HomeMy WebLinkAboutOrdinance - 660-1941 - Issuance Of Bonds Improvent Of Waterworks - 02/27/1941:.., . ,. ,. •
ORDINANCE UO, . 660
"Alf ORDINAncE by the <.;i ty "'omission of the l,;i ty of Lubbock, ".L'exa.s,
authorizing the issuance of bonds for the principal sum or ~?5,000.00
for the purpose of constructing improvements and extensions to the
i'later.works r:System of sl!id City; prescribing the forzr. or the bonds and
the form of interes t coupons; levying a continuing direct annual ad
valorum tax on all taxable properties within the limits of said Gity to
pay the interest on such bonds and to create a sinking fund for the
red.emption Uereor, and providing for the assessment and collection of
such tllx; enacting provisions incident and relating to the subJect and
purpose of this ordinance; and declaring an emergency.''
WHEREAS, under and by virtue of a resolution and order duly passed by
the City Commission or the City of Lubbock, Texas, on the 26th day of
December, 1940, an election was ordered to be held in said City on the
14th day of January, 1941, and at which election the following proposition
was submitted to the quali:f'ied electors o:f' said City:
"SP~LL the City Commission of the City ot Lubbock. Texas, be
authorized to issue bonds of said City, in the principal sum of ~eventy
Five Thousand Dollars ($75,000.00), maturing seriallY within five (~)
years from their dates, bearing interest at a rate not exceeding
THREE PER CENTUM (3%) per annwn, payable semi-annually, and to levy
a tax on all taxable property in said City sufficient to pay interest
on said bonds and provide a sinking fund with which to pay the principal
at maturity, for the purpose of constructing improvements and extensions
to the Wat e rworks System of said City, as authorized by the Constitution
and laws of the State ·of Texas?"
AJID '.'/HEREAS, upon consideration of the returns of said election,
the City Commission found that said election had been conducted in the
manner prescri~ed by law. and.was in all respects legally held, after
due and pr~per notice as required by law; that due returns or said election
had been made ~~ the proper officers; that said election resulted favor-
ably to the issuance of said bonds; that a majority of the qualified
electors, voting at said election, voted in favor or the issuance or said
bonds; and that the City Commission is in all things authorized to issue
said bonds and to do any and all things necessary and/or convenient in connec
tion therewith; and
'1/i::EREA.S, it is to the best intereat of the City that the authorized
improvements and extensions to the Waterworks System be constructed at
the earliest possible date, thereby crea:t;ing this an emergenoy measure
for the i~~ediate preservation of the public peace, property, health and
safety. as well as a more efficient administration and operation of the
Water Department of the munici~al government; therefore,
BE IT ORI1\WED BY THE CITY 01!' LUBBOCK,
~Q~!OI-r 1: That the bonds of said 0i ty, to be called .. CITY OF
LUBBOCK, TEXAS, ';/ATER710RY.S ll1tPRom.:ENI''AND CONSTRUCTIOH BONDS,'' be issued
unc1er and by virtue or the Consti tutlon and laws or the ~tate of 'J.'exas,
and the Charter of said City, for the purpose or constructing improvements
and extensions to t~e ~aterworks System of said City, in the principal
sum of S:!!VZUTY-FIVE.'mOUSAND DOLlARS ($75,000.00).
SECTIOn 2~ Th9. t said bonds sOO.ll be nwnbered c onsecutively from One
(l) to Seventy-five (?5), both inclusive; shall be of the denomination of
ONE THOUS .\ND DOLURS ( $1, 000. 00 ) ee ch, aggregating the sum of SEVEHTY-FIVE
THOUSAND OOLLA.RS ( $75 , 00 0. 00 ) •
SECTION 3: Thet said bonds shall be aated February 10, 1941, and
shall mature serially in accordance •:11 th the following schedule:
BO !JD Nm.:BERS MATURITY DATES AMOUNTS
(All Inclusive)
1 to 25 February 10, 1942 ~25,000.00
26 to 50 February 10, 1943 25,000.00
51 to ?5 February 10, 1944 25 ,000 .00 1
SECTION 4: That all of said bonds shall bear interest from date until paid
at the rate of ONE PER CE~~UM (1~) per annum, pa~ble on August 10, 1941,
and thereafter semi-annually on February lOth and August lOth, in each year,
such interest to be evidenced by proper coupons attached to said bonds.
