HomeMy WebLinkAboutOrdinance - 535-1935 - Authorizing The Purchase Of City Of Lubbock Land Owned By M.G. Abernathy - 08/17/1935O'B-I~-IS3S
ORDINANCE NO. ~ J ~
Cfa-\9--1.5"35
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AN ORDINANCE BY THE CITY COMMISSION OF THE CITY OF
LUBBOCK, TEXAS, AUTHORIZI NG THE PURCHASE BY THE CITY OF LUB-
BOCK OF LAND OWNED BY M • G. ABERNATHY AND WIFE MRS .. MOLLIE D.
ABERNATHY AND LOCATED IN SECTIONS ONE AND SEVENTY-SEVEN IN
BLOCK A, LUBBOCK COUNTY, TEXAS; PROVI DI NG FOR THE ISSUANCE OF
FIVE PER CENT (<5')&) INTEREST BEARING WARRANTS IN PAYMENT THERE-
FOR; AND LEVYING T'.dE NEC ESSARY TAX TO PAY THE INTEREST AND
PRI NCIPAL OF SAID WARRKNTS AT A~TURITY.
WHEREAS, the City Commission or the City Of Lubbock,
Texas, has heretofore determined the necessity and advisability
of securing additional land for purpose of parks, and has con-
sidered competitive propositions as con t emplated in the City
Charter; and,
WHEREAS, the City Commission considers that the best
proposition received was the proposition of M.G.Abernathy and
wife Mrs. Mollie D.Abernathy offering 332.6 acres of land,
which said land is situated in Sections One (1) and Seventy-
seven (77)1 in Block A, Lubbock County, Texas, lying northeast
of the City of Lubbock, and being more particularly described
by metes and bounds as follows:
BEGINNING at the southwe s t corner of Section 1, Block
A, Certificate 26, Patent 336, Lubbock County, Texas, for the
southwest corner of this tract; Thence north along the west line
of said Sac. 1, Blk. A 1 a distance of 4488.3 ft.; Thence N. 39 deg.
16 1 E. 1182.6 ft.; Thence N. 46 deg. 54' E. 175.0 ft.; Thence N.
52 deg. 29' E. 166.0 ft.; Thence s. 22 deg. 281 E. 785.0 ft.; Thence
N. 86 deg. 191 E. 123.0 ft.; Thence 1~. 27 deg. 24' E. 554.4 ft.;
Thence a. 83 deg. 18' E. 477.0 ft.; Thence S. 1 deg. 57' w. 1538.0
ft.; Thence s. 7 deg. 101 E. 440.0 ft.; Thence N. 45 deg. 49' E.
520.2 ft.; Thence s. 25 deg. 11• E. 275.7 ft.; Thence s. 40 deg.
42' w. 589.0 ft.; Thence s. 13 deg. 101 E. 540.0 ft.; Thence s.
23 deg. 16 1 E. 571.0 ft.;Thence s. 29 deg. 41 1 E. 450.0 ft.;
Thence s. 52 deg. 041 E. 324.0 ft.; Thence s. 29 deg. 34' E.
212.0 ft.; Thence s. 65 deg. 471 E. 700.0 ft.; Thence N. 48 deg.
48' E. 520.0 ft.; Thence s. 60 deg. 18' E. 364.3 ft.J Thence s.
34 deg. 13 1 w. 1159.6 :rt.; Thence s. 130.0 f .t. to the south line
of Sec. 1, Blk. A; Thence west 3895.0 ft. a~ng the south line
or Sec. 1, Blk. A, to the place of beginning, containing 332.6
acres; and,
WHEREAS, said M.G.Abernathy and wife Mrs. Mollie D.
Abernathy offer this land to the City of Lubbock for and in con-
sideration of the sum of Twenty-four Thousand Nine Hundred Forty-
five & No/100 ($24,945.00) Dollars, and agree to accept in pay-
ment of said purchase price Twenty-four Thousand Nine Hundred
For·ty-fi ve & No/1'00 ($24, 945 .oo) Dollars of legally issued war-
rants of the City of Lubbock, bearing interest at the rate of
five per centum (5%) per annum and maturing annually; and,
WHEREAS, the Ci~ Commission deems it advisable and
to the best interest of the City to accept said offer:
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMIS-
SION OF THE CITY OF LUBBOCK, TEXAS:
1. That said offer be and the same is hereby accept•
ed and the said land purchased as the property of the City of
Lubbock, Texas.
