Ord. 0290 08-12-74ORDINANCE NO.
290
AN ORDINANCE AUTHORIZING THE ISSUANCE OF STREET
IMPROVEMENT 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, Texas,
has determined and hereby determines and declares, that it is
necessary and desirable for the City to construct permanent street
improvements within certain areas of the City in which 5.0% of the
residents, and 30% of abutting property owners on any street, or
600 foot portion thereof, have agreed to participate with the City
in the cost of said improvements, and
WHEREAS, the terms and conditions of participation as
expressed in the City of Pearland Street Paving Policy, Resolution
No. 73-5 make it necessary for the City to construct the indicated
streets and pay for all materials prior to billing the residents
along such streets for their participation cost, and
WHEREAS, certain property owners who will not participate
with the City in street improvements will be assessed for the
improvements in accordance with applicable State Statutes thereby
making it necessary for the City to finance certain portions of
the project for a period of time, and
WHEREAS, the City Council has accepted petitions from
the citizens desiring street improvements in accordance with
Resolution No. 73-5, thereby making it necessary and desirable
to expedite these street improvements by the issuance of additional
time warrants of the City for the purpose of evidencing the in-
debtedness of the City to pay part of the cost of said improvements
as heretofore expressed; an.d
WHEREAS, on the 24th day of June, 1974, and pursuant to
Article 2368a, Section 6, 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 $60,000.00, bearing interest at a rate not to
exceed a maximum of six and one-half (6 1/2%) percent per annum
and maturing serially over a period of years not to exceed Six
(6) years from their date or dates, with a maximum maturity date
not later than August 1, 1981, for the purpose of evidencing the
indebtedness of said City for all or any part of the cost of
constructing permanent street improvements within certain areas
of the City, in which 50% of the residents, and 30% of abutting
property owners on any street, or 600 foot portion thereof, have
agreed to participate by special assessment with said City in
the cost of said improvements, as expressed in the City of Pearland
Street Paving Policy, Resolution No. 73-5, dated the 22nd day
of January, 1973, including personal and professional services
to be rendered in connection therewithand other incidental ex-
penses in connection therewith; and
WHEREAS, said notice of intention has been given in the
manner and for the time required by law; therefore
TEXAS:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PEARLAND,
Section I.
That all facts recited in the preamble to this ordinance
are hereby found and declared to be true and correct.
Section II,
That for the purpose of evidencing the indebtedness of
the City of Pearland, Texas, for all or any part of the cost of
constructing permanent street improvements within certain areas
of the City in which 50% of the residents, and 30% of the property
owners on any street, or 600 foot portion thereof, have agreed
to participate, by special assessment, with the city in the cost
of said improvements, as expressed in the City of Pearland Street
Paving Policy, Resolution No. 73-5, dated the 22nd day of January
1973, including personal and professional services to be rendered
in connection therewith and other incidental expenses in connection
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therewith, there shall be issued the Time Warrants of said City
in the principal sum of $60,000.00, to be known and designated
as "CITY OF PEARLAND STREET IMPROVEMENT TIME WARRANTS, SERIES 1974",
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, Section 6, Vernon's Texas Civil Statutes, 1925, as amended.
SECTION III.
That said Warrants shall be dated August 15, 1974, shall
be numbered consecutively from 1 to 60, both inclusive, shall
be in the denomination of $1,000.00 each, aggregating $60,000.00,
shall bear interest at the rate not to exceed a maximum of six
and one-half (6 1/2%) percent per annum, interest payable August
1, 1975, and annually thereafter on August 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 August in each
of the years 1975 to 1980, both inclusive, in the respective
amounts shown in the following schedule, to -wit:
Warrant Nos.
(both incl.)
1 - 10
11 20
21 - 30
31 - 40
41 - 50
51 -160
Year of Amount
Maturity Maturing
1975 $ 10,000,00
1976 10,000.00
1977 10,000.00
1978 10,000.00
1979 10,000.00
1980 10,000.00
SECTION IV.
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,
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SECTION V.
That said Warrants shall be in substantially the following
form:
NO. $1,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTIES OF BRAZORIA & HARRIS
CITY OF PEARLAND STREET IMPROVEMENT
TIME WARRANTS
SERIES 1974
The City of Pearland, in the Counties of Brazoria and
Harris, State of Texas, for value received, acknowledges itself
indebted to and hereby. PROMISES TO PAY TO BEARER ON THE FIRST
DAY OF AUGUST, 197 , the sum of
ONE THOUSAND DOLLARS
($1,000) with interest thereon from the date hereof until the
principal is paid at the rate of percent
per annum, interest payable August 1st, 1975, and annually there-
after on August 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 60 SERIAL TIME WARRANTS
of like tenor and effect, except as to serial number and maturity,
being
the denomination of $1,000.00 each,
together with the other warrants of
numbered consecutively from 1
to 60, both inclusive, in
aggregating $60,000.00, and
this series, is issued for the
purpose of evidencing the indebtedness of said City for all
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or any part of the cost of constructing permanent street improve-
ments within certain areas of the City, in which 50% of the
residents, and 30% of abutting property owners on any street, or
600 foot portion thereof, have agreed by special assessment to
participate with the City in the costs of said improvements, as
expressed in the City of Pearland Street Paving Policy, Resolution
No. 73-5, dated the 22nd day of January, 1973, including personal
and professional services rendered in connection therewith and
other incidental expenses in connection therewith, under and in
strict conformity with the Constitution 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 6, Vernonts 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 AUGUST 15, 1974.
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 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 August 15, 1974.
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Mayor, City of Pearland, Texas
COUNTERSIGNED:
City Secretary, City of Pearland, Texas
(SEAL)
SECTION VI.
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 interst on said Warrants and to create and provide a
sinking fund of not less than two percent (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 purpbse,
SECTION I.I.
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 VI'II,
That this ordinance shall be effective after its passage
and approval upon second and final reading.
PASSED AND APPROVED on FIRST reading this ZZ_ day of
, A. D. 1974.
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Mayor, City of Pearland, Texas
ATTEST:
City Secreta
PASSED AND APPROVED ON SECOND AND FINAL reading this.
/a day of
ATTEST)
City Secretar
, A. D. 1974,
c „d
ibr
Mayor, City of Pearland, Texas
Effective Date;
,P- /2,
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