HomeMy WebLinkAboutOrdinance - 249-1924 - Ordinance Authorizing The Purchase By The Cty Of Lubbock Water And Sewer Lines. - 03/06/1924CRDIBANOE lfO. e Jf r
CITY HALL
01t¥ ~~ Lubbock, Texas,
. ~c.(..1..-eAJ (p n . 19 24.
There was presented for passage an ordinance entitled,-
" AN ORDINANCE AUTHORIZIBG THE PllBCHA3E BY THE OITY OF LUBBOCK OF
WATER ABD SEWER LiliES OWNED BY W. A. MYRIOX AliD LOCATED Il'l THE MYRIOX:
ADDITION TO THE OJn' OF LUBBOCK, TEXAS: PROVIDING FOR THE ISSU.ABOE OF
SIX Plm CENT. (6%) IBTEREST :B.EARIBG WARRANTS IN PAYMENT THEREFOR:·
LEVn.NG THE NEOESSARY TAX .TO PAY THE !NfEREST Al1D PRI.NOIPAL OF SAID
WARRAliTS AT !MTl:JRIH: AND DEOLARIJIG ~Y, •
m1sa1one:r , that the or~be read in tal.l. Motion
Mb7 OOIIIIII1ss1ouer , seoonded 117 oom-
oarried, ~r!inanoe was read in full b7 the City Seoretar.r.
~-1eiJ1oner ~ , eeoonded by Oom-
missioner ~t}at the o~pass its first reading.
lEAS: 0011111lies1onere ~ 'f-~
SAYS .; Bone.
Motion oarried.
»oved b7 Commissioner ~ , seconded by Oomdais-.LJ~~l.4--• that the rules ~ and the or41nanoe be
s aeoond reading by caption: ,(}
YEAS: Oomm1ss1oners ~~ r~ '{. ~
BAYS: Bone.
Motion carried. ·
f.to"'fed by Oommiaeioner ~_L..-, ~ seconded b:y Commis-
sioner , that the or4~ii0ea on its third and
final r ading oaptlon:
YEAS: COIIID1ss1oners ~~ p~ 'f W~
BAYS: Bone.
Motion carried. .~ •
Moved b7 Commissioner , seconded by Commia-
s1one:r • that the ord18beb.nall.y pasaed b
YEAS: Oaraiee1oners ~ ~ 'T ~ ~
NA'!S: None.
The llqor. then declared the ordinance finall:v adopted.
The ordinanoe follows:
ORDilfABOE NO. Z4 q
AN ORDI1WIOE AUTHORIZiliG THE PUBORASE BY mE
GITY OF LtlBBOOK OF WATER AliD SEWER LiliES OWNED
:BY W. A. M!RIOK AND IDOA.TEl> IIi THE MYRIOK AllDI-
TI-01 TO THE OITY OF LtJBBOOX:, TEXAS: PROVIDIBG
FOR mE ISSUAMJE OF SIX PER OUT •.. ( 6~) IBTEREST
BEARING W.A:RRA'iiTS Ill ~.4mEIT fBE.REB'OR: LEVYING TD
REOESSARY TAX TO PAY THE IBTERESf AND PRIBOIPAL
OF SAID WARRANTS AT MATURI!Yl AND DECLARING A1IJ
EMBRGDCY .•
WHEEAS, w. A. Jli'riolt, of Lubboot. !exas. 1s the owner
of aoreage heretofore lalG1111 as the Pri.est Aoreage in the City of
Lubboott. BDd,
WHEREAS, said W. A. Jqriok has ha4 said acreage pl.atted
in lots and bloeta, to be known as the K,riolt A441 tion to the 01 t7
of Lubbaolt, anct has ha4 cumstruated 1n said a441t1.on~ with the ·con-
sent SDd appr.oTal .of the Oit7., an 8" sewer main and a 6" water main . '
inoludlng qdrants:., manholes, eto~rp. at a ooat of $3,620. '14.; and,
WHEREAS, said W. A. Myr1olt 1J5 desirous of selling satd
sewer and water lines to the 01 t7 ot Lubbook and offers to sell same
for the Btml o:f $3,520.74 SDd acrees to aooept in pa,ment therefor
$20.V4 1n oallh and the balanoe. $3,600.00. in legally 1sa'U&4 wan-ants
of said Oit)-. bearing interest at the rate of 6"' pa7able sem1-ammall7,
and maturing .ser.lal.l.7 as fcllcws: tl.,OOO 1D 6 years from tbei.r date,
$1,000 in 6 years and $1.500.00 in '1 years from their date; and,
WBEaEAS. t .h1a 01t7 Oommission deems 1 t aclvia&ble and te
the best interest o'f the 01t7 to aooept aaS:d ef'J!er • .
