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HomeMy WebLinkAboutOrdinance - 213-1922 - Filed With Other Bond Ordinances. - 07/01/1922ORDINANCE NO. 213 ORDINANCE AND 13 FILED WITH THE BOND ORDINANCES. ORDINANCE 2130 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF SIX PER CENT (6%) I$TEREST BEARING WARRANTS FOR THE PURPOM OF FUNDING CERTAIN VALID OUTSTAHMING 117- TEDNESS OF THE ITY OF LUBBOCK, TEXAS* LEVYING THE NECESSARY TAX TO PAY THE INTEREST AND PROVID2 A SINKING FUND T . R"TIRE SAID WARRAMS AT MATURITY; AND DECLARE AN EMERG,_;NCY. WHEREAS, the City Commission of the City of Lubbock, Texas, has deter- mined the i=, ediate necessity of issuing FUNDING WARRANTS for the purpose of funding certain v-:.lid outstanding indebtednesn of s^id City, here- inafter mentioned.. THEREFORE, BE IT ORDAINED BY THE rI'T'Y OF _.:TjBBOC8s TEXAS: 1W That nyarrarits of said City, to be called "CITY OF .LUBBOCK STREET FUNDING WARRANT SERIES 1922, be ifsated under and by virtue of the Constitution and lays of the State of Texas, for the purpose of funding an equal amount of Indebtedness of said City, duly and legally issued, and which in a valid, subsisting and now out standing obligation against said City., the claims for «,hich were duly audited and allowed by the City Commission prior to the issuance thereof, and which is to be cancelled and the evidence thereof" surrendered and the warrants her -by authorized issued to the holder or holders in lieu thereof, which said original evidences of indebtedness are as follows-% For Street `" r'i done under Ind by direction of City Commisabn, Geo. Wo Briggs, Supt.- Date Warrant To Whom Purpose No- Issued, 2-2-22 2970 «- Geoe 111# Briggs *- Street Pay Roll -» 2"9.22 »» 2971 -« Geot -)fft Brigge Street Pay Roll. »- 2lo13-+22-w 2972 Geoq Vit Briggs - a " a 4►1*0 2«►18.-32«--. 2273 a n a ww 2"25--22-*»- 2274 logo a a -.. n a ,-.- 2-28-2Q--- 2275 --,. 3-64-22 "- 2276 -lo wSM. 3.8-r22. - 2277 �•«• �e u ,,, ftft o n n •.. . 14'- (.» 2278 �+4► a a «e,- q 3-1€#-22- * 2279 logo 3-22«-22'-- 2280 "do a a •� a M a ..,. 3--25-22ww 2281 ,.o a 0 n a ,.,P 3--29�22" - 2282 a .... 4-1-22 +-- 2283 a►,. a as a ..go 4-5y-22 -w-2284 •►•, a a ..lo a a +� ,,��. 4-11-22" 2285 --•- a � ,.. a a a «.. 4--18-22* - 2286 Now a a a ,,- 4-22-22-►-- 2287 ••,• a ++ -••.�- 4-29--22*-" 2288 .... M w.W R a a ,�.. 5--6--22 w- 2289 .... a w -.., 5-13-22-o-- 2290 w" 5-16.22«4- 2291 .w 5-►20--22•-o- 2292 •,_ n w .... n a a .... 5"24-22 2-293 --«- a " ,-,�► " a 'Oda 5•►27-►22. 2294 .,- '» a ..,. n a n ..,. 6-3`22 -2295 .*. a a ,-,- 4000 6--10--22 ..«. a a .,.-. »« .2296 6•-17-22 2297 --w a R -•• p A H wow 6-24-22 22913 a a 0010 a " -- 7+•1•-22 2299 ww a a ,,.,.► n a a ,-,,. a Total Am-unt Amount $900,40 850.75 365.40 720090 860.05 156.40 162.30 523.85 875.50 625* 35 425.25 295.90 235.55 214.80 325.85 620.15 735.40 106.50 545.50 295.90 365*75 750.80 675*80 715. 35 440.40 305.90 295.40 435.85 620s40 560.50 50�I 0©.OD 2, Said funding warrants shall be numbered from one '(1) to fifteen (15) inclusive, and shall be in the denomination of One Thousand Dollars 01000000) eachi aggregating the sum of fifteen Thousand Dollars ($15.*000900)e 3. They shale dated August 159 1922, and shall mature and become due �ind payable as follows: % • Ord. # 213. Pg. 2. bw 4. WARRANT NUMnS MATURITY DATES AMOUNTS 1 February 15s 1926 $19000,00 2 February 15* 1927 10000.00 3 February 150 1928 10000*00 4 February 15*, 1929 1*000.00 5 February 15, 1930 1*000..00 6&9 February 15* 1931 2.0000000 0&9 February 15g, 1932 2*000.aO 10 & 11 February 15* 1933 2.0000.00 12 & 13 February 15* 1934 2*000.00 14 & 15 February 15,, 1935 2*000.00 4. Said warrants shall bear interest at the rate of six per cent* (6% per annum from date until paid, payable the 15th day of February and the 15th day of August of each year, which interest shall be evidenced I. ;,y