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HomeMy WebLinkAboutOrdinance - 246-1923 - Taxable Property, Installments Of Interests Due. - 12/20/1923Ordinance NO 4. AN ORIiINANCB to amend Section 7 of Ordinance No Z# passed and approved December 20 1923, so that the tea r� a there levied for. the year .�M sham, be the sum of cants on each $100. oo valuation of taxable property within this City, in order that the installments of interest due June 20, 19250 on the bonds set out and ordered issued by such vrdi nance shall be pivntly met and the sinking find increased in proportion, and repeahi all ordinances and parts of ordinances in comfliet herewith, and declaring an emergency account of the purchaser of such bonds being ready to accept same, and making such amendment effect as of December 20, 1923. Be it Ordained by the City Commission of the City of Lubbock, Texas; Section 1, Section 7 of Ordinance No - passed and approved December 20, 1923. shall hereafter F re ad as follows; — "Section?. To pay the interest on such bonds as it accrues and to create a sinking find to retire them at their several maturities, a tax of cents on each �100,he oo valuation of taxable property within this- City is reby 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 sun raised thereby to discharge the interest as i t accrues. and to retire the bonds at their several maturitiesm and which fund, when collected, shall be ex— pended for no other purpose." Section 2. All ordinances and parts of ordinances in conflict herewith are �gealed. and i tis provided that this ordinance when passed approved .shall be effective as of December 20, 1923, the date of ordinance No. . Section 3. The fact that the purchaser of such bonds is ready to accept same, and that the rate levied in Ordinance No 2 1 is not sufficient to spay the interest due in June 1924, and create aproportionato sinking fund, creates and ene rgemoy and public neoessity that the rule of the charter requiring Ordi hanze s to be read at two se ve ral nee a ti ngs before passage, be, and the same is, hereby suspended and this ordinance be passed at the teeting of its introduction, and it is so ordered. passed and approved thi �rlsy of January 1924. Lttest Mi o C i y o b exas City Secretary, City of Lubbock. Tessa. Lubbock, Texas, January 30th.,1923, The City Commission met in continued session of January 24th., with the following present; Mayor, Bercy Spencer, Commissioners, W. S. Posey, H. G. Love and Ge.). C, Wolffarth, City Attorney, R. A. Sowder, The following business with others were had towit; The following Ordinance No, 246 Was read and ordered passed by a unanimous vote. Ordinance No. 246. aN ORDINANCE to amend Section 7 of Ordinance No. 244 passed and approved lecember 20, 1923, so tha"e tax rate there levied for the year 1924 shall be the sum of �,,5 cents on each $100,00 valuation of taxable property within this City, in order that the installments of interest due June 20, 1925, on the bonds set out and ordered issuecl by such Ordinance shall be promo tly east, and the sinking fund increas ed in proportion, and repealing all ordinances and p. rt of ordinances in conflict herewith, and declaring an emergency account of the ur- chaser of such bonds being ready to accept sane, and making such amendment effect as of December 20, 1923, Be it Ordained by the City Commission of the City of Lubboo . Texas. Section 1, Section 7 of Ordinance No. B44 passed anO approved December 20, 1923. shall hereafter read as follows; - Section 7. To lay the interest on such bonds as it accrues and to create a sinking fund to retire them at their several mat- urities, a tax of 15 cents on each 6100,00 valuation of taxable pro- perty within this City is hereby levied for the year 1924, and a sufficient sum thereafter each year, until the purpose for which suvh levy is instituted shall have been accomplished, or sufficient sum raised thereby to discharge the interest as it accrues, and to retire the bonds at their severalmaturities and which fund, when bollected shall be expended for no other purpose". Section 2. All ordinances and parts of ordinances in conflict here with are repealed, and it is provided ttxtsxg that this ordinance when pawed and approved shall be effective as of December 20, 1923, the date of Ordinance No Section 3. The fact that the rurchaser