HomeMy WebLinkAboutMinutes - City Council - Special - 10/17/1924Oct. 17th., 1924.
City Commission met in special session with the following present:
Layor, I'. friend, Commissioners, R. 1. Blair and Geo. C. 'Nolffarth, R. A.
Sowde-r, City attorney and ;:. 3. Ruby, City Iugr. and Jno. Dlarymple and H. T1.
Roberts.
The following resolution was passed by unanimous vote.
RESOLUTION ACCEPTIITG II�iJPI?OV ;I1,T ,1 T3 0-; i. POPTIOIT.
Or L1AIId STR_,.ET, KITO'.ITT 0 "JNIT NO. 7. seven, APPROVING BOIL A1D DIRyCTIITC
�p i1r f'1 ii�� r7T 1 �'J \"H Tl n-'; rr..iTr�t :ti �i n r�
CL_.TI' 1Cl�l�ti 1 LVIDR;,CL 0_ _,�.J;j SI.__ _: 3 B�, I7SLi.D.
WHEREAS, the City of Lubbock, heretofore entered into a contract with Panhandle
Construction ComT.any for the making end constru.;tion of having and other im-
provements oil Iila.in Street, from its intersection with the Last line of U Street
to its intersection with East line of Y Street, knot sa and designated as UlAt
or District No. 7; and,
Said improvements have been com_:lt_ted and have been inspected and
found to have been constructed in accordance with the terms of the contract
and the _Company has filed with the �'ity its bond i i the sum of Three Thousand
and sixty Six Dollars and 11/100 Dollars ($3,066.11) with
as surety, for the reconstruction and -repair of such im ro-�ements as is pro-
vided in th�; contract. Said bond with surety has been examined and found
_ satisfactory;
TH ,RE 'ORE D I'�.' :.EaOLV.ED BY -'Ii: CITY 02 LUBBOCK TE,K-'_S :
1: That s�:id improvements on said Street be, and the same are hereby accepted.
2: That said bond, with the aurety thereon, be, and the same are hereby approved
3 : Thy: t the i,layor .and "i ty SecretL.ry be, and they are, hereby -authorized and
directed in the name of the City to issue and deliver over to Panhandle Con-
struction Company certificates in evidence of the assessment:3 levied against the
property abutting upon the said portion of sere: t and a_ ainst the owners of such
p,roperty.
4: This Resolution shall takes effect and be in force from and after its passage.
PASSED E�71D Ali PRO Vo3D, j'HI S DA`' CF 192 .
/'1
hti o , t_ Of Lubbock.
A7` aT L
cret,-;.-ry uity of Lubboc
i
The follb ring Ordinance w-ctis pessed by Unanimous vote.
OR'DINANCu 0 72�67
AN O-:DII1=IT1?CE r ATIFYIII P,11 COT\TFI_iIRLJ J CONTRACT LN'i �],Rr D INTO
BY ,ITl) B:'T':L, ,Ell THE CITY OTO LUBBOCK, TEXAS', rND FAIRByNXS LO-RSE
CO CO-TTRACTOR -+'OR ''H,' FURIIISHIIIC 0)2 All ADDI`I'I i1NL U_dIT FO 1 '-HE
LECTRIC LI �: T L-L."IV_' 1',[_ i13? FOR SAID CITY: AUTHO'DIZI11% `'I-1E
I,3SU:;I;TCE, 03`44RI'LA?,ITS Ii: AYEENT THEREFOR: LEVING Tq' NECESSARY
TAX TO zj`,Y 'Jilld INTER3ST AND PROVIDE A SINKI1T ".e'U'1D TO .RETIRE
SAID JARRA IT3 .,,T I, ATURITY : YND DECLARING AN EPLERGENCY. 1
uJHEREAS, the City Commission of the City of Lubbock, Texas, has here-
tofore determined the necessity for the installation of an adcaitional unit
for the electric light plalit in and for said City, and , in accordance with
the provisions of Section 27, Article 1X, of the especial Charter of said City,
caused to be published in The Lubbock Avalanche an advertisement calling for
bids for the furnishing of said unit; and,
WHET-EAJ, the City Commission received and canvassed bids and found that
the bids of Fairbanks, Morse & Co. was the best bid received, and in consequence
thereof entered into a contract with said Fairbanks, IJorse & Co. on the 13th. day
of October 1924, which contract is hereto attached and made a part hereof; and,
WHEREA:3, said contract has been by this Commission duly considered and
understood:
N0,14,THEREFORE,BE IT ORDAINED BY THE CITY OF LUBBOCK,TEXAS
1. That s-id contract be and the acme is ha-reby ratified, approved, con-
firmed and adopted as the act and contract of said City and the same shall be
recorded upon the Minutes of this Commission, and said sum of .$24,600.00 is
hereby made and declared to be the lawful debt of said City of Lubbock, Texas.
2. That, in accordance with said contract, warrants of the City of Lubbock
to be called " CITY OF LUBBOCK ELECT =IC LIGHT PLANT ':JAI?RRANTS SERIE3 1924". be
issued in the sum of Twenty Four Thousand Six dundred Dollars ($24,600.00)
evidencing the contract price to be paid Fairbanks, iYiorse & Co. Contractor, by
said City for the furhishing of said unit in accordance with sai,a contract.
