HomeMy WebLinkAboutOrdinance - 759-1946 - Issuance Of $36,000 Bond, Municipal Airport Bonds - 03/19/1946'•
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6 bomm · w LUBBOmc
')oxTr CR Ltml3oatt
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03-19-/.91f
9 ON 1mB the l~th day of ltaroh, 1946; the city Commia-.lon I . . .
10 rt tlte 01 ty ot LUb'bookt T.e:c:a.s, oonvenGd in oalled session • at the
11 . gular .Ql&et1ns_plaoe thereef in the City Hall• with the followJ.ns
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ers thereof • to-wi ta
O. w. RIBBL'S,
l. RAY DIOKft' t
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16 !t VI. B. P.RI¢E • I T
t 7 jl lAVEUIA WlLLI .A)AS t . Sf:Om:TARY,
18 present: and the toll.cm1ng absent I ___ H.· u.·:b....,· .... :...,o.;;;;n .... oo....__,___ ____ , . . .
19 fo.nnt1tuting a quorum. when, amol)8 other proeeodll:tgD had, \'ier~ the
20 following1 .
21 11 CClm!li1ssloner r1. B. Prloe pl!'68ented tor the oonaiileratllon
22 rr :he ~it.sr Oomm!ssion Q.D. orilinMOO 8U'\thorlzlns the issuance ot
23 ~)6,000e00 ttOITY OF LUDDOClt, TEXAS ,-UUNIOIPAL ~ x:t!PROV'Eltlm'l
24 -0NDS, SERllW 1946": «a~ell Ma.roh 1: 1946 (beinG paroel of a total
25 lssue ot $)0o:ooo.oo bonds authorized at the elootion h~ld 1n aa14
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26 1 ty on Deot1mber 11, l945) •
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~~ ordine.no-e was road in full by the 01ty Seoretuy,
~Jlereupoa, Oommlsalour J. Ray Dl.okoy moved that the
e requJ.r1ns that no o~nanoe sh8'1i be passed on the day on . .
~Jilolo<l~ it ls introduced be. suspended. and that 111 Y1mr ot the
3 1 · rge~oy set forth ·f.Uld defined ln. the preamble to tho proposed ,
32 Minapoo• that the name be 4ecla!'$d an emere:en.oy .measure. ThiS
3 t1on waa dql.T oerried by the following voto:
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34 A!Et'h Mayor Ribble and Oomo.iosloners Ohildroas,
Dickey 1 and Prico.
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2 oztclt neaoe had been declared an eargenoy aeasure by uaaJdmous
3 vote ot the Commios1on.
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4 Thereupon., CQQQissio.uer ";/. B. Prioe .moved that the
5 orrUnan.oe es read 1n full bJ ~e City Soorot;Qr.v be tina] 1.1 pueed
6 and adopted by the COD!!l! sed. on. This motion was seoonded by
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7 Oomtdss1oner :r. R81 Diokey• and the .motion, ~with it tbe
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s t14al passage and adOption ot the ordlnanoe; was WW11tlouoly
9 ouried by t.he :tollcwin& vote:
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to I AYESt Moror Ribble cmd ·cammlaaionars Childress,
Dickey and Pr.t.oe .
11 1 NOESt None.
12 jl Thereupon, the ~or annoUD.Cod that the or41nanoe ha4
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I been t1nlllly pasned and adop~d by unanimous vo~ of tb.e 0C)l!ll'j)S sa1o
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in aocordance with the roqu..irem.enta ot seotions lS, 16 an4 17 ot
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Artiole II; of thO Lubbook OharterJ and the Mayttr thereupon a1gne4
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land appro?ed the ordtnanee in the presence ot the Comminsion .
