HomeMy WebLinkAboutOrdinance - 447-1929 - Bond $75,000 Airport, Airmail Service. - 06/27/1929'
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,TIB STATE OF T3XAS) ,, . )
CITY OF LUBBOCK )
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COUNTY OF LUBBOCK )
ORDINANCE NO. 44?
ORDIIiANC.3 AUTHORIZING I SSUAU03 /
OF$75 1 000.00 AIR:P03T BOI~DS tr'
11 r '·
On this the 27th day of June. A.D. 1929, the City Commission
of the City of Lubbock, Texas, convened in regular session in the City
Hall, in the City of Lubbock, Texa s 9 all members thereof. to-wit:
H.D. 1,7oods, Hayor.
A. V. Weaver, )
J.F. Bacon, )
J .H. Haok:ins, )
D.l~. Leave.rton,)
Commissioners.
and W.H. Rodgers, City Secretary,
being present, and, among other business transacted, the folloWing
o.rd inane e was passed:
ttAlf ORDil~ANCE BY 1111IE CITY COMJ,USSION OF TH::;<.; CITY OF LUBBOCK
TEXAS, AUTHORIZIUG rHE ISSUANCE OF BONDS ]10r1 •J:HE PRINCIPAL SUM OF
$75,000 • 00 FOR 1rH.b; PURPOSE OF EBE CT nrn, MilNTADHNG AND OP~RATING
A PUBLIC UTILITY, TO-WIT: BY .ACQUIRING LA.Nl) WI THIN OR .lITHOUT 11.'HE
CITY AND .ii;RECTUrn. EST.AJ3LI SHIHG' MAIUTAINI!rG AND OPERATING THE?.~ON A
MUNICIPAL AIRPORT AND LANDING FIELD . ur cmmECTION w·r TH THE OPERATION
OF DX:PRESS, FREIGHT, AIRMAIL SERVIC'E . AND OTIGB .AJRIAL T3ANSPORTAT ION:
PROYIDilJG POR TH.3 EVY, ASSESSJI..TENT ANJ) OOLL...<JCTION OF A SUFFIOI :::JrrT
TAX TO PAY TF...E INT.11R E ST ON SAID BONDS A.ND TO CRZAT 2 A SINKII!G FUIID TO
RETIEEM T.filllvT AT MATURITY: DE SC~I13L~G THE FORM OP BOlm: A1ID IJJ:CLA.":UW ..1N
EM2RGENCY."
Oommissione:r ~leaver moved that the ordinance be placed on
its first reading; seconded by Commissioner Bacon, and oa:r.ried by1he
following vote:
YJ:AS: Mayol' ,loads, Commissioners il eave.r. Bae on,
Hankins and Leaverton.
!TAYS: N 0 ne.
Ca:rried; ordinance placed on first .reading.
Commissioner Hankins move~ that the ordinance pass first
reading; seconded by Commissioner Leaverton. and ca~ried by the follow-
ing vote:
YEAS: Mayo.r Woods, Commissione.rs ',Tea ver, Hankins,
Bacon and Leaverton.
NAYS: N ne.
Carried; ordinance passed fiPst .rea ding.
. Commissioner Bacon moved that the rules be suspended and
that the ordinance be placed on second reading by caption; seconded
by Commissioner Hankins, a.nd carried by the following vote:
YEAS: Mflyo.r Hoods, Commissioners i/eaver, Hankins,
Leaverton and Bacon.
NAYS: none.
Oa.r:ried; ~.rd inane e placed on sec end reading by caption.
Commissioner 7/eaver moved that the o.r dinanc e P3-ss eec ond
.r'eading; seconded by Commissi.one.r Bacon. and carried by the following vote.
0
...
... YEAS: Mayor Hoods, Oommissiouet's Hankins, Bacon,
Leaverton and ~eaver.
NAYS: N0 ne.
Carried; o.r.dinanc e :r;:a.ssea second .reading.
