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Home My WebLink AboutMinutes - City Council - Regular - 3/31/1927J.J.Graham' salary in- creased !10`25 per month. Storm Sewer rom Avenue to Rail- road. Ordinance No. 368 issuing 157,000.00 in warrants to pay Pit- tsbu rFh- Des r:oines Steel Co. for stand- pir e. Ordinance No. 369 issuing w28, 000. 00 Funding warrants , aeries 2 of 1927. fIRLxULAR : March 31,1927. the City Commission met at 1:30 P.M. in regular session recessed from March 24, 1927, with the following present: Mayor Pink L. Parrish, Commissioners J.O.Jones, W.S. Posey, J.H.Hankins and A.V. Weaver, Superintendent of Utilities, ad.H. Perkinson, City At- torney, E.L.Klett, and City Secretary, G.71. McClearjr. On motion made by Mr. Hankins, seconded by Mr. Posey, carried unanimously the salary of J.J. Graham, City Electriciah, was increased from $200.00 to `225.00 per month beginning March 1, 1927. Upon motion made by Mr. cleaver, seconded by Mr. Hankins, carried unani- mously, the City Engineer was instructed thave constructed a 15" Storm Sewer to take care of the overflow water on Avenue 3, said storm sewer to be constructed either from 9th or 10th Street to the Railroad Drain Ditch. There yeas offered for consideration and x.assa=7e by the City Commission Ordinance No. 368 entitled, "All ORDIiTANCi+. RATI�'YITT3 AND COrTFIFutIING. CON- TRECT'TErTTERED IN20 BY AND BET dEL'T THE, CITY OF T,UBBOCZ, TE-KAS, AND PITTSBU-M-DES MOINES 3TEE.L COT P-0Y, CONTELACTOR', FOR THE FU7-MISHING AND ERECTION OF A STEEL STA'1DPIPE IN ArTD FOP SAIL CITY: AUTHORIZIN3, THE, IS31JANGE OF :VARRA_TTS IN PAYME._TT TH:�REFOR: LEVYING SHE I::.CESSARY TAX TO PAY THE INTEREST A°1% PROVIDE 1- SINKING FUND TO RETFRE SAID WARRANTS AT 14MATITRITY: AND D. CLARING Ii.,N E1,1ER3ENCY." Moved by Commissioner .+eaver, seconded by Commissioner Jon -es, that the ordinance be read in full. Iloti on carried, and the ordinance was read in full by the City Secretary. Moved by Commissioner Jones, seconded by Commissioner Hankins, that the ordinance pass first reudiria: YE"S: Commissioners iosey, deaver, Jones z.rid Hankins. NAYS: None. ilotion carried. rwoved by Commissioner Posey, seconded by Commissioner +leaver, that the rules be suspended Land the ordinance be 1.laced on Second reading by caption and passed: YEA3: Commissioners iosey, -leaver, Jones and Hankins. NAYS: None. Notion carried, the ordinance was read by caption and iassed. liloved by Commissioner Jones, seconded by Commissioner Hankins, that the ordinance be llaced on third and final reading by caption: Yr:AS: Commissioners rosey, ,leaver, Jones Land Hankins. NAYS: None. Motion carried, and the ordin�_nce i uz Lgain read by option. Moved by Commissioner Hankins, seconded by Commissioner deaver9 that the ordinance be finally passed: YE-:S: Commissioners Posey, ',Deaver, Jones and Hankins. NAYS: None. Mayor Parrish then declared the ordinance finally x.a.ssed. This being Ordinance No. 368, recorded in Ordinance Book 1, page 280, et seq. of the Minutes of the City of Lubbock. There was offered for consideration and russage by the City Commission Ordinance No. 369 entitled, 'All ORDI_TANCB BY 2Hu CITY COM TI3SION OF THE CITY OF LUBBO CK , TE_LAS , Pr OVIDINC .�+'OP, THE I S 3U__N CE OF J IY PER CENT (6`o ) INTEREST B ARITT.3 rdr,RRANTS FOR TriI PU-POS% Oli' 2UNDIN3 CERTt.IN VALID OUT - STAND IN s INDEBTEDN S3 OF THE CITY OF LUBBOCK, TE L3 : LE ,YIN s A STJ.^FICI 3NT TAY, TO PAY THE. INTEREST AND 1'ROVIDE A SIN IN' FUND TO RETIRE SAID NARRANTE AT MATURITY: AND DECLARING AN E21ERGENCY. " Moved by Commissioner deaver, seconded by Commissioner Jones, that the ordinance be read in full. lLotion carried, and the ordinance was read in full by the City aecretary. .�:oved by Commissioner Jones, seconded by Commissioner Hankins, that the ordinance Fass first readin5r: Y:�AS: Commissioners iosey, ve.aver, Jone8 Gztd `!uI1'c'L1t1S• NAYS: None. N-otion carried. Moved by Commissioner nosey, seconded by Commissioner .leaver, Bids or proposals for the purchase and hand- ling of funding bond issue. Bids by representa- tives of various bond houses. Morris, Mather & Co. Chic- ago and I.L.Slaton & Co., Toledo, hizhest bidders. ORDINANCE No. 370 cillin- elect ion Yay 3, 1927, to vote on bond issue. that the rules be suspended t,.nd the ordi.,.aiice be Freed on second read- ing by caption and passel: Y-:-',3: vommissiolers _Loney, Weaver, Jones and Hankins. NAYS: None. Motion carried, the ordinance was read by caption and passed. Lioved by Commissioner Jones, seconded by Commissioner Hankins, that ordinance be placed on third and final reading by caption: YEAS: Commissioners Posey, leaver, Jones and Hankins. NAYS: None. Motion carried, and the ordinance was again read by caption. Moved by Commissioner Hankins, seconded by Commissioner Weaver, that the ordinance be finally passed: YEAS: Commissioners Posey, Weaver, Jones and Hankins. NAYS: None. Mayor Parrish then declared the ordinance finally passed. This being Ordinance No. 369 recorded in Ordinance Book 1, page 284, et seq. of the Minutes of the City Commission. This being the day set to receive bids or proposals for the purchase and handling of fundina- bonds to be issued, in case election carries, to fund certain outstanding- warrant issues, there were present quite a number of bond buyers and after discussing the matter the City Commission submitted the following statement in writing: The City is desirous of funding the outstanding indebtedness asrepresented by the attached sheet aggregating approximately $720,000.00. Some of the outstanding issues are optional and some are not. 