O-57-10-65(ORDINANCE NO. S
AN ORDINANCE CONFIRMING CONTRACT AND AUTHORIZING
ISSUANCE OF $15,000.00 "CITY OF ALIEN, TEXAS, STREET
IMPROVEMENT WARRANTS" DATED DECEMBER 1, 1965•
On this the 21st day of October, 1965, the Council
of the City of Allen, Texas, convened in regular session
at the regular meeting place thereof in the City Hall,
at which meeting the Mayor and all Councilmen were
present and in attendance, at which time the following,
among other proceedings, was transacted, to -wit:
Councilman t.a,.TT introduced a
proposed Ordinance. The Ordinance was read in full.
Councilman _?o Se.! made a motion
that any rule requiring ordinances to be read at more
than one meeting be suspended, and the motion was seconded
by Councilman The motion carried
unanimously.
Councilman &,&n 'rt" made a motion that
the Ordinance be passed finally. The motion was
seconded by Councilman �Pf and
carried unanimously.
The Mayor announced that the Ordinance had been
finally passed. The Ordinance is as follows:
ORDINANCE NO. 5
AN ORDINANCE BY THE COUNCIL OF THE CITY OF ALLEN, TEXAS,
CONFIRMING THE CONTRACT BY AND BETWEEN SAID CITY AND
MC INERNEY ASPHALT PAVING COMPANY FOR THE CONSTRUCTION
OF STREET IMPROVEMENTS, TO -WIT: CURB AND GUTTER, BASE
STABILIZATION AND SURFACING OF CERTAIN STREETS IN THE
CITY OF ALLEN, TEXAS; AUTHORIZING THE ISSUANCE OF 6%
TIME WARRANTS IN THE PRINCIPAL OF $1$,000.00 PAYABLE
TO SAID CONTRACTOR OR BEARER FOR THE PURPOSE OF FINANCING
ALL OR A PORTION OF THE COST OF SUCH CONSTRUCTION;
PRESCRIBING THE FORM OF THE WARRANTS, AND FORM OF INTEREST
COUPONS; LEVYING A CONTINUING DIRECT ANNUAL AD VALOREM
TAX ON ALL TAXABLE PROPERTY WITHIN THE CITY OF ALLEN,
TEXAS; TO PAY THE PRINCIPAL AND INTEREST OF SAID
WARRANTS; ENACTING PROVISIONS INCIDENT AND RELATING TO
THE SUBJECT AND PURPOSE OF THIS ORDINANCE; AND DECLARING
AN EMERGENCY.
WHEREAS, the Council of the City of Allen, Texas,
heretofore by resolution duly passed and entered of
record found and determined that it was necessary for
the City to construct street improvements consisting
of curb and gutter, base stabilization and resurfacing
of certain streets in the City of Allen, Texas, in
accordance with plans and specifications therefor on
file in the office of the City Secretary, and that all
or a part of the cost of such construction be financed
by the issuance of interest-bearing time warrants, and
accordingly, the City Council on said date pursuant to
said resolution, authorized the Mayor to publish notice
or advertisement for competitive bids for the construction
of such improvements in accordance with said plans and
specifications and of the City's intention to issue
interest-bearing time warrants to pay all or a part of
the cost thereof and which resolution and the minutes
pertaining thereto are now of record in the minutes of
said Council; and
WHEREAS, the Mayor of the City of Allen, Texas,
pursuant to authority conferred by the aforesaid resolution
duly issued and caused to be published the notice
authorized by said resolution, it being found that same
was duly published for more then fourteen (14) days
prior to the 21st day of October, 1965, the date designated
for the letting of contracts; and
WHEREAS, on the 21st day of October, 1965, the day
assigned for receiving of proposals pursuant to the
aforesaid notice and at the time and place therein
specified, the City Council received publicly, opened
and read all bids tendered for the advertised purpose; and
WHEREAS, the aforementioned bids were referred
to the City Engineer for tabulation and checking, and
after receipt of the recommendations of the City Engineer,
the City Council hereby affirmatively finds and determines
that it is to the best interest of the City to accept
the bid of the McInerney Asphalt Paving Company as submitted
on the bid forms, and
WHEREAS, the City Council hereby affirmatively
finds and determines that the bids submitted by the
aforesaid Contractor for the construction of said
improvements was the lowest and best bid submitted, and
WHEREAS, by virtue of the aforesaid conclusions,
it is found and adjudged that contract should be, and
same is hereby ordered entered into by and between the
City of Allen, Texas, and the aforesaid successful bidder
on this the 21st day of October, 1965; and
WHEREAS, the McInerney Asphalt Paving Company has
presented a performance bond in the amount of the full
contract price and said bond having been examined and
approved as to legality and form, and the City Council
having determined that same has been executed by a
responsible security company authorized to do business
