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HomeMy WebLinkAboutMin - City Council - 1954 - 06/29 - Special CalledSpecial Meeting Town Council June 29, 1954 With the following members present: V.B. Watson, Mayor O.E. Lynge, Alderman T.H. Cundiff, " Glenn Butler, " E.L. Leach, " W.E. Ford, " Motion by W.E. Ford sec. by Glenn Butler for Mr. Fowler to place legal notice advisement for bids on water pumping facilities. All in favor. June 29, 1954 The Town Council of the Town of Allen, Texas meeting as a Board of Equalization for the purpose of adjusting the rendition of property taxes within the Town of Allen. Time of Meeting: 8:00 pm Place: City Hall Hearings: None Adjourned: 9:00 pm Present: V.B. Watson, Mayor O.E. Lynge, Alderman T.H. Cundiff, " R.G. Butler, " E.L. Leach, " W.E. Ford, " THE STATE OF TERAS COUNTY Cr COLLIN TOWN OF ALLEN On this the _J_9 dqy of Jure, 1954, the Town Council of the Town of Allen, Terms, convened in Special Meeting, at the regular stating place, with the following members present, to-crit: Mr. Y. H. Watson, Mayor, 0. E. Lyngs, T. H. Cundiff, Glenn Butler, Aldermen, E. L. Lesch, t W. E. Ford, A. C. Story, Town Secretary, with the following absent: I�A� constituting a quorum of the City Council, at which time the following proceedings were had: Alderman F introduced a resolution and made a motion that it be adopted. The motion was seconded by Aldermeu3 . The motion carrying with it the adoption of the resolution prevailed by the following vote: AYES: Aldermen Lynge, Cundiff, Butler, leach and Ford and Mayor Watson. Now! None. The resolution as passed 1s as follows: RESOLUTION AUTHORIZING THE MAKING OF A CONTRACT WITH RMIMENCE TO THE DEPOSIT AND DISBURSEMENT OF FUNDS RECEIVED FROM TKR SALE OF TOWN OF ALLIIN, TEXAS, WATERWORKS SYSTEM REVENUE BONDS, SERIES 1954 AND WATERWORKS (TAX SUPPORTED) BONDS, SERIES 1954. WHEREAS, the Town Council of the City of Allen, Texas, has passed ordinances authorising the issuance of Town of Allen Waterworks System Revenue Bonds, Series 1954, $55,000.00, and Waterworks System Tax Bonds, Series 1954, $25,000.00; and WHEREAS, for reasons stated in the form of contract hereinafter prescribed, the contract should be entered into between this Tam and the purchasers of said bonds vi`h reference to the deposit and the disbursement of funds derived from the sale of said bonds; BE IT RESOLVED BY THE TOWN COUNUIL OF THE TOWN OF ALLEN, TEXAS: I. That a contract be entered into between the Town of Allen and the purchaser of the 'Lown of Allen, Texas, watervorks System Revenue Bonds, Series 1954, in substantially the following Form: Thr WATR OF TRiAS COUM Or cou.IN , TMX AGMSMT entered into on this the day of June, 1954, bstsesa the Tose of Allen, Collin County, Teas, hereinafter called "Tam" and N. A. Hogberg and Co., Inc., at' Dallas, Tomes, hereinafter called "Coepogy, and the Central National hank, McKinney, Tomes, hereinafter called "Hand"; WITS UNTHf W RtRAR, an the 7th day of Juane, 1954, the Town Council of the ro n of Allen, 'leas, passed an ordinance autbordsing the iesuseet of $55,OOo•00 of Town 01Allen, Tens, Watersorks System Revenue Hoods, Revise 1954, dated June 1, 1954, for the purpose of purchasing, droving and exteading s vaterrorks system for said Tons; and dHKU 8, said bonds art payable solely from the at rewaws Of such hiatarvorks Sy*tem, and the purchaser of said Bonds and the suboagwsnt holders thereof should be assured of the application of the proceeds of the bads W the proceeds of the, tax supported bonds hereinafter mentioned to ter soete plated impeavements and extenaiem in accordance with wund eagiaer- nog and *concede practice to the and that the net revenues will be sufficient to M said Revenue Bonds; sod WMMEA.9, the Company has agreed to purchase the $55,OW.00 of Revenue Ronda ca tb condition that a portion of the proceeds from the sale thsseot and the proceeds of the Toon of Allen Waterworks Systan Tar Heads, Series 1954, dated JUDO 1, 1954, $25,000.00, will be deposited in a special fund and disbursed Y provided in this Agreement; IT L9 AM= MOVED THE PARfINS R$Ni'f0 AN PoUarsn I. $ 64, ',00. 0 of principal Yount received from the *ale of the two issues of Sonde above described will be deposited in the Suck in a fund to be called "Town of Aller, 'P*xY,Natarvorks System Construction Fund. SI. The Ranh ogrees to mews such lad as required by low for ..curing public funds by pledging direct obl4ptioas of the etched States Oewarnment in the amount always equal in market value to the total amount of said Fund and further agrees to deliver said securities to the Hank, . Texas, to be held by It subject to the order and for the account of the Bank and the Town in accordance with the terms and conditions of this Agreement. III. It is further agreed that the Bank shall from time to time, if and -- the occasion arises, have the right to withdraw all or any of such securities at any time by substituting other United States obligations of equal value. Also it is