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.
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Dity leoritary.01ty of George%own,
Texas. bl-