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08-26-1929 (City Council) Minutes THE STATE OF TEXAS COUNTY OF COLLIN CITY OF WYLIE On this the 26 day of August, 1929, the City Council of the City of Wylie, Texas, convened in called regular meeting with the following members of the Council present, to-wit: T. Hammett, Mayor Pro Tem, Loyd Neilon, Chas. L. Hillis, Aldermen, E. Housewright, S. M. McDonald, City Secretary, With the following members absent, to-wit: None, constituting a quorum, at which time the following among other business and transacted: The Mayor submitted a proposed ordinance. The proposed ordinance was read by the Secretary. Alderman Loyd Neilon made a motion that the rile prohibiting the final passage of ordinances on the date introduced be suspended and that this ordinance take effect from and after its passage. The motion was seconded by Alderman Hillis. The motion carried by the following vote: AYES: Aldermen Neilon, Hammett, Hillis, and Housewright. NOES: None. Alderman Neilon made a motion that the ordinance be finally passed. The motion was seconded by Alderman Hillis. The motion was carried by the following vote: AYES: Aldermen Neilon, Hammett, Hillis, and Housewright. NOES: None. The Mayor announced that the ordinance had been finally passed. The ordinance is as follows: AN ORDINANCE APPROPRIATING THE REVENUES OF THE SEWER SYSTEM TO THE SINKING FUNDS OF VARIOUS WARRANTS ISSUED AND OUTSTANDING, PROVIDING FOR THE DISPOSITION OF SAID FUNDS, MAKING THIS ORDINANCE A CONTRACT WITH THE HOLDERS OF SAID WARRANTS, AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS: (1) That all moneys received by the City from service charges imposed by the City for sanitary sewer service, and any and all other moneys whether considered gross income or net income, received from the operation of its sanitary sewer system shall be disposed of in the following manner: (a) On the 15th day of each month beginning with September 15th 1929, Twenty-Five ($25.00) Dollars thereof shall be made available for operating expenses of said system; (b) One-sixth(1/6th) of the remaining moneys shall be placed in the depository in the sinking fund of"City of Wylie, Texas, Funding Warrants, Series 1929, $5,255.00 6%": (c) Five-sixth(5/6) of said moneys after payment of said Twenty- Five ($25.00) Dollar item shall be placed in the depository in the sinking fund of"City of Wylie, Texas, Sewer System Warrants, Series 1926, $26,000.00 6%"; (2) It shall be unlawful to use the revenues of the sewer system for purposed other than enumerated herein; (3) The Mayor, the City Secretary and the City Treasurer are authorized and directed to do any and all things necessary and/or convenient to carry out the full purpose of this ordinance. (4) This ordinance constitutes a contract by and between the City of Wylie and the holders of the securities whose sinking funds are affected by the provisions hereof. (5) The fact that the City's finances are in need of the relief afforded by the pledging of the sewer revenues to assist in creating sinking funds for its various securities issued for sewer purposed, creates an imperative public necessity demanding that the rile requiring ordinances to be read at more than one meeting be suspended and this ordinance be effective immediately after its passage and it is so ordained. PASSED AND APPROVED, this the 26 day of August, 1929. J. A. Hammett Mayor Pro Tem, City of Wylie, Texas. ATTEST: City Secretary, City of Wylie, Texas. THE STATE OF TEXAS COUNTY OF COLLIN CITY OF WYLIE I, S. M. McDonald, City Secretary of the City of Wylie, Texas, do hereby certify that the above and foregoing is a true, full and correct copy of an ordinance passed by the City Council on August 26, 1929, appropriating the revenues of the sewer system to the various sinking funds and providing for the disposition of said funds, as is shown in the Minutes of the City Council Book , page Executed under my hand and the seal of the City, this the 26 day of August, 1929. S. M. McDonald City Secretary, City of Wylie, Texas. THE STATE OF TEXAS COUNTY OF COLLIN CITY OF WYLIE On this the 26 day of August, 1929, the City Council of the City of wylie, Texas, convened in called regular meeting with the following members of the Council present, to-wit: J. A. Hammett, Mayor Pro Tem, Loyd Neilon, Chas. L. Hillis, E. Housewright, Aldermen, S. M. McDonald, City