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HomeMy WebLinkAboutORD 07.16.1894 - Bonds & Sinking FundAN 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 azid in lieu of certain bonds heretofore issued by the City of Georgetown, and providing for the levy and collection of a tax a,_rLnu- ally and of sufficient amount to pay the auzual interest aid. to create a sinking fu__d with which to pay said bonds at maturity. Whereas, the City of Georgetown, Texas, has=_eretofore issued and delivered the bonds hereinafter described, which said bonds are out- standing and constltute a valid and subsisting indebted--ness of said Ci ty; and 'Whereas said bonds are now onti onal, 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 Refiandi_ng 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, 1894, 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 Thousand ($1,000) Dollars each, aggregating the sun, of Fourteen Thousand ('14.,000) Dollars. 4. They shall be dated the loth day of August, 1905, shall become due and payable thirty years from their date, but may be redeemed at the pleasure of the Citr at any tame after five years from their date, pro- vided the said City shall give notice in writing at their place of pay- .rent of its purpose to redeem: said bonds at least six-nonths prior to such redemption. 5. They shall bear interest at the rate of five per cent per annu-m, payable semi -annually on the 16 th day of February and the 16 th 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, otherudse at the banking house of N. ,V- Harris and Compwny in the City of Chicago and State of Illinois. 7. Said bonds shall be signed by the Mayor and countersigned by the City Secretary acd the seal of the City shall be impressed on each of them. 8. The fac simile signatures of the Mayor aid City Secretary ?may be lithographed on the coupons. 9. It is farther ordained by the said City Council that to pay the interest on said bonds a_,-,-d create a sinking Band suffi ci ent to di scharg e them at maturity, a tax of nine (9 ) cents on each one 'hundred dollars valuation of all taxable property in said City of Georggetovn 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 Dec-,�:ber, 1904, to pay the interest and create a sinking Band on15,000 bonds issued under ordinance of July 13, 1394, since which levy 4'1,000 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 inter- est and create the necessary sine=ing fund for these ^eftiindinv bonds for the current year, and the same having been assessed, shall be collected a�� d so applied; and said tax is hereby levied for each year hereafter virile said bonds are outstanding, and the same shall be annually assessed and coll cted and applied to the purposes named. 10. Said bonds shall be executed in the form and shall contain recitals, substantially as follows: UYI TED STATES OF A MT, ERI CA STATE OF TEXAS COUNTY O F WILLI AMSON CITY OF GEORGETOWN R E F UN D I.N G SCHOOL HOU SE BONDS Pao • $1, 000 .00 The City of Geor`etown, in the County of '17i11iamson, in the State of Texas, a municipal corporation duly incorporated under the laws of the State of Texas, for value received, hereby promises to pa, 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 barking house of N. VV. Harris and Company in the City of Chicago and State of Illinois, the sum of One Thousand ($1,000.00) Dollars in lawful money of the United States of America, together witlL interest thereon_ from date hereof at the rate of five per cent per annum, interest payable semi-annually on the 16th 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- demption 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 14. Yv' • Harris and Company, Chicago, Illinois, at least six months before the date fixed for redemption, and should this bond not be presented for redemption the sage shall cease to bear in- terest from and after said date so fixed for redemption. This bond is one of a series of fourteen thousand ($14,000.00) Dol lar bonds, numbered consecutively from one to fourteen inclusive, of the denomination of One Thousand "('1,000.00) Dollars each, aggregating the sum of Fourteen Thousand (14,000.00) Dollars, issued for the purpose of refunding, canceling ar: in lieu of c rtain outsta_^ding bonds of said City known as "Public School Building Bonds" dated July 1S tYi, 1394, num- bered from 3 to 21, inclusive, aggregating14,000.00, rr'r_ich 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 Fovember, 1905. The date of this bond, in conformity with said ordinance is August 16, 1905, and it is hereby certified and recited that all acts, conditions 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, in- cluding this bond, does not exceed the constitutional or statutory limitation. Countersigned Geo. Keahey, R. E. yard, Secretary . TAT ayor.