Loading...
HomeMy WebLinkAboutOrdinance - 308-1925 - City Commission Authorizing The Issuance Of Bonds For The Princile Sum 150,000 - 07/15/1925ORDINABCE rm. 308. All <JtDINAliCE BY THE CITY CCIDIISSION OF THB Clft OF LUBBOCK., TEXAS, AUTHORIZING 1'HE I ::-'SU.AllCE 07 BONDS FOR THE PRDCIPAL SUM OP $150.000.(J) FOR THE PtJRP , SE OF EXTlmDING Alm IMPROVING THE SAlliTARY SEV1ER SYS'BI OF SAID CITY; PROVIDING FOR THE LEVY, ASSESSMENT AND COLI..Ji:CTION (f A SUFJ'ICIEBT TAX TO P AY THE IN'tEREST A1ID CREATE A SINKING FU:ND FOR THE tiDEM:PTION OF SAID 'BONDS J:r iiATURITYJ PRESCRIBING THE FOBK OF l30NDJ Alf.D DECL4.RING AJl EJIKRGl;I~ECY Ol'l ACCOUNT OF THE NECESSITY OF IMPROVEMENTS IN SUCH SYSTEM BBCAUSE OF THE IBCREASE OF PEOPLE TO BE SERVED THEREBY. WHEREAS, at an election held in the City of Lubbock, Texas, on the 2nd day of July. 1925 •. a maJoriiy cf the aual1tied voters, who are property ~ayera ot the C 1 ty' o~ Lubbock, Texas, voting at said election suEtai r ed the proposition to issue the bonds here- inafter described for the pr1nc1p~l SUD of $150~000.00 by a vote ot 283 votas. and which carried b7 a ma4or1ty vote of 2?4 in favor there of • being "For the Issue.n<le of $1501 000.00 of Sani taxy Sewer Bonds." THEREFORE.. BE IT ORDAINED BY THE CITY OF LUBBOCK, TEXAS: section 1. Tha t the bonds of said City,. t.o be called "CITY OF LUBBOCK SAN ITARY SEWER BONDS, SERIES 2 OF 1925"~ be issued und er ~ by vi.Su.e af the Consti tutiotJ a nd laws of the ::>tate of Texas ~d the Charter of the City of Lubbock. Texas, for the p urpose o f extending a nd improving t he s a nitary sewer systPm of this City iq ll the princip al. sum of One Hundred l'itty 'fh oueand Dollars ($15o.oqo.oo). Section 2.-Tha t s a id bonds shall be numbered consecutively from one (1) to me hundred fifty (150) inclusive a nd shall be in the denomina tio n of One Thouoand Dollars ($l,.ooo.oo) eacll, aggreg ~ting the sum of On e Hundred Fi~ty Thousand Dollars {$15o.ooo.oo). Section 3. Th a t they shall be d a ted July 15, 1925. and shall be eome due and p e.ya~ aerially as tollowsa Bond lloa. Jlaturtt:y Dates Amounts 1 & 2 Ju17 15• 1936 $2 .. 000.00 3 & 4 • 15. 193? 2.ooo.oo 5 & 6 • 1.5, 1938 21 ooo.oo 7 • a • 15. 1939 2.ooo.oo 9 1: 10 • 15, 1940 z,ooo .. oo ll to 13, inc. .. 15t 1941 3.ooo.oo 14. to 16, inc. .. 15, 1942 5.ooo.oo 17 to 19, inc. • 15. 1943 3.ooo.oo 20 to 22, ine. • 15. 1944 3.ooo.oo 23 to_ 25, inc •. • 15 •. 1945 3.ooo.oo 26 to 30, inc. • 15. 1946 5.ooo.oo 31 to 35, inc. .. 15. 194'1 5.ooo.oo 36 to 40, inc. .. 15, 1948 51 0oo.oo 41 to 45, inc. .. 15. 1949 o.ooo.oo 46 to 50, ine. .. 15. 1950 6,000.00 -sl t-o 56, inc. • 15, 1951 6tOOO. 00 57 to 62, illC• • 15. 1952 6 9 ooo.oo 6~ to 68, inc,. ... 15, 1953 6.ooo.oo 69 to '74, inc. • 15. 1954 6,ooo.oo ?5 to ao. inc. • 15~ 1955 6tOOO.OO 81 to 8?, inc. " 15, 1956 '•ooo.oo 88 to 94, inc. • 15. 195? 71 ooo.oo 95 to lOl,inc .. .. 15, 1958 7,ooo.oo ~ -... OrcS.. I 308 .,. Page 2. 102 to 108, inc. 109 to 115• inc. 118 to 122, inc. 123 to 129. inc. 130 to 136• inc. 13'1 to 143• inc• 144 to 150, i n c. J'uly 15. • 15. .. 15, • 15. It 15 .• • 15, tt 15, 1959 19e0 1961 1962 1963 1964 1965 .. "' .,.ooo.oo .,.ooo.oo ?.ooo.oo '*ooo.oo ?,ooo.