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HomeMy WebLinkAboutOrdinance - 538-1935 - City Commission Of The City Of Lubbock Purchase Of Land Owned By M.G. Abernathy - 09/21/193509 -2.1 -193 5 ORDIBABCE BO .~-:1, i 09-24-(~.35 All ORDINANCE BY THE CITY CO' ... X ISSIOB OF THE CITY OJ' LUBl\OCK, 'tEXAS, AUTHdRIZIBG THE PURCHASE BY THE CI!Y OF LUBBOCK OJ' LAND OWNED BY K.a. ABERI'ATHY AND WI:rE URS. )(OLLIE D. ABERNATHY AND LOCAT.ED IN SECTIOBS ONK Alm S~VEB1'Y·8BVEJT IB BLOC% 4, LUBBOCK COtmTY1 TEX4SJ PROVIDING FOR Tlm lSSUANCB Ol' FIVE FER Clll'l' (5~) IN'l'BRES'l' :BEARING WARRABTS IN PAYDJT'l' THERE• FORI ABD LEVYING THE NECESSARY TAX TO PAY 'l'HE INTEREST AND PRINCIPAL 0~ SAID WARRANTS AT MATURITY. WHERli:AS, the C1 ty Commission of the C 1 ty of lAlbbock, Texas• has hereto- tors determined the necessity and advisability of securing additional land for purpose of parka, and hae considered competitive propositions as con• templa ted in the City Charter; andt ~'REAS, the City Commission eonsidel'e that the beat propositi on received was the proposition of u.G. Aberna thy and wife Krs. Mollie D. Abema thy offering 332.6 acres of landt which eai d land is s1 tuat ed in Sections One (1) and Seventy•seven (77Jt in Block A• Lubbock County, Texas, lying northeast of the City of Lubbock, and being more particular]F described by metes and bounds as follower BEGIININO at the southwest corner of ~ectton lt Block A, Ce~tit1cate 26; Patent 33~, Lubbock County, Texas, for the southwest corner of this tract1 Thence north along the west line ot said sec. lt Block A, a distance of 4488•3 ft.; Thence N. 39 deg. 1~• E . ll82e6 tt.c Thence~. 46 degj 54• E. 175.0 ft.; Thence B. 52 deg. 29• R. 166.0 tt., thence ~. 22 4eg. 2a• E. 785t0 ft.; Thence x. 86 deg. 19* E. 123.0 ft,J Thence B. 27 deg. 24• E. 554.4 tt.J Thence s. 83 deg. 18' E. 477.0 ft.J Thence ~. 1 deg. 57' w, 1538.0 ft.; Thence ~. 7 deg. 10' E; 440.0 tt.; Thence B. 45 deg. 49 1 •-520.2 f~ Thence ~. 2& deg. 111 E. 275•' ft•l Thence ~. 40 deg. 42 1 W. 589.0 n., Thence a. 13 deg. 10 1 Ee ·540,0 ft•J Thence~. 23 deg.ll' E• 571.0 ft., Thence s. 29 deg. 41• E. 450•0 ft.J Thence s. 52 deg. 04' E. 324.0 ft•J Thence s. 29 d•g• 34' E. 212.0 ti.; Thence s , 85 deg. 47' x. ?OO.o tt., Thence 1. 48 deg. •a• x. 520.0 tt.; Thence s. oO deg. I8t B. 364.3 ftel Thence s. 34 deg. 13• W. 1159.8 ft•t Thence s. 130.0 tt. to the south line ot Sec. lt Blk. As Thence west 3895.0 tt. along the south line of Sec. 1, Blk. A, to the pla ce ot beginning, containing 332.8 acres1 andt WBERBAs •. eald K.G. Abernathy and wife are. Kollie D. Abernathy otter thi e land to the City of Lubbock for and in cone1dera t1on of the a um of Twenty~f6ur Thousand Nine Hundred Forty tive & Bo/100 (t24,945e00) Dol lara, and agree to accept in pa1ftlent of said ~urcbase price '1\ventr• four Thousand B1ne HUndred ~orty-five & Bo/100 '$24t945.00)Dollare of legally issued warrants of the City of Lubbock• beartva interest at the rate of five per centum (5~) per annum and maturing annual]J; andt WHERE AS, the City Coi!IDission deems 1 t advisable and to the best interest of the City to accept said offer: BOW, TlmREFORE, BE IT ORDAIEED BY THE CITY COI4UISSIOB OF THE CITY OJ LUBBOCK, TEXAS1 1. Tbat said offer -e and the same is hereby accepted and the said land purchase d as the property of the City of Lubbockt Texaa. 