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HomeMy WebLinkAboutOrdinance - 191-1920 - Issuance Of Coupon Serial Bonds. - 09/05/1920� I 4RDINANCF NkBER 1910 . � �r 1 AN ORDINANCE ithorizing the issuance and sale of coupon serial Bonds of the City of Lubbock, Texas, in the amount of $100,000 for the pur- pose of permanent ,public improve ents, to -wits For the purpose of paving and permanently improving the streets of the ui.ty of Lubbock, Texas, and providing for the lev f and collection of a tax to pray the interest and to cre^_te a sinking fund to retire said bonds at their maturity; repealing prior ordinances in conflict herewith and de- claring an emergency. 'Whereas, heretofore, oil the 12th day of July, 1920, the `ity Commiscion of the (%its of Lubbock, Texas* duly adopted ordinance number 189 providing for the issuance of 1 100*000 of bonds of the vity of Lubbock, Texas, for the purpose of paving and permanently improving the streets of the 4ity of Lubbockt, Texas, and providing for the levy and collection of a tax to pay the interest and to cremate P sinking fund to retire s-. id Bonds at their m• turi.ty; and WkznM Whereas, it nppeirs advisable to the Vity Commission that said order be altered in several p^rticulars, namely, making some of the "onds of the denomin- ti on of Five Hundred ''ollars (' 500* 00) each, p nd making them payable at the Hanover National Bank of New York city. Now* th-3ref orc , B'? IT ORDAIM BY THE CITY COMUSSION OF THE CITY OF LU BOCK, TEXAS: 1, That the Bonds of said City to be called "City of Lubbock, Texas, Street Improvement bonds", be issued under and by a provision of the Charter of the City of Lubbock for the purpose of paving and permanent - by improving the streets of the City of Lubbock. 20 That said 'bonds shall be numbered consecutively from one (1) to one hundred fifty, (1.50), inclusive, They shall be numbered, shall be of the denomin^tions and shall mature without option of prior payment as in the following schedule. Numbers Incluaivs Denomination Amount Maturity 91, 000 t28000 duly 1. 1925 ' 500 2tOQ0 " " 1925 7 - 8 " I,0Q0 20000 " " 1926 9 -12 " 500 2,000 ° 1926 13-Y14 1,0000 2,000 " 1927 15-18 " 500 2,000 $3 1927 19-20 " 1,000 26000 " * 1928 21-24 " 500 29,000 " 1928 ' 25-P26 " 1*000 2*000 " " 1929 27-30 " 500 29,000 " 1929 n-32 " 1,0000 2*0O0 " " 1930 33-P36 " 500 2,0000 A " 1930 37-38 " 10000 2,000 1931 39-42 " 500 2.9000 " n 1931 j 43-44 " 1*000 2*-000 g a 19:32 45-48' s00 2*000 n 1932 49-5, " k9,000 2*000 " " 1933 51�r " 500 2,0-00 " " 1933 55&�56 ' " 1*000 2,0000 " " 1934 57-60 " 500 200-00 " " 1934 61-62 " 1,00()r 2*000 " 1935 Al 63-66 " 500 24000 ° " 1935 67-68 " 1*000 20,000 1936 h 69-72 500 2*000 " 1936 73-,-74 " 11,000 2* 000 p 1937 75-78 * 500 2*000 ++ " 1937 79-80 " 1*000 2*000 " " 1938 81-84 " 5+00 29000 '+ " 1938 85-86 10,000 4 000 1939 87-90 " 500 f?,000 1939 91M92 " 1*000 23,000 " " 1940 93-96 " 500 2* 000 " *+ 1940 97*1198 " 19,000 2*000 " " 1941 9"102 500 29,000 " a 1941 103o104 " 10000 29000 R p 1942 105-108 " 500 2*000 " " 1942 109-110 " 10,000 2,000 " 1943 111-114 " 500 20000 1943 Ord.. No. 191 Cont' d. Pg. 2* Number Denomination Amount Maturity 115-116 Inclusive $10000*00 $20000,100 1944 117-12 0 500* 00 211000.00 1944 121-122 " 1*000.00 20000000 1945 123-126 " 50000 2000.00 1945 127-128 'r 1,700* 00 'I&, OOO..00 1946 129.132 500.00 2040.00 1946 33a-134 W 19000,00 21000000 1947 135-138 M 500000 21000, 00 1947 139-140 w 100004 00 2, 000* 00 194 q 141.144 " 500000 2,000*00 1948 14 5-146 " 10000,00 `:k 0000,00 1950 147-150 " 500■00 