HomeMy WebLinkAboutOrdinance - 243-1923 - Bond Ordinance Filed With The Bond Ordinances - 11/16/1923ORDINANCE NO. 243
7IS ORDINANCE IS A BOND ORDINANCE FILED WIM THE BOND ORDINANCES.
pec. i�Oth., 19h.3.
Cit Commission met it=- regul it session with the following rresent;
'S-yor, Percy Spencer, ComrAssioners, T. S. kosey H. G, Love .ine
Coo. C. Wolffarth, and citizens committee,
The follow - ri; bus: Sze: s wi t;i o the rs were h -id to -wit, -
The followin6 OrOinance ,,vas read and ordered p._r: &ed by unanim tus
vote.
0 rT 1_%j17f''E FAO.: `f '5.
,H 0 :L.TILLNC.E prescribing the form ;3; the Boni' zndaQw ons for in-
tereat therm, fixing the rate of interest ane, place of payment
In the matter = 50,000..00 Rlectrio Light alid rower 15yatem Bonde of
the City of Lubbock, voted by the qualified voters of the C1t9 of
Lubbock, Texas, pursaixit to the re3alt of the election meld Dov.
`l, 1223, by virtue of Orclin.ince �o.2SI, n providing for the
levy inn collection of aa,, ad v aorem tax on all rrog arty within
this city subject to tx�ti.on of sufficient rate to pay the in-
terpst as it aceraes, area to retire such bonds at their severer
mriturities, and fixing the dates of m-Aurlties of such bonds, v Ach
a.c known Ws the 194143 Zlectric LI ht and -rower 1"ystem. Bands, City of
Lubbock, Terms, and declaring an emerq:ency on icabunt of insufficior. t
equipment to properly care for the noels of the city and its inhab-
itants for such service.
VD
Whereas., the proposition to issue bonds of this city in such sum
of "50.,000 .for the pArposo of onlRarging, extending _inci improving
the 3alectrio Li -ht and Bower ESystem of the City of Lubbock, was or-
dered by such election held Rovember L1, 19k3, by a vote of a mu-
j:)rity of the duly (:ualifiecl property tax-puylws voters o"' tams city
by a vote of 4.0 votes for the issuance oZ such bonds, and LO votes
ag—.inst the iosu�nco thereof.
Therefore, Be it ord,aned b3 the City Corm ission of the City of
Lubbock, Terms,*
Section 1. !:hat bonds of the City 3f Lubboea_, Tex-s, to be c-Alpd
19L3 Li -ht ;ncl t-over 'Ronds, Cite of Lubbock, Texto, be Icesued
under, �n-' 'by, virtue W' i.1L Ch.a.r or o t is �'ity, ame;�el�.,nt�, ta7err�
and the lave of the State .of Texas, .or the following publio pur-
poses, to -wit, onl r ing, extenditn?., rci itnrroving th li �ht .nd
power system of th oity,
Section 2. _h�..t such bonds shad be numbered consecutively from
1 to 50 inalusive, each of which shill be of the denomin{it on of
Section 3. Th-A ewii of such bonds shall be dated Deeembor 20
1923, and :numbers 1 and 2 shall mature Jane 20th. 1939, ind the Wo
next 9n numerical order shall mature each following June 20th. up to
and i.ncl.udi.n , June `£nth 1963, b(,ing Vie r-turit.7 of the whole series.
Section 4. Such bonds shall bear interest from date at the rate of
per cent per annumo jhe first interest coupon on each bo!x8 slual
mature Decomber 20i 1924 , and semi --i nually thereafter on the 20th
day of June and W th day of December.
Section A* Tho principal and interest on such bonds shall be 1, ay -
able at the Hanover Hati nal Bonk in Ilea York, State of Rew fork, up-
on th- rresentation mf on."re-.6 or tie several coul,ons -izci bonds
A thpir sevoral m.0"Purl ties.
