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HomeMy WebLinkAbout1968-03-25-1000AM-Special. ti'%J•4i: K'~~ i.y,1'rt',;4ti - ~ , ' ~ , . , ~ , , ~ ~ . • . ~ ~ t1 r: i ' - • r ..t J~r.A~.! l~J.~I lrfl.'i ~~f.S eli:~l.~w V,'r J~.. ~1~ /•.`YY~•l r t.~~: ~/1 ~~r , ORDER AUTHORIZING THE ISSUANCE OF COUNTY FARM-TO-MARKET AND LATERAL ROAD BONDS; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST THEREON AND THE PRINCIPAL THEREOF; AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT THE STATE OF TEXAS 1 COUNTY OF BRAZOS j The Commissioners, Court of Brazos County, Texas convened in Special session at a special term of said Court at the County Courthouse in the City of Bryan, Texas, on the 25th day of March, 1968, with the following members present, to-wit: William R. Vance County Judge R. A. Nolan Commissioner, Pct. No. 1 George R. Dunn Commissioner, Pct. No. 2 C. J. Porterfield Commissioner, Pct. No. 3 W. A. Stasny Commissioner, Pct. No. 4 Frank,J. Boriskie County Clerk and the follwoing member(s) absent, to wit: None, when, among other business, the follwoing was transacted: Commissioner Porterfield introduced an order and moved that the same be adopted. The order was read in full. Commissioner Dunn seconded the motion for adoption of the order. The motion, carrying with it the adoption of the order, prevailed by the follwoing vote: AYES: Commissioners Nolan, Dunn Porterfield, and Stasny NOES: None. The County Judge thereupon announced that themotion had duly and lawfully carried and that the order had been duly and lawfully adoped. The order thus adoped follows: . VOLZ PAG ~ y ,r T., - a~. ..I-n'i r~~ rr. w......, ~ r ~ M - s. ~.~T--r•.,n. w..... t n r - ORDER AUTHORIZING THE ISSUANCE OF COUNTY FARM-TO-MARKET AND LATERAL ROAD BONDS; PRESCRIBING THE TERMS AND CONDITIONS THEREOF; LEVYING TAXES TO PAY THE INTEREST THEREON AND THE PRINCIPAL THEREOF; AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT WHEREAS, at an election held in and throughout Brazos County, Texas, on the 24th day of February, 1968, more than a I majority of the duly qualified resident electors of said County who owned taxable property within said County and who had duly rendered the same for taxation, voting at said election, voted in favor of the issuance of the bonds of said County in the amount of $350,000, for the purpose of the construction and/or improve- ment of farm-to-market and lateral roads, said bonds to bear in- terest at a rate or rates not exceeding 5% per annum and to ma- ture serially not to exceed 30 years from their date or dates, and to be issued under the Constitution and laws of the State of Texas, including Chapter 464, Acts of the 51st Legislature of 6. Texas, Regular Session, 1949, as amended; and WHEREAS, said election was called and notice thereof was given and said election was held, all under and in strict con- formity with law; and WHEREAS, the Commissioners' Court has determined that $250,000,in principal amount of said voted authorized bonds should be issued,.sold and delivered at this time,being a portion and the first installment of bonds out of said $350,000 authorized bonds; and WHEREAS, the Commissioners' Court has determined that the remaining $100,000 bonds may be issued, sold and delivered at a later date; Therefore VOLA; 7"4 R' ~tlf•': ~*Y ~ ~ ..gyn., ~A~ ir,:.:. ~y , .r ~.r. :x.r w~ i.., j~n ~ _ y.~le ,1 r T ~ ^ . r ..r.....ae.wr- ~ - ~.•+r~.r f _ - t - ar.1:,r nr - tad". L . . • r BE IT OR ADJUDGED AND DECREED BY THE COMMISSIONERS' COURT OF BRAZOS COUNTY, TEXAS: SECTION 1: NAME, AMOUNT, PURPOSE AND AUTHORIZATION:' That the coupon bonds of Brazos County, Texas, to be known and designated as "BRAZOS COUNTY, TEXAS, FARM-TO-MARKET AND LATERAL ROAD BONDS, SERIES 196811, be issued in the principal amount of $250,000 for the purpose of the construction and/or improvement of farm-to-market and lateral roads, under and by virtue of the Constitution and laws of the State of Texas, including particularly Chapter 464, Acts of the 51st Legislature of Texas, Regular Session, 1949, as amended, and as authorized at an election held in and-,through- out said County on the 24th day of February, 1968. SECTION 2: 2.01 - DATE BOND NUMBERS% DENOMINATION AND MATURITIES: That said bonds shall be dated April 1, 1968, shall be numbered con- secutively from 1 through 50, shall be in the denomina- tion of.