understood and agreed that the Bank shall from time to time have the right to witbdraw such amount or amounts of the securities pledged to the extent that the market value of such securities exceeds the amount on deposit in said Fund; and it is further understood that the Hank is not to pay interest on any of said funds so deposited or which may come into the possession of the Bank under this Agreement. IV. The Town &gees that it will not disburse any money from said fund except in payment of clatme for improvements and extensions of the Waterworks System approved by Koch b Fowler, Consulting Engineers for the Town, and by the Town Council, as hereinafter provided. In the event Koch \ Fowler shall cease to act as Consulting Engineers prior to the completion of such construction, the Town will employ another Engineer approved by the Company. The term "Engineers" as used in this contract shall even Koch \ Fowler or an Engineer subsequently employed by the Town Council will the approval of the Company. The Engineers shall be the agent and employee of the Town only. V. The Engineers shall approve claims fon material furnished only to the extent that such material has been furnished and delivered to the City. They shall approve claims for contract work and other work in on aammt not In excess of the value of the work to the Town at the time of the approval of the claim. In approving claims, the Engineer $ball certify to the Tara that the material has been delivered to the Town, or that the work Performed dam to the date of claim is at least as each in value as the amount of the Claim. In the purchase of land or essemeats, the iagiasers need only to Certify that such laud or easement is necessary for the construction of the improvements or extensions. The Town Council shall approve only such chime as are approved by the Engineers and then only If it finds that the /ogineers' certificates ars Correct. Vi. Altar MPproval of claims by the Engineers and the Town Council, as above provided, the Mayor and the Town Secretary shall issue ahseks against said Trod for the paynant of such claims, and it is expressly agreed that no checks shall be issued against said fund except for the pgaeat of alaim so opgrowd. Said checks shali be signed by the Mayor an4 Tam Secretary and be countersigned by the Engineers. VII. After the completion of the jupro emsats and extensions Of the System, and after the enginesre have certified satisfactory eempletien thereof, the resaiadsr in said Fund, itany, may be transferred to the Interest and Sinking Fund or the tax bond issue and the Smargency Fund of the Revenue Boni issue in proportion to the amounts of said issues. VIII. The Bank agrees that it will pay no money out of said Fund except nPOO checks signed by the XWGr and '1'wn Secretary and countersigned by the Magineers. IX. This agreement is made on behalf of the purchaser of the Revenue Bonds above dsacrioad and the subsequent holoers thereof, and all subsequent holders of said uonda shall be entitled to all rights and remedies cedar this contract the asks as though they were originally named parties rein. I11 YIMM iUUW, the Parties hereto have caused this Instrument to be executed by their duly authorised officers and attested utdsr the hand and Seal of their respective duly authorized officers. TOWN Q ALLU, TUM BY Msyor MIST: Tbvn Secretary M. A. HAaM* & CO., INC., BY President CEWMAL WIORAL SARK ➢Y President ATImt Cashier. 2. That said contract shall be signed by the Mayor on behalf of the Town, and sbaLl be attested by the Town Secretary, and the corporate seal of this City shall be impressed thereon. ADOPTED AND APPROVED this the day of June, 1954. Mayor, Town o ATTEST: win ecretary, Town ofd Texas TRE STATE OF TEXAS COUNTY OF COLLIN TORR OF ALLU I, the undersigned, 'form Secretary of the Town of Allen, Texas, do hereby certify that the above and foregoing is a true, full and correct copy of a resolution adopted by the Town Council of the Town of Allen, Texas (and of the minutes pertaining thereto) on the g _day of Jima, 1954, authorizing the making of a contract with reference to the deposit and disbursement of funds received from the sale of Town of Allen, Texas, Waterworks System Revenue Bonds, Series 1954, and Waterworks (Tax Supported) Bonds, Series 1954, which resolution is of record in the minutes of the Town Council. EXECUTED UNDER MY RAND and seal of said Town, this the 'L fdgy of June, 1954. Town Secretary, Town of Ajaen, Texas (WL) TRs sun or wils _ CDUM OF COLLO TOUN 0.' ALMI , 1, the undersigned•' Secretary of the Town of Allen, ti Tams, do hereby certifj that the t9 is a schedule of the income and expense of the waterworks syste®,(vhi weed by -/�.3- - (J CAZA�,�,) TfA4E ^- GVA�TcR d'Or _ it 11 for the Past rive yearn: . YEAR SHIM INWO mot= at asMM �p y,,34 3S13,15/ IS.ZD.�.S (- SD S•33y1 3671,Y0 2z41. Yf, 72 Y7 Z- X741 4 1 ,33 y�37 37-51 Z o MMUM W SO &M seal of said To ra this the day of Joos, 1954. G� 2� xetary, Town of n, Texas. (SEAL)