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HomeMy WebLinkAboutResolution - 091963B - Issuance Of Notice Of Redemption - Electric Light System Revenue Bonds - 09_19_1963 RESOLUTION AUTHORIZING ISSUANCE OF NOTICE OF REDEMPTION WITH RESPECT TO "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM REVENUE BONDS", SERIES 1948 and SERIES 1951 THE STATE OF TEXAS CITY OF LUBBOCK COUNTY OF LUBBOCK ON THIS, the 19th day of September, 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. OTMARA MARVIN McLARTY, JR. and MRS. LAVENIA LOWE, CITY SECRETARY also being present; and with the following absent: AlyW S , constituting a quorum; at which time the following, among other business, was transacted: Commissioner r1: LAR r9 introduced a resolution which was read in full. Thereupon, Commissioner M.! 1-.4x?-y moved that the Charter rule prohibiting the passage of resolutions 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 Cm mnissioner Lo%R ss.✓ and carried by the following vote: YEAS: Mayor Strong and Commissioners Alderson, Simpson, O'Mara and McLarty. NAYS: None. I li Commissioner then moved that the resolu- tion be finally passed as an emergency measure to take effect immediately from and after its passage. The motion was seconded by Commissioner .4 L C&fao'✓ and carried by the following vote: YEAS: Mayor Strong and Commissioners Alderson, Simpson, OtMara and McLarty. NAYS: None The Mayor then announced final passage and immediate effect of the resolution as an emergency measure. The RESOLUTION is as follows: "A RESOLUTION fixing the dates for the redemption of outstanding electric light system revenue bonds of the City of Lubbock, Texas; directing the giving of notice of redemption and prescribing the form thereof; and declaring an emergency.v WHEREAS, the City of Lubbock, Texas, has heretofore author- ized the issuance of two series of bonds 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 respective terms; and WHEREAS, the City Commissioners FOUND and hereby DECLARES that there is an urgent public necessity for such bonds to be called on their next interest payment date and that, therefore, this resolution constitutes an emergency measure for the immediate preservation of the public peace, property, health, safety, good government, order and security of the City and its inhabitants; therefore BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK: SECTION 1: That the dates stipulated in the "NOTICE OF BOND REDEMPTION", as contained herein and made a part of this resolu- tion, are 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 banks named in each of the ordinances authorizing the issu- ance of the two series of bonds, to-wit: the FIRST NATIONAL BANK IN DALLAS, Dallas, Texas, and the AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO, Chicago, Illinois, 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 banks a full thirty (30) days prior to the dates set for the redemption of such bonds; and the City Secretary is further authorized and directed to have such notice published once in a newspaper of genaal circu- lation in the State of Texas, such published notice to appear at least thirty (30) days prior to the respective redemption dates herein provided. SECTION 3: That the bonds described in said Notice of Redemption shall be presented for redemption at the First National Bank in Dallas, or the American National Bank and Trust Company of Chicago, as designated 1n said notice, and said bonds shall not bear interest after the date provided for their respective redemption. SECTION 4: That the Notice of Redemption, describing the two 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 FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS, THE AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO, CHICAGO, ILLINOIS, AND TO ALL OTHER INTERESTED PARTIES: NOTICE IS HEREBY GIVEN that the City of Lubbock, Texas, throug its City Commission, and by resolution duly passed on the 19th day of September, 1963, has called in for redemption, all of the out- standing bonds of the following described issues: $850,000 "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM REVENUE BONDS, SERIES 1949", dated May 1, 1949, bearing interest at the rate of 2 -1/2% per annum, numbered 1451 through 2 00, maturing serially on May 1 in each of the years 1964 through 1969. THE DATE FIXED FOR REDEMPTION IS NOVEMBER 1, 1963, at the First National Bank in Dallas, Dallas, Texas; and $356,000 "CITY OF LUBBOCK, TEXAS ELECTRIC LIGHT SYSTEM REVENUE BONDS, SERIES 1951", dated January 1, 1951, bearing interest at the rate of 2-1/4% per annum, numbered 419 through 774 maturing serially on January 1 in each of the years 1964 throuuggh 1971. THE DATE FIXED FOR REDEMPTION IS JANUARY 1, 1964, at the American National Bank and Trust Company of Chicago, Chicago, Illinois. NOTICE IS FURTHER GIVEN that in the event said bonds, or any of them, as hereinabove described, are not presented for redemp- tion at the designated bank on or before said redemption dates, they shall cease to bear interest from and after said respective dates. 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 accord- ance with the recitals and provisions of each of said bonds. WITNESS MY OFFICIAL SIGNATURE at Lubbock, Texas, this the 19th day of September, 1963. Is4 Lavenia Lowe Z,!e ,; City Secretary, Vi y of Lubbock, T Xas i 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. SECTION 6: The public importance of this measure and the fact that it is to the best interest of the City of Lubbock that such bonds be called on their next interest payment date for the imme- diate preservation of the public peace, property, health and safety of the citizens of said City, constitute and create an urgent public necessity requiring that this resolution be passed and take effect as an emergency measure, and that this resolution is accordingly passed as an emergency measure and shall take effect and be in force immediately from and after its passage, and it is so resolved. PASSED AND APPROVED AND ADOPTED this the 19th day of September, 1963. ayor, C y o Lubbock,/Texas ATTEST: City Secretary, � y or Lubbock, Texas (City Seal) _ f 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 a resolution authorizing issuance of Notice of Redemption with respect to City of Lubbock, Texas, Electric Light System Revenue Bonds, Series 1948 and Series 1951 (and Minutes of its adoption) passed by the City Commission on the 19th day of September, 1963, at a special session of said City Commission, which resolution is of record in Book �^ � of the Minutes of said City Commission. IN WITNESS WHEREOF, I have hereunto signed my name officially and affixed the seal of said City this the 19th day of September, 1963. City Secre ary.,-City Pf Lubbock, Texas (City Seal)