Section 6» Such bonds a"nal.l be signed bj the Ma",.ror, or tile person
lePally aeti.nir as slauh, countersi ,nevi b7 the City Secretary, and re-
gistered with the Tre zourer of the Ci t 7 of Lubboc, and the fac-simile
signature of such officers shell be vrinted, enZ roved or lighogr€ i had
on tae several couponso
Section 7, To Fay the Interest on each bond as it accrues -Lid' to
create � sinking fun4 to retire the. .t their sever :1 maturities, A.
tax of ,0066 dollars or, eadh one hundred dollar valuation of taxable
pro erty wi thi this city., is hereby levied for the year MA, and a
sufficient sum thereafter each year, until the _purpose for which such
levy is instituted shall have been accomplished, or sufficient sum
raised t iereby to discshxrF,e the interest as 3t :uaor ies, and, retire
the bo do at their several maturities, d which fund, Rhea collected
ehaU be expended, for no other pubx ose,
Section 8, The aura of such bonds ,nd their coupons shall be s-,b-
st .nti A y W follows:
The united Stites of America,
St _te of Tea a.s. county of Lubbock,,
pity of Lubbock*
so ft*000000
Ynor all man by these riesents, that the City of Lubbock,
Texas, a munioipol corporation, in the County of Lubbock, ack-
nowledres itself to be indebted, and promises to Fad' to the beicer
the sum of One Thousand i ollars 01000.00) on the 20th. day of
Beeember,. 1 ., with interest from date hereof :mot the rate of five
and one-half (S } per cent per annum, the first Intereet i ayahie
December 20th 1924, and semi-annua lIV thereafter on Jane 20th, ind
Pecember ZOth of each year during the life of this Bond, as evidenced
by coupons hereto attached, and payable on their presentation and
surrender as their severally mature- both principal and interest p .-
able in cold coin of the present standard of weight and fineness of
the United St .tes of .Lmerica, 0.- the U-Lnover 17-tion A 'nank, few, York
St..te of Now York,
for the prompt pa71ment of this Bond, princip--31 an(- interest
In accordance with stipulations hereof, the City .of Lubbock, Toxis,
hereb- irrevocably pledges its full frith and credits; that this,
Bond is issued for the purrone of obtaining .money for permanent im-
provemonts, to grit, enlarging, extending, and improving the Electric
Li u and i ower System of this ci t , .c in pursu �nce if �zn election
held by virtue of Ordinance 116. .').Li , recorded volume �
pa.'esof the rMinutes of sAd city, nd anthorized at an
election held November 21, 19z3, and in all respects, conforming to
the lave of thie state, and Charter of this City, and amendments there
to, jnd Ordinances by virtue thereof; an' th ,t issuance of t�As ?ond.
has been dull authorized at such election, by ra majority of the duly
qualified propertg tag--1.eying voters, votinj, at such election holy for
th��.t rurpose. ;,nd it in hernby represented that all conditions pre-
cedent to the issutmea hereof have been tally complied with, incluil-
in` the laws if the bt.:te, Ch--rt: r of the City, and amendments there-
to, -n Oreinmices thereunder, and that tho tot_l inclebtodnesL, of
this Cit , does nit exceed t o limit r eseribed by the Constitution
:nd lads of this state, inclu 'n thin aeries of bonds. Md that
due and legal provision has been radQ Oar the Iezt and collection
of an ad valorem tag on all vroperty within the cit-7 subjoet to ttn-
ation 3f sufficient amount to pay tiie interest as it accrues, id to
retire such bonds at their several maturities, with sinkIne fund
provi8ed for such parposes from such taxes pl.ed��ed solel r therefor.
I9 TE5TMO&Y WMMEEOP: The City of Babbock, Texams, a municipal
corporation. has ovused there presents to be signed by its M.1yor, or
person legally aetinq as such. qnd eounterei, nod b.1 its City Secret r
attested b; the corporate seal of tree City, anc: ro istered with the
City Treasuror, card the en, -,raved, or lit;h%raDhed, fae-simile signa-
tare of such offieors to be placed on each interest coupon hereto
attFl6.t ed•
Atte3t-
Ci t wecret iry of the Ci tv of
Lubbock, �.s`' t.ste of Texas*
no*
c�h
Mt..yor, Cit T of Lubbock, Texss,
ze} i.stered ti_is day 3f 19_____.
reasurer, City of Lubbock., Texas.
