Ord 1303 4/30/1940 /-) -1
ORDINANCE NO.
AN ORDINANCE PROVIDING FOR TIM ISSUANCE OF
43,1502000.00 REFUNDING BONDS* SERIES
19402 OF THE CITY OF WICHITA FALLS# MCAS)
FOR THE PURPOSE OF REFUNDING A LIKE AMOUNT
OF OUTSTANDING BONDED INDEBTEDNESS OF SAID
CITY9 FIXING THE FORM AND DETAILS OF SAID
REFUNDING BONDSo SERIES 19401 AND PROVIDING
FOR THE PAYMENT OF SAID BONDS AND THE
INTEREST TfMEON AND FOR THE 1EVY AND COL-
LECTION OF TAXES FOR SUCH PURPOSEP AND
DECLARING AN EMIERGENCYs
BE IT ORDAINED BY THE BOARD OF ALDERNEN OF THE
CITY OF WICHITA FALLS9 TEXASo as follows:
SECTION 1: The Board has ascertained and deter-
mined and does hereby declare that:
(a) Under the authority of Ordinance No.
1251, passed and approved on the 3rd day of Mayo 19372 43,93893500
Consolidated Refunding Bonds were duly issued by the City Of
Wichita Fallss for the purpose of refunding a like amount of valid
bonded indebtedness of said City which was then outstanding and un-
paid, said Consolidated Refunding Bonds consisting of 105 bonds of
4500,00 each and 3,33? bonds of 41,000.00 each, and all of said
bonds being dated June Is 1936, maturing on June 1. 1969, bearing
interest at the rate of 3j% per annum from their date to June 12
1938, at the rate of 4% per annum from said last named date to
June 1, 1941, at the rate of 4-4% per annum from said last named
date to June 12 1946, and at the rate of 4j% per annum from said
last named date until paid, such interest being payable semi-
annually on the first days of June and December of each year, and
the principal and interest of said bonds being payable in lawful
money of the United States of America at the office of the City
Treasurer in the City of Wichita Falls, Texas.
(b) All of said Consolidated Refunding
Bonds were duly issued in full compliance with the Constitution
and laws of the State of Texas and the Charter of said Cityx as
amended, and no part of the bonded indebtedness refunded by said
Consolidated Refunding Bonds was ever adjudged invalid by any
state or federal court, and no action has ever been instituted
in any state or federal courts and no litigation of any kind is
now pending or threatenedo in any manner questioning the proceed-
ings or authority under which said consolidated Refunding Bonds
were issueds or affecting the validity of any thereof2 or restrain-
ing or enjoining the levy and collection of taxes to pay the
principal of said bonds and the interest thereon,
( c) 4204,500,00 of said Consolidated Refund-
ing Bonds have heretofore been paid and the remaining 45$185*000,00
of said bonds constitute valid and legally binding obligations of
said City of Wichita Fall8s for the payment of which the full faith
and credit of said City are pledged,
(d) All of said outstanding Consolidated
Refunding Bonds are subject to redemption at the option of the
City, at par and accrued interests on any interest payment date3,
upon thirty dayst notice published as required by said Ordinance
No* 1251,
(e) The amount on hand and available for
redemption of the outstanding Consolidated Refunding Bonds is
$35,000.00-
(f) It is for the best interests of the City
and its taxpayers to take advantage of the prevailing low interest
rates for municipal bonds by refunding the remaining 43$1501000-00
outstanding Consolidated Refunding Bonds and issuing a like amount
of new refunding bonds bearing interest at a lower rate or rates
than the rates or average rate of said outstanding bonds*
SEC TON 2: For the purpose of refunding I a like
amount of said outstanding Consolidated Refunding Bondst there
shall be issued the negotiable coupon bonds of the City of
Wichita Falls, in the aggregate principal amount of $39150,000,00)
designated "REFUNDING BONDSj MRIES 1940," and consisting of
3,150 bonds of the denomination of $1,000.00 each, numbered 1 to
3'.150, inclusive. Said Refunding Bonds$ Series 1940s shall be
dated June 1. 1940, and shall mature annually, June lstj in
numerical Order$ lowest numbers first$ as follows:
?09000,00 1941 982000.00 1955
?2,1000,00 1942 11OV000.00 1956
74SO00.00 1943 110$000.00 1957
76,2000.00 1944 110,000.00 1958
802000.00 1945 110*000.00 1959
82,000-00 1946 126,000-00 1960
842000,00 1947 1262000,00 1961
88SO00.00 1948 126$000.00 1962
902000,00 1949 1263000-00 1963
929000,00 1950 1463000-00 1964
943,000,00 1951 1462000-00 1965
962000.00 1952 1469000,00 1966
982000,00 1953 1469000,00 1967
982000.00 1954 1622000,00 1968
$168,000,00 1969*
The bonds which mature in the years 1941 to 1945, inclusives
shall bear interest at the rate of 3% per annums the bonds
