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HomeMy WebLinkAboutMinutes - City Council - Regular - 2/14/1956RECESSED REGULAR YEETING Lubbock, Texas February 14, 1956 The City Commission of the City of Lubbock, Texas, met at 10 o'clock A.Ni. in recessed regular session, recessed from regular meeting of February 9,.1956, in their regular meeting place in the City Hall, the following members thereof being present to -wit: Mayor i�ur'rell R. Tripp, Commbssioners Lennis Baker, Hurley Carpenter, S. S. Forrest, and Lucian Thomas, City I.anager H. P. Clifton, City Attorney Vaughn 2. Wilson, City Secretary -Treasurer Lavenia Lowe. Absent: None Invocation was given by City Lanager H. P. Clifton. ;6-15-34-95A NOTICE OF SALE �7,300,000 WATER1-4RKS SYSTE. REVENUE BONDS $2,500,000 GE1TERAL OBLIGATION BONDS SERIES 1956 of the CITY OF LUBBOCK, TEXAS Selling Tuesday, February 14, 1956, at 10:00 o'clock A.N., C.S.T. The City Commission of the City of Lubbock, Texas, will receive sealed bids at the City Hail until the 14th day of February, 1956) at 10:00 o'clock A.T•:., C.S.T., for the following bonds: $7 300 000 Waterworks System Revenue Bonds Series 1956 -- to be dated Aiarch 1, 1956; denomination w1,000; interest payable December 1, 1956 and semi-annually thereafter on June 1 and December 1; principal and interest to be payable at the First National City Bank of New York, New York, and the Citizens National Bark, Lubbock, 'Texas, as Co -Paying Agent; to be optional June 1, 1968 at par and accrued interest; rnaturii-;; June 1 as follows: $250,000 each 1957-1960; 000,000 each 1961-1981 of the total amount of bonds to be issued, U 024,000 were authorized at an election held December 9, 1952, and $5,976,000 were authorized at an election held November 8, 1955, Proceeds from the sale of these bonds will be used for improvements, extensions and additions to the City's Waterworks and Electric Systems. 2 500 000 General Obligation Bonds Series 1956 -- to be dated 11arch i, 1956; denomination $1,000; interest payable Larch 1, 1956, and semi-annually thereafter on Larch 1 and September 1; principal and interest to be payable at the First National City Bank of 'New York, New York, and the Citi?ens National Bank, Lubbock, Texas, as Co -Paying Agent; to be due serially without option of prior payment and composed of -the following issu!s: w100,000 Storm Sewer Bonds v1601000 Street Lighting Bonds N4401000 Park Bonds $500.9000 'daterworks Bonds $800,000 Street Bonds -WO,000 Sanitary Sewer Bonds All of the above bonds were authorized at an election held November 8, 1955, and will mature on Larch 1 as follows: 4"100,000 1957-1981 Sealed bids, plainly marked "Bid for Bonds" should be addressed to Mrs. Lavenia 7 e, City Secretary, City of Lubbock, Texas, and :oust be -n the -hands of the City Secretary not later than 10:00 A.K., C.S.T. on February 14, 1956. The bonds t•,­i11 ,be sold in two separate blocks: (1) �r7,300,000 "aterworl-s System Revenue Bonds, Series 1956, and (2) �2,500,OOC General Obligation Bonds, Series 1956-.-The City covenants that no additional 'bonds will be sold witl.in six months from, the dE_te of this sale. - All bids must be submitted on the "Official Bid Form". Conies of. the "Off'icial ,.