HomeMy WebLinkAboutOrdinance - 364-1927 - Ratifying And Confirming Contract Entered Into Between Lubbock And Fairbanks, - 03/22/19270
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C I T Y B A L L
Cit7 of Lubbock, Texas,
~-2<_• 192'1.
~e Cit7 Commi•-ion of the Cit7 of Lubbock, Texas, wae convened~./
regular session in the Citr, Hall• in the Oit7 of Lubbock, Taae, on the ;2~'-'r',
da,J" ot :'.22;:z~ , 192'1, Present,-_.,_.,......, _ _..
Pillk L. Parrish, Mayor,
Comm1eeionera,
City Seareta17,-
-·-•· when. the following proceecUnge, among others, were had., to-wits _.-,,<. • . . ,.,. ....
Tht!f• ns offered for cona14erat1on and passage b7 the CiV Oommiaa1on
Ord.inance No..JG ¢ entitled, "Al ORDINANCE BATIFYllG AND CONFimillG OOMRACT
ENTERED lllTO B~Bm\YEER THE OI'J.'f or LUBBOCK. TEXAS. ABD FAIRBANKS, l40BSE ,.
00., OONTRAO'l'OR, FOR !l'HE FUHJISHIN'G OF OlmTAIN MACHIJfERY FOB THE ELEC!l'RIC LIGHT
PLANT IN AND FOR SAID CITY1 AUTHORIZING THE lSstJAHCE OF WARRANTS IN PAYMENT THERE•
FOR: LEVYING THE NECESSARY TAX TO PAY THE Ilfl'~T Am> PROVIDE A SINKING RJND TO
RmIRE SAID WABRANTS A'l' ?JATURITT: AND DECLARIHG AB EMERGENCY''.
J.1oT9d )7 Commiseione~ ,&~econded b,r Oomm11aioner~
that the ordinance be read ~ll. :Mooiicariiecl, and the ordinance was~ fT
full b3 the Cit7 Secretaq.
MoYe4 "D,J-co ... 1aoloner f'i:ljjl~ oocoll4ed b1 Comles101111~
that the ordinance paa• first~ c:7--
m.s, Commialioners f ~, ~.,,L~ ff .(!jJ__{JA,._,,_4-~ ,4.(f'~ u~,~~-~-o·.~---~ /
Motion carried.
MoYe4. b7 Oommiaaione~.ea'rP~--• aeconded by OommiHioner~~~~!:e:'4
that the rules be nspeD4ecl and the ord~e placed on second read
G YEAS, ~ommisaionera ~ ~ .:;:;t:,t~(l .t':4,~~ ~ ~4,0~
• llAYSs Bone. ?7'. e;r· V~--,-. /7
..;')If ~oarried, and tho ordinance waa read b,-caption.
f{_ :MoYed b7 commis1ioner ~sic1'~ aeconded b,Y COD1111isaioner~
... that the "Ordinance be placed on third. and ~reaclinc by captions c:7~ , , . .,
YEAS, Commiuioners t?. #.~-o/~~ c.</4~
1lAlS: None. if· /
Dtion carried, and the ordinance was ap.in read 'b7 caption.
Moved br 0011111issione'"'t? ~~cond.ed by Conmissionere.A,1"..,__ --_/
tha.t the ordinance be tinalq&fs~ds C~
Y.&ASs Commisaionera .l'.7.#. #~Jl. a ~.P..-/'M~4~
llAYSs !Jone. p if. z:r--..-----, r
~or Parrilh then declared the ordinance finalq paued.
The ordinance follow•c
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Koved by Commissioner w.s. Posey, seconded by Commissioner J.H.Hankins
that the ordinance pass second reading:
YEAS: Commissioners J.H.Hankins, J.O.Jonee and w.s. Posey.
NAYS: None.
Motion carried, and the ordinance passed seoond reading.
