HomeMy WebLinkAboutOrdinance - 445-1929 - Issuance Of Bonds $90,000 Street Improvements - 06/27/1929,j
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ORDINANCE AUTHO::lIZING ISSUANCE OF
:~90 1 000. 00 STREET IMPIDV3M: .. ;riT BO!IDS.
THE STATE OF TEXAS)
CITY OF LUBBOCK )
COUNTY OF LUBBOCK
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On this the 27th day of June, A.TI. 1929, the City Commissi0n
of the Oity o~ Lubbock, Texas, convened in regular session in the City
Hall, in the City of Lubbock, Tex~s, all membe~s thereof. to-wit:
H.D. Woods, Mayor,
J ,H, Hankins, )
A, V, Wea vet'• )
D.N, Leaverton 1 )
J,F. Bacon 1 )
Otlmmissioners 1
and W.H. R0 dgers. City Sec.reta.ry,
being present, and, among other business t~ansacted, the following ordinance
was passed:
''AN ORDINANCE BY THE CITY COMI\HSSION OF TITT CITY OF LUBBOCK,
TEXAS, AUTHORIZING THE ISSUANCE OF BONDS FOR. 1HE PRINCIPAL sm~ OF $90,000,00
IrnR THE PURPOSE OF THE CONSTRUCTION OF STP.EET UU'ROV.:!l.l:!l!rrs IN Al1"D ]'OR SAI:D
CITY: PROVIDING FOR THE IE:-VY, ASSESfil.l[ElfT A1'!D C OLL3CTIO:{ OF A SUFFICIENT TL-:{
TO ?AY THE INTEREST ON SAID BONDS ANTI TO CR J:ATE A SINKIBG FUND TO RJD2EM
TR3l~ AT MATURITY: :PRESC~IBING THE FORM OF BOND: .AND DECLl..RING AN _"'Jit~G....,NCY
ON ACCOUl'rT OF TH3 URG3NT NEC~SSITY OF S·TR ~ET IMPRO ·ma.Jirns."
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C mmissioner :/eave:r moved that the er dinanc e be placed on i ta
first reading; seconded by Commissioner Hankins, and carried by the follow-
ing vote:
Y-.lAS: Mayor \foods, Commissionet"s ·.reave.r, Hankins. Leave.rton and Bacon, _
NAYS: N ne. ,
Carried: ordinance placed on°first reading. /y
Conmisaione~ Leaverton moved that the ordinance p ass first
.reading; seconded by Commissioner Bacon, and carried b y the following
vote:
YEAS: Mayor Woods, Commissioners Hankins, Wea~er, Bacon a fid Leaverton.
NAYS: None.
Carried; ordinance passed first reading.
Conmissioner Weaver moved that the rules be suspended ani that
the ordinance be placed on second rea ~ing by caption; seconded by
Commissioner Bacon, and carried by the following vote:
\leaver and Hankins. YEAS: Mayot' Woods. Commissioners Leaverton. Bacon
1 '
NAYS: None.
Carried: ordinance placed on second reading by caption.
Comnissioner Hankins mov ed that the or·dinance pass second
reading; seconded by Commissioner Leaverton. and carried by the following vote:
and Weaver. YEAS: Ma yo .r ·.1o od s, C ommi ssi one rs Bae on, Ha n kins , Leaver 1l
NAYS: None.
Ca.tried: ordinance passed second :ceading,
Commissioner Leave~ton moved that the ordinance be nlacea on
tbi .rd and final .reading by caption; s econded by Commissi om r .leave?'. and
carrie d by the following vote:
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YEAS: Mayol:' ·woods• Commissionel:'s Hankins. Leave.rt on,
Bacon and Weaver.
NAYS: None.
Carried; the ordinance was again read by caption.
Commissioner Bacon moved tb.at the ordinance pass third and
final l' ea ding; seconded by Oommi ssio ner Weaver, and c art'ied by the
.following vot&:
YEAS: Mayor Woods, Co!Il'.Ilissionera Hankins, Weaver,
Leaverton and Bacon.
NAYS: None.
Mayor Woods tbeo dealared the ordinance finally passed.