3� That said warrants shall be namhered from one (1) to twenty five (25)
inclusive, and shall be in denomi:.:ation of One Thousand Dollars ($1,000.00) each
except Warrant No. 1 shall be for Six Hundred Dollars (600.00) aggreg,_ting the
sum of Twenty Four Thousand Six Hundred Dollars (•$24,600.00)
4. That they shall be dated October 20th. 1924, and shall become due and
payable serially as foll1.ws:
;VARRAT1TS NOS.
IU2A 2•TJRITY DA' TES
A _OU NTS
1,
February
1st.,
1929
$600.00
2 &
3
February
lst.,
1930
2,000.00
4 &
5
February
1st.,
1931
29000.00
6 &
7
February
lst.,
1932
2,000.00
8 &
9
February
lst.,
1933
2,000.00
10 &
11 •
February
lot.,
1934
2,000.00
12 &
13
February
lot.
1935
2,000.00
14 &
15
February
lst.,
1936
29000.00
16,
17 & 18
Februa_y
lst.,
1937
3,000.00
19
20 & 21
February
lot.,
1938
5,000.00
22,
23, 24 & 25
February
lst.,
1939
4,000.00
5: That said warrants shall bear interest from date until paid at the rate
of six per centwii (6%) per annum, payable October 20th. 1925, February lot., 1926,
and semi-annually thereafter on the lot day of August and the lst day of Pebruary
of et•.ch ,year, which interest i3 a part of the contract price agreed to a,nd shall be
evidenced by coupons attached to eLca of said warrants. cast due interest shall
bear interest a the rate of six per centum (6,X,)per annum from maturity until paid
6. Principal and interest or said wa--•rants shall be payable in lawful
moue: of the United estate: of America upon presentation and surrender of warrants
or proper coupons at the Continentt�.l & Commercial National Banr:, Chicago, 111.
Said warrants shall provide tiiat in the event of default in the payment of principal
or interest, and the same is placed in the hands of an attorney for collection, or
if collected by suit, or b•;., legal proceedings of any kind, an additional amount of
ten per centum (10'lo) on the principal and ihterest then due, shall be added as
attorney's fees.
7. Said L$``c Crarlts shall be signed by the i.i:,yor, countersigned b,.; the City `J
Secret�:.ry and registered by the City Treasurer, and the seal of the City shall be
impressed upon each of said warrants. Fac simile signatures of the 1EI-.yor and City
Secretary may be li.7ho�zraphed upon the interest coupons.
8. The form of warrant shall be substantially as follows:
No.
UNITET STATES OF AYERICA ST-' TE
OF TEHAS
COUNTY OF LUBBOCK.
CITY OF LUBBOCK ELECTRIC LIGHT PLANT VARaANT
SERIES 1924.
$1,000.00
THIS IS TO GERTIFY that the City of Lubbock, a municipal core_oration
in,the County of Lubbock, and State of Texas, under and by virtue of a valid and
subsisting contract, is justly indebted to Fairbanks, Morse & Co., Contractor, its
assigns or bearer, in the principal sum of
ONE THOUSAND 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 annum, interest
payable October 20th. 1925, February 1st. 1926, and semi-annually thereafter on
the lst day of August and the lst day of February of leach year; past due interest
shall bear interest at the mate of six per centum (6%) per annum from maturity
until paid; both principal and interest payable at the Continental & Commercial
National Bank, Chicago, Ill. }upon presentation and surrender of warrant or proper
coupon; and the City Treasurer of said City is hereby authorized, ordered and
directed to pay to the said Fairbanks, Morse & Co., Contractor, its assigns or
bearer, at the said bank, the said sum of One Thousand -Dollars ($1,000.00) on the
lst day of February, 19 , the date of maturityof this warrant, in full settle-
ment of the indebtedness hereby evidenced, from the "Special Electric Light Plant
Warrant Fund, Series 1924" of said City , levied, assessed and created for that
purpose.
IT IS .HEREBY especially agreed that if this warrant, or any interest
coupon hereto attq.ch d, is not paid at maturity, and the same is placed in the
hands of an attorney for collection after maturity thereof, or suit is filed
thereon, or collections made by legal proceedings of an, kind, an additional amount
of ten per centum (100) on the principal and interest then due, shall be added
as attorney"s fees.
THIS JARRAHT is one of a series of twenty five (25) warrants, numbered
consequtively from one (1) to twenty five (25), inclusive, in denomination of One
Thousand Dollars ($1,000.00) each except Warrant No. 1 ij At Six Hundred Dollars
(0600.00) aggregating the sum of Twenty Four Thousand Six Hundred Dollars
(124,600.00) issued for the purpose of evidencing the indebtedness of the city
of Lubbock to the said Fairbanks horse f Co., its assigns or bearer, for the
furnishing of an additional unit fair the electric light plant in and for said City
in accordance with contract between 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 an ordinance duly and legally
adopted by the City Commission of slid City and recorded in the hinutes of said
Commission.