coupons attached to each of ad d warrants, Principal and interest shall be payable in lawful money of the United States of America upon presentation and surrender of warrants or proper coupons at the Continental & Commercial National Bank, Chicagos Illinoisi 5. Said warrants shall be signed by the Mayor* Countersigned by the City Secretary and Registered by the City Treasurer, and the seal of said City shall be impressed upon each of them. Fac Simile signatures of the Mayor and City Secretary may be lithographed upon the interest couponad 6t Tff- FORM OF WARRANT shall be substantially as followsa No.$1*.0004 00 UNITED STATES OF MORICA STATE OF TEXAS COUNTY OF LUBBOCK CITY OF LUBBOCK STREET FL;NDI NG WARRANT SERIES OF 1922. THIS IS10 CERTIFY that the City of Lubbock* in the Countyrof Lubbock and State of Texas* acknowledges itself endebted to and for value received hereby promises to pay bearer* at the Continental & Commercial National Bank! Chicago* Illinois, on the 15th day of Febru-ry# 19,_# the principal sum of ONE THOUSAND DOLLARS, in lawful money of the United States of America* with interest thereon from dale hereof at the rate of six per cent, (6%) per annum* payable semi-annually on the 15th day of February and the 15th day of August of each year; and the Treasurer of said City is hereby authorized* order and directed to pay bearer said principal sum* together with interest thereon* evidenced by coupons attached hereto* principal and interest payable at the bank above named* upon presentation and surrender of warrant or proper coupon; and said Treasurer 3s further directed to remit to said bank the sum or sums of morpe y evidenced by this warrant and annexed coupons at least ten (10) days prior to the date of maturity thereof& and if the sum of money represented by this warrant and annexed coupons shall not be paid at mat�drity, the same shall thereafter bear interest at the rate of six per cunt* (6%) per • nnum until fully paid* THIS WARRANT is one of a series of fifteen 05) warrants numbered consecutively from one (1) to Fifteen (15 * inclusive r in the d enomi- na#iYon of one Thousand dollars (11*000#00) each, aggregating Fifteen Vrousand Doll-,rs ($15,000.00)* issued for the purpose of -funding an equal amount of indebtedness of said City heretofbre duly and legally issued for street improvements, the claims for which were duly audited and allowed by the Cit- Commission prior to the i0suance thereof* and for which said eity has received full consideration and value and hereby acknowledges receipt of same, and which indebtedneq was aut orized by an ordinance duly and legally- adopted to 1JU issuAUce� made and Ord. # 213 - Pg. 3* enteted uppn the Minutes of the City Commission of said City; it being known and: understood that_ this warrants well as all others of this series# is issued for the sole purpose and intent of funding said out- standing indebtedness into warrants authorised and issued in compliance ith the Constitution and laws of the State of Texas# and the City Charter of s id City# ?nd pursuant to Ordinance No. 213# I$ seed and adopted by the City Commission of said City on the loth day of August 1922# which ordinance is recorded in Book 30 at page 90# etsggM, of the Minutes of said City Commission. THE DATE of this warrant.