"
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ORDINANCE IfO .J ~ £
AB ORDINAliOB BA.Tl fflNG AND CONFIRMING CONTRACT
Elf'l'El:m]) IBTO BY AND BmwDIJ THE CI!l'Y OF WUOOX,
TEW, AND J'AIRBAIKS, KOBSE & CO., COWllACTOR,
FOR mE FURNISHillG OF ClmTAill MACHINER? FOR THE
ELBC!l'lUC LIGHT PI.Al'! IB Am> FOR SAID Clffs AU•
!rBOBIZING THE ISSUAJICE OF WAlUWITS Ill PAYMENT
THEREFORs LffYIBG 'l'BB 'HECESSAHY TAX TO FAY THI
IBTBRES~ AliD PROVIDE A SIIKll'G WDD TO m1J1 IRE
SAID WARBABTS A.fl Jl1A'l'U'RlTY a AUD DECLARING AB
EMERGDOY.
WHEBFAS, the Cit7 Commi11ion of the Cit., of Lubbook, Texas, hall heretofore
determined the neoe1S11t7 tor 1ihe inetallation ot additional machine17 tor the eleotrlc
lig ht plaDt. in and tor said Cit7, and., 1n accordance with the provi1iona of Senion
27, Article IX, ot the Special Charter ot aid Cit7, on the 27th~ otJazmar,-, 1927,
recehed. competitive bid.1 for the turniahing ot eaid mach1Ae17; &ml,
WHEREAS, the Cit7 Commieeion OUlT&8Be4 laid bide and tolmd that the b14 ot
Fairltanke, Morse & Co. was the best 'bid rece1Ye4, aud 1n consequence thereof entered
into a contract with 1aicl l'alrbama, Mone 8o Co. on th• lat c1aT ot Febru&17, A. D.
192?, whioh O011traot 1a hereto ref erred to and made a part hereof; and,
WREl:l&S, said contract hu been br thia Oommiselon dul.J' considered &124
unclerstoods
:NOW, ~KEBEFOBE, l3E IT ORDAINED BY '1'.KE OIH' OF LUBBOCK, TEXASs
l. That Aid. contract be and. the same 18 hereb7 ratified, approved., con-
firmed and ad.opted as the aot and CODtra.ct ot aaid Cit7, and the same shall be re-
corded upon the Minutes of thie Comniaa~on, and said aum ot $,W,650.00 1e here'b7 made
and declared to be the lawtu.l de,_t ot said Oit7 of Lubbock, 'le.u.s.
2. 1'h&t. 1n aooordance with said contract, warrants of the Cit7 ot Lubboolc,
to be called "CITY OF Lt.JB.BOOJC BLECTBIO LIGHT PLAB!l' WA.1tBAl'l'S, SBRIES l OF 1927", be
ial!lud 1n the em. of P'ort7 Four 'l'h.oueand su Hlan4reci Fift7 Doll&ra ($44,,660.00), evi-
dencing the con1;ract price to be pa.14 Fairbank•, .Morse & co., Oontractor, br said Cit7
tor the turnillhbl& of •id machine17 in aocordance with said contract.
~. That sa14 warrants ab.all be numbered. from one (ll to forty five (46),
inoluei're, and •hall be in the denomination of One Thouea.nd Dollars (i 1,ooo.oo) each,
ucept Wanaa.t Bo. l shall be for Sa Hundred Fiftr Dollars ($660.00), ~ega ti.Dg the
sum of Porty Four Thousand Su Ibmdred Fiftr Dollars (~1 650.ooJ.
4. That th8J' lhall be dated Karch 25th. 192'1, and •hall becane due and P&T-
a~le serial.lT as tollowes
WARRMIT NOS•
l
2
3
4
6
6
'1
8 & 9,
10 I 11,
12 & 13,
14 & 16,
16 & l?,
18 & 19,
20 & 21,
22 & ~.
24 & 25,
26 & 27,
28 & 29,
SO & 31.
