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HomeMy WebLinkAboutOrdinance - 288-1925 - Bond For Sum Of 25,000. Improving Sanitary Sewer System - 02/20/1925.... ~ f ORDIBABCE NO. 288 __ ..,. .... Alf ORDINA:NCE B -THE CITY CO!DUSSION OF THE CITY OF L~OCK, TRXAS• AUTHORIZING THE ISSUANCE 07 BOlmS FOR THE PRIBCIPAL SW 08 . t 25,000.00 J'Olt THE PURPOSE ag EX1'E.BDING Alm IKPROVDfG THE SAXITARY SEWER SYSTEM OF THIS CITY PROVIDil:TG FOR THE LEVY., ASSESSUENT AND COLIBCTIO'N OF A SUFFICIEft TAX TO PAY THE DTTEREST AND CREATE A SI:NXING FUJfD FOR THE REDEMPTION OF SAID BONDS AT lfA.TURITYt PRESCRIBING THE FOBM OF BOJ!Uh AND DECLA.RING AN EMERGENcY ACCOUNT OF THE URGE NT NE CESSITY FOR SM. D SEWER IMPROVEMENTS. WHEREAS, at an election held in the City of Lubbock, Texas, on th$ 9th day of December, 19~4, a majority of the q~liried voters, who are property taxpayers of the City of Lubbock• Texas, vo~ing at said election sustai ned the proposition to issue the ?onds hereinafter des• eribed for the principal sum of $2s.ooo.oo by a vote of 119 votes, a nd which earri ed b y a maJority vote of 113 in f'a.vot-the reo~, b ei~g •For the issuance of $2 5.ooo.oo Sanita ry Sewer Bonds.• THEREFORE, BE IT ORDAINED BY THE CITY COMliiSSION OF THE CI'rY OJ' Ltr.BBOCX, TEXAS~• Section 1. That the bonds of said City, to be called nciTY OF LUBBOCK SAlUTARY SEWER BO:NDSt SERIES 1925• be issued under and b y virtue of the Constitution and laws of the State of Texas and the Charter of the City of Lubbock. ~exas, for the purpose ot extending and improving the sanitary sewer system of this City in the principal sum of Twenty ~ive Thousand Dollars ($25.ooo.oo). Section 2. That said bonds shall be numbered consecutively from one (l) to twenty five (25). inclusive, and shall be in the denomination ot One Thousa nd Dollars (tl.ooo.oo) eaoht aggregating the swm of Twenty Five Thousand Dollars ($25.000.00}• Section 3. Tha t they shall be dated February and due a nd payable aerially as tollowsa shall become BO.ND NOS. KATURITY DATES A!IIOU:NTS 1 Februa ry 20th• 1941 t1.ooo.oo 2 Februa.ey 20th• 1942 l.')oo.oo 3 • 20th. 1943 1,ooo.oo 4 -tt 20th, 1944 1.ooo.oo . 5 ·. .. 20th,, 1945 1.ooo.oo 6 • 20th. 1946 1.ooo.oo '1 0 20th. 194? l,ooo.oo e .. 20th._..l948 1.ooo.oo • " 2 01h •. 1949 1,ooo.oo 10 ... 20t.h, 1950 1.ooo.oo 11 n 20, 1951 1.ooo.oo 12 tt 20th. 1952 1,ooo.oo 13 • ?.Oth• 1953 l,ooo.oo 14 n 20fib,"l954 1,ooo.oo 15 . ' . 20th. 1955 l,ooo.oo 16 • 20th. 19>6 1,ooo .. oo 1tl .. 20th. 195'7 1,ooo.oo 18 • . 20th, 1958 l,ooo.oo 19 • 20th. 1959 1.ooo.oo 20 • 20th. 1960 1.ooo.oo 21 .. 20th, 1961 l.ooo.oo 22 • 20th.· 1962 1,ooo.oo 23 • 20th •. 1963 ., l,eoo.oo 24 • 20th~ 1964 . '-l,ooo.oo 25 • 20th •. 1965 ~~ooo.oo , '1 .. j .,,!' Section 4. Th a t the-y sha ll be ~r inte~rest at the rate-or Tive per centtml (5%) per annum. p~yable oemi•annually on the 20th day ot Auguet and the 20th day of Febru~ry of each year. · Section 5. i'ha.t the principal and. intere~t of said serlee of bonds shall be payqble in lawful money o£ the United States or America upon presentation and surrender of bond or proper coupon at the Hanover llational Bank, New York City, New York. Or d. II 298 -Page 2. Section 6. Tha t each of said bonds sh~ll be signed by the Kayor countersigned by the City Secretary. and registered by the City Treasurer, and the corporate seal of