$5,000 each, aggregating $250,000, and shall become due and payable serially in their numerical order on April 1 in each of the years 1970 through 1991 in the respective amounts shown in the following schedule, to-wit: $ 5,000 50,000 55,000 1970/88 1989/90 1991 2.02 - OPTION OF PRIOR REDEMPTION: That the County expressly reserves the right to redeem those bonds maturing in the years 1989 through 1991 of this issue, in whole or in part, on April 1, r. D -3- Vol P 1988, and on any interest payment date thereafter, by paying to the owners or holders thereof a sum equal to the principal amount of the bonds called for redemption plus unpaid accrued inter- est thereon to the date fixed for redemption. If the County elects to redeem all or any part of such bonds on or before said date, notice of the exercise of the option to redeem shall be given in writing to the banks at which said bonds are payable, and said notice shall be published one (1) time in a financial journal or publication of general circulation in the United States of America, which notice shall be mailed to said banks and published in said journal or publication at least thirty (30) days prior to the date fixed for redemption. When said bonds, in whole or in part, have been called for redemption in the manner prescribed and due provision has been made to pay the principal of the bonds called for redemption and unpaid accrued interest thereon to the date fixed for redemption, the right of the owners or holders to collect interest which would otherwise accrue after the re- demption date on the bonds called for redemption shall termi- nate on the date fixed for redemption. SECTION 3: .3.01 - INTEREST RATES AND INTEREST PAYMENT DATES: That said bonds shall bear interest per annum at the following rates, respectively, to-wit: Bonds maturing 1970 through 19 s/0 Bonds maturing 19~(/ through 19 ew", Ize p, Bonds maturing 19 through 19 Lo Bonds maturing 19 through 19 f -4- V01.2!! .PAGN: •'~i'"~ ~',4'61:~?,ji q 1, ~....n r..r 'Tr." I•, i.. err,- q. vsr CD. ,•r it ~ . l 'y"~L7,77. .7~ •.~.~yn?~.+,,~ ~ ~!~~'i"m13"p..'~1p`-"~ a .r ; , m:+in Xt^ YP ~ . , r • . ~ , ~ ~:.~t:tip;.~~'`-'~~."+'"l.hs+'i.'•",'d~: , e ~ r7~r-^°',~.'$-; ``•iYt`s.ee,;: %U .'3'.I'Ti~-•xP~!,c~-'~'.U"_.%"7rS"°'='"•r;'2 ~,.ren~,ro«-•„+ iy, " ,i' ,I . ~7'' 1ti , '+,"."7;:'C~^'".. ; ~ c'~Tr"r,,. ~ s.,~.r..-~ .,,(ia.~, ~~.rf~M',~ `U ~y~a~.: hi f, i+~. i.7JyF J<-~~w. .~~r~. 1.,-' '-~,1,•_. i1~,-+Ni,},^.+'~~ ' ~ ~'x;•~1't~/•-4•,~J, 1'i~1 r.~~ ,Y~.:" y+y „~,yY ¢Ci ~"D~!,r~t 'J.; F ~ ~ ' ~ " o interest payable April , 1969, and semi-annually thereafter on October 1 and April l,of each year until the principal sum is paid. 3.02 - MEDIUM AND PLACES OF PAYMENT: That both principal of and interest on said bonds shall be payable, without exchange or col- lection charges to the owners or holders of the bonds and/or ini.-- r- terest coupons, in any coin or currency which on such date is legal tender for the payment of debts due the United States of America, at Bank of the Southwest National Association, Houston, Texas, or, at the option of the holder, at the First National Bank of Bryan, Bryan, Texas. The principal of said bonds shall be payable only upon presentation and surrender of said bonds as they respectively become due, and interest falling due on And prior to the respective maturity dates of the bonds shall be payable only upon presentation and surrender of the interest coupons attached to said bonds as such coupons severally become due. SECTION 4: EXECUTION OF BONDS'AND INTEREST COUPONS: That each of said bonds shall be,signed by the County Judge, countersigned by the County Clerk and registered-by the County Treasurer, by their lithographed or printed facsimile signatures, and the official'seal of the County Commissioners, Court shall be impressed, or placed in facsimile, upon each of said bonds. The interest coupons attached to said bonds shall be executed by said facsimiled signature of the County Judge and County Clerk. Said facsimile signatures on the bonds and interest,coupons and said facsimile seal on the bonds shall have the same effect,as if each of said bonds and interest'coupons -5- V04Lr.+..