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HomeMy WebLinkAboutORD 01.01.1926 - Issuing of BondsAN ORDINANCE OF THE CITY OF 01.ORG1101AN, TIAAS, AUTHOLIZING TIM ISSTJIW OF BUNDS OF TT3 SAID CITY, IN M, FTilRCIFAL SUM OF S4b,000.00, TO BE DAIED JANUARYlST . 1926, AM TO Bt' Ili Dl%�KINATIUIIS OF 000.00 LACH, AND TO ID, 1UkBi,iY.D,Fh0V AND IbCLUSINN, U?,N TO MALTY. AND TO .2 DU1s SLRIALLY TIMEN XAaN YhAll IN THEIR NUI?1 R1CAL OhDIM, BI -GINNING 0ITH NUi,I3I.hS Vhlr, TWO AND TIUaa ON JANUARY I,ST, 1927, AD TNU3 CUh1 INU]N d T11,11, LACH YLAR Fi-O K SAID DATE. IN MIR NUVERICAL OWER UNTIL In I.MITS SLItILS AAS B?3Jt 1;AID; EACH OF THE SAID BUNDS '3O BF3AR IITMiUST VRUIt DARN AT FIVE FlsR CLI -T 1199 AWNUM. 1AYABLB : M61-0VU i.LLY (A T Iik..18T DAY OF JULY AM JANUARY; IETN' ST TU B!i; LVISJI^ &CED BY CUUk'UTM, I3lialI G INSEMST AFT3sk MATURITY AT TEL SAM RAT%. A TAX GF FIFThIN CI.NTS CM RACH $100.00 VALUATIuN LF IR6 ;,°RTY IN SAID CITY TO BIS UVDD AND CUL- LLCTED TO IAY fRINCII-AL Ahs? INIESkYST AS IT ?AMIS. IFIL 1ROC11'.D3 FUJI 'xhL IALZ OF SAID BU14DS TO M U.%.D IN TIS 1?AVINGi, DRAILING, BUILDING, INI,ItUV ING .011 NINO AND li IDhhI Iia : Ti:. ET S IN I M SAID CITY. It CLARING AN IJ& W.NCY. Shereas, at an election held in the said City of Georgetown, Texas, on the 30th day of bovember, A. D. 1925, a majority of the quali- fied voters, who were property tax ;.ayers of the said city, 'voting at t1te said election sustained the proposition to issue the bonds bar*. in deroribed for the principal sum of $45,000.00, by 232 affirmative votes for, and against 163 negative votes; carrying said election by a majority of 69 votes for the issuance of bonds: TIC-REFUkE , BE IT OFDAINID BY THE CI TY C UUN0 4 OF IRB CITY OF (11 UIGL T U'6 N, TEXAS Section 1. Tiat bonds of the said City to be called 'City of GeorEetown Friving Bonds" be issued under and by virtue of the o©nati- tution and laws of the State of sexas, and the previsions of this or- dinarioe, for the purpose of paving, draining, building, improving, or peeing and widening streets of the said City, in the principal sun of Forty Five Thouaand(450000.00)Lollarso section 2. That the said bonds shall be in denominations of $5UO.00 each, and shall be numbered consecutively from ons* to ninety, inclusive, and each shall be dated January lat. A. D. 1926. Section 3. That the said bonds shall be due and payable ser• sally, three each year, in their numerical order, beginning with num- bars one, two and three, on the let day of January, A. D. 1927., and continuing three each year from laid date, in their numerical order until the entire series has been paid; the said bonds being thirty year serial bonds. Section 4. that -tbe said bonds shall bear interest from date at f ire per cent (5%) per annum, payable semi-ar,r,ually on the let day of July and January of each year. That the said in/ereet is to be evi. danced by coupons that shall bear the same rate of interest from their maturity. Section 5. That the principal and interest on the said bonds &hall be paid on the presentation and surrender of bord or coupon,, at the office of the State Treasurer, at Auatin, Texas, or at the kochaniofs and Vetals National Bank* in the City of New 'York, at the option of the I{older. 13 Section 6. That each of the said bonds shall be signed by the kayor, aountenroigned by t%t City Clerk, and registered 'by the City Treasuresur, and shall be improeivead with the corporate seal of the "City of Georgetown, Texas". ectAon 7. That a facsimile signature of the Vayor and City Clerk of said City stay be lithographed upon the coulons attuchsd to the said bonds, and bllall gave the sauis effect .as it such coupons had bt,sn sigroed by these. flection 8. That to pay the interest an the said bonds as it baecoeies due, and to crtate a sinklrig fund sufficient to pay off and divehari;e the e. id bonds as they beeomb due, a tax of fif teeen(lb)4)Cents on each one Luriarod (*Iow.oU )il ollars of all F r o,,erty in said City, taxa- ble under Vie constitution and laws of U-6 State of lextio, small be annually levied on said pr,�perty, and oball be anrivally ansessed a6ainst the said, juroperty, and si.all bet arc uully collected until they said bonds and said interest is fully paid, and the said tax is bene and now