HomeMy WebLinkAboutOrdinance - 4205-1963 - Amending Ordinance No. 4204.. 10-10-IQU~
(Ordinance # 4205)
MINU'l'BS PERTAINING TO PASSlGE OF AN ORDINANCE AMBRDING
ORDIHAHCB NO. 4204 AUTHORIZING THE ISSUANCE OF $1,666,000
"CI'r Y OF LUBB>CK~ TEXAS~ BIBCTRIC LIGHT AND POWER SYSTEM
REVENUE REIPUNDING :OONDS, SERIES 1963"
THE STATE OF TEXAS I
CI'fi OF LUBBOCK
COUNTY OF LUBBOCK
ON THIS, the lOth day of October, 1963, the City
Commission of the City of Lubbock, Texas, convened in regular
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
W. E. ALDERSON
ROtAN SIMPSON w. c. o•MA.RA
MARVIN MciAR'l'Y, JR.
MRS. IA VENIA LOWB
l
and
MAYOR
COMMISSIONERS
City Secretary
also being present; and with the following absent: __ N_o_ne __________ _
----------------------' constituting a quorum; at which time
the following, among other business, was transacted, to-wit:
CQmmissioner Alderson <. introduced the following ----------------------~
ordinance: Ordinance No. 4205
"AN ORDINANCE amending Ordinance No. 4204 passed and
adopted by the City Commission of the City of
Lubbock, October 3, 1963, relating to the authoriza-
tion and issuance of $1,666,000 1City of Lubbock,
Texas, Electric Light and Power System Revenue
Refunding Bonds, Series 19631 , 110 as to clarify
the methods of providing and administering funds
provided for the payment of such bonds, including
additional parity bonds1 enacting provisions
incident and relating to the subject and purpose
of this ordinance; and declaring an emergency."
The ordinance was read in full and thereupon Commissioner
Alderson 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 GoDDissioner O'Mara and carried by the following vote: _______ _.
YBlS: Mayor Strong and Commissioners Alderson,
Simpson, 0 1 Mara. and McLarty.
NAYS: None.
Commiasioner _____ A_l_d_e_rs_o_n _____ then moved that the
ordinance be finally passed as an emergency measure to take
effect immediately trom and after ita passage. The motion was
seconded by Commissioner _____ o_'_Ma_r_a _____ _.and carried by the
following vote:
YEAS: Mayor Strong and Commissioners Alderson,
Simpson, O'Mara and McLarty.
NAYS: None.
The Mayor then announced the final passage .and
immediate etfect of the ordinance as an emergency measure.
MINUTES APPROVED, this tbe lOth day of October, 1963.
ATTES'r:
cityecre ary~ LubbOck, texas
(City Seal)
ORDINANCE NO. 4205 -------
"AN ORDINANCE amending Ordinance No. 4204 passed and
adopted by the City Commission of the City ot
Lubbock, October 3, 1963, relating to the authoriza-
tion and issuance or $1,666,000 'City ot Lubbock,
Texas, Electric Light-.and Power System Revenue
Refunding Bonds,_Series 1963', seas to clarify
the methods of providing and administering funds
provided tor the payment of such bonds, including additional parity bonds, enacting provisions
incident and relating to the subject and purpose
of this ordinance; and declaring an emergency."