which mature in the years 1946 to 1955, inclusivet shall bear
interest at the rate Of 3j% per annum, and the bonds which
mature in the years 1956 to 1969, inclusives shall bear inter-
e I st at the rate of 3-3/4% per annum, such interest being pay-
able on the first day of December, 1940t and thereafter
semi-annually on the first days of June and December in each
year* Both principal and interest of said Refunding Bonds$
Series 19402 shall be payable in lawful money of the United
States of America, at THE CH&SE NATIONAL BANK OF THE CITY OF
NEW YORK in NEW YORK CITY, ors at the OFFICE OF TEE CITY
TREASURER IN THE CITY OF jjICHITA. FALLSj TEXASP at the option
of the holder*
SECTION 3: The City reserves the right to re-
purchase the bonds which mature in the years 1956 to 1969, both
inclusive $ in whole or in parts on June 1, 1950, or on any
interest payment date thereafters at par and accrued interest
and a premium Of 2j�A of the principal amount thereof; provided,,
if less than all of said bonds are re-purchased on any such date$
the same shall be re-purchased in inverse numerical order; ands
provided furthers at least thirty days prior to any interest pay-
ment date upon which any of said bonds are to be re-purchased$ a
notice of intention signed by the City Clerk ( specifying the ser-
ial numbers and amount of bonds to be re-purchased) shall have
been published once in a newspaper of general circulation publish-
ed in the City of Wichita Falls, Texas, and in a financial journa�
or daily newspaper published in the City of New York, N. Y,, and
shall have been filed at the places at which principal and inter-
est of said bonds shall be payable, and should any bond not be
delivered to the City for re-purchase, pursuant to such notice2
the same shall cease to bear interest from and after the date
specified in such notice*
SECTION 4: Said Refunding Bonds, Series 19401
shall be signed by the Mayor, countersigned by the City Clerk$
and sealed with the seal of the City, and the interest coupons
attached to said bonds shall be executed with the lithographed
facsimile signatures of said officers; and each bond may be
registered as to the principal only by the City Clerk, at the
option of the holder*
SECTION 5: Each of said Refunding Bondsp Series
1940, shall contain on its face these words:
"IN ADDITION to all other rights, the
holder or holders of this bonds and of the series of
which it is a parts is and are subrogated to all the
rights, and has and have all of the remedies of the
holders of the original indebtedness refunded by this
issue of bonds*"
SECTION 6: The form of said Refunding Bonds,,
Series 1940, shall be substantially as follows:
NOO UNITED STATES OF AYMICAs 41$0001001
STATE OF TEXAS9
COUNTY OF WICHITA-
CITY OF WICHITA- 'FALLS
REFUNDING BOND9 SERIES 1940
THE CITY OF WICHITA FALLSO in Wichita COuntYs State
of Texas, is justly indebted and for value receivedo hereby
promises to pay to the bearers on the FIRST DAY OF JUNE, 19
the principal sum Of
ONE TEJOUSAND DOLLARS
(41,000,00) , together with interest thereon until paid at the rate
of PER CENTUM (___jo) per annums payable on the
first day of December2 1940 9 and thereafter semi-annually on the
first days of June and December in each year, upon the presentation
and surrender of the annexed interest coupons as they severally be-
come due*
BOTH PRINCIPAL AND INTEREST of this bond are pay-
able in lawful money of the United States of America, at THE
CHASE NATIONAL BANK OF THE CITY OF NEVI YORK,, in NEW YORK CITY,
or, at the OFFICE OF THE CITY TREASURER in the CITY OF WICHITA
FALLS3, TFXAS, at the option of the holder. For the prompt pay-
ment hereof, both principal and interest as the same shall fall
due, the full faith and credit of said City of Wichita Falls
are hereby irrevocably pledged,
THIS BOND is one of a series, the authorized
principal sum of which is THREE MILLION ONE HUNDRED AND FIFTY
THOUSAND DOLLARS ($3,,150.,000.00) , issued for the purpose of
refunding an equal amount of valid and subsisting indebtedness
evidenced by bonds issued by said City, known as "Consolidated
Refunding Bonds$" dated June 1. 1936, and this bond is issued
under and in strict conformity with the Constitution and laws
of the State of Texas, and the Charter of said City, as amended,
and pursuant to an ordinance duly passed and adopted by the
Board of Aldermen of said City and duly recorded in the Minutes
of said Board,
AS PROVIDED in the ordinance hereinabove mention-
ed, the City reserves the right to re-purchase the bonds of this
