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HomeMy WebLinkAboutOrdinance - 536-1935 - Authorizing The Purchase By The City Of Lubbock Land Owned By P.F. Brown - 08/17/1935oe-\q-f..93 '0 ORDINANCE NO. f J fe o<o-19-\.9 5 - .. AN ORDINANCE BY THE CITY COMMISSION OF THE CITY OF LUBBOCK, TEXAS, AUTHORIZING THE PURCHASE BY THE CITY OF LUB- BOCK OF LAND OW1ffi:D BY P. F • BROWN AND LOCATED IH SECTION THREE, BLOCK 0, LUBBOCK COUNTY, TEXAS; PROVIDING FOR THE ISSUANCE OF FIVE PER CENT (5%) INTEREST BEARING WARRAllTS IN PAYMENT THERE- FOR; AND LEUYING THE NECESSARY TAX TO PAY THE INTEREST AND PRINCIPAL OF SAID WARRANTS AT MATURITY. ~v.ffEREAS, the City Commission of 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 contemplated in the City Charter; and, WHEREAS, the City Commission considers that the best proposition received was the proposition of P. F. Brown offer- 1ng 100 acres of land, which said land is situated in Section Three (3), Block 0, Lubbock County, Texas, lying northeast of the City of Lubbock, and being more particularly described by metes and bounds as follows: BEGINNING at a point 30 feet south of the N .w. cor- ·~ ner of Survey 3, Block o, for the northwest corner of this tract; Thence south 1237.5 feet to a point for s.w. corner of this tract; Thence east 3520 feet to a point for the S.E. corner of this tract; Thence north 1237.5 feet to a point for the N.E. corner of this tract, said point being 30 feet south of the north line of said Survey 3, Block 0; Thence west 3520 feet to the place of begin- ning, containing 100 acres of land; and, WHEREAS, said P. F. Brown offers this land to the City of Lubbock for and in consideration of the sum of Ten Thous- and ($10,000.00) Dollars, and agrees to accept in payment of said purchase price the sum of $3000.00 1n cash and the balance of $7,000.00 of legally issued warrants of the City of Lubbock, bear- ing interest at the rate of 5% per annum and maturing annually; and, WHEREAS, the City Commission deems it advisable and to the best interest of the City to accept said offer: NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK, TEXAS: j 1.. That said offer be and the same is hereby ac- cepted and the said land purchased as the property of the City of Lubbock, Texas. 2. That said sum of $101 000 is hereby made and declared to be the lawful debt of said City of Lubbock, Texas, $7,000.00 of said sum to be paid to said P.F.Brown in legally issued warrants of said city. 3. That warrants of said City, to be called nciTY DF LUBBOCK BROWN PARK WARRANTS, SERIES 1 OF 1935tt, shall be issued tn the sum of Seven Thousand ($7,000.00) Dollars. 4. That said warrants shall be numbered from one (1) to five ('5), inclusive, and shall be 1n the denomination --~ of Fourteen Hundred($1400.00) Dollars each, aggregating the sum Seven Thousand ($7,000.00) Dollars. 5. That they shall be dated~ <co~, 19351 and shall mature and become due and payable serially as follows: WARRANT NUMBERS l 2 3 4 5 MATURITY DATES 1936 1937 1938 1939 1940 AMOUNTS 1 1400.00 1400.00 1400.00 1400.00 1400.00 6. That said warrants shall bear interest at the rate of five per centum (5%} per annum from date until paid, payable annually. ~Q~ach 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 or said warrants shall be payable 1n 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, New York. Said war- rants 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. s. That said warrants may be redeemed by the City on any interest paying date by payment of principal and accrued interest. In the event said warrants are called for redemp- tion, notice thereof shall be given by the City Secretary or said City to the holders by publication in THE BOND BUYER, pub- lished 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 arter 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. Fac simile signatures of the Mayor and City Secretary may be lithographed upon the interest cou- pons. follows:· No. 10. The form of warrant shall be substantially as UNITED STA.TES OF AMERICA STATE OF TEXAS COUNTY OF LUBBOCK CITY OF LUBBOCK BRO~T PARK WARRANTS, SERIES l OF 1935 $1400.00 THIS IS TO CERTIFY that the City of Lubbock, a municipal corporation in the County of Lubbock, State of Tex- as, is justly indebted to P. F. Brown, his assigns or bearer, in the principal sum of FOURTEEN HUNDRED DOLLARS ($1400.00)1 in 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 fi:;r ~ ~Jf- 19361 and annually thereafter On the 2tJ ft;"! ofc:t:; O:f each year; past due interest shall bear interest at the rate o:f :five per centum (5%} per annum from maturity until paid; both principal and interest payable at the National Bank of Com- merce, New York City, New York, upon presentation and surren- der of warrant or proper coupon; and the City Treasurer of said City is hereby authorized, ordered and directed