HomeMy WebLinkAboutORD 04.10.1922 - Street BondsAN ORDINANCE by the City Council of the City of Georgetown, Texas, au-
thorizing the issuance of bonds for the principal sum of $85,000.00, for
the purpose of building, paving and improving the streets of the said City,
and providing for the levy, assessment and collection of a tax of twenty-
seven(27) cents on the one hundred dollars' valuation of all taxable pro-
perty within the limits of said City to pay the interest and create a sink-
ing fund for the redemption thereof, and prescribing the form of bond( and
declaring an emergency).
WHEREAS, at an election held in the City of Georgetown, on the 25th day
of March, 1922, a majority of the qualified voters, who are property tax-
payers of the City of Georfetown,voting at said election, sustained the
proposition to issue the bonds hereinafter described for the principal sum
of $15,000.00, by a vote of 314 affirmative votes, and which carried by
a majority vote of 38 in favor thereof, being "for the issuance of bonds." -
THEREFORE, BE IT ORDAIhU,D BY THE CITY C01MIS ION(or Council) OF THE
CITY OF GEORGETOWN : '
Section 1. That the bonds of said City, be called "City of George-
town Street Bonds," be issued under and by virtue of Chapter J.,Title 18,
R. S. 1911, and Chapter 9, General Laws, 37th Legislature, Regular Ses-
sion, 1921, and the constitution and laws of the State of Texas, for the
purpose of building, paving and improving the streets, of said City, in
the principal sum of eighty -Five Thousand($85000.00) DOLLARS.
Section 2. That said bonds shall be numbered consecutively from one
to 85, inclusive, shall be of the denomination of One Thousand( 1000.00)
Dollars, each, aggregating the sum of Bighty-Five ghousand($85,000.00)
Dollars.
Section 3. That they shall be dated the lst day of June, 1922, shall
become due and payable forty(40) years from their date, but may be redeem-
ed at the pleasure of the City at any time after ten(10 ) years from their
date.
Section 4. That they shall bear interest at the rate of five per cent
per annum, payable semi-annually on the lst day of June and December, of
each year.
Section 5. That the principal and interest of said series of bonds
shall. be payable on presentation and surrender of bond or proper coupon,
at the office of the State Treasurer, Austin, Texas, or at the Merchants
and Metals National Bank, in the City of New York State of New York, at
the option of the holder.
Section 6. That each of said bonds shall be signed by the Mayor,
countersigned by the City Secretary, and registered by the City Treas-
urer, and the corporate seal of the "City of Georgetown, Texas," shall O
be impressed upon each of them. ,,y,rn�;
Section 7. That the facsimile signature of the Idayor and City
Secretary may be lithographed on the coupons attached to said bonds,
and shall have the same effect as if they had been signed by them.
Sect.lon 8. 'The form of said bonds shall be substantially as
follows:
No. $1000.00
UNITIM STATE OF AI11MICA.
State of Texas,
County of Williamson.
The City of Georgetown Street Bond.
KNOW ALL MN BY TEESE PLC SEITTS: That the City of Georgetown, in the
County of Williamson, State of Texas, a municipal corporation, duly
incorporated under the laws of the State of Texas, for value receiv-
ed, hereby promises to pay to the bearer hereof on the lst day of
June, 1962, the sum of One Thousand($1000.00)DOLT,4RS, in lawful money
of the United States of America, with interest thereon from date here-
of at the rate of five per cent per annum, interest payable semi-an-
nually on the lst day of June, and the let day of December, of each
year, principal and interest payable upon presentation and surrender
of bond or proper coupon at the office of the State Treasurer, Austin,
Texas, or at Merchants and Metals National Bank, in the City of New
York, State of New York, at the option of the holder, and the City of
Georgetown, is hereby and firmly bound, and it's faith and credit, and
all real and personal property in said City, are hereby pledged for
the prompt payment of the principal of this bond and the interest there-
on at maturity.
This bond is one of a series of 85 bonds, numbered from 1 to 85,
inclusive, of the denomination of One Thousand($1000.00)DOLLARS, each,
aggregating Eighty -live Thousand(085,000.00)DOLLARS, issued for the
pur_)ose of building, paving and improving the streets of said City,
under and by virtue of Chapter 1, Title 18, R. S. 1911, and Chapter 9,
General Laws, 37th Legislature, Regular Session, 1921, and the consti-
tution and laws of the State of Texas, and in pursuance of an ordinance
passed by the City Council of the City of Georgetown, Texas, on the loth
day of April, 1922, liihich ordinance is of record in the Ordinance Re-
cords of said City.
