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Home My WebLink AboutMinutes - City Council - Regular - 8/30/1935136 RECESSED REGUL4R 11EETIYG. Lubbock, Texas, August 30, 1935. The City Commission of the City of Lubbock, Texas, met at 1:30 P.M. in Recessed Regular Session, Recessed from Regular Meeting of August 22, 19359 at the Regular Meeting Place in the City Hall, the follo-irg members thereof being present, to -wit: Mayor Ross Edwards, Commissioners `;:'.B. Price, Geo.E. Benson, A.J. Richardson, J.C. Royalty, City Attorney E.t. Klett, City idanager WoH. Rodgers. Absent: City Secret-ry 1-.0. Sevens. .This being the date set to receive bids for the construction of a municipal gas plant, due to the fact the citizenship of Lubbock had presented the City Commission with a petition calling for an election to vote on the bonds, it appearing to have required number of signa- tures to orzier an election, the City Commission unanimously decided not to act on the bids and not to open them. After due discussion it was moved by Commissioner Price, seconded by Commissioner Royalty, carried unanimously, the following Resolution calling for an election on natural gas system tevdnue bonds, carried unanimously. RESOLUTION CALLING FOR ELECTION NATURAL GAS SYSTEM REVTNUE BONDS Be it remembered that at a regular meetin7 of the City Commission of the City of Lubbock, Texas, all members being present, held in the City of Lubbock, Texas, on 30th day of August, 1935, it was duly moved by Commissioner .B. Price, seconded by Commissioner J.C. Royalty, unanimously carried, that an election be held in the City of Lubbock, Texas, at which election the following proposition shall be submitted and voted on: "Shall the City Commissior of the City of Lubbock, Texas, be authorized to issue revenue bonds of the City of Lubbock in the sum of '$lp200,000.00, maturing serially over a period of years not to exceed 20 years, from their date, bearing interest at a rate not to exceed five and one-half per cent per annum, interest payable twelve months from their date, and payable semi-annually thereafter, rate of interest to be fixed by the City Commissioh, for the purpose of acquiring, purchasing, -constructing, establishing, maintaining, and operating a rublic utility, to -wit, a natural gas system, within or without the City,or both, including all land, right of way, easements, contracts, leases, privileges, yells, reservoirs, materials, supplies, and other facilities necessary for the production, trans- port-tion, distribution, delivery and sale of natural gas within or without the City of Lubbock, for purpose of providing said City of Lubbock with the ovmership and operation of a natural gas system to supply itself and its inhabitants with natural gas, under the pro- visior-s of the Constitution and Laws of the State of Texas and the Charter of the City of Lubbock". The approximqte serial maturities of said revenue bonds shall be as follows: 1937 _ _ - �301000.00 1938 - - - 309000.00 1939 _ - - 309000.00 1940 - - - 40,000.00 1941 _ - - 509,000.00 1942 - - - 50v000.00 1943 - - - 50,000.00 1944 - - - 609000.00 1945 - - - 609000.00 1946 - - - 7"0,000.00 1')47 - - - 70t000.00 1948 - - - 70,000.0O 1949 .. - - 70v000.00 1950 _ - - 709000.00 1951 _ - - 909000.00 1952 - - - 904 000.0 0 1953 - - - 909000.00 1954 .. - - 909600.00 1955 _ _ _ 900000.00 $1, 2.00,000.00 Said revenue bonds shall be payable as to both principal and interest from and secured by an exclusive fi-ist lien on and 137 pledge of the revenues of such main line gas system and distribution system, after deduction of reasonable operation and maintenance expenses, and shall be further secured by a first mortgage or deed d' trust executed by the Mayor and 'ommissioners of said City, con- veying in trust to a trustee the entire gas distribution system and gas main line system and all properties in connection therewith, acquired or to be acquired, including improvements and extensions that may be hereafter constructed, and as additional security therefor, by the terms of such mortgage, the City will grant to the purchaser of such system, under sale or foreclosure under such mortgage, a franchise to operate the system and properties so purchased for a term of not over t-enty (20) years from such pur- chase, subject to all laws regulating same then in force. No such obligations shall ever be a debt of the City of Lubbock, 'Texas, but solely a charge upon the properties so encumbered, and shall never be reckoned in determining the power of said City to issue any bonds for any purz)ose authorized by law; and each such bond pro- posed to be issued, as aforesaid, shall contain this clause: "The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation". Said election shall be held in the City Hall in the City of Lubbock, Texas, on 3rd day of October, 19350 in accordance -rith the election laws of said State and 0ity, and Geo. uu. Foster, T.E. Ballew and R.B. Smith are hereby appointed managers and judges of said election. All voters who favor the proposition to issue said revenue bonds shall have written or printed on their ballots the words: "FOR THE ISSUANCE ()F NATURAL GAS SYSTF-1I REVENUE, BONDS IN THE SUM OF $19,2009000.00" And those opposed to the proposition to issue said revenue bonds shall have written or printed on their ballots the words: "AGAINST THE ISSUANCE OF NATURAL GAS SYSTEM REVENUE BONDS IN THE SM.