32 & 38,
M-& 35,
36 & 57,
38 & 39,
40 & 4lt
42 & 43,
44 & 46,
Jla8' 20th, 1932,
J4aJ' 20th, 1933,
Ma.1' 20th, 19M,
~ 20th, 1935,
Bair 20th, 1936,
Jlq 20th, 1937,
.liJaT 20th, 1938,
:U.,. 20th, 1939,
liq 20th, 194.0,
Uq 20th, l~l,
'Jlflq 20th, 1942,
.,_ 2~, lMI,
liq 20th, 19'-i,
-20th, 1M6,
~ 20th, 19461
liq 20th, 1947 •
:va.J' 20th, 1948,
~ 20th, 1949 11
_, 20th, 1960,
Kq 20th, 1951,
JI-., 20\h, 1962,
Jlal' 201.h, 196S,
lfq 2°'11, 196',
1411' 20Ul, 1966,
a.., 20th, 1966,
..,. 00th, 195?,
AMOUNTS.
t 650.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,0 00.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
2,000.00
5. lfhat aal4 •rrant1 ab.all bear interest from elate until paid at the
rate ot au per centum l 6%} per ann'Wll, pap.bl• Bovember 20th, 192'1, and. Nmi•amm&ll.7
thereafter on the 20th dy of Jf.q and the 20th 4.,-of Jiovember ot ea.ch y-.r, which
interest ia a pan ot tb.e contract price aereed to and sh&ll be evidenced bt coupons
a.Uache4 to each ot aa14 warrant•. Paet due interest lhall bear interest at~•
rate of siz per cemuj (6%) per annum from maturity until paid.
6. PriDoipal &114 interest of said. warrants mall be pa,yal,le in le.wtu.l mon8J'
ot the United Ste.tea of Amer:1ca. upon presenta1'lon and eurrender ot warrants or proper
~ A at the ?iatlonal Bank of CGlllllerce, Bn York 01117, Jiff Yodc. Bald warrant• shall
provide that in the eYent ot 4etault 1n the p&Jlllm:t of prineipal or in.tereat, and the
aame is placed in the halld.ll of an attorn97 tor oolleotion., or if collected by-legal
proceedaga of an, kiDd• an additio:aal amG\Ult ot ten per centun. (10%) on the principal
aD4 interest then due shall be added as attornq' a :reea.
7. Tllat the Cit7 of LU.bbock reserves the option of redeem~ said n.rrant11
on or before lfa.Y' 20th, 1928, b¥ p.,-1.ng principal and .. ccru.ed interest and 1n addition
thereto a premium of one per cent. (1%), and in case same ehall be called tor redemption,
v
notice thereot shall be given 'bJ' the Oit7 Secretal'7 of said Oit3 to the holders "7
publication ln THE JSOBD llUIBB, published at 67 Pearl Stree11• Rew Yon: CS.t7, New Yolk,
at lea.et ,h1rt7 ~s prior to the <late .fixed for redemption., and if same are not pre-
sented. for redemption, the7 aball cease to bear interest trom &n4 a.tter the da~• fixe4
tor redemption.
a. ftat aaid warrants ah&ll be eipecl b,y the MIQror, cOW1.teraSped b7 the
Oit7 Seoretaq and. regiatere4 'IV the Cit¥ i'ru.nrer, ara4 the seal of the Oity ahall
be 1mpre88ed upon each ot eald warrants. Fae elmile • ignature• ot '1ie Mqor aD4
Cit7 secretaq m,q be l:lthognphed upon the 1Aterest aoupon,.
