ORDINANCE NO. 75
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STATE OF TEXAS
COUNTY OF GUADALUPE
CITY OF SCHERTZ
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On this, September 6, 1962, the City Council of
the City of Schertz, Texas, regularly convened at a regular
meeting in the City Hall of the City of Schertz, Texas,
with the following members present, namely:
Roy W. Richard
Elgin Beck
Geo. P. Bolton
R. R. Cosby
W. E. Ebert
Ralph R. Ikels
Mayor
Alderman
Alderman
Alderman
Alderman
Alderman
and
Geo. W. Pickrell
City Secretary
at which time the following proceedings, among others, were
had, to-wit:
Mayor Roy Wo Richard introduced a proposed ordin-
ance creating and establishing a construction fund for the
construction of a sewer system in and for the City of Schertz,
Texas, hereinafter set forth. The ordinance was read in full
and a full discussion and consideration thereof then ensued.
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said ordinance be passed and adopted. The motion was seconded
uJ, t:, ~
Alderman
moved that
by Alderman
.
The motion
carried by the following vote:
AYES: Mayor Roy W. Richard, and Aldermen Elgin
Beck, Geo. P. Bolton, R.R. Cosby,
W. E. Ebert and Ralph R. Ikels
NOES: None
Thereupon, the Mayor announced the ordinance finally passed
and adopted, and said ordinance as passed and adopted by
the City Council and approved by the Mayor of the City of
Schertz, Texas, is as follows:
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AN ORDINANCE '1.:J
CREATING AND ESTABLISHING A SPECIAL FUND OR
ACCOUNT TO BE KNOWN AS CITY OF SCHERTZ SEWER
SYSTEM CONSTRUCTION ACCOUNT; DESIGNATING THE
CUSTODIAN OR DEPOSITORY FOR SAID CONSTRUCTION
ACCOUNT; PROVIDING THAT CERTAIN MONIES SHALL
BE PAID INTO SAID CONSTRUCTION ACCOUNT, AND
PROVIDING OTHER MATTERS INCIDENT AND RELATING
TO THE SUBJECT.
WHEREAS, heretofore, on September 6, 1962, the City
Council of the City of Schertz, Texas, passed and adopted an
ordinance authorizing the issuance of $301,000 CITY OF
SCHERTZ, TEXAS, SEWER SYSTEM BONDS, SERIES 1962, dated June 1,
\J 1962, for the purpose of constructing a sanitary sewer system
in and for said City; and
WHEREAS, the City of Schertz has heretofore entered
into an agreement with the Housing and Home Finance Agency
whereby said agency has agreed to aid the city in financing
the construction of said sanitary sewer system, which has been
designated by said Housing and Home Finance Agency as Project
No. PFL-TEX-238, and as a special condition to such agreement
has required that the city shall set up in a depository bank,
or with the fiscal agency of the city, a separate account to be
called CITY OF SCHERTZ SEWER SYSTEM CONSTRUCTION ACCOUNT, into
which shall be deposited any temporary loans,government advances,
and proceeds from the sale of bonds (except accrued interest),
and additional funds required by the provisions of the loan
agreement to be furnished by the City in order to insure the
payment of all Project Costs; and
WHEREAS, it is now the desire of this City Council to
establish and create said construction account in accordance
with the prescribed special conditions of the Housing and Home
Fin~ce Agency and in accordance with its rules and regulations
governing such construction account; NOW, THEREFORE,
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BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
SCHERTZ, TEXAS:
SECTION 1 - That there shall be,
and there is hereby established and created a separate and
special fund or account to be known as "CITY OF SCHERTZ SEWER
SYSTEM CONSTRUCTION ACCOUNT", which account shall be kept
separate and apart from all other funds or accounts of said
City and shall be used for the purpose of paying all costs
of construction and acquisition of a sanitary sewer system
for and in the City of Schertz, including the payment of all
incidental or proper expenses in connection therewith, other
than the payment of any bond fees or fiscal agency fees or
other costs or expenses in connection with the authorization
and issuance of the aforementioned $301,000 CITY OF SCHERTZ
SEWER SYSTEM BONDS, SERIES 1962, dated June 1, 1962.
SECTION 2 -
That the Frost National
Bank, San Antonio, Texas, being a member of the Federal
Deposit Insurance Corporation, and being a fiscal agency
designated by the city for the payment of the principal of
and interest on the aforementioned $301,000 CITY OF SCHERTZ
SEWER SYSTEM BONDS, SERIES 1962, dated June 1, 1962, shall
be, and is hereby designated the custodian of said CITY OF
SCHERTZ SEWER SYSTEM CONSTRUCTION ACCOUNT, and all sums of
money provided to be paid into said construction account
shall be placed to the credit of said separate or special
account in said bank; provided, however, that said Frost
National Bank shall at all times, as a condition precedent
to being custodian of such construction account, be a member
of the Federal Deposit Insurance Corporation, and all monies
held in said construction account by the Frost National Bank
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shall be fully secured in the manner prescribed by statutes
relating to the securing of public funds; and the City of
,
Schertz hereby covenants that said construction account will
always be so secured and maintained in a bank which is a
member of the Federal Deposit Insurance Corporation.
