HomeMy WebLinkAboutORD 11.13.1905 - Article 471 StatutesA N O R D I N A N C E
Adopting the provisions of Article 471 et seq., Revised Statutes
of Texas, 18959, and authorizing the issuance of bonds for the purpose
of canceling and in lieu of certain bonds heretofore issued by the City
of Georgetown, and providing for the levy, and collection of a tax annu-
ally and of sufficient amount to pay the annual interest and. to create
a sinking fund with which to pay said bonds at maturity.
Whereas, the City of Georgetown, Texas, has heretofore issued and
delivered the bonds hereinafter described, which said bonds are out-
standing and constitute a valid and subsisting indebtedness of said
City; and
Whereas said bonds are now optional, and the City desires to refund
the same by issuing new bonds bearing a lower rate of interest;
Therefore,Be it ordained by the City Council of the City of
Georgetown, Texas: '
1. That Article 471 et seq., Revised Statutes of Texas, 1895, be
and the same are hereby adopted.
2. That the bonds of said City to ,be called "City of Georgetown
Refunding School House Bonds" be issued under and by virtue of said
Article 471 et seq., for the purpose of refunding, canceling and in lieu
of certain outstanding bonds of said City known as "Public School
Building Bonds," dated July 16, 1€394, numbered from 8 to 21, inclusive,
aggregating $14,000.
3. Said bonds shall be numbered consecutively from 1 to 14, in-
clusive, shall be of the denomination of One Thouaw-id {1,000) Dollars
each, aggregating the sum of Fourteen Thousand ($14,000 Dollars.
4. They shall be dated the 16th day of August, 1905, shall become
due and payable thirty years from their date, but may be redeemed at the
pleasure of the Cite at any time after five years, from their date, pro-
vided the said City shall give notice in writing at their place of pay-
ment of its purpose to redeem said bonds at least six months prior to
such redemption.
5. They shall bear interest at the rate of five per cent per
annum, .payable pemi-annually on the 16th day of February and the 16th
day of August of each year.
6. Principal and interest shall be payable on presentation and
surrender of bonds or proper coupon at the office of the Treasurer of
the State of Texas, if sold to the State, otherwise at the banking house
of N. W. Harris and Company in the City of Chicago and State of Illinois.
. 7. Said bonds shall be signed by the Mayor and countersigned by
the City Secretary and the seal of the City shall be impressed on each
of them.
8. The fac simile signatures of the Vayor and City Secretary may
be lithographed on the coupons.
9. It is further ordained by the said City Council that to pay the
interest on said bonds and create a sinking fund sufficient to discharge
them at maturity, a tax of nine (9) cents on each one hundred dollars
valuation of all taxable property in said City of Georgetown shall be
annually levied on said property and annually assessed and collected
until said bonds and interest are paid, and the tax on nine cents on
the one hundred dollars levied by this Council for the year 1905, by
ordinance passed on the 12th day of DFCember, 1904, to pay the interest
and create a sinking fund on $15 000 bonds issued under ordinance of
July 13, 1894, since which levy 1,000 of said bonds has been paid,
Oil
leaving, outstanding; $14,000 being the bonds to be ref ended by this
series of bonds, is hereby appropriated and set aside to pay the inter-
est and create the necessary sinkirg fund for these refunding bonds for
the current year, and the same having been aasesaed, shall be collected
and so applied; anal said tax is hereby levied for each year hereafter
while said bands are outs tandin, , and the same shall be annually assessed
and collected and applied to the purposes named.
10. Said bonds shall be executed in the form and shall contain
recitals, substantially as follow:
UNITED STATES OF AMERICA
S T A T E O F T E X A S
0 0 U N T Y 0 F W I L L I A M S O N
C I T Y O F 0 E 0 R G E T O W N
REFUNDI,VG S 0 H 0 0 L HOUSE BONDS
No. �.�.. t10000.00
rhe City of Geor-etown, in the County of Williamson,, in the State
of Texas, a municipal corporation duly incorporated under the laws of
the State of Texas, for value received, hereby promises to pay to the
bearer thirty years from the date hereof, at the office of the Treasurer
of the State of Texas, if sold to the State, otherwise at the banking house
of N. W. Harris and Company in t le, City of Chicago and State of Illinois,
the sum of One Thousand 01,000.00) Dollars in lawful money of the United
States of America, together witti interest thereon from date hereof at the
rate of five per cent per annum, interest payable semi-annually on the leth
day of February and the 16th day of August of each year upon presentation
and surrender of the proper coupon at place of payment.
The City of Georgetown.. Texas, hereby reserved the right to redeem
this bond at any time after five years from its date by paying principal
and accrued interest, and in case the same shall be called in for re-
damption before maturity., notice thereof in writing shall be given to
the Treasurer of the State of Texas, if sold to the State, otherwise to
the banking house of N. VA • Harris and Company, Chicago, Illinois, at
least six months before the cd-,te fixed for redemption, and should this
bored not be presented for redemption the same shall cease to bear in-
terest from ar°d after said date so fixed for redemption.
This bond is one of a sf?ries of fourteen thousand (t,14,000.00) Dol-
lar bonds, numbered consecutively from one to fourteen inclusive, of the
denomination of One Thoueeas-id ('l,0",0.00) Dollars each, a _regating the
sum of Fourteen Thousand ($149,000.00) Dollars, issued for the purpose of
refunding, canceling aarl in lieu of cE�rtain outstanding brands of said
City known as "Public School .Buildirr, Bonds" dated July 16th, 19,04, num-
bered from S to 21, incluelve, a, >reg ating $14,000.00, which bonus con-
stitute an existing valid ind.ebto,1-!eos of said City under and by virtue
of the Constitution and laws of the State of Texas, and an ordinance passed
by the City Council of said City on the 13th day of Movember, 1905.
The date of this band, in conformity with said ordinance is August
1,, 1005, and it is hereby certifi.e,:i and recited that all acts, conditiors
and things required to be (lone precedent to and in the issuance of this
bond, have been properly done, happened and performed in regular and due
fora as required by law, and that the total indebtedness of said City, in-
cluding this bond, does not excead the constitutional or statutory
limitation.
Countersigned
Geo. Keah.ey, R. E. Beard,
Secretary. ayor.
Ay
11. That the interest coupons to be attached to said bonds shall
be in substantially the following form, to -wit:
No. J25.00
On the day of 190—,, the City of
Georgetown, Teras will pay to Fearer at the office of the Treasurer of
the State of Texas, if sold to the State, otherwise at the banking
house of N. W. Harris and Company in the City of Chicago and State of
Illinois, $25.00 lawful money of the United States, being six months'
interest on its, `City of Georgetown, Refunding School House Bonds dated
Aug 16 , 1905, N o . .�...._.._.
Countersigned
Geo. Keahey. R. E. Ward,
Secretary. Mayor of the City of
Georgetown, Texas.
12. It is also ordained that R.' E. Ward,, Mayor, be authorized to
take and have charge of said bonds pending their investigation by the
Attorney General and registration by the Comptroller, and when approved
by the Attorney General and registered by the Comptroller, the said R.
E. Ward shall see to the proper disposition of the bonds here issued#
and shall see to the application of the proceeds from the sale of said
bonds, to the payment of the old bonds, and when the new bonds are reg-
istered as directed by the Mayor.
13. That this ordinance shall take effect and be in force from
and after Its passage.
Passed 13th day of November, A. D. 1905.
Approved 13th day of November, A. D. 1905.
ATTEST:
Geo. Keahey. R. E. Ward,
City Secretary. Mayor of the City of
Georgetown, Texas.
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