Corrmissioner Leaverton moved that the ordinance be placed
on third and final reading by caption; seconded by Commissioner Hankins,
and carried by the following vote: .
YEAS: Mayor · flo<llds, Cammi ssione.r s ,'leaver, Hankins,
Leaverton and Bacon.
NAYS: None.
Carried; the ordinance was again .read by caption.
Commissioner Weaver moved that the ordinance pass third
and final .reading; seconded by Oomrnissioner Hankins, and carried by
the following vote:
Y3AS-: Mayo.r Uoods, Commissioners Ueave.r, Hankins,
Leaverton and Bacon. V
NAYS: None.
Mayor 'Noods then dee la.red the ord inane e finally passed.
The Ordinance ~ollows:
ORDINANCE N0.--1!1
AN ORDmANCE BY THE CITY COMMIS.3ION OI!1 THE CITY OF LUBBOCK,
TEXAS, AUTHORIZING THE ISSUANC E OF BONDS FOB TH E PRINCIPAL SUM:
OF $75,000.00. FO~ TEE PURPOSE OF E~ECTING, MAINTAINING AIID
OP ERATING A PUB~I.C U~IL;£'11Y, TO-ilIT: BY A09 UIRING L A!."JD ':i/TfHIN
OR ,HTHOUT TH3. CITY AND. ERECTING, E STAB LISHING.i MALTifTAINING
AND OP3RATING THm.EON E. MUNICIPAL A IRPOR T AND .v."..NDING FIJ:LD
IN CONNECTION 'dITH TIIB OPERA.TIO N OF r-:X PRESS, PBE i l}HT, 11.I~JAIL
SERVICE Alm OTHER AERIAL TRANSP05.TN I:IO N: PP.OVID ING _1QR ~HE IZVY
ASSE SS:VEENT AND COLLECTION OF A S UFi ICI:':NT TAX TO :.AY THE
IlJTER:JST ON SAID :i:30111)S /4l~D TO OR:~NrE A SINKING FU:ND TO
REDiEM r:::1H~\d AT MATU~ITY: DESCRIBING THE FORNI OF BOND: AND
DECLARING AN EMERGENCY.
\VHER~S, at an election held in the City of Lubbock, Texas,
on the 23~d day of April, A.D. 1929, a majority of the qualified
vot ere, who a.re property tax paye:rs of the City of Lubbock, voting
at said election sustained the proposition to issue the bonds of said
City in the principal sum of ~75,000.00 for the purpose of erecting,
maintaining and operating a public utility, to-wit: By acquiring
land within or without the City and erecting, establishing, msintain-
ing and operating thereon a municipal at rport and landing field in
connection with the operation of express, freight, airmail service
and other aerial transportation, by a vote of 436 affirmative votes,
and which carried by a majority vote of 229 in favor thereof, being
rtFOR TH Z ISSUANCE OF AIRPO?.T BONDS UT THE SUH OF $75,000.00 AND THE
LEVY OF TAX IN PAYM3NT THB33FOR 1
'; and,
WBER£AS, it appears a.ffirmati vely to the City Commission
that said election was regularly ordered, that notice theieof was
.regularly given fat' the time and in the manner as provided by law,
and that said election was regularly held and that only propet-ty
taxpaying vote.rs voted at s aid electi o n and tbat the returns thereof
wet'e regularly made to the Commission and that said retut"ns have
'been duly canvassed and the .result of said election reg ularly decla.red
in all respects as provided by law and tha t it has been found and
declared that the p.roposi tion for the issuance of said bonds was
carried and sustained by a majority vote of the property taxpaying
voters voting thereon, and that, therefore 1 this Commission is
authorized to issue said bonds and to levy a tax in pa;yment thereof
and cause the same to be assessed and collected:
NOW, TH~:SEFO:tEJ, B~ IT 03DADIBD BY TH:: CITY OF LUBBOCK. T3XAS:
Section. 1. That the bonds of said City, to be called rrcITY
OF LUBBOCK AIRPOF. T BONDS SJ3.I"ES OF 19291
', be issued un de.r and by virtue
~
of the Special Charter of the said City, adopted Decemb e r 27, 1917, by
vote of the qualified voter-s of said City• and amendments there to,
and the Constitution and laws of the State of Texas, for the purpose
of erecting, maintaining and operating a p ublic utility, to9wit: by
ac~uiring land within or without the City and erecting, esta blishing,
maintaining and operating thereon a municipal at_rp ort and landing
field in o onnacta.on with the operation o:f exp ress, frei g ht, ai. rmai l
service and other aerial transportation, in the principal sum of
S eventy F ive Thousand Dollars ($75,000.00).
