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HomeMy WebLinkAboutOrdinance - 182-1919 - Issuance And Sale Of Coupon Bonds. - 09/09/1919ORDINANCE NO, 182, AN ORDINANCE authorizing the issuance and sale of coupon bonds of the City of Lubbock, In tbq&mount of 01000000*06 for the purpose of obtaining money for the following permnant public improvementsp via= FOR THE PURPOSE OF PAVING AND FERML4NTLY IMPROVING THE STREETS WITHIN THE CITY OF LUBBOCK AND PROVIDING FOR THE LEVY AND COLLECTION OF A TAR TO PAY THE INTERESTO AND CREATE A SINMG FUND FOR THE RvDWEP- TION OF SAID BONDS AT MATURITY AND DECLARING AN MMRGENCY. M EREAS, in accordance with the City of Lubbock, and more particularly in accordance With Article 8 thereof relating to the issuance of bonds, and in accordance with an ORDINANCE passed BE IT ORDAINED BY THE CITY CCiMMISSION OF THE CITY OF LUBBOCK FIRST, Tho t the bonds of said city be called City of Lubbock Improvement Bonds be issued under and b y virture of the Charter of the City of Lubbock, for the purpose of obtaining money for the following permanently improvements, viz! For the paving and permantly improving the streets on the city of Lubbock. SECOND, That said bond shall be numbered consecutively from one to One Hundred, incluaive, shall be in denomination of $19000*00 each, aggregating the sum of 0100,000■00 THIRD* TbRt they shall be dated the first day of January, A.D. 1920p and shall become due and payable on the first day of January, A.D. 1960, with the proviso of the City of Lubbock, shall have the right an option to pay any or all of said bonds at any interest paying date after January the Fimt, A.D. 1930, Vi giving fie days of its Intention to so pay said bonds at the place or places of payment of said bonds. FOURTH, That said bonds shall bear Interest at the rate of 6% per arum payable semiannually on the first day of dune and first day of December of each year Fifths That Principal and Interest on said Bond shall be payable presentation and surrender of Bonds or Coupons at the Continental & Commercial Nat;l.Bank,Chicagus Hanover National,Bank, New York, NeY. and City National Bank,. Dallas, Texas, SIXTH. That said Bond shall be signed by the Mayor, countereigned by the City Secretary and the seal of the City of Lubbock shall be impressed upon each of said;Bonds. SEVTNTH. The Yac-Simile signatures of the Mayor and City Secretary shall be engraved or lithographed on the interest coupons. EIGHTH, It is further ordained by the City Commission that to pay the interest on said bonds, and to create a sinking fund sufficient to discharge them at maturity a tax of .28 cents on each �100.00 valua- tion of all taxable property in said City of Lubbock shall be levied on all am taxable property and assessed and collected for the current year beginning January 1920 and that thereafter there shall be annually levied on said property, an annually collected, until said bonds an interest are paid, such an amount as may -it all times be legally necessary to create sinking fund to pay the bonds as they mature and to provide for the payment of the interest on said bonds as it accrues and said tax of 218 cents, or such an an punt as may at all times be Legally necessary* be and the same is now levied for the current year beginning January 19209 and for each sucessive ye-r while said Bands are outstanding, and the same shall be assessed and collected for the current year and annually thereafter and applied to the purposes named■ # ; y Ord, 182 Cont1d - Pg.2. Nine. That said Bonds= after their approval by the Attorney General of the Statesp and registration by the State Comptroller, shall be negotiate and sold by the City Commission of the City of Lubbock, -nd the proceeds of the sale of said Bonds shall be placed In the Treasury of the City of Lubbook, to be used for the purpose :Dr which said Sonde are issued, and shall not be used for or diverted to any other purpose. Ten. That the form of said Bonds and of said Coupons shall be substantially at followas