Secretary, With the following members absent, to-wit: None, constituting a quorum, at which time the following among other business was transacted: The Mayor submitted a proposed ordinance. The proposed ordinance was read by the Secretary. Alderman Loyd Neilon make a motion that the rile prohibiting the final passage of ordinances on the date introduced be suspended and that this ordinance take effect from and after its passage. The motion was seconded by Alderman Hillis. The motion carried by the following vote: AYES: Aldermen Neilon, Hammett, Hillis, and Housewright. NOES: None. Alderman Neilon made a motion that the ordinance be finally passed. The motion was seconded by Alderman Hillis. The motion was carried by the following vote: AYES: Aldermen Neilon, Hammett, Hillis and Housewright. NOES: None. The Mayor announced that the ordinance had been finally passed. The ordinance is as follows: AN ORDINANCE AUTHORIZING THE ISSUANCE OF $5,255.00 CITY OF WYLIE FUNDING WARRANTS, SERIES 1929, BEARING SIX (6%)PER CENT INTEREST, LEVYING A TAX TO PAY THE INTEREST AND PRINCIPAL OF SAID WARRANTS, PRESCRIBING THE FORM OF WARRANT, AND DECLARING AN EMERGENCY. WHEREAS, in the administration of the City government and for expenses of the City government, certain indebtedness has been incurred, which is outstanding and unpaid which constitutes a legal charge against the City of Wylie, Texas; and WHEREAS, the City Council has concluded and does hereby find that it is to the best interest of the City that, in consideration of extending the time of payment thereof, interest-bearing time warrants be issued to the holder, or holders, of the evidences of said indebtedness, thus spreading over a series of years the payment of certain expenses which should not be charge entirely against the currents year's income of the city, thus relieving the burden of taxation and protecting the credit of the City; and WHEREAS, the City can meet the payments of principal and interest as provided in this issue without embarrassing the administration of the City Government by reason of the impounded tax provided herein; and BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WYLIE, TEXAS: (1) That warrants of said City to be denominated "City of Wylie, Texas, Funding Warrants, Series 1929" be issued under and by virtue of the Constitution and laws of the State of Texas, for the purpose of funding an equal amount of said evidences of indebtedness of said City heretofore duly and legally issued and which at the time of the delivery of said funding warrants are and will be valid, subsisting and outstanding obligations against the City, the claims for which shall have been audited, approved and allowed by the City Council prior to the issuance of said warrants, which are to be surrendered and cancelled and the Funding Warrants, Series 1929, hereby authorized issued to the holder or holders in lieu thereof. The indebtedness to be funded being more particularly described as follows: (a) City of Wylie Sewer System Warrants, Series 1926, numbered One (1)to Four (4), inclusive, in the denomination of$500.00 each, aggregating Two Thousand ($2,000.00) Dollars, being part of an issue in the aggregate amount of Twenty-Six Thousand ($26,000.00)Dollars, authorized by an ordinance passed by the City Council of the City of Wylie on the 8th day of May, 1926; (b) Coupon No. 2 from City of Wylie, Texas, Sewer system Warrants, Series 1926, dated May 15, 1926, from warrants No. 12 and Nos. 47 to 52, in the denominations of Fifteen ($15.00) Dollars each, aggregating One Hundred Five ($105.00) Dollars, which coupons matured November 15, 1927; (c) Coupon No. 3 from City of Wylie, Texas, Sewer System Warrants, Series 1926, dated May 15, 1926, from warrants Nos. 2 to 52, in the denomination of Fifteen ($15.00) Dollars each, aggregating Seven Hundred Sixty-Five ($765.00) Dollars; which coupons matured May 15, 1928; (d) Coupon No. 4 from City of Wylie, Texas, Sewer System Warrants, Series 1926, dated May 15, 1926, from warrants Nos. 3 to 52, in the denomination of Fifteen ($15.00) Dollars each, aggregating Seven Hundred Fifty ($750.00)Dollars, which coupons matured November 15, 1928; (e) Coupon No. 5 from City of Wylie, Texas, Sewer System Warrants, Series 1926, dated May 15, 1926, from warrants Nos. 3 to 52, in the denomination of Fifteen ($15.00) Dollars each, aggregating