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18 II The ordinartC.e is ca :tollows 1
I "All ORDllUNOB by the city Oomtn!ssion ot the City
19 1 ot .Lubbook, Texas 1_aut.hor1z1M the issuance ot
~~1t!oo .oo •OI1'f UJr LUBBoax1 Tl:XASi mnnoiPAL
20 ,1 AIIu-o~ • nmnavnnm notms , amma ~' 4atecl
ltaroh 1 191.6 (be~ paroel or a 15o !osuo ot
21 l 0)oo,oo6 .oo bondo a~thor1ze4 at the eleot1on
held ln said Oity on. Deoomber t;l~5), tor
the purpoDe ot oonotruot1ng; rop , eroot-
lnB and !mpW't!n8 btt1141ngs, hansars and othe:r
pemeno.nt improvomonta ·to tlie Munioipal A.Upon
ot the 01ty of LUbbock, !nolu41ng tbe oonntruot-.-
J.oll ot ronda, dn:von • par !dna oroas and the
purohase and installation of contl'O! equipment
and .caohinory nnd othor improvomento i.no1dontal
to the ope-ration ot suCh MUnicipal Airport in
the C1 t7 ot Iubbook; proooribins the rom of
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the bonds and tb.e tom ot 1.ntarcnt ooupons J ·
levyin& a cont1nu.1ns diroct annual ad valorea ·
tax on .:1.1 taxable popert!es within the limits
ot onid 01ty-to pay tb.ct interost on ouch bonda
alUl to create a s1.nk!na fund tor the ttedett1l)t1on
therool and prov141.DG tor tho ansessmont and
oolleotlon of suoh toxJ enaotlng provisions
incident and rolot1ng to tho subJoct and p~oae
ot ~is ord1 nonoo r end. 4oolor1ng nn omargenoy ."
WimREAB, under nnd by virtue ot an ord!rwno-o dul7
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passed and adopted by the C1t,y Oomm1sn1on of the City at Lnbboot,
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Texae t on the 20th day-of rtovombor . 1945 1 an election was ordued
34 11 to be held 1n said c 1 ty on tho 11th day ot De comber: 1945: an4 at
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lwhiah election the following proposition was submitted to the
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quallt1e4 eleotors of sa14 Oitya
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Pare No. ----a-.·······-· I
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•mur.t. the City ~01111'1aalon ot the City ~ Lubbook
~e authoriz84 to i88Ue tb.e ileSotlabla interest bearlDS . .
bonda ot tho cs.v ot Lubbock 1n the amoun~ ot 0300.ooo .oo.
bearing interest at a rnto ot not oxo e ed!ng three and o.ne-
. half por: aent t1E1 ()~) por ann~.ttt frow dato • and tJD.t\lrins
at such tillle or t1mes ao .nQy bo deomed .moat expedient by
the 01ty Ootll31ss1oJl• sorial.)S, n()t luter tlu:u:l. tl18n~y .. .t1ve .
years tr0t11 their date., tor the purpooo ot purohasins sites
tor parks and ot o:ReotiJig ond ooDDtwotln6 tmp=v-.n~a to
the parka ot the City ot LUbbook, in.oludinB ra181ns1 gra4•
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ins, t11Uns, terro.cina, 18lid8oops eardin!Jls, ereoUna . .
bUildingd, establishing uo1ko on4 paving d.J:i~ewap aroUD4, .
1n and through s&1d parks, plaT Grounds and oiAtUtr publle . , .
groundS, as well ao 1nstall,ns, oonatruoting, repalr1.Da
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and improv~ ~pools, wading pool.o and other
:t'c o1ll ties for the rooreatlon ot the oll1ldren and o1 tueu ,
ot said CitJJ and oll.all there be onnnQll$ assessed, levied .
and coUecttld• wb.Ue said bonds or Q.D3' ot them are ottt-
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staMina, an ad vol.orem tax upon all taxable pl'OJlertr within
said 01 ty su.tflo1en.t 1n amount . to p ft1 tbe annual 1Jiterest
on onid bo.nda and ~o proVide a oinY.ina fund tor the ra-
22 r 4empt1on thereof at mato.rl~. ,,
23 l J'JID \al!ElmAS : upon oonsidorot1on ot the returns ot sa14
2)eleotion: the City COt3miso1on found tb.nt sa14 election had been .