THE TnTE of this warrant, in conformity with the ordinance above
mentioned, is October 20th, 19241 and it is hereby certified and recited that all
acts, conditions and thinns required to be done precedent to and in the issuance
of this warrant have been properly done and performed and have happened in re-
gular and due time, form and mariner as required by law, and that the total in-
debtedness of said City, including this warrant and the series of which it is a
r part, does not exceed any constitutional or stytutor,- limitation.
t IU ` ESTIMOUY AHD." E07, the City Commission of the City of Lubuoc_.,
Texas, has caused the seal of said City to be hereto affixed and this warrant to
be signed by the Wayor and countersigned by the Sity Secretary, as of the: date
last above written.
r
COT*_7l�_TER GP
�.�I�:..ED:
Mayor, City of Lubbock, `1'e7as.
RE =I.�7-E--_ ED, this the day of
1921.
City Treasurer, City of Lubbock
Texas.
The form of interest coupon shall be substantially as follows:
NO
ON THE DAY OF $30.00
the City o" Lubbock, Texas, will be justly indebted to Fairbanks Morse & Co.
ContraAcr, its assigns or bearer, in the sum of Thirty Dollars ($30.00), by
vi-r"�ue of a contract between said City and said Contractor; and the City
Treasurer is authorized, ordered and directed to pay to said Contractor, its
assigns or bearer, on said date, at the "antinenta.l & Commercial National Bank,
Chicago, Ill. out of the "Special Electric Light Plant Warrant Fund, Series
1924", of said. City, said sum, being six months interestofi
CITY O." LUBBOCK ELECTRIC LI =HT 'I�i_T%7T `�'iARRAN'T, SEEIES 1924, No. dated
October 20th., 1924, to which this coupon is attached and is <a.p,,-7 thereof.
Mayor.
City Secretary.
The following assignments shall be printed on the back of each
of said warrants;
ASS I G1P.'.'E'TTT .
T I-113 IS TO C=,hTIFY THAT Fairbanks, Rlorse & Co. has received the
within principal Electric Light Plant `iVarrant, and the interest coupons thereto
annexed, from the pity of Lubbock, Texas, and, for value received, hereby trans
fags, assigns, sells and delivers, without recourse, to 'd. A. Myrick, all
-right, title and interest it has in and to the game, and also t;ze proportionate
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 yr
warrant end the annexed coupons; and said W. A. Myrick is hereby subrogated
to all claims, liens, right or title, whether in law or in equity, which are
or may be secured to said Fairbanks, I.!orse & Co. in said contract and it hereby
authorizes him to collect the same and give full receirt and acquittance thereof
in its name.
F AIRBATTZS MORLS & CO, Contractor,
BY (-,)
I hereby assign, sell and deliver, %aiithout recourse, to bearer all
right, title and interest I have in and to the above mentioned warrant and annexed
coupons.
9. Said warrants shall be executed and :ielivered to said Contractor in
estimate to be allowed by the "ity Commission when said machinery has been de-
livered in said "ity of Lubbock and accepted by the City Commission.
10. IT IS FURTHER ORDAINED that a fund be and the saraie is hereby made
and created and shall be set aside and desiznated as "SPECIAL ELECTRIC LIGHT
WARRAIL.T FUND SERIES 1924". which fund when collected shall be used to pwy the
interest and provide the necessary sinking fur:d to pC,:.y' si_.id ::grrants at maturity
and for no other purpose; t^n.-t to create said fund for the purpose of paying
the interest on said warrants and -roviding sufficient sinking fund to pay them
at maturity, a tax of and at the r8.te of twonand one half cents (2!yV) on the
100.00 valua.tioin of all taxable property in said City shall be annually levied
assessed and collected, and swid tax is here now levied for the current year, and
so much thereof as shall be necessar.- for etch succeeding year while said warrants'
or any of them, are outstanding and unp,_id, and the same shall be annually assess-
ed and collected and applied to the purpose named. ad valorem tax levied to pay
the interest on -aid warrants U_nd to pr-,vide a sinking fund to redeem them at
maturity, all the revenue, or so much thereof as thereof as shall be necessary,
derived from the operation of the electric lisht plant of the Cit,T of Lubbock, �
Texas, is hereby irrevocably pledged to pay the interest and principal of said
warrants at their respective maturities.
12. The fact that the pity of Lubbock is in ursrent need of electric
li:rht extensions on account of the rapid grovith of the "ity, creates an em-
e-agency and nna imperative public nece sity that the rules requiring ordinances
to be read at more than one meeting of the City Commission be suspended, L-nd it
is so ordained, and this ordinance shall take effect and be it- forme from and
after its passage and approval.
PASSE1, this the 17th. day of October, 1924.
:JPPROITE-D, this the 17th day of October, 1924.
.r . -1. friend
Mayor Uity of Lubbock Texas.
ATTEST:
J. R. Germany, ry
City Secretary, City of
Lubbock Texas.
There beinjz no further business the meeting adjourned.
Read j-d approved thisflay of • 1924.
J
;,i i i y of Lubbock,