2. That said sum of $241 945.00 is hereby made and
declared to be the lawful debt of said City of Lubbock, Texas,
said sum to be paid to said M.G.Abernathy and wife Mrs. Mollie
D.Abernathy in legally issued warrants of said city.
3. That warrants of said City, to be called "CITY
OF LUBBOCK ABERNATHY PARK WARRANTS, SERIES 1 OF 1935" 1 shall
be issued in the sum of Twenty-four Thousand Nine Hundred Forty-
five & No/100 ($241 945.00) Dollars.
4. That said warrants shall be numbered from one (1)
twenty-five (25}, inclusive, and shall be in the denomination of
--·---/il'd ~." t> ~ne. Thousand ($~OQ\&O) Dollars each, except Warrant No. 25 shall
be in the denomination of Nine Hundred Forty-five ($945.00) Dol-
lars, aggregating the sum of Twenty-four Thousand Nine Hundred
Forty-five ($24,945.00) Dollars.
5. That they shall be dated= .2.('1!/; 1935 7 and shall
mature and become due and payable serially as follows:
WARRANT NUMBERS MATURITY DATES AMOUNTS
1 ~~ 6<:7 .,1936 rooo.oo 2 v .Mery l...Q , 193'6 1000.00
3 Y' Ma:f .,..e ,1936 1000.00
4 ..... May !!::;<? ,1936 1ooo.oo
5 v May ~~ ,1936 1000.00
WARRANT NUMBERS MATURITY DATES AMOUNTS
6 ~ ~ 2rJL_, 1937 ~1000.00
7 _., Ma:y ...iJ::J_, 193'7 1000.00
8 ,;" I\4Q.y ...1JJ_, 193'7 1000.00
9 / ~~~ 193'7 1000.00
10 .,.-" ~ ...2:;Jz_1 1937 1000.00
11 Cl#ttf ~~· 1938 1000.00
12 ,..,. )4Qly '1-0 I 1938 1000.00
13 • Ke:y ::;:;;: ' 1938 1000.00
14 .... Ka-y ~~ 1938 1000.00
15 ,/ :Jii.a'J ...2::b....' 1938 1000.00
16 ~ ~~~ 1939 1000.00
17 ,/ ~~~ 1939 1000.00
18 ~ ~.tt' 1939 1000.00
19 v ~ ' 1939 1000.00
20 / ~~~ 1939 1000.00
21 / Ma-y-!l:.JL• 1940 1ooo.oo
22 v ...,. k..(LI 1940 10oo.oo
23 v Ma-y~~ 1940 1000.00
24 r J&a-y ...Ls2..• 1940 1000.00
25 / Me-1 ~· 1940 945.00
6. That said warrants shall bear interest at the
rate of five per centum (5%) per annum from date until paid 1
payable annually~ 'LoMeach year, which interest shall be
evidenced by coupons attached to each of said warrants. Past
due interest shall bear interest at the rate of five per centum
(5%) per annum from maturity until paid.
7. Principal and interest of said warrants shall be
payable in lawful money of the United States of America upon
presentation and surrender of warrants or proper coupons at the
National Bank of Commerce, New York City, N. Y. Said warrants
shall provide that in the event of default in the payment of
principal or interest, and the same is placed in the hands of an
attorney for collection, or if collected by suit or by legal
proceedings of any kind, an additional amount of ten per centum
(10%) on the principal and interest then due shall be added as
attorney's fees.
B. That said warrants may be redeemed by the City on
any interest paying date by payment of principal and accrued in-
terest. In the event said warrants are called for redemption,
notice thereof shall be given by the City Secretary of said City
..
to the holders by publication in THE BOND BUYER, published at
67 Pearl Street, New York City, New York, at least thirty days
prior to the date fixed for redemption, and if same are not
presented for redemption, they shall cease to bear interest
from and after the date so fixed for redemption.
