Ord 1712 1/10/1955 a
7
AN ORDINANCE AUTHORIZING THE ISSUANCE OF $1, 700,000
FIRST- INSTALLMENT OF $3,000,000 WATERWORKS IMPROVEMENT
BONDS . PRESCRIBING THE TERMS AND CONDITIONS THEREOF; .
IvMING PROVISION .FOR THE. PAYMENT OF PRINCIPAL. AND INTEREST
THEREON; AND DECLARING AN EMERGENCY
THE STATE OF TEXAS
COUNTY OF WICHITA.
The Board of Aldermen of the City of Wichita
Falls, Texas, convened in regular session at-the regular
meeting place within said City on the loth day of
January, 19550 with the following members present, to-wit;
Lloyd Thomas Mayor
Dr . E. A.. Cox Alderman
R. P. Willis Alderman
Jack Hammond Alderman
Bailey Meissner Alderman
E. Liepold Alderman
Geo. T . Henderson City Clerk
and the following members absent, to-wit:
Elie Lam , when the following business
was transacted:
The Mayor introduced an ordinance which was read
in full . Alderman Dr. E. A. Cox made a motion that
the ordinance be adopted as read. The motion was seconded
by A.lderman Jack Hammond , and carried by- the following
vote: YEAS: Aldermen Cox, Willis, Hammond, Meissner, and
Liepold. NAYS: None. The Mayor requested to be recorded,.. .._
as voting TYea. T The ordinance thus adopted follows:
4
ORDINANCE NO. 1712
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
$1, 700, 000 FIRST INSTALLMENT OF $3,000, 000
WATERWORKS IMPROVEMENT BONDS; PRESCRIBING
THE TERMS AND CONDITIONS THEREOF; MAKING PRO-
VISION FOR THE PAYMENT OF PRINCIPAL AND
INTEREST THEREON; AND DECLARING AN EMERGENCY
WHEREAS, at an election held in the City of
Wichita Falls, Texas, on the 14th day of December, 1954,
more than a majority of the duly qualified resident
electors of said City who own taxable pr;aperty. within
said City and who have duly rendered the same for
taxation, voting at said election, voted in favor of
the issuance of the bonds of said City in the amount
of three Million Dollars ($3, 000, 000.00)-f'or° the purpose
of constructing improvements and extensions to the City' s
existing waterworks system; and
WHEREAS, said election was properly called and
notice thereof given as required by law, and the Board
of Aldermen have heretofore canvassed the results
thereof and determined the specific authority of the
City to issue said bonds; and
WHEREAS, this Board of Aldermen is of the opinion
that it is desirable at this time to authorize the
issuance, sale, and delivery of a first installment of
said bonds- -in the sum of One Million Seven Hundred
Thousand Dollars ($1, 700,000.00) , leaving the remaining
One Million Three Hundred Thousand ($1,300, 000.00) bonds
to be issued, sold, and delivered as the City needs
additional funds for constructing improvements and ex-
tensions to the Cityts existing waterworks system;
Therefore
BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE
CITY OF WICHITA FALLS, TEXAS:
Section 1: That the bonds of the City of
Wichita Falls, Texas, be issued in the principal sum
of One Million Seven Hundred Thousand Dollars ($1,700,000) ,
to be Known and designated as "CITY OF WICHITA FALLS
WATERWORKS IMPROVEMENT BONDS, SERIES 195;P, for the
purpose of constructing improvements and extensions to
the City' s existing waterworks system, under and by
virtue of the Constitution and laws of the State of Texas.,
particularly Chapters I and 7 of Title 22, Revised
Civil. Statutes of Texas, 1925, as amended, and the
Charter of said City of Wichita Falls, said bonds
constituting the first installment or series of bonds
issued by the City of Wichita Falls out of an issue
in the total principal amount of Three Million Dollars
($3,000,000) , authorized by a vote of the duly qualified
resident electors of said City who own taxable property
within said City and who have duly rendered the same
for taxation, voting at an election held within said
City on the 14th day of December, -1954 .