�i OF $19200, 000. 00". Copy of this resolution, signed by the Mayor of the City of Lubbock, Texas, and attested by the City :secretary of said City, shall serve as a proper notice of said Election. The Mayor is hereby authorized and directed to cause such notice of election, that is, copy of this resolution so signed and attested, to be posted at the City Hall in the City of Lubbock, Texas, for thirty days prior to the date of such election, and also cause such notice of election to be published in some newspaper of general circulation, continuously .and regularly published in Lubbock for at least one year before date of first publication, once etch week for four consecutive weeks preceding said election, the first publication to be made at least thirty days before the date of said election. Mayor Ross Edwards, and Commissioners A.J. Richardson, Geo. E. Benson, I.B. Price and J. C. Royalty, voted "Yea" upon the adoption of the foregoing resolution, n-o one voting "Nay". Passed and approved this 30th day of August, 1935. Ross Edwardw _ Attest: Mayor T 0 Stevens i tZ�y Secretary. /Upon motion by Commissioner Price, seconded by Commissioner Royalty, V the following Resolution carried unanimously. RESOLUTION CITY OF LUBBOCK Concerning Certain Securities Deposited by Citizens National Bank of Lubbock, Texas. Be It Remembered: That on this 30th day of August, 1935,at a regularly called meeting of the City Commissi-�n of the City of Lubbock, Texas, a quorum being presents, it was duly moved by commissioner `'.'.B. Price, and seconded by Commissioner J.C. Royalty, and unanimously agreed that the Citizens National Bank of Lubbock, by, and it is hereby authorized to withdraw from the First National Bank, of Fort ','forth, Texas, the following described securities deposited by the Citizens National Bank of Lubbock, Texas, with the First National Bank of Fort ':north, Texas, for the purpose of covering deposits of the said city, as more fully shown by Ordinance No. 5289 passed and approved on the 24th day of January-, 1935. 1 1000.00 City of Lubbock 5% Sewer Bond ##40 - dated 2/15/1911 due 2/15/1951 $1,000.00 7'ith 8/15/35 and subsequent coupons attached Interest due Feb. and Aug. 15. Together ,7ith all coupons attached to the foregoing bond. This resolution is passed for the purpose of releasing the foregoing securities for the reason that the total amount of deposits have decreased more than the fact- amount of the securities herein released, and for the reason that the amount of Securities retained exceed the total amount of the city's deposit in the said bank, the securities remaining pledged being ample to meet the requirements of law and of the City commission. Passed and approved this 30th day of August, 1935. Ross Edwards Mayor ATT',ST: T 0 Stevens City Secretary Seal. Upon motion by Commissioner Richardson, seconded by Commissioner Royalty, carried unanimously, it was ordered th-t the City make application to W.P.A. for construction of a Race Tracy on the «lest 20 Aares of the P.F. Brown land just north of the present South Plains Fair Ass'n. site. Upon motion by Commissioner Price, seconded by Commissioner Hichardson, carried unanimously, it was ordered to pay rent in connection with the N-tional Reemployment Service offices through the County -City 'Welfare Ass'n., the same arrangement being in effect for paying rent on other Government space for offices as heretofore done. Motion by Commissioner Benson, seconded by Commissioner'Royalty, carried unanimously, Ordinance No. 537 passed Second and final reading. ORDIN ONCE NO. 537 AN nRDINANrE LEVYING A TAX UPON ALL PROPERTY SUBJECT TO TAXATION "TITHIN THE CITY OF LUBBOCY9 TFXAc, FOR THE SUPPORT OF THr CITY FOR THE YEAR 19359 APPORTIONING SAID LEVY AMONG THE VARIOUS FUNDS AND ITEMS FOR `WHICH REVENUE MUST BE RAISED, LEVYING AN OCCUPATI--)N TAX UPON ALL OCCUPATIO"'S TAXABLE AND FIXING THE TIVE IN "'RICH SAID TASTES BE PAID, ASSESSING PENALTY AND INTEREST FOR NON PAY%BENT OF SUCH TAXES "'ITHIN THE TIKE S' T AND DECLkRING AN EMERGENCY. No further business coming up for consideration, upon motion by Commissioner Benson, seconded by Commissioner Royalty, carried unanimously, the City Commission recessed to meet Sept. 5, 1935, at 4:3G P.M. Read and approved this iZ.P� day of rST: City Secretary. _� 5• Mayor