­,tice of Sale" and "Official Bid Form" may be obtained from lv:rs. Lavenia Low4, City Secretary, City of Lubbock, Texas, or at the offices of the First Southwest Company,- 1207 A:ercantile Bank Building, Dallas, Texas, Fiscal Agents for the City. Bidders are requ::sted to specify the rate or rates of interest the bonds will bear, but split rate bids involving more than three coupon rates and a maximum of five coupon changes on any one -ssue of -bonds will not be considered. Coupon rates must be in multiples of y of 1%. :iximum rate that can be aid, as set forth in the election orders, is 3-314%. Each bid must be accompanied by a Certified or Cashier's Check on a Texas Bank, payable to th- "City of Lubbock, 'texas", in the amount of 2% of the par value amount of each issue of bonds bid upon. This check will be considered as a Good Faith Deposit. The checks of the successful bidders will be retained by the City to assure performance of the contract on the p�:rt of the successful bidders. In the event such bidders should fail or refuse to take up and pay for the bonds in accordance with their bids, then said checks shall be cashed a-ld accepted by the City of Lubbock as full and complete liquidated damages. Otherwide, said checks will be returned to the successful purchasers upon payment for the bonds. Checks of unsuccessful bidders will be returned to such bidders after the award is made. r The City will furnish printed bonds on lithographed borders, a complete Transcript of the entire Proceedings had incident to'the authorization and issuance of the bonds, together with the final unqualified approving legal opinion of Messrs, Dumas, Huguenin and Boothman, Bond Attorneys, Dallas, Texas. Any other opinion desired by the purchaser must be obtained and paid for by him. The bidder must agree to accept delivery of and make payment for the bonds at the American National Bank, Austin, Texas. It is anticipated th^.t suc, delivery can be made around Earch 15, 1956; and if for any reason the City is unable to make delivery on or before April 15, 1956; then the successful bidders may accept delivery thereafter at'their option. The City reserves the'right to reject any and all bids, and waive any and all irre�,ulariti_,es. LAVENIA LOWII; City Secretary CITY OF LUB BOCK, T&XAS In accordance with the above Notice of Sale for bids to be received on sale of City of Lubbock Bonds, motion was r.rade by Comicission� r Baker, seconded by Commissioner Forrest, motion carric-d, Niayor Tripp and Commissioners Bak.:7r, Carpenter, Forrest and Thomas voting, Yea, none votin- Nay, to authorize the bids to be opened and read, whereupon, the following bids were opened and read: OFFICIAL BID FORM Honorable Iiayo_- and City Comm' 3sion City of Lubbock Lubbock, Texas Gentle,�.en : February 14, 1956 Reference is made to your 'Official I:otice of Safe", dated January 20, lQ`46, of 'W2,5O0,000 CITY OF LUBBOCK T-, S G=1RAL OBLIGATIOi,I BONDS, SERJ15 1950, which. is attached ?:ereto and made a- part hereof. For your legally issued bonds, as d-scri-bed in said notice, we will pay you par and accrued interest from date of issue to date of delivery to --is, plus a cash prey ,ium of 4�P900.00 for bor:ds bearing. interest as follows: March 1, 1957, through Larch 1, 1961. .3 3/4% March 1, 1962, through Larch 1, 1970. .2 i % Y, rch 1, 1971, through La 1, 1981. .2 3/4% March 1, 19_, through March 1, 19_. . . . . . . . . . . . . % March 1, 19_, through Yarch 1, 19_. % Interest cost, in accordance with the above bid, is: Gross Interest Cost. .'. .$886,250. Less Premium . . . . . . . . . . . . . . . . . . . . . . . . . . 900. ITT INTER,ST COST. .