~ 1 had been signed manually and in person by each of said officers and the official seal of the Commissioners' Court had been manu- ally impressed upon each such bond. The registration certificate of the Comptroller of Public Accounts of the State of Texas, which certificate is to be printed upon the back of each of said bonds as hereinafter provided in Section 7 of this order, shall be manu- ally executed. SECTION 5: ,FORM OF BONDS: That said bonds shall be in substantially the fol- lowing form: NO. $5,000 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF BRAZOS BRAZOS COUNTY, TEXAS, FARM-TO-MARKET AND LATERAL ROAD BOND, SERIES 1968 FOR VALUE RECEIVED,-3PHE COUNTY OF BRAZOS, in the State of Texas, hereby acknowledges itself indebted to and PROMISES TO PAY TO BEARER the sum of FIVE THOUSAND DOLLARS ($5,000), ON THE FIRST DAY OF APRIL, 19 , and to pay interest thereon from the date hereof at the rate of % (NOTE TO PRINTER: For interest rates, see Section 3.01 of bond order) per annum, interest payable April 1, 1969, and semi-annually there- after•on October 1 and April 1 of each year until the principal sum is paid. Both principal of and interest on this bond shall be payable in any coin or currency which on such date is legal tender for the'-payment of debts due the United States of America, without exchange or collection charges to the owner-or holder, at -6- VOLl___PAL"9 R ~T Sf;~9~~rn`,j'St`r,~t~ej;., ` ~ ,ox¢ -a... ,.,..•d', ~~i , a.,. M ...si~Cltd:1 c,+;.-'~ _.+Si:. 1 .,~~YvFr..j`~,2 •'r ~ q;•r "t••=;~,•;,r~4,t ?~i;, s~n~:yb:;' k`I'~'? ~-t}rw h~~ -+':X...,i, ~.=,,;,S;ai'r,:'~ ~r1~'<•`~"~ie1*~{yap l ~li Y.-~ f-~~~,{ k'. qq, ; rt C' IL I try I l Bank of the Southwest National Association, Houston, Texas, or, at the option of the holder, at The First National Bank of,Bryan, Bryan, Texas. The principal hereof shall be payable only upon presentation and surrender of this bond, and interest hereon falling due on and prior to-the maturity of this bond shall be payable only upon presentation and surrender of the interest coupons hereto'attached as such coupons severally become due. interest hereon as it becomes due, the full faith, credit and resources of said County are hereby irrevocably pledged. THE DATE OF THIS BOND, in conformity with the order here- r, inafter,mentioned, IS APRIL 19 1968. _ ;=^v:•r.o--i-:rin!o.,a.w.:.►c~,,,f-~..Y+`+el.;^R^r'ir;,i'r!y;'1~7?,~;"'Ct•nc7"9C^.'C~~:~~~w~u"~~nw'.,~~y.:f±^rvb^}F.r -a. ~ .:n3i}7~.3:r.~.jfA+nci~-H.~,.t h::,~y.. ~'~~a~l.'`'y, f., ~ i lil ~r~ • '1• i ~ ~ r,. •t 1. i.ii~-`, 1w1 errl' ~1 ):,S`s `i k•i `4: ~'•a, _ Lt '1r ~i_ y. glob • - ~ ,1 jf ".Lid a'~- ~ ~•i •1' - ~ ~r ~ _~r, ~ r 1~~ • -r 1.~ ^1. ;'I ,fFa . ; yi..,,'d •E' ?,4 1: ,4i ,,:f+`~:°~l i}y ,.l~lS~11:•i:. ' ' . _ _I,:.(.i nor: ~ut..-•,:j.7.... .+"~i'. ,iy+W ~ r:.l . YutlJ.:Y_. e,° . - FOR THE PROMPT PAYMENT OF THIS BOND AT MATURITY and the THIS BOND IS ONE OF A SERIES OF 50 SERIAL BONDS of like tenor and effect, except as to serial number, interest rate, option of prior redemption'and maturity, being numbered consecutively from 1 through 50, in the denomination of $5,000 each, AGGREGATING $250,000, and, together with the other bonds of said series, is issued for the purpose of the construction and/or improvement of farm-to-market and lateral roads, under and in strict conformity with the Constitution and laws of the State of Texas, including particularly Chapter 464, Acts of the 51st Legislature of Texas, Regular Session, 1949, as amended, and pursuant to orders passed by the Commissioners' Court of said County and duly recorded in the official) minutes of said Court. -7- I VO~~AGE- BRAZOS COUNTY EXPRESSLY RESERVES THE RIGHT TO REDEEM THOSE BONDS MATURING IN EACH OF THE YEARS 1989 THROUGH 1991, OF THIS ISSUE, in whole or in part, on April 1, 1988, and on any inter- est payment date thereafter by paying to the owners or holders thereof a sum equal to the principal amount of the bonds called for redemption plus unpaid accrued interest thereon to the date fixed for redemption. If the County elects to redeem all or any part of said bonds on any such redemption date, notice of the exercise of the option to redeem shall be given in writing to the banks at which said bonds are payable, and said notice shall be published one (1) time in a financial journal or