in the State of Texas, and satisfactory to the City
Council, the said bond is hereby approved and accepted; and
WHEREAS, it affirmatively appearing to the City
Council that the bid hereinabove mentioned was in all
respects duly and regularly made in strict conformity
with the published notice and in accordance with the
provisions of the plans and specifications and contract
documents, and it further appearing affirmatively that
the requirements of Chapter 163, Acts of the Regular
Session of the 42nd Legislature of Texas, passed in 1931
as amended, have been duly and strictly complied with
in the giving of such notice and acceptance of said bid,
it is determined and adjudged that such contract should
be awarded, and the Articles of Agreement should be
executed by the Mayor and City Secretary on behalf of
the City; and
WHEREAS, this City Council, upon due investigation
and prior to acceptance of the aforesaid bid ascertained
and determined that no petition in writing or otherwise
had been submitted to the City Secretary, the City Council
or any other officer of the City asking for a referendum
election on the question of the issuance of bonds for
the purpose of financing the construction of the proposed
street improvements or in any manner protesting the
execution of contract for said work and the issuance of
time warrants in payment of all or a part thereof; and
WHEREAS, it having been agreed and understood by
and between the City and the aforesaid Contractor whose
bid is herein accepted that a portion of the cost of
such improvements would be paid for by the issuance and
delivery to said Contractor of the City's regularly
issued time warrants to bear interest at the rate of not
exceeding 6% per annum, said warrants to mature serially
over a period of years, the maximum maturity date to be
not later than December 1, 1975; and accordingly, the
City and the Contractor have heretofore entered into an
agreement for the acceptance of such warrants; and
v WHEREAS, this City Council finds that all acts,
conditions and things required to be done precedent to
and in the execution d the aforesaid contract and the
aforementioned agreement have been properly done, have
happened and have been performed in regular and due form,
time and manner as required by law;
It is therefore ordered and ordained by the City
Council of the City of Allen, Texas:
SECTION 1: That the aforesaid contract of October 21,
1965, and the aforementioned agreement and the aforesaid
performance bond are hereby in all things ratified,
approved, confirmed and adopted.
SECTION 2: That the amount specified in the said
contract and agreement, to -wit: $15,000.00 is hereby
declared the legal and valid debt and obligation of the
City of Allen, Texas, payable as therein stated.
SECTION 3: That the serial warrants of said City
to be ]mown as "City of Allen, Texas, Street Improvement
Warrants" shall be issued, executed and delivered to the
said McInerney Asphalt Paving Company, Contractor, for
the purpose of financing the cost of constructing such
street improvements.
SECTION 4: That said warrants shall be numbered
consecutively from 1 to 10, both inclusive, shall be
in the denominations of $1,500.00 each, aggregating
the principal sum of $15,000.00 and shall mature serially
without right of prior redemption in accordance with
the following schedule:
Warrant Number
Maturity
Date
Amount
1
December
1,
1966
$1,500.00
2
December
1,
1967
$1,500.00
3
December
1,
1968
$1,500.00
4
December
1,
1969
$1,500.00
5
December
1,
1970
$1,500.00
6
December
1,
1971
$1,500.00
7
December
1,
1972
$1,500.00
8
December
1,
1973
$1,500.00
9
December
1,
1974
$1,500.00
10
December
1,
1975
$1,500.00
SECTION 5: That all of said warrants shall bear
interest from date until paid at the rate of 6% per annum,
which interest shall be payable on December 1, 1966, and
annually thereafter on the 1st day of each December in
each year, such interest to be evidenced by proper coupons
attached to each of said warrants.
SECTION 6: That said warrants shall be dated the
1st day of December, 1965, and the principal and interest
of said warrants shall be payable in lawful money of the
United States of America without exchange or collection
charges to the owner or holder at the Allen State Bank,
Allen, Texas, upon presentation and surrender of proper
warrants or coupons.
SECTION 7: That each of said warrants shall be signed
by the Mayor, countersigned by the City Secretary and
registered by the City Treasurer and the corporate seal of
the "City of Allen, Texas" shall be impressed upon each
of them.
