Ord 1289 7/28/1939 ,72,x7
1289
'U NCE OP
C V I D T T G 1�C'� 1'�HE I S',-) U
'5,185,000 F_1,'_2, iiL -ruPU11DING BONDS OF THE CITY OF
V '.ad D NG
WICHIT.&� Fa,.ILS, TE2_,"S, FC1i THE PU�'_)IPOSE OF -E��UN I
Oi_,_� 3CNDED Ii,D'BT"D1NESS
LIKE ti�KUDT
I.D CI::1y, 2,,TXI1�,TG 1.�_,Z
IM PROVIDING FOR THE PAY-
,JE,FUN' 30�iu 11OR
GE-NE1,Rtil, 1.11IT
ME_2%TT OF S).(.IID B01,13 ,IM THE 111'.E
OF Tt,�CL,;S SUCH
THE LEVY IIND COLLECTION PURP 0 SE
iiND DECLii.Rll�
BE I,'-tl OIRD.�INED by the Board. of M'ldermen of the '�'ity of
ichita 2alls, r2exas, as follows:
section 1. The Board has ascertained and determined
arid. does hereby declare that :
( a) Under the authority of Ordinance NO- 1251, passed
CL
and approved on the 3rd day of A..Lay , 1937, y'.25,389.500 0onsoli-ated
Falls
"iefunding 3onds were duly issued by the 'ity of U
for the purpose of refunding a like amount o-f valid bonded indebted-
ness of sz.;,id City which was then outstanding �Lnd unpaid,
U '500
said Consolidated 2.leiundin6 3onds consisting of 105 bonds of V
each and 6,Z�67 borias of jel,000 each, and all of said bonds being
dated Juile 1, 1906 , maturing on June 1, 1969, bearing interest at
the rate Of 6-1/2& per annam irom their date to June 1, 1938 ,
at the rate of 4/o per annum Trom said last named (Late to June 1,
at the rate Of per annum frow� said last namell date to
a� a last
julle 1, 1946, and at the rate of 4-1/2,o per annum -Irom s
named date until paid, such interest being payable semi-annu ally
on the first days of June an,5. December of each year, aneL the
principal a'nd interest o-� suid bonds beinS pajable in lawful
� -y
money of the United 6tates of �.rnerica at -.,he office of the Cit
--lalls, _�exas.
Treasurer in the- City 0 .�ichita
(b) b�,ll of said ConsolidateCt -----.efundin, 3onds were
U
duly iszaed in full complib�nce with the Constitution and laws of
_'harter of s&id City, as amended, and
the �J*tate o-L Texas arid the 11.j
no part of the bonded indebtednes-_ refunded 'by said Consolidated
_,Iefuridin, 3onds was ever �Ldjudged invalid by any stLA6 Or -federal
court , and no action has ever been instituted in any state or
federal court , and no litigation of any kind is now pending or
threatened, in any manner questioning the proceedings or authority
under which said Consolidated Eefundin6 Bonds were issued, or
affecting the validity of any thereof, or restrainin6 or enjoining
the levy and collection of taxes to pay the principal of said bonds
and the interest thereon.
(c) Q204,600 of said Consolidated iefunLing Bonds have
heretoiore been paid and the remaining g3,18b,000 of said bonds
constitute valid and legally binding obligations of said City
of "ichita Valls, for the payment of which the full faith and
credit of said Uity are pledged.
(d) all of said outstanding Consolidated Hefunding Bonds
are subject to redemption at the option of the City, at par and
accrued interest , on any interest payment date , upon thirty days'
notice published as required by said Crdinance To. 1251.
(e) No moneys are on hand in the sinkin& iund or are
otherwise available for the redemption o! any of said outstanding
Conso!idated 3efundinE Bonds.
(f) It is for the best interests of the City and its
taxpayers to take advantage of the prevailiny low interest rates
for municipal bonds by refundinS the outstanding Consolidated
hefunding Bonds and issuing a like amount of new refunding bonds
bearing interest at a lower rate or rates than the rates or
avera6e rate of said outstanding bonds.
section 2. Por the purpose of refunding said out-
staadiub Consolidated RefundinE 3onds , there hall be issued the
negotiable coupon bonds of the City of "ichita Falls in the
aggregate prisuipal amount of 5,185 ,000, designated "General
nefundin6 3onds" and cohsisting oi ,185 bonds of the denomination
2.