2• That said sum of 24,945.00 is hereby made and declared to be the lawtul debt of ea1d City of Lubbock, Texas, laid aum to be paid to eaid v.a. Abernathy and wife Krs. Koll1e D. Abernathy in legally issued warrants of said city• 3e That warrants ·of said City• to be called "CITY OF LUBBOCK ABERBATHY PARK WARR ANTS, SERIES 1 OF 193rl", ellall be J..aaued in the sum of Twenty-four Thousand Wine Hundred ~ort7-fiTe ant •o/100 ($24,945.00) Dollara. · '· 4. That said warrants shall be numbeted from one (1) to twenty• five (2~), 1nclus1.e, and shall be in the denomination of One Tbouean4 (tl.ooo,oo) Dollars each• except Warrant No. 2~ shall be in the denoml• nation of Nine Hundred Forty-five (1945.00) Dollars, aggregatlns the sum of Twenty-four Thousand Nine fiundred :rorty•five ($24,945.001 DOllars • 5. That they shall be dated Aug. 20th, 1935, and shall mature and become due and payable serially a s tollowsa WARRAm' NtJ.KBERS MATURITY DATES AKOtmTS 1 Aug. 20t 1936 tlooo.oo 2 Aug. 20t 1938 ~looo.oo 3 Aug• 20t 1936 looo.oo 4 Aug. ·20, 1931 .,ooo.oo 5 Aug. 20, 1938 e1ooo.oo 6 A.ug. 20, 1937 g1ooo.oo 7 Aug. 20• 193'1 1ooo.oo · 8 Aug. 20• 1937 o1ooo.oo 9 Aug. 20, 1937 $1ooo.oo 10 Aug. 20, 1937 $1000.00 · ll Aug. 20, 1938 tlooo.oo 12 Aug. 20, 1938 :1ooo.oo 13 Aug. 201 1938 looo.oo 14 Aug. 20, 1938 tlooo.oo l!S Aug. 20, 1938 elooo.oo 14 Aug. 20, l9S9 flooo.oo 17 Aug. 20• 1939 1ooo.oo lt4 Aug. 20, :).939 tlooo.oo 19 Aug. 20, 1939 $1000.00 20 Aug. 20, 1939 $1000.00 21 Au g . 20, 1940 ~looo.oo 22 Aug. 20, 1940 looo.oo 23 Aug •. 20, 1940 $1000.00 24 Aug. 20, 1940 tlooo.oo 25 Aug. 20, 1940. t 945.00 · ~. · That said warrants shall bear intere.st at the rate o t fl ve per c~ntum (5%) per annum from date until paldt payable annually Aug. 20th each 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. ?. Principal and interest of said warrante shall be paynble in lawtul money of the United States of America upon presentation and surrender of warrants or proper coupons at the Batlorial Ban~ of Cammerce, New York Ctty• N.Y. Said warrants shall provide that in the event of defaul t in the payment of principal or interest, and the same is placalin the hand s of an attorney for collection, or if col~ected byJauit or by legal proceedings of any kind, an additional amount of ten per centwm (10~ on the principal and interest then due shall be added as attorney's tees. e. That aaid warrants may be redeemed by the City on any 1nteres~ paying date by payment of principal and accrued intereet• In the event said warrants are called for redsaption, notice,~ereof sball be given by the City Secretary of said City to the holders by publication in THE BOND B~R, published at 67 Pearl Street, New York City, New York, at least thirty daya prior to the cla.te fixed for redemption, and 1! same ·are not presented for redemption, they shall cease to bear inter-- est from and after the date so fixed for redemption. · 9. That said warrants shall be signed by the •ayor, countersigned by the City Secretary and registered b.Y the C1~1 Treasurer, and the seal of the City shall be impressed upon each ot said warrants. Jaosimile signatures of the Kayor and ~ity Secretary may be lithographed upon the interest coupons. .. 10. The form of warrant shall be substantially a • follows a ~ Bo. __ _ UNITED STATES OF AIIERiqA STATE OF TKXAS COUllTY OlP LUBBOCK flOOO.OO CXTY OF LUBBOCK ABERNATHY PARK WARRANTS, SERIES 1 OF 193& THIS IS TO CERTIFY that the City of Lubbock, a municipal corporation in the ~ounty of Lubbock, State of Texas, !a Justly indebted to K,G. Abernathy and w1 f e Vrs. Mollie D. Abemathy, their assigns or bearer• in the principal eum of ONE THOUS AND DOLLARS ($1000.00), in lawfUl money of the United States of America, with interest thereon from date hereof un~il paid, at the rate of five per centum (5~ per annum, interest payable Aug. 20th, 1936, and