SECTION 5: That the principal and interest of said series of bonds shall
be payable on presentation and surrender of bonds or proper coupons. in
lawful money of the United States of America, at CITIZENS NATIONAL BANK,
LUBBOCK, TEXA.S,
SECTION 5; That each of said bonds shall be signed by the•:Mayor and
countersigned bY the City SecretAry, and the corporate seal of thenOITY
OF LUBBOCK, TEXAS," shall be impressed upon each of them. ·
SECTION 7: That the facsimile signatures of the Mayor and City Secretary
may be lithographed or printed on the interest coupons attacbed to said
bonds, and shall have the same effect as if they had been signed by them.
SECTION 8: ~bat the form of said bonds shall be substantially as follows:
No. 1JNITED STATES OF AMERICA
STATE OF TEXAS ,
COUllrY OF LUBBOCK
CITY OF LUBBOCK, TEXAS, WATER','/ORKS
D!PROVElt:ENT AIJD CONSTRUCTION
BOND.
31,000.00
CITY OF LUBBOCK, a municipal corporation, of the state of Texas,
acknowledges itself indebted to and, FOR VALUE RECEIVED, hereby promises
to pay to bearer, the sum of
ONE T~OUSAND DOLLARS
($1,000.00), in lawful money of the United States of America,
on the lOth day of _, 19 ____ , with interest thereon
from the date hereof until p~id, at the rate ot ONE PER CENI'UM
(1%) per annumL payable on August 10, 1941, and semi-annually
thereafter on ~·ebruary lOth and August lOth in each year, on
presentation and surrender of the annexed coupons as they
severally mature.
BOTH PRINCIPAL and interest of this bond are hereby aade payable at
CITIZENS NATIONAL ~. LUBBOCK, TEXAS.
mrs DOUD IS one of a series of like tenor and effect, except as to
number and maturity, dated the lOth day of February, 1941, numbered fran
One (l) to ~seventy-Five (75), both inclusive, all of said bonds being o f
the denomination of 0 ~Thousand Dollars ($1,000.00), aggregating in amount
SEVENTY-FIVE THOUS.\I'ID,..,DOLIARS (.0?5,000.00), and issued for the purpose of
constructing improvements and extensions to the waterworks System of said
City, under authority of the C0nstitution and laws .of the State of ~exas,
and the Charte r of said City, and pursuant to an ordinance duly adopted
by the City Commission of the City of Lubbock, Texas, and recorded in the
hlinutes of said City Co~ission.
IT IS :fl!!REBI CERTIFIED, RECITED AND HEPRESEllTED that the issuance of
this bond and the series of which it is a part is duly authorized bJ• law
and b·t a vote of the quali fied property taxpaying voters of the City of
Lubbock, Texas, voting at an e lecti o :-t held for thn t pu r -o ose v1i thin said
City on the 14th day of Janu~ry , 1941; that all acts, conditions, and
things required. to b·1 done precedent to and in the issuance of this series
of bo;;ds, and of this bo~d, h::.tve been properly done and performed and
have happened in rePular and due tir le , fom and manner as required by law;
that suffici ent and proper provision for the le~J and collection of taxes
has been :r~ade which, when collected , shall be appropriated exclusively to
the payment of this bond and the series of which it is a part, and to thf'>
payment of the interest coupons thereto annexed as the same shall became
due; and th~t the total indebtedness of the City of Lubbock, Texas, includ-
ing the entire series of bonds of which this is one, does not exceEid any
constitutional or statutory limi tation.
IN TESTTI~ONY "JlEREOF, the City or Lu"::lbqck, Texas, by its City
Commission, has caused its corporate seal to be affixed hereto" and this
bond to be siBned by its J.iayor .and countersigned by 1 ts City Secretary,
and the interest coupons hereto attached to be executed by the lithographed
or printed fa~simile signatures or the ~yor a d ~ ty, ~e etary, and to
be dated the lOth day of February, 1941.
