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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 §
COUNTY OF BRAZOS § Y
The Commissioners' Court of Brazos County, Texas, con-
vened in regular session of a regular term of said Court at
the County Courthouse in the City of Bryan, Texas, on the 8th
day of April, 1968, with the following members present, to-wit:
William R. Vance County Judge
R. A. Nolan
George R. Dunn
C. J. Porterfield
W. A. Stasny
Commissioner, Pct. No. 1
Commissioner, Pct. No. 2
Commissioner, Pct. No. 3
Commissioner, Pct. No. 4
Frank J. Boriskie County Clerk
and none absent, when, among other business, the following was
transacted:
Commissioner ointroduced an order and
moved that the same be adopted. The order was read in full. Com-
missioner 0411VAI seconded the motion for adop-
tion of the order. The motion, carrying with it the adoption
of the order, prevailed by the following vote:
AYES: Commissioners Nolan, Dunn, Porterfield
and Stasny.
NOES: None.
The County Judge thereupon announced that the motion had
duly and lawfully carried and that the order had been duly and
lawfully adopted: The order thus adopted follows:
A
VOLZLPAGE.
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
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
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
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BE IT ORDERED, 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 1970/88
50,000 1989/90
55,000 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,
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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 interest
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 circulatiom 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) day 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 unpaidt 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 terminate
` 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
Bonds maturing 1981
Bonds maturing 1987
Bonds maturing 1989
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through 1980, 5 %
through 1986, 4h %
through 1988 4.60%
through 1991 4.65%
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L interest payable April 1, 1969, and semi-annually thereafter on
October Land April 1 of each year until the principal sum is paid.
3.02 - MEDIUM AND PLACES OF PAYMENT: That both principal of and '
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interes on said bonds shall be payable, without exchange or col-
clection charges to,the owners or holders of the bonds and/or in-
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 SANK 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 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 facsimile signatures of the.County
Judge and County Clerk. Said facsimile signatures on the bonds
and interest coupons and said facsimiles seal on the bonds shall
have•'the same effect as if each of said bonds and interest coupons
` -5-.
All
VOL.LPAG `'-C-
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, THE 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 Ootober 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
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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 presentaion 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.
FOR THE PROMPT i A*'I iE11 OF "-RTS BOND AT MATURITY and the
interest hereon as it becomes due, the full faith, credit and re-
sources of-said County are hereby irrevocably pledged.
THE DATE OF THIS BOND, in conformity with the order here-
inafter mentioned, IS APRIL 1, 1968.
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 prupose of the construction and/or impromvement-
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.
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VOLZPAGr p7
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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,oin 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 IS 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 ~
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who had duly rendered the same for taxation, voting at said elec-
tion, voted in favor of the issuance of such bondsrand the levy
of taxes in payment thereof; that all acts, conditions and things
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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
facsimile signatures, and the attached coupons also to be signed
by said facsimile signatures of the County Jud a and County Clerk,
all as of the 1st day of April, 1968.
County Judge,
Brazos County, Texas
COUNTERSIGNED:
• REGISTERED: •
County Clerk,
Brazos County, Texas ounty Treasurer,
Brazos County, Texas
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V0LAL PAGE1Z`47
SECTION 6:
FORM OF INTEREST COUPONS: That the interest coupons attached
to said bonds shall be in substantially the following form:
NO. $
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 specified, dated April
1, 1968. Bond No. •
County Judge
County Clerk
*(Coupons maturing after April 1, 1988,
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,)
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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 said Comptroller, which
is to be printed on the back of each of said bonds and is to be
a
manually executed, shall be in substantially the following form:
OFFICE OF THE COMPTROLLER §
REGISTER NO.
THE 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; 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
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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, f.orm 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
delinquencies and posts 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,-Inc...
at a price equal to the principal amount of said bonds, plus
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accrued interest thereon from the date of such bonds to the date
of actual delivery, plus a cash premium of $ o.vE , 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
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,authorized, approved, ratified and confirmed. 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 pur-
chase 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 8th day of April, 1968.
r '
County Judge
Commissioner, Pct. No. 1
ommiss er, Pct. No. 2
VfamilsdIoner.-kct. M. 3
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VOLA PA(jr-
ATTEST:
County Clerk and Ex-Officio
Clerk of the Commissioners'
Court of Brazos County, Texas
.(COMMR.CT.SEAL)
rr~rir,.
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Commissioner, Pct. No. 4
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