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HomeMy WebLinkAboutO-64-5-65ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS THE STATE OF TEXAS COUNTY OF COLLIN TOWN OF ALLEN WHEREAS, the bonds hereinafter authorized were duly and favorably voted, as required by the Constitution and laws of the State of Texas, at elections held in said Town on the 3rd day of August, 1963 and the 7th day of September, 1963; and WHEREAS, out of the bonds voted at the election held on September 7, 1963, the following previously have been issued and delivered: $50,000 out of a voted total of $200,000 for the purpose of improving and extending the Town's Sewer System, represented by the bonds of Series 1964; and WHEREAS, the bonds hereinafter authorized are to be issued and delivered pursuant to Vernon's Article 823. THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF ALLEN: Section 1. That said Town's coupon bonds to be designated the "Town of Allen General Obligation Bonds, Series 1965," are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas in the principal amount of $100,000 for the purpose of providing $50,000 for the improvement of the streets of said Town and $50,000 for the purpose of improving and extending the Town's Sewer System. Section 2. That said bonds shall be dated June 1, 1965, shall be numbered consecutively from 1 through 100, shall be in the denomination of $1,000 each, and shall mature and become due and payable serially on June 1 in each of the years, and in the amounts, respectively, as set forth in the following schedule: YEARS AMOUNTS YEARS AMOUNTS 1966 $2,000 1981 $4,000 1967 2,000 1982 4,000 1968 2,000 1983 4,000 1969 2,000 1984 4,000 1970 2,000 1985 4,000 1971 2,000 1986 4,000 1972 2,000 1987 4,000 1973 2,000 1988 4,000 1974 2,000 1989 4,000 1975 2,000 1990 4,000 1976 3,000 1991 5,000 1977 3,000 1992 5,000 1978 3,000 1993 5,000 197.9 3,000 1994 5,000 1980 3,000 1995 5,000 Section 3. That as to said bonds scheduled to mature on and after June 1, 1986, said Town shall have the right and option to redeem such bonds prior to their scheduled maturities, in whole, or in part -on June 1, 1985, or on any interest payment date thereafter, for the principal amount thereof plus accrued interest to the date fixed for redemption. At least thirty days before the date fixed for any such redemption, the Town shall cause a written notice of such redemption to be published at least once in a financial publi- cation published in the City of New York, New York. By the date fixed for any such redemption, due provision shall be made with the paying agent for the payment of the principal amount of the bonds to be so redeemed, plus accrued interest thereon to the date fixed for redemption. If the written notice of redemption is published, and if due provision for payment is made, all as provided above, the bonds, which are to be so redeemed, thereby automatically shall be redeemed prior to maturity, and they shall not bear interest after the date fixed for redemption, and shall not be regarded as being outstanding except for the purpose of receiving the funds so provided for such payment. x Section 4. That said bonds shall bear interest from their date, until maturity or redemption, at the following rates: all bonds scheduled to mature during the years 1966 through 1975 ----------------------- 4-1/2% per annum; all bonds scheduled to mature during the years 1976 through 1985 ----------------------- 4-5/8% per annum; all bonds scheduled to mature during the years 1986 through 1995 ----------------------- 4-3/4% per annum; with said interest to be evidenced by interest coupons payable on June 1, 1966, and semi-annually thereafter on each December 1 and June 1. Section 5. That the principal of and interest on said bonds shall be payable to bearer, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of proper bond or interest coupon, at/�/FpC,p,/7i.cc Ng s;�.,ic� R�i.� ,¢r ,/7/3,c�a-S ;24A_1_fFS Texas, which place shall be the paying agent for said bonds. Section 6. That each of said bonds and interest coupons shall be signed by the imprinted or lithographed facsimile signature of the Mayor of said Town and counter- signed by the imprinted or lithographed facsimile signature of the Town Secretary of said Town, and the official seal of said Town shall be impressed, or printed, or lithographed on each of said bonds. Section 7. That the form of said bonds, including the form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas to be printed and endorsed on each bond, and the form of the interest coupons to be attached to said bonds, shall be, respectively, substantially as follows: N0, (FORM