HomeMy WebLinkAboutOrdinance - 309-1925 - City Commission Issuance Of Bonds Sum Of 50,000 - 07/15/1925ORDINANCE NO. 309.
AN ORDINANCE BY THE CITY COMMISSION OF THE CITY OF LUBBOCK, TEXAS,
AUTHORIZING THE ISSUANCE OF BONDS FOR THE PRINCIPAL SUM OF ~50,000.00
FOR THE PURPOSE OF PAVING, DRAINING AND PERMANENTLY IMPROVING THE
STREE TS AND AVENUES OF THIS CITY; PROVIDING FOR THE lEVY, ASSESSMENT
AND COLLECTION OF A SUFFICIENT TAX TO PAY THE INTEREST AND CREATE
A SINKING FUND FOR THE REDEMPTION OF SAID BONDS AT MATURITY;
PRESCRIBING THE FORM OF BOND; AND DECLARING AN EMERGENCY ACCO-~~ OF
SERIOUS EED OF PERJ!ANENT SURFACING OF THE CITY HIGHWAYS AND DANGER
AND INCONVENIENCE FROM FLOOD WATERS.
WHEREAS, at an election held in the City of Lubbock, Texas, on the
2nd day of ~uly, 1925, a majority of the qualified voters, who are
property taxpayers of the City of Lubbock, Texas, voting at said
election sustained the proposition to issue the bonds hereinafter
described for the principal sum of $50,000.00 by a vote ____ votes,
and which carried by a majority vote of in favor thereof,
being "For the issuance of $50,000.00 of Street Improvement Bonds.•
Section 1. "J."hat the bonds of said City, to be called •ci ty of
Lubbock Street Improvement Bonds, Series 2 of 1925, be issued under
and b y virtue of the Uonsti tution and laws of the State of l"exas
and the Charter of the City of Lubbock, Texas, for the purpese of
pa .ving, draining and permanently improving the streets and avenues .
of this City, in the principal sun of Fifty Thousand Dollars ($50,000).
Section 2. That said bonds shaih1 be numbered consecutively from
one (1) to fifty (50) inclusive, and shall be in the denomination
of the One Thousand Dollars ($1,000.00) each, agg regating the sum
of Fifty Thousand Dollars (J50,ooo.oo)
Section 3. That they shall be dated July 15th, 1925, and shall be-
come due and payable serially as followsf
BOND NOS. MATURITY DATES .A:M:OUNTS
1 & 2 July 15th, 1941 ,2,000.00
3 & 4 .. " 1942 2,ooo.oo
5 & 6 • • 1943 2,ooo.oo
7 & 8 • " 1944 2,000.00
9 & 10 ., " 1945 2,000.00
11 & 1.2 " " 1946 2,000.00
13 & 14 " " 1947 2,000.00
15 & 16 " • 1948 2,000.00
17 & 18 It " 1949 2,000.00
19 & 20 tt m 1950 2,000.00
21 & 22 " " 1951 2,000.00
23 & 24 tt " 1952 2,000.00
25 & 2'6 IJ " 1953 2,000.00
27 &: 28 " " 1954 2,000.00
29 & 30 It n 1955 2,ooo.oo
31 & 32 " " 1956 2,000.00
33 & 34 It " 1957 2,000100
35 &: 36 . " " 1958 2,000.00
37 &: 38 ff ll 1959 2,000.00
39 & 40 If• tf 1960 2,000.00
41 &: 42 C9 " 1961 2,000.00
43 & 44 rf tt 1962 2,000.00
45 & 46 It " 1963 2,000.00
47 & 48 , II 196 ~ 2,000.00
49 & 50 If n 1965 2,000.00
~
Section 4. That they shall bear interest at the rate of five per
centum (5%) per annum, payable semi-annually on the 15th day of ~an-
uary and the 15th day of July of each year.
--.. -•• ... ..
Ord. # 309 -Page 2.