the City of Lubbock shall be tmpressed upon each o~ said bonds. Section 7. Iha t the facsimile signa ture s o~ the Mayor and City Secret ~ry ma y be lithographed on the coupons a ttached to said bonds~ a nd shall h ~v e the same effect as if they had been signed by them. Section B. No. __ _ The roDn of said bonds shall be substantially as followe1 ~l.ooo.oo UliiTED STATES OF MERICA STATE OF TEXAS COUNTY OF LUBBOCK CITY OF LUBBOCK SANITARi SEWER BOI-ID SERIES 1925. DOW ALL lmli BY THESE PRESEBTSI That the City of Lubbock in the County of Lubbock, S~ate of Texas~ a municipal corporation duly incorpor ~ted under the laws of the State of Texas. for va lue received• he~ by promise e to p a y to the bearer hereof on the 20th da y of February~ 19 , the sum of OEE THOUSAND DOLLARS (~1.000~00) in lawful money of the United States of America, with interest thereon from dat e hereof at the re~te of five per centum (5~J per annum~ interest pey~ble semi-annually on the 20th d a y of August and the 20th day of Februa ry of each year, principal and interest pay a ble upon pres- entation and surrender of bond o~ proper coupon a t the Hanover Na tional :Bank, Hew York C 1 ty. lfew York,· and the ~i ty ot Lubbock is hereby held ad. fi~ly bound, and its ~aith and credit, and all rea l a nd personal property in said City9 are hereby irrevocably pledged ~or the prompt payment of the principal of this bond and the interest thereon a t maturity. THIS ~aND is one of a s e ries of t wenty five bonds, numbered~on­ eecutively from one (1) to t wenty five (25)• inclusive, in the denom- ination of One Thousand Dolla rs {$1,0 0 0 •. 00) e a ch, aggregating 1\venty Jfive Thousand Dollars (25,000.00} ia sued for the purpose of extending and improving the aanita ry sewe r sys t em o~ t h is City, under and by virtue of the Constitution and laws of t h e S tate of Texa s and the Charter of the City of Lubbock. Texas. a nd in pursuRnce of Ordinance No. 288• adopted by the City Commission of the City of Lubbock. Texas. on the day of Februa ry. 1925• a nd recorded in Book 3• pa ge 345 et seq., or-ihe Kin- utes of said CityCommission. IT IS HEREBY CERTIFIED AND RE CI TED t ha t the issuance of thie bond• and the series of which it is a p · rt, is duly ~ut~orized by law and by a vote of the qualified property taxpaying voters of the ~ity of Lubbock. Tex:,)s. voting at an election held fo r thr.>t r.urpose within said City on the 9th day of Vecember.-1924.J that $.li. sets CtJndi tions e.nd things required to b e done precedent to and in the .ieriance of this series of bonds, and of this bond• have been ~roperly done and perfD~ed and have happened in regul ~r and due time, form a.nd manner as required by law; thRt sufficient a nd proper provision for the levy and collection of taxes has b e en made which when collected ahall be approp~ated exclusiv e l y to the p ayment of this bond. and of the s e ries ot which it is a p ~rt~ a n d to the payment of the interest coupons hereto annex- ed as the s am e shall became due; ~nd tha t the total indebtedness of said City of Lubbock~ including the entire series of b onde o! which t h is is one, does not exceed any constitutional oT s tatutory limita tiou. IN WITNES S VTHEREOF, THE CITY OF LtrnBOCK, by 1 ta ~1 ty Commissf. on, has c~used ita corpor ~te seal to be a~ltxed h e reto, a n d t ~is bond to be signed by its :Ma y or• countersigned by its City Secreta ry , o.nd reg ister- ed by 1 ts City Treasurer. and the ir1terest co up -:.ne here to a tta ched to be executed by the lithograp hed signa ture of the M ~yor of the City Secretary; the da te of this bond, in conror.mit7 ~ith the ordinance above r e ferre d to, b e ing the 20th d a y of Ye b r un ry, 1~5. --~ar..