Min 06/08/1944 73
Wichita Falls, Texas
Memorial Auditorium
June 8, 1944
ON THIS the 8th day of June, 1944, the Board of Aldermen of the City
of Wichita Falls, Texas, convened in called session in the Council Room in the
Memorial Auditorium, the following members thereof, to-wit:
W. B. Hamilton, Mayor
C. A. Spragins,
J. W. Fitzpatrick, �
E. J. Wininger, Aldermen
J. M. Baber,
0. G. Stephens,
George T. Henderson, City Clerk
Thelbert Martin Assistant City Attorney
being present, and Alderman W. Ralph Hyer being absent constitute
ng
and, among other business transacted, was the following: a quorum,
Mr. W. B. Hamilton introduced the following resolution relative to the
sale of $63,000,000.00 "CITY OF WICHITA FALLS, TEXAS, FIRST MORTGAGE WATERWORKS
SYSTEM REVENUE IMPROVEMENT BONDS, and after said resolution was read in full, on
motion of Mr. 0. G. Stephens, seconded by Mr. J. 'Or. Fitzpatrick, the resolution
was passed and adopted by a vote of all in favor of all in favor of its passage
to a vote of none against its passage.
The resolution follows:
Vv'HEREAS, there has been submitted to this Board the bid of CRUMMER AND
COMPANY, INC., OF TEXAS, at Dallas, Texas, to purchase $3,000,000.00 Waterworks
System Revenue Bonds of the said City, being —
$1,000,000.00 "CITY OF WICHITA FALLS, TEXAS, FIRST
MORTGAGE WATERWORKS SYSTEM REVENUE
IMPROVV ENT BONDS, SERIES 111, dated
May 1, 1944, and,
$2,000,000.00 "CITY OF WICHITA FALLS, TEXAS, FIRST
MORTGAGE WATERWORKS SYSTEM REVENUE
IMPROVEMENT BONDS, SERIES 211, dated
May 1, 1944,
(being part of a total authorized issue of $3,500,000.00 bonds, authorized at an
election held on April 11, 1944), at a price of not less than par and accrued
interest; therefore,
TEXAS: BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF WICHITA FALLS,
I.
That the bid of CRUMMER AND COMPANY, INC., OF TEXAS, at Dallas, Texas,for the purchase of the said $3,000,000.00 Waterworks System Revenue Bonds of
said City, at a price of not less than par and accrued interest, shall be and the
same is hereby accepted; said bonds being more particularly described as follows,
to wit:
$1,0001000.00 "CITY OF WICHITA FALLS, TEXAS, FIRST
MORTGAGE WATERWORKS SYSTEM REVENUE
IMPROVEMENT BONDS,$ SERIESI,11 dated
May 1, 19", numbered consecutively
from 1 to 1000, both inclusive, in
denomination of $61,000.00 each;
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(numbers 1 to 450, both inclusive,
bearing interest at the rate of 3%
per annum, and numbers 451 to 1000,
both inclusive, bearing interest at
the rate of 31 per annum, payable
semi-annually on April 1st and October
1st in each year, the first payment
date to be October 1, 1944); principal
payable serially on April 1st in each
of the years 1945 to 1960, both inclu-
sive, but bonds numbers 645 to 1000,
both inclusive, are redeemable in whole
or in part, at the option of the City,
on October 1, 1955, or on any interest
payment date thereafter, at par and
accrued interest, both principal and
interest being payable at Mercantile
National Bank at Dallas, Dallas, Texas;
and,
$2,000,000.00 "CITY OF MORTGAGE W WATERWORKS SYSTEM REVENUE FIRSTICHITA FALLS, TEXAS,
IMPROVEMENT BONDS, SERIES 2," dated
May 1, 1944, numbered consecutively
from 1 to 2000, both inclusive, in
denomination of �1,000.00 each, all
bearing interest at the rate of 2-3/4%
per annum, payable semi-annually on
April lst and October 1st in each year,
first interest payment date to be Oct-
ober 1, 1944; principal payable serially
on April 1st in each of the years 1945
to 1979, both inclusive; but bonds
numbers 451 to 2000, both inclusive, are
redeemable in whole or in part, at the
option of the City, on April 1, 1964,
or on any interest payment date there-
after, at par and accrued interest, both
principal and interest .being payable at
Mercantile National. Bank at Dallas,
Dallas, Texas;
said bonds being part of a total authorized issue of $3,500,000.00 bonds,
authorized at an election held in said City on April 11, 1944, for the purpose
of paying off, refunding and cancelling $351,000.00 "City of Wichita Falls,
Texas, Waterworks System Improvement Revenue Bonds," dated October 1, 1940,
and for the purpose of purchasing additional water powers, riparian rights,
improving, enlarging, extending and repairing such System at a cost of not
exceeding $3,149,000.00, and all of said bonds are payable solely from the
revenues of the City's Waterworks System and further secured by a Mortgage or
Deed of Trust on the said City's entire Waterworks System and all the revenues
of said System after deduction of reasonable operation and maintenance expenses.
the Ordinance authorizing the issuance of the said $3,000,000.00 Waterworks
System Revenue Bonds is Ordinance No. 1384, adopted by this Board on May 11,
1944, recorded in Ordinance Book No. 8, Ordinance Records of said City and the
said Mortgage or 'Deed of Trust is recorded in Volume 162, page 5, et seq., Deed
of Trust Records of Wichita County, Texas, and also recorded in Volume 273, Page
583 et seq., Deed of Trust Records of Archer County, Texas, to which ordinance
and Deed of Trust reference is 'here made for a description of the property
mortgaged and pledged, the nature and extent of the security.
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II.
That the said $3,000,000.00 Waterworks System Revenue Bonds are hereby
declared to be sold and the same are this day sold to the said CRUMMER AND CWPANY,
INC.; OF TEXAS, at Dallas, Texas, at a price of not less than par and accried
interest.
PASSED, APPROVED AND ADOPTED, this the gth day of June, 1944.
Moved by Alderman Spragins that the .meeting be adjourned.
Motion seconded by Alderman Wininger and carried.
READ AND APPROVFD this the 12th day of June, 1944.
Mayor
r
ATTEST:
.- ` City nerk
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