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Ord 516 5/19/1924 ORDINANCE NO. it j-,N ORD11UNCE b-'GTHORIZL G T11E ISSUI&CE OF EUNDS OF TBEE, CITY OF ,11CHIT.L FALLS# T" -'ASP r.,' THE 11,110IMN", OF TWO HUNDRED SIXTY THOUSAND DOLLARS lil-ATURING SERIF L!Yp BF. G !-v TFR`ST AT TIT" PdTE Or, FIV-.',-,' j4;fljl ONE HALF l-E"-l?G'l3f4TUM ( 5 1/2,-/.) PER 1,11NUMP PAYPBLE SEMI-ANT,,U.�.LLY ON !,UY I 1,Nbl NOVEMBER I OF Ej,CH YI-22s FOR TE' : TJ'RFOSv, OF' REF-U-NDING J: LIKE `!JOUNT OF BONDS OF SAID CITY ISSIRA", FOR THE PURPOSE OF CONSTRUCTING STORM SEWERS IN AND FOR SAID CITYs 'SHICH BONDS IYERE ISSUT) UbD"ll DA`-'E OF NOVEMBER 1p 1920$ THIRTY YEj,,RS FROK, THEIR D2�TEq '""ITH OP'LION OF Rllll)E�,--I?T ION AT iliY Px,Y.ING ll-'EiRIOD YIFTER FIVE YBi.,RS FRO14 TEEIR RATE iNT) BEkRIN(z II TER -T AT TH-1,, T�`:TB OF SIX F'!i,RC0JTUYl (6%) PT",.P !`NNUm: AND LrlVYIITG 1'. TAX ON EICE ONE HUNDI-ED YlOLIARS V11LUiTION OF Ti,-YU.BLE "ROPERTY IN IL CITY S€.jFYiICIENT T"' FY.,Y THE IN'-VEREST ON S`AID B'014DS iND TO C-%',EjlTE A SINKING F(qlD SUFIPICIENT TO J'T7L, !X TE, i AT :I7,s -If -TURITY.n 1`,IIEREASp HERETOFORE# on the 2 nd day, of Octobers 19ZOP this Board of 2-aldermen did# by ordinance number 324j, authorize the issuance of bonds in the sum of Two Hundred Sixty Thousand Dollarsp for the -urpose of constructing storm sewers in and for said city* and "0M','R`,F,1j'-.Sj, lmRr!,�FTERs said bonds were duly and legally sold and delivered and are ow valid ou' standing ol-1 ions of the CITY TIIICHT`P ?,,�L 'Ss and OFIEREASP it is possible to refund the said bonds at a lower rate of interest by the issuance and exchange therefor of refuil-ding bonds maturing serially and bearing interest at the rate of five and One Ealf Percentum (5 1/2".F) per annum. NO p THEREFOREo BE IT ORD11NED BY M BOARD OF 'LDER 2"lt OF THE CITY OF TEXI..,S;- SEC!ION ONE, That bonds of the said citys to be denominated$ CITY OF Tdrj.CEIITA F�L, Sip TEMiSp B,NDS OF 19244 SERIES A # be issued for the purpose of refunding bonds horetofore issued for the purpose of constructing storm sewers in and for said citys which said bonds are dated November Is 192".0 and mature November Is 1950 with option of redemption at any interest paying period after five years from day and bearing; intere, ,t at the rate of Six Pereentum per annump which said bonds -were authorized to be issued by ordinance r)umber 324 s adopted October 22s 19200 'ECT'ON T470* SY11) B0141TD8 shall be numbered from one (1) to Two Hundred Sixty 260 ) inclusives sh,-Al be dated May 10 1924s shall be in the denomination o` One Thousand Dollars (8 10000) each and shall mature serially without option of prior payment as follows:- 2 i-,T,'.OUNT, JL i'URITY, 5 inclusive ,-W 5,000 November 1p 1925 V 6 - '410 52000 November 12 1926V 11 - 15 5.0000 November 1p 1927D/ If 1 -�' - 21 6..,0 0 November 1$ 1928V/ 22 - 27 C)O 000 November 1., 1929..// 28 - 133 If _,0()0 November 1, 1930 V// 34 - 39 6j,00"', November Ix 1931 40 - 46 7.,C 0 0 ovember 1p 3.932 - 53 71000 IIovember io 'J,933V E4 - 31 if 8$000 TNovomber I 1934V 000 November 11 1935v/ U 70 - 77 i--3"0,L)C, 1"ovember i$ 1936V// - 36 it Op ovemb,:-�r 1, 1937�/ 7 - 95 ovedber 1.4 h)3 8 v1 10.,0"'10 11rovember ly 1939V tp OUO i'-Ioveu'ber 1,, 1940V 1,17 - 127 11.,G;)C) ovemb e r 11 1941V/ 1280 - 139 1" 1"'P 0�")O Uovember 1, 1942\/ 140 - 151 1 000 CrVemhc r ly 19431/ 13,(Y)o Nov--mber 1, 19,A' .V/ lj5 - 178 140000 ovcmbar 1$ 1945 179 - 193 15,Ow Tjo-,rember 1.1 1946V/ 194- NOverabor ls 194711// 12, ',10 - '-,5 14 lc,000 11 o v c,n,b e r 1, 19481/ - 2"12 17j.000 ! o-,Tember 1p 1949\/ 243 - !