20000*00 1950 3. Said bonds shall be dated the fifth day of July, 1920, and shall bear interest from date at the rate of six percent per annum, payable January lot 1921 ind July lst and Dranuary lest each year thereafter; principal and interest of aid bonds shal1 be payable atAhe Hanover National Bank of New York City, upon presentation and surrender of said bonds or the proper coupons. Said bonds shall be signed by the Mayor or person acting as eubw counter geed by the City Secretary and attested with the seal of the Ci_y Lubbock, Texas, and registered with the Treaaurer of the "ity of Lubbock,. TexA s, 4, The fac-simile signatures of the Mayor and of the'ity secretary shall be lithographed xx or engraved on the interest coupons, 5, After said bonds shall have been approved by the Attorney General of texas and registered by the State Comptroller, they shall be negotiated =and sold by the pity Commission and the proceeds deriv- ed therefrom shall not be used for any other purpose than that for which their issuance was ordered. 6. Said Bonds and Coupons shall be in substantially the following forms 'United States of .America .,State of Texas Oty of Lubbock Number Know all men by these presents: That the City of Lubbock in the County of Lubbock= State of Texas, acknowledges itself to owe and for value received, hereby promises to pay to bearer the sun of Dollars in bold coin of the United States of America a e present standard of weight and fineness on the first day of July, 19 with interest thereon from date hereof at the rate of six per cent (6%) per annum pay-.ble Jan. 19 1921, and semimannually thereafter on the let day of July and J?n., each year, upon presentation and surrender of the annexed interest coupons as they severally mature; both principal and Interest of these bonds are hereby made payable at the Hanover National Bank in the City and State of New York and for the prompt payment of this bond both principal and interests in accordance with the stipulations hereof the 4ity of Lubbock, Texas, hereb y pledges its full faith and credit. This Bond is one of a series of bonds of like tenor and effect except as to denomination and maturity, numbered from one (1) to once hundred fifty (150 * inclusive# of the denomination of one thousand dollars (Sl,00000and five hundred dollars ($500.00) aggreagting the scam of one hundred thousand dollars (�IgOtOOO*00) and is issued b-- the City of Lubbock, Texas* for the purpose of obtaining money for permanent public improvements,i to-titt For paving and permanently improving the streets of the City of Lubbock, in accordance with and in full com- pliance -vith the Constitution and laves of the State of Texas andwd#ththe Charter of the City of 4bbockl and by further authority of an electian duly called and held wit in said City. Ord. No. 191 Cont'-■d. Page 3. It Is Hereby represented and things renuired to be 'one pr been performed in regular and direct annual tax has been le City sufficient to pay the in maturity, and that the total including this bond and the I any tfonstitutional or statutd belt.red that all acts, canditions and ce ent to 11je i ssuaned of th:1z bond have du forte required by law* and a i upon all taxable property in said epest and principal of this bond .at 6debteduessss of sold City of Lubbock, sue of which it is ones does not exceed y limitations. In testimony, whereof* thq City of Lubbock, Texas, has caused this bond to be signed by its Mayor, Countersigned by the City Searetary, registered 3y the City Treasurer, -•ith the seal of said City affixed, and 