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.