HomeMy WebLinkAboutOrdinance - 142-1916 - Contract Between Lubbock And W.A. Myrick For Certain City Improvements. - 07/20/1916c
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RATIPYING AND CONFIRMING CONTRACT ENTERED IDTO
BY AND BETWEEN THE CITY OF LUBBOCK AND W.A.
MYRICK FOR CERTAIN STRUT IMPROVEMENTS IN AND
FOR SAID CITY; PROVIDING FOR THE ISSUANCE OF
SIX IE RCENT WARRANTS IN PAYMENT FOR SAID WORK,
AND LEVYING THE NECESSARY 91R TO PAY THE INTER-
EST AND PRDVIDE THE NECESSARY SINKING FUND TO
REDEEM SAID WARRANTS AT MATUR=.
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WHEREAS, the Oity of Lubbock halt entered into a
contract with W.A. Myriok, of Lubbook County, Texas, for
oertain Street Improvements In and for said City of Lubbock,
in accordance with plans and speoifioations on file in the
offioe of the City Engineer of said City, which said oontraot
is in words and figures as follows:
THE STATE OF T ES AS
COUNTY OF LUBBOCK ( KNOW ALL MEN BY THESE P RESENTS :
❑ITV OP LIMBOCS
That this contract, made and entered into on the 20th
day of duly, 1916, by and between the City of Lnbbook, a
manxoipal corporation in the County and State aforesaid, here-
inafter oalled "CITY", party of the first part; and W.,A*MYRICS,
of Lnbbook County, Texas, hereinafter called "CONTRACTOR"
party of the second part, WITNESSETH:
1.
The said oontraotor agrees to fnraiEh all material, labor
and equipment necessary to oomplete certain street Improvements
to be made In said City of Lnbbook, ift acoordanoe with the
plans and Bpeoifications aooepted by said City and on file in
the City Engineer's office, for the oontraot price of Ten
A
n
#l.
Thousand Dollars (#10 , 000.00) , and to aaoept in payment
therefor le ga li y issued warrants of said City,, ma tmr ing
serially $500.00 on the 15th day of February, 1918, and
$500.00 on the 16th day of February eaoh year thereafter,
be4ring interest at the rate of six peroent per azmum, payable
semi -an ally.
11.
The said City agrees to employ and does hereby employ
said oontraotor to oonstruat certain street improvements to
be made in said City, in a000rdance with certain plans and
speoifioations heretofore adopted by said City and on file
in the offioe of the City Engineer of said City, and agrees,
in oonsideration for eaid work to pap to said oontraotor the
oontraot prise of Ton Thousand Dollars ($10rp000.00) as
follows; By the issuanoe and delivery to said oontraotor of
City ct Lubbock Street Improvement Warrants, payable to said
oontraotor, his resigns or bearer, to the amount of Ten Thous-
and Dollars ($10,000.00) maturing serially $500100 on the 15th
day of February, 1918 and $500.00 annually thereafter, bear-
ing interest at the rate of sit p eroent per annum, payable
semi-annually; said warrants to 'be delivered to said o antrao-
tor as the Work progressee on estimates furnished by the City
Engineer and audited and allowed by the City Counail of said
City, oovering material delivered and aooepted by said City
1.. and work whiob has been completed and aooepted prior to the
date said estimates are presented. At the time of the delivery
of said warrants or any of them to said oontraotor, there
shall be dednoted from the first coupon the amount of soorued
interest from date of said Warrants to date of delivery of
same to said oontraotor, which shall be evidanoed by the date
of registration df said warrants by said City Treasurer, the
said oontraotor being entitled to reoeive interest only frcm
date of delivery of said warranta, or any of them, to him.
Said warrants to be printed at the oast and expense of Oaa�
Ur. .
#P1.
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The said contractor agrees to a ommon*$ said work
within ten days after the axeoution of this aontraot and the
adoption of proper ordinano• by the City Douunail authorizing
the issumoa of the warrants in payment for said work and
provi d ng for proper tax levy to support said warrants, and
that he will prosecute same dilligently and oemplete said work
within 100 working days from the date of the execution of
this oontraoIt.
IT 13 FURTHER AGREED by and between the parties hereto
Yhat said work is to be done under the supervision and direc-
tion of the City Engineer of said City.