25 ~oon&lcti4 1n . the manner preaoribed by law. end was 1n all respeota
26 esalJ.lr hel4, at:ter due aD4 proper notloe aa required by law; that
21 u reta.rns ot sd.dl eleotion had been made 'by the proper ott!oen 1
20 ~' aa14 elaotloa ft&lul.t.d tavoftbl:r to ~ 1t.iawutoe ot aa14 bO~
29'tb.at a QJodty or the qualltied eleotors, w~ln8 at sa14 eleotloa•
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30 :Voted in favor of the iasuanoe ot aald bonAIIJ 8n4 that 1me 01ty
3t OQIIImlas101l 1a 1n all 'th1Dga autho»iUd to 1s8\le said bon48 aa4 to
32 lo IU2T an4 all th1.De:B neoe~ ~or oe>nvenient in oonneotion
33 -.rem. thj aD4
34 1 wmm:EAS,_ it bei.Dg now 4otormnod by the Oity commssalon
35 !that 1 t is not desired at this time to iSsue aU ot the bon4B to1l
3 6 l e 300:ooo .oo~ voted ~o~ o.n the propoalt1on: as a:toresa14: anA t.hnt
}? ~)6;000 ~00 1a WI IJilOIIA\ ot bODds now 4~11'84 to ::.t~-~;_8114
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'that tM NM1n1ng amount o'l sold bonds, to-wlta 0 264,o~o .oo
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1 aball be 1astl84 at a future date or 4atea Wham, 1n the Ju4gmm t ot
2 l the City Comm1aston ot said Oity, th' amot111t is ne$de4 by the City
3 I tor the purpose for Which 1 t was authorbodJ and . .
4 iiiiERBAB; :lt is to the beat 1ntorest of the City that
5 the authorized oonatruotion, repairs, oreot1on and improvement
6 ot b\111dinge • ~s and Qtber percmtent improvecon.to to the
7 MW11o1pal A-irport ot the Oity of Lubbock, be oo.rnm.enoed at the .
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.earllest possible date, thereby oreat1na this an emerga.ncy .
9 i measure tor the ~fate preservation ot the pUblio peace•
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to J propft-tJJ health. and •atety:, e.s well as a more ott1o1ent a4min-
tt J 1Bt~t1on ~d ope~tion of the NUn1eipn1 Airport of the mun!oipal
12 1 government 1 therotore
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t4 LUBBO<E 1
t5 1 spg:r;OJ! lt Tbot the bOndS ot said. 01ty, to be called I •
16 1 "OITr (Jif LUBBOOK, TE.XAS • f.mNIOIPAL AIRPORT IMrROVEf.mt..""T BONDS,
11 SERIES 1946", be 1sattod undtlr and by virtue of the oonst1tut1o.n . .
ts 11and taws of the Stoto ot~s, and tho Cb.arter ot the City, tor
t9 ll tho purpose ot oonstruot1ng1 repn1.rl.Jl6: erecting and im.prCJVinG
20 l bu1141nga ~ tumeax>a and other pe:rmnnan.t J.mprovom.ents to the
2 '111JW11 aipal. ~J't ot. the City~ Lul?book 1 1nQlu41ng the oonstl:Uot-
22 !lo.Q. ot roa4o, 4rives1 puld.ng areas, end the puro.baae and iDatal-
23 1at.1on ot oontnl equ1p.al$!1t and maoh1nery Md othor icq)rovEID.l8llts
24 jl inol4u1;81 _ to ~he ope.ro.t~on of such Uuni oi})al i\.J.rpol!'t in ~ 01ty
25 ·ot LUbbock, in the :pl'~oipal BUtt ot 'l'HIR'l'!'..SIX WOUSAND J)()LLARS
' 26 ()6,ooo.oo).