$885,350. LFFECTI VL' INTE SST RATE . . $ 2.7241% Attached hereto is Cashier's -Certified Check of the Lubbock National Bank, Lubbock, Texas, in the amount of $50,000.00, which represents our Good Faith Deposit, and which is submitted in accordance w_it': the terms as set f orth in the "Official :4'otice of Sale". ' Respectfully submitted, Shields and Company, New York and Associates ACCEPTANCE CLAUSE R. A. Underwood and Company, Inc. By: /s/ Jack -Morris Authorized Representative The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas, this the 14th day of Ft-bru•iry, 1956. ATTEST: : /s/ Lavenia Lowe Secretary, City of Lubbock,. Texas OFFICIAL 3ID FORE Honorable I,ayor. and City Commission City of Lubbock Lubbock, Texas Gent 1 emen : /s/ Murrell R. Tripp hayor, City of Lubbock, Texas February 14,, 1956 Reference is made to your "Official Notice of Sa1-11, dated January 20, 1956, of i7,300,000 CITY OF LUBBOCK, `TEXAS TWATEITWORKS SYSTEE 3EiI .M BOI?Da, SERI ;S 1956, which is attac'.:ed hereto and made a part hereof. For your legally issued bonds, -.s described in said 'notice, we will pay you par and accrued interest from date of issue to date of delivery to us, plus a cash prrmi-un of w1,460.00 for bonds bearin- interest as follows: June 1, 1957, through June 1, 1564. . . . . . . .3 3/4% June 1, 1965, through June 1, 1.968. . . .2 3/4% June 1, 1969, through June 1, 1971. .2 2 % June 1, 1972, through June 1, 19P 1. . . . . . . .. . . 2 3/4% June 1, 19_, throu�i June 1, 19_. . . . . . .. . . % Inter-st cost, in accordance with the above bid, is: Gross Interest Cost. . . . . . . . . . . . . . . . . . .2,794,125• Less Premium . . . . . . . . . . . . . . . . . . . . . 1,460. NET INTEREST COST . . . . . . . . . . . . . . . . . . . .$2,792,665. EFFECTIVE I'1TERES`I' RATE . . . . . . . . . . . . . . . . . 2.8258% ;attached hereto is Cashier's -Certified Check of the Lubbock National Bank, Lubbock, Texas, in the amount of $146,000.00, which represents our Good Faith Deposit, and which is submitted in accordance with the terms as set forth in the "Official votice of :iale". Respectfully submitted, Harriman Ripley and Co., Inc. New York Shields and Company, i,ew ork And Associates R. A. Underwood and Company, Inc. By: /s/ Jack T,:orris Authorized Representative ACCEPTANCE CLAUSE The above and foregoing L.'..�_ is hereby in all things accepted by the City of Lubbock, Texas, this the 14th day of February, 1956. /s/ Murrell Ft. Tripp Mayor, City of Lubbock, Texas ATTEST: /s/ Lavenia Lowe Secretary, City of Lubbock, Texas After consideration of all bids',motion was made by Commissioner Carpenter, seconded by Commissioner Thon.as, motion carried, Mayor Tripp and Commissioners Baker, Carpenter, Forrest and Thomas voting Yea, none voting Nay, to authorize acceptance ofthe bids of Shields and Company, New York; R. A. Underwood and Company Inc. And Associates, for purchase of the Q2,500,000 City of Lubbock, Texas, General Obligation Bonds, Series 1956, and to authorize acceptance of the bid of Larriman Ripley and Co., Inc. New York, Shields and Co., flew York; R. A. Underwood and Company, Inc., and Associates, for purchase of the ?7,3OO,000*,CitY of Lubbock 'texas ;tiaterwork' system Revenue Bonds, Series 1956, in accordance with the bids of said Companies as set out above. Other bids received for -purchase of the '�2,500,000 City of Lubbock, Texas General Obligation Bonds, Series 1956, were: 1. John Nuveen & Company Columbian Securities Corp. of Texas and Associates Cash premium of C1,210.00 for bonds bearing interest as follows: March 1, 1957, through March 1, 1962. . . . . . . . . . . . .3-2� March 1, 1963, through larch 1, 1981. . . . . . . . . . . . .2-3/4% Interest cost, in accordance with the above bid, is: Gross Interest Cost . . . . . . . . . . . . . . . . . . . . . .3909,500.00 Less Premium. . . . . . . . . . . . . . . . . . . . . . . •1,210.CO Net Interest Cost . . . . . . . . . . . . . . . . . . . . . . ,908,290.00 Effective Interest Rate . . . . . . . . . . . . . . . . . . . . . 