-oo ,.ooo.oo ?,ooo.oo Secti )n 4. Tha t they shall bea r interes~ at the rate of five per centua (5%) per annum, p a y o:tble semi-annually on the 15th day of Janua ry, and tJ&e 15th day of J'1J.ly of e ~eb yea r. Se ction 5. T h ~t t h e principal and interest of said serieo of bonds shall be payable in lawful money of the United States of America upon presentation and surrend e r :J f bond or prop er coupon $it the Han over Bationa.l 'Bank, .Ne \v York City., New York .. Seeti un 6. Tha t e a c h o 'f s a i d b onds sha ll be a1fS!led by the Mayor. countersigned by t he CitySecret ~r y, a nd ·registered b y the ~1t7 Treasurer, a n d the corp orate se a l of the City of Lubbock ohall be impressed upon e o:t ch of said b onds. Section ?. lh~t the facsimile signa tures of. the Hay or and City Secretary may be lithographed on the coupons a~ta ebed to said bonds, and .sbaJl have the same effect ac if they had been signed by them. Section 8~ That for.m of said bondo shall be aubot~nti a llyas followat liO ... ____ _ UNITlro STATES OF AllER ICA STATE OF TEXAS COUNTY 07 LUBBOCK e1,ooo.oo CITY OF LUBBOCK SANITARY S EWlrn BOND, SERIES 2 OF 1925. KNOW ALL lffiN BY THESE ~ESEBTSJ 'fhat the City ot' Lubbock, in the County of Lubbock. sta t e of Texa s , a municipal corporation duly 1n6or- pora ted under the l aws of the State o~ Texas, for ~lu e received, hereby promises to p a y to the bearer h e reot' on the 15th day of July, 1~ 5, the 8Uin ot' ~ OEE THOUSAND DOLLARS ($l~Ooo.oo) in lttwful money of" the United States of America, •7 i th interest thereon ~rom date hereof at the rate of five per centum (5%) per annum, interest payable semi-annually on the 15th day of January and the 15th day of July of e ~ch year, principal and inte r est paya ole upon presentation a nd surrender~ bond or prope r c ou p on a t the Ha nover Na tionrt l Ba nk, New York City, N~w York, a n d the City of Lubbock is h e reby h e ld and firml y bound, anrt its f a ith a nd cre d it, a nd all rea l a nd p -.rsona l prop "rty in s a i d "ity, !l r e h e r e by irrevoca bly ple,ged ~or the promp t payment of the prineipa~ of this b o n d and ~ inter<st thereon at ma turity. IBIS BOBD is one of a series of one hundred fiftl bonds, numbered cona- ecpt:ive:ty froa one (1) to one hundred fifty (150h inclusive, in the denomination of One Thousand Dollars ($l~ooo.oo) e·t ch• ~ggre ::~gaing One Hundred Fifty Tbouaan4 Dollars ('150.000.00), issued for the· purpose of extending and improving the aaDitary a~~er system of thia City. under a n d by virtue of the Constitution and laws of the State ot texa s and t he Chart ~r of the City or Lubboek, TeXAs, and in pursuanc e of Or d i nance No. 308~ adopted by the City ~ommission ot the City of Lubbock, Texas, on the 6th day of July, 1925, and recorded in Book 3, pa g e 390 et seq_., of the ll1nutes of' said City t;ommission. . - [ .._ • f· Ord. IJ ~OA .'J Page 3. IT IS HE REBY CERTIFIED AND RECITED that the issuanc e o:f this bond, and · the series of which it is a part,· is duly authorized by law and b.Y a vote o~ the q ualified property taxpaying voters of the city of Lubbock, Texa s. voting at an election held for th•'lt purpose vtithin said City on - the 2nd da y o f July, 1925; that all acts. conditions and things required to be done pr e cede nt to and in the ~asuance of this seriea ·of bonds, and of' thio bond• have been properly done and perf"ono.ed ~nd ha.