HomeMy WebLinkAboutOrdinance - 539-1935 - Purchase Of Land Owned By P.F. Brown - 09/21/1935C..9 -2J-'.935
ORDllfABCB BO • ~J.t
09-24-1..935
AN ORDINANCE BY THE CITY COUUISSION OF 1~E CITY OF LUBBOCK, T~A S 1
AUTHORIZilm THE PU'tCHASE BY TRE CITY OF LUBBOCK Olf LAUD OWNED BY
P.F. HRO~ AND LOC ATED IN SECTION THREE tBLOCK Ot LUBBOCK COUNTY,
TEXASt :PROVIDDG FOR TH3 ISSUA.NCE OF FIVE PER C!D'l' (6,C) D."T EREST
BEARiltG WARRAN TS IN PAYUENT TP..ERE I'ORI AND LEVYUfG THJ l~CES SAR Y TAX TO
PAY THE INTRREST AND PRDlCIPAL OF SAID WARRA.'JIIT S AT '' ATURI'l'Y •
r-HERE AS, the City Commineion of the City of Lubbock, ~exas, haa
heretofore determined the necessity and advisability of securing
additional land for pu.rpoee ot parka, and bao considered compet1 t1Te
propositions as contemplated 1n the ~1t1 CbarterJ and,
\HERE AS, the City Ca.mm1aa1on considers that the beot proposition
received wa e the proposition of ~.F. Brown offering 100 acres of landt
which said land is situa ted in section fbtee (3)1 of Block o, Lubbock
County, Texas, lying northeast of the Ci t y ot lubbock, and b e1ns more
particularly described by metea and bounds ae followea
I
BEGimTIIsG at a. point 30 teet eouth of the B.w. comer ot ti\lrYey s,
Block o, tor the northwest corner ot th1e tractJ Thence south 12SV.e
feet to a po1nt for s.w. corner ot th1a tract' fbenoe ~et 3520 teet
to a point for the S•E• comer of this tractt thence north 123'1.~ feet
to a point tor the B.E. corner of thta tract, aa!4 point bet£ 30 teet
eouth of the north line of eat( SurTeJ 3, Block -ql 1'henee west seao
teet to the place of beslnn1ng, c.onta1nlng 100 ache of landl and,
~R3AS, eaid P.r. Brown offers this land t o the ~1ty of Lubbock
for and in eons14eratt.oa of the sum of Ten fttou I!JSftd (.,lo.ooo.oo)
Dollara 1 and agreeo to · aeoept in pa~ent ot aa14 purchase price the
sum of f3000.oo in oaeh a nd the balance of ~v,ooo.oo ot legally
issued warrants of the City of lUbbock• bearing interest at the
rate of 5 ~ per annum and maturing annuallya andt
f1'JIEREAS, the City Commission deems 1 t adviaallle and to the beGt
interes t of the City to accept said otferr
N01?, THERiU'ORBt BE IT ORDAINED BY THE OITY OO!Dl lSSI ON OF THE
CITY OF WBBOCK, tEXAS •
1. That said offer be an j the erune ls herebyaooepted and the
said land purchased as the pr~erty of the City ot Lubbock; Texas.
2. That said aum of +\101 000 ia hereby made and declared~ o be
the lawtul debt of said ~ity of lubbock, Texas, t 'I,OOO.OO of ea1 tt sum
to be paid to said P.F, Brown in legally 1aaued warra nts of said Uity.
3. That warrants ot ea1d City1 to l>e called •ciTY OF LUBBOCK
:BROWN PARK WARRANTS, SERIES 1 OF 19315• t -.baLll be issued in the sum of
seven Thousand (e7,ooo.oo) Dollars.
'" That said warrants eball be numbered from one (1) tQ five (6),
1nclue1veJ and ehall be in the 4enomtnat1oa of ~ourteen ·aundr•4 (t1400.oo Dollars each; agg regating the sum seven Thoua ~nd ( '•ooo.oo)
Dol lara.
5, That they ahall be 4ated Aug• 20th! 1935, and shall mature
and become due and payable serially ae tol owsa
WARRANT :mJl.'BERS UATURITY DATES AUOO BTS
1 Aug. 20, 1o3e ~1400.00
2 Au.g• 20, 193'1 tl4oo.oo
3 Aug. 20, 1938 t l4oo.oo
' Aus. 20, 1039 tl,oo.oo
& Aug. 20t 1940 t1400.00
d. That ea14 warrants shall bear interest t\t the J"~Jte of five per
centum (5") per annum tram date until pa14, pa,able annually Aug. 20th,
each year, which interest shall be ovidence4 bf o~Upone attached to taoh
of said warrants. Paat due interest shall bear interest at the rate ot
five per centum (!5%) per annum from maturity until paid.
