HomeMy WebLinkAboutResolution - 072458L - Issuance Of Notice Of Redemption Of Electric Light System Revenue Bonds - 07/24/1958012458E
RESOLUTION AUTHORIZING ISSUANCE OF NOTICE OF
REDEMPTION IN RESPECT OF $ls06O,000,"CITY OF
LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM REVENUE
BONDS,.SERIES 1948",.DATED.MARCH 1, 1948
THE STATE OF TEXAS
CITY OF LUBBOCK
COUNTY OF LUBBOCK
ON THIS, the J L _ day of July, 1958, the City
Commission of the City of Lubbock, Texas, convened in a V ��--
session at the regular meeting place thereof in the City Hall,
with the following members thereof present, to -wit:
LENNIS W. BAKER, MAYOR
VERNON E. THOMPSON, COMMISSIONER
DAVID CASEY., COMMISSIONER
OTIS.MANER, COMMISSIONER
HOMER MAXEY, COMMISSIONER
and
MRS. LAVENIA LOWE, CITY SECRETARY
also being present; and with the following absent: N b "_Q'
constituting a quorum, at which time the
following, among other business, was transacted:
Commissioner —,� presented for the
consideration of the City Commissio`i� a resolution authorizing
razing
issuance of notice of redemption in respect of $1,060,000
"CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM REVENUE BONDS,
SERIES 1948", dated March 1, 1944
The resolution was read in full by the City Secretary.
Thereupon, Commissioner _'VVou.t S0%_k moved that
any rule requiring that no resolution shall be passed on the day
on which it is introduced be suspended, and that in view of the
O'124 58 L
emergency set forth and defined in the preamble to the propos-
ed resolution, that the same be declared an emergency measure.
This motion was duly seconded by Commissioner
The motion carried by the following vote:
YEAS: Mayor Baker and Commissioners
Thompson, Casey, Maner and
Maxey.
MAYS: None.
Thereupon, Commissioner n�x e-_\4_ moved that
the resolution as read in full by the City Secretary be final-
ly passed and adopted by the Commission. This motion was
seconded by Commissioner and the motion,
carrying with it the final passage and adoption of the resolu-
tion, was unanimously carried by the following vote:
YEAS -0 Mayor Baker and Commissioners
Thompson, Casey, Maner and
Maxey.
WAYS None
Thereupon, the Mayor announced that the resolution
had been finally passed and adopted. The Mayor thereupon
signed and approved the resolution in the presence of the Com-
mission.
The RESOLUTION is as follows:
..,"A.-BESOLUTION by the City Commission of the City
of Lubbock, Texas, authorizing the issuance
of notice of,redemption in respect of
$1.9060,000 'CITY OF LuBBocK, TEXAS, ELECTRIC
LIGHT SYSTEM REVENUE BONDS., SERIES 1948l,
dated March 1,, 1948; 'prescribing the form of
notice; enacting provisions incident and re-
lating to the purpose and subject of this
resolution; and declaring an emergency."
o7z4 s8L
WHEREAS, the following bonds of the City of Lubbock,
Texas., have heretofore been issued pursuant to authority con-
ferred and proceedings duly had in the manner prescribed by
law, to -wit:
$1,060,000 "CITY OF LUBBOCK, TEXAS, ELECTRIC
LIGHT SYSTEM REVENUE BONDS,_SERIES 1948",
dated March Is 19.48, in,,denomination of,
$1,000 each, bearing interest at the rate
of 3-1/4% per annum, payable semi-annually
on March_1 and September 1, in each year,
with numbers., maturities and amounts as
follows, to -wit:
BOND NUMBERS
(All-inclusive)
MATURITY DATES
AMOUNTS
791
to
880
March
1.
1959
$9Os000
881
to
975
March
1.
196o
95,,000
976
to
1075
March
1s
1961
100,000
3076
to
1175
March
Is
1962
100.0000
1176
to
1280
March
10
1963
105s000
1281
to
1385
March
10
1964
105s400
1386
to
1495
March
18
1965
110,000
1496
to
16lo
March
Is
1966
115o000
1611
to
1730
March
1s
1967
120,400
1731 to 1850 March 1, 1968 120,000
�__ �rf_
such bonds being redeemable at the option of the City on
March 1. 1958, or on any Interest payment date thereafter.,
at:.par omd accrued interest; both principal and interest being
payable at the FIRST NATIONAL BANK IN DALLAS, DALLASs TEXAS.
AND WHEREAS, in each of the bonds of the aforesaid series
there appears the following provision:
"AS PROVIDED IN THE ORDINANCE., hereinabove
mentioned, the City,reserves the right to redeem Bonds
Numbers 791 to 1850, both inclusive, of;this series
-(maturing on MarchIlst in each of the years 1959 to 1968,,
inclusive) In whole or in part,, on March 1. 1958, or on
any interest payment 4ate thereafter, at par and accrued
0124SIL
interest; PROVIDED FURTHER, that if less than all of
said bonds are redeemed on any of such redemption
dates, same shall be redeemed in inverse numerical
order; and PROVIDED FURTHER, that at least thirty
(30) days prior.to_any,interest payment date upon
which any of said bends are to be redeemed, notice
of redemption, signed by the City Secretary (specify-
ing the serial numbers and amounts of bonds to be
redeemed) shall be published once in a newspaper of
general circulation in the State of Texas, and shall
have been filed with the FIRST NATIONAL BANKIN
DALLAS, DALLAS, TEXAS, and.should.any bond_or;bonds
not_be presented.for redemption pursuant to such
notice the same shall cease to bear interest from and
after the date so fixed for redemption."