issue which mature in the years 1956 to 1969, both inclusive, in
whole or in part, on June 1, 1950, or on any interest payment
date thereafter, at par and accrued interest and a premium of 21vo
of the principal amount thereof; providedl if less than all of
said bonds are re-purchased on any such date, the same shall be
re-purchased in inverse numerical order; ands provided further,
at least thirty days prior to any interest payment date upon
which any of said bonds are to be re-purchasedl a notice of
intention signed by the City Clerk (specifying the serial numbers
and amount of bonds to be re-purchased) shall have been published
once in a newspaper of general circulation published in the City
of Wichita Fallss Texas, and in a financial journal or daily
newspaper published in the City of New York# N. Yo. and shall
have been filed at the places at which principal and interest of
said bonds shall be payable,, and should any bond not be deliver-
ed to the City for re-purchases pursuant to such notice$ the
same shall cease to bear interest from and after the date speci-
fied in such notice,
AT THE OPTION OF THE HOIDER this bond may be
registered as to principal at the office of the City Clerk in
the City of Wichita Fallss State of Texass and such registration
noted hereon by the City Clerk$ as Registrar. After such regis-
tration, upon delivery to the City Clerk of a written instrument
of transfer, in the form approved by the City of Wichita Falls,
executed by the registered holder in person or by his attorney
thereunto duly authorized$ this bond may be transferred, and such
transfer shall be similarly noted hereon, and no transfer hereof
shall be valid, unless so made ; but this bond may be discharged
from registration by being in like manner transferred to bearers
and thereupon transferability by delivery shall be restoreds and
this bond may again from time to time be registered or transfer.
red to bearer as before. No such registration shall affect the
negotiability of the coupons appertaining hereto, which shall
continue to be transferable by deliverys merely, and shall remain
payable to bearers
IT IS HEREBY CERTIFIED AND RECITED that all acts',
conditions and things required by the Constitution and laws of
the State of Texas and the Charter of said City to happens exist
and be performed precedent to and in the issuance of this bond
have happenedg exist and have been performed in due times form
and manner as so required; that the total indebtedness of said
City, including this bonds does not exceed, and that the total
indebtedness of said City at the creation of the indebtedness
refunded hereby, including said indebtedness, did not then
exceeds any constitutional or statutory limitation thereon;
and that provision has been made as required by the Constitution
and laws of the State of Texas and the Charter of said City for
the levy and collection of a direct annual tax upon all taxable
property within said City sufficient to pay the principal of and
the interest on this bond at maturity*
IN ADDITION to all other rights$ the holder or
holders of this bonds and of the series of which it is a parts
is and are subrogated to all the rights, and has and have all of
the remedies of the holders of the original indebtedness refunded
by this issue of bonds*
IN WITNESS WHEREOF, said City of Wichita Fallss
Texas, has caused this bond to be signed by its blayor and counter-
signed by its City Clerk and sealed with the seal of said City,
and the interest coupons hereto attached to be executed with the
lithographed facsimile signatures of said hiayor and City Clerk,
which officials by the execution of this bond do adopt as and for
their respective official signatures their respective facsimile
signatures appearing on said couponss all as of the first day of
Junes 19400
Mayor, City of Wichita Falls,
Texas*
GOUNTERSIGNED:
City Clerk, City of Wichita Falls, Texas.
SECTION 7 : The form of interest coupon attached
to each of said Refunding Bondss Series 1940, shall be substan-
tially as follows:
NO. ON THE DAY OF,
19 j
the CITY OF WICHITA FALLS, a municipal corporation of the State
of Texas, hereby promises to pay to bearer$ at THE CHASE NATIONAL
BANK OF THE CITY OF NEW YORK, in NEW YORK CITY, or, at the OFFICE
OF THE CITY TREASURER in the CITY OF WICHITA FALLS,, TEXAS, at the
option of the holder$ the sum of
DOLLARS
in lawful money of the United States of Americao
said sum being six monthst interest due that day on "REFUNDING
BOND9 SMIES 1940.11 dated June 1,, 1940, Bond No.
