1953-06-23 CC MinutesTHE STATE OF TEXAS
COUNTY OF DALLAS
CITY OF FARMERS BRANCH
On this the 23rd day of June, 1953, the City Council of
the City of Farmers Branch, Texas, convened in regular meeting, at the
regular meeting place, with the following members thereof, to wit:
Lawson Lewis, Mayor,
J. W. Culpepper, :
R. J. Knight, Aldermen,
Thomas Reeder, :
A. W. Clouston, Acting City Secretary,
being present, with the following absent: Mallon, Marcom, and Kerr,
constituting a quorum, at which time the following proceedings were had:
Alderman Knight introduced for the consideration of the
City Council an ordinance. The ordinance was read in full by the City Sec-
retary.
Alderman Knight made a motion that tha ordinance be passed.
The motion was seconded by Alderman Reeder. The motion carried by the follow-
ing vote :
AYES: Aldermen Culpepper, Knight, Reeder and Mayor Lewis.
NOES: None.
The ordinance as passed is as follows:
AN ORDINANCE
BY THE CITY COUNCIL OF THE CITY OF FAR24ERS
BRANCH, TEXAS, PROVIDING FOR THE ISSUANCE
OF $90,000.00 CITY OF FARMERS BRANCH, TEXAS,
WATETWORKS AND SEWER IMPROVEMENT AND EXTENSION
BONDS, SERIES 1953, BEARING INTER"rST AT THE
RAVE'S HEREINAFTER SET FO:ITH , AND PROVIDING FOR
THE LEVY, ASSESSMENT AND COLLECTION OF A TAX
SUFFICIENT TO PAY THE INTEREST ON SAID BONDS
AND TO CREATE A SINKING FUND FOR THE REDEMPTION
THEREOF AT MATURITY.
WHEREAS, heretofore on the 26th day of May, 1953, the
City Council of the City of Farmers Branch, Texas, adopted a resolution
calling an election to be held in said City on the 13th day of June, 1953,
on the following propositions:
PROPOSITION NO. 1
" Shall the City Council of the City of Farmers
Branch, Texas, be authorized to issue the bonds of said
City in the amount of $400,000.00, maturing serially in
such installments as may be fixed by the City Council,
the maximum maturity being not more than Thirty (30) years
from their date, bearing interest at a rate not to exceed
Five (5%)per cent per annum, payable annually or semi-
annually, and to levy a tax sufficient to pay interest as
it accrues and principal as it matures on said issue of
bonds, for the purpose of improving and extending the
City's Waterworks System, as authorized by the Constitution
and laws of the State of Texas."
PROPOSITION NO. 2
"Shall the City Council of the City of Farmers
Branch, Texas, be authorized to issue the bonds of said
City in the amount of $100,000.00, maturing serially in
such installments as may be fixed by the City Council,
the maximum maturity being not more than Thirty (30) years
from their date, bearing interest at a rate not to exceed
Five (5%) per cent per annum, payable annually or semi-
annually, and to levy a tax sufficient to pay interest as
it accrues and principal as it matures an said issue of
bonds, for the purpose of improving and extending the
City's Sewer System, as authorized by the Constitution
and laws of the State of Texas."
; and
WHEREAS, said election was duly and legally held in the
City of Farmers Branch, Texas, on the 13th day of June, 1953, at which election
a majority of the legally qualified electors owning taxable property in said
City and who had duly rendered the sane for taxation, voting at said election,
sustained the propositions to issue the bonds hereinafter described by the
following vote:
PROPOSITION NO. 1
"FOR THE ISSUANCE OF WATERWORKS IMPROVEMENT
AND EXTENSION BONDS" 58 Votes;
"AGAINST THE ISSUANCE OF WATERWORKS IMPROVE-
MENT AND EXTENSION BONDS" 11 Votes.