Bo. __ _
9. The form of warrant ahall be aubataJttiall.7 as followa1
UIITED 9.?ATES OF AMERICA
STATE OF TEXAS
OOUNTY OF LtmBOOlt
Cliff OF WBBOCK ELE0910 LIGE PLAIT WARBABT,
$DIES 1 OF, 1927.
t 1,ooo.oo
THIS IS TO CERTIFY tbat the Oit7 ot Lubbock, a mv.n1o1pal oorpon.,lon in the
Count7 of Lubbock, and State of Tua•, under and 'b,T virme of a T"14 and subaiettng
con.tract, 1• Juatl3 inclebted to i'alrn.Dk•• Morse & Co., Contractor, ~te a •eip.a or
bearer. in the principal nm -of
(t 1,ooo.oo), 1n lawf'lll mone., of the Uni11ed States of America, with interest thereon
trom date hereof until pald, at the rate ot six per oenwm (6~) per amwm., interest
pqable .lovember 20"11• 192?, and aem1-annualJ¥ thereaf-er on the 20th da., of J1a¥ and
the 20th ~ ot Boffmber of each 7ear; pawt due interest eu.11 bear 1ntereet at the
rate of •ix per oen.t11n (6%) per ammm from maturiV until paid; both principal aD4
interest pap.l>le at the •ational BNlk ot Commerce, Bew York Ci1i7, Bew to~, upon
preaentation and eurrender ot warrant or propr ooupa1 &ZUl the Cit7 Treasurer of
•aid G1t;7 ii hereb7 au:thoriled, ordered u4 directed to TJ&7 to the said. Fair'banlca,
mone & oo., Coatra.ctor, it1 ae11SBna or 'bearer, at 11he said ll&ak, the •14 sum of
One 'lhouaan4 Dollars ($1,000.00), on. the 20th 4A3 of..,-, 19 , the date ot ma• --
turiv ot this warrant, 1n full settlemen1l ot the indebtednes• herel>T evidenced,
trom the "Specdal .Electric Light Plant Warrant Fu.ncl, Ser tea l 0£ 1927", ot aa.14 CiV,
leYial, asee••e4 and created for \hat pv.rpo•••
!
THE CI'fi OF LUBBOCK resenea the opt ion ot redeeming thia warrant on or
'before the 20th wq ot liq, 1928, b.T pa,-ing principal Ul4 accrual interest, an4 in
addition thereto a pr•ium ot one per cent, {]$), am in case ·same •hall be oalle4
for redemption notice thereof shall be g1Yen the holder br publioat1on in THE BOBD
WYEB, published at 6T Pearl Stree,, Bn York Oit7, Bn Yoq:, at least thirt7 da711
prior to the d&:t:e tixed. tor redempUon, and •hall ..eall cease to bear interest t.rom
and aner said date.
IT IS mmEBY eapeo1&ll.Y agreed that it th.le •rram, or UV" :ln.terest aou.pon
hereto attached, is not pat4 at maturitr, and the same ls placed 1D the hand.I ot an
attorney tor oolleotlon after maturit,1 thereof, or nit 1• tiled. thereon, or oolleot1on
mall• by' legal proceedings ot AD¥ kind, an additional cnount ot ten per oentum (lo%) oa
the priD.cipal and interest then due ehall 'be added as attorney• a f••••
TH.ts W.ABIWJT 1• one of a aeries ot f'ort7 five n.rrama, numbered couecutivel.7
from one (1) to tony five (46), incl~ive, in the denomination ot One irb.ouaaa.4 Dollars
li 1,ooo.oo) each, except IFarrant 110. 1 18 1n the dlNJOJ'DSaation of su Hundred Jift7
Dollua ( f 660.00}, agpeptilig the 8WII ot Forv Four 1'houaaad Su: Run4red. li'ifV DOllars
($W,660.'00), hned for the pvpo1e of evidencing the indebtedntsa ot the OU7 ot LUb'bos
to the if.id 1a·u'bank1, Moree & <lo., it• aaa1&na or bearer, for the furni•hing ot maohine17
for the eleciric lisht plant in and tor ea14 Cit7, 1n a ccordance with contract between
M14 Cit; and aa14 Contractor, under and by virtue ot the Conatitutlon and laws 0£ the
State of 'l9'&s, aD4 iu pursuance of Ordinance 110. 3 ~ ~ duq and leplJ.¥ adopted br
the cs.v CommiHioD of said 01t7 on t.b.-;;;2R~ 0¢:?;~A. D. 1927, and
recol'ded. in Book / , Pa&• ;2 ~ #;-et aeq., ot the Minutes of aid Oity Oommi nion.
