Loading...
HomeMy WebLinkAboutOrdinance - 632-1939 - City Commission Of The City Of Lubbock Principle Sum $50,000 - 11/09/1939. / n-o~-l.939 ORDINANCE NUMB ER 632 1\ -os-'.939 ORDINANCE AUTHORIZIJ«} ISSUANCE OF $50,000.00 FIRE STATI ON BONDS :TY ST~TE :::s l COUNTY OF LUBBOCK ) J On this the 9th d§lY' of November , A.D. 1939, the City Commission of the City of ~bbook, Texas, convened in Regular session in the City Ball, in the City of Lubbock, !exas, all members thereof, to-wit: Mayor Commissioners City Manager City Attorney City Se oreta ry C.E. Slaton W.G. McMillan W.B. Price J .A. Fortenberry Hub Jones W H ltoagers Durwood H Bradley Lavenia Williams being present, and, among other business transacted, the following ordinance was passed: ' "AN ORDINANCE BY THE CITY COMMISSION OF THE CITY OF WBBOCK 'lEXAS, AUTHORIZING THE ISSUANCE OF BONDS FOR THE PRINCIPAL SUM OF ~50,000.00, FOR THE RJRFOSE OF THE CONSTWCTION OF A FIRE STATION IN AND FOR SAID Cl'l'Y; PROVIDING FOR THE LEVY, ASSES~Nr AND COLLECTION OF A SUFFICIENT TAX TO PAY Tim INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND TO RE~ THEM AT MATURITY; ffiESCRIBmG 'mE FORM OF :OOND; AND DECIARIID AN EMERGENCY ON ACCOUNT OF THE URGENT NECESSITY OF A FIRE STATION." Commissioner Jones moved that the ordinance be placed on its first reading; seconded by Commissioner Price , and carried by the following vote: YEY: Mayor Slaton, Commissioners McMillan, Price, Fortenberry and Jones. NAYS: None. Carried; ordinance placed on first reading. Commissioner Jgne s moved that the ordinance pass first reading; seconded by Commissioner Price , and carried by the folloWing vote: YEAS: May or Slat on, Co:mmis sic ner s McMillan, l~ioe, Fortenberry· and Jones. NAYS: None. Carried: Ordinance passed first reading. Commissioner J~es moved that the rules be suspended and that the ordinance be p aced on-second reading by caption; seconded by . Cpmmissioner Pri ge , and carried by the following vote: YEAS: Mayor Slaton ~ Commissioners McMillan, Price, Fortenberry and Jones. NAYS: None. Carried; ordinance placed on second reading by caption. Commissioner Jones moved that the ordinance pass second reading; seconded by Commissioner Price , and carried by the following vote: YEAS: Mayor Slaton, Uommissioners McMillan, Price, Fortenberry and J'one s. NAYS: None. Carried; ordinance passed second reading. Commissioner Jones moved that the orQ.inance be placed on third and final reading by caption; seconded by Commissioner Price , and carried by the following vote: YEAS: Mayor Slaton, Commissioners McMillan, Price, Fortenberry and Jones. NAYS: None. Carried; the ordinance was again read by caption. Commissioner Jones moved that the ordinance pass third and final reading; seconded by Commissioner J:lrige , and carried by the following vote: YEAS: NA.YS: Mayor Slaton, Commissioners McMillan, Price, Fortenberry and Jones. None. MAYOR Slaton then declared the ordinance finally passed. The ordinance follows: .. ORDINAIDE NO. f 3 ~ AN ORDINANCE BY THE CITY COMMISSION OF ~ CITY OF LUBBOCK, TEXAS, AUrHORIZING 'mE IS'SUANCE OF BONDS FOR THE FRINCIPAL StnVI OF $50,000.00, FOR THE PURPOSE OF THE CONSTRUCTION OF A FIRE ST~ION IN AND FOR SAID CITY; PROVIDING FOR THE LEVY, ASSEsamNT AND COLLECTION OF A SUFFICIENT TAX TO PAY THE INTERESI' ON SAID BONDS AND TO CREATE A SINKING FUND TO REDE:EM THEM AT MI\TURITY; ffiESCRIBING THE FOm OF BOND; AND DEClARING AN EMERGENCY ON ACCOUNr OF THE URGENT NECESSITY OF A FIRE STATION. 'iSREAS, at an election held in the City of lubbock, Texas, on the 2nd day of September, 1938, a majority of the qualified voters, who are property 'taxpayers of the City of Lubbock, voting at said election sustained the proposition to issue the bonds of said Vity in the principal ~um of i50,0oo.oo for the purpose of the construction of a fire station in and for said ~ity, by a vote or 63? affirmative votes, and which oarried bJ'" a majority vote of 526 in favor trereof, being "FOR THE ISSUANCE OF BONDS ]'OR THE FURPOSE OF CONSTRUCTING AND EQUIPPING A FIRE Sl'ATION AND THE LEVY OF A TAX IN PAYMENr THEREOF"; and, WHEREAS, it appears af.t'irmatively to the City Commission that said election was regularly ordered, that noti~e thereof was regularly given for the time and in the manner as provided by law, and t ha. t said election was regularly held and that only property taxpaying voters voted at said election and that the returns thereof were regularly made to the Commission