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HomeMy Public PortalAboutORD03326 115 NO. 3, 26. Alf CRI7II1.4ME AUTHORIZING THE ISSUANCE OF REFUNDING BONDS BY THE CITY OF JEF1`-FR GJ4 s LISSCURI , IN THE SU1:: OF 022 t OOO, FOR TIM PU11PCSE 01' PROVIDING FUNDS TO 1U:JDBEY MUM PAY OFF AN EQUAL AMOUNT OF 61 FMIDIlIG :i3CNDS OF SAID CITY DATED SEP'1E'M3ER I , 1920. WHEREAS , pursuant to the proceedings duly had by the Council of the City of Jefferson, 11issouri, said City heretofore caused to be issued an issue of its 6% Funding Bonds in the total principal sun of $22,0009said issue consisting of 22 bonds, numbered from 1 to 22, inclusive, each in the sum of $1,000, dated September 1, 1920 , becoming due September 1, 1940, bearing interest at the rate of 6% per annum, both principal and interest being payable at the First National Bank in Kansas City, hlLissouri , said bonds being redeemable at the option of said City after ten years from the date of said bonds, said bonds having been issued for the purpose of redeeming and paying off two certain judgments against the City of Jefferson, I: issouri , pursuant to an election duly held in said City on August 24, 1920, and V&IEREAS , all of the bonds hereinbefore described, aggregating the principal sum of $22,000, are now outstanding and are the valid and binding obligations of said City, and WHEREAS, each of said bonds now outstanding contains a provision whereby said City is entitled to redeem and pay off said bonds at the option of said City after ten years from the date of said bonds, and 'WHEREAS, it is desirable from the standpoint of said City and the taxpayers thereof that all. of said bonds issued and outstanding as aforesaid, dated September I, 1920, be refunded into an issue of Refunding Bonds of said City to bear interest at the rate of 5% per annum,. and WHERI+;AS, an offer has been made to said City by Commerce Trust Company, of Kansas City, I14issouri , for the purchase of $22, 000 par value of 5% Refunding Bonds of said City to be dated September I, 1930, for the purpose of providing funds to take up, pay off and redeem said out-standing bonds dated September 1, 1920? h ereinbefore described, and WHEREAS, said offer of said Commerce Trust Company has been duly accepted by said City, NOIN, THEREFORE, BE IT ORDAIM-D BY THE COUNCIL OF THE C I TY OF JEFFERSCIT, MISSOURI, AS FOLLOWS: SECTION. I . That all of said $22,000 of Funding; Bonds of the City of Jefferson, hrissouri , dated September 1, 1.9209 becoming due September 1, 1940, redeemable at the option of said ,City after ten yearsfrom the date of said bonds, bearing interest at the rate of 6%.per annum, payable semi-annually on Yarch 1 and September 1, in each year, shall be and the same are hereby called for payment on Septenber .l, 1930, at the office of First National Bank, in the City of Kansas City, State of 1.'issouri, and all interest on said 61 bonds dated September 1, 1920, shall. cease from and after said Septembek 1, 1930. The Mayor and City Clerk are hereby authorized and directed to take such action a.-3 may be necessary to redeem and pay off the bonds aforesaid on said September 1, 1930, or there- after as said bonds may be presented for payment. SECTION. 2. That said $22,000 par value of the principal of said outstanding bonds dated September 1, 1920 , shall be paid from the proceeds to be derived by the City f•ror.: the sale of an issue of Refunding 3onds of the City to be dated September 1, 1930, hereinafter authorized and directed to be issued. All interest on said outstanding bonds upto September 1, 1930 , shall be paid by the City out of cash funds in the hands of the City Treasurer available for said purpose. SECTI:CII• 3 . That for the purpose of providing funds to redeem and pay off $2101000 par value of outstanding 6% Funding Bands of the City of Jefferson, Vissouri , dated September 19 1920, hereinbefore described, there shall be issued and hereby are issued an issue of Refunding; Bonds of the City of Jefferson, 1 issouri, in the principal sure of $22, 000 . Said issue shall consist of 22 bonds, numbered from 1, to 22, inclusive , e<nch of said bands being in the sum of ;$1, 000 . All of said bonds shall be dated September 1, 1930, and shall become due serially, without option of prior payment, as follows: X1,000 on September 1 in each of the years 1931 to 1948, inclusive; and $2,000 on September 1 in each of the years 1949 and 1950. Said bonds shall bear interest at the rate of 5` per annum, payable semi-annually on 11arch 1 and September 1 in each year, both principal anti, interest of said bonds being payable at the Commerce Trust Company in the City of Kansas City, State of Missouri . SECTION. 