SECTION 8: That the form of the warrants shall be
substantially as follows:
NO. UNITED STATES OF AMERICA $1,500.00
STATE OF TEXAS
COUNTY OF COLLIN
CITY OF ALLEN, TEXAS, STREET IMPROVEMENT WARRANT
THIS IS TO CERTIFY that, FOR VALUE RECEIVED, the
City of Allen, a municipal corporation of the State of
Texas, is justly indebted to and hereby obligates itself
to pay to McInerney Asphalt Paving Company, Contractor,
or bearer, on the FIRST DAY OF DECEMBER, 19_, at the
ALLEN STATE BANK, ALLEN, TEXAS, the sum of
ONE THOUSAND FIVE HUNDRED DOLLARS
($1,500.00), in lawful money of the United States of
America, without exchange or collection charges to the
owner or holder with interest thereon from date hereof
until paid at the rate of SIX PER CENTUM (6,%) per annum,
such interest being payable on the 1st day of December,
1966, and annually thereafter on the 1st day of December
of each year, and interest falling due on or prior to
maturity hereof is payable only upon presentation of the
interest coupons hereto attached as they severally become
due.
THE TREASURER of said City is hereby authorized,
ordered and directed to pay said McInerney Asphalt
Paving Company, Contractor, or bearer, the said principal
sum, together with interest thereon, payable at the bank
above named, out of and from moneys belonging to the
"STREET IMPROVEMENT WARRANT FUND", created for that purpose.
THIS WARRANT is one of a series of Ten (10) serial
warrants, numbered consecutively from One (1) to Ten (10),
both inclusive, in denomination of One Thousand Five
Hundred Dollars ($1,500.00) each, aggregating the principal
sum of FIFTEEN THOUSAND DOLLARS ($15,000.00), issued
to McInerney Asphalt Paving Company, Contractor, for the
purpose of financing a portion of the cost of constructing
certain street improvements, to -wit: the construction of
curb and gutter, base stabilization and resurfacing of
certain streets in the City of Allen, Texas, in accordance
with the specifications, pursuant to contract, and under
and by virtue of the Constitution and laws of the State
of Texas, particularly Section 4 of Article 11 of the
Constitution and Chapter 163 of the General laws passed
by the Forty-second Legislature at its Regular Session
in 1931, and pursuant to an ordinance duly passed and
adopted by the City Council of the City of Allen, Texas,
and recorded in the Minutes of said City Council.
AND IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED
that all acts, conditions and things required to be done
precedent to and in the issuance of this warrant and of
the series of which it is a part, to render the same
legal and valid, have been properly done, have happened
and have been performed in regular and due time, form
and manner, as required by law, that due and proper
provisions have been made for the levy of a direct and
continuing ad valorem tax against all taxable property
within said City in amount sufficient to provide a sinking
fund for the redemption of said warrants at maturity and
for the payment of all interest thereon as the same accrues;
that the City has received full value and consideration
for said warrant, there being no warranties concerning
the performance of the contract for which this warrant
was issued which have not been fulfilled in all particulars
by the contractor, and that the total indebtedness of
said City, including this warrant and the series of which
it is a part, does not exceed any constitutional or
statutory limitation.
IN WITNESS WHEREOF, the City of Allen, Texas, by
its City Council, has caused its corporate seal to be
affixed hereto, and this warrant to be signed by its
Mayor, countersigned by its City Secretary, and registered
by its City Treasurer; the date of this warrant, in
conformity with the ordinance hereinabove referred to,
being the FIRST DAY OF DECEMBER, 1965.
Mayor, City of Allen, Texas
COUNTERSIGNED:
City Secretary, City of Allen,
Texas
REGISTERED, this the day of
1965.
City Treasurer, City of Allen, Texas
N0. ON THE FIRST DAY OF DECEMBER, $
19
the CITY OF ALLEN, a municipal corporation of the State
of Texas, HEREBY promises to pay to MCINERNEY ASPHALT
PAVING COMPANY or bearer, at the ALLEN STATE BANK, ALIEN,
TEXAS, the sum of
DOLLARS ($ ), in lawful money of the United
States of America, without exchange or collection charges
to the owner or holder, said sum being twelve (12) months'
interest due that day on "CITY OF ALLEN, TEXAS, STREET
IMPROVEMENT WARRANT", dated December 1, 1965. Warrant
No.
City ecre ary Mayor
NO. ON THE FIRST DAY OF DECEMBER, $
19
the CITY OF ALLEN, a municipal corporation of the State
of Texas, HEREBY promises to pay to MCINERNEY ASPHALT
PAVING COMPANY or bearer, at the ALLEN STATE BANK, ALIEN,
TEXAS, the sum of
DOLLARS ($ ), in lawful money of the United
States of America, without exchange or collection charges
to the owner or holder, said sum being twelve (12) months'
interest due that day on "CITY OF ALLEN, TEXAS, STREET
IMPROVEMENT WARRANT", dated December 1, 1965. Warrant
No.