and that said returns have been duly canvassed and the result of said election regularly declared in all respects as provided by law and that it has been found and declared tbat the proposition for the issuance of said bonds was carried and sustained b.1 a ma~ority vote of the property taxpaying voters voting thereon, and that, therefore, this Commission is auth- orized to issue said bonds and to levy a tax in payment thereof and cause the same to be assessed and collected: NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF DJBBOCK, 'IEXAS: Section 1. That the bonds of said City, to be called "CITY OF LUBBOCK FIRE srATION BONDS, SERIES OF 1939", be issued under and by virtue of the Special Charter of the said City~ adopted December 27th, 1917, by vote of the qualified voters of said ~ity, and amendments thereto, and the constitution and laws of the State of Texas, for the purpose of the construction of a fire station in and for said City, in the principal sum of F if'ty 'Ihousand Dollars ($50, 000.00} •. Section 2. ~hat said bonds shall be numbered consecutively from oae (l) to fift,y (50) inclusive, and shall be in the denomination of One /Thousand Dollars {$1,000.00) each, aggregating the sum of Fifty Thousand Dollars ($50,000.00). Section ~. That they shall be dated ~tQ!:er ~, 19&9, and shall become due and payable serially as follows: .. Bond Numbers Maturity Dat!!_!! Amount! l· to 3, Ino. April 1, 1940 $3,000.00 4 to 6 " April 1, 1941 3,000.00 7 to 9 " April 1, 1942 3,000.00 10 to 12 " April 1, 1943 3,000.00 13 to 15 n April 1, 1944 3,000.00 16 to 18 " April 1, 1945 3,000.00 19 to 2l " April 1, 1946 3,000.00 . 22 to 24 If April 1, 1947 ' 3,000.00 25 to 27 tf April 1, 1948 3,000.00 28to 30 .. April 1, 1949 3,000.00 31 to 33 ff April 1, 1950 3,000.00 ..., 34 to 36 " April 1, 1951 3 ,ooo. 00 37 to 39 ;, ,, April 1, 1958-3,000.00 40 to 4.2 ., April 1, 1953 3,000.00 43to45 " April l, 1954 3,000.00 46 to 48 " April 1, 1955 3,000.00 49 to 50 " April 1, 1956 2,000.00 Section 4. '.rbat they shall bear interest at the rate of three and one-fourth per centum (3f%) per annum, payable semi-annually on the 1st day of April and the 1st day ot OCtober of each year. Section 5. That the principal and interest of said series of bonds shall be payable on presentation and surrender of bond or proper coupon at the Central Hanover Bank and 'l'rust \.icmpany, New York City, New York. Section 6. 'l'ha.t each of said bonds shall be signed by the Mayor, countersigned by the City Secretary, and re g istered qy-the City Treasurer, and the corporate seal of the 01. ty of Lubbock shall be impressed upon each of said bonds. Section 7. That the facsimile signatures or the Mayor and City Secretary may be lithographed on the coupons atta.ched to the said bonds, and sha 11 ltave the same effect as it they had been signed by them. Section B. as follows: That the form of said bonds shall be substantially No. UNITED STATES OF .AMERICA STATE OF TEXAS COUNTY OF LUBBOCK CrrY OF LUBBOCK FIRE STATICN BOND, SERIES OF 1939. . . $1,000.00 KNOW ALL MEN BY THESE PRESENI'S: That the City of Lubbock, a municipal corporation duly incorporated 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 .(pril,. , l~r.~ , the principal sum of ONE THOUSAND DOLLARS ($1,000.00), in lawtul money of' the United States or America, with interest thereon frcm. date hereof at the rate of three and one-fourth (3-i%) per centum per annum, interest payable semi-annually on the 1st day of April and the 1st day of October at each year; principal am interest payable upon presentation and surrender of bond or proper coupon at the Central Hanover Bank and Trust Company, New York City, New York, and the City ot Lubbock is hereby held and firmly bound, and its faith and credit, and all real and personal property in said City, are hereby irrevocably pledged for the prompt pe.yment of the principal of this bond and the interest thereon at maturity. THIS BOND is one of a series of fifty (50) bonds, numbered consecutively from one (1) to fifty (50), inclusive, of the denomi- nation of One Thousand Dollars ($1,000.00) each, aggregati.ng Fifty Thousand Dollars (($50,000.00), issued for the purpose of the construction or a fire station in and for said City~. under and by virtue of the Constitution and laws of the State of ~exas, and the City Charter of the C1 ty of Lubbock, Texas, and in pursuance or an ordinance duly and legally adopted by the City Commission of