Loading...
HomeMy WebLinkAboutMinutes - City Council - Regular - 3/16/1953RECESSED REGULAR MEETING Lubbock, Texas March 16, 1953. The City Commission of the City of Lubbock, Texas, met at 10 A.M. in Recessed Regular Session, recessed from Regular Meeting of March 12, 1953, at the regular meeting place in the City Hall, the following members thereof being present, to -wit: Mayor Murrell R. Tripp, Commissioners Harry Morris, Hurley Carpenter, L. E. Davis, Lucian Thomas, City Secretary Lavenia Lowe. Absent City Manager Steve Matthews. This meeting waqA-alled for the purpose of considering the sale of certain City of Lubbock Bonds. After discussion, motion was made by Commissioner Morris, seconded by Commissidner Carpenter, motion carried, Mayor Tripp and Commissioners Morris, Cafpenter, Davis and Thomas voting Yea, none voting Nay, the following Notice of Sale was authorized published, wherein it is authorized that $2,045,000 Revenue Bonds and $1,908,000 General Obligation Bonds be sold April 23, 1953!, at 2:00 o'clock P.M. NOTICE OF SALE $2,0453,000 WATERWORKS SYSTEM REVENUE BONDS $1,908,000 GENERAL OBLIGATION BONDS SERIES 1953 of the CITY OF LUBBOCK, TEXAS Selling Thursday, April 23, 1953, at 2:00 o'clock P.M., C.S.T. The City Commission of the City of Lubbock, Texas, will receive sealed bids at the City Hall until the 23rd day of April, 1953, at 2:00 o'clock P.M., C.S.T., for the following described bonds: $2,045.000 Waterworks System Revenue Bonds, Series 1953 - To be dated June 1, 1953: denomination $1,000; due June 1; interest payable June 1, 1954, and semi-annually thereafter on December 1 and June 1; principal and interest to be payable at a bank to be located in a Federal Reserve center, selected -by the purchaser and approv- ed by the City, and the Citizens National Bank, Lubbock, Texas, as Co -Paying Agent; to be optional June 1, 1968 at par and accured int eimt; maaturing as follows: $85,000 each 1954-1962;$80,000 each 1963-78. This is the first installment of $4,119,000 Waterworks System Revenue Bonds, author- ized at an election held December 9, 1952. Proceeds from the sale of these bonds will be used exclusive for improvements and additions to the City's Waterworks System. $1,908,000 General Obli.aation Bonds, Series 1953 - To be dated June 1, 1953; denomination $1,000; due June 1; interest payable June 1, 1954, and semi-annually thereafter on December 1 and June 1; principal and interest to be payable at a bank to be located in a Federal Reserve center, selected by the purchaser and approved by the City, and the Citizens National Bank, Lubbock, Texas, as Co Paying Agent; to be due serially without option of prior payment; maturing as follows: $100,000 Public Library Bonds, Series 1953, authorized at an election held May 24, 1947, due; $5,000 1973; $50,000 1974; $45,000 1975. $175,000 Fire Station Bonds, Series 1953, authorized at an election held September 26, 1950, due; $45,000 1966; $65,000 each 1967-1968. $145,000 Water, Sewer & Electric Light Bonds, Series 1953, authorized at an election held September 26, 1950; due; $50,000 each 1969-1970; $45,000 1971. $425,000 Park Bonds, Series 1953, authorized at an election held September 26, 1950, due; $15,000 each 1954-1968; $20,000 each 1969-1978. $113,000 Street Lighting Bonds, Series 1953, authorized at an election held September 26, 1950, due; $5,000 1976; $50,000 1977; $58,000 1978. $390,000 Street Bonds, Series 1953, authorized at an election held December 9, 1952, due; $50,WO 1963; $65,000 each 1964-1965;,$20,000 1966. $690,000 Electric Light System Bonds, Series 1953, authorized at an election held December 9, 1952, due; $65,000 each 1954-1962; $15,000 1963. $100,000 Street Lighting Bonds, Series 1953, authorized at an election held December 9, 1952, due; $5,000 19711 $50,000 1972; $45,000 1973. $50,000 Storm Sewer Bonds, Series 1953, authorized at an election held December 9, 1952, due; $5,000 1975; $45,000 1976. Sealed bids, plainly marked "Bid for Bonds", should be addressed to Mrs. Lowe, City Secretary, City of Lubbock, Texas, and must be in the hands of City Secretary not later than 2:00 o'clock P.M., C.S.T., on April 23, 15 The bonds will be sold in two separate blocks: (1) $2,045,000 Waterwork System Revenue Bonds, Series 1953, and (2) $1,908,000 General Obligatic Bonds, Series 1953. The City covenants that no additional bonds will be within six months from the date of this dale. Bidders are requested to specify the rate or rates of interest the bonds will bear, bu rate bids involving more than three coupon rates and a maximum of five coupon changes one issue of bonds will not be considered. Coupon rates must be in multiples of 1/4 c No bid involving a coupon rate in excess of 3 3f4% will be considered, as this is the rate set forth in the election order, All bids must be submitted on the "Official Bid Form". Additional copies of the "Official Notice of Sale" and "Official Bid Form" may be obtained at the offices of the First Southwest Company, Investment Bankers, 1207 Merciantile Bank Building, Dallas, Texas, Fiscal Agents for the City. Each bid must be accompanied by a Certified or Cashier's Check on a Texas bank, payable to the "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 part 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 and accepted by the City of Lubbock as full and complete liquidated damages. Otherwise, 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. The City will furnish printed bonds on lithographed borders, a compl®te 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 that such delivery can be made around June 15, 1953; and if for any reason the City is unable to make delivery on or before July 1, 19539 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 irregularities. LAYENIA LOWE City Secretary City of Lubbock, Texas No further business coming up for consideration, the City Commission adjourned. Read and approved this the 9th day of April 1953. ATTEST: Cit, Secretary -treasurer.'