·•,re happ ened in regu l ~r ~nd due time, form manner as required by law1 tha t sufficient and proper provision for the lev,r and collection of taxes has been made which when collected shall be appropriated exclusi~ely to the p~ent ot this bond• and of the series of·-which it is a part. a nd to the paymen-t of the interest coupons hereto annexed as the' same sl'1a.ll become dueJ and tha t the tot~l indebtedness o£ snid City of Lubboc k • including the entire series of bonds of which this is one, d~es not e x ceed any conat1t.u- tionnl or statutory limita tion. IB WITNESS WHEREOF• the City of Lubbock,· b y its City Comm i s Dion, has c~used it s corporate s e a l to b e affixed hereto~ a nd this bond to be signed by ita MB:J or c ounter signed by its City Secretary-. a nd reg istered b ·r i te City Treasurer, a nd the interest coupons here to a tta ched to be executed by the lithographed signature~£ the Ka yor a nd the City Secre t ar:'f ; the d ·~ t e of this bond• in con1"ormi ty with the ord ina nce above referred to. being the 15th day o'f Ju l y• 1925. COUN'I'ERSI GNEDt J .R.Get'ma.ny C1 ty Secre t a ry, C i t7 of Lubbock , Texns. REGISTERED a ' itay'or, City of Lubbock. Texas. City Treasurer, City Of Lubbock• Texa s. Section 9. Bo • ..__ __ _ The ~or.m ot coupon shall be substantially as follows: ~25.00 OB THE 15TH DAY OF • 19 , the Cit~ of Lubbook~~exaa• promise to pay to bearer at the Hanover lational Bank, Xew York City, Ne w York, the sum of Twenty F1ve Dollaro ($25.00). being six months 1 interest on City of Lubbock Sani~~ry Sewer Bond, Series 2 ot 1925, NO. , da ted July 15th, 1925. City S ecr c t ~:ry. Section 10. each bondt The fallowing certifica te shall be printed on the back of OJTIOE OF THE COMPTROLLER, STATE OF · TEXAS. I HEREBY CERTIFY tha t there is on file and of record in my office a certifica te of the Attorney-Genera l of the Sta.te of 'texa s to the effect that this bond h a s b e e n exam i ned by him as required by la:r. a n d that he binds tha t it has b een issued 1n confor-mity with the Constitution and lara oi' the State of Texas and the Charte r of the City of Lub'bock, Texas, a n d tha t it is a va lid and binding obliga t ion u pon sai d ~ity of Lubbock, Texa s, a nd s a id bond has this d a y b een r e gistered by me. -... I ~ITNESB MY HAND AJm SEAL 07 Ol?FICR,_ at Austin• Texas. this the day -of • 1925. Caap\roller of ~bile Accounts of the ~tate of fexaa .. .section 11. IT IS FUR'l'HER ORDAINED :BY THE ClTY OF LUB BOCK• TEXAS? Tllc.~ 1Vb1 l e sa id bonds., or any of them, are outstanding a nd unpa id• in order to provid~or the paymen\ of principal of and interest on said bonds, there shall bet a.nd. there is here now levied a ta..~ on all the taxable prop e rty in a'Ud C1t.y of Lubbock, Texas• sufficient to proouce 1he foll0\7ing amounts in t h e following yea rs, making due a lowance ~or delinquenc:t..ea a nd Cll s ts of eollectiona YEAR 1925 1926 192'7 1928 1929 1930 1931 1932 1933 1934 1935 1936 193? 1938 1939 1940 1941 1942 194:5 1944 1945 1946 1947 194 8 1949 1950 1951 1952 INTERE ST a • It • " • " " n .. n II " • • • n II • tt .. " tt n " " ft ,. 1/15/26 -7/15/26 .. l/15/2? 4!1 '7/15/27 - l/15/28 - 7/15/28 - 1/15/29 - 7/15/29 ... l/15/30 - i/15/30 '"' 1/15/:51 '"' 7/15/31 - 1/15/32 - 7/15/3 2 - l/15/:33 ... 7/15/33 - 1/15/34 • 7/15/34 • l/15/35 .. '7/1 5/35 • l/15/368 .. 7/15/36 - " 1/15/3? • 7/15/37 - 1/15/38 - l/15/38 - l./1.5/39 • 7/15/39 • 1/15/40 • 7/15/40 - 1)1).!;/41 • i/15/41 - l/15/42 - 7/15/,12 .. 1/15/43 - 7/15/43 - i/15/44 - '7/15/44 ... l/15/45 -7/lo/45 - i/15/46 - 7/15/46 - l/15/47 -7/15/47 .. l/15/48 - 7/ln/4B .. 1/15/49 - 7/).'5/49 ... 1/15/50 ... !1/1&/H ... 