Section 2. That said bonds s hal 1 be num bared consecutively
from One (1) to Seventy Five {75), inclusive, and shall be in the
denomination of OP,e Thousand Doliara {$1,000.00) each, aggregating
the sum of Seventy Five Tbowand Dollara ($75 1 000.00).
Section 3. That they sh a ll be dated August 1, 1929, and
sha 11 bee ome due and payable serially as follows:
BON:D 1HJ]/I BERS. MATURITY DAT.J S. .Aril:OUNTS.
1 February 1, 193:2 -;1,000.00
2 and 3 1i1 e b .ru ar y l • 1933 '[?2, 000,00
4 .. snd.J 5 F ebruary 1, 1934 ~2.000.00
6 and 7 F ebrua -ry· l, 1935 1P2, 000 ,00 8 and 9 F.ebru a .ry l • 1936 •:?2,000.00 10 and 11 F ebru a ry l • 1937 ,}2 ,000.00
12 and 13 F ebru a ry 1, 1938 -~2.00 0.00 14. and 15 li1 ebrua ry 1. 1939 1?2,000.00 16 end 17 l!,~bru al'y 1 t 1940 :12 ,000.00
18 and 19 F ebrua ry 1, 1941 ~;2,000.00
20 and 21 F ebru ~ry l, 1942 ,2.000.00
22 and 23 ~,ebru a ry 1, 1943 ;,2,000.00 24 and 25 February 1, 1944 J 2,000.00
-,_,.
L-. ' ~
BOND"" ITTJliITmR S • MATURITY DATES. AMOUNTS.
26 and 27 Jfebruary 1, 1945 j 2,ooo.oo
28 and 29 Feb.rua.ry l • 1946 ,2,000.00
:30 and 31 February l' 1947 2,000.00
32 and 33 Feb.rue..ry 1, 1948 '?2 ,ooo. 00
34 and 35 li1ebruary l, 1949 $2,000.00
36 and 37 February 1, 1950 *2,000.00
38 and 39 February l ' 1951 , 2,000.00
40 and 41 February 1. 1952 .;2,000.00
42 and 43 February l, 1953 ~2,000.00
44 and 45 February l, 1954 x2,ooa.oo
46 and 47 February l, 1955 1 2,000.00
48 and 49 February l, 1956 -JP 2,000.00
50 and 51 Jl1 eb.ruary 1, 1957 ·J 2, 000 .oo
62 and 53 February l, 1958 0 2,000.00
54 and 55 February 1, 196<) •i2, ooo. 00
56 and 57 February 1, 196(1) ~2,000.00
68 and 59 ]1 ebruary 1, 1961 -~2, 000.00
60 and 61 F ebrua.ry l, 1962 i 2,ooo.oo
62 and 63 ll1 ebruary l, 1965 . 2,000.00
64 and 65 February l, 1964 '.'2 000.00
66 and 67 February 1, 1965 ~2:000.00
68 and 69 February 1, 1968 $2,000.00
70 and 71 Feb.rua.ry l, 196'7 r,2,000.00
72 and 73 February 1. 1968 ~2,000.00
74 and 75 February l, 1969 ·2,000. 00
Sec ti on 4. That they shall bear interest at the .rate of
five per c en tum ( 5%) per annum, payable semi-annually on the ls t day
o:f February and the 1st day of August of each year.
