HomeMy WebLinkAboutMinutes - City Council - Regular - 5/5/1927RE JUL4R r.TL ;TING; May 5, I927.
City Commission met in regular session recessed from April 30, 1927,
with the following present:
Mayor Pink L. Parrish, Commissioners Posey, �Jeaver, Superintendent e
Utilities, 'rd.H. Perkinson, City Secretary, G.W. McCleary.
Absent: Commissioners Jones and Hgnkins.
Canvassintz
There came on to be considered the returns of an election held on May 3,
of returns
1927, for the purpose of determining whether or not the bonds of the
of bond
City of Lubbocik should be issued in the sum of $650,000.00 for the pur-
election
pose of funding certain valid outstanding indebtedness of said City, and
held May 3,
it appearing that the -proposition received the necessary-"fa.vorable vote,
1927.
the following resolution was read:
WHEREAS, under and by virtue of an order entered by the City Commis-
sion on the 31st day of march, A.D. 1927, an election was held in said
City on the 3rd day of May, A.D. 1927, for the purpose of determining
whether or not the bonds of said City should be issued in the sum of
$650,000.00 for the purpose of funding certain valid outstanding indebt-
edness of said City; and,
WHEREx1S, on this the 5th day of IMay, A,.D. 1927, the same being, a
recessed regular session of the City Commission of the City of Lubbock,
there came on to be considered the returns of the said election so held
in said City on the 3rd day of May, Ii.D. 1927, to determine whether or
not the bonds of said City should be issu,3d in the sum of Six Hundred
Fifty Thousand Dollars ($650,000.00) , payable serially ov6r a period of
forty years from their date, maturities to be fixed by the City Commis-
sion, bearing interest at the rate of five per centum (5%) per an.num,
payable semi-annually, for the purpose of funding certain valid out-
standing indebtedness of said City, and whether or not a tax on the one
hundred dollars' valuation of all taxable property in said City should
be levied for the payment thereof at maturity, said tax being for the
purpose of creating a sinking fund for the payment of said bonds, and
the interest thereon, at maturity; and,
WHEREAS, upon consideration of the returns of said election, it
appears that the same was in all respects l-_-pally held, after due notice
had been Riven, and that the said returns were duly and legally made
and that there were ci st at the said election 232 votes, of which number
190 votes were cast 'FOR THE I:33UAITCE Or' `_'H� BOVD13' CzItiL THE, LEVY OF A
TAX Ill PAYMENTTH:y,EOr", and 42 votes were cast ''A,L ST THE ISSU.ITC% OF
THE BONDS AND THE LEVY OF A TAX IN f-YT1 ;TT1 THERE,OIi"'.
`iHEELFORE, BE IT RE.30LVED BY THE CITY COMI,IISSIOTI OF THE I TY OF
LUBBOCrL, TEXAS, that the proposition to issue said bonds and levy said
tax for the purpose aforesaid was sustained by a majority of the ju&lified
property taxpaying voters, voting at said election, and that the City
Commission of said City is authorized to issue said bonds and to levy and
have assessed and collected said tax for the payment of the principal
and interest of said bonds at maturity thereof.
The above resolution being read, it was moved by Commissioner Fosey,
and seconded by Commissioner leaver, that the same do pass. 'Thereupon,
the question being called for, the following Commissioners voted AYE;:
W.S. Posey and A.V. leaver; and none voted 110.
0rdinai,,:�e
There was offered for consideration and passage by the City Commission
Tao. 373
Ordinance No. 373 entitled " All ORDINANCE, kUDITIN37 AND ALLO Z.17 x ESTIT,IA TE
closing
FILED BY i11AIRBA1FZS, MORSE & CO., CONTRACTOR, CO"TERIIT x I.U�CHIT?ERY _'URNISH-
deal with
ED FOR THE LLECTF.IC LI xHT PLAINT 1Il n_lL FOR THE CITY 02 LUBE-OCK, TE'.AS:
Fairbanks,
AUTHORIZJII'37 THE Dt:LIVE_Y r,O .3AID COTITRAC'TOR OF "CITY OF LUBBOCK ELECT7--,IC
I�,7or se Co.
LI XHT PLANT Vl.??EAT_T`1S, 3T;RIES 1 OF 1927" ITT Pi.Ylj:,ITT I'iz:.rLb'OR: :�TTD DECLI:RING
for engine.
AN EM RxENCY". Said Ordinance was read in full by the City secretary and
upon motion made by Mr. Pose7 seconded by Mr. deav3,, , said Ordinance
was passed.
Yeas: Mayor Parrish, Commissioners Posey and ;leaver.
Nays: None.
Mayor Parrish then declared said Ordinance passed. This is Ordinance No.
$178.60
interest
adjustment
ori" warran is
'issued to
pay Tair-
banks.Eorse
& Co. for
enizine
uaranteed
by W.A
Myrick, Sr.
373 of record in Ordinance Book 1, r€tee
In connection with the issuance of the �44,650.00 in darrants to pay
for the new Engine at the Liaht Plant, attention was called to the fact
that said warrants bear interest from T.T&rch 25, 1927, and that settle-
ment was not due to be made until the delivery in Lubbock of said Engine
and as part of the Bnc�ine was delivered April 16 and a part April 20,
19279 it was decided that Fairbanks, Morse & Com1-any would be due the
City an adjustment on interest on the basis that -oril 18, 1927. was
the delivery date and blr. Myrick, 3r. , being present, stated that
he would guarantee that-�airbarks, Morse & Company will issue the City
a check or credit memo of 5,)178.60 to cover said interest adjustment,
said amount being the interest on $44,650.00 from March 25, 1927, to
April 18. 1927, said period of time being 24 d&ys, at the rate of 61 per
annum, swine being the rate of interest that said warrants bear.
On motion made by I.!r. Posey, seconded by I,Ir. Weaver, City Commission
recessed to meet at nine A.I1,1. aaturday* May 7, 1927.
RL^'D =,r` '_PPRO ED this �; day of Hay, A.D. , 1927.
ATTEST:
ecret
Ted a y o r .
LEM