!l?HE DATE of thie warrant• 1D contomlt,-with the <r 41nance aboTe mentioned,
ii March 26th, 192?, and U 1• here'b7 oertitled and reciied that all aota, conditlona
and thlDgs required to be done pnGede:nt to &n4 1A the iaeu.nce of thi• warrant and.
the series ot whloh it 11 a pa.rt, in order to make them lep.l, valid and b1nd1ZJ8' obli&a-
Uona of said. C1t7, have been done and. performed. and have happened 1n resul,ar and due
time, tol'III and manner. ae required b;r law, that the faith and ored.U, and all ot the
reaou.rae• ot said CU7. are here~ lrre-,·oca'bl.7 pl•d4r• tor the prompt pa,meat ot the
pr111c1p&l ot and interest on these warrants at maturi1i7; that 4ue pro•iaion baa been
made tor l4ff7lug am collectiDg annu&ll7 by' tuat1on an amount autfioient to pa.7 the
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interest on these warrant, a • it fall• due, and to proYide a 11nltine fund for the
final redeaptlon of_ said arrant• at maturit3; and. ,hat the 111•ue of warrant• of which
this ie one, togfther •1th all other indebted.nee, ot said 01v, is within eve17 debt
and other Um.it preeeribed bT the ConJtit,.tion and. laws of '"1e State of Tu.as, and b,1
the Oit7 Charter ot Rid 01,.,.
IB WITNESS WIIBBEOJ.P, the our Oomm1&819D ot the CU7 of Lubbock, Tua,, ha8
cau1ed the eeal of said O.t.t,1 to be hereto affixed and thie wa.rrant to be 11Cnecl b7 the
~or an4 countersSgned. b7 ~• CU7 Seoreuq, as of' the elate last: above written.
iiior • \:1\7 of Lub'iiodt, fuas •
OOUN'l'EiiSIGmi:D s
City Secreta17, Cit7 ot
Lubbodl:• Ta:a1.
m:GIS!JCBII), this the dq of , 1927. ------
The tom ot interest coupon aball \Mt n.b1tautia11T as tollowa;
No. ---$30.00
OB TD 20TH l>AY OF , 19 , ______ , ___ _..
the C1t7 of Lu'bbook, 'l'ez&1, her•bT promises , to p,q to Falrbamca, Morse le co., Oon1lracto:t,
U1 aaeignal or narer, at the l'latlo.nal Bank of Oomerae, Bew Tolic Ci\y, Bew York, the
8'QID ot !fh1:rt;r Dollar• (tz<).OO), aa14 swn beiDg six montha' 1ntereBt due that 11&7 on
Clff OF LUBBOCK m.EOTIUO LIGHT PLAB'l \fJRBm, SERIES l OF 192'7, lfO. ___ ,, dated Ma.rah
25.~ ... 1927, to which thil coupon ie attached amt. 1a a part thereof•
city Secr•t&rr•
iaior.
The followiDS" &H:18.amen,s 1lall be printed. on the baok of each of 8&14 warrante,
ASSIGDmll!IT.
THIS IS 'l'O OER'lin that F&ir)&Dlt1, Morse & Co. ha.a received the with1.n princi-
pal Eleotric Licht :Plant Wa.rraAt, and. ,he interest ooupons tllereto &m1•ed, from the CU7
ot Lubbocs, ~exas, and., tor Ta-1.ue received., here'b,y transfers. aaei&De, sell• and 4tl1vere,
without reoourae, to NI . -A. lqrick, all risht, title &D4 interest it has 1n and to the
same, &Zld also the proportionate part of said contract price and the debt due it, with
interest thereon, b.v aaid. Oit7, which ia represented 'bT the amount called for 1v thi•
principal warrant and the anna:ed. ooupon&J all4 said W, A. !.vrick is here"b;y 8Ubrogated to
0 I . '
all cla1me, liena 1 right or title, whether 1n law or 1n equity, which are or ma7 be
seoure4 to ea.id Fairbanks, M:orae & Co., 1n said. contract, and it hereby authorlae•
him to colleat the same and give full receipt &Dd acquitt&D.Ce there t 1n it• name.