lev- ied for the current year of 19k6, and for each suacteding year while the said bonds, or any of tl.em, are unpaid. and that the same shall be asseeseed and collected for the said current year, and annually thereafw ter, and api lied to the said purposo I erein named. section 9. That the form of tiro said bonds shall be substan- tially as iollows: MATE OF TLXAS, CO M TY CF kI LAMA. _UN. IQ, $500.000 The City of Goort-eetorrn,, pz.ving bonds. "OW ALL 1-h hY TPU SL That the City of Georgeetows , Texas, in the County of Williamson, :hate of Texas, a municipal cor- poration duly incorlorateed under tY:e laws of the Ltatee of texas. for value rc u tive:d, bortby prosy, r to pay to the otarer hereof on the let day of .lanuary, A. I). 1=v , _" , %bee sum ai Five Hundred($5U0.0U) Dollars, in lav tul money of tIAW i,ni ted Ptatev of America, with in- terest tt gran from date hcroof. at the rate of f ive per cent per an- num, interest payable ve a.i-arivually, on trials let day of .a my arA ; anu- ary of each year, princilal and interest payable peon the presentation and sarrcnder of frond or ,proper coupon at tt,o o#fice of the State Treas. urer, at Austin, Fee s, or at the ktciA►t4,,L4' u a.:aci e.e:tals National bank, in the City of New 'York, 8ta6t.te of No* Yorx, at the option of the hold- er. and the said City of Govrj;otore► is hereby finely bound, and its faith and credit, and all real and poresoral iroljerty in the said City are hereby pledged for tits pi ompt payment of U is bond and the inter- est tireereeon at ra►,turity. This bond is one of a atrios of ninety bonds, numbered from ins to nir>ety _nclusive. of the deromination of Viv+e Fundred(-5f,,(,.0Q, Dollars cw_L, akgregr--ting Forty_x rues is- sued for tt,e , &Arpose of laving, braining, builaing, improvix-44, vjovirg and wideoning streets of ti.a aui.d City, unwed under and by virtue d the constitution and lave of the State of ferxas, and in yurouance of I It an ordinaries passed by the City Coa:nczii of the &aid City of Georgetown, Texas, on the 14th day of Dect tuber, A. Do 18W.b, which ordinance Is of record in the Ordinance Leeords of U o said City. The said series of bonds are due and p&yable serially, tYzee each year in their numtrical order, number one, two and tares being due ; anuary let, 1927, and the remaining bonds of the aeries being payable in their numerical order, three each year therc;af ter until all are Laid. That .should this bond r.ot be presented for redemption, upon its maturity, tkw saris shall ce sae to bear intereat faoz and otter 0* said dote. IT Ib Rl.11BY C'1V1Ik`ICA 1;D ALD LI.CIT.I.D, that the issuance of this bond and tLe series of which it is a kart is duly authorised by law and by a vote of the duly qualified taxpaying voters of tine said City of Georgetown, Texas, voting at an elsotion for that purlcse with. in the said City, on the 30th day of hovemb+er, A. D. that all acts, conditions and thinks )required by lar+ to be done precedent to and in tLe, issuance of the said series of bonds, and at this bond, have been properly done and performed and have tai,pened in regular and due time, form and manner, as required by law, tLat sufficient andproper provi.► cions for U.e levy and col.eetion of taxes have been made, %blab shbn collercted shall be appropriated exclusively to the payment of this bond, and the series of which it is a part, and to the payment of the interest coupons Lere to annexed as the same aball become due; and tho total in- debtedness of said City of Georgetown, Texas, including the a nt ire se• rise of bonds of chich this is one, does not a.4ceed the ooY.stitutional and statutory limitation. 11 tITP"ESS tIT.I.BOY, the City of Georgetown. Texas, by its Counoia has caused its corporate seal iU be af.Ll"d bereto, and this bond to oa sijned by its kaLAor, and eountersigntd by its City Clerk, and registered by its City '�iuusurer, and the interest coupons hc;re'b attested to be executed by the 1itho6rapk,ed signatures o4 ' O.4ur and City Clerk, the date of this bond in accordance %ith Lk* c.rdinat.ce sue thorising same ting the let day cf January, A. D. M.A. C OUN 11 RS IGh ED: GE0. IMAIT. Y. CITY C!i c:K. 64IkN F. SFA IT.. 1:AYUJ-,, CITY VY 4a.Ue:G 'iULk, TF.XA$. hLG IS' 2,1 -ZD: .,T1.LLA bYT-Z0Y ITI �.r, 314; -b T-, K