Section 5. That the principal sum and interest of said series of
bonds shall be payable in lawful money of the United States of America
upon presentation and surrender of bond or proper coupon at the Hanover
National Bank, New York City, New York.
Section 6. That each of said bonds shall be signed by the Mayor, counte~
signed by the City Secretary, and registered by the City Treasurer, and
the corpora te seal of the City of Lubbock shall be impressed upon each
of said bonds.
Section ~, That the facsimile signatures of the Kayor and City
Secretary may be lithographed on the coupons att ~ched to said bonds,
and shall have the same effect as if they had been signed by them.
Section 8.
No. ___ _
The form of said bonds shall be substantially as follows:
UNITED STATES OF AMERICA
STA1'E OF TEXAS
COUNTY OF LUBBOCK -
CITY OF LUBBOCK STREET IMPROVEMENT
COND, SERIES 2 OF 1925.
$1,000.00
KNOW ALL MEN BY THESE PRESENTS: That the City of Lubbock, in the
County or Lubbock, State of Texas, a municipal corporation duly incor-
porated under the laws of the State of Texas, for value received,
hereby promises to pay to the bearer hereof on the 15th day of July,
19_, the sum of
ONE THOUSAND DOLLARS
($1,000.00) in lawful money of the United States of Americat with interest
thereon from date hereof" at the rate of five per centum (5%J per annum,
interest payable semi-annually on the 15th day of" ~a~uary and the 15th
day of July of each year, principal and interest payable upon presenta-
tion and surrender of bond or proper coupon at the Hanover Natbnal Bank,
New York City. New York, and the City of Lubbock is hereby held and
firmly bound, and its faith and credit, and all real and personal
property in said City, are hereby irrevocably pledged for the prompt
payment of the principal of this bond and the interest thereon at
maturity.
THIS BOND is one of a series of fifty bonds, numbered consecutively
from one (1) to fifty (50), inclusive, in the denomination of One lbous-
and Dollars -($1,000.00) each, aggregating Fifty '.L'housand Dollars
($50,000.00), issued for the purpose of paving, draining and ~ermanently
improving the streets.and avenues of this City, under and by virtue of
the ~onstitution and laws of the State of Texas and the Charter of the
City of Lubbock, Texas, and in pursuance of OrMnance 309, adppted
by the ~ity va:mmission of the Uity of Lubbock, Texas, on the 6th day of
.July, 1925, and recorded in Book 3, page 393, et seq., of the llinutes
of said City C ommission.
IT IS HEREBYCERTIFIED .~RECITED that the issuance of this bond, and
the series of which it is a part, is duly authorized by law and by a vote
of the qualified property taxpaying voters of the City of Lubbock, 'rexas,
voting at an election h eld for that purpose within said City on the
2nd-day of July, 1925; that all acts, conditions and things required to be
done precedent to and in the issuance of this series of bonds, and of this
bond, have been properly done and performed and have happened in regular
and due time, form and manner as required by law; that sufficient and
proper provision for the levy and collection of taxes has been made which
when collected shall be appropriated exclusively m the payment of this
11ond, and of the s erl!.:es of which it is a part, and to the payment of
the interest coupons hereto annexed as the same shall become due; and
that the total indebtedness of said City of Lubbock, including the entire
aeries of bonds of which this is one, does not exceed any constitutional or
stq tutory limitation.
'·
L
Ord. # 309 * Page 3.
IN WITNESS WHEREOF, the City of Lubbock, by its City Commission, has
caused its corporate seal to be affixed hereto, and this bond to be signed
by its Mayor, countersigned by its City Secretary, and registered by its
City Treasurer, and the interest coupons hereto attached to be executed by
the lithographed signatures of the Mayor and City Secretary; the date of
this bond, in conformity with the ordinance above referred to, being the
15th day of July, 1925.
COUNTERSIGNED:
T;R. Germany
City Secretary, City
of Lubbock. Texas.
Mayor, City of Lubbock.
Texas.
REGISTERED:
City Treasu~er,city of
Lubbock, Texas.
