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HomeMy WebLinkAboutOrdinance - 286-1925 - Bond Ordinance See Ordinance 348 - 01/01/1925' .. ORDINANCE NO. 286 Bond Ordinance. See on page 348. Minute Book 3 .. ORDilfAECE BO. 286. -----~ f THE CITY CO!DIISSION OF THE CITY OF LUBBOCK, TEXAS, AtrrHORIZJl{t) THE ISSU.AllfCE OF BONDS FOR THE PRINClPAL StlU 0'8 $125,0oo:o "FOR THE PURPOSE OF PAVDlG, DRAINilJG ABD PERMA.NEBTLY IUPROVI.NG STREETS AND AVE:NUES OF THIS CITY: PROVIDING FOR THE LEVY, ASSESSUE:trr A.BD COLLBCTIOJI' 07 A SUFFIC~ TAX TO PAY THE INTERESTAND CREATE A Sima:NG FtJliJD FOR THE REDEM PTION OF SAID BONDS AT llA TURITYt PRESCRIBING THE P'ORU OF BOliD: AliD DECLARING AJl .EIIBRGENCY ACCOUNT OF THE URGEJlf DCESSl'l'Y FOR SAID I MPROVEM:EXTS. WHEREAS• at an election held at the City of ~b~k.Texas, on the 9th day ot Decmmber. 1924, a maJority of the qualified vo~ers, who are -prop- erty taxpayers of the City o~ Lubbock. voting at aaid election suataiad the proposition to issue the bonds hereinafter described for the prin• cipal sum or $125.000.00 by a vote of 119 votes. and which carried by a maJority vote o~ 113 in favor thereo~, being •For the Issuance of $125.ooo.oo Streel lmprovement Bonds•. THEREFORE, BE IT ORDAI:BED BY '1'lm CITY C01DliSSIOli OF THE CI1'Y 0'8 LUBBOCK• TEXAS. section 1. That the bonds of aaid City, to be called •CITY OF LUB.Bo<K street. improvement bonds series 1925• 1 be issued under and b7 virtue cl the Constitution and laws o~ the state o'f Texas and the Charte r of the li1 ty ot L1.lbbock, Texas., for the p,urpoae of pavlllth draining, and per ... mane ntly improving the streeter 8114 avenpes or this \,ity, in the prin- cipal sum of One Hundre!Twent7 Five Thousand D-.l1ars (tl25,000.00) • .... Section 2• That said ~onds shall be numbered consecutively from One (1) to one hundred twenty five (lZ~) inclu·aivep and shall be in the denomination of One Thousand Dollars (t l,OOO.OOJ each aggregating the sum of One Hundred TWenty Five Thousand Dollars (&125 1 000.00). Section 3. 1hat they shall be dated J'ebrua~ 2Cth, 1925. and shall be- come due and j,aya.ble serially as tol lowsa ..,..-;.......~ • BCUID xoa. llATURifi DATES . AJIOUB'rS . 1,2,.3., 7ebruary 20, 1926 t3,ooo.oo 4,5,8, • • 192'1 3.ooo.oo .,,e.,g • • 1928 3,000.00 10,11,12, • • 1929 3,000.00 12.13,14 • • 19:50 3.ooo.oo l6,1'1,J,8, • • 1931 3.ooo .. oo 19,20,21 • " 1932 3,ooo.oo 22,23,24, • n 1933 3,ooo.oo 28,26,2'1, • ... 1934 3,ooo.oo 28,29.30, • • 1935 3.ooo.oo 31,32,33 • .. 1936 3,ooo.oo 34,35,36, .. .. 193'7 3.,ooo.oo 3'1,.38,39. • " 1938 ~000.00 40,41,42, • • 1939 3,ooo.oo 43,44,45., " • 1940 3.,.ooo.oo 46,47f48? • "' 1941 3,ooo .• oo 49,50,.51, .f!, ... " 1942 3, ooo.oo 52.,.53,.54, • .. 1943 ~ ooo.oo 55,56,5'1, • " 1944 3,ooo.oo 58,.59,60, • " 1945 3,ooo.oo 61,,62,63, • • 1946 3,000.00 64-.65,66, • "' 1947 3,ooo.oo 67,.68,69. • " 1949 3,ooo.oo '70,71,?2, • • 1949 3,ooo.oo '73·7~'15, • • 1950 3.ooo.oo '16·1~ • '78, • .. 1951 3.,ooo.oo '79'_.80.81,. .. • 1952 3.000100 82,.B3 .. A4, • " 1953 3,000.00 85.~86 ,a 'I, " • 1954 3,000.00 88,&9,90, n • 1955 3,ooo.oo 91,92,.0.3,. • n 1956 31 0oo.oo 94,.95,96, • • 195'7 3.,ooo.oo 9'7 .. 98,99, • • 1958 3,.000000 100,.101, 102, .. .. 1959 3,.ooo.oo lOJ-.104 9 105,. • • 19a0 3,ooo.oo 106 •. 10?, 108 •. 109 •. .. .. 1961 4,ooo.oo 110,111,112,113,. • .. 1962 4,.000.00 114,~15,116,11'1, • " 1963 4.;000.00 118,.119.120,.121.-• • 1964 4,ooo.oo 122,123,.124 ,12&. • .. 