COUI\'TERSIGN'ED:
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SECTION 9: That the :form of interest coupon shall be substantially
as .follows:
No. ON THE DAY OF
-----19 ---
t. __ _
the CI'I'Y OF LUBBOCK, a municipal corporation o:f the ::>tate of '.L'exas, hereby
promises to pay to bearer, at CITI~NS N'ATIOi~L BAUK, LUBBOCK, TEX.4.S, the
swn of
- ---- - - - - - - -DOLLARS
( $_ } , in la•.vful noney of the United States of America, being _
months'l'""Tnterest on the "CITY OF LUBBOCK, TEXAS, VIATER;7oRKS If.iPRO~
·AND CQNSTnuc·rrou BOIID," .dated February 10, 194;1. Bond.No.
'Oity Secretary.
SECTION 10: '!'hat the :following certificate shall be printed on the back
of each bond:
OFFICE OF COt.!PTROLU:R
STATE OF TEX!\S.
REGISTER NO. ___ _
I HEREBY CERTIFY that there is on fiie and of record in rny office a
certificate of the Attorney General of the State of Texas, to the effect that
this bond has been exa.r.~ined by him as required by law and thnt he finds that
it has been issued in conformity with the Constitution and Laws of the ->tate
of Texas, and that it is a valid and binding obligation upon said City of
Lubbock, Texas, and said bond has this d:1y been registered b:t me.
~UTHES3 MY ~:MID AliD 3EAL OF OFli'l CE, at AUSTIN, TEX:\S
this the ____ day of • 1941.
~amptroller of fublic Accounts
o:f the State of Texas. ·
SECTION ll! W J;T FURTHER ORDA!lJ'ED BY T'rlE CITY OF LUBBOCK:
-That to pay the interest Dn said bonds and create a sinking fund
sufficient to redeem them at maturity, a tax of _Ten Cents_ (10¢)
on each one hundreddollars• valuation of all taxable property in the
City of Lubbock, Texas, or such an amoun~s may at ail tirtes be legally
necessary, 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, until ·said bonds with interest thereon have
been 'fully paid; and the sai C tax of ___ Ten Cents _ (10¢) is here now
levied for the current year, ·and so much thereof as shall be necessary,
or in addition thereto as may be req4ired, is hereby levied for each
succeeding year while said bonds, or any of themp are outstanding, and
the same shall be annually assessed and collected and applied to the
purpose names; provided, that to pay the interest on said bonds that
will mature on August 10, 1941, there is hereby appropriated the sum
of t375.00, out of.sums in the Treasury and to be in the Treasur; from
taxes collected in due and regular order, and the C9ty Secretary is
hereby authorized, ordered and directed to place said amount to the
credit of this series of bonds, and the said amount shall be applied to the
.purpose stated, and none other. ·
SECTE:I'i 12:. .BE IT FtJRTH::::n ORDAINED BY Ti!E CITY OF LUBBOCK:
That the Mayor of said City shall be and he is hereby authorized
to take and have charge of all necessary orders and records pending
investigation by the Attorney General of the ~tate of Texas, and shall
take and have charge and control of the bonds herein authorized pendinG
their approval by the Attorney General and their registration by the
Comptroller .of Public ··:Aocounts.
SECTIOn 13: AND BE IT ~TIIER ORD~\INED BY THE CITY OF LUDBOCK:
The fact that it is to the best interest of the City that the
authorized improvenents and extensions to the ·:laterworks System be
constructed at the earliest possible date, creates this an emergency
measure for the immediate preservation of the public peace, property,
health and safety, as well as a more efficient administration and operation
of the Water Department of the municipal government, demanding th9 t the
Charter provisions to the effect that no ordinance shall be passed on the
day on which it shall be introduced, be suspended, and this ordinance is
hereby declared an emergency measure by a unanimous vote of the City
Co~ission, and the same shall take effect from and after its passage,
and it is so ordained.
Passed, t~is the 27th d~y of February, 1941
APPROVED, this the 27th day of J!'ebruary, 1941.
C .E Slaton
Attest: Lavenia :·lilliarns
Vi t,, ~!lr e tt\ T'Y., Ci t\• of
.. Mayor,City of Lubbock,!I'exas