2,7947 % 2. Harriman Ripley & Co., Incorporated The Illinois Company Blyth & Co., Inc. McClung & Knickerbocker White, 'Meld & Co. Kenower, liacArthur & Co. Hornblower & Weeks Cash premium of Z510.00 for bonds bearing interest as follows: March 1, 1957, through March 1, 1961. .3% 3:arch 1, 1962, througl. Karch 1, 19 81. . . . . .2-3/4% Interest cost, in accordance with the above bid, is: Gross Interest Cost. .6897,500.00 Less Premium . . . . . . . . . . . . . . . . . . . . . . . . . 510.00 Net Interest Cost. ,896,990.00 Effective Interest Rate . . . . . . . . . . . . . . . . . . . . 2,75996% 3. Mercantile Trust Company Harris Trust and Savinbs Bank Republic National Bank First Nati .nal Bank in Dallas Ross & Company E. F. Hutton & Com.pany Eddleman Pollock Company Dallas Union Securities Company r i . N . Edwards & Company _j Cash premium of �3,150.00 for bonds bearing inter-:t as follows: hLarch 1, 1957, through larch 1, 1969. . . . . . . . . . . . .3-3/4;b March 1, 1970, through Larch 1, 1979. . . . ... . . . . . . .2-3/4% Kar&6i, lW')O, through Piarch 1, 1981. . . . . . . . . . . . . 1% Interest in accordance frith the above bid is: Gross Interest Cost. :899,000.00 Less Premium. . . . . . . . . . . . . . . . . . . . . . . . . 3,150.00 Net Interest Cost. 895,850.00 Effective Intercst'Rate. . . . . . . . . . . . . . . . . . . . . 2.7564615% 4. Halsey, Stuart& Co., Inc. and Associates Cash premium of $750.00 for bonds bearing interest as follows: March 1, 1957, through Larch 1, 1961. 3-3/4% March 1, 1962, through .arch 1, 1963. . . . . . . . . . . . . 2-3/4% March 1, 1964, through Larch 1, 1968. . . . . . . . . . . . . 2 2af March 1, 1969, through Larch 1, 1981. . . . . . . . . . . . . 2-3/4% Interest cost, in accordance with the above bid is: Gross Interest Cost .. . . . . . . . . . . . . . . . . .. . . �896,250.00 Less Premium. . . . . . . . . . . . . . . . . . . . . . . . 750.00 rlet int ere st Cost. . . . . . . . . . . . , 895, 500 .00 Effective Interest hate. . . . . . . . . . . . . . .2.75538% 5. The First National City Bank of New fork First Southwest Company Merrill Lynch, Pierce, Fenner ' Beane Underwood, I.euhaus & Company Rotan, Losle L Company Dit'mar 1 Company Thomas c4 Company Cash premium of � —0— for bonds bearing inter�_:t as follows: Larch 1, 1957, through I.arch 1, 1961. . . . . . . . . . . . . 3-3/4% Karch 1, 1962, through Larch 1, 1970. . . . . . . . . . . 2 %% 2 March 1, 1971, through :.arch 1, 1981. . . . . . . . . . . . . 2-3/4% Interest cost, in accordance with the above bid is: Gross Inter-:st Cost . . . . . . . . . . . . . . . . . . . . . . .-'886,250.00 Less Premium: _p_ Net Interest Cost . . . . . . . . . . . . . . . . . 886,250.00 Effective Interes� Rate. 6,250- Other bids received for purchase of the $7,300,000 City of Lubbock, Texas ",aterworks System Hry nue Bonds, aeries 1956, were: 1. First Southwest Company, Dall=s, Texas Account Lariagers and Lembers as showti on list attached to original "Official Bid Form". Cash prm'ium of aV —0— for bonds bearin; interest as follows: June 1, 1957, through June 1, 1963. .3 2/% June 1, 1964, through June 1, 1977. . . . . . . . . . . ,2_3/4jo June 1, 1978, through June 1, 1981. . . . . . . . . . . , 3% Interest cost, in accordance with the above bid is: Gross Interest Cost . . . . . . . . . . . . . . . . .'2,851,750.00 Less Premium. . . . . . . . . . . . . _p_ Net Interest Cost. .2,851,750.00 effective Interest Ra-,le. . . . . . . . . . . . . . . . . . . . . . .2.88565% 2. Halsey, Stuart & Co., Inc. and Associates Cash premium of v2,920.00 for bonds bearing interest as follows: June 1, 1957, throug;-i June 1, 1964. 