9. That said warrants shall be signed by the Mayor,
countersigned by the City Secretary and registered by the City
Treasurer, and the seal of the City shall be impressed upon
each or said warrants. Facsimile signatures of the Mayor and
City Secretary may be lithographed upon the interest coupons.
followss
No.
10. The form of warrant shall be substantially as
UNITED STATES OF AMEliilCA
STATE OF TEXAS
COUNTY OF LUBBOCK
$1000.00
CITY OF LUBBOCK ABERNATHY PARK WARRAN'TIS,
SERIES 1 OF 1935
THIS IS TO CERTIFY that the City of Lubbock, a muni-
cipal corporation in the County or Lubbock, State of Texas, is
justly indebted to M.G.Abernathy and wife Mrs. Mollie D. Aber-
nathy, their assigns or bearer, in the principal sum of
ONE THOUSAND DOLLARS
($1000.00), 1n lawful money of the United States of America,
with interest thereon from date hereof until paid, at the rate
of five per centum (5%) per annum, interest payable i;1 '-t~-4-
1936 1 and annually thereafter on the 1 0 <i&y of~ of ~ -
year; past due interest shall bear interest at the rate or five
per centum (5%) per annum from maturity until paid; both prin-
cipal and interest payable at the National Bank of Commerce,
New York City, New York, upon presentation and surrender of
warrant or proper coupon; and the City Treasurer of said City
is hereby authorized, ordered and directed to pay M.G.Abernathy
and wife Mrs. Mollie D. Abernathy, their assigns or bearer, at
the said bank, the said sum of One Thousand ($1000.00) Dollars,
on the~() day of=, 19 1 the date of maturity of this war-- -
rant, in full settlement of the indebtedness hereby evidenced,
from the ttAbernathy Park Warrant Fund, Series 1 of 1935tt, of
said City, levied, assessed and created for that purpose.
THE CITY OF LUBBOCK reserves the option of redeem-
ing this warrant on any interest paying date, by paying prin-
cipal and a~crued interest, and in case same shall be called
for redemption notice thereof shall be given the holder by
publication in THE BOND BUYER, published at 67 Pearl Street,
New York City, New York, at least thirty days prior to the
date so fixed for redemption, and same shall cease to bear
interest from and after said date.
IT IS HEREBY especially agreed that if this war-
rant, or any interest coupon hereto attached, is not paid at
maturity, and the same is placed in the hands of an attorney
for collection after maturity thereof, or suit is filed there-
on, or collection made by legal proceedings of any kind~ an
additional amount of ten per centum (10%} on the principal
and interest then due shall be added as attorney's fees.
THIS. WARRANT is one of a series of twenty-five war•
rants, numbered consecutively from one (1} to twenty-five (25),
inclusive, in denomination of One Thousand ($1000.00} Dollars
each, except Warrant No. 25 is in denomination of Nine Hundred
Forty-five {$945.00) Dollars, aggregating the sum of Twenty-
four Thousand Nine Hundred Forty-five & No/100 ($241 945.00)
Dollars, issued for the purpose of evidencing the indebtedness
of the City of Lubbock to said M.G.Abernathy and wife Mrs. Mol-
lie D. Abernathy, their assigns or bearer, for land for addi-
tional parks for the City of Lubbock, purchased by said City
from said M.G.Abernathy and wife Mrs. Mollie D. Abernathy, un-
der and by virtue of the Constitution and laws of the State of
'•
·-
Texas 1 ~nd the City Charter of the City of Lubbock, Texas, and
in pursuance of an ordinance duly and legally adopted by the
City Commission of said City and recorded in the Minutes of said
City Commission.