City Secretary Mayor
ASSIGNMENT
THIS IS TO CERTIFY that MCINERNEY ASPHALT PAVING
COMPANY, Contractor, has received the within warrant
from the City of Allen, Texas, in payment of the amount
due by said City to said Contractor by virtue of the valid
and subsisting contract entered into by and between said
McInerney Asphalt Paving Company and said City on the
21st day of October, 1965, and FOR VALUE RECEIVED, the
said Contractor hereby transfers, assigns, sells and
delivers to bearer without recourse, all its rights,
title and interest in and to the within principal warrant,
and the said bearer is hereby subrogated to all claims,
liens, rights and title whether at law or in equity
which are or may be secured to the said Contractor in
the aforesaid contract, and the bearer hereof is authorized
to collect the same and give full receipt and acquittance
therefor.
Contractor
SECTION 9: That said warrants shall be executed and
delivered to the said Contractor when and as materials
are furnished and labor performed in the construction of
such improvements and pursuant to itemized estimates or
accounts duly submitted to and approved by this City
Council.
SECTION 10: Be it further ordained by the City Council
of the City of Allen, Texas:
That a special fund to be designated "STREET
IMPROVEMENT WARRANT FUND" is hereby created and the
proceeds of all taxes collected for or on account of
this series of warrants shall be credited to said fund
for the purpose of paying the interest on and to provide
a sinking fund for the redemption of said warrants at
maturity; that said fund shall be used for no other purpose;
that, while said warrants, or any of them, are outstanding
and unpaid, there shall be annually levied, assessed
and collected in due time, form and manner a tax upon all
taxable property in the City, sufficient to pay the current
interest thereon and to create a sinking fund sufficient
to pay each installment of principal as the same becomes
due; and to pay the interest on said warrants for the
first year, and to create a sinking fund with which to pay
the principal as the same becomes due there is hereby
levied a sufficient tax on each one hundred dollars'
valuation of taxable property in said City for the current
year and the same shall be assessed and collected and
applied to the purpose named; and while said warrants or
any of them are outstanding and unpaid, a tax each year at
a rate from year to year as will be ample and sufficient
to provide funds to pay the current interest on said
warrants and to provide that necessary sinking fund,
full allowance being made for delinquencies and costs of
collection, shall be and is hereby levied for each
respectively, while said warrants, or any of them, are
outstanding and unpaid, and said tax shall each year
be assessed and collected and Epplied to the payment of
the principal of and interest on said warrants. The
City Council hereby declares its purpose and intent to
provide and levy a tax legally and fully sufficient for
such warrants, it having been determined that the
existing and available taxing authority of the City for
such purpose is adequate to permit a legally sufficient
tax in consideration of all other outstanding obligations.
SECTION 11: And it is further ordained by the City
Council of the City of Allen, Texas:
That the public importance of this measure, and the
fact that it is to the best interest of the City to
construct the improvements herein provided for at the
earliest possible date, constitute and create an emergency
and an urgent public necessity, requiring that any rule
providing for ordinances to be read at more than one meeting
be suspended, and requiring that this ordinance be passed
and take effect as an emergency measure, and such rule
and provision is accordingly suspended, and this ordinance
is passed as an emergency measure and shall take effect
and be in full force and effect from and after its passage.
PASSED AND APPROVED, this the 21st day of October,
1965•
F�I.�; ., ��i...�.
r
ATTEST:
(City Seal)
City
My
Secre
ary
i y oT -A-----—
Texas
(City Seal)
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS
CITY OF ALLEN Y
COUNTY OF COLLIN I
I, the undersigned City Secretary of the City of
Allen, Texas, do hereby certify that the above and fore-
going is a true and correct copy of an Ordinance ratifying
and confirming contract and authorizing issuance of
$15,000.00 "CITY OF ALLEN, TEXAS, STREET IMPROVEMENT
WARRANTS", dated December 1, 1965, and Minutes pertaining
to its adoption passed and adopted by the Council of
the City of Allen, Texas, on the 21st day of October,
1965, which Ordinance is now recorded in the Minutes of
said City Council.
IN WITNESS WHEREOF, I have hereunto signed my name
officially and affixed the seal of said City, this the
21st day of October, 1965.
L;iiy 3ecre ary, icy o1 Allen, 'texas
(City Seal)