PROPOSITION NO. 2
, ',C-
"FOR THE ISSUANCE OF SEINER IMPROVEMENT AND
EXTENSION BOPdDS" 57 Votes;
"AGAINST THE ISSUANCE OF SEWER IMPROVEMNNT
AND EXTENSION BONDS" 11 Votes,
as is reflected in the election returns heretofore filed with the City
Secretary; and
WHEREAS, it is deemed advisable and to the best interest
of the City that only $80,000.00 of such Waterworks Bonds and $10,000.00 of
such Sewer Bonds be authorized and sold at this time and said bonds be
authorized in one issue;
BE IT ORDAINZD BY THE CITY COUNCIL OF THE CITY OF
FARMERS BRANCH, TEXAS :
1. That the bonds of said City to be called "City of
Farmers Branch, Tess, Waterworks and Sewer Improvement and Extension Bonds,
Series 195311, be issued under and by virtue of the Constitution and laws of
the State of Texas, for the purpose of improving and extending the Cityts
Waterworks and Sewer System, in the principal sum of Ninety Thousand
($90,000.00) Dollars.
2. That said bonds shall be numbered from One (1) to
Ninety (90), both inclusive, of the denomination of One Thousand (11,000.00)
Dollars each, aggregating Ninety Thousand ($90,000.00) Dollars.
3. That said bonds shall be dated July 1, 1953, and
shall become due
and payable serially as follows:
BONDS NUMBERS
MATURITY DATES
AMOUNTS
1
July 1, 19543,
$1,000.00
2
July 1, 1955,
10000.00
3
July 1, 1956,
19000.00
4
July 1, 19570
l"000.00
5
6
July 1, 1958,
1;000:00
7
July 1, 1959,
1,000.00
8
July 1, 1960,
I, 000.00
9
Jitly 1, 19619
19000,00
10
July 1, 19629
July 1
1963
1000.00
19000.00
11
,
,
July 1, 1964,
1,000.00
'S 1
BONDS NUMBERS MATURITY DATES AMOUNTS
12 to 14,
15 to 17,
18 to 20,
21 to 23,
24 to 26,
27 to 29,
30 to 33,
34 to 37,
38 to 41,
!a2 to 45,
46 to 50,
51 to 55,
56 to 60,
61 to 65,
66 to 70,
71 to 75,
76 to 80,
81 to 85,
86 to 90,
both incl.,
tt tt
tt tt
t! tf
n tr
ti N
rt
it
ft it
it it
it it
tt N
tt it
tt it
tt
it
N it
tt it
ft it
tt ti
11 ft
July 1,
1965,
July 1,
1966,
July 1,
1967,
July 1,
1965,
July 1,
1969,
July 1,
1970,
July 1,
1971,
July 1,
1972,
July 1,
1973,
July 1,
1974,
July 1,
1975,
July 1,
1976,
July 1,
1977,
July 1,
1975,
July 1,
1979,
July 1,
1980,
July 1,
1981,
July 1,
1982,
July 1,
1983,
$3,000-00
3,000.00
3,000.00
3,000.00
3,000.00
3,000.00
4,000.00
4,000.00
4,000.00
4,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
4. That said bonds shall bear interest at the rates as
follows:
Bonds Nos. 1 to 5, both incl., 3-21-% per annum;
Bonds Nos. 6 to 90, Both incl., 4% per annum,
payable July 1, 1954, and semi-annually thereafter on January lst and July lst
of each year.
5. In Bonds Numbers Twenty Four (24) to Ninety (90),
both inclusive, the City reserves the option of calling each bond for
redemption prior to maturity on any interest payment date on and after July
1, 1968, at par and accrued interest to date so fixed for redemption. Thirty
days' notice of such call shall be given in writing to the place of payment
and notice sha 11 be published in a financial publication published in the City
of New York, New York. Said notice shall appear in said publication in at least
one issue, the date of said issue being not less than thirty days prior to the
date so fixed for redemption. If any such bond is called for redemption in said
manner and if funds sufficient to pay the redemption price shall have been duly
placed in the bank of payment by the date fixed for redemption, it shall not
thereafter bear interest.
6. That the principal and interest of said bonds shall
be payable upon presentation and surrender of bond or proper coupon at the
lY
Mercantile National Bank at Dallas, Dallas, Texas.
7. That each of said bonds shall be signed by the Mayor
and countersigned by the City Secretary, and the corporate seal of the City of
Farmers Branch, Texas, shall be impressed upon each of them.