AND WHEREAS, the fact that the City of Lubbock, Texas,
may, through the financing arrangements hereinabove described,
effect a savings in the amount of interest that must be paid
on its outstanding obligations, create an emergency requiring
the immediate passage of this resolution in order to provide
for the immediate preservation of the public peace, property,
health and safety of the citizens of the City of Lubbock, Texas;
and,
WHEREAS, the City Commission of the City of Lubbock,
Texas, noir deems it necessary and advisable to redeem the bonds
hereinabove described, aggregating the said principal sum of
$1,060,000; therefore,
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
LUBBOCK: _
SECTION 1: That the FIRST DAY OF SEPTEMBER, 1958, is
the date hereby fixed for redeeming the $1,060,000 "CITY OF
LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM REMUE BONDS, SERIES
1948", dated March 1, 1948s hereinabove described.
072458E
SECTION 2: That the City Secretary of said City is
hereby authorized and directed to issue and mail notice in
writing to the FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS
(the paying agent named in each of the aforesaid bonds), to
the effect that said bonds have been called in for redemp
tion, which notice shall be mailed by the City Secretary so
that the same will be received by the said FIRST NATIONAL
BANK IN DALLAS, DALLAS, TEXAS, full thirty(BO) days prior to
the date herein fixed for redemption, The City Secretary is
also hereby authorized and directed to have the notice of
intention to redeem said bonds published one time in a news-
paper of general circulation in the State of Texas, the
date of said publication to be not less than thirty (30) days
prior to the date hereby fixed for redemption.
SECTION 3 That till of said bonds hereinabove des-
cribed shall be presented for redemption at the FIRST NATIONAL
BANK IN DALLAS, DALLAS, TERAS.
SECTION 4: That the notice of redemption to be issued
by the City Secretary, pursuant to this resolution, shall be
substantially in the following form:
072LI5
NOTICE OF REDEMPTION
IN RESPECT OF t1P060s000 "CITY OF LUBBOCK,
TEXAS, -..ELECTRIC LIGHT SYSTEM. REVENUE BONDS.,
SERIES i9480.,.,DATED. MARCH lj,, 1948
TO FIRST NATIONAL BANK INDALLASp DALLAS, I TEXAS.,
AND TO ALL OTHER INTERESTED PARTIES:
NOTICE IS HEREBY GIVEN that the City of Lubbock,, Lubbock
County, Texas, through its City Commission and by resolution duly
passed and adopted by said City Commission on the day of
July, 19580 has called in for redemption the following bonds of
said City, to -wit:
$ls060o000 "CITY OF LUBBOCK, TEXAS., I ELECTRIC LIGHT
SYSTEM VE`V9NUE_B0NDS*_ SERIES lq48",_dat6d'14arch
l$.i"8Xdenomination-of.$1,000 each, bear-
ing interesi'at the rate of per annum.,
maturing seriallyon March 1st in each of the
years 1959 to 1968
both inclusive, and being
numbered 791 to 1850, both inclusive; .
such bonds being redeemable at the option of the City on March
ls 1958, or on any interest payment date thereafter, at par
and accrued interest; both principal and interest being payable
at the FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS.
THE DATE fixed in the aforesaid resolution for redeeming
said bonds is the FIRST DAY OF SEPTEMBER, 1958, and you and each
of you are hereby notified .. that in the . event said bonds, or any
of them, are not on that date presented for redemption at the
FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS (the paying agent
designated in each ofthe aforesaid bonds), -they shall cease to
bear interest from and after the date so fixed for redemption.
THIS NOTICE is issued and given pursuant to the aforesaid
resolution of the City Commission of the City of Lubbock, Texas,
and in accordance with the recitals and provisions in each
of said bonds".
WITNESS MY HAND AND SEAL OF SAID CITY 4F LUBBOCK,
TEXAS, this the .day of July, 1958
4' k zwe
City Beeretary, Cit6r of Mbbock,
Texas
(City Seal)
O'12l15
SECTION w5s That proof of the issuance of such
notice shall be made by the City Secretary by her certificate
to that effect, which certificate shall be recorded in the
Minutes of the City Commission.
SECTION '6: The fact that it is to the best inter-
est of the City of Lubbock to provide for the redemption of
the aforesaid bonds at the earliest possible date, creates this
an emergency measure for the immediate preservation of the pub-
lic peace, property, health and safety of the citizens of the
City, demanding that the Charter provision to the effect that
no resolution shall be passed on the day on which it shall be
introduced be suspended, and this resolution is hereby declar-
ed an emergency measure by the City Commission, and the same
shall take effect from and after its passage, and it is so
resolved.