lfClf, !BEREB'O~, BE I2.' ORDAillED BY mE' CITY OP LUBBOOX,
fia.AS, that sa14 offer be and the same .is hereb7 aocepted and the
said water and sewe~ 11nes purchased as the property of the City
of Lubboolc, Texas.
That said sum of $3,520.74 is hereby me.cle and d·eelared
to De the lawful deb~ of said City of Lubboot, Texas~ t20.74 to be
pa1d to said w. A. Jqrtot in oash and the balance, t3,500.00, 1n
legally issued warrants of said City.
That warrants of said Olty, to be oalled "CITY OF LUlJBOOX:
WATER A.Nl> SEWER WARRAB~S, SmlES 1924", sllall be 1s""ed 1n the 81DD
of Three Thousand Five Hundred Dollars ( $3 •500. 00) •
Said warrants eh·all be dated the __ da7 of----
1924, shall be .mDlbered from one (1) i;o three (S•P .• inolusive, and
shall be 1n den~at1on and shall mature as follows:
WARRANT BOUBES.
1 a
3
DDOW:BATIOll.
$~,ooo.oo 1,ooo.·oo J..5oo •. oo
JlATUBli'Y •
lanuar,v 10, 1929,
January ~0. 1130,
January 10 •. 1981.
Sa14 warrants aha.J.l bear interest from 4ate until paid,
at the :rate of six per oentum ( o%1 per annum. p&18bla Januar7 lOth,
1925 •. and sami-annuall7 thereafter on the lOth da7 of July and the
lOth day of Januar7 of eaoh year, w~1oh interest shall be evidenoe4
b7 <:J.Oupons attaohed to eaoh of sa1c1 warrants. Past due interest
ab.all bear interest at the rate of six per oentum ( 6S) per I!UID.um
trom maturi t7 1mt11 paid,
PrmQipal and interest o:f said warrants shall be paJ&b1e
1.n lawfnl mone7 of the 'tlnlted States of Ameriea upon present&.t.ion
8.l'l4. SU~Tender of proper warrant o:r coupon at the Oonti:nental & Gom-
mera.lal Bational Bank. Ohiaago, I1lino1s. Said warrants shall pro-
Tide that ill the event -of default 1n t-he pa~mt of pr1n<'!ipsJ. or
interest., and the sa.me is placed in the hams of 8Jl attorne7 for
eo1leot10l'lt o-r if aolleoted b7 suit, or b7 legal pr.oo-eedings of fllJl'
t.tnd, an &dditS.onal amount o'f ten pe·r gentum ( 10~) of the p:rinoipal.
and 1nt.ereat then du sball be added aa attorne7"s ,fees ..
5a14 warrants. shall be signed b7 the Ua.vor. countersigned
b7 the 01ty Se·oretary and registered by the Oit7 Treasurer, and the
seal of the Olt;v shall be impressed upon each of said warrants. 1!'ao
a1m1le slgoatures of the Mayor and Cit;v Secretary mq be lithographed
upon the interest ooupons ..
The f'om of said warrants shall be ·substantially as fellows:
No. __
tnfiTED STATES ()J' AJIERIOA
S TAi'B Ol!' ~EXAS
OOUB!I.'Y O.f LUBBOOK
OITY OJ LUBBOCK WAHR AID SEWER WARRAI'l. SEIUES
1924.
$1,000.00
THIS IS 1'0 OERfiFY that the 01ty or Lubboo.t, a municipal
oorporat1on in the 'County of Lu'bboot, State o'f !l'exas. is justly 1D-
4ebte4 to w. A. Mrriot, hie assigns or bearer 9 in the prina1pal sum
of
l!'IVE BIJIDR&D DOLLARS
( $500, 00) • in l,aldUl money of the om. te4 States of Am&rioa... w1 th 1n.-
t .erest there.oa, :from date hereof until pail. at 'he rate o:t six pe-.zt
oentum { 6~) J)f)1' amtml, latere.st payable Jan1JA17 loth • 1.925 • ant. aem1-
annuaJ..ly there·after on the lOth day of ..1uq . and the loth day of
J1m.uaey of eQCJh year; past due interest rthall bear interest at the
:rate of &1x per centum ( 6~) per annum t.rom maturity until paid; both
prino1pal anA inte;rest payable at ~he O~ntillental & CODmero1al llatlonal.