publication of general circulation in the United States of America, which notice shall be mailed to said banks and published in said journal or publication at least thirty (30) days prior to the date fixed for redemption. When said bonds, in whole or in part, have been called for redemption in the manner prescribed and due provision has been made to pay the principal of the bonds called for redemption and unpaid accrued interest thereon to the date fixed for redemption, the right of the owners or holders to collect interest which would otherwise accrue after the redemption date on the bonds called for redemption shall terminate on the date fixed for redemption. IT I& HEREBY CERTIFIED, RECITED AND DECLARED that the is- suance of this•bond, and the series of which it is a part, is duly authorized by law and pursuant to a special election held in said County for that purpose on the 24th day of February, 1968, at which election more than a majority of the qualified resident electors of said.County who owned taxable property within said County and -8- •YOL,rv:777~„PAGE..,.. cl~l,•~'1;i ~`3i'; Ii:r4peS; ,••I tti .o c3 _.;r.. ~f,•, ,•i •t+ . - • - - , t~:} 7,3 ,+~+r-.K',.,~ v'. 'r''..;k ',y ~~;~f-.•,'S+ f,: V.,i J_"e ,;1 a ' ~~n~~- ' ~ ~ ' 'f'r 1 - ~ ~ ~4 • ..tlf;n` •I J l'r.)l ~~:1FGOf..h:~l.:l: a~i ~~`~d ~ ~l i:7+f,\v,( } 1 1 f ~ a •r ..s. . .~iF~ f~: . ~ 1.. 1. i. L•. ~ - ~ ~ who had duly rendered the same for taxation, voting at said elec- tion, voted in favor of the issuance of such bonds and the levy of taxes in payment thereof; that all acts, conditions and things required to be done precedent to and in the issuance of this bond and this series of bonds have been properly done and performed, and have happened'in regular and due time, form and manner as required by law; that due provision has been made for levying and collecting annually by taxation on all taxable property within said,County, except the first Three Thousand Dollars ($3,000) value .,of residential homesteads, an amount sufficient to pay the inter- est,on this bond and the other bonds of said series of bonds as such interest becomes due and to provide a sinking fund for the final redemption, of said bonds at maturity; and that the issue of bonds of which this bond is one, together with all other in- debtedness of said County, is within every debt and other limit prescribed by the Constitution and laws of the State of Texas. IN WITNESS WHEREOF, the Commissioners' Court of Brazos County, Texas, has caused the official seal of said Court to be impressed, or placed in facsimile, hereon, this bond to be signed by the County Judge, countersigned by the County Clerk, and regis- tered by the County Treasurer, by their lithographed or printed b, facsimile signatures, and the attached coupons also to be signed by said facsimile signatures of the County Judge and County Clerk, -all as of the 1st day of April, 1968. County Judge, Brazos County, Texas COUNTERSIGNED: .~-i - 'County Ci-e-r'Z; Brazos County, Texas REGISTERED: Aou 0 - -al nty Treasurer, Brazos County, Texas -9- I" f I ~ r VOA /-4-P kGE-A=-" 0 V /4 T1 T ^ W? L . FORM OF INTEREST COUPONS: That the interest coupons attached to said bonds shall be in substantially the following form: NO. $ 1 ON THE 1ST DAY OF , 19 the COUNTY OF BRAZOS, in the State of Texas, PROMISES TO PAY TO BEARER, with- out exchange or collection charges, at Texas, or, at the option of the holder, at The First National Bank of Bryan, Bryan, Texas, THE SUM OF $ , in any coin or currency which on such date is legal tender for the payment of debts due the United States of America, being interest due that date on BRAZOS COUNTY, TEXAS, FARM-TO-MARKET AND LATERAL ROAD BOND, SERIES 1968, bearing the number hereinafter s cified, dated April 1, 1968. Bond No. County Judge County ler •*(Coupons maturing after April 1, 19889 shall contain the following additional clause: unless the bond to which this coupon appertains has been called for redemption and due provision made to redeem same,) -10- i • i VOL 9PA i tetra Kh'Z.~~' 1 i C .v..?5'~•r,~~~%?it-'4~~471."~.~ ..L~J. .r: r.i. .C%+'u.it i, e. t^`..~:., 1~~ `4`•. .,.-..L ~ c f ~ / l `J~' Vim. - ~.h.. ii• - - - - .~~.~_d ._.r~! . 