1/15/51 - 7/15/Pl - i/15/52 - "1/15/52 - l/15/53 - '7/15/53 - • "' • .. H • .. II $3,'150.00 3.750.00 3,'150.00 3~750.00 3t'750.00 3;'750.00 s.75o.oo 3-.'150.00 3,750.00 3.750.00 3,750.00 3,750.00 3.'750.00 3 ,'750.00 3;-?50.00 3~750.0 0 3,.750. 00 3,750.00 3.750.00 p,?so.oo 3~'750.00 3."150.00 :;.?oo.oo 3,700.00 3.650.00 3,650.00 3,600.00 3,600.00 3,550.00 3,550.00 3.5oo.oo s.soo.oo 3,425.00 3.425.00 3.sso.oo 3,350.00 3.2'15.00 3,275.00 3,200.00 3,a> o.oo 3,125.00 :;.125.00 :3.ooo.oo :3,ooo.oo 2.875~.00 2.8"15. 00 2.'150.00 2,'750.00 2.625.00 2.625.-00 2,500.00 2,.500.00 2.350.00 2,.350.00 2,200.00 2,2oo.oo PRINCIPAL $3.,000.00 3~000 •. 00 3 •. ooo.oo 3,ooo.oo 3~ooo.oo 3.ooo.oo 3.ooo.oo 3,ooo.oo 3,.ooo.oo 3.ooo.oo :;,ooo oo 3.ooo.oo 3.ooo.oo 3 .• ooo.oo 3.ooo.oo :;,ooo.oo ?.ooo.o-o 3.ooo.oo 3,ooo .. oo ~,ooo.co :;,ooo .. oo 3,000.00 3.ooo.oo :;,.ooo.oo 3,.ooo.oo 3.ooo.oo 3,.000.00 3.ooo.oo TOTAL $10,.500.00 10.500.00 1o,soo.oo 1o.soo. oo 1o,soo.oo 10,500.00 1o,soo~oo 10.,500.00 10.500.00 1o,soo.oo. 10,500.00 10.400.00 10,300.00 l.0.2oo.oo 10.100.00 lo,ooo.oo 9.850.00 9.'100.00 9,550.00 9,400.00 11,250.00 ll.,OOG.OO 10,750.00 10,500.00 10,,250·00 11,000.00 10.'700.00 ;1.0,400.00 .. \, -~ .~-1 Ord. I 308 -P.age s. 1953 due ~5/54 • $2.050.00 • 7/15/54 -2.o5o.oo " i./15/55 -1,900.00 " ?/15/55 -1,900.00 " ~5/.56 -1,750.00 1954 1955 1956 \195? 1958 • 7/15/56 ~ 1,750.00 " • ~15/57 -1,575.00 7/).5/.57 -1,575.00 " ~~58 -1,400.00 • 7/15/58 -1.400.00 Q l/15/59 1,225.00 ·.. ta 5s*v.59 -1,22s.oo 1959 ~~ -l,oso.oo · • 7/15 o -1,o5o.oo 1960 • ~15/41 -875.00 • 7/15/61 875.00 • ~5/62 -700.00 • ?1)5/62 -700.00 1962 • l/15/63 -525.00 • 7/15/63 -525.00 1963 • ~5/.64 -350.00 • i/15/64 -350.00 • 1/1.5/65 -175.00 • 7/15/65 -175.00 1961 1964 $3,000.00 3,.ooo.oo 3..000.00 3,000.00 3,ooo.oo ~~ooo.oo 3~ooo.oo 3,ooo.oo 3,ooo.oo 3,ooo.oo 3,000.00 3,ooo.oo $10,100.00 9~aoo.oo 10,500.00 10.150.00 g,aoo.oo 9,45o.oo 9,loo.oo 8,750./0 8,400~0 a,oso.oo '7,700.00 '7,350,.00 In order to produce the necessary amount for the payment of principal a nd interest on said bonds, there is h ere now levied for the current year upon al~ t~able property in said City a t ax of and at the rate of eleven cents (11.¢) on the One Hundred Dollars• valuation, and annually thereafter the amount of tax shall be computed which will be sufficient to produce the ~o u nt named in e a ch o! the yea rs respectively, and such taxes shall be assessed and collected a nd when collected shall be' appl~ed to the purpose named and no other. i Section 12. IT IS FURTHER ORDAINED that F.R.Friend• Kayor of said City shall b e a uthorized to '\ a ke a nd have cha rge · of all necessary records pen~gg investiption by the Attorney Genera l a n d sha ll take and have cl:J.arge a nd control of the bonds herein authorized pending their approval by the At torne7 Cleneral and registration by the Comptrolle~ ot Public Ace·ounts. ' Section 13. The fact that the City of Lubbock is in urgent need .ot improvements in the sanitary sewer system of said emergepcy and ~perative public necessity that the ru·le requiring ordinances. t .o be-read on two separate days before ~inal passage be suspended• and such rule is hereby suspended, and it is ordained that this ordinance ·s~ll take effect and be ~n force immediately upon its passage and approval. PASSED, this the --day of J'ul7, 1925. APPROVED -this the day of ~uly• 1925. F .. R.Friend layor, city of LUbbock,Texas. ATTEST I J.R.Germant City Secre ary• City of Lubbock, Texas.· (CITY SEAL)