HomeMy WebLinkAboutOrdinance - 049-1911 - Issuance Of Bonds For Water Works - 01/09/1911'
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ORDINANCE NO. 49
AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF THE
CONSTRUCTION OF WATER STORKS IN AND FOR THE CITY OF LUBBOCK 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.
WHEREAS, at an election for the purpose held on the 22nd day of July, 19109
a majority of the qualified voters, who are property tax payers of the City
of Lubbock, Texas, voting at said election, sustained the proposition to issue
the bonds bereinafter 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, 1910
that the Bonds of the said City to be called the "City of Lubbock Water Works
Bonds: 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 of the denomination, of one thousand Dollars ($1,000.00)
each, aggregating the sum of twenty-five thousand Dollars ($25,000.00).
3. They shall be dated the 15th day of February, 1911, shall become due and
payable 40 years from their date, but may be redeemed at the pleasure of the City
at any time after 15 years from their date.
4. They shall bear interest at this rate of five (5°l.�) per cent per aninum,
payable annually an the 15th day of February of each year.
5. The principal and interst shall be payable upon presentation and
surrender of Bond or proper coupon at Austin, Texas or in the City of New York,
State of New York, at the option of the holder thereof.
6. Said Bonds shall be signed by the Mayor, countersigned by the Secretary,
and registered by the City Treasurer, and the seal of the City shall be impressed
upon each of them.
7. The fac-simile signature of the Mayor and City Secretary may be litho-
graphed upon the coupons.
6$ 8. It is further Ordained by the City Council that to pay the interest on
said Roads and to crest a sinking dund sufficient to discharge them at maturity,
a tax of (8) eight cents on each One Hundred Dollars valuation on all taxable
property in said City Of Lubbock shall be annually levied on said property and
annually assessed and collected until said Bonds and interest are paid, and while
said Bonds are outstanding, and the same shall be assessed and collected for the
current year and annually hereafter and applied to the purposes named.
9. It is further Ordained than F.E. Wheelock be authorized to take and have
charge of said Bonds pending their investigation by the Atborney General, and
upon their approval and registration shall have authority to negotiate thetr sale
` and receive for the City Ghe proceeds thereof.
Passed this the 9th day of January, 1911.
Approved this the 9th day of January, 1911.
F.E. Wheelock, Mayor
0 (seal) .
ATTEST: W.M. Shan, City Secretary