'the City's desire is to fund this outstanding indebtedness into bonds bearing a lower rate of interest, said bonds maturing serially over a period of forty years, be- ginning the loth year, in other words ten to forty years from their date. The City invites proposals as to the rate of interest for the funding bond to bear at which exchange can be effected par for par. In other words, the City requests a proposal naming a rate of interest to be placed in the funding bonds which the applicants will be willing to handle and exchange for the evidences of outstanding indebtedness par for par. The City will call election at once to vote said bonds in the event a contract is entered into. Visiting representatives are invited to submit their proposition to the City. The party receiving contract will be expected to furnish certified check for amount to be agreed upon as evidence of good faith as guaranty of fulfillment of uhis contract. " The City Commission decided to sell the bonds at auction, the best �rid- der to get the contract of taking the bonds in exchange for the warrants to be funded. Mr. G.C. Dunn, representing D.E. Dunne & Company, Wichita, Kansas, made the first bid offering to buy bonds at par and accrued interest. The next bid was by J.E. id. Thomas, representing Nor ris, Mather & Company of Chicago, bid par and accrued interest for 52jo bonds; J.G. Moss representing "I.L. Slaton & Co., Toledo, Ohio, bid par for WO bonds. Mr. 4illis , representing Garret & Company of Dallas, Texas, bid 101 for 54fo bonds; Gillon & McAfee, representing C. Edgar Honnald, Ok- lahoma City, bid 101-i for 54�yo bonds. Mr. Dunn then bid 101.30 for 54% bonds. Mr. Thomas and Mr. Moss, representing Morris, Mather & Company, and d.L. Slaton & Company, respectively, made a joint bid of par and accrued interest for 5% bonds and as no-one offered a better bid, upon motion of Mr. Posey, seconded by Mr. Jones, carried unanimously, their L bid was accepted and the City Attorney was instructed to draw up proper contract to be executed by said parties and the City, same to be signed by A.V. Weaver, Mayor Pro Tem (Mayor Parrish expected to leave the City within the next few minutes and would not be here to sign the contract by the time same was drawn up) and City Secretary, said parties to put up ,?7500.00 Cashier's check or certified check guaranteeing consummation of the contract. Upon motion made by Commissioner Posey, seconded by Commissioner Weaver, Ordinance No. 370 entitled "AN ORDINANCE BY THE CITY OF LUBBOCK, TEXAS, CALLING AN ELECTION FOR THE PURPOSE OF VOTING ON THE PROP03I TION FOR THE ISSUANCE OF THE BONDS OF TH." CITY OF LUBBOCK, TEXAS, IN THE PRINCIPAL SUM OF $650,000.00, BEARING INTEREST AT THE 1-ATE OF 510 PER b11NUM FAYABLE SFI.TI- ANNUALLY, FORT HE PURPOSE OF FUNLING CERTAIN OUTST.LNDING INDEB`_EDNESS OF SAID CITY, AND FOR THE, LEVY OF A SUFFICIENT TL2,' TO PAY THE INTEREST ON SAID B BONDS AND THE PRINCI+AL THEREOF AT MATT_=:ITY: TIIv DATE 111M PLACE OF SUCH ELECTION: PROVIDING FOR NOTICE TH�;RZOF: APPOINTING THE OFFICERS TO HOLD THE 51143.(i AIM DECLARING AN EMERGENCY" WAs read by the City Secretary and ordered passed by unanimous vote of the Commission. Notic e ordered published in the Bond Buyer New York City, call- ing for payment .1509000.00 Funding +darran is Series 1 of 1926 on May 20, 1927,option al date. This being Ordinance No. 370 recorded in Ordinance Book 1, page et seq. of the Minutes of the City of Lubbock. Upon motion by Mr. Posey, seconded by L.r. rdeaver, carried unanimously, the City Secretary was instructed to have pror-er notice published in the "Bond Buyer", New York City, calling for redemption of the $150,000.00 City of Lubbock Funding Warrants, Series 1 of 1926, bearing date of May 20.1926, said warrants providing that the City of Lubbock reserves the option of redeeming them on the 20th day of May, 1927, by paying_ princi- pal and accrued interest and further providing that such notice must be given at least 30 days prior to said redemption date. Upon motion made by L,r. nosey, seconded by Tyr. Jones, the recessed until 3:30 P.P�1. , Tuesday, April 5, 1927. READ AND i�PPROVED this /,4/lxday of Apr i n. B. ,1927. FITTEST: M a y o r. ecretary i;ity Commission