Min 10/15/1936 451
Wichita Falls, Texas
Memorial Auditorium Building
October 15, 1936
The Board of Aldermen of the City of Wichita Falls met in regular called
session at 12:00 Noon in the Council Room in the Memorial Auditorium with the
following members present:
'V. E. Fitzgerald, Yayor
Roy Bryan,
Edwin A. Bebb,
Claude hiller, A ldermen
H. 1. Naylor,
J. B. Stokes, d
J. Bryan Miller, City Vanager
J. H. Crouch, City Clerk
T. A. Hicks, City Attorney
The Committee duly appointed for study of the bonded indebtedness of the
City filed a written report and proposed refunding plan for all the city bonded
indebtedness and bearing date of October 15, 1936, to wit:
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DESCRIPTION OF PROPOSED NE-1 REFUNDING BONDS TO
BE EXCHANGED FOR BONDS OF
7TE CITY OF 'VICHITA FALLS, TEXAS,
N01,11 OUTSTANDING.
TITLE: City of Wichita Falls, Texas, Consolidated Refunding Bonds.
AN'OUNT OF ISSUE: $3,389,500.
DATE OF ISSUE: June 1, 1936.
DENOYINATION: Same as bonds that are to be refunded.
TERN: Thirty Three years. All bonds due June 1, 1969, but optional on any interest
payment date at par and accrued interest upon thirty days? prior notice.
'VHERE PAYABLE: At the Central Hanover Bank and Trust Company, New York City.
INTEREST RATE: 3 per annum from June 1, 1936 to June 1, 19389
4% per annum from June 1, 1938 to June 1, 1941,
4�% per annum from June 1, 1941 to June 1, 1946,
4;0 per annum from June 1, 1946 to June 1, 1969,
INTEREST PAYIM- TIS: June 1st and December lst each year to maturity.
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PRINCIPAL PAMEENTS: At such time as the Sinking Fund contains .$25,000 or rare in
j excess of interest requirements for the ensuing year (two semi-
annual installments of interest), advertisements for tenders of
bonds shall be published and bonds purchased to the amount of
the available cash at the lowest offered price less than par.
If sufficient bonds are not offered at less than par, bonds are
to be called in numerical order beginning with the lowest out-
standing numbered bond for payment at par plus accrued interest.
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SINKING FUND PROVISIONS: To insure payment of interest when due, the agreement pro-
vides that there shall be set aside out of tax collections
the sum of money necessary to pay the next two succeeding
semi-annual installments of interest and that this fund shall
not be depleted through payment of principal or otherwise.
TAX LEVY: A tax is to be levied each year in an amount which, after making allowance
for tax delinquency, will produce enough cash funds to meet the interest
requirements from year to year and to retire all of the bonds by the date
of maturity. The levy shall include the following amounts for payment of
principal of the refunding bonds:
1937 - 468,000 1948 - $801000 1959 - :;p117,000
1938 - 689000 1949 - 831000 1960 - 1219000
1939 - 68,500 1950 869000 1961 - 1269000
1940 - 689000 1951 - 899000 1962 - 1301000
1941 - 701000 1952 - 929000 1963 - 1351000
1942 - 700000 1953 - 959000 1964 - 1409,000
1943 - 719000 1954 - 98,000 1965 - 145,000
1944 - 749000 1955 - 1029000 1966 - 1519000
1945 - 760000 1956 - 1059000 1967 - 1579000
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1946 - 789000 1957 - 1091000 1968 - 1631000
1947 - 789000 1958 - 1131000 1969 - 163,000
PLEDGE' OF DELINaUENT TAXES: All cash and bonds now owned by the City in its sinking 3
fund and all collections of taxes heretofore levied for
interest and sinking funds shall be placed in the sinking
fund for the new refunding bonds and (subject to the pro-
vision for advancements from the sinking fund, if neces-
sary, to pay interest ) shall be applied to the retirement
of refunding bonds.
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CONSOLIDATION OF TAX RATES: The City agrees to submit at an election and amendment to
the City Charter which will provide and authorize the levy )
annually of a tax not exceeding $1.10 for $100.00 of the
assessed value of property in the City for the purpose of
paying interest and providing a sinking fund for the re-
demption of all bonds of the City heretofore and hereafter
issued without distinction as to the purpose for which
said bonds have been or will be issued.
EXCHANGE OF BOYDS New refunding bonds are to be exchanged par for par for the present
outstanding bonds, and to the extent possible, will be delivered inA
their numerical order to the holders of original bonds in accord-
ance with the maturity dates of said original bonds, the lowest
numbered refunding bonds to be delivered to the holders of the
earliest maturing original bonds.
LEGAL OPINION: The City agrees to furnish the unqualified approving opinion of Messrs. a
Chapman and Cutler, Attorney, of Chicago, Illinois, approving the
legality of the refunding bonds.
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453
Moved by Alderman Bryan that the Board of Aldermen of the City of Wichita
Falls accept and approve the refunding plan covering all the city bonded indebted-
ness as set out in statement and proposal to the bondholders of the city and bearing
1 date of October 15, 1936.
Motion seconded by Alderman Bebb and carried by the following vote:
Yeas; Aldermen Bryan, Bebb, Miller, Naylor and Stokes.
Nays: None.
Moved by Alderman Bryan that the Board of Aldermen of the City of ;'lichita
Falls authorize the Mayor to sign a contract with the Bondholders Protective Asso-
ciation of St. Louis, Mo. , as outlined and determined in executive session of the
Board of Aldermen held on October 15, 1936.
Motion seconded by Alderman Miller and carried.
Moved by Alderman Diller that the meeting be adjourned.
Motion seconded by Alderman Bryan and carried.
The Board of Aldermen then adjourned.
READ AND APPROVED this 19th day of October 1936.
I ay
ATTEST:
City Clerk
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