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HomeMy WebLinkAboutOrdinance - 255-1924 - Ordinance Is A Bond Ordinance Filed With Other Bond Ordinances - 03/23/1924ORDliiAHC! 10. 255 TH%S ORDIBARCE ts A BOND ORDIIAICE MID IS FILED WITH THE BOND ORDINAICES. I ._ I ORD7NANCE BO. 255. All OBDINAE'CE BY '1'HB Clfi COJnliSSIOJr OF THE CITY OF LUBBOCK TEXAS AUTHORIZING THE ISSUAICR OF BOBDS FOR THE PlUXCIPAL SUM: CF $3tSO,OOO.OO FOR Tim PURPOSE OF PAVING DRAilUNG AND PEmlANElr.l'LY IKPROVING THE STREETS A1ID AVE:N·UES OF THE CITY OF LUBBOCK• PROVIDING FOR THE IEVY ASSESSMENT AND COLLECTION OF A Su.FFICIF.Nt TAY TO PAY T.HB IN'l'ERT5ST AND CREATE A SINKING FUND FOR THE REDEMPTION OF SAID BO:NDS AT :MATURITY; PRESCRIBlNG '!'BE FORJl OF BOBDJ Al\1D DECLARING .Alf EMERGEBCYI account of serious ne~d of permanent a urta oing of the City highways and danger and inconvenience, of flood water. WHEREAS, at an election held in the City of Lubbock, Texas, on the 21st day of November, 19237 a majority of the qualified voters, who are property taxpayers of the City of ~ubbock, voting at said election sustained the proposition to issue the bonds hereinaft e r described for the principal sum o~ $360,ooo.oo by a vote ot 423 votes, and which carried by a majority vote of 409 in f a vor thereof, being "Yor the issuance of 8360.ooo.oo of Street Improvemen~ Bonds•,- ·THEREFORE 1m IT ORDAINED BY THE CITY OF LUBBOCK• TEXASs ty Section 1. That the b onds of s a id City, to be called "~ITY OF LUBBOCK STREET DIPROW.mNT BOND S., SI£RIES 1924", be issued unde r a nd by virtue of the ~onstitution and laws of the State of Texas and the Charter of the City of Lubbock• Texas, for the nurpoae of paving• draining and 'permanently impro.ving the streets and avenues of the of Lubbock, in the pr1no1pal sum of ~bree Hundred S ix ty Thous and vity Dollars ($360,000.~) Section 2. 1'h~t said bonds shall be nuznbered consecutively f.rom one (1) to three hundred sixty "(360), 1noluo1ve, and s h all be in the denomination of One Th ousand Dollars ($1.oo o.oo) ea.ch, a,greg a ting the sum of Three Hundred Sixt.y Tho u s~nd Dollars ($360,ooo.oo Section 3. That they shall be dated Hay let, 1924, a nd sha l l become due nnd p a~ble a e rially as to1lowal Bond Nos. llaturity Dates Amounts l to 10 April lOth. 1929 $ ll.O 9 000.00 11 to 20 April lOth 1930 1o,ooo.oo 21 to 30 April lOth 19:Sl 1o,ooo.oo 31 to 40 April lOth 1932 lo.ooo.oo 41 to 50 April lOth 1933 1o.ooo.oo 51 to 60 April 10\\l 1934 1o.ooo.oo 61 to 10 • lOth 1935 1o,ooo.oo '71 to 80 a l.Oth 1936 1o,ooo.oo 81 to 90 ... ~Oth 1937 1o.ooo.oo 91 to 100 .. lOth 1938 10,000.00 101 to 110 .. loth 1939 10,000.00 111 to 120 • lOth 1940 1.0,ooo.oo 121 to 130 " lOth 1 9 41 lo.ooo.oo 131 -to 140 " lOth 1942 lo.ooo.oo 141 to 150 • lOth 1943 1o.ooo.oo 151 to 160 " lOth 1944 1o,ooo.oo 161 to 1'70 • lOth 1945 10,000.00 171 to· ~eo " ~Oth 1946 10,000.00 181 to 190 ..... lOth 194'1 1o.ooo.oo 191 to --200 It lOth 1948 1o,ooo.oo 201 t-o ~ • lOth 1949 l.o,ooo.oo 211 to 2"20 . " lOth 1960 10,.0 0 0 .00 221 to 230 " l Oth 1 9 51 10,000.00 231 '0 240 n lOth 1952 lO'tO OO.OO 241 to 250 • lOtb 1953 1o.,ooo.oo 251 to 260 .. lOth 1954 1·o,oo o.oo 261 to 2'10 " lOth 1955 1o,ooo.oo 2'11 to 280 • lOth 1956 lo,ooo.oo 281 to 290 • lOth 195'1 1o,ooo.oo 291 to 300 IJ lOth lJ5!1!3 1o,ooo.oo 301 to 310 .. lOth 1959 lo,ooo.oo 311 to. 320 ft lOth 1960 1o,ooo.oo 321 to 330 • l Oth 1961 1o .. ooo.oo ~ - Ord. I 255 -Pg. 2. :Bond lios. 331 341 351 to 340 to 350 to 360 lla turi ty Da tea April lOth. 1962 • lOth . 