to pay P. F. Brown, his assigns or bearer, at the said bank, the said sum of Fourteen Hundred ($1400.00} Dollars, on the ZP~ day of' ~ 19,__, the date of' maturity of' this warrant,-:- full settlement of the indebtedness hereby evidenced, from the ttarown Park Warrant Fund, Series 1 of 1935n, of said City, levied, assessed and created for that purpose. THE CITY OF LUBBOCK reserves the option of redeem- ing this warrant on any ~nterest paying date, by paying p~1n­ c1pal and accrued interest, and in case same shall be called for redemption notice thereof shall be given ··the holder by public~tion 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 five warrants, numbered consecutively from one (1) to five (5), inclusive, in denomination of Fourteen Hundred ($1400.00) Dollars each, aggregating the sum of Seven Thousand ($7,000.00) Dollars~ issued for the purpose of evidencing the indebtedness of the City of Lubbock to said P. F. Brown, his assigns, or bearer, for land for additional parks for the City of Lubbock, pur- chased by said City from said P. F. Brown, under and by vir- tue of the Constitution and laws of the State of Texas, and the City Charter of the City of Lubbock, Texas, and in pursu- ance of an ordinance duly and legally adopted by the City Com- mission of said City and recorded in the Minutes of said City Commission. THE DA'rE of this warrant, in conformity with the ordinance above mentioned, is~ ~:7/s; 1935; and 1t is here- by certified and recited that all acts, conditions and things required to be done precedent to and in the issuance or this warrant and the series of which it is a part, in order to make them legal, valid and binding obligations of said City, have been done 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 levying and collecting annually by taxation an amount sufficient to pay the interest on these warrants as 1t falls due, and to provide 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 in- debtedness of said City, is within every debt and other limit prescribed by the Constitution and laws of the State of Texas, and by the City Charter of said City. IN WITNESS ~v.HEREOF, the City Commission of the City of Lubbock, Texas, has caused the seal of said City to be hereto af£ixed and this warrant to be signed by the Mayor and countersigned by the City Secretary, as of the date last above written. COUNTERSIGNED: aity Secretary, City of Lubbock, Texas Mayor, City of Lubbock, Texas REGISTERED, this the ~~~ay o~ ~ , 1935. city Treasurer, CitY Of tubbock, Texas The form of interest coupon shall be substantially as follows:. No. ---$70.00 ON fHE ~V DAY OF~ 193 , - the City of Lubbock, Texas, hereby promises to pay to P,. F. Brown, his assigns or bearer, at the National Bank of Com- merce, New York City, New York, the sum of Seventy ($?0.00) Dollars, said sum being one year's interest due that day on CITY OF LUBBOCK BROWN PARK WARRAI'l'T, SERIES 1 OF 1935 1 No. _, dated~ ~[) 1 1935 1 to which this coupon is attached and is - a part thereof. Mayor City Secretary The following assignments shall be printed on the back of said warran ts: ASSIGNME NT I hereby certify that I have received the within principal warrant, and the interest coupons thereto annexed, from the City of Lubbock, Texas, ana, 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 o~ 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, liens, right or title, whether in law or 1n equity, which are or may be s~cured to me• and I hereby authorize him to collect the same and give full receipt and acquittance thereof in my name. I hereby assign, sell and del iver, without re- course, 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 P. F. Brown upon deli very by him 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 1 to be de~ignated nBROVV:N PARK WARR.fll.!T FUND, SERIES l of l935u, shall be created and the proceeds from all taxes levied, as- sessed and collected for or on account of this series of war• rants shall be credited to said fund for the purpose of pay- ing 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 warran t s and create a sinking fund sufficient to redeem them at maturity, a tax of and at the rate of one cent ( 1.¢ ) on each $1.00 •. 00 valuation of all taxable property in said City, shall be an- nually levied on said pro perty and annually assessed and col- lected, or so much thereof as shall be necessary, or in addi• tion thereto as may be required, until said warrants with in- terest thereon have been fully paid; and the said tax of one cent ( 1.¢' ) 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 said warrants or any of them are outstanding, and the same shall be annually assessed and collected and applied to the purpose named. Passed ot~; 1935. I 7'-Pt::. and approved first reading, this ~ day Passed and approved second reading, /1~day of ~.&t:ii:: • 1935.