HomeMy WebLinkAboutOrdinance - 173-1918 - Issuance Of Electric Light And Power Bonds, Their Amounts, Terms, ETC. - 04/09/1918ORDINANCE NO. 173.
AN ORDINANCE RELATING TO THE ISSUANCE OF ELECTRIC LIGHT AND POWER
BONDS, THEIR AMOUNTS, TERMS, AND MODE OF PAYMENT; LEVYING A TAX TO
PAY THE INTEREST THEREON AND TO CREATE A SINKING FUND FOR THEIR LIQUIDATION,
AND DECLARING AN EMERGENCY:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS:
1. That in compliance with the majority vote of the electors
voting at the Special Election held within the City of Lubbock on the
5th day of April, 1918, determining that Bonds of the City in the sum
of Thirty-five Thousand ($35,000) Dollars be issued for the purpose
of paying for purchasing and extending an electric light and power
plant of and for the City of Lubbock, it is ordained the bonds in such
amount be issued as provided in the Charter of the City and the General
laws of the State.
2. Said Bonds shall be in denominations of One Thousand ($1,000.00)
Dollars each, and dated April 15, 1918, and bear six (6k) interest
from date, payable semi-annually, both principal and interest shall
be payable either at the City National Bank, Dallas, Texas, or the
Hanover National Bank, New York, New York, at the option of the holder
of such Bond.
3. The prinicpal thereof shall be payable forth (40) years from
date of said Bonds, the City of Lubbock reserving the right to pay
any Bond, or Bonds, with accrued interest, at any time after fifteen
(15) years from the date thereof; the interest shall be payable on the
loth day of February and the loth day of August of each year, and be
evidenced by eighty-one (81) coupons attached to each Bond, each coupon
representing six (6) months interest, except coupons one (1) and eighty-
one (81), numbered from One to eighty-one consecutively and due in said
order.
4. The Bonus shall be signed by the Mayor, City Secretary and
City Treasurer, attested by the seal of the City of Lubbock, shall be
numbered from one (1) to thirty-five (35), and each coupon shall bear
the number of the Bond to which it is attached, the coupons shall be
signed by the fac simile signatures of said named officers, shall be
numbered as stated from one (1) to eighty-one (81).
S. A levy of ten cents on each One Hundred ($100.00) Dollars
valuation of all taxable property within the limits of this City,
or such seam as may be necessary, from year to year, is hereby made for the
purpose of paying the interest on said Bonds, and providing for the
retirement thereof at maturity according to this Ordinance and the Gerenal
Laws of the State,
6. The fact that it is imperative that such Bonds be issued and
marketed as soon as possible that the Light and Power Plant of the City
may be paid for and adequately equipped so that the people of the City
may obtain the service ❑f such plant creates an emergency and public
necessity that the rule requiring Ordinances t❑ be read at two
meetings be suspended and that this Ordinance shall be passed on
the meeting ❑f its introduction, and it is so ordered.
Passed and approved by an unanimous vote this the 9th day of April, 1918.
C. E. PARKS, Mayor
City ❑f Lubbock, Texas.
Attest:
C. E. Priest, Secretary
City of Lubbock