OF BOND) UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF COLLIN TOWN OF ALLEN GENERAL OBLIGATION BOND SERIES 1965 $1,000 On June 1, 19_, the Town of Allen, in the County of Collin, State of Texas, promises to pay to bearer the principal amount of ONE THOUSAND DOLLARS and to pay interest thereon, from the date hereof, at the rate of _% per annum, evidenced by interest coupons payable on June 1, 1966, and semi-annually thereafter on each December 1 and June I while this bond is outstanding. The principal of this bond and the interest coupons attached hereto shall be payable to bearer, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this bond or properinterest coupon, at the Texas, which place shall be the paying agent for this Series of bonds. This bond is one of a Series of coupon bonds dated June 1, 1965, issued in the principal amount of $100,000 for the purpose of providing $50,000 for the improvement of the streets of said Town and $50,000 for improving and extending the Town's Sewer System. The bonds of this Series scheduled to mature on and after June 1, 1986, may be redeemed prior to their scheduled maturities, in whole, or in part, at the option of said Town, on June 1, 1985, or on any interest payment date thereafter, for the principal amount thereof plus accrued interest to the date fixed for redemption. At least thirty days before the date fixed for any such redemption the Town shall cause a written notice of such redemption to be published at least once in a financial publication published in the City of New York, New York. By the date fixed for any such redemption, due provision shall be made with the paying agent for the payment of the principal amount of the bonds to be redeemed, plus accrued interest thereon to the date fixed for redemption. If the written notice of redemption is published, and if due provision for such pay- ment is made, all as provided above, the bonds, which are to be so redeemed, thereby automatically shall be redeemed prior to maturity, and they shall not bear interest after the date fixed for redemption, and shall not be regarded as being outstanding except for the purpose of receiving the funds so provided for such payment. It is hereby certified and recited that this bond has been duly and validly voted, authorized, issued, and delivered in accordance with the Constitution and laws of the State of Texas; that this bond is a general obligation of said Town, issued on the full faith and credit thereof; and that the ad valorem taxes, upon all taxable property in said Town, necessary to pay the interest on and principal of this bond, as such interest comes due, and such principal matures, have been pledged irrevocably for such purpose, within the limit prescribed by law. In witness whereof, this bond and the interest coupons attached hereto have been signed by the imprinted or lithographed facsimile signature of the Mayor of said Town and countersigned by the imprinted or lithographed facsimile signature of the Town Secretary of said Town, and the official seal of said Town has been duly impressed, or printed, or lithographed on this bond. Town Secretary, Town of Allen Mayor, Town of Allen (FORM OF REGISTRATION CERTIFICATE) COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO. I hereby certify that this bond has been examined, certified as to validity, and approved by the Attorney General of the State of Texas; and that this bond has been registered by the Comptroller of Public Accounts of the State of Texas. Witness my signature and seal this Comptroller of Public Accounts of the State of Texas (FORM OF INTEREST COUPON) NO._ On , 191 the Town of Allen, in the County of Collin, State_of Texas, promises to pay to bearer, unless due provision has been made for the redemption prior to maturity of the bond to which this interest coupon is attached, the amount of Dollars, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this interest coupon at Texas, said amount being interest due that day on the bond, bearing the number hereinafter designated, of that issue of Town of Allen General Obligation Bonds, Series 1965, dated June 1, 1965. Bond No. Town Secretary Mayor de Section B. That a special fund or account, to be designated the "Town of Allen General Obligation Bonds, Series 1965, Interest and Sinking Fund" is hereby created and shall be established and maintained by said Town at its official depositor; bank. Said Interest and Sinking Fund shall be kept separate and apart from all other funds and accounts of said Town, and shall be used only for paying the interest on and principal of said bonds. All taxes levied and collected for and on