27 M9~ION 2t That SU14 bonds shall bo numbered ocm.seo-
28 lu~YelJ tl'OJI one (1) ~o Tbirt.v-sls (36), inoluuivel shall be o~
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29 lt.be denom!notion ot One Thonsond Dolluo (Ol,ooo.oo) eaoh, aoor~
30 1saths the oum ot i'hirty...Six '!'housand Dollars (0j6:ooo.oo) •
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11 SECTION la That said bon4a shall. be doted Baroh 1• 1946,
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32 ~ ab.allmatu.ro 1a aoo~dancte with ~o following sohedulea
33 ~ ~~ W'LTUnl'lY DATES Af~OUNTS
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1 unroh 1, 1947 t 11ooo.oo
2 !!aroh lt 1948 l;OOOeOO
3 uarch 1• 1949 l;ooo.oo 4 un:roh 1, 1950 1,ooo.oo
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MATURITY DATES
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6'-lfarob 11 1951 $ 1;000.00
ua rch 1, 19J2 l;ooo.oo
7 Mnroh le 19'' liooo.oo e Ma_rob. 1, 1954 1,ooo•oo
9 Maroh 1; 1955 l;ooo.oo 1uo ~rch 1, 19S6 l;ooo.oo
Mnroh l; 19S7 liOOOeOO 12 ~rch 11 19~8 l,ooo.oo
13 Mal'Ch 1, 1959 l;ooo.oo 14 ~arch 1; 1960 1,ooo•oo
1S.16 ua roh 1· 1961 2;ooo.oo
17-18 un roh 1! 1962 2~o oo.oo
1.9-20 uaroh l; 196) a,ooo.oo
21-2a rJto.roh l i 1964 2 i ooo.oo
23-24 Uaro.b. l• 1965 2i ooo. oo 2S.26 t~roh 1; 1966 2;ooo.oo
27•28 ltaroh 1; 1967 2jOOO.OO
29-!'0 Ma rch l; 1968 a;ooo;.oo
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11 31·i2 ~h 1, 1969 a,ooo.oo
12 33-34 March li 1970 2,ooo.oo
i! 35-J6 t.aaroh 1, 1971 2,ooo.oo
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1 l\J.BOnON /t:t That all ot onid bon&J shtl11 boar-interest
14 helm dat• until paid at the rate ot OHB Ali> 01~ PER OB.trl.W'
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[ (1~) per annum~ payable on JJnrah 1st 8lld s e ptember 1st in eaoh
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year, the firs' 1.ntorest pa_rm.ent c\elto being Maroh 1. l947J such
17 interes t · to be ev1danoe4 by p rope~ coupons attaahe4 to eaoh ot
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said bonds.
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•OTipN Sr 'l'ut· tho pr!no1pal. and interos t ot ea14
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aeries of bcm4s shall be payable on presentation and surr GD4er
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ot bon48 or· proper oonpons, 1i1 lawful .money ot the Un1 ted S tates
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0~ .Amed.C)a • a.~ the GUARAN'l'Y ~UST 'OOMPAUY: 01 NB\'1 YORK . mM YORK
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am. tmw YOBB:.
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s~oH 6t That eooh o'f oa14 b~s ehal.~ be 'tene4 by
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the Mayo~ and oounters1gn,ed by the Oity ~orotol'f, and tho oorpor-
27 ate seal o~ the •Olft' w t tmBOCJlt • TEXAS•, shnU b e impressed upon
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2s i•Oh ot ·them.
29 1 SE OTI.01{ Z 1 'l'bot the foos111Ue s1snatuzoos of the !.layor
30 ·ilDd Oity sooreta17 lllEl1 be lithographed or printed on tho interes t . .
31 ooupons attaohe4 ~ said bonds, anrl ohall have the sam& efZeet as
32 it they had been sisnect by them.