Tbe ordinance fol lows:
ORDINANCE NO, 445
AN ORDiliA!WE BY THE CITY COMMISSION OF TH E CITY OF
LUBBOCK, TEXAS, AUTHORIZING THE ISSUANCE OF BONDS FOR
TH.~ PRINCI:PAL SUM OF $90.000.00, FOR TH E PURPOSi!l OF
T!IB OONSTRUC T ION OF S·TREET IMPROVilll.a:NT S IN AND 1!1 0R
SAID CITY: PROVIDING FOR TH E L~VY, ASSESSM3 NT AND
COLL:ECTION OF A SUFFICIENT T.AX TO "J!AY THE INT3 P.Z ST ON
SAID B0.11DS ANil ID CREATE A SINKIUG FUND TO :?.EDEEM TH..aM
AT MA TURI TY : PRESC RIB! NG THE ]'OBll.f OF BOND: AND JJECt.A.R-
IN G AN ~RGENGY ON ACCOUNT OF THi: URGENT NECESSITY OF
STRE .. <i T IMPROVEMENTS.
WHEREAS, at an election held in the City of Lubbock, Texas,
on 1ibe 24th
on the 24th day of Septembe.r, A.D. 1928, a majority of the qualified
vote.rs, who ,are :property taxi:e.ye?:s of the City of Lubbock, voting at
said eleation sustaised the proposition to iseue the bonds of said
City in the pt:.incipal sum of $225,000.00 fo.r the pu.r:pose of the con-
structioo of street improvemeDts in and for said City, by a vote of 437
affirmative votes. and whioh carried by a majority vote of 417 in favor
thereof, being ~FOR THE ISSUANCE OF BONDS IN THE SUM OF $225,000.00 FOR THE
:PURPOSE OF THE OONSTRtr:TIO IT OF STR EE T IMJ?ROV.E:IBNTS, AND THE TEVY OF A T.A.X
IN PAYMENT TH3REOF''; and,
WH EREAS, it appears affirmatively to the City Commission that
said election was regularly orde~ed, that notice thereof was .regularly given
for the time and in the manner as provided by law, and that said election
was regularly held and that only property taxpaying voters voted at said
election and that the returns thereof were regularly made to the aommission
and that said re turns have been duly canvassed and the resu 1 t o:f said
election regularly declared in all resimcts as provided by law and that it
has been found and dee lar ed that the proposition f o.r the issuance o:f said
bonds was carried and sustained by a majority vote of the property taxpaying
vote.rs voting thereon, and that, therefore. this Commission is
authorized to issue said bonds and to la.vy a tax in payment thereof
and cause the same to be assessed and aollected; and,
WHEREAS, on 31st day of January, A.D. 1929, the City
Commission issued $135,000eOO of said total of $225,000.00 of bonds,
leaving a bala.nc e o:f $90 ,ooo. 00 o:f bonds authorized to be issued for
the purpose of the construction of street improvements.
NOW, THEREFORE. BE IT ORDAINED BY THE CITY OF LUBBOCK, TEXAS:
Section 1. That th~ bonds of said City to be called
"CITY OF LUBBOCK STREET II.u>ROVEMENT BONDS, S~"'RIES B OF 1929", be
issued under and by virtue of the Special Charter of the said City,
adopted December 27, 1917, by vote of the q_uali:fied voters of said
City, and amendments thereto, and the Constitution and laws of the
state of Texas. for the purpose of the construction of street
improvements in and fo t' said City, in the principal sum of Ninety
Thou sand Dollars ($90,000.00) •
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Section 2. That said bonds shat 1 be numbered con-
secuti ve ly from one ( l) to ninety ( 90), inclusive, and s hel 1 be in the
denomination of One Thousand Dollars ($1,000.00) each, aggregating
the sum of Ninety Thousand Dollars ($90,0o~.oo).
. . .
Section 3. That they shall be dated August 1, 1929,
and shall become due and payable. serially as follows:
BOND m.1.MEERS-. MATUP.ITY MT.ES. AMOUNTS.
1 , and· 2 Febru~ry 1, 1932 1 2,000.00
3 and 4 February 1. 1933 1 2.000.00 5 and 6 February 1, 1934 2,000.00
7 and 8 February 1, 1935 .;2.000.00
9 and 10 February 1. 1936 ·J 2 .000.00
11 and 12 February 1, 1937 ~2 ,000.00
13 and 14 February 1, 1938 t 2,ooo.oo 15 and 16 February 1, 1939 . 2 1000.00
17 and 18 February 1. 1940 $2.000.00
19 and 20 February 1, 1941 ~$2 ,ooo. 00
21 and 22 February 1. 1942 1 2,000.00
23 and 24 Febt'ua.ry 1, 1943 i 2,ooo.oo
-.25 and 26 February l, 1944 ~2.000.00
27 and 28 February 1, 1945 1 2,000.00 29 and 30 February 1. 1946 2,000.00
31 and 32 February 1. 1947 ,;2. 000.00
35 and 34 February 1, 1948 ,)2,000.00
35 and 36 JJ"'ebruary 1, 1949 12,000.00
37 and 38 Febtuai-y l, 1950 { 1 2,000.00
39 and 40 Feb:cua.ry l' 1951 2,000.00
BOND NID.IB3E~,
41 and 42
43 and 44
45 and 46
47 and 48
49 to 51, ina.