City Clerk Mayor
SECTION 8: The following certificate shall be
printed on the back of each of said Refunding Bondso Series 1940:
OFFICE OF COMTTROLLER9 0 REGISTER NO,
0
STATE OF TEXAS. 0
I BEREBY 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, and that he finds that it has been is-
sued in conformity with the Constitution and laws of the State of
Texas, and that it is a valid and binding obligation upon said
City of Wichita Falls$ Texass and said bond has this day been
registered by me,
WITNESS Njy HAND AND SEAL OF hff OFFICE at Austin.,
Texas, this the day of 19
Comptroll—er of Fu—blic Accounts
the State of Texas*
SECTION 9: The form of Registration Endorsement
shall be substantially as follows:
(No writing hereon except by the City Clerk of
the city of Wichita Fallss Texass as Registrar) ,
DATE UF nGI TRATION.4_�IWHO RI j REGISTPXT
City Clerk
--T—Citi—Glerk
City erk
City--Ulerk
SECTION 10: BE IT FURTHER ORDAINED BY THE BOARD
OF ALDERMEN OF THE CITy OF WICHITA FALLS$ TE)CAS:
That to pay the interest on said Refunding Bonds,
Series 1940t and create a sinking fund sufficient to redeem them
at maturity, a tax of seventy cents
.70 _) on eaoh one hundred dollars' valuation of all taxable
property in the City of Wichita Falls, Texas$ shall be annually
levied on said property and annually assessed and colleateds or so
much thereof as shall be necessary, or in addition thereto as may
be required, until said bonds with interest thereon have been ful-
ly paid; and the said tax of seventy eents
v7,0 _) is here and now levied for the current years and the
said taxs or so much thereof as shall be necessaryg or in addition
thereto as may be required, is hereby levied for each succeeding
year while said bonds* or any of thems are outstandingg and the
same shall be annually assessed and collected and applied to the
purpose named ; provided, that to pay the installment of interest
maturing on December 11 1940, there is hereby appropriated the
SUM Of 4 56.51-7.50 out of sums now in the Treasury and to be in
the Treasury from taxes collected in due and regular orders and
the City Treasurer is hereby authorized, ordered and directed to
place said amount to the credit of this series of Refunding Bondss
Series 1940, and the said amount shall be applied to the purpose
stateds and none other,
Any surplus in the Sinking Fund Account of the
series of bonds in lieu of which said refunding bonds are issueds
shall be passed to the credit of the Sinking Fund Account of said
refunding bondsq and any and all taxes uncollected from levies
heretofore made on account of the bonds which are being refunded
by this issues shalls when and as the same are collected, be
credited to the Sinking Fund Account of this issue of refunding
bonds; provided, however$ that such transfer of the Sinking Fund
Account and pledge of uncollected taxes is made only so far as
may lawfully be done consistent with the rights of the holders
of the outstanding bonds*
SECTION 11: Ordinance No, 1289, passed and
approved on July 28j 1939, and entitled -
"AN ORDINANCE providing for the issuance of
$3,185,000 General Refunding Bonds of
the City of Wichita Falls, Texas, for
the purpose of refunding a like amount
of outstanding bonded indebtedness of
said Citys fixing the form and details
of said General Refunding Bonds, and
providing for the payment of said bonds
and the interest thereon and for the
levy and collection of taxes for such
purpose, and declaring an emergency" -
be and the same is hereby repealed*
SECTION 12: If any sections clauses paragraph
or sentence of this ordinance shall be declared invalid, such
decision shall not affect the validity of the remaining portion
of this ordinance,
SECTION 13: The said Refunding Bondss Series
1940, are to be presented to tile Attorney General of Texas
for his approval and then shall be registered by the State
Comptroller of Public Accounts, in the same manner as other
refunding bonds, The k,,Iayor is hereby authorized to take and
have charge of all necessary orderst ordinances and records in
respect of the said refunding bonds pending the investigation
thereof by the Attorney Generals and the Ilayor shall also take
and have charge and control of the said refunding bonds pending
their approval by the Attorney General and their registration
by the State Comptroller of Public Accounts; and thereupons the
Mayor shall, in due courses file with the City Clerk the certi-
ficate or certificates of the State Comptroller of Public
Accounts evidencing the simultaneous exchange and cancellation
of the said outstanding Consolidated Refunding Bonds upon the
delivery of the said Refunding Bonds$ Series 1940,
SECTION 14: it is hereby declared that the fore-
going ordinance is an emergency measure ; that in order to maintain
and preserve the credit of the city of Wichita Falls2 Texas, and
the credit of the citizenss that there exists urgent public need
for preservation of peace, health and safety of property that
this ordinance shall take effect from and after its passage and
it is so ordained*
PASSED AND APPROVED, this the 30th day of April -2
Texas*
—Cit oj;�Ai* hita Falls,
ATTEST: Maybr, y
City Clerk, City of Wichita Falls, Texas.
(City Seal)