The URL can be used to link to this page

Home My WebLink AboutMinutes - City Council - Regular - 10/3/19630Cr - 1963 October 3, 1963 Lubbock, Texas SPECIAL MEETING: The City C-mission of the City of Lubbock, Texas, met at 11:00 o'clock a.m, in the regular meeting place in the City Hall, the following members thereof being present, to -wit: Mayor Jack F. Strong and Commissioners W. E. Alderson, W. C. O'Mara, Rolan Simpson, and Marvin McLarty, Jr., City Attorney Fred 0. Senter, Jr., City Manager William J. Pitstick, Jr., Assistant City Manager Fritz Lanham, City Secretary -Treasurer Lavenia Lowe. Absent: None 63-22-445-1194 RESOLUTION AUTHORIZING ISSUANCE OF NOTICE OF REDEMPTION WITH RESPECT TO "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM REVENUE REFUNDING BONDS", DATED _ SEPTEMBER 1. 1958 THE STATE OF TEXAS CITY OF LUBBOCK '-' COUNTY OF LUBBOCK ON THIS, the 3rd day of October, 1963, the City Commission of the City of Lubbock, Texas, convened in special session at the regular meeting place thereof in the City Hall, there being present and in attendance the following members, to -wit: JACK F. STRONG MAYOR W. E. ALDERSON ) ROLAN SIMPSON ) COMMISSIONERS W. C. O'MARA ) MARVIN Mc1ARTY, JR.) and MRS. LAVENIA LOWE CITY SECRETARY also being present; and with the following absent: None, constituting a quorum; at which time the following among other business, was transacted: Commissioner Simpson introduced a resolution which was read in full. Commissioner Simpson moved that the resolution be passed to take effect immediately from and after its passage. The motion was seconded by Commissioner O'Mara and carried by the following vote: YEAS: Mayor Strong and Commissioners Alderson, Simpson, O'Mara and McLarty. NAYS: None. The Mayor then announced the passage and immediate effect of the resolution. The RESOLUTION is as follows: "A RESOLUTION fixing the date for the redemption of $460,000 'CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM REVENUE REFUNDING BONDSO, dated September 1, 1958; directing the giving of notice of redemption and prescribing the form thereof." WHEREAS, the City of Lubbock, Texas, has heretofore authorized the issuance of "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM REVENUE REFUNDING BONDS", dated September 1, 1958, which are now optional for payment prior to maturity on any interest payment date upon the giving of thirty (30) days' notice; and WHEREAS, this City Commission deems it advisable and appropriate to call such bonds in accordance with their terms; therefore BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK: SECTION 1: That the date stipulated in the "NOTICE OF BOND REDEMPTION", AS contained herein and made a part of this resolution, is hereby fixed for redeeming the bonds as described in said Notice. SECTION 2: That the City Secretary of said City is hereby authorized and directed to issue notice in writing to the paying agent bank named in the ordinance authorizing the issuance of the series of bonds, to -wit: the MERCANTILE NATIONAL BANK AT DALLAS, Dallas, Texas, to the effect that said bonds have been called for redemption, which notice shall be mailed or delivered so as to be received by said bank a full thirty (30) days prior to the date set for the redemption of such bonds. SECTION 3: That the bonds described in said Notice of Redemption shall be presented for redemption at the MERCANTILE NATIONAL BANK AT DALLAS, Dallas, Texas, as designated in said notice, and said bonds shall not bear interest after the date provided for their redemption. SECTION 4: That the Notice of Redemption, describing the series of bonds to be redeemed) shall be issued by the City Secretary and shall be substantially in the following form: NOTICE OF BOND REDEMPTION THE STATE OF TEXAS CITY OF LUBBOCK COUNTY OF LUBBOCK TO THE MERCANTILE_ NATIONAL BANK AT DALLAS, Dallas, Texas AND TO ALL OTHER INTERESTED PARTIES: NOTICE IS HEREBY GIVEN that the City of Lubbock, Texas, through its City Commission, and by resolution duly passed on the 3rd day of October, 1963, has called in for redemption, on 146 OCT 3 1963 March 1, 1964, at the MERCANTILE NATIONAL BANK AT DALLAS, Dallas, Texas, $460,000 "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM REVENUE REFUNDING BONDS", dated September 1, 1958, bearing interest at the rates of 2-1/2% and 2-3/4% per annum, numbered 491 through 950, maturing serially on September lst in each of the years 1964 through 1968. NOTICE IS FURTHER GIVEN that due and proper arrangements have been made to provide all amounts required to pay said bonds, the interest thereon and call premium at the said MERCANTILE NATIONAL BANK AT DALLAS., and in the event said bonds, or any of them, are not presented for redemption at said bank on or before said redemption date, they shall cease to bear interest from and after said date. THIS NOTICE is issued and given pursuant to the option of redemption