Section 9. The for.m of coupon shall be substantially as follows:
NO. __ _ $25.00
ON THE 15th Day of , 19 , the ~ity of Lubbock. Texas,
promises to pay to bearer& theJHanover National Bank, New York City,
New York the sum of Twenty Five Dollars {$25.00) being six monthst
interest on CITY OF LUBBOCK STREET IMPROVEMENT BOND, SERIES 2 OF 1925,
No. , dated July 15th, 1925.
J.R.Germany
City Secretary.
F.R.Friend
iayor.
Section 10.
each bond:
The following certificRte shall be printed on the back of
OFFICE OF THE COMPTROLLER,
STATE OF TEXAS.
I HEREBY CERTIFY that there is on file and of record in my office a
certificate of the Attorney General of the State of Texas to the effect
that this bond has been examined by him as required by law, and that he
finds that it has been issued in conformity with the Constitution and laws
of the State of 1'exas and the Charter of the City of Lubbock, 'J.'e:xas, and
that it is a valid and binding obligation upon said City of Lubbock, Texa s,
and said bond has this day been registered by me.
WITNESS MY HAND AND SEAL OF OFFICE, at Austin,Texas this the ____ day of
--------------' 1925.
Comptroller of Public Accounts
of the State of Texas.
Section 11. IT IS FURTHER ORDAINED BY THE CITY OF LUBBOCK, TEXAS, that
while said bonds, or any of them, are owtstan~~ng and unpaid, in
order to provide for the payment of principalland interest on said bonds,
~jre shall be, and there is here now levied a tax on all the taxable
property in said City of Lubbock, Texas, sufficient to produce the
following amounts in the following years, making due aDowance for delin-
quencies and costs of collection:
Ord. # 309 -Page{.-
Year Interest Principal Total
192!5 due 1/15/26 -$1,250.00 $1.000.00 $3,500.00 .. i./15/26 -1,250.00
1926 ' " 1/15/27 -1,250.00 1,ooo.oo 3,500.00
• i/15/27 -1,250.00
1927 " 1/15/28 -1,250.00 1,ooo.oo 3,500.00
" 7/15/28 -1,250.00
1928 tt 1/15/29 -1,250.00 :n,ooo.oo 3,500.00
It 7/15/29 -1' 250.00
1929 " 1/15/30 -1,250. 00 1,ooo.oo 3,500.00
" 7/15/30 -1,250. 00
1930 lit 1/15/31 -1,250.00 1,600.00 3,500.00
tt '7/15/31 -1,250.00
1931 " 1/15/32 -1,250.00-1,ooo.oo 3,500.00
lt rf/15/32 -1,250'.00
1932 .,. 1/15/33 -1,250.00 1,ooo.oo 3,500.00
It' 7/15/33 -1~250.00
1933 " 1/15/34 -1,250.00 1,000.00 3,300.00
II '7.15/34 -1,250.00
1934 It l/15/35 -1,250.00 1,000.00 3,500.00
II 7/15/35 -1,250.0 0
1935 0 1/15/36 -1,250.0 0 1,000.00 3,500.00
1t 7/15/36 -1,2 50.00
1936 tt 1/15/37 -1,250.00 1,ooo.oo 3,500.00
II 7/15/37 -1,250.00
1937 "' 1/15/38 -1,250. 00 1,oo o.oo 3,500.00
" !/15/38 -1' 250.00
1938 " i/15/39 -1' 250.00 1,ooo.oo 3,500.00
It 7/15/39 -1,250.00
1939 II 1/15/40 -1, 250.00 1,ooo.oo 3,500.00
" 7/15/40 -1,250.00
1940 " 1/15/41 -1,25".00 2,000.00 4,500.00
If '7/15/41 -].,250.00
1941 " 1/15/42 -1,200.00 2,ooo.oo 4,400.00
u ?/15/12 -].,200.00
1942 u 1/15/43 -1, 150. 00 2,ooo.oo 4,300.00
II 7/15/43 -1¢50.00