# in conformity with the ordinance above mentioned# is August 15th# 1922, AND IT IS HEREBY CERTIFIED AND RECITPD That all acts# conditions and things required to be done precedent to and in the issuance of this warrant have been properly done# happened and prefor*ed in regular and due time# farm and manner, as required by law# and that the total indebtedness of said City# including this warrant# does not exceed °ny constitutional or statutory limitation; that a sufficient tax to pay the principal of and interest on this warrant at their respective maturities# has been levied and will continue to be levied4 collected and applied in payment thereof. IN TESTIMONY MMREOF# the 'wity of Lubbock has caused the corporate seal of the City to be hereto affixed and this warrant to be signed by the Mayor# Countersigned by the City Secretary and registered by the City Treasurer# as of the d-te last above mentioned. Perc S- encer Mayors City of Lubbock# Texas. Countersigneds J•R. Germa City Seerei ry# City of Lubbobkv Tex s. Registered$ this the �f- day of 1922. vino. Denman -City Treasurer# City of Lubbock* Texas. THE FORM OF COUPON SHALL BE StMANTIALLY AS FOLLOWS$ NO* j 30e00 ON THE FIFA`. (15th) DAY OF 1 the City Treasurer of the City of Lubbock, Texas, will pay to the bearer at the Continental & Commercial National Bank, Chicago, Illinois# the sum of Thirty Dollars 030, 00 j out of and from moneys belonging to Special Street Funding Warrant Fund, Series of 1922# of said Gity; said sum being six months interest due on that day on City of Lubbock, Street Funding Warrant#. series of 19229. dated August 15th, 1922, to which this cou- pon is attached and is a p-i rt thereof* Warrant Noe PercX S encer Mayor# c. ty of LubbDav d.R. German ity Secretary ard. # 213 - Pg.4. 7. IT IS FURTHER ORDAINED BY THE SAID CITY that said original indebted- ness hereinbefore mentioned and described be and the same is hereby in all things validated and held and declared to be a valid# subsisting and binding and unsatisfied obligation against said City, and the acts of the city officials in the issuance thereof are hereby in all things ratified and confirmed. 8. IT IS FURTHER CRDAINRD that a special fund# to be designated "SP.ECIAL FUNDING WARRANT FUND# SERIES 1922".9, shall be created and the proceeds ffom all taxes levied# assessed and collected for or on account of this series of warrants shall be credited to said fund for the pur- pose of paying the interest on and providing the necessary sinking fand. for the redemption of said warrants at maturity, and said fund shall be used for no other -purpose; that to create said fund a tax of Four cents ('.04) on the 0 e Hundred Dollars* valuation of taxable property in the City of Lubbock shall be levied# assessed and collected# and said tax of and at the rate of four cents (,04) is here now levied for the current year of 1922; th,-kt during the year 1923# and each year there- after# while any of said warrants are outstanding and unpaid and at the time other city taxes are levied in each of said years., there shall be computed and ascertained what rate of tax# based upon the latest approved tax rolls of said City# will be necessary#, requisite and sufficient to fully make; raise and produce in each of said years the amount of principal necess-ry to be raised for that year#, plus the interest accruing and becoming due upon the amount of this series of warrants outstanding and unpaid, and for each of said years a tax sufficient for said purpose shall be levied and collected as shall be found necessary#. as foresail; and all f the proceeds from ta--es so collected shall be placed in caid Special Funding Warrant Fund#. Series 19229 ,nd the City `treasurer shall not honor any draft upon said fund or pay out any of the same except in the payment of interest on said warrant or for retiring same: 9. The fact that by funding the outstanding indebtedness hereinbefore described# the rate of interest is decreased materially creates an immediate and imper , tive necessity that the rule requiring ordin nces to be read at more than one meeting of the City Commission be suspended and said rule is hereby suspended and this ordinance shall take effect and be in force from and -after Its passage." PASSED#, this the loth day of August# 1922. APPROVED this the loth day of August# 1922,► PercZ S12encer Mayor# Uity of Lubbock* ATTE."TTM J *Rw GermAn Li y SecreViry# City of Lubbock, Texas#.