THE DATE of this warrant, in conformity with the ordi-
nance above mentionea, is~ .2.0~1935; and it is hereby cer--
tified and recited that all acts, conditions and things requirea
to be done precedent to and in the issuance of this warrant and
the series of which it is a part, in order to make them legal,
valid and b1naing obligations of said City, have been aone and
performed and have happened in regular and due time, form and
manner, as required by law; that the faith and credit, and all
of the resources of said City, are hereby irrevocably pledged
for the prompt payment of the principal and interest of these
warrants at maturity; that due provision has been made for levy-
ing and collecting annually by taxation an amount sufficient to
pay the interest on these warrants as it falls due, and to pro-
vide a sinking fund for the final redemption of said warrants
at maturity; and that the issue of warrants of which this is one,
together with all other indebtedness of said City, is within
every debt and other limit prescribed by the Constitution and
laws of the S.tate of Texas 1 and by the City eharter of said City.
IN WITNESS WHEREOF, the City Commission of the City
of Lubbock, Texas, has caused the seal of said City to be
hereto affixed and this warrant to be signed by the Mayor and
countersigned by the City Secretary, as of the date last abov.e
written.
co;ry:Qo~~
Oity secretary, city or
Lubbock, Texas
Mayor, City o£ tuhbocU,Texas
REGISTERED, this the day
Of , 1~
~o~d dicyTreas~
bock, Texas
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The form of interest coupon shall be substantially
as follows:·
No.
ON THE )._ 0 DAY OF r::t, 193 _,
$50 •. 00
the City of Lubbock, Texas, hereby promises to pay to M.G.
Abernathy and wife Mrs. Mollie D.Abernathy, their assigns or
bearer, at the National Bank of Commerce, New York,City, New
York, the sum of Fifty ($50.00) Dollars, said sum being one
year's interest due that day on CITY OF LUBBOCK ABERNATHY
PARK WARRANT, SERIES 1 OF 19351 No. 1 dated ~ 2tJ~ 19351 --
to which this coupon is attached and is a part thereof.
'Mayor
Oity Secretary
The following assignments shall be printed on the
back of said warrants:
ASSIGNMENT
I hereby certify that I have received the within
principal warrant, and the interest doupons thereto annexed,
from the City of Lubbock, Texas, and, for value received, here-
by transfer, assign, sell and deliver, without recourse, to
------------------------------all right, title and interest I
have in and to the same, and also the proportionate part of
the debt due me, with interest thereon, by said City, which is
represented by the amount called for by this principal warrant
and the annexed coupons; and said
is hereby subrogated to all claims, lien~, right or title, whether
in law or in equity, which are or may be secured to me, and I
hereby authorize him to collect the same and give full receipt
and acquittance thereof 1n my name.
I hereby assign, sell and deliver, without recourse,
to bearer, all right, title and interest I have in and to the
above mentioned warrant and annexed coupons.
11. Said warrants shall be executed and delivered
to said M.G.Abernathy and wife Mrs. Mollie D. Abernathy upon
delivery by them to the City of proper abstract and deed of
said land to the City of Lubbock.
12 • IT IS FURTHER ORDAINED BY THE CITY COMMISSION OF
THE CITY OF LUBBOCK, TEXAS, that a special fund, to be desig-
nated "ABERNATHY PARK WARRA NT FUND, SERIES l OF 1935n, shall be
created and the proceeds from all taxes levied, assessed and col-
lected for or on account of t h is series of warrants shall be
credited to said fund for the purpose of paying the interest on
and providing the necessary sinking fund for the redemption of
said warrants at maturity, and said fund shall be used for no
other purpose; that to create said fund to pay the interest on
said warrants and create a sinking fund sufficient to redeem
them at maturity, a tax of and at the rate of four cents (41)
on each $100.00 valuation of all taxable property in sa1d City,
shall be annually levied on said property and annually assessed
and collected, or so much thereof as shall be necessary, or in
addition thereto as may be required, unt11 sa!d warrants with
1nteres t thereon have been fully paid; and the sa.id tax of
four cents (4~) is here now levied for the current year, and so
much thereof as shall be necessary, or in addition thereto as
may be required, is here now levied for each succeeding year
while sa1d warrants or any of them are outstanding, and the
same shall be annually assessed and collected and applied to
the purpose named.
17.4::-
~ Passed and approved first reading, this ~ day of
itt(i; 19 35 •
Passed and approved ¥ . 1935.
second reading ff~ay of
a4~ ay r '