HomeMy WebLinkAboutMinutes - City Council - Regular - 8/28/1950RECESSED REGtjLA11 %1, 1ETING
s
Lubbocl�' Texas
August 28, 1950
The City Conrnission of the City of Lubbock, Texas, met at 2 P. I.-. in
recessed regular sessmeetinecelace infrom
theeCityrHall,ltheofollowingust 24,
1950, at the regular g p
members thereof being present, to -wit:
Mayor Pro-Tei:i Harry T^Torris, Corn nniEner�ilEonl' ' Ciityan a.nager Steve Davis,
Lucian Thomas, City attorney VauC,
I,atthews, City Secretary Lavenia Lowe.
Absent: Mayor Clarence K. ,ihiteside.
This meeting was celled for the purpose
proceedings for City Bond Election to be
the following bids being received:
To the Honorable !Mayor, and
City Commission
City of Lubbock
Lubbock, Te._as
of accepting bid for handling bond
called for September 26, 19�0,
Lubbock, -Texas
August 20, 1950
Gentlemen:
'he City of Lubbock Texas, proposed issues of
+,kith reference to t
e;;ate amcunt of �P7,914,34.00, to be broken down ap-
bonds, in the a ;g"x
proximately as f olloVM 3 to -wit : 2 696.
(1)
s tem .. .... ........
953
-Waterworks Sy , , , 1�503,953
(2)
Sanitary Sewer System ..........
(3)
•
Electric Production�1,2G0,000
Improvement ... • �
(4)
Electric Distri-
1 85$,000
Street LI'JHting .............•
'�
500,000
(6)
Storm Sewer
625 , 500
(7)
yon ................
parks & Recreat�
(8)
Service Bldg-°� 111,000
(A)
'
Warehouse...-...
Fire Dept. Imp•, t;31 ��0 ......
5 �2 OCO
E and Bldg • • • --=--� - --
we propose as follows:
s o�,tllman, T,e-rket
�- I-Iu�•uenin �� B
r proceedin's and
That you secure the services °re attn O all 1e�,a1 1 the orders
Attorne�rs, Dallas, Te;s,>.s, �f the election should carry,
oses
to provide , from tune to t1':'e, ei stration by the omp- ' for the various pur 1
issuing the bonds of the various issues and z�ou �•11 1
nroval " of ��the Attorneiniono ral;1rlcet A, ttorne�Ts • r es .
attend to the �pl rive their op ent of their fee and char
troller, and finally to �-
y to look to us for paym
have t'r:ese a torile, s ,
rimed bonds, prepare and furnish all 1 - n-
t�e will also provide the p .
necessary through the cooperation of the�!s. 't tha `)ds:h
ancial data ne_ y
pro osais to be submitted Jr for r=lurTtiet�.i'��•the bon ,me.
the necessary p y y t concernj.ng the s,..
assist in othesuchtothertdetails aU,s maybesnecessar T
In
and assist ..
IT is understood that this and thattbti1toebandat le Market ,,ttondneys
aploroved by your City Attorney,
and t
will have his cooper�tiOn in all matters.
r prOVi ded to hi i1,
It is the intention herein thate1�onarnedhesellrizavedings, the pur-
chaser or purchasers of the '�ond� ,1 mvenin 2: Boothrnan,
or then, without cost, the �;yjroving�opin.onochasers'desire the approving
Wallas, Texas, and should the purchaser or p
u
o inion of any market attorney other than t;_ose above nal,�ed, he or they
p
will secure the same at their ow,n expense.
f rocee dings t�j-ve been started rel �.tivo to the above bonds, 4
I any z _ pthe
ill be rovided with certi f ie a co�tsc'n? advertlseednt sor Also
o lc�t �i ren
p ?rill pa y
understood that the City yzythe election ofsicials.
in your local paper, and will pay
in the above, you krill pay us a fee
our services and expenses ove 91��� 31�1.00.
For y 000 bond on a ma xi.muln total issue of y 7 ,
of : 2,68 for eacll 1, I y I i1-le delivery' of bonds is autho-
-ree'd that if an s_ ,� ?.re are to be p, id
It is understood and ar;
,old in units of lessount'lin addition'to our red, 1l, fee
rized, issueQ nd
„0.50 for eac'n ;1-,000 bond of sL �fi
Ilerei.n above mentioned.
i
S
I
•�j
•
Respectfully submitted,
000
4 -
-3-1,t te. Vt
CEET .'IL II'VES'112ENT COIIiP.':1;Y Or T X.1S
P. 0. Box 590 - Hilton Motel
Plainview, Texas
C . E . DAVIS (Si, CONF_-' ITY
LUB: 0 C K- , TEX :S
By IS/ C I'I• Sr:iith
By T limie Burr
Au-:-;ust 28, 1950
Honorable r.;ayor and Members of the City CormiisSion
aL� City of Lubbock
)ac Lubbock, .`Texas
Gentlemen:
You have said to us that the City Co -mission of the City of Lu'-bock,
Texas, contemplates the callinrr of an election to allow the votes of the CIty
.0 of Lubbock to approve or disc. -prove the issuance of cortalih oonded indebtedricss
"1,41 in an a pi')roxilm to a'llount of ;p6, 0001000. You 1-lave asked us to pr pose the cir-
�� CtZ1ilStanCe, under b'Tl1=iCTi l:e i'TOtild act �l3 yollr j iscal ��>;ent in t!his�connection.
vie are happy to propose as follo;'Ts :
1. Under the direction of a competent firm of -reco„nixed bond attorneys,
to be employed b,% the City old' Lubbock, but accepta0le to us, we --Till supervise,
assist -and advise with you upon steps necessary to be taken toward the calling
of the election, the legal is uance of the bonds, and further we will -L-ei rib}1 -se
the City of Lubbock for the full amount of tl.e z'ee of such attorneys.