-,S 0 18.,000 Novembor 1p 1950✓ 3 SECTION THREE, '9ID BONDS shall bear interest at the rate of Five and One Half Percentum (5 1/2%) per annump payable send-annuallys on the first days of May and November of each yealr. SECTION FOUR, TH13 PPI111CIPIL f-�ND INTEREST of said bonds shall be payable on presentation and surrender of the bonds or proper coupons at the Hanover National Banks New York City, SEC`_ TON FIVE* SAID BONDS shall be signed by the Hayorp countersigned by the City Clerk and registered ',,)y the City Treasurer and the corporate seal of said city shall be impressed on each of them and the fac-simile sigmatures of said Mayor and City Clerk shall be lithographed on the coupons attached to each of said bonds* SIX. SAID BONDS END COUPONS shall be in substantially the following form:- 4 UNITED STATES OF EMI-RICA STJ�TE OF' TEXAS CITY OF WICHITA FALLS POND. SERIES L'a NOe $10000,00. The City of 7'ichit;a Falls# a municipal corporation duly incorporated under and by virtue of the laws of the State of Texass for value receiveds is indebted to and hereby promises to pay to bearer on the first day of Yovembero 19 # the sum of ONE THOUS1,ND DOUARS in lawful money of the United Stv.tes of 1,mericap with interest thereon from the date hereof# at the rate of Five and One "alf Percentum ( 5 1/2%) per annums payable semi-annually on the first days of May and November of each year, BOTH PRDCIPj-iL I.N1, IN`MUST of this ond are hereby made payable at the Hanover National Bank in New York City, and for the prompt payment of the principal and interest of this bond as the same shall matures the full faith$ credit and resources of the city of Wichita Falls are hereby irrevocably pledged. THIS EOFD is one of a series of bonds of like tenor and effect* except as to ma+.Uritys and is issued for the purpose of rel'undinC a like ,,mount of valid out- standing bonds of the city of Vfichita Falloj, Texasp which were issued for the purpose of constructing storm sewers in and for said citys in accordance with ordinance number 324 a of the City of vVichita Fallsp adopted October 22a 1020 and by virtue of an election duly called and held in said city on the 12th day of Octoberp 1920. THIS N)ND is issued under and pursuant to the Constitution and Laves of the 3a-.ate of Texas., including canon others others Chapter17 of Title 22 of the Revised Civil Statutes and the City Charter of the City of Wichita Falls; and pursuant to an ordinance duly &hd le;.1',ally adopted by the Board of Aldermen of said city. IT IS "FURTHER CO"V''!N2'JTTFD P11r, I'GMED MTH THE HOLDER OF THIS BOND that if this bond should be declared invalid for any reason the holder hereof shall be subrogated to all the rights of the holder of the original bond which this bond vas issued to refund, IT IS HEREBY R-`1PRrSb1,TTED -P,,ND DECURED that provision has been made as required by the Constitution and Laws of the State of Texas for the levy and collection of an annual tax sufficient to pay t1le interest on said bonds as ',-he same shall become due and to pay the principal thereof at maturity; that the bond which this bond was issued to refund was duly authorized by a majority of the qualified property 4- tax paying voters of said city an(.'- is a valid subsisting and :)uts�-,anding obli4ption of said city* 6 I'J' IS FURTHER RBPR`'4SENTED rND DECLARED that all acts conditions and things required to be done precedlent to and in the issuance of this 'bond have been Oroperly Jonas have happened and have been performed in regular and due form as required by the Constitution and Laws of the State of Texas and by the City Charter of the City of VVichita Falls and that the total indebtedness of said city including this bond does not exceed any constitutional or sl.