HomeMy WebLinkAboutOrdinance - 039-1910 - Issuing Of Bonds For The Purpose Of The Construction Of Water Works. - 07/26/1910ORDINANCE NO. 39
AN ORDIMCE AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF THE
CONSTRUCTION OF WATER WORKS IN AND FOR THE CITY OF LUBBOCK AND PROVIDING FOR THE
LEVY AND COLLECTION OF A TAR TO PAY THE INTEREST AND CREATE A SINKING FUND FOR
THE REDEMPTION OF SAID BONDS.
WHEREAS, at an election for the purpose held on the 22nd., day of July 1910,
a majority of the qualified voters, who are property taxpayers of the City of
Lubbock, Texas, voting at said election, sustained the proposition to issue the
Bonds hereinafter described by a vote of 135 for the issuance of bonds to a vote
of 10 against the issuance of Bonds, therefore,
1. Be it Ordained by the City Council of the City of Lubbock, Texas,
that the Bonds of said City to be called "City of Lubbock Water Works Bondsy be
issued under and by virtue of Article 486 Revised Statutes of Texas, 1895, for
the purpose of the construction of water works in and for the City of Lubbock.
2. Said Bonds shall be numbered consecutively from one (1) to Twenty five
(25) inclusive, shall be for the sum of One Thousand Dollars ($1,000.00) each,
aggregating the sum of twenty Five Thousand Dollars ($25,000.00).
3. They shall be dated the 15th day of August, 1910, shall become due and
payable 40 years from their date, but may be redeemed at the pleasure of the City
at any time after 15 years from their date.
4. They shall bear interest at the rate of five (57.) percent per annum
payable annually on the 15th dya of August of each year.
5. Principal and interest shall be payable upon presentation and surren-
der of Bond or,1proper Coupon at Austin, Texas, or in the City of New York, State
of New York, at the option of the Holder thereof.
b. Said Bonds shall be signed by the Mayor and countersigned by the City
Secretary and registered by the City Treasurer and the seal of the City shall be
impressed upon each of them.
7. The fac-simile signature of the Mayor and City Secretary may be lith-
ographed on the Coupons.
8. It is further Ordained by the City Council, that to pay the interest
on sAid Bonds and to create a sinking fund sufficient to discharge them at matur-
ity, a tax of eight (8) cents on each one hundred dollars valuation of all taxable
property shall be annually levied on said property and annually assessed and col-
lected until said Bonds and interest are paid, and said tax is here and now levied
for the current year, and for each succeeding year while said Bonds are outstanding.
and the some shall be assessed and collected for the current year and annually
hereafter and applied to the purposes named.
9. It is also Ordained that F.E. Wheelock be authorized to take and have
charge of said Bonds pending their investigation by the Attorney General, and upon
their approval and registration shall have authority to negotiate their sale and
receive for the City the proceeds thereof.
Passed this the 26th., day of July, A.D. 1910.
Approved this the 26th day of July, A.D. 1910.
ATTEST: W.M. Shaw, City Secretary F.E. Wheelock, Mayor