3-3A% June 1, 1965, .. • . ' .2 June 1, 1966, through June 1, 1981. . . . 2-3/4% Interest Cost, in accordance with the above bid is: Gross Interest Cost. 62,819,250.00 . . . . . . . . . . . . . . Less Premium. . . . . . . . . , . . . 2,920.00 Net Interest Cost. � � � � � � � ' Effective Interest Hate. � � � � � � � � � � � � � '2'S16�33o'C0 . . . . . . . . . . . . . . . . . . . . . . 2.84981% 5-15-38-96 3. John Nuveen Co. Columbian Securiti,'s Corp. of Texas an'd -Associates Cash prei: ium of "Al2,387 .'10' for bonds bearih-; interest as follows: June 1, 1957, through June 1, 1961.. . . . . . . . . . . . . . . . .Al 3r June 1, 1962, through June 1, 1967. .' . . June 1, 1968, through June 1, 1974• 2-3/4% June 1, 1975, through June 1, 1981. . . . . . . . .3% Interest cost, in accordance with the above bid Is: y Gross Interest Cost. . . . . . . . . 62,895,5OO.O Less Premium. . . . . . . . . . . ... 2,387.10 Net Interest Cost . . . . . . . . . . . . . . . . . .2,893,112•90 Effective Interest Rate. . . . . . . . . . . . o .2.9275% ORDINANCE IT UNIBER 1834 AN ORDINANCE AUTHORIZINC ISSUAi:CE OF �7,300,000 "CITY OF LUBBOCK, TEXAS, WATERT+rORKS aiSTa- RliVE%UE BONDS, SERIES 195611, DAT:aD EkRCH 1, 1956 � THE STATE OF TEXAS CITY OF LUT,3BOCK COUNTY OF LUBBOCK I ON ThIS the 14th day of February, 1956, the City Commission of the City of Lubbock, Texas, convened in special session at the regular meeting place thereof in the City Hall, all the merr,.bers thereof being; present, to -wit: MURRELL R. TRIPP MAYOR W. H . CARPi:%TER S . S . F OIZEST 1aTNIS W. BAKER CO12-1I3i:;IO7LS LUCI�T THOWIS and IiRS . LATEYIA LO11E CITY SECTZT '.RY, also being present; constituting a quorum,at which time the following among other business was transacted: Commissioner Thomas presented for the consideration of the- City Commission an ordinance authorizing the issuance of "CITY OF LUBBOCK, TEXAS, WATERWORKS SYSTEM REVENUE BOYDS, SERIES, 19561', dated -arch � 1, 1956, in th--principal sum of �7,300,000.' The ordinance was read in full by the City Secretary. j Thereupon, Commissioner Forrest moved that the rule requiring that no ordinance shall be passed on the day on which it is introduced be suspended, and that in view of the emergency set forth and defined in the preamble to the proposed ordinance, that the same be declared an er;:ergency measure. This motion .,as duly seconded by Commissioner Baker. The motion carried by the following vote: YEAS: Playor Tripp and Commissioners Carpenter, Forrest, Baker, and Thomas. NAYS: ::one. Thereupon, Commissioner Carpenter moved that the ordinance as read in full by the City 3;;cretary be finally passed and adepted�by the Commission. This motion was seconded by Commissioner Tho:.as, and the motion carrying with it the final passage and adoption of the ordinance, was unanimously carrieu. by the following vote: YEAS: Mayor Tripp and Commissioners Carpenter, Forrest, Baker and Thomas. PAYS: None. Thereupon, the 1•iayor announced that the ordinance had been finally passed and adopted adr unanimous vote of the Comrission in accordance with the requirements of Sections 15, 16, and 17 of Article 1X of tre Lubbock Charter; and the La.yor thereupon signed and approved the ordinance in the I..resence of the Commission. The ORDIPdAYCE is as follows: - - NUI{BER ZL3131 "AN ORDINANCE b;;r the City Commission of the City of Lubbock, Texas, authorizing the issuance of bonds in the principal sL'm of y�7,300,000 ($1,324,000 of such bonds being