Bank, Ch1oae;o,. Ill.1Dots. upon preaent$-tl·on aDd avr~r o:f wan-an~
or propar coupon, Qtl tho Ott7 ·!rreasurn of sai.,l <li~ is h~reb7
authorized. ~red aad direote-4 to pa7 to sa14 fl. A. ~ieli:, his
ass1pa ~ '})ea,rer • at the said bank~ the sa.·id ewn of :Fi-ve Runl"rad
Dollars (t600.00). on the loth day of January, 19 , the date .o~
maturl:t:y· of this warrant 9 in full aettl811ent of the 1n4ebtedneae
her.eby ev.itenoe4, from the "Special Water and Sewer Warrant Fund.
Senes ~9M" p ()f ea-14 0~ ty • levied, as.sessed and oreated for that
purpsse ..
IT" IS HEREBY eepeo18l]¥ agreed that if this warrant, or
887 1ntereat ooupon hereto attached, is not pa1d at maturity-, and the
aame is ~ao-ed in the haD48 o'f an at torne7 for oolleot ion after ma-
tur1t7 tllereof. or &·'lllt is tiled 'thereun, or oo11eotton mat.e by legal
prooeedings of ~ ld.nd. an additional amou:rrt of ten per oentum ( 1<>%)
on ~he principal a.nd interest then tue, shall be added as attorn&)"'&
:te•s•
TBIS WARRAN~ 1s one of a series of three warrants, of
Ute date and tenor. e·xoept as to denomination and maturity, aggre-
ge.t!Dg the· slllD of Thr.ee nouasnd Five Hundred Dollars f $5, 500. 00) ~
issued for the purpose of ev1dene1ng the inilebtedneas o:f the Ci t7
o'f Lubbock to said W. A. lt\v1-iolt, h1S· assigns or bearer • for water
and sewe~; linea loeated in the Myriolt Addition to the City of. Lub-
bock: and purohaaed by the 01 ty o'l L'Dbboott :from said W. A. :Myrtot,
under and by vtrtae of the Conati tut.;to-n and laws of the State of
Texas, and the Oity Charter .of the City of Lnbbook, Te~. aDd 1n
pursuanoe of Ot-clin.&DQe llo• Zf1 ,, adopted b7 the City Commission
O:f eald O'ity on the _k_ day of ~-19.24. and reooried 1n
.Boot:~· page J.#-et seq., of the Minutes of eaid Oity Oom-
miss.ion ...
!l'lm Dtd'E of this warrant, in confomit7 W1th the ord1-
nanoe aboTe mentioned • is --------• 1924! and 1 t is hereby-
oert1f1ed and reo1 ted that all not.s. oondi tiona and thlngs required
to be done preoedent to and in the issuance of thit!f warrant, have
been proparly done and per1orme4 and have happened,. in regular and
due tiJJle• form and mamer as r,equired by 1•. and that the to~
1n4ell1;ednesa of aa14 01 ty-,. inol uding this warrant , d-oes twt exceed
&QJ eonstttuttonal or statutor.y ltmitation.
Ill TESTI!lOlll' WHEREOF • the 01 ty Oomm1s81o'A of' the 01 ty of
Lubhook, -Texas. has oaused the seal of said City to be hereto affixed
and this warraDt to be signed by the lfqor alld countersigned by the
01 t7 Seorete.ry, as of the 4at·e last above nit ten.
COt1BTER8IGNED :.
city seoret817, 01 t7
of Luhboot, Texas.
!la.,yor, dlty of LUbbOo.t, texas.·
REGIS!mlED~ this the _day of. ----• 1924.
01 ty-Treasurer, 01 t ;y of Lub boot • Texas.