The City of Georgetown reserves the option of redeeming this bond
at any time after ten years from it's date by paying principal and ac-
crued interest Hereon, and in case the same shall be called in for re-
demption before rnlaturity, notice thereof in writing shall be given to
the holder or holders thereof by the City Secretary of said City, at
least thirty days before the date fixed for redemption, and should this
bond not be presented for redemption, the same shall cease to bear in-
terest from and after the date so fixed, for redemption.
IT IS HERIJ3Y CERTIFIED AND RECITED, That the issuance of this
bond, and the series of which it is a part, it duly authorized by
law and by a vote of the qualified property taxpaying voters of
the City of Georgetown, Texas, voting at an election held for that
purpose within said City on the 25th day of March, 1922, that all
acts, conditions and things required to be done precedent to and in
the issuance of this Ccries of bonds, and of this bond, have been
properly done and performed and have happened in regular and due
time, form and mariner, as required by law; that sufficient and pro-
per provision for the levy and collection of ta,t,-es has been made,
which when collected shall be appropriated exclusively to the pay-
ment of this bond, and of the series of which it is a part, and to
the payment of the interest coupons hereto annexed as the same shall
bboome due; and that the total indebtedness of said City of George-
town, including the entire series of bonds of which this is a►.ne,does
not exceed any constitutional or statutory limitation.
IN WITNESS VVIUPP,EOF, the City of Georgetown, by it's council
has caused it's corporate seal to be affixed hereto, and this bond
to be signed by it's mayor, and the interest coupons hereto attached
to be executed by the lithographed signatures of the Mayor and the
City Secretary; the date of this bond, in conformity with the or-
dinance above referred to, being the lst clay of June, 1922. (v)
JNO . 11. S11ARPE .
MAYOR, CITY OF GEORGhlTOWN, TEXAS,
COUNTERSIGNED:
KEGIS` EHL'D:
GEO. KEAHEY
CITY Si�'CftL'TARY.
C ITY TSUHI,R,
Section 9. The form of the coupon shall be substantially as
follows:
NO. ON the day $25.00 (w)
of , 1922.
The City of Georgetown, Texas, will pay to bearer at the
office of the State Treasurer, Austin, Texas, or at the hierchants
and :[`;ietals National .Bank, in the City of New York, State of New
York, the sum of Twenty-five( .p25.00)DOLIAliS, in lataful money of the
United States of lmerica, ( ) being six months' interest on the
City of Georgetown, Street Bond No. , dated June 1st, 1922.
JNO. M. SHARPE.
MAYO R �
GEO. KFAHEY
CITY SEC10;TARY.
I
Section 10. The foll_ot,,,ing certificate shall be printed on the
back of each bond:
Office of Comptroller,
State of Texas.
I hereby certify that there is on file and of record in my
office, a certificate of the Attorney General of the State of
Texas, to the effect that this bond has been exaiined by him as
reh-uired by law and that it has been issued in conformity with
the constitution and laws of the State of Texas, and that it is a
valid and binding obligation upon said City, of Georgetown, Texas,
and said bond has this day been registered by me.
Witness my hand and seal of office, at }Tustin, Texas, this
the _ day of _ ---_-- 1922.
COMPTROLLER OF PtTBLIC ACCOUNTS CI' THE' STATE
OF TEXAS,
Section 11. It is further ordained by the City Council of the
City of Georgetown, Texas, that to pay the interest on said bonds
and .,reate a sinking fund sufficient to discharge them at maturity,
a tax of twenty-seven(27/)Cents on each One Hundred Dollarbl valu-
ation of all taxable property in said City of Georgetown, Texas,
shall be annually levied on said property, and annually assessed,
and collected until said bonds and interest trjereon are �_Iaid, and
said tax is here now levied for the current year 1922, and for each
suceeding year, while --aid bonds are outstanding, and the same shall
be assessed and collected for the current year and annually there-
after, and applied to the purpose named.
Section 12. It is further ordained that L. J. Dimmitt, the lUay-
or of said City, and his successors in office, shall be authorized
to take and have charge of all r-j.ecessary records pending investiga-
tion by the Jttorney General and s�-aj_1 take and have charge and con-
trol of the bonds herein authorized pending ti.eir approval by the
Attorney General and registration i.,y the Lomptroller of Public Ac-
counts.
Section 13. The fact that the City of Georgetown, Texas, is
badly in need of st,ceet improvement, and which improvement is neces-
sary and will be to the 'best interests and general welfare of the
said City, create an emergency and an imperative public necessity
that the rule requiring ordinances to be read on. _ separate
days before final passage, be suspended, and such rule is hereby
suspended, and it is ordained that this ordinance shall take effect
and be ir) force immediately upon it's passage approval.
4
Passed and approved this the loth day of April, 1922.
Approved: JNO. M. SHARPE..
Mayor, City of Georgetown, Texas.
Attest:
GEO. KEAHEY,
City Secretary.
JI