SECTION 3 -
That the City Treasurer
of the City of Schertz, Texas, shall be, and he is hereby
authorized and directed to cause the separate fund or account,
known as CITY OF SCHERTZ SEWER SYSTEM CONSTRUCTION ACCOUNT,
to be established in and upon the books and records of the
Frost National Bank of San Antonio, Texas, and said fund or
account to be maintained until the project of constructing
the sanitary sewer system in and for the City of Schertz is
completed.
SECTION 4 -
That, in accordance with
the section designated A-I of Exhibit A entitled "Special
Conditions" of the offer of Housing and Home Finance Agency,
the City Treasurer of the City of Schertz is hereby author-
ized and directed to transfer from the city's General Fund
the sum of Fifteen Hundred Dollars ($1,500) and place said
amount to the credit of the CITY OF SCHERTZ SEWER SYSTEM
CONSTRUCTION ACCOUNT in the Frost National Bank, San Antonio,
Texas.
SECTION 5 -
That, upon the City
Treasurer of the City of Schertz, Texas, receiving the pro-
ceeds from the sale of $298,000 CITY OF SCHERTZ SEWER SYSTEM
BONDS, SERIES 1962, dated June 1, 1962, being Bonds Nos. 4
to 301, both inclusive, in the denomination of $1,000 each,
the City Treasurer shall deposit the proceeds from the sale
of said $298,000 of said bonds (other than accrued interest
received therefor) to the credit of said CITY OF SCHERTZ SEWER
SYSTEM CONSTRUCTION ACCOUNT in the Frost National Bank, San
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Antonio, Texas; and said City Treasurer shall also deposit
into said construction account in said Frost National Bank,
as received, any temporary loans or any government advances
made in connection with the construction of the sanitary
sewer system for said city, which are receivable as, and for
disbursement under said Project No. PFL-TEX-238.
SECTION 6 - That no monies in said
CITY OF SCHERTZ SEWER SYSTEM CONSTRUCTION ACCOUNT shall ever
be expended except for such purposes as shall have been spec-
ified in Project Cost estimates approved by the government.
SECTION 7 - That any monies remaining
in said CITY OF SCHERTZ SEWER SYSTEM CONSTRUCTION ACCOUNT
after all costs of the aforesaid project have been paid, shall
be promptly used to the extent possible for the redemption of
the aforesaid CITY OF SCHERTZ SEWER SYSTEM BONDS, SERIES 1962,
and any residue shall be transferred and deposited into the
special fund or account heretofore created for the payment of
the principal of and interest on said bonds, said special fund
or account being known as SEWER SYSTEM TAX BOND AND INTEREST
SINKING FUND of the City of Schertz, Texas, also provided to
be created and maintained as a separate fund and account in the
Frost National Bank, San Antonio, Texas.
SECTION 8 - That the City of Schertz
further covenants with the Housing and Home Finance Agency
that the said CITY OF SCHERTZ SEWER SYSTEM CONSTRUCTION ACCOUNT
shall be administered in compliance with the terms and con-
ditions contained in the offer heretofore made by the Housing
and Home Finance Agency bearing date of March 22, 1962, to
aid the City of Schertz in the financing and construction of
a sanitary sewer system for the city, which project is desig-
nated as Project No. PFL-TEX-238, and pursuant to the terms
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and conditions of Section 9, entitled "Construction Account"
as contained in published form CFA-720 (7-60) of Housing
and Home Finance Agency - Communities Facilities Administration,
or any valid amendment thereof.
PASSED, ADOPTED AND APPROVED this September 6, 1962.
ATTEST:
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City secr~t'ar-! :"Bity ~f Schertz
T e x a s
(Seal of City)
STATE OF TEXAS I
COUNTY OF GUADALUPE I
CITY OF SCHERTZ I
I, GEO. W. PICKRELL, City Secretary of the City of
Schertz, Texas, DO HEREBY CERTIFY that the above and foregoing
is a true and correct copy of an ordinance and the minutes
pertaining to its adoption, which ordinance was duly and
legally passed and adopted by the City Council of the City of
Schertz, and approved by the Mayor of the City of Schertz,
Texas, at a regular meeting held on September 6, 1962, at the
regular meeting place in the City Hall in the City of Schertz,
Texas, and that same appears of record in Book J of the
Minutes of said City Council; and that I am the lawful possessor
and custodian of such books and records of the City of Schertz,
Texas.
WITNESS MY HAND AND SEAL OF SAID CITY, this, September
6, 1962.
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City Secretary - C1ty 0 Schertz
T e x a s
(Seal of City)
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