2. -,de agree to attend to and pay for the )rintin� of said bonds.
3 • :de will pay the necess tr�T expenses in. obt�!inino the ap_rrovi:T; opinion
of t:he Attorney General of the Srl'ate of TexL..s and registration by the Comp-
troller of Public , ccou�lts, to ether with any and all other expenses incident
ID
to the final issuance of tha bonds, with the exception of the payments to
election judges for services rendered, and further should any litigation.be
instituted p-reventin`; the completion of the issuance of the bonds, then the
expenses of such litigation shall be borne by the City of Lubbock.
4. fide a,;ree to submit to the City Coi.imissi.on of the Clty of Lubbock
for its approval a schedt_e of 'nia�turities which will advanta eousJ_,r coincide
with the present maturing obligations of the City.
5. 17e agree to prepare notices containi-izg proper financial data and
other loertinent infori,i.,_'G'i_on necessary for.-nvesti.ient finis to sbiiiit bids.
o. ?`de a ree to pay the expenses for the advertisin; of these bonds in
the "Bond Buyer", such advertisement to run one time in the weekly issue ter_
days prior to the date that the City of Lubbock will receive bids. Any e.,,-
pense of local_ advert is' 1h� wi._I_l_ be borne by -the Ci.t,T of Lubioock.
7. ''de agree to prepare complete data ivTith respect to the debt of the
City of Lubbock, its tax resources -nd its economic position it-! order to
properly present the Situation of tfie City itiith the financial ratin4. agencies,
such as Standard and Poor t s Corporation, Dun and Bradstreet , and I�,Cody t s In-
vestors Service.
Tile City Co-immission of the Cit- o�' Lubbock, Texas, ?hereby a. rees to
cooperate ;Tith us and the heretofore 'iel_tioned firi;i of bond attorneys in the
passe n- of all necessary ord..rs, etc . , required in the leg` 1 is_,ua.nce of
1ZD{.these boiius.
:'lfter ?;de i1�'.ve uGihe �!1,'_ thin,'- in;""I re _,ui-red o" i) the fin-�l i ssuance
of these bonds, in whole or in part, and.delivery thereof has been made to
the successful purchaser or purchasers, then -the City of Lubbock a_rees to
pay us and we ar,roe to accept fees in accordance with the follo:•Tin- schedule:
Not more t;_an �1, 000, 000 par value at any one tii.ie
"WO.20 per .A, 000 Bond;
More than <::)1_5000 000 pa-r value at any one time but
less than :3,000,000 par value $3.00 per $1,000
Bond in excess of '�1,000,600 par value;
RTOre thank 0 , 000; 000 par . value at any one time
�2.80 per 91,000 Bond in excess of $3,000,000
par value;
such amount to be paid to us simultaneousl,- ,Tith the ie.livery of tree bo,i:Is to
the successful purchaser or purchasers.
Ii4- the evert the election or elections contern1.)latec� in this proposal
rail, and no bonds are issued, you will owe us nothin-.
In connection with this proposal, we reserve the right to-subinit a bid
for these bonds w iei= advei ui sed for 1::, _-ind if we are the succe jsfi l pur-
chasor to 4--ive our fee if we choose to do so.
Triis proposal is submitted to you in duplicate, and upon acceptance and
p a_ roval by you; shall be si ned by the Itilayd or anattested to by the Secretary
of the City of Lubbock, Texas .
Respectfully submitted,
FIRST SOUT111WEST COI!Fl.IdY
By /S/ Frank J. Medanich
Y� thorizeT epresertat`— ive
4ftcr considerrition of all bids, the followi.nr action was taken:
This, the 28th day of August-, 1� 50, came on to be considere.', the above
CD
set out proposal between the City of Lubbock, Texas, and First Southwest
Coripany, Dallas, Te:c,.:s, and after due consideration, motion w.-:s made by
Cor.u.1issioner Thomas, and seconded by Commissioner Hufstedler, that the
City of Lubbock, Texas, enter into said proposal according; to the terms �
thereof. The motion was cla,� d ui1r ous1y with a law'L'ul quorum of the
City Commission present. The Mayor being hereby authoritez to enter into Contract,
Eotion by Commissioner Ilufstedler, seconded by Commissi.on�ir Davis,. carried
unani:no-sl,T, to Llutilorize I ndli_ng of the above bond proceedi iz s to be don
through Dunas, Hu ueniia and Boothi�,an, _lttorneys, of Dallas, Texas.
ljo further business comin- tip for consideration, the City Cor.lr..lsslon
adj_.urned to meet August 31, 1950•
Read and approved this the 28thday of Sept_:_,., 1950•
ATTEST:
City Secre ary
1�
U