1965 4, ooo.oo "' . erd. ~86' -Page 2. ---. .. t Section 4: 'That they shall bear i nterest a~ the rate of f~ve ·{~: r c~ntum (5%} per amnun. payable semi-annually on th,e 20th day of August .an~ the 20th day of February of each year. - Section 5. That the principal and interest of s a id series of bonds shall be payable in ]a wtul money of the United States of America upon preaentation and surrender of bond or proper coupon at the HSDoTer lJa ti onal Bank• )lew York, City, :New York. Section 6• That each -of said bonds shall be signed b7 the Mayor, counter- signed by the City Secretary,.and registered by the City Treasurer, and the corporate seal of the City of Lubbock sball be tmpreese,Upon each of said bonds. Sectlon ?. That the 1'aca1mile signatures of the Kayor and ~i ty S eoretaey may be lithographed on the coupons attached to said bonds., q nd shall have the same effect a a if they had been signed b7 them. Section e. No. __ _ The form ot said bonds shall be substantially a a follows a $1.000.00 UlliTED STATES OF AJIERICA STATB OF 'tEXAS COtmTY 07 LUBBOCIC CITY OF LUBBOCK STREET mPROVEMElr.l' BOIID SERIES 1925. DCW ALL liEN :B Y THESE PRES&BTSt That the City of Lubbock, in the Count7 of Lubbock, State ot Texas, a municipal corporation duly incorporated under the laws of' the State of Texas, .!'or value received, hereby promises to pay to the bearer hereof on the 20~b day of February. 19 __ , the sum of OlE THOUSAlrn DOLLARS (~l,ooo.oo), in lawful money of the United States of America, with interest ihereon from date hereof at the rate of five per centum (5%) per annum, interest payable aemi•annually on the 2oth day of August and the 20th,day of Pebruary of each year. principal and interest P&Table upon presentation and surrender of bond or proper coupon at the Hanover Rational ~nk• ~ew York Ci t7, Mew York, and the City of Lubbock is hereby held and firmly bound, and its ta1th and credit., and all real and personal property in said Cit7, are hereby irrevocably pledged for the prompt payment of the princ*-1 of this bond and the interest thereon at maturity. ' THIS BOND is one. of' a series of One Hundred Twenty F1Te bonds, numbered consecutively from One (1) to One Hundred Twenty Five (125), inclusiTe• i~he denomination of One Thousand Dollars ($1,000.00) each., aggrega ting One Hundred Twenty Five Thousmd Dollars (tl25 •. ooo •. oo) issued for the purpose of' Pi ving draining, and permaneiatl7 improving the streets a nct avenues of this City., tmder and by virtue of the Constitution a nd laws of the State of' Texas and the Charter of the ~ity ot Lubbock, Texas, and in pursuance of Ordinance Bo. 286 adopted by the City C ommiseion ot the City of' Lubbock. Texas, on the l?th day o~ ~ebruary, 1925, and recorded in Book 3, page 341, et seq. • of the Minutes of said City c ommiasf. on. : IT' IS HEREBY CERTIFIED Aim RECITED that the issuance of this bond• and the series of which it is a p a rt, is duly authorized by law and by a vote 'o~ the qualified property taxpaying voters of' the City of Labbock,Texaa• voting a t an elec tion held for that purpose within sate Uity on the 9th d a y o~ Decemb e r, 1924, th1t all acta. conditione and things required to be done recedent to a nd in the issuance of this aeries of bonds, and of this bond, haTe b e en properly done and perfol'Dled and have happened in regular and due time• form a nd manner as required by law; tf1:S:t sufficient and prope r provision for the levy a nd collection of ~es has been made w~ich when collected shall be appropriated exclusively to the payment of this bond• and of the series of which it is a part, and to the payment ot the