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HomeMy WebLinkAboutMinutes - City Council - Regular - 12/11/1922Lul)bock, Texas, December llth, 1922. The City Commission of the Gity of Lubbock, Texas, was convened in regular session in the Gity Hall, in the City of Lubbock,Texas, on the llth day of December,1922, Present, Mayor Percy Spencer, Commissioners W.S.Posey, J.O.Jones, and H.G.Love and J.R.Germany, City Secretary,- when the following proceedings, , were had,to-wit: The Mayor offered for consideration and passage by the City Commission Ordinance No. 117, entitled, "AN ORDINANCE RATIFYING AND CONFIRMING CONTRACT BETWEEN THE CITY OF LUBPOCK,TEXAS, AND THE JANES CONTRACTING COMPANY, CONTRACT- OR, FOR THE CONSTRUCTION OF CERTAIV WATERWORKS AND SEWER EXTENSIONS IN AND FOR SAID CITY: PROVIDING FOR THE ISSUANCE OF SIX PER CENT(6%) INTEREST BEARING WARRANTS IN PAYPIENT THEREFOR: LEVYING THE NECESSARY TAX TO PAY THE INTEREST AND PROVIDE A SINKING FUND TO RETIRE; SAID WARRANTS AT MATURITY: AND DECLARING AN EMERGENCY." Moved by Commissioner Posey, seconded by Gommissioner Jones, that the ordinance be read in full. Motion was carried, and the ordinance was read in full by the Secretary. Moved by Commissioner Love, seconded by Commissioner Posey, that the ordinance pass its first reading: YEAS: Posey, Jones, Love. NAYS: None. Motion carried. Moved by Commissioner Jones, seconded by Commissioner Posey, that the rules be suspended and the ordinance be placed on its second reading by cap- tion: YEAS: Posey, Jones, Love. Nays: None. Motion carried. Moved by Commissioner Posey, seconded by Commissioner Jones, that the ordinance be placed on its third and final reading by caption: YEAS: Posey, Jones, Love. Nays: None. Motion carried. Move by Commissioner Love, seconded by Commissioner Jones, that the ordinance be finally passed: YEAS: Posey, Jones, Love. NAYS: None. Motion carried. The Mayor then declared the ordinance finally adopted. The ordinance follows: �f ORDINANCE �0.11'7. AN ORDINANCE RATIFYING AND CONFIRMING CONTRACT BETWEEN THE CITY OF LUBBOCK,TEXAS, AND THE JANES CONTRACTING COMPANY, CONTRACTOR, FOR THE CONSTRUCTION OF CERTAIN WATERWORKS AND SE�'' EXTENSIONS IN AND FOi{ SAID CITY: PROVIDING FOR THE ISSUANCE SIX PER CENT. (6%) INTEREST BEARING WARRANTS IN PAM!ENT THEREFOR: LEVYING THE NECESSARY TAX TO PAY THE INTEREST AND PROVIDE A SINKING FUND TO RETIRE SAID WARRANTS AT MATURITY: AND DECLARING AN EMERGENCY. WHEREAS, the City of Lubbock,Texas, through its Mayor and'Secretary, has heretofore, namely on the 3rd day of November,1922, entered int& a contract with Janes Contracting Company, Contractor, fot the conatruction of certain waterworks and sewer extensions in and for said City, in accord- ance with plans and specifications heretofore adopted by said City and on file in the office of the City Secretary, which contract is hereto referred to and made a part hereof; and, WHEREAS,said contract has been read and fully understood: NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF LUBBOCK, TEXAS: 1. That said contract betwwen said City of Lubbock,Texas, and said Janes Contracting Company having been signed and executed for and in behalf of said City by its Mayor and attested by its City Secretary, the same is hereby ratified, approved, confirmed and adopted as the act and .contract of said City, and the same shall have effect according to its tenor and purport, and shall be entered upon the Minutes of this Commission. 2. That said sum of $195,000.00, provided for in said contract as the contract price for the construction of said waterworks and sewer extension, is hereby made and -declared to bethe lawful debt of said City of Lubbock, Texas, $145,000.00 of which is to be paid in cash, the balance in legally issued war- rants of said City. 3. That, in accordance with said contract, warrants of said City, to be called "CITY OF LUBBOCK WATERVIORKS & SEVER EXTENSION WARRANTS, SERIES 1923".9 shall be issued in the sum of Fifty Thousand Dollars ($50,000.00). 4. Said warrants shall be numbered from one (1) to fifty (50), inclusive and shall be in the denomination of One Thousand Dollars ($1,000.00) each, aggregating the sum of Fifty Thousand Dollars($50,000.00). 5. They shall be dated the loth day of January, 1923, and shall become due and payable as follows: WARRANT NUMBERS. MATURITY DA TE . 