4 . Said bonds shall be signed by the 11ayor and attested by the City Clerk of said City, and shall have the corporate seal of the City affixed thereto, and the interest coupons attached to said bonds shall be signed by the Titayor and City Clerk, provided, however, that said signatures on said interest coupons shall be in lithographic facsimile. SECTICN 5. Said bonds shall be executed in the form, and shall contain recitals substantially as follows: NC. $12,000 UNITED STATES OF ALlERICA STATE OF 16ISSOURI C CU iTTY '01' C CIJ� CITY OF JEFFERS RINUi1DI.NG BOZID KNCW ALL T EN BY THESE PRESEiTTS. That the City of Jefferson, in the County of Cole, State of Yissouri , hereby acknowledges itself to be indebted, and for value received, hereby promises to pay to bearer the sum of 021E TFiCUSA�:A) DOLLARS in' lawful money of the United States of America. ©n the first day of September, 19Y, :°,iith interest thereon from the date hereof at the rate of Five percent (5%) per annum, payable semi-annually on the first days of Ya.rch and September in each year, on presentation And surrender of the annexed interest coupons as they severally become due; and both principal and interest of this bond are hereby made payable at the Commerce Trust Com-oany, in the City of Kansas City, State of hiissouri . And said City of Jefferson, Itr-issouri, is held and firmly bound by these presents and the full faith, credit and resources of said City are hereby irrevocably pledged for the prompt payment of said principal and interest at maturity. This bond is one of a series of 22 bonds of like date, denomination and tenor, excepting; maturity, aggregating the prin- cipal sum of $22, 000, issued 'by said City for the purpose of refunding a like amount of 6,11'o Funding; Bonds of said City dated September 1, 1920, heretofore issued pursuant to authority obtained. at an election held in said City on August 24, 1920, in full compliance with the Constitution and laws of the State of Missouri, and pursuant to an Ordinance duly passed and proceeding°s duly had by the City Council of said City. Arid it is hereby declared and certified that all acts, con- ditions and thing's required by law to be done and to exist precedent to and in the issuance of - this bond have been proi)erly done and performed and do exist in due and regular form and manner as r.e- quired by the Constitution and la�a�s of the State of T,;issouri; that a direct, annual tax upon all of the taxable property situated in '` said City ,has been levied for the payment of the principal and 1 1.7 Interest of this bond; and that the totr).1 indebtedness of said City, includi.nr.f thin, bond and the series of which it is one , does not exceed any constitutional or statutory limitation . 11..1 ` ITNBSS 'idl ,REUI', the City of Jefferson, Vissouri, has executed this bond by causing it to be signed by its Ylayor and attested by its City Clerk, and its corporate seal to be hereto affixed and has caused the annexed interest coupons to be executed with the facsimile signature of said Officers, and this bond to be dated this First day of September, 1930. ATTESTS City .Clerk. (CCUP011) . NO. $25 .00 'larch, On the first day of September, l9 , the City of Jefferson, Missouri, promises to ay to bearer the sum of Twenty-Five and No/100 Dollars ($25.00 at the Commerce 'Trust Company, in the City of Kansas City, ;Mate of Yissouri, being; six (6 ) months ' interest due on that date on its Refunding Bond. dated September 1, 1930. (facsizftile) May or. (facsimile) City Clerk. OFFICE OF TEE STATE AUDITOR. STATE OF 11,.ISSOURI, ) JEFFERSON CITY. ) I, L. D. Thompson, State Auditor of Missouri, do .hereby certify that all the conditions of the laws of the State of 11issouri do hereby certify that all the conditions of the laws of the State of Lrissouri have been complied with in the issuance of the within bond, and that all the conditions. of the contract under which it was ordered to be issued have been complied with , the evidence of which is on file in my office; and I further certify that this bond has been duly registered in ribr office in compliance with the laws of the State of Eis::ouri. I11 TESTIMCITY 's1IfI;RLCk', I have hereunto set my hand and affixed the seal of my office at Jefferson City, this day of , 1930. State Auditor of 14issouri .r� by_ Chief Clerk. SECTICN. 