-,atutory limitations IN WITNESS INKTREOF the City of Wichita Falles by its Board of �,ldermens has caused this bond to be sigmed by its Mayors countersip'ned by its City Clerk and registered by its City Treasurer, with its corporate seal impressed hereon and the annexed interest coupons to be executed by the lithographed fac-simile sirn,,<tures of said Mayor and City Clerk this first day of Mays 1924. Mayor COVIN"'',"RSP--VED: City of Nichita Falls. City ClerE. REGISTERED t CIty Treasurer. the interest coupons attached to each of said bonds shall be in substantially the following form:- 7 NO, 427,50, On the first day, of May or November 19 p the City of 'Kichita Falls$ Texas$ promises to pay to bearer at the Hanover National Bankj, fiew York Cityp URS �''IIL FIFITY MITS being six months interest due tha. day on the City of "Achita Fal.1s., Texas$ Ref,,-,-nding .pond of 1924# Series A 'P dated Iay 1.* 1924 and numbered i — MUNT71iRSIMED: —Mayor --Y711—y C!XRK, On the back of each of said bonds shall be printed . he following certificate:- OFFICE OF `CIF COMITROLLER OF 111BLIC 1,CCOUNITS OF TEE STD`TE OF TEXAS* I hereby certify that there is on file of record in my office a certificate of the Attorney General that this bond has been examined by him as required by 'Irticle 619 of the Revised Civil Statutes and that it has been issued in conformity with the Constitution and Laws of the State of Texas and that it is a valid and binding obligation of the City of 1,7ichita Falls and said bond has this day been registered by me. 8 'N,1T1N7,S'7 Ttlff ILLNT, !ND UAL at hustinp Texasp this day of 1924. Kccounts of the State of Texas. 37M V BIGET9 ML OFMEBE W RM DAMID A BOA MMITT OF TV CITY OF 7GAV A.Sp that to pay the interest on said bonds as the same shall mature and to creote a sinking fund sufficient to discharge theprincipal thereof at paturityp there shall be annnally levied and there is hereby levied for Ae y ar ISAy a tax of ,C6*7 on .-lie One Hundred Lollar valuation of tamable property in said city; that for the year 1925 and e-ch oucceedinr year while any of said bonds are outstanding and unpaid$ there shall be computed and ascertained slat rate of tax, based on the laA approved tax rolAs of said cityp will be required to fully nakeo raise ane produce in each of said years a sum of money necessary to puy oll interest accruing and coming due In said year and to provide a sinkinp fund sufficient to meet the zaid bonds as they matur, and a tax at such rate as shall be found necensary ( said tax in any years hounver, not to be less than the tax of 406*7 f as aforesaid) shall be leviedp assessed and collected in each of said years and at the time other city lanes are levied# assessed and collected and the proceeds from said tax shal be applied to the purpose named* SECTION NUT,. IT 13 Tie"719Y STIPT3L!-T*t-':T,, with the holders of the ori,sinal bonr'-s hereinbefore authorized G.ncl. e ch of them,, that if said refunding bonds -Ir an7 of tl-.em should be held irvalid for any reason the holder or holders thereof shfsll be sulbro,,-Pted to ° 11 the rights of the 'holders of the ori .-gin.ql bons rePtinded by this issue of I)o:rds. &`CT TON TIPIT, TM,17 t.ICT that. there is an ur-ent public. reed for the reftmding of the outslandin�, bonds of said cit."r and, a reduction in the -rate of tay:es ir, cn;f5, ci+,-- for Ahr -71 s r f-t- n of the health and wb(fare of the. cor.:muln-',ty orvates an eno--!-�menoy and, a public necossity that the rule r-c-ArIn- or(-.Iinf:ncew to be react on three separate dr..tes be suspended smd scid rile is !-!(,r,,,:bv suspended and this ordinance sh-n.11 `--,ke fffect andl be in force from rind after it. &snCe ard it is s 0 ore�ti,,, je 10