'• Principal and interest ot said warrants Shall be payable in
lawfUl money of the· United ~tatea of America upo~ prese~tation an4
surrender of' warrants or proper ooupona at tb8 lllational J_ank ot Commerce,
Hew York City, New York. Said warrants aball provide tllat in the enn'
ot default in the payment of principal or 1ntereat. and .the same 11
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 in,eres' ~hen due shall be adcled
as attorney•e feea. ·
e. That said warronta may be redeemed by the City on any interest
pa,-lng date by payment of principal and acorue4 interest. 1ft the event
eaid warra.nte are called for redemption• notice thereof shall be gt ven
by the City Secretary of said City to the holders by publication in 1HE
BOND BUYER, published at 67 Pearl Street, New York City, New lork, at
least thirty d~ys p rior to the date fixed for redemption, and 1f e~
are not presented for redemption, they shall cease to bea r interest .
from and after the date ao fixed for redemption.
9• fh ~t aaid warrants shall be signed by the Mayor, ocuntereisned
by the City Secretary and registered by the City treasurer, and the seal
of the City shall be impreaaed upon eaoh or aaid warrants. )ac etmile
signatures of the Mayor and City Secretary may be lithogra p hed up on the
interest coup ons.
l'he form of warrant shall be subltantially a 's f'ollowsc
lfo. ___ :0 14oo.oo
-UNITED STATEG OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK BROWN PJ\RK WARRANTS,
SERIES 1 OF 1935
THIS IS TO CERTIFY that the City of Lubbock, a municipal
corporation in the County of lubbock; state of Texae, is ju&tly
indebted to P.F. Brawn, his aaeisne or beRrert in the principal sum of
FOURT ERN HUND~D DOLLARS
($1400.00), in lawfUl money of the United states of America, with .
interest thereon from 4ate hereof until paid, at the ~te of five per
centum (5%) per annum, interest payable August 20th, 1936, and annually
thereafter on the 20th day of August of each yearJ past due interest
shall bear interest at t.he rate of five per centum (5%) per annum from
matur1 ty until paid I both principal and interest pa7able at the :Maticmal
Bank of Commerce, Mew York City, New York, upon presentation and aurreD-
of warrant or proper coupon1 and the .;1 ty freaeurer ot eaid vtty te
hereby authorized, ordered and directed to pay P.F. B~own, his aesigna
or bearer, at the said bank, the said eum of ~our,eea Hundred (fl400.00)
Dollars, on the 20th day of AutJUst, 193 • the date of maturity of thie
warrant, in fUll settlement of the indebte'<tnesa hereby evidenced, :trom
the "Brown Park Warrant ~und, series 1 of 193&•, ot aald City, levied,
aseeeaed and created for that purpose.
THE CITY OF LUBBOCK !'eaerves the option of redeeming thia •rrant
on any interest paying date, bf paying principal an4 •ruel. 1nten•~•
and tn case srm~e shall be called for redemptiCJn noticetbtn~•r abaU 'be
given the holder by publication in THE BOBD BUYER, publiahe4 a\ t'J Peaztl
Street, New York Ctty, Bew York, at least thirty 4aye prior to ~
date so tixed for redemption, and same shall cease to bear tnt•zteot
from and after said date.
IT IS HEREBY eepeclally a~reed that it thia warrant, or aa7 tnt•~••'
CoUpon hereto attached, is not paid at ma t urity, and the same 1e plaoe4
ln the hands of an attorne7 for eollectlon after mBturity thereo f , or
suit is filed thereon, or collection made by legal proceedings of an7
klndt ~ additional a ount of ten per centum (10 ~) on the principal
and interest then due ahall be added as attorney•s fees.
TlliS WARRANT is one of a series. of five wa rrants, 1\WDbered
consecutively from one (1) to five (5)t inclusive• in denomination
ot Fourteen Hundred (81400.00) DOllars eaoh1 aggrega ting the sum ot
seven thousand (3?,ooo.oo) DollBra, isoued for the purpose of evtdeno•
1ng the inde btedness of the City of lubbook to said P•Y• Brown, h1a
assigns, or beare r, for land fOr additional parka for the ~1ty of
Lubbock, purchas ed by said City trom aaid P.B. Brown~ under a nd by
virtue of the '-'onati tut1on and lawa of the State of 1'exaa , and the Ct t7
Charter of the City of lUbbock• Texas, and in pursuance ot an ordinanoe
duly and lt!gally adopted by the C1 ty Commiaeion ot said "1ty and record•
ed in the Klnutea of eaid utt7 Comm1aa1on.
