HomeMy WebLinkAboutOrdinance - 326-1925 - Ratifying And Confirming Contract Entering Lubbock And Fairbanks, Morse CO. - 12/11/1925•
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A!l ORDIBABCK RATIJ'YillG AliD COBFIRJUNG CONTRACT DTEHBD· IBTO BY AID ~ ..
BET\'7EEB THB CITY OF LUBBOCKt TEXAe. AND FAIBBANKS MORSE & CO. .
CONTRAC!ok FOR THE FlJRNISHING OF AJl .ADDITlOlJAL tmlT FOR THE ·
ELECTRIC LIGH% PLAJIT Ill AliD FOR SAID CITTt . AUTHORIZING THE ISSUANCE
OF VT.ARRABTS IB PAliiEft tBEREFORI lEVYING THE NECESSARY '!A'X TO PAY
THE IBTBRES1' Alm PROVIDE A SDKDG FtJlm TO RETIRE SAID WARRANTS f ; AT llA'l'UBITTa AliD DECLARING AB EMERGDCY•
WHEimAS1 the City Commission of" the City of Lubbock, 'texas• batt here-
tofore det'erm-1ned the neo-essi ty ror the 1nstalla tion Dt aD addi t1onal
.unit for the electric light plant in and fo~ said City. and, in
accordance with the provisions of Section 2'/• Article IX,. of' the
Special Charier of said 01 ty. caused to be-published in 'fl?.e Lubbock
A~lanche an advertisement Qalli ng ror b1d9 for the 1U~ieh1ng o~ said
unitl aad, ,
, 1 ! .
WHEREAS : t~e City Camm1ss1on recei~d and canvassed bids and found that
the bid'of Pa1rbanke, Horse & Co., was the best bid recei~ed, and in
consequence thereof entered into a contract with said Fairbanks, Uorse
• tr po. on the .. ··-2'7th da y of '«ember, 1925, which CODtraet ls hereto -refeb~
.red to and made a part hereo~J and,
V'HEREAS, said contra ct has been by this Commission duly considered and
understoOd I
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llOW THERUORE BE Itt PRDAIIBD BY THE CITY .0~ LUBBOCK, 1'EXAS. f
1. That said contract be and the soome is hereb7 rat1£1ed9 ap proved,
conf11"med and adopted as the act and contrac t of" said City, and the
same shall be recorde~ upo.n the Jlinutes or this Commisst.on, and s a id
sum o~ $60;f)OO.OO 1e hereby ma"de and declared 'to be the lawful ..debt of
aai d City of Lubb.ock9 Texas. _ ~
2. That, in aocQrdance with said contract, warrants of the City
of Lubbock, to be· called •ciTY OF LUBBOCK ELECTRIC LIGHT PLANt WARRANTS,
SERIES 1 OF 1926•,. be issued in the sum. of Sfxtb Thousand Dollars .
($6o.ooo.oo) evidencing the contract price to be pa id Fairbanks, llorse
& Co., Contractor~ by aaid City, for the furnishing of said unit in
a qcordance wit~ said contract.
3. That said warrants shall be uumberedtrmn one (1) to sixty (60)
inelusi~, and shall be in the denominati on of One Thousand Dollars
($1.000~00) each, aggre g a ting the sumo~ Sixty Thousa nd Dollars ($60,000).
4 • That they shall be d a ted J'm u a ry 1, 1926, and shall become due and
. p&7able serially ae ~ollo .. a
WARRAl\TT lfOS •. KATURI1'Y DATES. AKOUNTS.
l. J'anua ry 1, 1931 • 1,ooo.oo
2 • 1, 1932 1-.ooo.oo
3 • 1. 1933 t.ooo.oo
4 • 1, 1934 1,ooo.oo
5 • 1 .. 1935 1,ooo.oo
6 • 1, 1936 1,ooo.oo
'1&8 • 1, 193'7 2.,ooo.oo
9 & 10 • 1, 1938 2.ooo.oo
11 & 12 • 1, 1939 2,ooo.oo
13 & 14 • 1_. 1940 2;ooo.oo
15, lG & '£'1 • 1 • 1941 3.ooo.oo
18, 19 &: 201, • 1 • 1942 ,3,000.00
21, 22 «e ·23 • 1 • 1913 3_.000.00
24, 25 & 26 • 1, 1944 3_.000.00
2'1, 28, 29 & 30 • I, 1945, 4,ooo.oo
31, 32,33 ~ 34 • 1, 1948 4,ooo.oo
35, 36, 3?, 38 & 39 • 1, 194'7 5 _,ooo.oo
40, 41, 42,·43 &: 44 • 1 • 1948 s,ooo.oo
45, 46, 47, 48, & 49 •q 1, 1949 5,ooo.oo
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Ord. If 1S26 '-Page 2.