--y_o_r-,-e~"~'l""t_y_o"!!fr-wt-u .. b·b-o_c..,k-,_..,.T!'""'e-xa-s-.--- .. City Secretary, C 1 ty of Lubbock. I ' REGISTERED1 cliy Treasurer f c 1 ty of LUbblck Texas. Section 9. The form of coupon shall be substantially as followss lio. ____ OJl THE 20th DAY OF-------' 19. ___ • the City of Lubbock, Texas, promises to pay to bearer at the Han~ver National Bank• Hew York City, New York• the Blm of Twenty Five Dollars ($25.00), being six months' interest on City of Lubbock Sanitary Sewer Bond• Series 1925, No. • ~~ted February 2"th. 1925. Lyor. j City secretary. I '\ Section 10. The following certificate shall be printed on the back of each bond: OFFICE OF THE COJlPrROLL.'m STATE OF TEXAS. I HEREBY ·cERTIFY that there is on file and of record in my office a certificate of the Attorney ~eneral of the State of Texas, to the effect th.qt this bond has been examined by him as required by lnw and that he finds that it has been issued in conformity wi t h the Constitution and laws of the· State o~ Texas and the Ch~rter of the City of Lubbock, Texas. and that it is a valid and binding obliga tion upon sa~d City o~ Lubbock~ Texas, and said bond has this day been regi~ered by me. WITNESS JlY HAfiD AliD SEAL OF OFFICE, at Austin, :iexas~ this -· day of , 1925•· Comptroller of PUblic Accounts of the State o'f Texas. SECTION Jl. IT IS FURTHER ORDAlh"'ED BY THE CITY OOHMISSION OF THE CITY OF LUBBOCK, !EXAS 9 that while said bonds, or any of them, are ou-tstanding and uppa1dt in order to provide for the payment of principal o~,and interest on said bonds, there shall be, a nd there is hereby levied a tax on all the taxable on all the taxable property ia said City o£ Lubbock, Texa s, sufficient to produce the following amm; nts in the following yea rs, making due a.lloV1ance for delinquencies nnd coste of collection: DAR -INTEREST PRINCIPAL 'TOTAL 1925 Due 2/20/26 .: $625.00 $500.00 • 8/20/26 -625.00 $1,750.00 1926 .. -2£20/,2!2 -625.·00 500.00 • 8/20'/27 -625.00 1~750.00 192'1 .. 2/20/28 -6250.00 500,.00 • 8/20/28 625.00 1,?50.00 1928 .. 2/20/29 .. 625.00 500.00 .. 8/20/29 -625.00 1,750.00 1929 rt 2/20/29 -6250.00 500.00 .. 8/2()/29 625.00 1,?50.00 1930 tl 2/20/32 -6z&;.OO 500.00 n 8/20/32 ~2 0.00 1,750.00 '· { Ord~ ,-21fs~ Fage 4~ ------~ :;1. .... ., 1 YEAR . .._ .. ,.INTEREST PRINCIPAL ··rm Due 2/20/32 1 • 625.00 ~ "' 5~0 .. 00 1,750.0~ . .,. .. 8/20/32 -625 .. 00 , .. • . , .. 1932 .. 2/.20~33 -625.00 ~oo;oo .. 8/20/3r -625.00 1.750.00 1933 " 2/20/34 -625.00 500.00 ~ .. 8/20/84 625.00 1,.750.00 - 1934 ft 2/20/35 -625 .. 00 500.00 1,'750.00 J ·H 8/20/35' -625.00 f 1935 .. 2/20/36 I 625 .. 00 500.00. -It 8/20/36 -625~00 1.,-rso.oo . 2/.20/3~ 1936 " -~825.00 soo.oo " 8/20/Z? -'"62s.·oo 1.'150.00 193? n 2/20/38 -625.00 soo.oo 8 8/20/38 -625.00 1.'750.00 1938 .. 2/20/39 -625.,00. 500.00 :3111!0: • 8/20/39 -625.00 1.750.00 1939 • 2/20/40 -625.00 soo.oo " 8/20/40 -625.00 1.750.00 1940 " 2/20/41 -625.00 1.ooo.oo ~lllaM • 8/20/41 -6oo.oo 2.225.00 194~ .. 