cf such bonds is ready to accept s-ame, and that the rate levie(' in Ordinance No. 244 is not sufficient to pay the interest due in June 1924, and create a pro- portionate sinking fund, creates and emergency and public necessity that the rule of the charter requiring Ordinances to be read at two several meetings before passage, be, and the s-ime, is, hereby sus- pended and this ordinance be passer at the meeting of its intro* duttion, and it is so ordered. Passed and approved this 28th. , d a 7 of January 1924. Attest ORD1U,M0E NO. 243 ,Z ORDINANCE prescribing the form of the Bonds and coupons for interest thereon, fixing the rate of interest .end place of payment in the matter of :'50,000.00 Electric Light and Power System Bonds of the City of Lubbock, voted by the qualified voters of the City of Lubbock, Texas persuant to the result of the eXec- tion held November El, 1923, by vittue of Ordinance NO. , and providing for the levy and collection of an ad valorem tax on all property within this city subject to taxation of sufficient rate to pay the interest as it accrues, and to retire such bonds at their several maturities, and fixing the date of maturities of such bonds, which are known as the 1923 Electric Light and Power System Bonds, City of Lubbock, Texas, and deblaring an emergency on account of insufficient equipment to properly care for the needs of the city and its inhabitants for such service, AND UHEREAS , the proposition to issue bonds of this city in such sum of 550,000.00 for the purpose of enlarging, extending and im- proving the Electric Light and Power System of the City of Lubbock, was ordered by such election held November 21, 19239 by a vote of a majority of the duly qualified property tax -paying voters of this city by i vote of 420 votes for the issuance of such bonds, and 20 votes against the issuance ttereof. Therefore, Be it ordained by the City Commission of the City of Lubbock, Texas: Section 1. That bonds of the City of Lubbock, Texas, to be called 1923 Electric Li ht d Power Bonds, City of Lubbock, Texas, be issued under, .snd by, virtue of the Charter of this city, amend- ments thereto, an the laws of the St.te of Texas, for the following public purposes, to- it, enlarging, extendin4 and improving the li. :ht and power system of the city. Section 2. That such bonds shall be nambere l consec:a ti vely from 1 to 95 inclusive, each of which shall be of the de- nomination of 41,000.00., Section 3. That each of such Bonds shall be dated Beoemm- ber us, 1923, and numbers 1,. 2 and 3 shall mature June 20th. 1939, and the three nest in numerical order shall mature each following June 20th up to, and including, June 20, 1963, being the maturity of the whole series. section 4. Such bonde shall bear interest from date at the rate of 6, per cent per amum* the first interest coupon oil each bond shall mature December 20, 19L4. and semi-annually thereafter on the 20th day of June and 20 of December, Section S. The principal and interest on anah bonds shall be payable at the Hanover Rational lid in Hew York, State of Dow York, upon the r a esentation and surren er o � the sever,il coupons and bonds at their sever .1 maturities. Section 6.- Suet bonds shall be signe . by the '.aayor, or the person legally acting as Duch, countersif:ned b the Cit.ti secretary, and registered with the Treasurer of the 4.1ty of Lubbock, and the fa$ -simile sl- tu:re of such officers shall be printed, a raveA or 1i hographed on the sever-1 c;onpons. Section Q. To ray the. interest on such bonds es it aecrszes and to create a sinking fund to retire them at their several maturities, a tax of cents on each. '100.00 valuation' of taxable property within this city., is hereby levied for the ye -sr 1924, _tea a sufficient sum thereaf"tcr each year, until the purpose for which such levy is instituted shall have been accomplished, or sufficient seam raised therob.-7 to discharge the interest as it accrues, tmd retire the bonds at their several turitf48, and w. ich f'and., when collected, shall be expended for no othor pur= ose„ Section 8* The sum of such bonds and their coupons shall be substantially as follows: no. The United States of America* State of Texas, County of Lubl ook. City of Lu.bboo _. * 1,040 *00 loom all men b , these presents, thst the City of Lubtook Tbxa©, a municipal corporation, in the County of Lnbboek, acknowledges i.tsplf to be indebted, and promisee to 3,vi` s to the Bearer, the sum of One Thousand. Lollare (aWW*00) on the 20th flay of December, 19 with interest from date hereof at the rate of .five and one-half (5!