THE DAT E of this warrant, in oonfo~ty with the ordinance aboTe
mentioned, ie Aug. 20th, 1931tand 1t is hereby certified and ~eo1ted
that all act s , con ditions and th1nga reQuired to be done precedent to
and in the issua nce of this warrant and the aeries of which it io a
part, 1n order to make 'hem legal, valid and binding oblig ~t i one of
aa1d City, have been dona and perfomed and have happ ened in r e gula r
and due ttme. form an~nner as required bY lawJ that the taith and
credit, a nd a ll of the resources of oa id City, are h ereby irrevocably
pledge d for the prampt payment of the principal and 1nte~est of
these warrant s a t me.turi ty• that due provision baa been made for
levying and collecting annually by. taxation an amount auffici ent to
pay the interest on the~e warrants aa 1t falls due, and to provide a
sink ing fund for the final redemption of aa1d warranto at maturltya
a nd th ~t the 1eeua ot w~rrants of which this is one 1 together ni th all
other indebtednes s of e a id ~1ty 1 is wtthln every debt and other ltmlt
presort bed 1t7 the Oonfti tlilion and laws of the State of Texas, and by
the City Charte r of said City.
I N VllTlmBS 'l'H~REOF, the City Commis s ion of the Cit7 ot Lubbock, Tem•
has caused the s ea l gf eatd City to be he~eto attix d and this warrant
to be eisned by the Mayor and counterei y t ity Secreta ry, ae
ot the date last aboTe written.
CODllTERSIGliEDt il:r«~ 0
Lubbock, Tex a a.
RE GISTEREDt 'hie the 20th day of
August • 1935~
Bl\7 freaeure~, city .ol LUbbock,
~ !exa• r
The form of interest ooupon ahall be subs\antlally as followsa
lJo. ----
ON THE 20th day of August 1 103_, ·
the City of Lubbock, Texaet hereby promises to pay to P•Y• Brown, h1a
aeaisns or bearer, at the National Bank of Commerce• Ne w York Ci'J•
:Sew YGrk, the eum of Seventy (.,.,o.oo) Dollars, aa14 IIU!Jl be1ns oat , .... ~.
interest due that clay oa CITY 0"6 LtmlH>OK BROWN P 'N.ARRABT 1 Sl ftiE S 1
OP 19315, B0 • • dated Aug• 20, 103&t to w bie on. 1• atklh•
ed and la a par\ thereot.
The ~ollowing aeeigaments ehall be printed on tha baok ot ea14
warrants•
AS3IOH11Elr.r ·
I hereby certify that I have received the within principal wal""aat,
and the interest coUpons thereto annexed, from the City of Lubbock,
texas; and, ~r value received, hereby tranater1 aeaign, sell and
delive r, without recourse, to , all right,
title and interest 1 have in and to the same, and atao the proporttoa.-
ate part ot the debt due me• w-1 th interest thereon, by ea1 d ·ct ty•
which ia represented by the amount c a lled for b7 thia principal wa~t
and the ., nexed coupons; and ea14
S.a hereby eubroga ted to all cla1 ma-, .... i"'le~n'!""a"""",-· ... r~l~g'rii'r\-o'!""r~. '""~\~l~""~£~1 .... -.-Wh""'.r'e'!"'ltr.fi~e~r!'-
1n law or in equitJl whlch are or may be aeoured to me, and I hereby
authorise hlm to co leet tbe asme and give fUll receipt and aoqulttanoe
thereof in my name. ·
I hereby asoisn, sell and deliver• without recours e, to bearer, all
r1ght9 title and interest I have in and to the above mentioned warraDt
and annexed eoupona.
11. Said warrants shall be ex eouted and delivered to said P.F.
Brown upon delivery by him to the Oity of proper abetrnot a n d d .. d
of said land to the City of Lubbock.
12• l'l' IS FURT"'-l ER ORDAI:t~ BY 'I'D CITY COUHISSI OJJ OF THE OI'l'Y
OF WBBOCK, TEXA S, that a special tund1 to be designated "BRO'ftll
PARK \VA RRABT FUND, SERI.2iS 1 ot 1936"t eh:lll be created and the pro•
ceede from all taxes levied, aaeeaeid and collected for or on account
ot this series of warrants ehall be credited to s a id fund tor the
purpose o t paying the 1 nterest on azul providing the necessary aiwdna
fUnd for the redemption of said warrants at maturity, and said fund
shall be ueed for no other purpoaet that to create s a id tund to pay
the interest on sald warrants and create ·a sinking fund autf1o1ent to
redeem them at maturity, a te.x of and at the rate of oie cp(t (l,t)
on e ~ch t l oo.oo valuation of all taxable property in sa d ~ 1• shall
be annually levied on s a id property and annually aeeeeaed and collect•
ed, or eo much thereof as ehall be neceeeary1 or in ad41tion thereto
as may be required, until said warrante with interest thereon haTe
been tully paidt and the satd ta7 of one cent (~) is here now lev1e4
for the current year, and ao much thereof as Shall be necessary• or
in addition thereto as may be required, ie here now levied for e a ch
succeeding year while eaid warrants or any of them are outsta nding,
and the same shall be annually assessed an4 collected and applied to
the purpose named.
Passed and approved tlret reading, thi~e I. 1-rT y ~ ~ 193111
Pas sed and approved second reading, t. ~~
A~ ..,J 1 a;yor