1963 n lOth 1964 Amounts tlo.ooo.oo lo.ooo.oo lo.ooo.oo } Section 4. That they shall bea r inter at at the ~te ot ftve and one half per centum (st) per aanum9 p a y a ble April lOtht ,192~. and semi• annually thereafter on the lOth d a y ot October and the lOth day o~ April of eRoh yeer. Section 5. That the principal and interest of said series of bonds shall be payable in lawtul money of the United States of America upon presentation and surrender of bond or proper coupon R.t the Hanover Bational Bank, New York City• New York. Section 6. ThRt e~.ch of" said bonds ah,ll be signed by the Ua·ror countersigned by the City Secretary, and registered by the City Trea·suY"er, and the corpor'1 te eeel of the City cf Lubbock shall be impressed upon e ~ch of said bonds. Section 7. Th a t the t9~s1mile signatures of the Mayor a nd City Secreta ry m~y be l ithogr.a phed on the coupons atta ched to said bonds. and shall have the srume e~fect as if they had been signed by then. Section 8. JIO. __ _ The form of said bonds shall be substanti~lly as follows• UNITED STATES OF _4JIERICA STATE OF tEXAS COUNTY OJ' LUBBOCK City OF LUBBOCK STREET IMPRO~~NT BOND SERIES 1924.. DOW ·ALI. JlEN BY THESE PRESENTS: Tbn. t the City o~ Lubbock, in the County-of Lubbock• State or Texas. a municipal corporation duly incorporated under the laws o"f the State or Texas. tor value received. hereby pramises to pay to the bearer hereof on the lOth day of April. 19 , the sum of - Ol!IE THOUSAND DOLLARS (l_,Ooo.oo) in lawful ~oney of the United States of America• with interest, t~~reon from date here of at ·the rate o~ five a nd one half per centum (~) per annum, interest pay~ble April lOth• 1925• and semi-annually thereafte-r on the lOth day-ot October an4 the lOth day o f April or e Ach year~ principal and interest paya\le upon presentation and surrender of bond or proper coupon at the lfanover National l!Senk• liew York City, New York, ~nd the Uity of Lubbock 1s hereby held a nd firmly bound• a nd its ~a1th and credit, and all re~l and personal in s ~1d City. a re hereby irrevocabley pledged r~r t~e prompt p a y.ment of the principal of this bond and the interest thereon at maturity. THIS BOND is one of a s e ries of three hundred sixty bonds., numbered 'from l to 360, inclusive .. in the denomina tion ot One Thousn.nd. Dollars (Jl,.ooo.oo) each, aggrega ting Three Hundred Sixty Thousand Dollars ( 36o.ooo.oo) issued for the purpoee of p a ving. draining and pe~nentl7 improving the stree ts a nd avenues o~ the City of Lubbock under a nd by virtue or the Constitution a nd l aws or the St.ate of •texo.a and the Cbart~r of the City o~ Lubbock. Texas, and in pursuance of Ordina nce llo. 255 adopted by the City C ommiesion of the City of Lubbock. l'exae, on the 24th day of April, 1924t and recorded in Book 3 p ~g c 202 e t seq., of the Kinutes of S 't id City Commission. IT IS HER:!::BY CERTIFIED AND RECITED that the issuance of t · is bond, and the series of which 1 t is a p a rt, is duly autllorized by l a w and b:· a vote of the qualified property taxp ~ying voters of the City of J~bb)ck, Texas, voting at an election held for that purpose within said City on the 21st day of November. 