interest coupons hereto annexed as the same shS 1 becmne dUeJ and tha ~ the total indebtedness of said City of Lubbock; including the entire series of bonds of which this is one, does not exceed any constitutlonal ar statutory limitation. IN WITBESS WHEREOJ, the City of Lubbock, b7 ita City Commi sal. on, bl;• Ord. II 286 -~ge 3. caused its corporate seal to be atfixed hereto. and this bond to be sign• ed by its Xayor9 countersigned by its City Secretary, and registered by its City Treasurer, and the interest eoupona hereto attached to be executed by' the lithographed sigpaturea of the Jlayor and the Cit,- Secretary; the date of tbia bond, in eonfomit1' with the ordinance a bove referred to• being the 20th day of _.ebruary,. 1925. COUNTERSIGJEDa elty Secretary City ol Lubbock., Texas. iiyor, City of LUbbock, Texas. REGISTERED a city !reasurer, City ol Lubbock, Texas. Section 9. lio. __ _ The f'om. of coupon shall be substantially as follows• $25.00 Oli THE 20th DAY OF ------• 19 ___ • the City of Lubbock, texas, promises to pay to bearer at the Hmover llational Bank, Jlew York Cit7, New York, the sum of Twenty i'ive llollars, ($25.00). being six months• interest on• CITY OF LUBBOCK STREIT IMPROVE- KEft BOlm SERIES 1925, 1'0. dated :Jebrua ry-20th, 1925. city secre\aey. Section 10. The following certificates shall be printed on the back of each bond. OFFICE OF THE COMPTROLLER STATE OF 'l'EXAS. I HEREBY CERfiFY that there is on file and of record in my office a certifica te of the Attorney General of the State of Texas to the effect that t h is Bond bas been examined by him as required by law and he :11 ds that it has bee n issued in conformity with the Constitution and laws rL the Sta te of Texa s a nd the Charte~ of the City of Lubbock, Texas, and thq t it is a valid and binding obUgation upon said "ity of Lubbock, Texa s, a nd s a id bond bas this day been regis~ere4 by me. WITBESS MY HAED AED SEAL OF OFFICE, at Austin, Texas• this ___ day ot , Hl~ 5. Comptxo iier of PUbllc Accoun£a of the State of Texas. Section 11. It IS FURTHER ffiDAINED BY THE ITY OF LUBBOCK TEXAS, that while said bonds, or any of t~em• are outstanding and unpaid, in order to provide for the payment of principal of and interest on sa14 bonds, there shall be, and there is hereby levied a tax on all the tax- able proper~y in said Uity of Lubbock, Texa»,,~sufficient to produce tm followin~ amount in the 1bl1owing years •. ~ng due allowance for delinquencies a nd costs of collection• ·-.t YEAR I:NTEREST PRINCIPAL TOTAL 19~ Due 2/20/26 -$3.125.00 $3.000.00 • 2/20/26 • 3,050.00 $9.115.00 1926 • 2/.20/2'1 -3.050.00 3.ooo.oo • 8/20/27 .. 2,975.00 9.025.00 192'1 .. 2/20/28 ... 2.975.00 3.ooo.oo • 8/'>0/28 -2,900.00 8,875.00 Ord. I 286 -Pg.4 •. YEAR INTEREST PRlllCIPAL TOTAL 1928 Due 2/20/29 -2,ooo.oo ~;ooo.-oo • 8/20/29 ... 2~825.00· 8,"125.00 1929 • ~20/30 -2,825.00 3.ooo .. oo > • 8/20/30 -. 2,'750.00 8,5?5.00 1930 • 2/20/31 -2,"150.00 3 .. ooo.oo • 8/20/31 -2~6'75.00 8,425.00 1931 .. 2/20/32 -2,6"15.00 3,.ooo.oo • 8/20/32 -2.,aoo.oo 8,2'15.00 1932 .. 2/20/32 -2.600.00 3.ooo.oo • ·8/20/33 -2,.525.00 8,125.00 1933 • 2l20/M -2.525.00 3~000~00 • 8/20/M ... 2,450.00 '7.9'75.00 ~934 • ~~~g -3.ooo.oo 3,ooo,oo • -2,3'75~00 '7,825.00 1'935 • 2/20/36 -2,.3'15.00 3,ooo.oo • 8/20/36 -2.300.00 '1,'7'75.00 19M • 2/.20/"S'I .. 2,300 .. 00 3.ooo.oo • 8/20/~ -2,225.00 '1,525.00 193'1 • "":21.20/38 -2,225.00 3.ooo.oo " .8/20/38 '7,3'75. 00 1938 • 2/20/39 .-2 ,,150.00 a.ooo .