2/20/42 -600.00 1.ooo.oo .. 8/20/42 -5'75.00 2.175.00 1942 " 2/20/43 -575.00 1,ooo.oo It 8/20/43 -550.00 2.125.00 1943 D 2/20/44 -~eso.oo 1.ooo.oo •. 8/20/44 -t\'525.00 2.025.00 ' 1944 tt 2?0~45 -525.00 1.ooo.oo ., 8 20 46 -500.00 2*<:'25.00 .1ji• 2?00~46 1915' " -soo.oo 1.ooo.oo ·f\ " 8 20 45 -4'75.00 1.,975.00 . . 1946 .. 2/20/4'7 -i '15.00 .... 1.ooo.oo " 8/20/47 · -450.00 1.925.00 194'7 .. 2/20/48 .... 450.00 1,ooo.oo .. 8/20/48 -425.00 1.875.00 1948 • 2/20/4:9 -425.00 1,ooo.oo n 8/20/49 -400.00 1,825.00 1949 a 2~20,(50 -400.00 1,oeo.oo .. 8/20/50 -375.00 . 1, '175.00 1950 " 2/20~51 -3·75.00 1.ooo.oo " 8/20 51 -350.00 1,?25.00 1951 • 2/20/52 -350.00 l,ooo.oo " S/20/52 -325.00 1,675.00 1952 .. 2~20~53 -325.00 J.l-,000.00 " 8 20 53· -300.00 1,625.00 1953 " 2/20/54 -300.00 "l].; 0 0 0~_0.0 " 8/20/54 .. 275.00 1,575.00 1954 " 2/20/53 -2'75.00 1,o o o.~o " 8/20/55 -250.00 1,525.00 Ord. I 288 -Page s. 1955-Due 2/20/56 -250.00 1.ooo.oo " 8/20/56 -~25.00 1.4'75.00 1956 • 2/20/5., -225.00 1.-ooo.-oo • 8/20/5, -2oo.oo 1.425.00 195'7 • 2/20/58 -200.00 1.ooo.oo 1t 8/20/58 -1'75.00 1.3'75.))0 1958 " 2/20/59 -1'75.00 1-.ooo.oo • 8/20/59 150.00 1.325.00 1959 " 2/20/60 -150.00 l.,ooo.oo .. 8/20/60 .,.. 125.00 1.2'75.00 1960 " 2/.20£61 -125.00 1.ooo.oo " 8/20/81 ... 100 •. 00 1.225.00 1961 • 2/20/.d2 -100.00 •• ooo.oo " 8;20/12 -,5.00 1.1'75 •. 00 .< 1962 .. 2-20.G3 -?5.00 1,ooo.oo .. 8/20/63 -. 50.00 1.125.00 196~ " 2/20'/64 -50.00 l.ooo.oo • 8/20/64 -25.00 1.0'75.00 1964' • 2/20/65 -25.00 1.ooo.oo 1,026.00 In order to produce the neeasa.,ry amount f'o~he paym.ent of princ- ipal and interest on eaid bonds, there is hereby levied for the current year upon all taxable property in said City a tax of and at the rate ot ~wo cents (2¢) on the One Hundred Dollars~ valua tion• and annually thereafter the amount of tax shall be computed which will be sufficient to produce tbe amount named above in each ot the y.aara respectively, and such taxes ahall be assessed and collected and when collected shall be applied to the pur- pose named and no other. Section 12. IT IS FURTHER ORDAI1r,&D THAT in order to pay the interest accruing on said bonds and becoming due Au.gust 20th, 1925, there shall be and there is hereby appr~pria t ed and set aside ou' of the gene r al funds of sal d City ot ~bbocR• Texa s, the sum of' Six But.tdred Twenty Fi Ye Dollars ($625 •. 0<\J Section 13. IT IS FURTHER ORDATh'ED that F.R.Friend. llayor of said Cit7. shall b e authorized to tak e e.nd have charge of all necessaey records pending i nvestigation by the Attorney General and shall take and have charg e and contro.1 of" the bonds herein authorized pending their .fpprova.1 by the Attorney G ener-... 11 and registration by the Gompt:roller of "l'ubl1c accounts. Section 14. The ~act that the City o1 Lubbock is. in urgent need u~ the ean1tary sewer improvemet1;ta herein contemplated, creates an e:me.r.gency and an imperative publie necessity that the rule requiring ordinances to be read on two separate da.ys be:fore i"inal passage be suspended, and such rule is hereby suspended, and it is ordained that this ordinance sha ll take effect and b e in force ~ed1ately upon its passage and approval. Paseed9 thi& _ day of February, 1925. Approved. t h is day o~ February, l9a5 • .._ ATTESi't J' .R. Germanz City Seeretn.ry, C 1 ty of Lubbock, Texas. ii7or, City of Lubh> ck• Texas.