Section 2: That said bonds shall be dated
February 15, 1955, shall be numbered from One (1) to
One Thousand Seven Hundred (1,700) , both inclusive,
aggregating One Million Seven H%ind:�ed Thousand Dollars
($1,700,000) , and shall become due and payable serially
on the 15th day of February of the years and in the
respective amounts shown in the following schedule:
Bond No s . MaturUy Airrount
1 - 65 1956 $ 85,000
86 - 170 1957 85,DQ0
17-1 - 255 1958 85,000
256 - 34o 1959 85,000
341 - 425 lg6o 85,000
426 - 510 1961 85,000
511 - 595 1962 85,000
596 - 680 1963 85,000
681 - 765 1964 85,000
766 - 850 1965 85,000
851 - 935 1966 85,000
936 - 1020 1967 85,000
1021 - 1105 1968 85,000
1106 - 1190 1969 85,000
1191 - 1275 1970 85,000
1276 - 1360 1971 85,000
1361 -- 1445 1972 85,000
1446 - 1530 1973 85,000
1531 - 1615 1974 85,000
1616 - 1700 1975 85,000
Seoti n Said bonds shall bear interest as
follows:
765. both inclusive 2 1�;
766 1105 tM both inclusive ? ; and
1106 to 1700 , both inclusive
interest payable February 15, 1956, and semi-annually
thereafter on August 15th and February 15th of each year
until the principal is paid. Both principal and interest
on said bonds shall be payable in lawful money of the
United States of America at The City National Bank in
Wichita Falls, Wichita Falls, Texas, or at the option of
the holder at the First National Bank in Dallas, Dallas,
Texas, upon presentation and surrender of the bonds as
they severally become due, or, as to the interest falling
due on and prior to maturity, upon presentation and surren-
der of the interest coupons attached to said bonds as they
severally become due .
SectL2n. 4 : That each of said bonds shall be
signed by the Mayor and countersigned by the City Clerk,
and the corporate seal of said City shall be impressed
upon each of them. The facsimile signatures of the Mayor
and City Clerk may be lithographed, engraved, or printed
on the coupons attached to said bonds, and shall have the
same effect as if they had been signed by said officers .
Sect one; That the form of said bonds shall
be substantially as follows:
No . $ 1,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF WICHITA
CITY OF WICHITA FALLS
WATERWORKS IMPROVEMENT• VOND.
SERIES 1955
The City of Wichita Falls, in the County of
Wichita, State of Texas, for value received, hereby ac-
knowledges itself indebted to and promises to pay to bearer
on the 15th day of February 19, the sum of One Thousand
Dollars ($1,000) , with interest thereon from date hereof
at the rate of � per annum, interest .payable
February 15, 1956, and semi.-annualy thereafter on August 15th
and February 15th of each year until the principal sum hereof
shall have been paid . Both principal hereof and interest
hereon are payable in lawful money of the United States
of America at The City National Bank in Wichita Falls,
Wichita Falls, Texas, or at the option of the holder at
the First National Bank in Dallas, Dallas, Texas, and
interest falling due on or prior to maturity is payable
only upon presentation and surrender of the interest
coupons hereto attached as they severally become due.
The date of this bond, in conformity with the
ordinance hereafter mentioned, is February 15, 1955•
This bond is one of a series of Onb. Thousand Seven
Hundred (1,700) bonds of like date and tenor, except as
to number, maturity, and interest rate, numbered from
One (1) to One Tha=nd Seven Hundred (1,700) , both in-
clusive, in the denomination of One Thousand Dollars
($1,000) each, aggregating One Million Seven Hundred
Thousand Dollars ($1,700,000) , being a portion and the
first installment or series of bonds issued by the City of
Wichita Falls out of an issue in the total principal amount
of Three Million Dollars ($3,000,000) , authorized by a
vote of the duly qualified resident electors of said City
who own taxable property within said City and who have
duly rendered the same for taxation, voting at an election
held in said City on December 14, 1954, and voted for the
purpose of constructing improvements and extensions to the
Cit y's existing waterworks system, under and in strict
conformity with the Constitution and laws of the State of
Texas, particularly Chapters l and 7, Title 22, Revised
Civil. Statutes of Texas, 1925, as amended, the City Charter
of said City, and pursuant to an ordinance duly passed and
adopted by the Board of Aldermen of said City, duly re-
corded in the minutes of said Board of Aldermen.