annually thereafter on the 20th day of August of each year1 past due interest shall bear interest at the rate of five per centum {5%) per Ill num from maturity until paid; both principal and interest payable at the •at1on£ Bank of Commerce, Be w York City, New York, upon presentation and surrender o~ warrant or proper coupon; and the ~ity Treasurer or aald Cit7 is hereby authorized, ordered and directed to pay M.G. Abernathy and wife Mrs. Uollie D, Abernathy; their assigns or bearer, at the a&ld bank, the said sum of One Thousand ($10oo.oo) Dollars, on the 20th day of A uguwt 19 • the 4a te o t maturity o t t b1s warrant, in full settlement of theindebtednesa hereby evtdenoe4, from tbe • Abernathy Park Warrant Fund• Series 1 of 193&•, ot said ~ity, levied, aeseesed and created tor that purpose. THE CITY o:r LUBBOCK reserves the option of rede•ing this warrant on any interest p&J1ng <Sate, by paying principal and accrued in,ereet• and in case same shall be called fo~ redemption notice thereof shall be given the holder by publication in THE BOND BUYBR, publ1ehed at e? Pearl Street, Bew York City• Bew York, at least thirty days prior to the date so fixed tor redemption, and same shall oeaee to bear interest from and after said d~te. IT IS HEREBY especially agrell that if this warrant, or £W~Y interest coupon hereto attached, 1a not paid at maturity, and the same is place4 in the banda of an attorney fQr collection after maturit7 thereof, or suit 1e filed thereon, or collection made by legal proceed1n~ 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 t wenty .. five warrants, numbered conaeoutlvely from one (1) to t wenty-five (25), inclusive, in denomina• tion of One Thous and (tlooo.oo) Dollars each1 except warrant Mo. 25 1a in denomination of Nine Hundred Forty-five ('945.00) Dollars, aggresat• ing the sum of Twenty-tour Th ousand ~1ne Hundred torty•tlve & Ko/100 ($24,945.00) Dellars, issued for the purpose ot evidencing the indebted- ness of the City of Lubbock to s a id u .a. Abernathy and wite Mrs. mollie D. Abernathy, their assigns or bea rer, for land for additional parka for the City of Lubbock, purchased by said City from said u.G. Abernathy and wife Vra. Uollie D. 4bernathy• under and b y v irtue of the Conatttution and laws of the State of Texas, and the ~1ty Charter of the City of Lubbock, Texas, and in pursuance of an ordinance duly and legally adopted by t h e City Commi seton of said ~ 1 ty Ell d recorded 1n the Kinutes of said City Commission. THE DATE of this warrant, in conformity with the ordinance above mentioned, ie August 20, 19351 and it is hereb7 certified and recited that ·all acts, conditione and things required to be done precedent •o and in the issuance ot this warrant and the aeries ot which it te a part, in order to make them legal, valid and binding obllgatlons of aaid City, have been done and perfo~ed and have happened in regular and due time, tor.m an4 manner, as required by law1 that the faith and cre dit, and all of the resources of said City, are hereby irrevoca bly pledged for the prompt payment of the principal and interest of theae warrants at maturity' that due provision has been made for leVJing and collecting annually by taxation an mmount sufficient to pay the interest on these warrants as tt falls due, and to provide a sinking fund for the final redemption of said warrants at matur1 t'YJ and that the issue of wa rrants of which this 1a one• together with all other 1ndebt~dneea of eaid City, is within every debt and other limit pre- scribed by the Const1,at1on and laws of the otate of Texaa, and by the City Charter