account of said bonds shall be deposited, as collected, to the credit of said Interest and Sinking Fund. During each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid, the Town Council of said Town shall compute and ascertain the rate and amount of ad valorem tax, based on the latest approved tax rolls of said Town, with full allowances being made for tax delinquencies and costs of tax collections, which will be sufficient to raise and produce the money required to pay the interest on said bonds as such interest comes due, and to provide a sinking fund to pay the principal of such bonds as such principal matures, but never less than 2% of the original principal amount of said bonds as a sinking fund each year. Said rate and amount of ad valorem tax is hereby ordered to be levied and is hereby levied against all taxable property in said Town for each year while any of said bonds or interest coupons appertaining thereto are outstanding and unpaid, and said ad valorem tax shall be assessed and collected each such year and deposited to the credit of the aforesaid Interest and Sinking Fund. Said ad valorem taxes necessary to pay the interest on and principal of said bonds, as such interest comes due, and such principal matures, are hereby pledged irrevocably for such purpose, within the limit prescribed by law. Section 9. That the Mayor of said Town is hereby authorized to have control of said bonds and all necessary records and proceedings pertaining to said bonds pending their delivery and their investigation, examination, and approval by the Attorney General of the State of Texas, and their registrat by the Comptroller of Public Accounts of the State of Texas. Upon registration of said bonds, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate prescribed herein to be printed and endorsed on each bond, and the seal of said Comptroller shall be impressed, or printed, or lithographed on each of said bonds. Section 10. That said bonds are hereby sold in laccordance with law and shall be delivered to Walker, Austin & lWaggener, Dallas, Texas, for the principal amount thereof and laccrued interest to the date of delivery. ORDINANCE NO ,tj�. CERTIFICATE FOR BOND ORDINANCE THE STATE OF TEXAS COUNTY OF COLLIN TOWN OF ALLEN We, the undersigned officers of said Town, hereby certify as follows: 1 The Town Council of said Town convened in _MEETING ON THE t,PDAY OF MAY, 1965, at the it�y Hall and the roll was called of the duly consti- tuted officers and members of said Town Council, to -wit: A. C. Story, Town Secretary G. T. Jones, Mayor B. J. Enloe R. B. Whisenant Dan Strong Jimmy Gantt Ken Posey, Jr. and all of said pppe�rsons were present, except the following absentees: thus constituting;a quorum. Whereupon, among other business, the following was transacted at said Meeting: a written ORDINANCE AUTHORIZING THE ISSUANCE OF TAX BONDS was duly introduced for the consideration of said Town Council and read in full. It was then duly moved and seconded that said Ordinance be passed; and, after due discussion, said motion, ca`;rying with'it the passage of said Ordinance, prevailed and carried by the following vote: AYES: All members of said Town Council shown present above voted "Aye." NOES: None. 2. That a true, full, and correct copy of the aforesaid Ordinance passed at the Meeting described in the above and fore- going paragraph is attached to and follows this Certificate; that said Ordinance has been duly recorded in said Town Council's minutes of said Meeting; that the above and foregoing paragraph is a true, full, and correct excerpt from said Town Council's minutes of said Meeting pertaining to the passage of said Or- dinance; that the persons named in the above and foregoing para- graph are the duly chosen, qualified, and acting officers and members of said Town Council as indicated therein; and that each of the officers and members of said Town Council was duly and sufficiently notified officially and personally, in advance, of the time, place, and purpose of the aforesaid Meeting, and that said Ordinance would be introduced and considered for passage at said Meeting, and each of said officers and members consented, in advance, to the holding of said Meeting for such purpose. 3. That the Mayor of said Town has approved, and hereby approves, the aforesaid Ordinance; that the Mayor and the Town Secretary have duly signed said Ordinance; and that the Mayor and the Town Secretary of said Town hereby declare that their signing of this Certificate shall constitute the signing of the attached and following copy of said Ordinance for all purposes. SIGNED AND SEALED the kday of/ay' 1965. Secreta M yor