1923, th~t all acts. conditions and things required to be done precedent t o a nd in the issuSlnce of tbia seri·ea of bonds. and of t b ia bond• h a ve been properly done ~nd performed ) .,._ + T and have happened in regular -and due t'"ime. form and manner as reqtred by law; that sufficient and p roper provision ~or the levy and collec- ,tion of taxes has been made which when collected shall be appropriated •exclusively to the p a yment o~ this bond~ a nd of the series o~ which it is a p a rt. a nd to the p a ,ment of this bond. and of the series of Vhich it is a part, a nd to the p a yment of the interest coupons hereto annexed as the s a me sha ll become duea and tha·t the total .indebtedness of s a id City of Lubbock, including the entire series of bonds of which tnis is one, does not exceed any constitutional or statutor.y limitation. ~ IB WITNESS WHEREOF the City of" Lubbock; by 1 ts City Commisal on, has caused its corpor a le seal to be affixed hereto• and this bond to be signed b y itn Uayor. cou ntersigned by its City Secretary and reg istered by its City Treasurer, and the interest coupons hereto attached to be executed by the lithographed signatures of the Uayor and the City Secreta ry; the d8 te of this bond, in conformity with the ordinn nce above referren to. being the ls~ da y of Hay. 1924• layor• blly of Lubbock. Texas COUNTERSIGNED : city Secretary. Oily of I Lubbock, Texa s. " . FEGISTEREDl bi£y Treasure r 1 City of Lubbock, ·tex:l e. Section 9. ~h e for.m of coupon shall be substa ntially as followss (Except Coupon No~ l shall be for 11 mos. and 10 days' interest) lfO •. __ $2'7 .• 50 ON THE lOTH DAY OF :t 19~• the Ct ty of Lubbock, 'lexaa, pro• m1ae·a to pay to bea rer a£ the Hanover !Jational Bank9 1iew York Ci t7, lf.Y. the sum of Twenty Seven & 50LlOO Dollars (~27.501, being si~ months • interest on CITY OF LUBBOCK STBE J;;T ~~VEUE Bt BOND, Series 1924, BO. , dnted Kay 1st. 1924. - iiayor City secretary. Section 10. each b ond' The following certificate shall be printed on the back of OFFICE OF THE COMPTROLLER STATE OF TEXAS. I HEREBY CERTIFY THAT thete 1s on file and of record in my o f fice a certificate of -the Attomey Genera.l of the State of Texas tD the effect that this bond has been examined by him ae required by law and that be finde thq t it has been issued in conformity with the Constitution and laws of th ~ State of Texas and the Charter of the City of Lubbock, Texas, and tb~~· it is a valid and binding oblig ~tion upon s ~id vity ~ Lubbock, texa s, and said bond ha s t h is da ybe~n registered by me. WITNESS JlY HAliD AliD SEAL OF OFF ICE• at Austi~ Texas, this -of 11 1924 •. *bomptroller of Publ ic Accounts of the Sta te of T e xa s~ day SECTIOJf 11. IT IS FURTHER ~DAUlED BY THli!. ClTY OF LUB:3 JC K. T.EX .\S , that while e a id bonds, or any of thea are outstanding a nd unpa i d , .,*"_ f>.t-4 ~ ,_, ~~------~-'-1-• -.+ _....... #'f~~-.... I in order to provide ~or the payment of' principal of and interest on said bonds• there shall be and there is her~by levied, a tax on all the taxable property in sai d City of l,.ubbo ck, Texas, auff'icien t to produce the following amounts in the following yenra, making due allowance for delinquenci e s a nd costs of collections YEAR INTEREst· PRIIlCIPAL TOfAL 1924 due 4-10.26 $18.-698.40 1?.200.00 " 10•10-25 9,900.00 $35. '798.-40 1:925 It 4•10•.26 9,.900.00 'l.2oo.-oo .. l0•l0•26 9t9oo.oo 27,ooo.'oo 1926 "" 4•10·2'7 9,9oo.oo '7.200 ~0 .. 10.10•2'7 9,9oo.oo 27.ooo.oo "' •• <;...! " 192'1 ,. 4-10•28 9,900.00 1,200.00 ........ t • 10-10•28 9.9oo.oo 27,000.00 . 1928 • 4-10-29 9,_900.00 1o.ooo.oo 29,525.00 .. 10-10-29 9,625.00 1929 .. 4•10-30 9,625.00 lo,ooo.oo • lO•lO•SO 9,350.00 28,975.00 ...., .... u. 1930 n. 4 •10-:51 9,3.50.00 1o,ooo.oo • 10-1D-31 9.075.00 28,425.00 1931 • 4-10•..32 9~075~00 1o.ooo.oo .. 