Ord. 0354 03-28-77ORDINANCE NO. 354
AN ORDINANCE AUTHORIZING THE ISSUANCE OF FIRE TRUCK 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 increase its
fire fighting capability through the purchase of a new Pumper Fire Truck, and
WHEREAS, on the loth day of January, 1977, 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 $75,000.00, bearing interest at a rate not to
exceed Six and one-half (61/2%o) per cent per annum and maturing serially over a
period of years not to exceed five (5) years from their date or dates of their
issuance for the purpose of evidencing the indebtedness of said City for all or
any part of the cost of the purchase of said Pumper Fire Truck, 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
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 I
That all facts recited in the preamble of 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 the purchase of a Pumper
Fire Truck by the City of Pearland, Texas, 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 $75,000.00, to be known and designated as "City of Pearland
Pumper Fire Truck Time Warrants, Series 1977", 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 III
That said warrants shall be dated July 1, 1977, shall be numbered
consecutively from 1 to 15, both inclusive, shall be in the denomination of
$5,000.00 each, aggregating $75,000.00, shall bear interest at a rate of Six and
one-half (61/2%) per cent per annum, interest payable July 1, 1978, 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 1978 to 1982, both inclusive, in the respective amounts
shown in the following schedule to -wit:
Warrant Nos.
Year of Maturity Amount Maturing
1 - 3 1978 $15,000.00
4 - 6 1979 15,000.00
7 - 9 1980 15,000.00
10 - 12 1981 15,000.00
13 - 15 1982 15,000.00
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.
SECTION V
That said warrants shall be in substantially the following form:
NO. $5,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTIES OF HARRIS $ BRAZORIA
CITY OF PEARLAND PUMPER FIRE TRUCK
TIME WARRANTS SERIES 1977
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
FIVE THOUSAND DOLLARS
($5,000.00), with interest thereon from the date hereof until the principal is
paid at the rate of per cent ( ) per annum, interest payable
July 1st, 1978, 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 Untied States of
America, at the office of the City Secretary of the City of Pearland, Texas, with-
out 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 15 SERIAL TIME WARRANTS of like tenor
and effect, except as to serial numbers and maturity, being numbered consecutively
from 1 to 15, both inclusive, in the denomination of $5,000.00 each, aggregating
$75,000.00, 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 the purchase of a Pumper Fire Truck 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 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
mentioned, IS JULY 1, 1977.
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 July 1, 1977.
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 interest on
said warrants and to create and provide a sinking fund of not less than two (2%)
per cent 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 VII
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 VIII
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 ti
A. D., 1977.
ATTEST:
Mayor, City of Pearland, Texas
PASSED AND APPROVED on SECOND and FINAL READING this nu day of
azjkiiel
, A. D., 1977.
Mayor, City of Pearland, Texas
ATTEST:
ty Secretary
d
Effective Date:
77