IN TESTIMONY WBEREOF the City of Lubbock has caused
the corpprate seal of said City to be hereto affixed and
this contract to be signed by the Mayor and attested by its
Seorotary, and the said W.A. Myrick has hereunto subscribed
his name, as of the date first above written.
ATTEST:
Viy " Secretary, --
on rao
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNOIL OF
THE CITY OF 10BBOCK, TEXAS:
1: That said o antraot between the said city of Lubbock
and W.A. M7riok having been signed and executed for and in
behalf of said City by its Meg yo r, attested by its City Seore-
tary, and having this day been fully read and understood, the
same is hereby ratified, approved and oonfirmEed as the aot and
contract of said City, and the same sha n hav-T aff ect accord-
ing to its tenor and purport, and shall be entered upon the
Minutes of this council.
#3.
2: That said sum of Tea Thousand Dollars (010*000)
with interest thereon at the rate of six paroent per annam,
. payable semi-annually, provided for in said oontraot as the
oontraot priae for said street improvements, is hereby made
and deolared to be the lawfal debt of the said City of
Lubbock.
3: That, in a000rdanae with said oontraot, warrants of
said City, to be oalled "CITY OF LUBBOCK STREET IMMOVPAMNT
WARRANTS" shall be issued in the auz of Ten Thousand Dollars
($10,000,00) to evidenos the said indebtedness due by said
City to said oontraotor for the oonstruation of said street
Improvements.
4: Said warrants shall be numbered from one (1) to
Twenty (20) inalusive, shall be in the denomination of Five
Hundred Dollars ($500.00) eaoh, aggregatlzW Ten Thousand
4 Dollars ($109000.00)
5: They shall be dated the 20th day of July, 1916, and
shall be oome due end payable as fo Il owe :
WETS NOB.
MATD iITIES
1
Feb.
15,
1918
2
Feb.
16,
1919
a
Feb.
169
1920
4
Feb.
15g
1921
5
Feb.
159
1922
6
Feb.
15,
1923
7
Feb.
150
1924
8
Feb.
lb,
1925
9
Feb.
15,
1926
10
Feb.
150
1927
ri 11.
Feb.
150
1928
12
Feb.
150
1929
13
Feb.
15,
1930
14
Feb.
15,
1931
15
Feb,
lb ,
1932
16
Feb,
159
1934
17
Feb,
159
1934
18
Feb +
150
1936
19
Feb,
15,
1936
20
Feb,
16 ,
1937
70 7"K-
AMOM
500.00
500000
500.QO
600,00
600,00
500.00
500.00
500,00
500.00
500,00
500.00
500.00
500.00
500.00
500.00
500*00
500.00
500.00
500,00
600.00
6: Said warrants shall bear interest at the rate of six
peraent per annum from date until paid; interest payable
Febzuary loth, 1917 and semi-annually thereafter on the 15th
day of February and 35th day of August of eaoh year. The aoorued
A.
l
interest from date of warrants to date of delivery to oon.
tractor shall be deducted from the amount of the first
ooupon, the said contractor being entitled to receive in-
�Iw tereet only from date of delivery of said warrants, w any
of them, to him, which shall be evidenced by the date of
the registration of said warrants by the City Treasurer.
T: Principal and imterseat of said warrants shall be
payable in lawful money of they United States of America,
upon presentation and surrender of warrants or proper coupons
st Continental and Commercial Rational Bank, Chi oago , Illinois.
9: Said Warrants shall be signed by the Mayor, counter-
signed by the City Secretary and registered by the City
Treasurer, and the seal of the City shall be impressed upon
each warrant. Fac simile signatures of the Mayor and City
Booretary may be lithographed upon the interest oonpons•
sob
9: THE FORD OF RAMUM shall be substantially as follows:
0500.00
UNITED STATES Off' MERICA
STATE CF TEXAS
OOUNTY OF LUBBOCK
CITY OF LUBBOCK STHSET IMPEOYENEBT WARRANT.
THE OITY OF MBBOCR, in the County of Lubbock and State
of Tezae, for value received, is Justly indebted to W.A.MYRICE,
contractor, In the principal sum of
($500i001 in lawful money of the United States of America,
together with interest thereon from date hereof, at the rate
of six peroent per annum, interest payable on the 15th day of
February, 191T and semi-annually thereafter on the 15th day of
February and 15th day of August of eaoh year, upon presentation
46
and surrender of warrant or proper o oupon at the Continental
and Commeroi.al National Bank, Chioago , Illinois, whiah said
City, under and by. virtus of a valid and subsisting aontraot,
is obligated and hereby promises to pally to the said W. A.
