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HomeMy WebLinkAboutOrdinance - 190-1920 - Bond Ordninace Filed With Bond Ordinances - 07/12/1920ORDIMOCE NO. 190 A BDND ORDINANCE FILED WITH THE BOND ORDINANCES ORDINANCE ITT* 196. � t AN ORDINANCE aut orizing the issuance of and sale of coup% bonds of the City of Lubbock# Texas, in the amount of Ten Thousand ( 10;#100#00) dollars for public improvements# to-wit4 For the purpose of extending and improving the water works system of this City# p oviding a tax sufficient to pay the interest and create a sinkink fund to retire such bonds at their maturity, fix- ing the rate of interest, and declaring an emergency; in accordance ith the Charter of the City of°Lubbock, Texas, and an ordinance of said City, passed and approved October 28, 1919,, and an election held in compliance with said ordinance on December 1, 1919, and with an ordinance of said City, passed and approved June 1920s and an election held in compliance therewith on July�1920; at each of which elections -it was determined by a majority of the property tax paying voters voting thereat that such bonds should be issued: BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, T�;�' A S. 1. `tbrt bonds of this city to be called City of Lubbock 1920 Water Works Improvement Bonds be issued by virtue of the `Yharter of said City. And in accordance with an election held therein December 1f 19199 and an election held therein July 5, 1920s he issued for the purpose of obtaining money for permanent public improvements: to - wits for the purpose of extending and improving the waterworks system of said City. 2. That s&id bonds shall be numbered: consecutively, from one to ten and ea h shall be in the sum of One Thousand dollars; all shall e dated the 5th day of July, 1920t and shall bear interest at the rate of six per centum per annum from date, payable semi-annually on the first day of each July and January hereafbr during the life of said Bonds; Bond No. 1# shall mature on the let day of July, 1925s and they shall mature thereafter in consecutive orders one each year, until all have become due. 3, the principal and interest ^n said bonds shall be paid at Hanover National Bank, New York# E.Te or effoce of City Secretary Lubbock, Texas# upon presentation and surrender of the said coupons or bonds. 4, Such bonds shall be signed by the 11ayor, or person acting as such, countersigned by the Qity SecretaryJ attested by the Seal of the City of Lubbock* Texas,. -and shall be registered by the Treasurer of this City; and the coupon shall bear the fac simile engraved or lithographed signatures of the Hayor of this City, or person acting as such, and of the City Secretary,.. They shall bear the approval of the Attorney Genergl of Texas, rynd be registered with the Comptroller as required by lair, and the funds obtained from the sale thereof sh-:ll be used for no other purpose than that for which they were authorized: 5. There shall -be levied and collected an advalorem tax of 2.8 cents on each One Hundred Dollars of taxable property within this City for the year 1920 to pay the interest and create a sinking fund to re- tire such bonds at their maturity, or a sufficient such to meet such purpose, which shall be levied end co ected each year thereafter dur- ing the time said bonds, or any of them re outstanding. Such funds shall not be diverted to any purpose other than paying such interests and going into the sinking fund to retire such bonds. "6. The form of such bonds and coupons shall be: {Farm of Bond) No r' 1, 000. OO UNITED STATES OF AMRICA STATE OF TEXAS,. County and City of Lubbock 1920 hater System Bond. Know all en by these presents, that the City of Lubbock% in the county of Lubbockv state of Texas# acknowledges itself indebted to the Be-.rer in the swa of One Thousand 011;000.00) Doll-.ra, which it promises to pay on the lot d-qy of July, 1925 with interest from date hereof, payable semi annually on the lot days of each Jan. and July, Ordf # 190 - Pga 2 hereafter, at the rate of six per centum per annum; principal --nd int- erest payable at Hanover National Bank# New Fork, B.Y. or office of City Secretary, Lubbock, Texas, or at option of purchaser, upon presentation and surrender of the attached coupons, as their face appear# and of this bond at its maturity# payable in gold coin of the United States at its present stand rd of weight and finenessz For the payment of this bond and all attached coupons, in accordance with its atipulations, the City of Lubbock, Texas# pledges its full faith and credit; this bond is issued for the purpose of per- manent public improvements; to -wits Extending and improving the water works system of the City of Lubbock* Texas; and it is represented that this Bond is issued in compliance with ordinances duly and legally pass- ed -nd approved$ -end by virtue of elections held within this City whereat the majority of the property taxpaying voters of this City did vote in f-vor of the issuance thereof, voting at elections to determine if this bond should be issued; and it is represented th-t all conditions precedent to the issuance 'ereof, enjoined by the Constitution and Laws of the State of Texas# and the Chester of the City of Lubbock, Texas# have been fully complied with in the issuance thereof# and that the in- debtedness of this 'amity, including this Series of -Bonds, does not exceed the constitutional and statutory limits of this State; that a tax sufficient to pay the interest as it accrue and retires all the bonds -is they mmature has been levied on all taxable property within Us City; and that the funds arising from the collection of said ta;c shall not be diverted to any other purposed IN TESTWOVY VWREOF the City of Lubbock, Texasy, has caused these presents t be impressed with its Official Seal, and to be signed by the Mayor# or person acting as such officer, and the vity becretary of this City, and this Bond registered with the Treasurer ,f said Lity, and the coupons attached heretF?be signed with the fac simile engraved or lithographed signatures of its Mayor.# or person acting as such# and its City Se cre ta.ry, this City Secretary# City of Lubbock# Texas$ Ka.yor, City of Lubbock, Texas. Registered# Treasurer# City of Lubbock, Texas« (Form of Coupon) g©� _. � 30.00 • 0 the day of - 1.9 ____# the City of Lubbock, Texasa in the Counnty of Lubbock# will pay to BEARER.# at the sum of Thirty 030*00) Dollars of the present standard of 7eight of its 1920 water System Bond, due such series. City Secretary City of Lubbock, Texas* in gold coin of the United States tnd fineness# upon semis►annual, interest on the.t dite on bond Now.._.._,. of x9yor, City of Lubbock, Texas. T. The Fact that the water system of this City must be extended and improved to meet the growing need of its inhabitants, and as a measure of safety, the rule of the charter requiring an ordin-nee to be read at two several meetings before passage# shouldle suspended# and this ordinance enacted -: t the- meeting of its introduction # and it is so ordered by an unanimous vote. Passed and approved by an un nimous votethis July 129 1920. J.R. Germany C.E. Parke City `ecretary Mayor# City of Lubbock, Texas. City of Lubbock, Texas.