(Form of Coupon)
'55,00
On the 20th day of Lecomaer, IV44, tae City of Lubbock, 'Texas,
In Vie County of Lubbock, romiees, and will, ra - to be : rer, at
Hanovor Eational Bank, in 1xev York, Sts.te of Hew York, the cum of
pifty-Five Dollars V155,00) in Bolo coin of the United States of
,r_ erica, of the resent et .ndard of wbielit xn<I fineness, upon pre-
sentation .end su renaer, to such Dank, of t_.is coupon, being for
one ye :r* s interest, Crie on sm Ad Pato, on Bond, Po.__r_____ of 13L3
ORDINANCE Nth, 243.
AN ORDINANCE PRESCRIBING A POW OF THE 31m�s AND COUPONS FOR I3V FJ ST
THEREON FIXING THE RATE OP .INTEREST A19D PLACE OF PA7KENT IN THE 1,71 TTER
OF $759000 CITY HALL BONDS OF THE CITY OF LUBW CK* VOTED BY THE
CUALIFIED VOTERS OF THE CITY 07 LUBBOCKO, TEXAS* PURSUANT TO THE RESULT
OF THE =CTION HELD NOVEMR 210 1923* BY VIRTUE OF ORDINANCE NO.
AND PROVIDING FOR THE LEVY A39D COLLECTION,. OF AN AD VALO M1 TAX ON
ALL PROPERTY WITHIN THIS CITY SUBJECT TO TAXATION OF SUFFICIENT RATE
TO PAY THE INTEREST A S IT ACCRUES# AND TO RETIRE SUCH BONDS AT THEIR
SEVERAL MATURITIES* AND FIXING THE DATES OF MATURITY OF SUCH BONDS,
WHICH ARE XROWN AS THE CITY HALL BONDS* CITY OF LUBBOCK9 TEXAS* ADD
DECLARIT4 AN EMERGENCY QN ACCOUNT OF INSUFFICIENT EQUIPMENT TO
PROPERLY CAROOR THE =DS OF THE CITY.
M,:
WHEREAS., the proposition to issue bonds of this city in such sum of
$75,000.00 for the purpose of building a City Hall for the City of
Lubbock was ordered by such election held Nosrember 219 19230 by vote
of the majority of the duly qualified property tax -paying voters of
this city by a vote of 412 votes for the issuance of such boida# and
26 votes against Ae issuance thereof.
Therefore, BE IT ORDAINED BY THE CITY COx.�,rISSION OF THE CITY OF LUBBOCK#
TEXASs
Section 1, That Bonds of the City of Lubbock* Texas, to be called
City hall Bonds, City of Lubbock, Texas, be issued ur_ders and by
.'irtue of the Charter of this City# amendments thereto, and the laws
of the State of Texas# for the following public purposes, towit#
building a City H 11 for use of the City..
Section 2* Th t such bonds shall be numbered consecutively from 1
to 75 inalusives each of which shall be of the denomination of r�1#000.
Section 3. Thrt each of such bonds shall be dated December 20# 19M #
and numbers 19 2 and 3 shall mature June 20th, 1939# and the three
next in numerical order shall mature each following June 20th up to
and including, Tune 209 1963 being the maturity of the whole series.
Section 4. Such bonds shall bear interest from date at the rate of
5* per cent per annumo The first interest coupon on each bond shall
mature December 20# 19249, and semi—annually thereafter on the 20th day
of Tune and 20th day of December.
Section 5: The principal and interest on such bonds shall be payable
at the Hanover Rational Bank in New York# State of New York* upon
the presentation and surrender of the several coupons and bonds -t
their several maturities.
Section 6. Such bonds shall be signed by the Mayors or the person
legally acting as such, countersigned b the City Secretarys and
registered with the Treasurer of the City of Lubbock ^nd the
fac-►simile signature of such officers shall -be printed, engraved
or lighographed on the several coupons.
Section 7• To pay the interest on such bonds as it accrues and to
create a sinking fund to retire them at their several maturities, a
tax of .01 dollars on each $ 100*00 valuation of taxable property
within this city, is hereby levied for the year 1924# and a sufficient
sum thereafter each year, until the purpose for which such levy
is instituted shall have been accomplished, or sufficient sum raised
thereby to discharge the interest as it accrues* and r tire the bonds
at their several maturities.# and which fund, 1hen collected# shall
be expended for no other purpose.