Seven Hundred and Fifty ($750.00) Dollars; which coupons matured May 15, 1929; (f) Coupon No. 6 from City of Wylie, Texas, Sewer System Warrants, Series 1926, dated May 15, 1926, from warrants Nos. 4 to 52, in the denomination of Fifteen ($15.00) Dollars each, aggregating Seven Hundred Thirty-Five ($ 735.00) Dollars, which coupons matured November 15, 1929. WARRANT NO. REG. NO. DATE TO WHO ISSUED PURPOSE AMOUNT The Brown-Crummer Inv. Co. Printing &Legal Services $150.00 The aggregate amount of the above described indebtedness being Five Thousand Two Hundred Fifty-Five ($5,255.00) Dollars; (2) Said warrants shall be numbered consecutively from One (1)to Eleven (11), inclusive, and shall be in the denomination of Five Hundred ($500.00) Dollars each, except NO. One (1) for Two Hundred Fifty-Five ($255.00) Dollars, aggregating Five Thousand Two Hundred Fifty-Five ($5,255.00)Dollars. They shall be dated August 15, 1929, and shall mature serially as follows: WARRANT NUMBERS MATURITY DATES AMOUNTS 1 February 15, 1938 $255.00 2 February 15, 1939 500.00 3 February 15, 1940 500.00 4 February 15, 1941 500.00 5 February 15, 1942 500.00 6 February 15, 1943 500.00 7 February 15, 1944 500.00 8 February 15, 1945 500.00 9 February 15, 1946 500.00 10 February 15, 1947 500.00 11 February 15, 1948 500.00 (3) Said warrants shall bear interest at the rate of Six (6%) per cent per annum from date thereof until fully paid, which interest from date is a part of the contractual consideration, interest payable February 15, 1930, and semi-annually thereafter on August 15th and February 15th of each year, which interest shall be evidenced by coupons attached to each of said warrants; (4) The principal and interest of said warrants shall be payable upon presentation and surrender of warrants or proper coupons at Office of the Brown- Crummer Investment Company, Wichita, Kansas, (5) Said warrants shall be signed by the Mayor Pro Tem, attested by the City Secretary and registered by the City Treasurer and the seal of the City shall be impressed upon each of them and the facsimile signatures of the Mayor Pro Tem and City Secretary may be lithographed upon the interest coupons. (6) The form of warrants shall be substantially as follows No. $ UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF COLLIN CITY OF WYLIE FUNDING WARRANT SERIES 1929 The City of Wylie, in the County of Collin, in the State of Texas, for a valuable consideration, acknowledges itself indebted and hereby promises to pay to the bearer on the 15th day of February, 19 , at the office of The Brown-Crammer Investment Company, Wichita, Kansas, Dollars In lawful money of the United States of America, with interest thereon from date hereof at the rate of Six (6%) per cent per annum, interest payable February 15th, 1930, and semi-annually thereafter on August 15th and February 15th of each year, upon presentation and surrender of proper coupons, and the Treasurer of said City is hereby authorized, ordered and directed to pay to bearer, said principal sum, together with interest thereon, evidenced by coupons hereto annexed, interest and principal payable at the place above named. In event the sum of money represented by this warrant and annexed coupons shall not be paid at maturity, the same shall thereafter bear interest at the rate of Six (6%) per cent per annum until fully paid, and in the event of such default and it becomes necessary for the holder hereof, or the holders of any coupons attached hereto, to place claim therefore in the hands of an attorney for collection, or to institute suit thereon, the City of Wylie promises to pay to the holder an additional ten (10%) percent as attorneys' fees. The full faith and credit and all of the taxable property in the City of Wylie, Texas, are hereby irrevocably pledged to the prompt payment of principal and interest of this warrant. This warrant is one of a series of warrants aggregating Five Thousand Two Hundred Fifty-Five ($5,255.00) Dollars, of a like date and tenor, except as to maturity, numbered One (1)to Eleven (11), inclusive, of the denomination of Five Hundred ($500.00) Dollars each, except No. One (1) for Two Hundred Fifty-Five ($255.00)Dollars, issued for the purpose of funding an equal amount of evidences of indebtedness theretofore duly and legally issued by said City for general City purposes, the claims for which were duly