a third parcel or installment of a total authorization of 41644,000 bonds voted at an election held on the 9th day of December, 1952; and Il v5,976,000 of such bonds being; the first parcel or installment of a total authorization of ",v9,080,000 bonds voted at an election held on the 8th day o"=:ovenber, 1955), for t_-:e purpose of raking permanent public improvements, to wit: constructing improvements and extensions to the City's Waterworks System and Electric LigYt System, as authorized by the General laws of the 6tate of Texas, particularly Articles 1111 et seq., Revised Civil atatutes of 1925, as amended; prescribing the form of the bond and the form of interest coupon; pledging the rev:nuee of tale City's Waterworks System to the layment of the principal of and interest on the bonds, after deduction of reasonable expenses of ope gating and maintaining said system; enacting provisions incident and re].�tine to -the subject and purj.ose of this ordinance; :and d,:�claring an emergency." 'i 56-15-39-97 ORDINANCE NUMBS:'. 1835 AN OP.DiTIA CE AUTPORIZINOT I33UPNCE OF $2,060,000 "CITY OF LUB''OCK, TEXAS, CENERAL OBLIGATION BONDS", SERIES 195611, DATED EARCH 1, 1556 TIE ST ,-E OF TEXAS CITY OF LUBBOCK COUNTY OF LUBEOCK ON THIS, the 14th day of February, 1956, the City Commission of the City of Lubbock, Texas, convened in Special Session, at the regular meeting place t:.ereof in tLt City Hall, with all members thereof being present and in attendance, to -wit: MURIZELL R . TRIPP N:AYOR W. H. CARPENTER S . S . FORREST LI MNIS BM-, R COP21ISSION1 'S LUCI.�N THO1.1AS and MRS . L Z:51' IA LO",'E CITY SECRETARY also being present; constituting a quorum, at which time the following; ariong other business was transacted: Commissioner Thomas presented for the consideration of t.ie City Commission an ord-'nance authorizing the issuance of "CITY OF LUBBOCH, TZXAS, G:jI�AL O LIGATION BOND, SERT,S 1956", dated i.:arch 1, 1956, in the principal siun of T %1O =IO?i SI=Y THOUSANIID DOLL�iRS (2,060,000) . The ordinance was r!!a%d in ft:Ll by the City Secretary. Thereupon, Commissioner Forr:;st moved that the rule requiring that no ordinance shall be passed on t"ie day on which it is ir_troduccd be suspended, and that in view of the emergency set forth and defined in the preamble to the proposed ordina.ncr., that the same be declared an emergency measure. This motion was duly seconded by ConLdssi.oner Baker, The motion carried by the following vote: YEAS: liayor Tripp and Commissioners Carpenter, Forrest, Baker and Thomas. NAYS: None. Thereupon, Commissioner Carpenter moved that the ordinance as read in full by the City Secretary bi: finally passed and adopted by the Commission. This motion was seconded by Commissioner Thomas and th.e notion carrying with it the final passage and adoption of the ordinance, was una:!.mously carried by the following vote: YEAS: Mayor Tripp and Commission-rs Carp-nter, Forrest, Baker and Tho!::as. '%AYS: None. Thereupon, the Aayor announced that the ordinance had been finally pass-�d and adopted by unanimous vote of the Commission, in accordance with the requirements of Sections 15, 16 and 17, of Article lX of th•T Lubbock Charter; and the Iiayor thereupon signed and approved the ordinance in the pres^nce of the Commission. The O'rlDli�:ANCE is as follows: NUMBEER 1835 "AN ORDINANCE by the City Commission of the City of Lubbock, Texas, authorizing the issuance of $2,060,000 'City of Lubbock, Texas, General Obligation Bonds, Series 1956', dated ::arch 1, 1956, for the following purposes, to -wit: M0,000 (being the first percel or' installment of a total voted authorizatioi of 3,000,000 bonds) for the purpose of constructing improvements and extensions to the City's ti+ater- works System; V"500,000 (being the first parcel or installm.