reserved to the City of Lubbock in the proceedings authorizing the issuance of said outstanding bonds and in accordance with the recitals and provisions of each of said bonds. WITNESS MY OFFICIAL SIGNATURE at Lubbock, Texas, this the 3rd day of October, 1963. Ls/ LAVENIA LOWE City Secretary, City of Lubbock, Texas SECTION 5: The proof of the issuance of such notice shall be made by the City Secretary by a certificate to that effect, which certificate shall be recorded in the Minutes of the City Commission. PASSED AND APPROVED AND ADOPTED this the 3rd day of Octobe 963. Mayor, City of Lubbock, Texas ATTEST: City Secretary, City of Lubbock, Texas (City Seal) 63-22-446-1195 MINUTES PERTAINING TO PASSAGE OF ORDINANCE AUTHORIZING THE ISSUANCE OF $1,666,000 "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER SYSTEM REVENUE REFUNDING BONDS SERIES 196311 THE STATE OF TEXAS CITY OF LUBBOCK COUNTY of LUBBOCK ON THIS, the 3rd day of October, 1963, the City Commission of the City of Lubbock, Texas, convened in special session at the regular meeting place thereof in the City Hall, there being present and in attendance the following members, to -wit: JACK F. STRONG MAYOR W. E. ALDERSON } ROLAN SIMPSON ) W. C. O'MARA ) COMMISSIONERS MARVIN MCLARTY, JR.) and MRS. LAVENIA LOWE City Secretary also being present; and with the following absent: None, constituting a quorum; at which time the following, among other business, was transacted, to -wit: O'Mara introduced the following ordinance: ORDINANCE ORDINANCE NO. 4204 "AN ORDINANCE authorizing the issuance of 'City of Lubbock, Texas, Electric Light and Power System Revenue Refunding Bonds, Series 1963' in the principal amount of ONE MILLION SIX HUNDRED SIXTY SIX THOUSAND DOLLARS ($1,666,000) for the purpose of discharging, refunding, redeeming, cancelling and in lieu of a like amount of valid and special obligation indebtedness of the City's Electric Light and Power System evidenced by three series of revenue bonds known as 'City of Lubbock, Texas, Electric Light System Revenue Bonds, Series 1949' dated May 1, 1949, 'City of Lubbock, Texas, Electric Light System Revenue Bonds, Series 1951', dated January 1, 1951 and 'City of Lubbock, Texas, Electric Light System Revenue Refunding Bonds', dated September 1, 1958, said three series of bonds aggregating the sum of ONE MILLION SIX HUNDRED SIXTY SIX THOUSAND DOLLARS ($1,666,000), constituting all the outstanding bond indebtedness of the City's Electric Light and Power System; prescribing the form of the refunding bonds and the interest coupons appurtenant thereto; pledging the net revenues of the City's Electric Light and Power System to the payment of said bonds and the interest thereon; providing for the subsequent issuance of bonds on a parity with those herein authorized; providing certain covenants pertaining to the bonds herein authorized and the funds from which same are to be paid; enacting and ordaining sundry provisions incident do and relating to the subject and purpose of this ordinance; and declaring an emergency." The ordinance was read in full and thereupon Commissioner O'Mara moved that the charter rule prohibiting the passage of ordinances on the day on which introduced, unless declared an emergency measure, be suspended for the reasons set forth and defined in the preamble thereto. The motion was seconded by Commissioner Simpson and carried by the following vote: YEAS: Mayor Strong and Commissioners Alderson, Simpson, O'Mara and McLarty. NAYS: None. n..r..s....l.....,� A1.in,» - #-Un- m ,t a t},OY vlka n-eainanrA hp finally nassed as an emergency t 446A OCT 3 1963 =63-2=446=119�6M=tion by Commissioner O'Mara, seconded by Commissioner McLarty, motion carried, Mayor Strong and Commissioners Alderson, O'Mara, Simpson, and McLarty voting Yea, none voting Nay, to authorize a loan in the amount of $24,566.14 from the General Fund to the City of Lubbock to the Electric Revenue Fund to cover expenses including the agent fee and State Attorney General's fees in connection with refunding of bonds as authorized by Ordinance No. 4204 passed by the City Commission on this date. rt 446B OCT 3 03 r- r, 447 OCT 3 1983 measure to take effect immediately from and after its passage. The motion was seconded by Commissioner O'Mara and carried by the following vote: YEAS: Mayor Strong and Couunissioners Alderson, Simpson, O'Mara and McLarty. NAYS: None, The Mayor then announced the final passage and immediate effect of the ordinance as an emergency measure. MINUTES APPROVED, this the 3rd day of October, 1963. ATTEST: City Secretary, City of Lubbock, Texas (City Seal) NO FURTHER BUSINESS COMING UP FOR CONSIDERATION, THE CITY SPECIAL MEETING, OCTOBER 3, 1963. ATTES / La enia Lowe, Ci Secretary -Treasurer READ AND APPROVED THIS THE 24th DAY OF October , 19, ATTEST: Lave,pia Lowe, City ecretary-Treasurer City of Lubbock, Texas ION ADJOURNED FROM 1 F. STRONG, Mayor