Section 5. That the principal and interest of said series
of bonds shall be payable on presentation and su~render of bond
or proper c:ou.pon at the National Bank of Commerce, New York City,
New York.
Section 6. 'rhat each of said bonds shall be signed by
tbe Mayor, countersigned by the City Secretary, and registered by
the City Treasurer, and the corporate seal of the City of Labbock
shall be impressed u.pon each of said bonds.
Section 7. That the facsimile signatures of the ~ayor and
City Secretat'y may be lithographed on the coupons attached to said
bonds, and shall bave the same effect as if they baa been signed by
them.
Section s.
as follows:
NO. _____ _
The form of said bonds shalll be substantially
UNIT~D STAT3 S OF Al!ERIOA
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK AI:9.PORT BOUDS
S:J:-:r:r;s OF 1929
$1,000.00
KNO 'i'f J .. LL MEN BY TH 3 S.3 PR J SEHTS: That the Oi ty of Lubbock, a.
municipal corp or &tion duly inco.rpo~ated under the laws of the State
of Texas, for value received, acknowledges itself indebted to and
hereby promises to pay to bearer on the 1st day of F e bruary,
19 ___ , the principal sum of
ONE THOUSA..'Tffi DOLLARS
($1,000.00)1 in lawful money of the United States of America, with
interest thereon from date hereof at the rate of five per centum
(5%) par-annum, interest payable aa:ni-annually on the 1st day of
February and the ls' t day of August of each year; ptiinaipa.l and
in tare st peyab le upon presentation and surrende:-of bond or proper
aoupon at the National Bank of Commerce, New York City, New York,
and the City of Lubbock is hereby held and firmly bound, and its
faith and credit, and all real and personal property in said City,
are hereby i~revocably pled g ed for tbe prompt payment off' the
principal of this bond and the interest tbereon at maturity.
THIS BOND is one of a se~ies of Seventy Five (75) bonds,
numbered consecutively from one (1) to seventy five (75), inclusive,
of the d'enomiaation of One Thousand Dollars {~1,000.00) each,
aggregating Seventy Five Thousand ~ollars {$?5,ooo.oo) issued for the
purpose of erecting, maintaining and operating a public utility, to-
. wit: by aaquiring land within or without the City ana. erecting,
estab lis bing, maintaining and op era ting thereon a municipal ai.rpac t
and landing field in connection with the operation of express, freight,
ait-mai l service and other ae.ria 1 trans po rtati on, under and b y virtue
of tbe Constitution and laws of the State of Texas, and the City
Chat-tar of the City of Lubbock• 1fexas, and in p u.rsuanc e of an
ordinance duly and legally adopted by the City Commission of satd
•
City and of record in the Minutea of said Oity Commission.
THE DATE of this bond, in conformity with tbs ordinance
above menti6ued. is Augast 1. 1929.
A..~D IT IS HEREBY C~BTIFIED A.ND REC IT~D 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. Texa s , votin g at an election held for that
purp ose in said City on t he 23rd day of April, J..~~~;1989.t tilldtas~f,acts
t •
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 ha ppened in regula~ and due time, f~rm
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I
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ancf manner as required by law; that sufficient and proper provision
'f or the levy and collection of taxes has been made wb.ich when collected
shall be appropriated exclusively to the payment of this bond and
of the series of which it is a }Brt, and to the payment of the interes;t
coupons hereto annexed as the same shall become due; and that the
total indebtedness of the said City of Lubbock, including the entire
series of bonds of which this is one, does not exceed any constitutional
or statutory limitation .•
IN W[TJ!fESS WH:i:.--SEOF, the City of Lubbock, by its City
Commission, has caused its corporate seal to be hereto affixed, and
this bond to be signed by its Mayor, countersigned by its City
S ecretary, and reg istered by its Ci ty Treasurer, and the interest
cou,ons here to attached to be execu t ed by the li thog.raphed facsimile
signatures of the Mayor and City S ecreta ry, as of the lst day of·
August, A.:D. 1929.