-nt of a total vote' authorization .of �1,585,000 bonds) for the. purpose of constructing improvements and � A-nsions to the City 's Sanitary Sewer aysten_; 3800,000 (being; tht first parcel or installment -)f' a total voted authorization of h1,500,000 bonds) for the purpose of constructing street improvements in and for said City; $100,000 (being the first parcel or installment of a tot -),I vot,-d authoriZ3tloki of jU,500,000 bonds) for the purpose of oonotructing, enlarging, extending and installing storm sowers, drains, curbs and gutters and other inil rovei:it-nt incidental thereto in and for said City; and �160,000 (being the first parcel or installment of a total voted authorization of $410,000 bonds), for the purpose of constructing, installing e_-,ctending and improving the City's street lighting system; prescribing the form of the bonds and the form of interest coupons; levying a continuing direct annual ad valor(= tax on all taxable propert,j within the limits of said City to pay the interest on said bonds and to create a sinking fund for the redemption thereof, and providing for th- assessment and collection of such tar,^s; enacting provisions incident and re.1 :.tin; to the pur; ose and ;pub ect of ordinance; and declaring an emorg-ncy." 56-15-39-98 ORDINANCE NUP•ER 1836 AI�T ORDINANCE AUTHORIZLWC 1SSUANICE OF �440,000 "CITY OF LUBBOC-1 1 TEXAS, PARK BONDS SERIES 1956," DATED KARCH 1, 1956 TFE ST.1171 OF T r;AS CITY OF LUBBOCK COUNTY OF LUBBOCK ON `PHIS, the 14th day of February, 1956, the City Commission of the City of Lubbcc'c, Texas, convened in Special Session, at the regular meeting place thereof in the City Hall, with all m�n!bers thereof being present and in attendance, to -wit: 14URRELL R. TRIPP MAYOR W. H. CARPET TEIR S. S. FORREST M.-!-, - IS Tr,. BAKER COIAR ISSI ONER S LUCIAN TH07LAS and Mrs. Lavenis Lowe CITY SLCRZTARY also being present; constituting a quorum, at wl.i_ch time the following among other business was transacted. Commissioner Thomas presented for the consideration of the City Commission an ordinance authorizing the issuance of "CITY OF LUBBOCK, TEXAS, PARK BO,jTDS, SERIES 19561, dated Mlarch 1, 1956, in the princ'pa.l sum of -FOUR HUNDRED FORTY THOUSAND DOLLARS ($440,000) (Being the first parcel or installment of a total voted authorization of v6l,100,000 bonds*' . The ordinance was read in full by the City Secr�!ta.ry. Thereupon, Commissioner Forrest moved that the rule requiring th-.t no ordinance shall be sassed on the day on which it is introduced be suspended, and that in view of the emergency set forth and defined in the prearrble to the pro;osed ordinance, that the same be declared an emergency measure. This motion was duly seconded by Commissioner Bakery The motion carriee by the nollow3ng vot YaS: Kayor Tripp a,:zd Commissioners Carpenter, rorr,:st, Baker and Thomas. NAYS: None. Thereupon, Commissioner Carpenter moved that the ordinance as read in full }3y the City Secretary be finally passed and adopted by the ^ommission. This motion was seconded b; Commissioner Thomas and the motion carrying with it the final passage and adoption of the ordinance, was unanimously carried by the following vote: TEAS: Tiayor Tripp and Commissioners Carpente .