of ;1,000 each, numbered 1 to 0,180, inclusive . oaid General
2efunding Bonds shall be dated June 1, 1939 , shall bear interest
at the rate of 4> per annum from date until Lecember 1, 1939,
und at the rate of 3-1/4> per annum 1rom said last named date
until payment oi the principal thereof , such interest being payable
seni-annually on the first aays oi June and December in each
year, and shall mature a"OuallY, June 1, in numerical order ,
looest "unbers first , Athout option 01 prior payment , as follows:
400,000 1940 , Y2,000 1941 to 19W, v78,OOO 1944 to 1947 , 068 ,000
1946 to IS51 , Y06 ,000 1962 to 1955 , 0110 ,000 1956 to 1959 ,
ql26 ,000 1960 to 1966, 4146,000 1964 to 1967, all inclusive ,
y162,000 1966 and Q168,000 1969. 3oth principal and interest
of suid Seneral Eefunding 3onds shall be payable in lawful
money of the United 6tates of "merica at the City National Bank
in the City of dichita jalls, lexas, or at the Harine-Zidland
Trust Company of New York in the City of New York, at the option
of the holder.
6ection 3. 6aid General Refunding Bonds shall be
signed by the Mayor, countersigned by the City Clark, and sealed
with the seal of the City, and the interest coupons attached to
said bonds shall be executed Ath the lithographed facsimile
signatures of said officers- aid bonds and coupons and the
endorsement thereon shall be in substantially the followin6 form:
No. Y1 ,000
UAIED WaVES OF shERICA
STATE UP AXAS
COUNTY OF WICHIA
CITY OF WICHIT! FALS
GEEER,L vWWANG BOYD
The Oity of "ichita la116, in Achita Count, , 6tate of
Wexas, is justly indebted and jor value received hereby promises
to pay to the bearer on the ist day ol June , 19___, the principal
sum of
OrE THOUSAND DOLLAS
together with interest thereon at the rate of iour per centum. (40)
3.
did not then exceed, any constitutional or statutory limitation
thereon; and that provision has been made as required by the
Constitution and laws of the wtate of iexas and the Charter of
said City for the levy and collection of a direct annual tax
upon all taxable property within said City suHicient to Pay
the principal and interest of this bond as the same shall fall
due and for the creation of a sinking fund of at least two per
centum of the principal amount of the bonds of this issue.
IN VITNESS jHEREOF, said City of "ichita Falls,
Texas, has caused this bond to be signed by its Mayor and
couatersigned by its City Clerk and sealed with the seal of
said City, and the interest coupons hereto attached to be
executed with the lithoEraphed facbinile si6natures of said
!ayor and City Clerk, which officials by the execution of this
bond do adopt as and for their respeotive- oKicial si;nnturis
their respective facsimile signatures appearinb on said coupons,
all as o! the ls; ual of June , 1969.
QIWY OF HIGHIT! FALLS , TEXiS
B
Mayor
Countersigned:
City Clerk
(Form of Interest Goupon)
No.
On the lst day of l9--
The City of "ichita 2alls , Texas , promises to pay to
the bearer the sum of
Dollars in lawful money of the United states of -merica at
the City Vational 3ank in the City of �ichita 2alls, !exas, or,
to be used solely for the payment of said General 3efunding
Bonds at their respective maturities or for the retirement
thereof before maturity bS purchase as provided by law. There
shall be paid into said General jefundin; Bonds Sinking Yund
before the first day of June in each of the following fiscal
years the following amounts, respectively-
Viscal Years Umounts 2iscal Years Amounts
1969-40 y64,000 1954-615 98,000
1940-41 729000 1965-56 110,000
1941-42 72,000 1956-57 110,000
1942-4o 72,000 1957-58 110,000
1943-44 78,000 1958-59 110 ,000
1944-46 7a,000 1959-60 126,000
1945-46 78,000 1960-61 126,000
1946-47 78,00c) 1961-62 126 ,000
1947-48 88 ,00('' 1962-6b 1269000
1948-49 as'000 1963-64 146 ,000
1949-50 S8 ,00j 1964-65 146,000
1950-51 88 ,000 1965-66 146,000
1951-52 98,000 1966-67 146,000
1952-56 98 ,000 1567-68 162,000
1953-54 96 ,000 1968-69 1599000
provided, however, that such payments into said General VefundinE
Bonds Sinking And shall cease as soon as the amount therein
shall be equal to the ivee amount of all General Hefunding 3onds
then outstanding, and provided, further, that the Board of
=1&ermen may provide for Daying into said Veneral iefunAing Bonds
AnKing lund in any fiscal year an amount in excess of the amount
above provided.
6ection 5. In each fiscal year while any of said
General jaiundin6 Bonds shall be outstandin6 , there shall be and
there is herebj levied upon all taxable jroperty within said Gity
of "ichita ialls an ad valorem tax suflicient to pay the interest
upon s"id bouLs as the some shall wall due anu also sufficient
to the, sinkin; jun, payment required by the prec6din8 section
of this orainance. If in any year by reason of deficiencies
in the collection oi such taxes or otherwise , the City shall be
unable to wake the r6quired payment into said sinkinL fund, the
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at the option of the bearer, at The narine-Midland Trust Company
of hew York in New York City, as provided in and for the semi-
annual intereat then due on its General Tefunding Bond, dated
June 1, 1939 , and numbered
Yayor
City Clerk.