• oo • S/20/39 -2,0'15.00 '7,225.00 1939 • 2,20.40 -2,.0'15.00 3,.ooo.oo • 8,20/40 -2.ooo •. oo .,.0'75.00 1940 • 2/20/41 -2,ooo.oo 3.000600 • 8/20/41 -1,925.00 6,295.00 1941 • 2/20/42 .. 1,925.00' .. :s~,ooo .. oo • 8/20/42 -1,850 •. 00 6,'1"15.00 1942 • I 2/20/43 ~-1,850.00 3,ooo.oo • 8/20/~ -. l, '77!5. 00 6,625.00 194~ • 2/20/44 • 1 .. '1'75.00 3•0COoOO • 8/20/44 -1.~oo.oo 6,4'15.00 194.4 • 2./.20/40 .. 1.1oo.oo ~.ooo.oo • a"/20/45 ... 1 •. 625.00 69325.00 1945 .. 2/20.46 -1,625.00 3.ooo.oo • e,20.46 -1,550.00 6,1?5.00 "'~ 1944 • 2/20~4'1 -1.550.00 3.,ooo.oo • 8/20/4,'1 -1.4'15.00 6,025.00 " 194'1 • 2/26/48 .. 1.4'15.00 3,ooo.oo • e/20/aa -1,400.00 . 5.8'15.00 1948 .. 2/20/49 -1.400.00 3, ooo.oo • 8/20/49 -1,325.00 5,'725.00 1949 • 2~20/50 -1,325.00 3,ooo.oo • e 20/50 -1,250.00 5,5'75.00 1950 • 2/20/51 -1,250.00 :s,ooo.oo • S/20/51 -~ .• 175.00 5.425.00 1951 • 2/20/52 -1,1'15.00 :s,ooo.oo • 8/20/52 -1,100.00 5,2'15.00 1952 • 2/20/53 -1,1oo.oo :s.ooo.oo • 8/20/53 -1.,025.00 5,125.00 { - 5 Ord. I 286 .-Pag e 4. YEAR INTEREST PRINCIPAL TOTAL 1953 Due 2/20/M -1,.025.00 3.ooo.oo· • 8/20/54 • 950.00 4,9'15.00 1954 • '2/20/55 -950.00 3.ooo.oo • B/20/5!5 -8'75.00 4,825.00 l9ri5 • 2/20/56 -8'15.'00. 0 3.,ooo.oo • 8/20/56 -800.00 . ~,6'15.00 1956 • 2/20/.5100.00 3,ooo.oo 0 8/2ti/57 4f2'5.00 •• 525.00 195"/ D 2/20/.58 '125.00 :s.,ooo.oo • 8/2Ji/5S 650.00 4,3'15.00 "" lt.68 " 2/20/59 -650.00 3,000100 •• • 8/20/59 5'15 .. 00 4,225.00 - 1959 ., 2/20/.&0 -5'15.00 3.ooo.oo • 8/20"/60 -500.00 4,0'75.00 1980 ... 2h0/60 -soo.oo 4,ooo.oo • 8/20.61 -400.00 4,900.00 1961 • 2/20/6~ ~ 400.00 '·090·00 • 8/20/62 -~oo.oo 4,700.00 1 1962 ., 2/20/63 300.00 4,.ooo.oo -.. 8/20.63 --300.00 4,500.00 1963 " 2~20~64 .. 200 .. 00' 4.ooo.oo • 8 20 64 .. 100.00 4,3oo.oo 1964 • 2/20/65 -100.00 4.ooo.oo 4,1oo.oo In order to produce the necesaa~ amount tor the payment o~ princlpal a nd interest on said bonds, there ia he~by leTied for the current ,ear upon all taxable property in said City a tax o~ and at the rate of' ten cents (10.¢') on the 8De Hundred Dollars' valuation, and atmually thereafter the amoant ot tax shall be camputed which will be sufficient to produce the amount named above in each of the y ears respectively. a nd such taxes sha ll be assessed and collected a~d when collected shall be applied to purpose named and no other. SB:CTIOB 12• IT 'IS FURTHER CEDAIDD tha t in order to pay the interest accruing on said b onds a nd becoming due August 20th., 1925_, there s hall be and there is hereby appropria ted and s e t aside out of the general funds of sal. d City of Lubbock!' Texas, the sum of Three Thousand One Hundred Twenty Five Dollars (~3,125.00) . - the SECTION 13. IT IS FURTHER ORDATI[KD tha t F.R.Frien4, Ka yor of said City, shall be autr.orized to t a ke and ha ve charge of all necess ry records pending investigQtion by~e A\torney General and .sha ll take a nd ha ve charge and control of the bonds herein a uth orized pending their ~proval by the Attorney General a nd registration by the Comptroller of Public Accounts~ SBCTION 14. The fact that the City o~ Lubbock is in urge nt nee~ of the Street improv~e nts herein contempla ted. crea tes an emerge ncy a na7~perat1Te nee~ssity that the rule requiring ordinances to be rea d on two separate days before ~inal passage be suspended, and such rule is h ereby sus• pen4ed• and it is orda ined that tbia ordinance ~ha ll take effect a nd be in force immediately upon its pas3age and approval. PASSED• this---day ot ---------' lm-5. APPROVBD 9 this day o~ t 1925 • ..... ATTES1'f F.R.Friend Kayor, City o~ Lubbock, Texas. J .R. Germany, C 1 ty S e·creta ry.