audited and allowed by the City Council of said City, prior to their issuance, and for which warrants said City received full value and consideration and hereby acknowledges receipt of same, 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 of Wylie, Texas, which ordinance is duly recorded in the Minutes of said Council. The date of this warrant in conformity with the ordinance above mentioned is August 15, 1929. And it is hereby certified and recited that all acts, conditions and things required to be done precedent to and in the issuance of this warrant, have been properly done, have happened and been performed in regular and due time as required by law, and that the total indebtedness of said City, including this warrant, does not exceed any constitutional or statutory limitation; that provision has been made for the levy of taxes annually for the payment of the principal and interest of this warrant as they respectively mature. In testimony whereof, the City Council of the City of Wylie, Texas, has caused the seal of said City to be hereto annexed and this warrant to be signed by the Mayor, attested by the City Secretary and registered by the City Treasurer as of the date last above written. Mayor Pro Tem, City of Wylie, Texas, ATTEST: City Secretary, City of Wylie, Texas. Registered this the 15th day of August, 1929. City Treasurer, City of Wylie, Texas. The form of the coupons attached to said warrants shall be substantially as follows: No. $ ON THE 15TH DAY OF 19 The City Treasurer of the City of Wylie, Texas, will pay to bearer at the office of The Brown-Crummer Investment Company, Wichita, Kansas, the sum of ($ ) Dollars, being months; interest on City of Wylie Funding Warrant, Series 1929, No. , dated August 15th, 1929, to which this coupon is attached and is a part thereof. City Secretary Mayor Pro Tem (7) That said original evidence of indebtedness described herein are hereby validated and held and declared to be valid, subsisting, binding and unsatisfied obligations against said City, and the acts of the City officials in the issuance of said warrants are in all things ratified and confirmed. (8) The holder of said original items of indebtedness shall surrender the same to the proper city officials for cancellation is exchange for the funding warrants, and the Mayor, City Secretary and City Treasurer are directed to issue such papers or certificates as are necessary or convenient to reflect the validity of said funding warrants and of said original indebtedness. (9) That a special fund to be designated "Funding Warrant Fund, Series, 1929", shall be created and is hereby created, and the proceeds of all taxes collected for or on account of this series of warrants, shall be credited to said fund for the purpose of paying the interest on and providing a sinking fund for the redemption of said warrants at maturity, and to provide for ten (10%) per cent attorneys' fees in case of default, and said fund shall be used for no other purposes; that to create said fund a tax of Twenty (.200) on the one hundred dollars valuation of taxable property in the City of Wylie is hereby levied for the current year 1929, out of the constitutional taxing fund of the City; that for the year 1930 and for each year thereafter while any of said warrants or interest remain unpaid, and at the time other city taxes are levied during said year, there shall be computed and ascertained what rate of tax based upon the latest approved tax rolls of said City will be necessary, requisite, and sufficient to fully make, raise and produce in each of said years the amount of interest and principal to be paid in that year, and to provide for ten (10%) per cent attorneys' fees in case of default, and for each of said years there is hereby ordered to be levied a tax at such rate as shall be necessary as aforesaid, and that such taxes when collected shall be appropriated and applied to the purposes named. (10) The fact that the finances of the City demand the relief afforded by this ordinance, this ordinance is hereby declared to be an emergency measure, requiring that the rules that ordinances be read at more than one meeting be suspended and that this ordinance be effective immediately from and after its passage, and it is so ordained. J. A. Hammett Mayor ProTem, City of Wylie, Texas ATTEST: S. M. McDonald City Secretary, City of Wylie, Texas.