§) por cent nr annum, the First interest paVable Decaeflbor 20th. 1924, and semi-annually thereafter on June 20th and -Dmcember 20th of each year dzuIng Ve life of this Pond, as evidenced by coupons he eto a- taehed, and pay.:Lle on their presentation and surren6or as theq severally mature; both princi^al and Interest 1 ayable in gold cola of the present stw.mdgrd of volght and fineness of the United S tr.tes of Amert ai, at the Hanover Vatlonai %nk of Dow York, 3t ato of New York. For Uie promi t pay ment of this Bone?, princip-11 and interest in accordance with stipitlatians?s her -of, the City of Lubbock, Texas, hereby irrevocably pledges its fall faith _Md credits t,at this Bond is issued for the purpose of obtaining money for permanent* Improvemen.u. to -wit, building a City Mall for this city, r. ndir : purea- mees of an election held b- virtue of Ordinance Ro. 0 9 recorded volume.. - ages •� of the minutes of said city, and P►thoriaed at an election held Rovember 21, 19!:3, and in..all respects, conformin.n to the lair e of this st :te, and Charter of this City* .and amendments U.ereto, ine Ordin.=oe by virtue thereof; - any. th-. t i sacance of this PonO has boon dnlv authorized it suet electio b-. a. (D7 majority o., the duly QuallfleC proporty tax-p:.-pi.ng voters voting at such election held for that purrose* and it is hereby represented that all conditions precee�ent to the Issuance he"of have been fully c:ooplied with, inclading the lane of the State, Charter of the City, and Amendments t thereto, and ordinances thereunder, and th-it the total in- debtedness of tits city does not exceed the limit -froacri.bed by t.,e Constitution and laws of this at to, inrAzif 3 thi_ aeries of Bonds, w.d th-t due :.nd legil provision hAs been made .for the levy and collection 4 ' = ad iralorem t ix on all property :within the city subject to taxation of sufficient amount to pay the inter*st as it ac i.;rl` s, _md to retire such Bonds at their several wturities, with a sinking fund pro- viding for such purposes from such taxes pledged solely therefor. 11; aMT17.1 11Y WHWRWP : The Cit-r of Lab ocii, Texas, a municipal +corporation, has caused these presents to be sign- ed bj its Uayor, or person legally actin as subh, :,:ad count- ersigned by its City Secretary, attested by the corporate seal of its City, and registered witaa the City Treasurer, and the engraved, or li hographed, fac-simile sIgmaturo of such oTfloere to be place on eacr, interest coupon hereto attached Attest- Y All 7t7- Secretary of the City rayorf City of Lubbodk, To :is, of Lubbock, S t ate of Texas Registered t.nisd 3y of 19__._�__ 02u;;�a" =Qea�� aaz. ensurer, City of Lubbock, Twt, No (Form of Coupon) $55.00 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 National Bank, in New York, State of Neva York, the sum of Fifty -Five Dollars ("'-55.00) in gold coin of the United States of America, of the present standard of weight and fineness, upon presentation and sur- render, to such Bank, of this coupon, being for one year's interest, due on said c ate, on bond Noof City Hall Bonds,. City of Lubbock, dated December 40th. 1923 Attest- V, Lk Ci y Secretary, Cit 7 of Lubbock, Texas cs Mayor, City of Lubbock, Tex. Treasurer, City of Lubbock, Texas. Section 10. Coupons No. 2, and subsequent thereto shall be like tenor and effect, except that they are alternate in timev )f payment from June 20th to December 20th of each year, and each being the sum of $27*50. Section U. The fact there is no adequate place for the officer: of the City to conduct its vus:iness, and safely ho .se its re- cords creates an emergency and imperative public necessity that th Rule of Charter, requiring Ordinances to be read to two several meetings before passage be and the sa: ,e is, hereby aas- pended; and that this Ordinance shall be passed by unanimous vote at the meeting of its introduction, and it is so ordered. Passed by unanimous vote, and approved, this the day of December, 1923. Attest- Cj4y secretary, City of Lubbock, Texas M �yor, City of Lubbock, Texas _k__Xn ,A„ Tre usurer, Cit l of Lubboo.. Texas.