COUNT3RSI GN_JD:
City Secretary, City of
Lubbock. Texas.
Mayo.r, City of Lubbock, Texas.
R 3 GIS'.r3 R!JD:
City Treasurer, City of
Lubbock, Texas.
The form of coupor, attached to said bonds shall be
substantially as follows;
NO. ------!tjl25. 00
ON THE 1st DAY OF ------19 • ---
the City of Lubbock, Texas, will pay to bearer at the Nati onal Bank
of Commerce. Hew Yo:-k City, Uew Yo.rk. the sum o:f Twenty lHve Dollars
($25.00). in lawful money of the United Stal;es of America, being
six mo n ths' interest due that day on CITY OF LUBBOCK AIRPORT B O!-l'D,
SERIES OF 1929, NO. ____ , dated August 1, 1929.
Meyol'.
City ::i ecretary.
The following certificate shall be pt-inted on the back: .of
eoo h of said bonds:
\.,
OFFICE OF CCMPTROLLER)
)
STATE OF TEXAS )
' I..---
I HE!(EBY CERTIFY that there is on ft le and of record in my
office a certifieate of the Attorney General of the state of Texas to
tbe effect that this bond has been examined by him as required by law,
aod that he finds that it has been issued in conformity w:Ltb 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 upon said City of Lubbock, Texas, and said bond has this
d~, been regl ster ed by me.
WITU:ZSS IJIY HAND AND SEAL OF 0:&"lFICE I at Austin. Tex as ,
this the ____ day of --------~• A.D. 1929.
"" I
Section 10.
Comptroller of Public Accounts of
the State of Texas.
IT IS FURTH3R ORDAINED BY TH E CITY 0¥ LUBBOCK,
TEXAS, that to pay the interest on said bonds and create a sinking fund.
with which to pay the principal as it matures. there shall be and it
is hereby ordained that there be levied, assessed and collected in due
time, form and manner and at tbe same time other taxes are levied.
assessed and collected in each year in said Oi ty. a sufficient tax upon
all the taxable property in said City of Lubbock to pay the current
interest on said bonds and to pay the principal thereof as the ssme
matures; and to pay the in te re st on said bonds a od to c.re ate a sin king
fund to pay the princ.ipal as it matures. the.re is hereby levied a tax
of three aenta (3i) on the i 100.oo vauation of all taxable property
in said 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 the.reof as may be necessary for said purpose. and
applied to the purpose named.
Seat ion ll. IT IS FURTHSR ORDAilCD that the Mayor of said
City of Lubbock. be and he is hereby authorized to take and have charge
of all necessary records pending investigation by the Attorney General
and shall take and have charge and· control of the bonds he.rein authorized
pending their approval by the Attorney General and registration by the
Oomptrolle:t-of Public Ace aunts.
Sectio n 12. The foot th at the transportation by aircraft
has b"ecome important to the Citi.zens of' this City. and since no safe
an~ adequate facilities are available to the City and its citizens
for the landing and dispatching of such craft without undue hazard
to the citizens and to those employing sue h faci li t5.es, c·onsti tut es
this an anergenoy measure for the preservation of the public peace,
property, health and s efety, demanding that the .rule requiring
o~dinances to be read at more than one meeting of the City Commission
before final passage be suspended and it is ordained that this ordinance
shall take effect and be in force immedietelyupon its passae-e and
approval.
PASSED THIS the 2:111,'h day of June, A. D. 1929.
APPP.OVED THIS the 27th day of June, A.D. 1929.
Mayor. City of Lubbock, 'J:exas.
ATTEST :
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