1 SECTION 7: REGISTRATION,OF BONDS BY STATE COMPTROLLER AND FORM OF REGISTRATION CERTIFICATE: That each of said bonds shall be registered by the Comptroller of Public Accounts of the State of Texas, as provided by law, and the registration certificate of csaid Comptroller, which is to be printed on-the back of each of said bonds and is to be manually executed, shall be in substantially the following form: OFFICE OF THE COMPTROLLER § THE STATE OF TEXAS REGISTER NO. 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; that he finds that it has been issued in con- formity with the Constitution and laws of the State of Texas; and that it is a valid and binding obligation upon Brazos County, 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 SECTION 8: INTEREST AND SINKING FUND - TAX LEVY: That there is hereby created a special.fund to be designated "Brazos County Farm-To-Market and Lateral Road Bonds, Series 1968, Interest and Sinking Fund", and the proceeds from all taxes levied, assessed and collected for and on account of the bonds authorized by this order shall, as collected, be deposited into said Fund. That while said bonds -11- VOL.L~A(; or any part of the principal thereof or interest thereon remain outstanding and unpaid, there is hereby levied and there shall be annually assessed and collected in due time, form and manner, and at the same time other County Taxes are assessed, levied and collected, in each year, beginning with the current year, a con- tinuing direct annual ad valorem tax upon all taxable property in said County, except the first Three Thousand Dollars ($3,000) value of residential homesteads, sufficient to pay-the current interest on said bonds and to create and provide a•sinking fund of not less than 2% of the original principal amount of said bonds, or of not less than the amount required to pay the principal out of said tax, whichever is greater, full allowance being made for deliquencies and costs of collection, and said taxes when col- lected shall be applied to the principal of and interest on said bonds and to no other purpose. SECTION 9: APPROVAL AND REGISTRATION OF BONDS BY STATE OFFICERS: That it shall be the duty of the County Judge of said County, or someone acting under authority of said County Judge, to submit the rec- ord of said bonds, and the bonds, to the Attorney General of the State of Texas, for examination and approval, and thereafter to have such bonds registered by the Comptroller of Public'Accounts • of the State of Texas. SECTION 10: SALE OF BONDS: That the sale of said bonds to Rauscher, Pierce and Company, Incorporated at a price equal to the principal amount of said bonds, plus -12- • O A AGE r. ~'ti ~Ai~ Y~,'~+r~- `V.Yii/ _ •r•-... ~ ter. 4 t t 4~ y::•'yr,uSv+lji".~a:tl•y+~t4','y- 1 t • ' ,...i,1i ..c.•.~,..~>"o.~ ~4.-..+:.~; iE:~ii tar!.,tl. •i'1{ y::'~•n:u,o1W::Ft", '1 J 4 accrued interest `thereon from the date of such bonds to the date 1 of actual deliver ' y, plus a cash premium of $ oV5 , subject to the unqualified approving opinion as to-the legality of said bonds, of the Attorney General of the State of Texas and Vinson, Elkins, Weems & Searls, Houston, Texas, market attorneys, is hereby authorized, approved, ratified and confirmed " , provided that said bonds shall not be issued, sold or delivered, unless and until this Commissioners' Court shall, at a regular term of said Court, when all members of said Court are present, levy a tax and create a sinking fund for said bonds in language sub- stantially similar to that contained in Section 8 above. When said bonds have been approved by the Attorney General and registered by' the Comptroller of Public Accounts of the State of Texas, they shall be delivered to the named purchaser upon receipt of the full purchase price. SECTION 11: DUTIES OF COUNTY OFFICIALS: That the County Judge, County Clerk, and County Treasurer are hereby authorized and directed to do any and all things necessary or convenient to carry out the provisions of, this order. PASSED AND APPROVED'this 25th day of March, 1968, County Judge Z Co ssioner, Pct. No: 1 -13- Vol J pAUE Commiss ner, Pct. No. 2 A). i / 1~1 Co is ioner, Pc . No. Commissioner, Pct. N f- 4 ATTEST: County Cler and x-Officio Clerk of the Commissioners' Court of Brazos County, Texas &OD"T.. SEAL) X11!!-- ; -14- 1 . ~ a . •11!`1 v~'•1-~--.~1µ• -,F~..~_ ! !