HomeMy WebLinkAboutOrdinance - 040-1910 - Issuance Of $55,000 Of Sewer Bonds. - 08/03/1910A MIME OF A MEFTING OF TRr CITY C O NC IL OF = CITY OF LUBROCK,
TEXAS, HELD DULY 14th.$ 1910.
The City Council of the P'ity of Lubbock, Texas, met in
special session July 14th . 1910,
The following officers urere pre sent:
F .E .Whee 1 ock, ?Mayor,
Messrs. Parks, Overton, Porter, and Penney, Aldermen,
J .A .Ryatt, City Ha,rshall,
W-'R SRaw, City Secretary.
(Here follows business not relevant to the matters under consid-
eration)
Then came on to be considered an Ordinance providing for
the Issuance of �,55,000.00 Sewer Bonds was duly presented and
read to the Council as followsu
)L(Aere follows the Ordinance on next page)
4"
r
An Ordinance authorizing the Issuance of Bbnds for the
purpose of constructing City Sewers and providing for the Levy and
Collection of a tax to pay the interest and create a sinking fund
for the redemption of said Bonds.
I
Whereas, at an election held for the pUrpoee on the 22nd
day of July,1910, a majority of the qualified voters, who are prop-
� erty taxpayers of the City of Lubbock, Texas, voting at saki elec-
tion, sustained the proposition tb,issue the Bonds hereinafter de --
scribed by a vite pf 132 for the issuance of Bonds to a vote 13
against the issuance of Bonds, therefore,
I� Be it ordained by the City Council of the City of Lub-
bock, Texas, that the Bonds of said City to be culled "City of Lub-
bock Sewer Bondev be issued under and by virtue of Article 488, Re-
vised Statutes of Texas, 1895, for the.. purpose of constructing City
Sewers in said City.
2. Said Bonds shall be numbered consecutively from one
(1) to fifty-five (55) inclusive, Shall be of the denomination of
One Thousand Dollars ($1,000,00) each, aggregating the sum of fif-
ty-five Thousand ]dollars ($55,000.00) . to
�//3. Said Bonds shall be,dated the 15th day of At
.shall become due and payable forty years (40) from their date, but
may be redeemed at the pleasure of the City at any time after fif-
teen years from their date..
4. They shall bear interest at the rate of ive (5%) per
��y
cent per annum, payable annually on the 15th day of met each yew-.
5. Principal and interest shoal be payable upon present-
ation and surrender of Bond or proper Coupon at Austin, Texas or
in the City of New York, State of New York, at the option of the
holder thereof.
6. Said Bonds shall be signed by the Mayor ' a.nd c ountereigned
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-aimile��"tYe Mayor and City Clerk may be lith-
ographe d 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 suffi-
cient to diechar;e them at maturity, a, tax of Seventeen (17) cents
on each one hundred dollars valuation of e.11 taxable property in
said City of Lubbock shall be annually levied on said property and
annually assessed =d collected until said bonds and interest are
jhtid, and said tax is now levied for the current year and for each
succeeding year while said bonds are outstanding, and suxie shall
be assessed and collected for the current year and annually here-
after and applied to the purposes named..
9.Itis also ordained that F.Y.Wheelock be authd)rized to
take and have charge of said bonds pending their investigation
b�� i;he AttorneyGeneral, and upon their approval and registration
ahall have authority to negott ate eir sale d to receive for the
City the proceeds *hereof . � f.�T� �� • ��f
Piissed or, uhe _?q,*_!4'_Aay V '' .144-9.. ► '
Approved tr is the 1. I%iy ofr- -1 ,
F.',4"heelock, i:'ayor.
Attest: 7.I'.S"riaw, City Seely.
Thereupon it was rio,1re d by IjTr. . Parka ex d ,Seconded by Mr.
Porter that the above and foregibing Ordinance b# passed.
The vote being taken, it appeared as follows:
Yeas: Parks, Porter, Penney, Overton.
Nays: YTone .
Thereupon the Mayor declared the queetion carried and the
Ordinance passed.
(Here follows business not relevant to the matters under consider--
atfon) .
The State of Texas
County of Lubbock
I, W 1V Shaw, City Secretary for the City of
Lubbock, Texas, hereby rtify that
the foregoin is true d cor-
rect copy of rear a passed b the C ty C _ it f �t "ty
of Lubbock, Texas h J g
present, approved I. .�'ayor the ?6th. day of July, 1914, and
of P.ecord on pages 152,153, 1 , of book one Minutes of the City
Council of the City of Lubbo , Texas
Witness my hand and the Seal of said City, this the 3rd.
day- of August, 1910..
City Seely City of Lu7bock, Texas.