6.. For the purpose of providing for the payment of the interest on said "22, 000 of Refund.i.n�r; Bonds of the City of Jefferson, T`:issouri , and to create a. fund for the p7.yment of the princitpal of said bonds, there is hereby levied upon all of the taxable property situated in the City of Jefferson, Missouri, a 11.8 direct, annual ad valorem tax sufficient to produce the following an for use in the fol.l.owinf* yea.rsz INTEREST Yl;All YARCII SEPTEIt-23I11R PRINCIPLE TOTAL 1931 $550 $550 $1,000 $12,100 1932 525 11525 19000 2, 050 19,33 500 500 1,000 "2$000 1934 475 475 10000 19950 1935 450 450 1 ,000 1,900 1936 425 425 1,000 11850 1937 400 400 1,000 1, 800 1938 375 -��15 10000 1,750 1939 ..550 350 1,000 1, 700 1940 325 325 :.,000 1060 1941 300 300 11000 1,600 1942 275 275 1,000 19550 1943 250 250 11000 1,500 1944 225 225 1,000 19450 1945 200 200 1,000 1,400 1946 175 175 10000 19350 1947 150 150 19000 1,300 1948 125 125 11000 19250 1949 100 100 20000 21200 1950 50 50 2,000 29100 SECTION. 7. That th.e taxes above levied shall. be extended upon the tax rolls in each of the several years respectively and shall be levied and collected at the same time and in the same manner that other City taxes are levied and collected and the proceeds derived from said taxes shall be used exclusively for the payment of the principal :.end interest of the bonds herein authorized. SECTION. 8. That is at any time said. taxes be not collected in time to pay principal and interest or }principal or interest of said bonds when due, the City Treasurer is hereby ordered to pay said principal and interest or principal or interest out of the general fund of said City and to reimburse said general fund for money so expended when said taxes are collected. SECTION. 9 . Be it further ordained that the City Treasurer be authorized to forward to said Commerce Trust Company, of Kansas City, Yissouri, sums sufficient to pay both principal and interest of said bonds and coupons as the same fall due and also to pay the usual and customary bank collection charges made by banks through- out the United States of Aa�er. ica for the collection of principal and interest as the same mature, and said collection charges shall be fora+larded to said bank over and above the amount for principal and interest of said bonds . SECTICN. 10. That when said Refunding Bonds dated September 1, 1930, shall have been duly executed they shall be presented to the State Auditor for registration, as provided by law, and when duly registered said bonds shall be delivered to Commerce Trust Company, of Kansas City, I»issouri , the purchaser thereof, upon the following conditions: Such delivery shall be made . upon the payment of the purchase price of said Refunding Bonds and the cancellation of an equal amount par value of said 6% Funding Bonds dated September 1, 1920 , hereinbefore described, for the redemption of which said Refunding; Bonds are authorized; provided, however, that the delivery of all of said Refunding; Bonds shall not await the payment and cancellation of the entire $22,000 par value of 6/ Funding Bonds dated September 1, 1920, but, on the contrary, said Refunding Bonds shall be delivered to said purchaser, one by one, when said purchas- er shall have paid to the City the finds necessary to redeem one or more of said 6`,'15 Funding; Bonds dated September l., 1920, or shall have surrendered one or more of said Funding Bonds dated Septer:iber 1, ' 1920, to the City for cancellation and upon the o,ctua,l cancellation of said bond or bonds dated September 19 1820 . The City Treasurer is hereby authorized and directed to use the proceeds derived from the sale of said $22,000 of Refunding Bonds hereinbefore authorized