o~ .aid City. IN WITNESS WH EREOF, the City Commission of the ~tty Texas, hae caused the seal of said ~1ty to be hereto a of Iubbookt fix ed and tbia the \; 1 tr warrant to be signed by the Kayor and oounte Secretary, as of the date laat above writt COUNTERS IGNEDI ~tl4~ C:y' Secreary;tJi() Lubbock, frexas. REGISTERED, thi s the --ll"'r day of -------• 1035. city T~asurer, City of Lubbock• Texas The form of interest coupon shall be substantially ae tollowet Bo. OB THE 20th day of August, 193_. the City of lubbockt Texas, hereby promises to pay to a .G. Abernathy and wife Mrs. Mollie D, Abernathy; their asaigne or bearer; at the National Bank of ~ommeroe, Bew York City• ~ew York• the ~um of •itty ($50.-00) Dol.la.re, aaid aum being one year•e interest due that day on City of Lubbock Abernathy Park 'Yarrant, Ser1ee l of 1935, Bo. , dated Aug, 2oth, 1935, to whtoh this cou s ched and is a part thereof. aUfee~ The following aae1gnments shall be printed on the back of ea14 warrants• •It ASS,GJIKDf % hereby eertity ·tbat I have received the within principal warrant, and the interest coupons thereto aanexed• trom the Ci'7 of Lubbock, Texae, and, for value received, hereby traneter, a seiSDt sell and deliver, without recourse, to all ri ght, title and interest 1 have in ana to the same. and also the proportionate part of the debt due me, with interest thereon, by said City, which is represent- ed by the a mount called tor by this pr·inc1~al warrant and the 111 nexecl coupons; and said · a hereby eubrQ.gate.d to all claims, liens, rig ht or title, wti~'ther 1ft w or irf equ{tT• ·,n1oh ar• or may be secured to me, and 1 hereby authorize him to collect the same and give fUll receipt and acquittance thereof in m7 name. I hereby assign, sell and deliver, without recourse, to bearer, all right, title and interest I have in an d to the a bove mention~d warrant and annexed coupons. 11. S&id warrants shall be executed and delivered to said M.G. Abemathy and wlfe Mrs• •ollie D. Abernathy upon deliTerr by them to the Ci tr of prop e r abstract and deed fit eaid land to the Ci tr of Lubbock• 12t IT IS FURTHER ORDAI NE D BY '!liE ClTY COUIU SSIOJl OlP THE CITY "JF LU.BOCK, TEXA s. that a apec1.al fund, to be de s ignated "ABERNATHY P ARK WARRABT FUND . SERIES 1 OF 1935•, shall be created and the p roa eeds from all taxes levied, assessed and collected for or on account of th1a series of warrants shall be credite d to said fund for the purpose of JB1fDK" the int e rest on and. provid.ing the nee•ssa ry sinking fund tar t he redemption ot said warrants a t maturity, and aai d fun d shall be use4 for no other purpoeea that to create said tuftd to pay the 1ntere•t on said war•"'lnte and create a a inking tund sufficient to redeem them at maturity, a tax of and at the rate of' four cents (4¢) on each i lOO.OO valuation of all taxable property 1n said Ci tr• shall be annually levie4 on SQ d property and annually assessed and collected, or so much thereof as shall be necessary, or in addition thereto as ma y be required, until said warrants with interest thereon have been fully paidl and tb3 ea14 tax of to; r cents (4¢) 1e here now leYietl for th-e current year, and •o lllUch thereof as shall be neceeeary, or in a d.di tiGn thereto a a JD9iV' be required, is her• now levied for each succeeding year while said warrants or any of t~em are outstanding , and the eame shall be annually assee s e4 and collected and a pplied to the purpose named. Passed and approved first r e ading, this ~~~ day of ~~ 193e. Passed and approved aeoond r e ading ~~ycAay o ~ A'l'1'EST1 ?vo~-~ ct ty ecretar.,..