Section g. The sum of such bonds and their coupons shall be
substantially as follows$
The 'United States of America
St-,te of Texas# County of Lubb(r, k
Catty of Lubbock
Noe 111V000900
Ord, No. 243, Pg, 2. w47 1
Know all men by thece presents th•t the City of Lubbock, Texac* a
municipal corporation, in the Bounty of Lubbock, acknowledges itself
to be indebted, and promises to pay to the Bearer* the sum of One
Thousand Dollars ($4000, 00) on the 20th !!ay of December 19 - ith
interest from date hereof at the rate of, five and one-hall—r4) per
cent per annum,. the first interest. payab-ft December 20* 1924,, and
semiannually thereafter on June 20th and December 20th of each year
during the life of this -bond* as evidenced by coupons hereto attached.*
Rnd payable on their presentation and surrender as they severally
mature; both principal and interest payable in gold coin of the
present stand rd of Freight and fineness of the United States of
America at the Hanover National Bank o ftew York, State of New York*
For the prompt payment of this bond; prineipa; and interest in acc-
ordance with stipulations hereof, the City of Lubbock, Texas* hereby
irrevocably pledges its Hill faith and ereditsi that this Bond is
issued for the purpose of obtaining money for permanent improvements,
toy -wit, building a City Hall for tbb City., and in pursuance of an
election held by virtue of Ordinance No. recorded volume
pages of the minutes of said C ttyyl, and authorized -)t an
election held November 21, 1923 and, in all respects* confomming to
the laws of this st- to * -end Charter of this City* and amendments thereto*
and Ordinances b y virtue thereof, and that issuance of this Zond has
been duly authorized at such election by a majority of the duly
qualified property tax -paying voters, voting at such election held
for that purpose. And it is hereby represented that all conditions
precedent to the issuance hereof have been fully complied with, includ-
ing the laws of the State, Chart:�r of the City# and amendments thereof*
and Ordinance thereunder* and that the total indebtedness of this eitV
does not exceed the limit prescribed by the Constitution and laws of
this state, including this- series of Bonds* and that dVe and legal
provision has been made for the levy and collection of an ad valorem
tax on all property within the city subject to tax• do of sufficient
amount to pay the interest as It acrues, and to retire such Bonds at
their several maturities* with a sinking fund providing for such
purpaoes froYP such taxes pledged solely therefor.
IN TESTIMONY WWREOFs The City of Lubbock, Texas* a municipal corpor-
ation has caused these presnets to be signed by its :E yor* or person
legally acting as such, -nd countersigned by its City Secret!ry,
attested by the core rate se-1 of its City, and registered ith the City
Treasurer, and the engr-ved, or lithographed* fac-simile signature of
such officers to be placed on each interest coupon hereto rytt�ehed,
Attest -
J.R, Germany
Secretary of the City of
Lubbock, Texas*
yor* City OF Lu boc__, TexF.s
Registered. this day of 19 !.
Treasurer* City of Lubbock*
Texas.
#form of Coupon)
055,00
On the 20th day of December* 1924, the City of Lubbock, Texas, in the
County of Lubbock, promises, and will pay to Bearer, at Hanover
Nation- I Bank, in New York, the sun of Fifty give Dollars ($55.00)
in gold coin of the United SV�tes of America, of the present standard
of weight and fineness$ upon presentation and surrender* to such bank,
of *this coupon*. being for one years interest* due on said date, on bond,
No of City Hall Bonds* City of Lubbock, Texas.* dated December 20tb,
19 273.
Attestw
City Secretaryp
eity of Lubbock, Texas Mayor* City of Lubbock,Texas
Ord. No. 243* Pg. 39
Section 10. Coupons, No. 2, and
tenor and affect, except th• • t they
from June 90th to December 2Oth of
of $ 27* 50.
reasurer# My of'Lubboaks
Texas.
subsequent there to small be like
are alternzte in times of -ayment
each year., and each being the sum
Section 11.. The fact there is no adequate place for the offieero of
the City to conduct its business, and safely house its records,
creates an emergency and imperative public necessity that the Rube cf
Charter, requiring Ordinances to be read at two several m etin a before
passage be, and the same is, hereby suspended, and that this Ordinance
s all be passed by unanimous vote at the meeting of its introduction, -nd
it is so ordered.
Passed by unanimous vote, and approved, this the _ day of
December, 1923,
Attest -
City Secretary.
City of Lubbock, Tex%ss
Percy Spencer
Mayor,. City of Lubbock,
Texas,