WHEREAS1 the City Commission of the City of Lubbock,
Texas, deems it necessary and advisable and in the City•s best
interest to amend Ordinance No. 4204 passed and adopted
October 3, 1963 relating to the authorization and issuance of
$1~666,000 "City of Lubbock, Texas, Ele~tr1c Light and Power
System Revenue Refunding Bonds, Series 1963", dated October 15,
1963, so as to provide certain clarifying changes in the methods
for providing and administering funds for said bonds and
additional bonds hereafter issued on a parity therewith; and
WHEREAS# the City Commission has found and hereby
declares that there is an urgent public necessity that it proceed
with the issuance of such revenue refunding bonds for the purp ose
of providing funds with which to discharge# redeem, retund and
cancel the outstanding indebtedness of the City's Electric Light
and Power System hereinabove referred to at the earliest possible
date and that therefore this Ordinance constitute~ an emergency
measure tor the immediate preservation of the public peace,
property, health, safetyJ good government, order and security of
the City and its inhabitants; therefore
BE IT ORDAIBED BY THE CITY COMMISSION OF THE CITY OF
LUBBOCK:
/~ . .-
SECTION 1: That sub-paragraph (2) of Section 14 or
the aforementioned Ordinance No. 4204 be and same is hereby
amended so as to hereafter read and provide as follows:
11 (2) To the 1Special Electric Light and Power System
Revenue Bond Retirement and Reserve FUnd' (hereinafter referred
to as the 'Bond Fund') hereby created for the bonds herein
authorized and such additional parity bonds as may hereafter
be issued under the provisions of Section 21 hereof. Said
Bond Fund shall be used for no purpose other than for the
payment, redemption and retirement of such bonds and the
interest thereon in accordance with the terms and provisions
of the ordinances authorizing their issuance. All funds
received from the purchasers of such bonds as accrued interest
thereon shall be placed in the :Bond Fund. The City covenants
and agrees to provide the Bond FUnd with all amounts required
to pay as due each of the principal and interest installments
pertaining to all bonds and additional parity bonds and that
in addition thereto said Bond Fund shall contain a Reserve
Portion in the sum of not less than THREE HUNDRED SIXTY TBOUSA.ND
.
DOLLARS ($360,000). This sum, being now on deposit to the credit
of the underlying bonds, is hereby appropriated to the purpose
of constituting the Reserve Portion of the Bond Fund and the
proper City Officials are hereby authorized and directed to take
all steps necess•ry or convenient to transfer said amount for
such purpose to the Bond Fund immediately upon sale and delivery
of the bonds herein authorized. Said Reserve Portion shall be
made available for and seasonably employed in meeting the
requirements of the Bond Fund if need be, and if any amount
thereof is so employed said Reserve Portion shall be supplemented
out of the first System funds available therefor to such extent
as w111 1 as rapidly as possible, fully restore same to the
sum of at least $3601 000. The ordinances of the City Commission
\
authorizing any series of additional parity bonds shall make
due provision for eupplementing1 if necessary1 the Reserve
Portion of the Bond Fund so that same shall be accumulated and
maintained in an amount equal to not less than the average annual
principal and interest requirements of all series of bonds then
to be secured by a first lien on and pledge of the net revenues of
the System and which will be outstanding upon the issuance of
any series of additional parity bonds."
SECTION 2: That sub-paragraph (e) of Section 21 of
the aforementioned Ordinance No. 4204 be and same is hereby
amended so as to hereafter read and provide as follows:
"{e) As hereinabove provided the Reserve Portion of
the Eond Fund shall be accumulated and supplemented as necessary
to maintain it in a sum which shall be not less than the average
annual principal and interest requirementa bf all bonds secured
by a first lien on and pledge of the net revenues of the System
which will be outstanding upon the issuance of any series of
additional parity bonds. Accordingly each ordinance authorizing
the issuance of any series of additional parity bonds shall
provide for any required increase in said Reserve Portion and
if supplementation is necessary to meet all conditions of said
Reserve Fund said ordinances shall make provision that same
be supplemented by the required amounts in equal monthly
installments over a period of not to exceed sixty {60) calendar
months from the dating of such additional parity bonds."
SECTION 3: That except as amended as aforesaid said
Ordinance No. 4204 passed and enacted by the City Commission
of the City of Lubbock1 Texas~ October 31 1963 is hereby in
all things ratified and confirmed.
SECTION 4: The public importance of this measure and
the fact that it is to the best interest of the City of Lubbock
to authorize~ issue and provide the bonds to which this amending
ordinance relates so as to pay off~ redeem, discharge and cancel
the underlying indebtedness at the earliest possible date for the
immediate preservation of the public peace, property, health and
safety of the citizens of said City, constitute and create an
emergency and an urgent public necessity requiring that this
ordinance be passed to take effect as an emergency measure and
that this ordinance is accordingly passed as an emergency measure
and shall take effect and be in force immediately from and after
its passage, aad IT IS SO ORDliNED.
PASSED AND APPROVED# this the lOth day of October,
8
Ci+cretart.Jtf of Lubbock,Texas
(City Seal)