33 S1WTION Sa That the t om ot said b onds shall bo su~
34 tantiall.r as tollowaa
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tmrtlm STATES OF AHE11IOA1
~ATI~ OF TEXAS t
OOUNTr OF LUBBO OX.
Pace No ..... ,. ........... .
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OITY OF LVBBOOK, TEXAS lruUIOIPAt
AIBPORT IUPROVFJmNT BOND, EmRDS 1946.
3 am r:a LUBBOOK, a lllW11o1pal oorporntion. of th-e state . .
4 ot Tezaa . aoknowl.edges itaelt indebted to and.-FOB V.AIXJE KEOiaVED, . .
5 hen by promises to Pat to bearer, the aum. ot
6 elm 'mOUBAUD DOLLARS
7 (01 ,000,00) • in lawful money of the United s tntoo ot Ju.D.erioa. on . ' .
8 the 11IBST DAY Oll l!AROB, 19-• with. interest thoreo.n from the . ,
9 date heret)t Wtt1l paid, at tho rato ot Oim AIID Olm-HAIF PER 01Dfl'OU . . . \
10 (1~) por onn.WI1, paJable on Moroh lat an4 september lat in eaoh
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11 year; the first inte:feBt prlJIUUlt da~o being llarch lt 1947·, on
12 rese.ntat.lon ond eurro.nder ot 1;h& annexed oo'upons as the1 sevell'all.J
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13rature. ·
t4 !1 BOTH J>RmOIPAL and interest of this bond are hereby
15 llmAde p$f'lblE3 nt tho OUARAlt1'Y TRUST COMPANY OP Nm'f YORK, NEW Yomt 1r ·
16 I;Orl'Y t . llEVI Yoruc.
17 1l 1'HIS BOND 1a o.ne of a series ot T41rtT-S.f.x ( 36) serial
u 1 onds~ numbered hom. Ono (1) to Thirty-six (36) • both 1nolua1ve: l .
19 ~ ot 0414 bonds being ot tbo 4onom!nat1on of one ThoUDo.nd Dollars . .
20 (t.)1 10oo.OQ) ,. assre<lns in amount '.l:.tUrtW-sJX momwm DOlLARS .
21 ($)6,ooo .oo), ad issued ·tor the :purp~se of oonstrtto~ing .. repabin8
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22 ·reotlns and 1mp:ov1li8 bQ.lldings 1 hangars and. o~or permanent ~ .
23 rove.menta to the Mwdc1po1 Airport ot the 01ty ot Lubbook1 J.D.-
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24 u41ns the oona,ruot1on ot .roads, drives , park11l6 areas 1 en4. the
25 tn-ehaae &.ad inetallation ot oontro1 eqUipment aDd maOhinerT and
26 ~r lmprovem.ento lnc1dente1. to ttie operation of suob. Uwdolpal
' 27 pon 1J1 the O!ty of .Lubbook~ UD4er authol'itT ot the Ccnstitu.tlon. . .
4 taws of thf) Steto ot Tesas 1 and the Obarter ot sald 011;y_. 8114 .
29
ursuant -to an or41nanoe dul3 o4opte4 by the City Oammlsslon ot
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1 e oJ.tr ot Lubbock, Texas• and r&oorded Jil the w.nuteo at ooi.A
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1 t,y comrns asio.n.