1 0•10•32 e,.eoo.oo 27,8?5.00 1932 • 4-10 ... 33 e,eoo.oo 10,000.00 " 10-10 .. 33 8,525.00 27,32B.OO 1933 .. 4•10•34 S,525.00 1o •. ooo.oo II 10-10•34 s.25o.oo 26,775.00 1934 .. 4•10-35 8··:?50.00 1o,ooo.oo " 10-10-35 7,9'15.00. 26,225.00 1935" .. 4•10•36 7,975.00 1o,ooo.oo II 10-10-36 .,._'700 .. 00 25,675.00 1936 .. 4•10-3'/ ?,-roo.oo 10.000.00 • 10-lo-37 '1~425.00 25,125.00 193'1 .. 4-10•38 "·425. 00 1o,ooo .. oo • 10.1()..38 '1,150.00 24,575.00 1938 '-4•10.39 ?.150.00 1o,ooo.oo 24 .. 025.00 • 4•10-39 6,875.00 1939 " 4-10-40 6•8'7"5 .• 00 1o.ooo.oo "-10 ... 10 ... 40 6,600.00 23,.4.75. 00 1940 t:t 4-10~41 . 6~600.00 10,000.00 22.925.00 " 10,...10•4l 6,,325.00 1941 " 4•lo-42 6,:525.00 10,000.00 23t375.00 .. l0-1G-42 6,050.00 1942 " 4-.10 ... 43 6 9 050.00 1o,ooo.ao 21,825.00 • 10-10-43 5.7'15.00 1943 • 4•10-44 S_,T75.00 Io.ooo.oo 21,2'15.00 .. 1()-10-44: 5,500.00 1944 " 4•10-45 5,500.00 1o,ooo.oo 20,725.00 " 10-10-45 5,225.00 1945 .. 4-10-46 5,225.00 lo-ooo.oo 20,175.00 p 10-10•46 4.950.00 , Ord. # 255 -Pg. 5. 1946 194"1 1948 1949 1950 1951 1952 1953 19M 1955 1956 195'1 1958 1959 1960 1961 1962 196:5 due 4•10•4., • 10.10•4'1 .. • • . -.. " .. • " " • " .. " • " " " • " " " • • .. 4•10-49 10•10-49 4•10•50 10.10•50 4•10•51 10•10-~l 4•10-52 10 ... 10-52 4•10-53 lo-10-53 4:-10•54 lm•l0•54 4•10-55 lO•).o-552 4•10.56 10.10•56 4•10.-5"1 lo-10.5"1 4•lo-58 10•10.58 4•10•59 10•10-=59 4•10-60 10•1<>-60 4-•10•61 .10•10~61 4-10•62 10-10-62 4-10•63 lo-10oe63 ---. ... , ' t • • l '\,950. 00 '4.675.00 ~4,6'15.00 4.4oo.oo . 4.4oo.oo 4,12& 00 4,125.00 3,850.00 3,850.00 3.,575.00 3,575.00 3,300.00, 3.,3oo.oo 3,025.00 3,.025.00 2_.'1~0.00 . 2.'150.00 2.4?5.0Q 2.-475.00 2,200.00 2,200.00 -1,925.00 1,925.00 1,650.00 1.660.00 1,3'75.00 1.,3?5.00 1,1oo.oo l~loo.oo 825.00 825 .. 00 550.00 550.00 275.00 2'15.00 1o,ooo.oo lo,ooo.oo 1o,ooo.oo lOjooo.oo 1o,ooo.oo 1o,ooo.oo lo,ooo.oo · lo.ooo.oo 1o,ooo.oo 1o,ooo.oo Io.ooo.oo 1o,ooo.oo Io.ooo.oo 18.525.00 11.,92~00 11.3?5.00 10~825.00 1·0,2?5.00 In order to produce the necessary amount for the payment of principal and interest on s a id bonds, there ie hereby levied for the current year upon all taxable property in said City a ~tax of Sixty cents (60¢) on the One Hundred Dollars' valuation and annually therea ft e r the amount of tax shall be computed which will be eufft cient to produce the amount named 'lbove in e n ch of the years respect.ively, and such taxes shall be assessed and collected and when. collected, sbal.l -be a p plie d to the purpose named and no othe r. Section 12. IT IS FURTHER ORDAINED the.t F .. R. Friend Ma yor of s ~.id Ci t:y s h~ll be authorized to t a ke ~ba rge of all necessa ry records pending inveatig ~tion by the Attorne:y General and sha ll t a ke and h~e cha rge and control of the bonds herein authorized pending their approTa l by the Attorney General and registration by' the Comptroller of Public Accounts. Section 13. ~he fact th ~t th,Oity of Lubbock is in urgent need of the street tmprove~ent s herein contemplated creates an emergency and an 1m• pera tive public necessity tha t the rule requiring ordinances to be read on t wo sepa rate d a ys before final p assage • be suspended, and such rule is hereby suspended, a nd it is ordai ned that this ordinance shall take effect n nd be in force immedi a tel:y upon its p a ssa ge and approval. PASSED. this the 24 day of April• 1924. A~proved, this 24 day 'of Apr.,l91 4 l.R.Ger.manr,city Secreta ry. ~R.Yr!end, Mayor.