It is hereby certified, recited, and represented,
that the series of bonds of which this bond is a part was
authorized at an election held in the City of Wichita Falls,
Texas, on the 14th day of December, 1954, and that all acts,
conditions, and things necessary to be done precedent to
and in the issuance of these bonds, in order to make them
legal, valid, and binding obligations of said City, have
been done, have happened, and have been performed in
regular and due time, form, and manner as required by law;
that die provision has been made for levying and collecting
annually by taxation, an amount sufficient to pay the
interest on these bonds as it falls due and to provide a
sinking fund for the final redemption of said bonds at
maturity; and that the issuance of these bonds of which
this one is a part, together with all other indebtedness
of said City, does not exceed any constitutional or
statutory limitation.
IN WITNESS WHEREOF, the Board of Aldermen of the
City of Wichita Falls, Texas, has caused the seal of said
Y .r
City to be affixed hereto and this bond to be signed
by the Mayor and countersigned by the City Clerk, and
interest coupons hereto attached to be executed by the
facsimile signatures of said Mayor and City Clerk, all
as of the 15th day of February, 1955.
Mayor, City of Wichita Falls,
Texas
COUNTERSIGNED:
City Clerk, City of
Wichita Falls, Texas
Section 6: That the form of coupon to be
attached to said bonds shall be substantially as follows :
On the 15th day of , 19 , the
City of Wichita Falls, in the County of Wichita, State
of Texas, promises to pay to bearer at The City National
Bank in Wichita Falls, Wichita Falls, Texas, or, at the
option of the holder, at the First National Bank in
Dallas., Dallas, Texas, the sum of $
In lawful money of the United States of America, being the
interest due that date on the City of Wichita Falls
Waterworks Improvement Bonds, Series 1955, dated February 15,
1955, Bond No .
Mayor
City Clerk
Section 1: That substantially the following
certificate shall be printed on the back of each of said
bonds :
OFFICE OF THE COMPTROLLER
THE STATE OF TEXAS .REGISTER NO.
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 examined by him as required by law; that he finds
that there has been issued in conformity with the Consti-
tution and laws of the State of Texas; and that it is a
valid and binding obligation upon said City of Wichita
Falls, Texas and said bond has this day been registered
by me,
WITNESS MY HAND AND SEAL OF OFFICE AT AUSTIN, TEXAS,
Comptroller of Public Accounts
of t .e State of Texas
Section 8: That while said bonds or any part of
the principal thereof or interest thereon remain outstanding
and unpaid, there is hereby levied and there shall be
annually assessed and collected in due time, form, and
manner, and at the same time other City tames are assessed,
levied, and collected, in each year, beginning with the
current year, 1955, a continuing direct annual ad valorem
tax upon all taxable property in said City sufficient to pay
the current interest thereon and to create a sinking fund
of not less than Two per cent (2%) of the principal amount
of said bonds then outstanding or of not less than the
amount required to pay the principal payable out of said
tax, whichever is greater, full allowance being made for
delinquencies and costs of collection, and said taxes
when collected shall be applied to the payment of principal
of and interest on said bands, and to no other purpose .
Section : That it shall be the duty of the
Mayor to submit the record of said bonds and the bonds to
the Attorney General of Texas for approval, and thereafter
to have them registered by the Comptroller of Public
Accounts of Texas .
Section 10: That the sale of said bonds to
John Nuveen & Co .pany et al
at a price equal to the principal amount plus accrued
interest thereon from the date of said bonds to the date
f
of actual delivery, plus a premium of 10.00
subject to the unqualified approving opinion as to the
legality of said bonds by the Attorney General, of Texas
and Vinson, Elkins, Weems & Searls , market attorneys, is
hereby authorized, approved, ratified, and confirmed.
When said bonds have been approved by the Attorney General.
of Texas and registered by the Comptroller of Public Accounts
of Texas, they shall be delivered to said purchaser upon
receipt of the purchase price. The Mayor and the City
Clerk are authorized and directed to do any and all
things necessary and/or convenient to carry out the terms
of this ordinance .
Section 11: That the need for the waterworks
improvements and extensions to be accomplished by the
issuance of the bonds authorized by this ordinance is
urgent for the prevention of disease and to afford
adequate service for the inhabitants of the City of
Wichita Falls, and because of these facts the Board of
Aldermen hereby declare that this ordinance constitutes
an emergency measure on the ground of urgent public need
for the preservation of the peace. health, and safety of
citizens and property of the City, and this ordinance`
take effect and be enforced .from and after its adoption.
PASSER A14D APPROVED this 10th day of January, 1955
t
'K�y'oj, City of Wichita -Falls
Texas
A S
City Clem
(SEAL)