39-09 R - Award Sale of Water Works Bonds to Central National BankTHE STATE OF TEXAS I
COUNTY OF COLLIN i
TOWN OF PROSPER ,
On this 5th day of April, A.D. 1939, the Town
Commission of the Town of Prosper, Texas, being in special session, at
the regular meeting place, with the following members present, to-witk:
U.N.Cla y. Mayor, W.H.Field and A.E.Robison, Commissioner* and C.W,Harper,
Town Clerk, with the following absent; none, constituting a quorum, when
among other proceedings had were the following:
Commissioner A.E.Robison introduced a resolu.
tion and moved its adoption. The motion was seconded by Commissioner W.H.
Field. The motiong carrying with it the adoption of the resolutions and
order prevailed by the following vote: Ayes; Commissioners W.H.Field and
A.E.Robison and Mayor U.N.Clary. Noes: None. The resolution is a follows:
RESOLUTION
WHEREAS, the Town Commission, of the Tom of Prosper, has by or-
dinance date# the 29th day of February, 1939, authorised the issuance of
the Tom of Prosper, Texas, Water Works Bends, Series 1939, in the sum of
$2.000.00, for the purpose of making permanent improvements to the Water
Works System within the limits of the said Tom, and
WHEREAS, pursuant to said ordinance, said bonds have been issued
and approved by the Attorney General of the State of Texas, and registered
by the Comptroller; and
WHEREAS, the Town Commission of the Town of Prosper, Texas, has
received an iffer from the Central National Bank, of McY4uney, Tema, to
purchase said bonds at par value thereof, plus accrued interest to date of
their delivery, and
WHEREAS, the offer of the Central National Bank, of McKinney, Texaa,
constitute the highest and best bid which has been received.
Now, therefore, be it resolved by the Town Commission of the Town of
Prosper, Texas;
1. That the offer of the Central National Bank of McKinney, Texas
of par and accrued interest to date of delivery constitutes the beat and
highest bid received by the Town for said bonds,
2. That said bonds be, and they are hereby awarded to the said
Central National Bank, of McKinney, Texas: said bonds being described as
follows:
Amoudt of bonds: $ 2,000.00
Denomination: 200.00
Date of Bonds March 1, 1939
Purpose: Making improvements to the water works
system within the limits of said town.
Interest: 4 4 per annum, payable annually on
March let in each year after date.
3. That the Mayor and Town Clerk be, and they are hereby authorized
and directed to do all things necessary and convenient to carry out the terms
of the purchase of said bonds and the accomplishment of delivery of said bonds
to the said Central National Bank of McKinney, Texas.
Passed and approved this the-�th day of April, A.D. 1939-
r, �1-1*por, Texas.
THE STATE OF TEXAS
COUNTY OF COLLIN
TOWN OF PROSPER. I, C.W.Harper, Town Clerk of the Town of Prosper, Texas,
do hereby certify that the above and foregoing is a true and correct copy
of a resolution, and of the minutes pertaining to its adoption, adopted at
a meeting of the Town Commission held on the 5th day of April, 1939' which
resolution is of record in the Minutes of the Town Commission, Vol. 1. Page
143.
EXECUTED under my hand and the seal of said Town, this
the 5th day of April, 1939- /��`A
Town er , own of Prosper, Texas.
D
go
rM
Central National Bank,
McKInne,,, Texas.
Gentlemen:
JOHN O. REESE
ATTORNEY AND CUYN-1- AT uN
M<KINNEY. TEXAS
April 5, 1939.
Town of Prosper, Texas,
Water Works Bonds,
Series 1939.
I have examined all proceedings of the Town Commiscion
of the Town of Prosper, Texas, which authorizes the issuance of
the above mentioned bonds, in the sum of $2,00n.00, bearing in-
terest at the rate of 4per annum, payable annually, and to levy
an ad valorem tax of 25¢ on each 0100.00 valuation of taxable pro-
perty in such Town to pay interest and create sinking fund to nay
such bonds at maturity. Said bonds are numbered one to ten and in
denomination of 0200.O0 each, and are payable serially over a per-
iod of ten years, 0200.00 maturing each year.
I am of the opinion all of such proceedings are regular,
and in conformity with law, and that such bonds issued pursuant
thereto are valid obligations of the Town of Prosper, Texas, and
that the tax levied, as above mentioned, is ample to provide funds
for the payment of interest and create sinking fund to retire said
bonds as same mature.
Such bonds have been duly approved by the Attorney Gen-
eral of Texas and registered as required by law, and submitted you
with such bonds is written opinion of the Attorney General approving
such issue and also a waiver, in writing, by the State Board of Edu-
cation of its option to purchase such bonds,
There is being handed you herewith a transcript of all
proceedings of the Town Commission of the Town of Prosper, author-
izing such bond issue. The bond ordinance, as amended, provides a
tax of 25¢ on the 1100.00 valuation, in lieu of 20¢ levied under the
terms of the original ordinance.
JDA:eb
Yours truly,