said Uity and of record in the Minutes or said City Commission. THE ·n4.TE or this bondi in conformity with the ordinance above mentioned, is October l, 9~9, AND IT IS HEREBY CERTIFIED AID RECITED that the issuance of this bond, and the series of which it is a part, is duly authorized by law and by a vote ot the qualified property taxpaying voters of the City of Lubbock, Texas, voting at an election held for that purpose in said City on the 2nd day of September, 1938; that all acts, 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 perfoxmed and have happened in regular and due time, foDn and manner as required by l ~w; that sufficient and proper provision for the levy and collection of taxes has been made which When collected shall be appropriated exclusively to the payment of this bond and or the series of which it is a part, and to the payment of the interest 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 cCilsti tutional or statutory limitation. I INWITNESS WHEREOF, the City of Lubbock, by its City Commission, has caused 1 ts corporate seal to be hereto affixed, and this bond to be signed by its Mayor, countersigned by its City Secretary, and registered by its City Treasurer, and the interest coupons hereto attached to be executed by the lithographed fac simile signatures of the Mayor and City Secretary, as of the lst day of October, A.D. 1939. COUNTERSIGNED: Tiity Secretar.r, City of Lubbock, Tema. Mayor, City of LUbbock, Texas. REGISTERED: City Treasurer, City Of Lubbock, Texas. The fonn of interest coupon attached to said bonds shall be substantially as follows: No. $16.25 ON THE lst DAY OF ----------' 19 ___ • the day Tbe City of Lubbock, Texas, will pay to bearer at the Central Hanover Bank and '.l.'rust l.iompany, New . York City, New York, the sum of Sixteen and 25/100 Dollars ( ilo .25) in lawful money of United States of America, being six months' interest due that on CITY OF LUBBOCK FIRE STATION BOND, SERIES OF 1939 ,. NO. dated October l, 1939. ___ , MaYor City Secretary. ~e following certificate shall be printed on the back ot each of said bonds: OFFICE OF COMPTROLlER) ) STATE OF TEXAS } I HEREBY CERTIFY that there is on file and of record in my ottice a certifieate of the Attorney General of the .Otate of 'J.'exas to t~ effect that this oond has been examined by him as required by law, and that m finds that it has been issued in contormi ty with the Constitution and laws of the State of Texas and the City Charter of the City of Lubbock.l Texas, and that it is a valid and binding obligation upon said vi ty ot Lubbock, Texas, and said bond bas this day been registered by me. WITNESS MY HAND AND SEAL OF OFFICE, at Austin. 'J.'e:ms, this the _ day of _, A.D. 193_. Comptroller of Public Accounts of the State of Tams. . . Section 9 .. IT IS FURTHER ORDAINED BY THE CITY OF LUBIDCK, TEXAS, that to pay the interest on said bonds and create a sinking fund with which to .:pe.y 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 DISDD.er and at the same time other taxes are levied, assessed and colleated in each year in said Uity, 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 same matures; and 'to pay the interest on said bonds and to create a sinking fund to pay the princi~al as it matures, there is hereby levied a tax of ·.0162 on the ilOO.OO valuation of all taxable property in said City f'or the year 1939 and tor each succeeding year while said bonds, or any o:t' them, ere outstanding, and same shall be assessed and collected, or so much thereof as may be necessary for said purpose, and applied to the purpose named. Section 10. IT IS FUR'lHER ORDAINED 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 sha 11 take and have charge and oon trol of' the bonds herein authorized pending theil' approval by the Attorney General and registration by the Comptroller o:t' Public Accounts. Section u. '!he fact that the City of Lubbock, Texas, is in urgent need of' a tire station in order to serve the best interest, health and welfare of' its citizens, creates an emergency and an imperative public ne ce ssi1{r that the rule requiring ordinances to be read at more than one meeting of the City Commission before final passage be suspendedJ and it is ordained that this ordinance shall take effect and be in force immediately upon its passage and approval. P.ASSEDJ this the _9th APPROVED, this the _J....,t.a.h-day of Noyembe:t:,_ Lubbock, ems. (Olty Seal) __ , A.D. 1939. , A.D. 1939.