HomeMy WebLinkAboutOrdinance - 302-1925 - Issuing Of Bonds In The Sum Of 150,000 Bearing Semi-Annual Interest. - 05/28/1925CJ
ORDIB'AJJCE :1'0. 302
All ORDINAXC:tc WBBBEBY '!'HE Q.1IIS7IO:V OF E IUIBG BOBDS 07 !HIS CITY IN THE
SUI 07 $15o.ooo.oo bearing semi-annual interest at a %ate not greater
THd 6 RR CBJIT.-SUCH BOBDS PAYABLE SERIALLY OVER A PERIOD lfD'f GREADR
THAX FOM'Y YEARS I'ROJl D >\TE OJ' ISSUABCB FOR THE PURPOSB OF EXTEliDiliG
Alm DIPROVING THE SAlllt'ARY SEWER SYSTD OJ' THIS CI1'f .. KAY :BB .ISSUJm
FIXING THE DATE Alm PLACE O:P SUCH BIJJ:CTIOJJ, PROVIDIHG FOR NOTICE THEREOF•
!BE DATE AliD PLACE OF SUCH ELECTION, PROVIDING FOR llOTICE THEREOF,
APPOIN'l'ING THE OFFICERS TO HOLD THE S.A!JE• ABD DECLARiliG EUERGEliCY ON
ACCOUBT OF THE NECESSITY 07 DIPROVEIIEli'lS Ili SUCH SYSTEM BECAUSE OP
THE IJiCREASE OF PEOPLE TO BE SERVED tBEREBY •·
:BE IT ORDAINED BY THE CITY Q) DISSIOll OF THE CITY OF LUBBOCK, DXASJ
Section 1., An electi on is hereby ordered to be held at the Cit1 aall
in this ~ity on the 2nd day of July a t the usual hours, whereat the
duly qualified property taxpaying voters of this Citymaydeter.mine 1~
bonds of the City sha ll be issued as herea fter s ·et out.
section 2. Such bonds shall b e in the sum or $15o.ooo.oo and bear
intere s ~ pa ya ble semi-annually a t. a r a t e not greater than 6 percent
which mature over a period not grea t e r than forty year.s 'for the pur-
pose of extending and improving the Sadtary Sewer System ot this City
and the denominations of $1,000.00 each. A duly aert1fied cop7 ~~ t~
Ordinance publia~ed in a newspaper in this City and posted at three
public places within the City. as requi~ed b.Y law, for thirty days pre•
ceding such election, e~ll be sufficient notice thereof.
Section3. Those desiring to vote in afvor o~ the issuance of such
bonds shall have written or printed on their ballots •ror the issuance
of $15o.ooo.oo of Sanitary Sewer Bonde and for the levy ot a tax
sufficient to pay the interest as 1t accrues, and for a sinking fund
to retire the bonds at their matur1t7"• And those opposed to the
issuance of such bonds shall have written or prin~d on their ballots
"Against the issuance ot $15o .. ooo.oo sanitary Sewer .Bonds and the
levy of a tax su~f1c1ent to pay the interest as it accrues. and for a
sinking fUnd to retire the bonds at tbe1rmatur1ty-. and• it a maJority
of the voters, voting in such election shall vote 1nllvor of the issuance
of such bonds• srume ~ill be issued• and a tnx levied upon all property
within this City subject to taxati on sufficient to pay the interest as
it accrues. and to crea te tt sinking f und to reti re such bonds at their
maturit7.
Section 4. The following persons a re appoilted as judges to hold such
elections w.s.cla rk and H.D.Woods n n d they sha ll make r e turn ot
GUch election as is required by l aw.
Section 5. The tact tha t thP-re a re n ot eu!ticient sanitary sewe r l ines
a nd disposal pla nts for the neei of t h e citizens of this City creates
~n emergency and public necessit7 tha t the xule of the Charter requiri~
Ordinances to b e r ead in two severa l meetings before passage be,
and the same, is hereby suspended.·a nd this Ordinance passed by unanimw a
vote at the meeting o"f its introduction. 'Uld it is so ordered.
PASSED ABD APPROVED this the 28th day of May• 1925.
ATTES1't
J'.R •. Germa.ny. City Secretary;.
City of Lubbock, Texas.
FJR• Friend
Jlayor.
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