50. 51. 52, 53 & 54
55, 56, 5?~ 58, 59 & 60
~5~ooo.oo
6 •. ooo.oo
5. That -.14 warrants shall bea :: interest f ,rom da te until paid at
the rate of si.x per centum (6.) per aDDUID, paya bll? January 1, 192'1,
and semiannually thereafter on the 1st day of JUly and the 1st day
of Zanuary of e ~oh year, which interest is a part or the contract
price agreed to and ohall be evidenced by coup ons attached to each
of said warrants. Past due interest shall bea r interest a t the rate
of six per c.entmn (6~) per ammm from maturit;y until paid.
6. Principal -and 1nteres·1; ot Aid warrants shall be payable in lawtul
money of the United States of America upon presentation and surrender
of warrants or proper coUpons at the liational Bank of Commerce, Bew York City,
E'ew"' ¥6rk..-. Said warrants shall provide that ·in thee vent ot default in
the pa1111ent of principal or inte:rest, and the same i ·a placed in the
hands ot an attorney for eolleQtion. or it oolleeted 'by legal proceedinga
of any k1nd9 an additional amount of ten per centum (10~ on the
pr1D'3ipal and interest then due shall be added as attorney's fees.
?. Said warrants shall be signed by the Kayor. ~ountersigned by-the
City Seeret?ry and registered by the City !reasurer,. and the seal of
the City shall be impressed upon each of said warra nts. Facsimile
signatures of tbe Ma:y or end City Secretary may be lithographed upon
the interest coupons.
a. The form of warrant shall be sub.stant1ally as ~ol~owst
Bo. tl,ooo.oo
UNI~D STATES OF AMERICA
STATE OF TEXAS
COUBTY OF LtmBOC1t
CITY 0'7 LUJmOCK ELECTRIC LIGHT PI.ABT WARRAB1'.
SERIES 1 OF 1926.
THIS IS TO CERTIFY ~bat the City of Lubbock, a Jllllnicipal corporation
in the County of Lubbock• and State of Texas, under and by virtue of
a valid 8.ll4 a'balstlng contract. is justl7 i'ndebted to Jlairbanka• U:orae
&: Co., Contracto~ 1 ts assigns or bearer, in the principal sum ot . .
OBE DOUSAB.D DOLL.AR$
($1.,000 •. 00) in lawful money ot ~he United States o~ America, m. •h
interest,therean from date hereof un~il paid~ at the ~te of six per
eentum (6%) per aDDUm• interes t payable J'anuart 1 9 192'1, and semi•
· a nnua lly thereafter on the 1st day of J'uly and the 1st day o-t J'anuar7
or ea ch yea rt past due interest. shall bear interest at the ra\e ot
six per centum (6~ per annum from maturity until pa14J both prin-
cipal a nd intere s t p ayable at the Na tional Bank of Commerce," New York
City, Bew York,. upon presenta ti.on and surrender of warra nt or proper
coupon; and the City Treasurer JJt said City is hereby auth orized,
ordered and directed to pa y to the s a id F a irba n k s, Moree &:: Co.,
Contractor, its assips or bea ~r 9 at the s a id .Bank, the s a id sum of
One Thousand Dollars (t l.ooo.o~) on the lst day of J a nuary, 19 ___ ,
the da te of maturity ot this wa,rra nt. in :full settlement of t 'he
indebtedness hereby evidenced.~ the •special Electric Light Plant
Warrant lrund, Series 1 ot 1925• or sal d City levied, a aaease d and
crea ted for that purpose.
I~ IS HEREBY especi a lly agree4 ~hat if t h is warra nt, or any 'interest
coup n hereto attached, is not ~aid a t ma turity, a nd the same is
placed in the hands of an a tto~ey for collection after ma turity
thereof• or suit is filed there on, or collection made by ~gal
proceedings ot any kind, an additional amount of ten per 'centum
(10~ on the principal and interest then due shall be added 'as
attorney's fees.
J.
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Ord. j .~~ = pJge 3.
f
IHIS WARRABT is one ot a series of sixty warrant~ numbered fl"om one'
1) to sixty (60)• inclusive, in denamina~ion of One Thousand Dollars tl.oop.oo) e a ch, aggregating the sum of Sixty thousa nd Dollars
3 60,000.00) issued ~or the rurpose Df evidencing the iOdebtedness of
the City· of Lub bock to the sa id Fairbanks• Korse & C ct., 1 ts assigns or
bea rer. for the furnishing or an additional unit for the electric li ~ht
plant in a nd fo~aid City, in accorda nc e with contract between said
City and said Contractor, under and by virtue of the Constitution and
laws of the State of Texa s, and in pursuance of Ordinance No. ,
duly and le,.~l7 adopted by the City Commdseion of said ~ity on the
day of December, 1 ~ 5, and recorded in Book . ,. Page of
the JU.nutes ot said Commission.. -
The Da te of this wa r rant 9 in conformity with the ordinance above
menti oned, is ~a nuary lst,.l9261 and is hereby certified and recited
tha t all acts, conditione and things required to be done precedent to
~nd in the issuanee of this warrant have been properly done and
perfo~ed a nd h a •e happened in regula r and due ttme, fo~ and manner as
required by la w, a nd that the tota l indebte dne~s of said City, in-
eluding t h is wa rra nt a nd the series of wh ich lt is a p a rt, does not
exceed a ny co net! tut.iona l or statutory limita tion •.
