HomeMy WebLinkAboutResolution - 083035A - Election - Natural Gas System Revenue Bonds - 08/30/1935RESOLUTION CA14LING FOR EL2CTION
1 ATURAL GAS SYS`i'.; 1'vT REVENUE BONDS
Be it remembered that at a regular meeting of the City Commission of the
City of Lubbock, Texas, all members being present, held in the City of
Lubbock, Texas, on 3y -Pt 19329 it was duly moved by
seconfied y , unanimous-
_L- carried, that ate election be held i- tie CMof_Fbback, Texas, at
which election the following proposition shall be submitted and voted on;
f
"Shall the City Commission of the City of Lubbock, Texas, be
authorized to issue revenue bonds of the City of Lubbock in the sum of
01,2001000.00, 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 thelleafter, rate of interest to be
fixed by the City Commission, for the purpose of acquiring, purchasing,
constructing, establishing, maintaining, and operating a public utility,
totvit, a natural gas s. uom, within or without the City, or both, includ-
ing all land, right of way, easements, contracts, leases, privile€;es, wells,
reservoirs, materials, supplies, and other facilities necessary for the pro-
duction, transportation, distribution, delivery and sale of natural mas
w 'thin or without the City of Lubbock, for purpose of providing said City
of Lub',ock with the ownership and operation of a na L -ural gas system to sup-
ply itself and its inhabitants wi th natural ,as, under the provisions of
the Constitution and Laws of the State of Texas and the Charter of the City
of Lubbock" .
The approximate serial maturities of said revenue bonds shall be as follows:
1937 . . . . . . $301V000.00
1936 . . . . . . 30,000.00
1939 . . . . . . 30, 000.00
1940 . . . . . . 40P003.30
1941 . . . . . . 50, 000.00
191- . . . . . . . . . . . . . . . . 50,000.00
1943 . . . . . . . . . . . . 5 0, 000.00
1944 . . . . . . . . . . . 60, 000.00
1945 . . . . . . . . . . 60, 000.00
1946 . . . . . . . . . . 70, 000.00
1947 . . . . . . . . . . 70, 000.00
1948 . . . . . . . . . . . . . . . 70, 000.00
1949 . . . . . . . . . . . . . . . . 7 0, 00 0.00
19!:;o . . . . . . . . 70$000100
1951 . . 6 0 90,000.00
1952 90, 000.00
1953 a a 90, 000.00
1954 90, 000.00
1955 0 901*000.00
Said revenue bonds shall be payable as to both principal and interest from
and secured by an exclusive first lien on and 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
mortga„e or deed of trust executed b;; the Tlayor and Commissioners of said
City, conveying 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 hereaf-
ter constructed, and as'additional security therefor, by the terms of such
mortgage, the Ci t�T will grant to the purchaser of such system, under sale or
foreclosure under such mortg�ae, a franchise to operate the system and prop-
erties so purchased for a term of not over twenty (20) years from such pur-
s
V
chase, subject to all laws regulating same then in force. No such ob-
ligations shall ever be a debt of the City of Lubbock, Texas, but sole-
ly 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 purpose
authorized by law; and each such bond proposed 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 e1ection shall be '_Held in the City Hall in the City of Lubbock,
Texas, on 4:2 , , a-4' , 1935, in accordance
with the e ecU aws of said Stake an ity, and Geo. IV. zoster, `gid. L.
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 OF NATURAL CLAS 3`31PET;I REVENUE BONDS IT'
THE SUlrI OF $1,200,000.00"
And those opposed to the proposition to issue said revenue bonds shall
have written or printed on their ballots the words:
"AGAINST THE ISSUAI CE OF ATURAL GAa SYSTEIi RitWENUE BONA`",
IN THE SUM OF $1,200,000.0011.
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 di-
rected 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 Lub-
bock, 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 each week for four conse-
cutive weeks preceding said election, the first publication to be made at
least thirty dalTs before the date of said election.
Mayor Ross Edwards, and Commissioners A. J. Richardson, Geo. la. Benson,
W. B. Price and J. C. Royalty, voted "Yea" upon the adoption of the fore-
going resolution, no one voting "Nay".
Passed and approved this J-0 day of Augq 193.
la dor, i t� of ubbocli, T �.as
attest:
ity 6ecretary,
City of Lubbock, Texas