FAIBBANK'.8 1 M.OH>E &i CO. 1 COB'l'RAO!OR,
----------
I hereb.r aseip1 eell and deliver, nthou-reoourae, to bearer, all right,
title &D4 interest I haYe in. and to the above mentioned warrant &D4 a.nn.exed. ooupou.
10. Bald warrants •ball be executed and deliYered tlo aa.14 Oon"tractor on
eetimate to be allowed b7 the Cit," Oommlsaion when said uchinel'J' bas been delivered
in aa.id Ci v ot Lubbock and .ooepted bl' the 01 v Oommi11ion.
11"' lf IS ~JUlB OBDA~ that a -~ be and tJl,e same 1• ~ere9_~ and.
created and shall 'be set &IS.de and. deaisll&ted al "SFlllCIAL ELW!BIO LIGHT PWT WARRAB'?
WllD, SERIES l OF 1927", which tw:Ld when· aolleoted •ball be 11.,ect. to pq the interest
and prcTide the neceaear,r einld.ng fund to pa7 aa14, warrants at ma.tu~t7, and for no
oilher l)Ul'pONJ that to create eaid fund ,to Pa:r the interest on eaid warrant, and oreate
,,
a sink~ -~ s~t1cient to redeem than at maturity, a tax o.f' and at the rate of tour
cents (4¢) on each 0 100.00 Yalnation ot all tazabl• propert'J' 1n sald <1it7, shall b•
annulq lfl'S.ed. on Rid pro.party ant N$1111&~~ aseeesed and collected, or so mu.oh thereof
as ab.all be .n~o"_a 9az7, or in a.4<11 t1on therno as 'ffW¥. be re.quired, Ullt 11 said.• warta.nta
with interest thereon h&Ye been f'ul.13' paid; and the said. tax of fcnir cents (4¢) is here
' , now leYiied for the ourrent year, and i,o much .thereof ae shall be ne.ce~sa17, or in ad.di•
tion thereto as _,. be required, 1a here-now l,eYied for eacll sucpeed1ng y•r wh1le •id
warrants or an-r of ,than a~e ?Utsta:M.inB, a.D4 the same eball be ammal~ asses•ed and
collected and applt" to the purpoee Damed.
12. Ill! IS ruR'l'HER ORDAlllEP that in addition to the ad Talorem tu. levied to
P88 the interest on .. id nrn.n te and 110 provide a sinking f\1nd to redeem them at ma-
tu.ri 'lit, the revenue der1Yed from the operation ot the eleotrio light , plant of the 01"7
of' Lubbock. ~xas, or so .amch ihereot &B ahall be negesear,, i• hereby irrevooabq
pledged to pa:, the interest on and principal ot said warrants at their respective
maturities.
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13. The tact that the 011;7 of Lu,bboak i• in urgent need ot electric
Ust,.t ez-t;ensiona on &ocount of the rapid growth of the c1v, oreatee an emersen.CJ'
and. an imperative public nece11it7 that the rn:,..e requiriflg ordinances to be ru.d
at more than one meeting of the 01'7 Oommiesion be suspended, a.nc1 iii ia so ordained,
&Jl4 1ih1s ord.1DA!lae shall take etteot an4 be 1n force trom and after its paaUBe and.
approval.
PASSED, this th.:?£~ ot ?zz~, .A. D. 1927.
aPROVED, thh th~o?~ctq ot ~ • .A. D. 1927.
£~~-~~
lOITY SEAL)