52 to 54, inc.
55 to 57, ina.
58 to 60, inc.
61 to 65, ioo.
64 to 66, inc.
67 to 69, inc.
70 to 72, inc.
73 to 75, inc.
76 to 78, inc,
79 to 81, inc.
82 to 84, ina.
85 to 87 1 inc.
88 to 90, ino.
Section 4,
MATURITY DA TES .
February 1, 1952
February l, 1953
F~bruary 1, 1954
Februa1."y 1, 1965
February 1, 1956
February 1, 1957
February 1, 1956
February l, 1959
February 1 1 1960
February l • 19 61
February 1, 1962
February 1, 1963
l!'ebru ar y 1, 1964
E1ebruary 1, 1965
February 1, 1966
Pebruary 1, 1967
February 1, 1968
February 1, 1969
--AMOUN TS.
g2,ooo.oo
'.i_l'.2,000.00 1}2 ,ooo. 00
.;2,000.00
$3,000.00
if3 ,ooo. 00
:;i;:3,000.00
1 3,000.00 :;p3,ooo.oo
$3,000.00
-J3 ,ooo. 00
~3,000,00
-~3,000.00
.,~3,000,00
*3,000.00
•1P3, 000~ 00
$3,000.00 $5,ooo •. oo
That they shall bear interest at the rate of five
per centum (&-i) per annum, payable semi-annually on the 1st day of
-February and the 1st day of· August of each year.
S ection 5. That the principal and interest of said series
of bonds shall be payable on presentation and surrender of bond or
proper coupon at the National Bank of Commerce, New York City, New York.
Section 6. That each of said bonds shall be signed by
the Mayor, countersigned by the City Searetat-y, and reg istered by the
City Treasurer, and the corporate seal of the City of Lubbock shall be
impressed upon each of said bonds.
Section 7. That the facsimile signatures of the Mayor and
City Secretary may be lithogra phed on the ooupons attached to said bonds,
and shall have the same effect as if they had been signed by them.
S ection a.
as follows:
~he form of said bonds shall be substantially
No. ----
UNIT ED STATES OF Atf ER ICA
STAT E OF TEXAS
COUNTY OF LUBBOOX
CITY OF LtIBBOOK ST BEET IMPROVEMENT BOND,
SERIES B OF 1929.
$1,000.00
KNOW ALL IraN BY THE S3 PRES ENTS: That the City of Lubbock:, a
munia.i:pal c or:poration duly inaorporated under the laws of the State of
Texas, for value received, a~knowledges itself indebted to and hereby
promises to pay to bearer on the 1st day of February, 19 __ _ the
principal sum of
ONE THOUSAND .DOLLARS
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($1.000.00)1 in lawful money of the United States of .Am erica, witb.
interest thereon from date hereof at the rate of five per centum (5i )
per annum. interes1, payable semi-annually on the 1st day of .l!'ebruary
and the 1st day of August of ea.oh year; principal alild interest payable
upon presentation and surrender of oond or proper aoupon at the
National Bank of Commerce, New York City, New York, and the City of Lubbock
is hereby held and firmly bound, and ita faith and credit, and all real
and personal property in said City, sre hereby irrevocably pledged
for the prompt paJID,ent of the prinoipal of this bond and the interest
thereon at maturity. ..
THIS BOlID is one of a series o~Ninety (90} bonds, numbered
consecutively from one (l) to ninety (90), inclusive, of the denomination
of One Thousand Dollars -($1,000.00) e~h. aggregating Ninety Thousand
Dollars ($90,000.00), issued foi-the pu.rpoae of the c onstrw ti on of
street improvements in and for said City, unde.r and by virtue of the
Constitution and laws of the State of Texas, and tbe City Charter of the
City of Lubbock, Texas, and in pursuance of an ordinance duly and
legally adopted b7 the City Commission of said City and of record in the
Minutes Of said City Commission.
THE D.AT :iE of this bond, in conformity with tha ol'dinanoe above
mentiooed, is August 1. 1929.