The form of interest ooupcm shall be substantialq aa
follows~
Bo~---$30.00
Olf i'BE lOTR DAY OF ----' 19 __ ,
the 01._7 of Lubbock~ Texas_. will pa7 to W. A. Myr1ott, b.1s assigns or
'bearer, at the Continental & o-ommeroial Rational Bant. Ohioago, 1111-
nois• the sum of Thirty Dollars ($30.GO), being six month's interest
-dU$ that day on 01 TY OF LtlBBOOl! WATER AND SEWER WARRANT, SERIES 1924 •
lfO. --• dated --------• 19:24 • to which thts coupon 1s
attaohe4 and is a part thereof.
~fty secret&r7.
!l'he ~ollowing assignment shall be printed on the baolt
of sa14 warrants:
ASStG.1D!&l'lT.
I he~eby eerti~y that I. hsve reoe1ve4 the within prtn•
oipal warrant, and the interest ooupons theret-o annex-ed, f:rom tile-. .
City of LU"Oboot, Texas, and, for value reoe!"f'ed, hereb7 transfer,
assi@ll, sell. aD1 deliv-er, without reoowse .. to bearer. all right.
title and interest I have in and to the same, and also the propo:rt1o:a-
ate part o.f the aebt dtte me. with 1DteJ.test thereon. b,-s&i4 Oit7,
whieh ts represented by .the amount call~d for b7 this prtno1pal war•
rant auii the armexed ooupons; and said bearer ia hereb;y subrogated
to a~ elaims 11 liens, ~ght or t1~le, whether in .law or in equit)',
whieh are or m87 be secured tb me ., and I hereb7 authorize bearer _ to
oolleot the same and give ~ull reoeipt and aoquittanoe thereof 1n
m:y name.
Said warrants shall b9 executed and dell vere.d to said
w. A. Jqriolt upon delive.ry by h1m to the Oity of proper transfer
o:f said wa.ter and sewer lines to the 01-ty of Lubbook.
IT IS FURTH:W ORDAINED that a :fun4 be and the same is
hereby made aDl oree.ted and ahal.l be set aside and designated as
"SPECIAL WATER AND SmYER WARRABT FU1lD • SERIES 1924" • whioh fand
when o.o1leated ellall be used t.o pq the interest an4 provide the
neoessary a1nk:1ng fnnd to P¥ said warrants at ma.tu:r1ty • a,nd fo:r
n o other pttrpoae; that to create said fo.n4 :for· the purpose .of PBT-
1.:Qg the interest on aa.ld warrants and prortdUJ.g su.ffioient stnk1ng
fUnd to pay them at maturity. a tax ef and at the rate of cme bent
( 1,) on the $100 valuation of all taxable property in said 01 ty shall
be an,uun.ll.y lorted, .aae~ssecl and ~olleoted. and said tax ia here no.
levied. for the avrent ,-ear,. an4 so much thereof as shall. be neoessar.r
for eaoh auooee4lng year while &al.d warrants, ·or an:1 ·of them. ~
outstan41:ng and unpaid • and the same ehalJ. be a-JDtual.l7 assessed and
ooUeote" an4 a-pplied to the purpose named.
It IS FtJRTl!ER ORDA!li.PJ)~ that 1.11 a4d1 t1on to th• ad valo.rem
tax ~-fl'ie4 to J>&1 ~ interest and pr1m1paJ. .of aa14 warrants t a
au11ioient amount o£ the r~venae 4erlved from the operation of the
waterwoTa &lld sewer s7stema shall be aDl the same is bereb;v 1rrevoe-
abl.7 pledged tc .create a fiand to pa7 the interest and principal of
said warrants at the.tr reapeet1ve t~aturity dates.
Th-e fact that W. A. lqTiclt ie desirous of opeDlng the
Hyria~ Add1tlon~ dedioating the streets and ~lleys -to the Oity of
Lubboeltc. an& th~ City deems it advisable and to the best interest.
of the 01 't7 that aame be done ana the wator and sewer lines be
taken ov-er immed-iately, oreatea an emergenoy and an imperative publio
neoeaaiiy tnat the rules reQuiring ordiftanoea t~ be read at more than
one meetiag o:! the 01ty Oommiseio.n be SWUM~~tdea. and lt ia so ordained • .
anA thta erdiBanOe shall tate etfeot and be in foroe boom and a:f.'te~
1t8 paseap and apprnval. a
PASSBD,. this 'be b% day of • 1924.
APPBOVKD., th1s the •l_p 4q of • 1924.
~r JL+e;:!.~~,J.W! # i ~
( OI TY SEAL)