PASSED AND APPROVED, this the ).-±A, day of July,
1958
or, City of Lubbock-, exas
ATTEST:
!�l
City,'Secretaryi City of Lbubbock,
Texas
(City Seal)
oTy� ssL.
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS
CITY OF LUBBOCK
COUNTY OF LUBBOCK
I, the undersigned, City Secretary of the City of
Lubbock, Texas, DO HEREBY CERTIFY that the above and
foregoing is a true and correct copy of RESOLUTION AUTHORIZ-
ING ISSUANCE OF NOTICE OF REDEMPTION IN RESPECT OF $1,060,000
"CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM REVENUE BONDS,
SERIES 194811, dated March. 1, 1948 (and Minutes pertaining to
its adoption), passed by the City Commission of said City on
the 14 day of July, 1958, and recorded in Book,
page _v et seq., of the Minutes of said City Commission.
IN WITNESS WHEREOF, I have hereunto set my hand
officially and affixed the seal of said City, this the
day of July, 1958.
Becretary.4 City dF Lubbock.
Texas
(City Seal)
07 24 6
F'r$t Ea�'1
Bks in a las
F 0 Box 6031
Dallas 22,Tex
FIRST NATIONAL BANK IN DALLAS, DALLAS,
(BANK SEAL) TEXAS
SUBSCRIBED AND SWORN to before me, this the
day of ,
1958.
. .
notary Publics Vallas Countyj, 'Texas
(Notary Seal)
HAZEL RAY OWEN, Notary Public
In and for Dallas County, Texas
IIy Commission Expires June 1, 1959
CERTIFICATE ACKNOWLEDGING RECEIPT OF NOTICE
OF REEEMPTION
IN RESPECT OF $1,060,004 "CITY
OF LUBBOCK TEXAS, ELECTRIC LIGHT SYSTEM
'BONDS
7`'" `'9
REViWUE , . SERIES _ 194811,t . DATED MARCH 1,
1948.
TEE STATE OF TEXAS
COUNTY OF DALLAS
I, Marshall S. Cloyd
of the FIRST NATIONAL BANK IIi DALLAS, DALLAS, TEXAS, DO HEREBY
CERTIFY that on the 25 day of July, 1958, said bank receiv-
ed by United States Registered Mail, return receipt requested,
executed copy of "NOTICE OF REDEMPTION IN RESPECT OF t1,o6o,000
YCITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM REVENUE BONDS,
SERIES 19481, DATED MARCH 1, 19+8", said notice having been
received more than thirty (30) full days prior to the date
fixed for the redemption of the aforesaid bonds, to -wit:
SEPTEMBER 1, 1958.
WITNESS MY HAND AND THE SEAL OF THE FIRST NATIONAL
BANK IN DALLAS, DALLAS, TEXAS, this the 25 day of
Jur' 1958.
G22�2��� Jam.
f^.
of
F'r$t Ea�'1
Bks in a las
F 0 Box 6031
Dallas 22,Tex
FIRST NATIONAL BANK IN DALLAS, DALLAS,
(BANK SEAL) TEXAS
SUBSCRIBED AND SWORN to before me, this the
day of ,
1958.
. .
notary Publics Vallas Countyj, 'Texas
(Notary Seal)
HAZEL RAY OWEN, Notary Public
In and for Dallas County, Texas
IIy Commission Expires June 1, 1959
DERTIFICATS ACKROWLEDGINO RECEIPT OF NOTICE
OF ummmok Jx RESPECT Dp sl, c6Q, oco "E TY
OF LtJBBOOK, TE.xAS, ELECTRIC LIGHT j;tSTEX
8 UE BONDS, SERIES 1948t,-, DATED 14ARCH 1„
THE STATE OF TEXAS
COLO= OF DALLAS
I, Marshall S. Clwyd
tiWiMYl11 i+w/ M
Of the FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS, DO HEREBY
CERTIFY, that on the 2 ... day of July, 1958, ,said bank receiv-
ed . by United States Registered Nail, return receipt requested,
executed copy of "NOTICE OF REDEMPTZ421 IN REspEcT op $1$060#000
VCITY OF ==Ko TEXAS* ELECTRIC :LIGHT SYSTEM REVENVE BONDS,
.SERBS 19481,, DATED MARCH 1, 1948", said, notice having been
received more than thirty (30) full days prier to the date
fixed for the redemption of the aforesaid bonds, to -wits
SEPTENM 1, 1958,
WITNESS MY RAND AND THE BEAL OF THE FIRST NATIONAL
BANK IN DALLAS, DALLAS, TEXAS, this the2. 5...,w.. day of
Jules
2958.
of
FIRST NATIONAL BANK IN DALLAS, DALLAS,
(BANK SEAL) TEXAS
Si�BSORIDED AND SWOM; to before me, this the
day of , 1958
Notary c; s county* Tex -as
(Notary Seal) HAZEL RAY OWEN, Notary Public
In and for Dallas County, Texas
»y Commission Expires June 1, 1959