizens of Pearland, and
WHEREAS, on the 2nd day of June, 1975, and pursuant to Article 2368a, Section
5, Vernon's Texas Civil Statutes, 1925, as amended, the City Council of the City
of Pearland, Texas, adopted a resolution authorizing and directing the giving of
notice of intention to issue Time Warrants of said City in the maximum principal
sum of $12,000.00, bearing interest at a rate not to exceed Six and one-half
(6 1/2%) per cent per annum and maturing serially over a period of years not to
exceed three (3) years from their date or dates, with a maximum maturity date not
later than July 1, 1978, for the purpose of evidencing the indebtedness of said
City for the total cost of the repair of Water Well No. 4 including the new pump
and all necessary equipment, labor, materials, supplies, machinery, tools, and
superintendence to connect it to the existing discharge piping. Also, to furnish
all necessary -labor, materials, supplies, machinery, tools and superintendence to
sterilize and perform production test on the newly installed pump unit, and
WHEREAS, said notice of intention has been given in the manner and for the
time required by law, and
WHEREAS, Such Time Warrants are necessary to provide for the immediate repair,
preservation and protection of public property, and the lives and health of the
citizens of the City of Pearland, therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1.
That all facts recited in the preamble of 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 the total cost of the repair of Water Well No. 4 including the new
pump and all necessary equipment, labor, materials, supplies, machinery, tools,
and superintendence to connect it to the existing discharge piping, as well as
furnishing all necessary labor, materials, supplies, machinery, tools, and super-
intendence to sterilize and perform production test on the newly installed pump
unit, there shall be issued the Time Warrants of said City in the principal sum of
$12,000.00, to be known and designated as "CITY OF PEARLAND WATERWORKS SYSTEM TIME
WARRANTS, SERIES 1975", in strict conformity with the Constitution and laws of the
State of Texas, particularly Chapter 163, Acts of the 42nd Legislature 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 July 1, 1975, shall be numbered consecutively'
from 1 to 12, both inclusive, shall be in the denomination of $1,000.00 each, ag-
gregating $12,000.00, shall bear interestat a rate not to exceed Six and one-half
(6 1/2%) per cent per annum, interest payable July 1, 1976, and annually thereafter.
on July 1st 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 Secretary 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 serially on the 1st day of July in each of the years
1976 to 1978, both inclusive, in the respective amounts shown in the following
schedule to -wit:
Warrant Nos.
Year of Amount
Maturity Maturing
1 - 4 1976
5 - 8 1977
9 - 12 1978
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:
$4,000.00
4,000.00
4,000.00
No.
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTIES OF HARRIS & BRAZORIA
CITY OF PEARLAND WATERWORKS
SYSTEM TIME WARRANTS
SERIES 1975
2.
THE CITY OF PEARLAND, in the Counties of Harris and Brazoria,.State'of Texas,.
for value received, acknowledges itself indebted to and hereby PROMISES TO PAY TO
BEARER ON THE FIRST DAY OF JULY, 19 , the sum of
ONE THOUSAND DOLLARS
($1,000.00), with interest thereon from the date hereof until the principa
s paid
at the rate of per cent ( %) per annum, interest payable July 1, 1976,
and annually thereafter on July 1st 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 Secretary 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 12 SERIAL TIME WARRANTS of like tenor
and
effect, except as to serial numbers and maturity, being numbered consecutively
from 1 to 12, both inclusive, in the denomination of $1,000 each
aggregating
$12,000, and together with the other warrants of this series, is issued for the
purpose of evidencing the indebtness of said City for all or any part of the cost
of constructing permanent improvements, additions, repairs, extension, and
modifications, to the City of Pearland, Texas, Waterworks System, including personal
and professional services rendered in connection therewith and other incidental
expenses in connection therewith, under and in strict conformity with the Con-
stitution and laws of the State of Texas, including particularly Chapter 163,
Acts of the 42nd Legislature of Texas, Regular Session, 1931, as amended, compiled
as Article 2368a, Section 5, 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
IS July 1, 1975.
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 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
3.
has been made for levying and collecting
to pay the interest on these warrants as
sinking fund for the final redemption of
of the series of warrants, of which this
annually by taxation an amount sufficient
it falls due and to create and provide a
said warrants at maturity; that the issue
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 July 1, 1975.
Mayor, City of Pearland, Texas
COUNTERSIGNED:
City Secretary, City of Pearland, Texas
(SEAL)
Section 6.
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 delinquencies 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. .
4.
Section 8.
That this ordinance shall be effective after its passage and approval upon
second and final reading.
PASSED AND APPROVED on FIRST reading this //day of
A.D. 1975.
Mayor, City of Pearland, Texas
i
City Secretary, ty of Pearland, Texas
PASSED AND APPROVED on SECOND and FINAL reading this day of
A. D. 1975.
Mayor, City of Pearland, Texas
City Secretary, City of Pearland, Texas
City Attorney