-, Forrest, Baker and Thomas. NAYS: None. Thereupon, the Mayor announced that the ordinance had been finally passed and adopted by unanimous vote of the Commission, in accordance with the requi renihnts of Section 15, 16 and 17, of Article 12 of the Lubbock Charter; and the Mayor thereupon signed and approved the ordinance in the presence of the Commission. The ORDIi• A1—E is as follows: NUMBER 1836 "AN ORDINJNCE by the City Comi-Lission of the City of Lubbock, `texas, authorizing the issuance of 'City of Lubbock, Texas, Park Bonds, Series 1?561, dated !,larch 1, 1956, in the principal sum of $440,000, (being the. first parcel or installment of a total voted authorization_ of t1,100,000 bonds), issued for the purpose of making permanent public improvements, to -wit; purchasing and improving lands for public parks in and for said City; prescribing the form of bonds and the form of interest coupons; levying a continuing direct annual ad valorem tax on all taxable property within the lip;its of said City to pay the interest or. said bonds and to create a sinking fund for the redemption thereof, and providing for the assessment and collection of such taxes; enacting provisions incident and relating to the purpose and subject of this ordinance; and declaring an emergency." 56-15-40-99 Motion was made by Commissioner Carpenter, seconded by Commissioner Thomas, motion carried, Mayor Tripp and Commissioners Baker, Carpenter, Forrest and Thomas voting Yea, none voting Nay, to authorize return, immediately, of certified or cashiers checks submitted with each of the bids on the bonds as good faith deposit, except the good faitth c' cic of Shields and Coz.ipany, New York and Associates and R. A. Underwood and Company, InA p �ari� a$i eel's Uifg the successful bidders for purchase of the City of Lubbock bonds. 56-15-40-1001fiotion by Commissioner Baker, seconded by Commissioner Forrest, motion_ carried, i~:ayor Tripp and Commissioners Baker, Carpenter, Forrest and Thomas voting Yea, none voting Nay, Ordinance No. 1837 was passed as an emergency measure. ORDINANCE NO. 1837 AN ORDINANCE CONSTITUTING THE "A117,NIPE0dTS AND SUPPI0,1.NT TO TIC!, LUBBOCK CITY CODE, 195511, COVERING ALL ORDINA!'CES OF A GEI:,MAL AND PE1%1 NENT MATURE MiACTED BY THE CITY CONZZSSION FRO1-_ ME 15, 1955, TO DECE!•= 31, 1955, INCLUSIVE, AS A PART OF THE OFFICIAL COD TFIC:_TION OF ORDINANCES OF THE CITY OF LUBBOCK; REPEALING AIL CONFLICTEi G ORDINANCES TO THE EXTaIT OF :SUCH CONFLICT; DEMARING AN EVER T3VCY AND PROVIDING FOR Ill:EEi)IATE. EFFECTIVEIuE:S5 OF TINS ORDINANCE. 56-15-40-10lNotion by Commissioner Carpenter, seconded by Commissioner Forrest, motion carried, Mayor Tripp and Commissioners Baker, Carpenter, Forrest and Thomas voting Yea, none voting Nay, to approve and authorize extension of 12 KV electric distribution line, at an estimated cost of �10,056, at the fo location: Beginning at the Texas -Avenue J alley and 9th Street; East on 9th Street to the tLvenue F ►venue G alley; South in the Avenue f-yvenue G alley to 14th Street; vie st on 14t h Street to Avenue ue G-Avenue H alley; Thence South in Avenue G-Avenue H alley to 30th Street. Payment for extension of this electric line hereby authorized to be paid from electric distribution budgeted funds. 56-15-41-102 Motion by Commissioner Carpenter, seconded by Commissioner Thomas, motion carried, Kayor Tripp and Commissioners Baker, Carpenter, Forrest and Thomas voting Yea, none voting Nay, to authorize the second regular meeting of the City Commission for the month of February to be held on February 28, instead of February 23, 1956. ir NO FURTILR BUSII;TESS COMMIG UP FOR CO:SIDEi-YV.2ION. TFZ CI_- 0012-aSSION ADJOURNED* READ AI:D APPPOVED TI-:IS TIC 28th La : nia Lowe, C4y Secretary --Treasurer DAY OF February , 1956.