S,. That the facsimile signatures of the Mayor and City
Secretary may be lithographed or printed on the coupons attached to said bonds
and said facsimile signatures shall have the same effect as if they had been
manually executed by the said officials.
9. The form of said bonds shall be substantially as follow:
NO.
$1,000.00
UNITED STATES OF AKz'RICA
STATE OF TEXAS
COUNTY OF DALLAS
CITY OF FARMERS BRANCH
WATERWORKS AND SEWER IMPROVEMENT AND EXTENSION BOND
SERIES 1953
The City of Farmers Branch, in the County of Dallas,
State of Texas, a municipal corporation duly incorporated under the laws
of the State of Texas, for value received, hereby promises to pay to the bearer
hereof on the 1st day of July, 19 , the sum of
ONE THOUSAND DOLLARS
in lawful money of the United States of America, with interest thereon from
date hereof at the rate of ( per cent per annum, interest payable July 1st,
1954, and semi-annually thereafter on Jarmary lst and July lst of each year,
both principal. and interest payable upon presentation and surrender of bond
or proper coupon at the Mercantile National Bank at Dallas, Dallas, Texas,
and the City of Farmers Branch, Texas, is hereby held and firmly bound, and
its faith and credit and all taxable property in said City are hereby pledged
for the prompt payment of the principal of this bond at maturity and the inter-
est thereon as it accrues. r:~
This bond is one of a series of Ninety (90) bonds of like
tenor and effect, except as to number, interest rate, maturity and right of
prior redemption, numbered from One (1) to Ninety (90), both inclusive, of
the denomination of One Thousand ($1,000.00) Dollars each, aggregating Ninety
Thousand ($90,000.00) Dollars, issued for the purpose of improving and ex-
tending the City's 4aterworks and Sewer System, under and by virtue of the
Constitution and laws of the State of Texas, and pursuant to an ordinance
passed by the City Council of the City 6f Farmers Branch, Texas, which
ordinance is duly of record in the minutes of said City Council.
The date of this bond in conformity with the ordinance
above mentioned is July 1, 1953.
**(The City reserv,-s the option of calling this bond for
redemption prior to maturity on any interest payment on and after July 1, 1968,
at par and accrued interest, provided thirty days' notice of such call is given
in writing to the place of payment and provided said notice is published in a
financial publication published in the City of New York, New York. Said
notice shall appear in said publication in at least one issue, the date of
said issue being not less than thirty days prior to JShe date so fixed for
redemption. If such bond is called for redemption in said manner and if funds
sufficient to pay the redemption price shall have been duly placed in the bank
of payment by the date fixed for redemption, it shall not thereafter bear
interest.)
AND IT IS HEREBY CERTIFIED AND RECITED that the issuance
of this bond, and the series of which it is a part, is duly aythorized by law
and by a vote of the resident, qualified electors who own taxable prpperty in
said City and who had duly rendered the same for taxation in the City of
Farmers Branch, Texas, voting at an election held for the purp^se within said
City on the 13th day of June, 1953: that all acts, conditions and things re-
quired to be done precedent to and in the issuance of this series of bonds, and
k
of this bond, have been properly done and performed and have happened in
regular and due time, form and manner as required by law; that sufficient and
proper provision for the levy and collection of taxes has been made, which,
when collected shall be appropriated exclusively to the payment of this bond
and the series of which it is a part, and to the -,ayment of the interest coupons
hereto annexed as the same shall become due; and that the total indebtedness of
said City of Farmers Branch, Texas, including the entire series of bonds of which
this is one, does not exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF, the City of Farmers Branch, Texas,
by its City Council has caused its corporate seal to be affixed hereto, and
this bond to be signed by the Mayor and countersigned by the City Secretary
and the interest coupons hereto attached to be executed by the lithographed
or printed facsimile signatures of the Mayor and City Secretary as of the
lst day of July, 1953.
Mayor, City of Fa rs Branch, Texas.
COUNTE'RSI aNU:
City Secretary, City of F ers Branch,
Texas .
*(Bonds Nos. 1 to 5, both incl.,3-pl
per annum;
Bonds Nos. 6 to 90, 4% per annum).