The certificate oi ru6istration of the Comptroller of
Public uccounts to be endorsed on the back of each bond may be
in substuhtialli the followin6 iorm:
THE STATE OF WMAS
OFZICE C2 COI.TTz�GLLER
I HE2L3Y CEITIFY that there is on Ale and of record
in my oflice a certificate of the attorney General of the State
oi Texas to the KAU that this bond has been examined by him,
as required by law, and that he finds that it has been issued
in conformity with the Constitution an& laws of the Kate of
Texas and that it is a valid and bindin, obliEation of the City
of hichita Falls, Texas , and said bond has this day been
re6iotered by me.
my hand and seal of ofiice at austin, Texas,
this day of
Comptroller of Public of
the Kate of weNas-
action 4. Where is hereby created a sinhin6 fund
to be inown us the "General Refundin, Bonds Ankiny Zund" and
amount of the deficiency shall be added to the amount oi taxes
reVuired to be levied in the next succeedinE fiscal year , unless
the Cita shall have previously made up the deficiency from other
sources of revenae then available. Uoneys actually paid into
the interest or sinkin, funds from sources other than the taxes
above provided mug be applied, niter makiny up any existing
deficiency, to the reduction of the amount required to be included
in the next annual tax levy or in any subsequent levy. 2he
proceeds oi such taxes shall be placed in separate accounts and
used solely ior the purpose of making such interest and such
sinking fund payments.
Action 6. " proportionate part of ali moneys now
held in the interest fund and in the sinking fund for the out-
standing Consolidated hefundin6 Bond6 and a like part of all
collections of taxes Tor the interest on and for the sinkin& fund
for sai? Consolidated Eefundin8 Bonds shall, if and when
Consolidated 3efundin Bonds shall be refunded and exchanged
for General hefundin6 3onds, be placed in the interest fund
and in the sinking fund for said General Refunding Bonds.
Action 7. In fixing the annual tax to be levied
by the Board of sidermen in each fiscal year , the Board shall
separately desibnate the rate levied for the payment of interest
on and the principal oi said General heiundin6 Bonds, which rate
shall be adequate to provide sufficient revenue to meet the
requirailients of interest and to make the necessary sinking fund
payment hereinabove set forth. -ny taxpayer of the City or holder
of any of said General Pefunding Bonds may file suit in the
District Court of Achita County to enforce the foregoing require-
ments and, if upon such snit , it be iound that the tax rate for
the interest and sinking fund requirements of said General Refunding
Bonds is inadequate, the Court shall order and fix an adequate
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rate as hereinabove provided. If ill any year the revenue from
taxation shall be ijafade,�uale to meet the requirements of interest
and to make the sinkin� 'Lurid paM611t for such year, the Board of
t., V
,eildermen shall by revision Of its appropriations for 6eneral city
purposes provide sufficient funds from other revenues, including
the reve.iues of the water system of the City, to meet any such
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deficiency, and any taxpayer or holder of any of said Gener 1
-.�,efujjding _Donds may file suit in the Court above mentioned to
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compel the Board of lderlueu to Carry Out this requirement.
Section S. The General ,_�tefunding Bonds authorized by
this ordinance shall be delivered from time to time in exchange for
L-,.nd upon the surrender and cancellation of like amounts Of
the bonds to be refunded or shall be sold and the proceeds thereof
used in paying the bonas to be refunded upon their surrender and
cancellation.
,�eation 9. The holders of �_-T'eneral _,iefundin6 Bonds
issuod pursuant to this ordinan(�e , whather such bonds shall have
been delivered in e,-1rc_:hun6e for the bonds reluided thereby or
shall fie�,,ve been solU aj-j,�� ti-le proceeds thereof applied to the
'f such bo�ivad indebtedness , shall be subrogated to all
Pa'JIlle'J"U o--L
the rights ana remedies OIL the holders of the bonds so re-f2unded.
�3ection 10. The proper officers of the City are
hereby authorized ana directed to take all steps necessary to
carry into effect the nrovisions of this ordinance .
6eetion 11 . It is hereby declared that the foregoing
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q_la�
ordinance is all emergency measure-,Ain order to maintain and pre-
serve the credit of the City of -tichita -olails, _�exas, and the
crelit of the citizens, SMA that there exists urgent public need
for preservation of peace, health and safety of property that
this ordinance shall take ef-ifect irom and after its passage and
it is so ordained.
PiISSED AP-PRO'FED this the 28th day of July, --. D.
i.111,YOR
ATTEST:
CITY CLEIRK
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