AND IT IS' HERBBY ,CER ~IFIED AND RECITED .that the issuanae
of tbis bond, and the aeries of wh1oh it is a part. is duly authorized
by law and by a vote of the qualified property taxpaying voters of the
City of Lubbock, Texas, voting at an election held for that putipose
in said City on tbe 24th day of September. A.D. 1928; that all acts.
conditions and things required to be done precedent to and in tbe
iaauanc e of this sari es of bond a, and of this bond. have been properly
done and perfomed and have happened in regular and due time, f~rm
and manner as required by law; that sufficient and proper provision
for the levy and coll eat ion of taxes has been made which when collected
shall be appropl"iated exoluaively to the payment of this bond and of
the series of which it is a part, and to the paym~nt of the interest
aoapons hereto annexed as the same shall become due; and that the total
indebtedness o~ the said City of Lubbock, including the entire series
of bonds of which this is one, does not exceed any constitutional or
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statutory limitation.
-. IN WITNESS 1,VH3REOF, the City of Lubbock, by i ta City
,
Commission, has caused its oo~porate seal to be bet'eto affixed, and this oo nd
t~ be signed by its Mayor, counteraigned by its City Secretary, and
registered by its City Treasure~, and the interest coupons hereto
attached to be exeouted by the lithographed facsimile signatures of
ti the Mayot' and City Secretary, as of the 1st day of August, A.D. 1929.
CO T.JN TER SIGNED :
C;tY cleoretary, Clty of
Lub book, Texaa •
Mayor, City of Lubbock, Texas.
REGISTERED :
Olty Treasu~er, City of Lubbock,
Texas.
The form of coupon attached to said bonds shall be
substantially as follows:
No. __ _ $25.00
ON THE 1st DAY OF ____ , 19 ___ •
the City of Lubbock, Texas, will pay to bearer at the National Bank
o:f Commero e, New York: City, New York. the sum of Twenty Five Dollars
($25.00), in lawful money of the United States of .America, being six
-
montha' interest due that day on CITY OF LUBBOCK STREET DIPROVEMENT
BOND, SERIES B OF 1929, NO. ---• dated August 1, 1929.
Mayor.
City Se ere ta.ry.
The following oerti:ficate shall be printed on the back
of eacb of said bonds:
OFFICE OF 001!.PTROLLr!B)
)
STATE OF TEX.AS )
I HEREBY CERTIFY that the.re is on fi le and of record in
my office a certificate of the Attorney General of the State of Texas
to the ef:fect 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 Texas and the City Charter of
the City of Lubbock, Texas, and that it is a valid and binding obligation
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upo n said City of Lubbock. Te x as. and said b o nd has t h is day been
registered by ma •
tbis the
. ,., WIT NES S MY HAND AN!> S3 AL OF OF FI CE, at Austin. Texas,
____ day of-----------• A.-n. 1929.
S,e(J ti on 10.
Comptroller of Publio Accounts of
the State of Texaa.
IT IS FlJRTE:ER ORDAINED BY THE CITY OF
LUBBOCK, TEXAS -, that to pay the interes t on said bonds and create a
sink:ing fuod wi. th which to pay the prinaipal as it matures, there shall
be and it is hereby ordained that there be levied. assessed and collected
in due time, form am manner and at the same time other taxes are levied,
assessed and collected in each yeat-in said City. a sufficient tax upon
all the taxable property in said City of Luobock to pay the current intereat
on said bonds and to pay the prinoipal thereof as the same matures; and t
ta pay the interest on said bonds and to area te a sinking fund to pay
tbe prinoipsl as it matures, there is hereby levied a tax of three and
one-half oents (3½¢) on the ~l00.00 valuation of all taxable property
in aaid City for the year 1929 and for each succeeding year while said
bonds. or any of them. are outstanding, and same shall be assessed and
collected, or so much thereof as may be necessary for said purpos-e,
and applied to the purpose named.
Section ll. IT IS FURTHER ORDAINED that the Mayor of
said City of Lubbock be and he ia hereby authorized to take and have
charge of all necessary records pending investigation by tbe Attorney
General and shall take and have abarge aod control of the bonds herein
authorized pending their approval by the Attorney General and re gis-
tration by the Comptroller of Public Accounts.
Seo ti.on 12. The fact that the City of Lubbock, TeX h S, is
in urgent need of stree t improvement s in order to serve the be s t interest
of its c.itizens, creates ·an emergency and an imperative public neoessity
that the rule requiring ordioanoes to be read at mo re than one meeting
of the City-Commission before f i nal passage be suspended, and it is
ordai ned that this ordinance shall take effect and be in force immediately
upon its passage and approval.
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PASSED, THIS tb.e 27th day of June, A.D. 1929.
APPROVED, THIS the 27th. day of June, A..D. 1929.
H,D. Woods
.Mayor, City o~ tubbock, Texas.
ATTEST:
(CITY SEAL)