*(This paragraph should be omitted from Bonds Nos. 1 to 23, both incl.)
10. The form of coupons shall be substantially as follows:
NO.
ON THE 1ST DAY OF
,19
The City of Farmers Branch, Texas, will pay to bearer
*(unless the bond to which this coupon is attached shall have been called for
previous redemption as therein provided and provision for the redemption thereof
made), at the Mercantile National Bank at Dallas, Dallas, Texas, the sum of
4 ) Dollars, in lawful
money of the United States of America, being months' interest due that
day on "City of Farmers Branch, Texas, Waterworks and Sewer improvement and
Extension Bond, Series 1953", dated July 1, 1953, No.
City Secretary Mayor.
*(This parenthetical expression shall be printed only in coupons maturing
January 1, 1969, and subsequent).
11. Substantially the following certificate shall be
printed on the back of each bond:
OFFICE OF COMPTROLLER
STATE OF TEXAS :
I HEREBY 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 issued 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 Farmers Branch, Texas, and said bond has this day been registered by me.
WITNESS MY HAND and seal of office at Austin, Texas,
Comptroller of Public Accounts of the
State of Texas.
12. That a special fund to be designated "City of
Farmers Branch, Texas, Waterworks and Sewer Improvement and Extension Bonds,
Series 1953 Fund", is hereby created and the proceeds from all taxes collected
for and on account of this series of bonds shall be credited to said fund
for the purpose of paying the the interest as it accrues and to provide a sinking
fund for the purpose of paying each installment of principal as it becomes
due, and said fund shall be used for no other purpose. For each year while any
of said bonds or interest thereon are unpaid, there shall be computed and
ascertained,at the time other taxes are levied, the rate of tax based on
the latest approved rolls of said City as will be requisite and sufficient
to make, raise and produce in each of said years a fund to pay the interest
on said bonds and to provide a sinking fund sufficient to pay the principal
as it matures full allowances being made for delinquencies and costs of collection
A tax at the rate as hereinabove determined is hereby ordered to be levied and
is hereby levied against all of the taxable prpperty in said City for each year
respectively while said bonds or any of them are outstanding and unpaid, and
the said tax each year shall be assessed and collected and placed in the Fund
hereby created and the Treasurer shall honor warrents against said fund for the
purpose of paying the interest maturing and principal of said bonds and for
no other purpose. There is hereby levied for the year 1953 a tax at the rate
of Sixty Three (63¢) Cents on the One Hundred ($100.00) Dollars of assessed valua-
tion or so much thereof or in addition thereto as may be found to be required
after the approval of the tax rolls for the year 1953.
"13. Be it further ordained that the ayor shall be
authorized to take and have charge of all necessary records pending investi-
gation by the Attorney General and shall take and have charge and control of
the bonds herein authorized pending their approval by the Attorney General,
registration by the Comptroller and their actual delivery to the purchaser
thereof.
14. That the sale of the bonds herein authorized to
R. A. Underwood and Company, Dallas, Texas, at a price of par and accrued in-
terest to date of delivery , is hereby confirmed. Delivery of such bonds shall
be made to such purchaser as soon as may be after the passage of this
ordinance upon payment therefor in accordance with the terms of sale.
PASSED AND APPROVED this t e 23rd day of j , 1953•
Nip r, City of Fa r Branch, Texas.
ATTEST :
City Secretary(,, City of Farmers Branch,Texas.
THE STATE OF TEXAS ,
COUNTY OF DALLAS
CITY OF FARMERS BRANCH
I, the undersigned, City Secretary of the City of
Farmers Branch, Texas, do hereby certify that the above and foreg&ing is a
true and correct copy of an ordinance passed by the City Council of the City
of Farmers Branch, Texas, (and of the minutes pertaining thereto) on the
23rd day of June,1953, authorizing the issuance of $90,000.00 City of
Farmers Branch, Texas, Waterworks and Sewer Improvement and Extension Bonds,
Series 1;53, which ordinance is duly of record in the minutes of said City
CCuuncil.
EXECUTED UNDER MY HAND and seal of said City this the
30th day of June, 1953.
1 - -
City Secretary, City of Farmers Branch, Texas
(SEAL)
1
rt