Myrick, oontraotor, his assigns or bearer, on tho loth day
of February, 19 , and the Treasurer of said City is hereby
authorised, ordered and direoted to pay to the said W,,A.
Myrick, contractor, his assigns or bearer, on the 15th day
of February, 19_, the date of mmturity of this warrant,
the sum of Five Hundred Dollars ($500-00) , at the Continen-
tal and Commoroial National Bank, Chioago , Illinois, in full
settlement of the sum hereby evidenced, from the moneys
belonging to the "Speoial Street Improvement Fund, Class
No.I" of said City, levied, assessed and created for that
purpo se.
This warrant is one of a s eri o s of Twenty (2 0) warrants,
numbered oonseoutively from one (1) to Twenty (20) inoluaive,
in the denomination of Five Hundred Dollars 4500.00) each,
aggregating Ten Thousand Dollars ($10 , 000.00) issued for the
purpose of evidenoing the indebtedness of the said City of
Lubbock, Texas, to- W.A. Myriok, oontraotor, his assigns or
bearer, for the construation of certain street improvements
in and for said City of Lubbock, wader and by virtue of the
Const ituti, on and laws of the State of Texas, and in pursnanoee
of an Ordinance passed by the City Counoil of said City of
Lubbock on the 20th day of July, 1916, whioh ordinance is
J OL/11
reoorded in Book 2, page 19 , of seq., of the Minutes of said
City Council.
The date of this warrant in conformity with the Crdi-
nance above mentioned, is July 20th, 1916; and it is hereby
certified, reoited and warranted that said City is now Aad
has been for many years a body politic, duly incorporated,
existing and operating under and by virtue of the Constitution
#6,
and Statutes of the State of Texas, and has bean since i to
corporate exietenao and now is under the control of a duly
organized City Council as the duly constituted corporate
authority thereof; that all things, sots and conditions re-
quiretby the Constitution and laws of the State of Texas
to exist and happen Sul be dune and performed, precedent to
and in the ie suari 9 of this warrant, In order to ooneti tote
the same the valid and binding obligation of said City, do
exist and have happened and been done and performed in regular
and due form and time; and that the total indebtedness of
asid City, Including this warrant, does not exceed any con-
etitutioma or statutory lWtaticn; and that due provision
has been made for the levy and collection of a direct ad
valorem tax upon all of the taxable property of said City,
in addition to all other taxes, suffioient to pay the inter-
est accruing thereon promptly when and as the sere falls due,
and also to diecharge the principal thereof at maturity,
IN TESTIMONY ►'dHERBOF the City of Lubbock has paused
the corporate seal of said City to be hereto affixed, and
this warrant to be signed by its Mayor and oountoraigned by
its City Secretary, as of the date last above written.
No,
error. City o 1-u-bbook, TexaB.
COUNTERSIGNED:
City Secretary, City o La book, Tex.
REGISTERED, this the day of , 1916.
City Treasurer,0ity c Lubbock, eg.
THE FORM OF COUPON shell be as follows-.
6.00
THE CITY OF LUBBOCK, in Lubbock County, Texas. is justly
Indebted to N.A. Vrick, oontraotor, his assigns or bearer,
In the sum of Fifteen Dollars by virtue of a contract made by
#7.
1.
said City with said Oontractor, and the City Treasurer6
is hereby sathorized, ordered and directed to pay to the
said o+rnntraotor, bis assigns o-r bearer, out of and from the
"Special Street Improvement Pond, Class ao.I" of said City,
on the ldth day of , 1 9, at the Continen-
tal and Comneroial National Bank, Chicago, Illinois, said
amount; the same being six months' interest due said oon-
tractor,, his assigns or bearer, on "CITY OF LUBBOON STRICT
IMPROVMNT WARRANT Ho. ,"dated 3aly 20th, 1916, to which
this coupon is attached and is a part thereof.
CIfy sore ry.
ewr;
9 : Said warrants shall be exeouted and delivered to
said contractor as the work progresses, on estimates prepared
by the City Engineer of the materiel which has been furnished
and the work which has been performed prior to the date such
estimates are presented; &hhe said estimates shall be duly
audited and after inspection and eoaeptanoe of the material
and work oovered by said estimates, the amount of natdrksti-
mates shall be allowed by the City Council and warrants herein
authorized executed and delivered to said Contractor for the
full amount of such estimates.