4the annexed interest coupons to be executed with the lithograph- ed fac-simile signatures of said Mayor and'ity Secretary, and this Bond to be dated as of the fifth day of July, 1920o rlayor,p City of Lubboc , Texas. Countersigned: City Secretary, City of Lubbock, Texae. Registered: City Treasurer& City of Lubbock, Texas. Coupon. Number On the first day of , 19 , the City of Lubbock, Texr.ss, promises to pay o Barer, at ERe RE g�tions1 Barak of New York City dollq rs 0 ] & in gold coin of the United States of Amer ca o e present standard of weight and fineneas, for the ssemiwantuual interest due that day in Street Improvement Bond, dated July 5th., 1920, and numbered yor VA fy 5ecrefary. T. In order to provide for the principal and interest of said bonds when same mature, there shall be and there is hereby levied on all the taxable property in said City, a tax sufficient to produce the follow- ing amounts in the following years: Year of Tax Interest Principal Total 1920 Jan 1921 2933w2O 9733*20 July 1921 3000.00 $800 Jan 1922 3000.00 1921 July 1922 3000*100 Jan 1923 3000*00 800 6800.00 1922 July 1923 3000, 00 Jan 1924 3000,00 800 6800.00 1923 July 1924 -�000.00 Jan 1925 3000, 00 800 6 800. 00 1924 July 1925 3000.00 Jan 1926 288d.00 Boa 6680.00 1925 July 1926 2680.00 Jan 1927 2760#00 49000 9640.00 1926 duly 1927 2760000 Ord. No* 191 Conttd. Page 4. Year of Pax Interest Principal Total ii Tan 1928 $ 2640.00 1927 Tuly 1928 2640.00 Jan 1929 2520.00 40,000 9160.00 1928 July 1929 2520.00 Jan 1930 2400* 00 4, 000 6920,00 1929 July 1930 2400*00 Tan 1933. 22I30000 4*000 8660.00 1930 July 1931 2280.00 Jan 1932 2160.00 49000 8440.00 1931 Xuly 1932 2160.00 Jan 1933 2040*00 40000 8200.00 1932 July 1933 2040.00 Jan 1934 1920a,00 40 000 796000 1933 July 1934 192000 Jan 1935 1800000 49000 7720.00 1934 July 1935 1800000 ,Tan 1936 1680000 4*000 74BOoOO 19:i5 Ju1y2 1936 1680-6 00 Jan 1937 1560* 00 49,0002 7240* 00 1936 July 1937 1560*00 Jan 1938 1440,00 4*,000,00 7000000 1937 July 1938 1440.00 Jan 1939 1320#00 4*,000, 6760,00 1938 July 1939 1320000 Jan 1940 1200000 4,*000 6520, 00 1939 July 1940 1200.► 00 Tan 1941 10-80..00 4*000 6280,OO 19-4.0 duly 1941 1080.00 J-, n ] 942 960.00 4 *000 6040, 00 1941 July 1942 -960.00 Jan 1963 840600 4*000 580000 1942 July 1943 84000 Tan 1944 720.00 4*000 5560,00 1943 July 1944 720,00 An 1945 600.00 4*,000 5320.00 1944 July 1945 600000 Jan 1946 480*00 40000 5080,00 1945 July 1946 480*00 Jan 194-7 360. 00 4 *, 0 00 4 84 0, 00 1946 July 1947 360, 00 Jan 1948 240.00 40000 4600.00 1947 July 1948 240.00 ,Tan 1949 120, 00 40,000 436000 1948 July 1949 120.00 4*000 4120*00 In order to provide for the interest and sinking fund for the year 1920* there is hereby levied an all the taxable propert a tax of twenty eigbi cent. ($0.218) on epoch one hundred dollars (9100*001 valuation on all the property within s--id Cityq of Lubbock, Texas. e. Ordinance nubber 189* adopted on the 12th day of July, 192D* is hereby repealed. 9. The fact that the streets of the City of LubbaY are in Imperative need for permanent improvement sothat the health and welfare of its citizens may be properly preserved* areated a public necessity that the rule requiring an ordinance to ItiAx be read at tvro separate meetings before the final passage be suspended and that this ordinance be passed at the meeting of its introduction and be in effect at once and it is so ordained. Passed by a unanimous vote this 8th day of Sept., 1920. C.Ea- Parks' Mayor City of Lubbock, Tex Attests J.R. G ermany City Secretary City of Lubbockr Te, .-s.