1 & 2, January loth, 1928� 3140 & 5, it It , 1929 6 & 7, it It , 1930 8192 & 100 It It , 1931 11 & 12, It It , 1932 13,14, & 15, it it , 1933 16 & 170 it it , 1934 182 19,_& 20, " It , 1935 21 & 22E , 1936 23, 24 & 250 't 't , 1937 26 & 27, 't 't , 1938 28,29 9c 302 't 't , 1939 31 & 32, , 1940 33,34 & 35, " it , 1941 36 & 37, tr rt P 1942 38,39 & 400 , 1943 41-& 422 't It , 1944 43944 &451 tr rr s 1945 46 & 47, 't 'r , 1946 48, 49 & 500 'r 'r , 1947 AMOUNTS. $2000000v 3, 000:00' '- 2, OOO.00r� 32000.0&./ 2,000.00✓ 3, 000.0,,E 2, 000.O0: i 3,000.00� 20000.0 30 000.0ok%- 20000.0Q/ a,000.00y 2,000.0 3,000.00✓ / 2, 000.00� 3,000.OUv' ` 2, 000.00v%/ 3, OOO.OQt/ 2,000.0� 3s000.0� 6. Said warrants shall bear interest from date until paid at the rate of six per centum (6%) per anum, payable January loth, 1924, and semi-annually thereafter on the loth day of Tulyand the loth day of January of each year. Past due interest shall bear interest at the rate of six per centum (6%( per anum from maturity until paid. Said interest is a part of the contract price agreed to fot the construction of said waterworks and sewer extensions, and shall be evidenced by coupons attached to each of said warrants. At the time of delivery of said warrants, or any of them , to said contractor, it shall pay to the City Treasurer the full amount of interest which has accured on said war- rants from the date of the same to the date of such delivery, which date shall be evidenced by the date of registration of said warrants by the City Treasur- er, as hereinafter provided. 7. Principal and interest of said warrants shall be payable at the Continental & Commercial National Bank, Chicago, Illinois, upon presentation and surrender of proper warrant or coupons. Said warrants shall provide thet in the event of default in the payment of principal or interest, and the same is placed in the hands of an attorney for collection, or if collected by suit, or by legal proceedings of any kind, an additional amount of ten per centum (10%) of the principal and interest then due, shall be added as attorneys fees. S. Said warrants shall be signed by the Mayor, countersigned by the City Secretary and registered by the City Treasurer, and the seal of the City s hall be impressed upon each of said warrants. Facsimilie signatures of the May- or and City Secretary may be lithographed upon the interest coupons. 9. The form of warrant shall be substantially as follows: No. UNITED STATI,,S OF AMERICA $1,000.00 STATE OF TEXAS COUNTY OF LUBBOCK CITY OF LUBBOCK WATERWORKS & SEWER EXTENSION VfARRANT, SERIES 1923. THIS IS TO CERTIFY that the City of Lubbock, a municipal corpor- ation in the County of Lubbock, and State of Texas, under and by virtue of a valid and subsisting contract, is justly indebted to Janes Contracting Company, Contract- or, its assigns or bearer, in the principal sum of ONE TH01*1 SAND DOLLARS ' In lawful money of the United States of America, together with interest thereon, from date hereof until paid, at the rate of six per centum (6%) per anum; interest payable January loth, 1924, and semi-annually there after on the loth day of July and the 10 th day of January of each year, past due interest shall bear interest at the rate of six per centum (6%) per antam from maturity until paid; both principal and interest payable at the Continental & Commercial National Bank, Chicago, Illinois, upon presentation and surrender of warrant or proper coupon; and the City Treasurer of said City is hereby authorized and directed to pay to the said Janes (,contracting Company,Contractor, its assigns or bearer, at the said bank, the said sum of One Thousand Dollars ($10000.00), on the loth day of January, 19 the date of mAturity of this warrant, in full settlement of the indebtedness hereby evidenced, from the "Special Waterworks & Sewer Extension Warrant Fund, Series 192311, of said City, levid, assessed and created for that pur.. pose. IT IS HEREBY especially agreed that if this warrant, or interest here- to attached, is not paid at maturity, andthe same is placed in the hands of an attorney for collection after maturity thereof, or suit is filed thereon, or col- lection made by legal proceedings of any kind, an additional amount of ten per centum (10%) on the principal and interest then due, shall be added as attorney s fees. THIS WARRANT is one of a series of fifty (50) warrants, numbered con- 13 secutively from one (1) to fifty (50), inclusive, in the denomination of One Thousand Dollars ($12000.00)each, aggregating the sum of Fity Thousand Dol- lars ( 50,000.0O)j issued for the purpose of evidencing the indebtedness of the City of Lubbock to the said Janes Contraction Company, its assigns or bearer, for the construction of waterworks and sewer extensions in and for said City, in ac- cordance with contract t6t-veen said City and said Contractor, under and by virtue of the Constitution and laws of the State of Texas, and the City Charter of the City of Lubbock, Texas, and in pursuance of Ordinance No. 117, a0opted by the City Commission of said City on the llth day of December, 19220 and recorded in Book 30 page 110 et seq., of the Minutes of said City Commission. THE DATE of this warrant, in conformity with the ordinance above men- tioned, is January loth, 1923; 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, hate due time, form and manner as required by law, and that the total indebtedness of said City, including this warrant, does not exceed any ooh-- stitutional or statutory limitation. IN TESTIMONY WHEREOF, the City Commission of the City of Lubbock, Texas, has caused the seal of said City to be hereto affixed and this warrant to be signed by the Mayor, countersigned by the City Secretary, as of the date lash above written. Percy Spencer Zayor,City of Lubbock,Texas COUNTERSIGNED: J.R.German 'ulty 6ecre-Gary..