1943 1r 1/15/44 -1,100.00 2,000.00 4 ,200.00
It 7/15/44 -1,100.00
1944 tf 1/15/45 -1,050.00 2,000.00 4,100.00
tr· 7/15/45 -1,050.00
1945 11 1/15/46 -1,ooo.oo 2,ooo.oo 4~000.00
II 7/15/46 -1,ooo.oo
1946 II 1/15/4'7 950.00 2,ooo.oo 3,900.00
tl 7/15/4'7 950.00
1947 lt 1/15/48 900.00 2,ooo.oo :;;8oo.oo
n 7/15/48 900.00
1948 ,, 1/15/49 850.00 2,ooo.oo ~,'700.00
" '7/15/49 950.00
1949 tl l/15/50 -800.00 2,000.00 3,600.00 ,, 7/15/50 aoo.oo
1950 t t 1/15/51 .. 750.00 2~000.00 3,500.00 ,, 7/15/51 750.00
1951 I, 1.15.52 -700.00 2-ooo.oo 3,400.00
4f 7.15.52 -700.00
1952 .. l/!:5/53 650.00 2,ooo.oo 3,300.00
If '7/15/53 650.~0
1953 I)' 1/15/54 aoo.oo 2,ooo.oo 3,200.00
tl '7/15/54 600.00
1954 a· 1/15/55 550.00 2,ooo.oo 3,100.00
a 7/15/55 550.00
195!5 ·r 1/15/56 -5oo.po e_ooo.oo 3,000.00
" 7/15/56 500.00
1956 .. 1/15/57 450.00 2,ooo.oo 2,900.00
" 7/15/57 -450.00
185'7 .. 1/15/58 400.00 2,000.00 2,800.00
" 7/15/58 400.00
1958 • i/15/59 -350.00 2,ooo.oo 2,700.00
tt '7/15/59 350.00
1959 .. 1/!l~/60 300.00 2,ooo.oo 2,600.00
It 7/15/60 -300.00
"' . .
Or d. # 3!)9~Paj!G~ •
1960 due ~5~1 $ 250.00 $2,000.00 '2, 500.00 .. ? 15 61 250.00
1961 ... l/15/62" 250.00 2,ooo.oo 2,400.00
" 1/15/62 200.00
1962 .. 1/15/63 150.00 2,000.00 2,000.00 ... 7/15/63 150.00
1963 ... 1/15/64 100.00 2,000.00 2,200.00 • 7/15/64 100.00
1964 • 1/15/65 50.00 2,000.00 2,100.00 • 7/15/65 50.00
In order to produce the necessary amount for the payment of principal
and interest on said bonds, there is here now levied for the current year
upon all taxable property in said City a tax of and at the rate of four
cents (4¢) .on the One Hundred Dollars t valuation, and annually thereafter the
amount of tax shall be computed which will be sufficient to produce the
mmount named in each of the years respectively, and such taxes shall be
assessed and collected and when collected shall be applied to the purpose
named and no other.
Section 12. IT IS FURTHER ORDAINED that F.R. Friend, Yay of said City,
shall be authorized to take and have charge of all necessary records pendi~
investigation by the Attorney General and shall take and have charge
and control of the bonds here in authori~ed pending their approval by the
Attorney General and registration by the Comptroller of Public Accounts.
Section 13. The fact that the City of Lubbock is in urgent need of
permanent surfacing of the city highways, creates an emergency and an im-
perative public necessity that the rule requiring ordinances to be read
en 'two separate days before final passage be suspended, a nd such rule is
hereby suspended, and it is ordained that this ordinance shall t a ke
effect and be in force immediately upon its passage and approval.
PASSED, this the
APPROVED, this the
ATTEST I
J.R. Germany
City Secretary, City
of Lubbock, Texas.
{CitySeal).
d~ of July, 19.25.
day of July, 1925.
Mayor, City of Lubbock,
Texas.