INTE STIMOBY WHERE OF, THE Citr. Commission of the Uity of Lubbock, Texas,
has caused the seal of said ~ity to e hereto affixed a nd this
warrant to be signed by the Yayor and countersigned by the City
Secretary, as of the date last above written •.
&OUNTERSIGNEDa
City Secreta ry city of
Lubbock, Texas.
liypr, city ol LubbOck, texas.
REGISTERED• this the _ day or
-----· 192 6tt
city Treasurer. City of
Lu bbock, Texas.
Tbe form of interest coupon a ball be substantially as follows a
No. -
ON THE j at DAY O'F ------• 1 9. ___ •
the City of Lubbock, Texas, will pay to Fairbanks• Korse & co., Con-
tractor· ita assigns or bearer• at the National lank of Ca.mmerce 9
New York, N.Y. the sum of Thirty Dollars ($30.0~ being six months , ..
interest due tha t day OD CITY OF LUBBOCK ELECTRIC LIGHT PLANT WARRANT '
SERIES 1 of 1926• llo. dated J"ammry let, 1926, to which this coup&n
ia a ttached and is a part thereof'.
City Secretary. Ka.yor,
The :rollowj.ng assignments shall be printed on the back of each o~
said waua ntst •
ASSIGBMEE'J.'.
THIS IS '10 CERTIFY that Fa.irban ks, Morse & Co. bas received the
'within principal Electric Light Plant Warra nt, a nd t he interest ooupona
thereof' annexed,. f'rom the City of' Lubbock, Texas. a nd, for im.lue re-
ceived, hereby transfers, assigns, sella and delivers. without re-
course, to w.A. Kyrick, all right, title and interes t it ha s in a nd to
the same, and also the proportiona te part of said contract pric e
and the debt due it, with interest thereon, b y said City, which is
represented by the ~ount called for by this principal warrant and
the annexed couponsJ a nd said ~.A,Kyrick is hereby subrogated to all
cla~a. liens, right or title, whether in l.w or in equity, which are
or may be secured to B'lid :Fairbanks, Jlorse & Co, in said contra ct,
and 1 t hereby a uthorizea him to collect the eame and give f'U.ll receipt
and acquittance thereo~ in its name.
FAIRBANKS. MOhSE &: CO., ,Contracto:
Bj' ·.
...,.,1
~ . { }
O~d. I 326 • Page 4.
I hereby assign• sell and deliver. without recourse. to bearer. al.l
right, title and interest I have in and to the above mentioned warrant
and anne x e _d coupons. ·
•• Said warrants shall be e x ecuted and delivered to said ~ontractor
on estima te to be allowed b y the Cit7 Commission when said machinery
baa been delivered in said City o~ Lubbock and accepted by the Ci t7
-Commission.
lo-. IT IS FURrnlm <ltDAil.llED that a fund be and the same is hereby
made and crea ted and shall be set aside and designated as •SPECIAL
ELECTRIC LIGHT PLAn' WA.RRAJrr FlJXD,. SBRIES 71 "OF 1926", which fund when
collected shall be used to pay the interest and provide the necessa ry
sinking fund to pa7 waid warrants at maturity, and for no other
purpoae1 that to create said fUnd for the purpose of paying the
interest on· said warrants and providing suff'1c1ent fund to pay them ~
maturity, a tax of and at the rate of four and one h a lf cents (4i¢) on
the $100.00 valuation of all taxable property in said City shall b e
a nnu a lly levied• assessed a nd collected, a nd s a id tax is here now le•
v ied for the current year, and so much ~hereof as shall be nec-
essary for each succeeding year whi.le said warrants., or any of them,
a re outstanding and unpaid, and the same shall be annually 3 ssessdd
and collecte~ and applied to the purpose named.
11. IT IS FURTHER ORDAillED that in add ition to the ad valorem \ax
levied to pay the interes t on sa1 d warrants and to provide a sinking
fund to redeem them at maturity, the revenue derived from the Qper-
~tion of the electric light pla nt of the City of Lubbock, Texas. or
so much thereof as shall be necessary, is hereby irrevocably pledged
to pay the inte rest and principal of said warrants at their res•
pective maturities.
12. The fact that the City of Lubbock ia ·in urgent need o£ electric
light extensions on account of the rapid growth of the C 1 ty, creates
a.n emergency and au imperative public necessity that the rule re-
quiring ordinances to be read at more than one meeting of the ~ity
Commission be ~spended, and it is so ordained, and t h is ordinance
shall take effect and be in force 1'rom and af'ter 1 ts p assage and
approval.
PASSED• this the 11th day of December~ 1m 5 •
• APPROVED~ \h1~ \.J?.e 1~ th day of De~er• 1925.
ATTEST a
C'lty s eeretary.
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