(;1ty of Lubbock,Texas. REGISTERED, this day of 1923. y Treasurer, City of Lubbock, Texas. The form of the interest coupon shall be substantially as follwos: 0.1 ON THE loth DAY OF , 19 $30.00 the City of L bbock,Texas, will pay to the Janes Contracting Company, Contract- or, its &ssigna or bearer, at the Continental & Commercial National Bank, Chicago, Illinois, the sum of Thirty Dollars ($30.00), being six months interest due that day on CITY OF LUBBOCK IoAT]sRYJORKS & SEXIER EXTENSION WARRANT, SERIES 1923, No. , dated January loth, 1923, to which this coupon is attached and os a part thereof. J.R.Germany Percy Spencer Mayor The following assignment shall be printed on the back of each of said warrants: ASSIGNIMENT. THIS IS TO CERTIFY that Janes Contracting Company has received the e within principal waterworks & Sewer Extension Warrant and the interest coupons thereto annexed, from the City of Lubbock,Texas, and, for value received, here- by transfers, assigns, sells, and delivers, without recourse, to bearer, all right, title and interest it has in and to the same, and also the proportioate part of said contract price and the debt due it, with interest thereon, by said City, which is represented by the amount called for by this principal wprrant and the annexed coupons; and said bearer is hereby subrogated to all claims, liens, right or title,whether in law or in equity whichare may be secured to said Janes Contracting Company in said contract and it hereby authorizes the bearer hereof to clooect the same and hive full receipt and acquittance thereof in its name. JANES CONTRACTING COMPANY,CONTRACTOR, By 10. Said warrnnts shall be executed and delivered to said Contractor on estimates of material furnished and labor performed by said Contractor and accepted by said City, prior to the date of such estimates. Said estimates shall be duly audited and after inspection and accoptance of siad material and labor by the City Commission, the amount of said estimates shall be allowed and warrants herein authorized and delivered to said Janes'Contracting Company for the full ampunt of said estimates. 11. IT IS I.�UTHER ORDAINED that a fund be and the same is hereby made nad created and shall be set aside and designated as "SPECIAL ,r ATTHti'JORKS & SE,``ER EX`i'ENSION i-MRRANT FUND, SERIES 1923,11 which fund when collected shall be used to pay the interest and provide the necessary sinking fund to pay said warrants at maturity, and for no other purpose; that to create said fund for the purpose of paying the interest on said warrants and providing sufficient sinking fund to pay them at maturity, a tax of and at the rate of ten cents(10) on the $100 Val uation of all taxable ptoperty in said City shall be annually levid, assessed and collected, and said tax is here now levied for the current year, and so much therof as shall be necessary for each succeeding year while said warrants, or any of them are outstanding and unpaid,, and the same shall be annually assessed and collected and applied to the purpose named. 12..IT IS FUTHER ORDAINED that in addition to -"'the advalorem tax levied to, pay the interest and principal of said warrants,all of the revenue, or so much thereof as shall be hecessary, derived from the operation of the waterworks and sewer systems, shall be and the same is hereby irrevocably pledged to create a sufficientfund to pay the interest and principal of said warrants at their respective maturity dates. 13. The fact that the City of Lubbock is in urlgent need of the water- works and sewer extensions herein contemplated, creates an emergency and an imperative public necessity that the rules requiring ordinances to be read at more than one meeting of the CityCommission be suspended, and it is so ordain- ed, and this ordinanceshall take effect and be in force from and after its pas- sage andapproval. PASSED, this the llth day of December, 1922/ APPROVED,this the llth day of December, 1922. Percy Spencer Mayor,C ty of Lubboc=l Texas. ATTEST: J.R.Germany. y Secretary, --- City if Lubbock, Texas.