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HomeMy WebLinkAboutORD 11.13.1905 - BondsA N 0 R D I N A N C E. Adopting the provisions of Article 471 et seq., Revised Statutes of Texas, 1895, 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 annually and of sufficient amount to pay the annual interest and to create a sink- ing 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 George- town, 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 Re- funding School House Bonds" be issued under and by virtue of said Arti- cle 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, 1894, numbered from 8 to 21, inclusive, aggregat- ing $14,000. 3. Said bonds shall be numbered consecutively from 1 to 14, inclu- sive, shall be of the denomination of One Thousand ($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 City at any time after rive years from their date, pro - Ali 2. 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 semi-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 sur- render 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 Ua.yor and countersigned by the ffity Secretary and the seal of the City shall be impressed on each of themO. The fac simile signatures of the Mayor and City Secretary may be lithographed on the coupons. 9. It is further ordained by said City Council that to pay the in- terest 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 un- til said bonds and interest are paid, and the tax of nine cents on the one hundred dollars levied by this Council for the year 1905, by ordi- nance passed on the 12th day of December, 1904, to pay the interest and create a sinking fund on x'15,000 bonds issued under ordinance of July 132 1894, since which levy $1,000 of said bonds has been paid, leaving outstanding $14,000 being the bonds to be refunded by this series of bonds, is hereby appropriated and set aside to pay the interest and cre- ate the necessary sinking fund for these refimding bonds for the current year, and the same having been assessed, shall be collected and so ap- plied; and said tax is hereby levied for each year hereafter while said bonds are outstanding, and the same shall be annually assessed and col- lected and applied to the purposes named. 117 3. 10. Said bonds shall be executed in the form and shall contain re- citals, substantially as follows: UNITED STATES OF ALMRICA, STATE OF TEXAS, COU27TY OF WIMIAMSON, CITY OF GEORGE+TOPJN REFU23DING SCHOOL HOUSE BONDS. No. $10000.00 The City of Georgetown, 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 the 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 with interest thereon from date hereof at the rate of five per cent per annum, interest payable semi- annually on the l6th 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 reserves 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 redemp- tion 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 27. W. Harris and Company, Chicago, Illinois, at least six months before the date fixed for redemption, and should this bond not be presented for reder_iption the same shall cease to bear interest frok and after said date so fixed for redemption, This bond is one of a series of Fourteen Thousand 014,000,00) Dol- lar bonds, numbered consecutively from ote to fourteen inclusive, of the denomination of One Thousand ($11000.00) Dollars each, aggregating the 92 4. sum of Fourteen Thousand ($14,000.00) Dollars, issued for the purpose of refunding, canceling, and in lieu of certain outstanding bonds of said City known as public school building bonds, dated July 16th, 1894, num- bered from 8 to 21, inclusive, aggregating x`14,000.00, which bonds con- stitute an existing valid indebtedness 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 November,1905. The date of this bond, inconformity with said ordinance, is August 161 19059 and it is hereby certified and recited that all acts, condi- tions and things required to be done precedent to and in the issuance of this bond, have been properly done, happened and performed in regular and due form as required by law, and that the total indebtedness of said City, including, this bond, does not exceed the constitutional or statu- tory limitation. Countersigned (Signed) Geo. Keahey, Secretary. R. E. Ward, Mayor. 11. That the interest coupons to be attached to said bonds shall be in substantially the following form, to -wits No, 125.00 On the day of 190Y, the City of Georgetown, Texas, will pay to bearer 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, No. Countersigned Geo. Keahey, Secretary. (Signed) R. E. Ward, Mayor of the City of Georgetown, Texas, 12. It is also ordained that R. R. Ward, Mayor, be authorized to take and have charge of said bonds pending their investigation by the Attorney all 5. General and registration by the Comptroller, and when approved by the Attorney General and registered by the Comptroller, the said R. F. 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 registered, the Comptroller of the State is hereby authorized to deliver them as direct - cd by the Mayor 12. That this ordinance shall take effect and be in force from and after its passage. Passed 13 day of November, A. D,. 1905. Approved 13 day of November, A. D. 1905. ATTEST; Geo. Keahey, R. F. Ward, City Secretary. Mayor of the City of Georgetown, Texas. 30 THE STATE Cly TEXAS, .x COUNTY 4y WILLIAMSON. ) it GRO. KRAHRY, City Secretary rof Kthe City of Georgetown, Texas, hereby certify that the foregoing is a true and correct copy of an Ordinance passed by the City Council of the City of Georgetown, Texas, on the 13 day of November, 1945. The following mem- bers being presents R. Z. Ward, Mayor; Aldermen Griffith, Hamilton! Hary rel, MolUroy and Starnes. -7 Approved by `the Mayor on the 13 day of Novem- ber, 1905, and of record on page 545, book of the minutes of said City Council, and in New Ordinance Book No, Q, Index BL. WITNBSS my hand and seal of the said City, this 14 day of November, 1945. ---e" I /" Dity leoritary.01ty of George%own, Texas. bl-