+� 10 c BE IT FURTHER ORDAINED that a fund be and the same
Is hereby made and created and shall be set aside out of the
"Street P=4 of said City of Lubbock and designated as
"Speoial Street Improvement Fund, Class No.Z" which fund, When
oolleated, shell be used for the payment of interest and
providing the necessary sinking Bind to redeem said warrants
at maturity, and shall be ueed for no other purpose; that to
create said fund to pay the interest and provide sinking fund
to redeem said warrants at maturity, a. tax of and at the rate
of . osnts on each One Hundred Dollars valuation of all
is;
taxable property in the City of Lubb ook. out of the "Street
and Bridge Tax" of said City, shall bs annually levied, or
*- so much thereof as shall be necessary, and annually assessed
in
and poll voted; and said tag is here now levied for the current
year, and so mveh thereof as shall be necessary for eaoh
suaoeeding year while said warrants, or any of them are out-
standing, and the same shall be annually assessed and oollefft-
ed and applied to the purposes named.
Passed and approved this 20th day of duly, 1916.
C y of Lu oo , T xas.
#9f
ON
FINANCIAL STATIVI IIffT OF THE C ITY OF
LUBBOCK. TES S.
The following Is a complete statement of the Indebted-
ness of every oheraoter existing against the City of Lubbock,
Texae, on the 20th day of July, 1916,
BONDED INMTEDNESS
Pumose
Water Works
Bower Bonds
Funding 7 rrants
against Gen.Fund
Date Issued Int.
Apr. 2T, 1911 5%
Apr. 2T, 1911 5%
Sept .13 , 1915 6%
eta Amount
40 yre. 220000.00
40 yrs. 519000.00
1 to 6 yr. 4,000.00
{There have been authorized by the City Council $15,000.00 Fund-
ing farrants agar t the "Public Improvement Fund", dated July
$8th, 1916, maturirg serially 1918 to 1942, inclusive, bearing
six percent interest; and $10,000,00 Street Improvement darrants
against the "Street and Bridge Fund",, dated July 20th, 1916,
maturing serially 1918 to 1937, ina lusive,mbearing six percent
Interest, to be delivered to oontreotor as work progresses. Both
issues aggregate the sum of $25,000.00.)
TOTAL INDF,STEDNESS now outstanding---•__rrww►_rwwrw.- • � Y . wr
The Taxable values of said City for the year 19",
amount to the sum of -------------------------------
STATE OF TEXAS
COUNTY OF LUBBOCK �
CITY OF LUBBOCK
I hereby certify that the above statement exhibits a
true and correct scoount of the indebtedness of every oharaoter
existing against the City of Lubbock on the data first above written
as shoes by the records in my offLos, and that the taxable values
as above given are true and oorreot as shown by the 191,L. assese-
meat roils of said City.
Given under my band and seal of office, this the 2j_
day of July, 19166
I hereby certify that the above statement as to the in.
d eb tedne s s of the City of Lubbo ok is true and correct as shwan by
the records in my office* AX
WITNESS MY OFFICIAL SIGNATURE this the day of July,
1916.
C t y Treasurer,, Lu boc , Texas.
THE STATE OF TEXAS
COUNTY OF WBBO CK
CITY OF UMBOOH
I, J.W. * City Treasurer of the City
of Lubbock, Texas, do hereby certify that said City has
never defaulted in the pqyment of prinoipal of or interest
on any of its outstanding obligatidne, and that the same
have always been promptly met as they became due,
WITNESS MY OFFICIAL SI GNAMME , this the
-2 a f� day of July, 19160
Cif" Treasurer. City of Lubbooji, Texas.
�M ww MM Mw MwM�wrw �w wMM
THE STATE OF TEXAS
COUNTY OF LUBBOCE
CITY OF LUBBOCX
10 J.W. Lamb, City Seoretary od the City
of Lubbock, Texas, do hereby oertify that the present
estimated population of said City, carefully calculated and
estimated on the present saholastio population, is over 4,000,
1 further certify that the said City of
Lubbook was incorporated on the d-y of
GIVEN UADER 1Y HA BD AND S''_AZ OF OPPICE, this
the 2 day of July, 1916.
1120