32 1 lT' IS llEREBf cmRTD"lED 1 BEOITED AND Rl'tPRESEtlTED that
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hf isswmoo ot thio botld end the series ot which it 1s a pari ,
' ~Y autllorizcd by law end bT o vote of the qual1t1od p.,-operty
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u;pQ'ins -vo.torn ot the 01 ty ot LUbbook • Texas,· voting qt an
leot,ion hold to~ that putposo within said City on tho 11th day of
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1 BEO'l'IOH lOt Tha~ the follow~ oertltloate ahall be
2 printed on the beok of eacm bon4t
3 OPnOB OF OOl!PTROUBR ! ImGIBTEn No •. __ _
4 STATE OF T.EX.AS
' I , · I JmRllBr CB!l TIFY 'l'hat tbero ia on tUe and ot zeoord 1D
6 ~ ott1ee a oort1t1oato ot tho A tto~ey Genera1 ot the s tate ot
7 r e:ma~ to tho etteot thot this blind baB boen _.,1ned by llilll 88
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lrequued by lew ond that he :rinds thot it' hao been iasued in
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loontomity With the oonst1tutlo.n Qb4 Lema at the State of Tuaa,
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an4 that 1t 1a a valid and b1.n41ns oblisat1on upon ea14 Oity of
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ltubbook, Texas. and said bond hae this 481 beu rog1etere4 by ••
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, \11TNESS MY HAND Alm DBAL 011 Ol1:r:tOB, AT At1S1'IN. TEXAS •
com;ptroUer ot Pllbllo A'cioolints Of
the St a te of Toxaa .
DECTIOlf A! s BB 1'1' FUR'lEER ORDAINED B'l Tim OM
1s , OOI.JM ISSI ON OF TBE OI'l.Y O:P LUBBOOJq
I 1 9 ~ Tha' to pfi¥ the intereot on aaid bonds and oroato a
2o s.1nldns tun4 auft1oient to redoom tbe.al at maturity, n tax ot
21; six-tenths or one OENTS ( 6 11?st) on e a oh ono hundred
22 ~ollara• -,.alu.ation ot all ta:xnble property in the City at Lubboa: . .
23 'l'exas, or euah an attOWlt ao 1481 at all ti.aeo be lesatli nooessary.
24 ~ll b4 ~ levied on oUd property and auually asaeue4
25 oolleoted • or so mtoh thereof ea shill be necessary, or 1n
26 ~ditlon thereto as mny bo required~ unUl add bondo with
27 interest theroon have been tully pi114J and the said tax of
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• six-tenths or one ~ITS ( 6 110 ¢) ia here n~ levied . ,
29 tor the ourrent year • llD4 oo much the root as abll be neoeaaary •
30 lor 1D. addition tho~oto n.t;J OJ.1Y b& roqu:retl: 1s hereby ~ev1e4 fo%
31 I ,eaoh auooaodi.DB ~ar while so1d bonds 1 or ll1l1 of the, are cut-
32 I ~taA41Qs, and the sams ahall be annually aaaeoaod nod collooted
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lUUl oppllod to the p urpose ~UWed e
SECTI OU, J:2 ; DB I 'l' rtm'l"!IDR ORDAill'El;l BY THE OI'l't
COlJl!ISSIOIJ OP 111m OITY OF LUBDO Clt&
t;;.th nt t ho llo$or at said oity ahtlll bo and ho is hereby
8 Pace No .---~----··
1 .-mZe~ to taD a.n4 ba'V'O ·aharee ot all nooeesary orders and
2 'reoordli pen,diDg 1Jn'eot1gat1o.n. by the A1;1;orney GOnoral of the
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? State 'ot TeD•, act lhall take en4 have charge and oonUol ot ·
4. 1the bonds heJ:Oln author!aod pending thoir approvnl by the At~
5 aenaral ~ their regS.stration by tho OamptroUor of Publio
• 6 AOOOU;nts e
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8 Q<JWISSION OP Tfm CITr Cilr LUDBOOKa
9 Tha faot that it :l.s to t.hG best illterost of the Oi"t;'
10 that the au.tlloriud OOlUltl"Uotion, repairs • oreotion and impron-, ,
11 tt ot bll1141ngs,, hangars and other peananont improvem.ents 'to
12 (the Mun!oipal ~ort ot ~e City ot l.ubbook: be commencQd a' ·
13 ithe ea.rliest possible date • ol.'Oates tn1s an etlargonoy neastU!'O to» . .
14 ~tho immediate preservation of the publ1o peace• propert1, heal.tb,
15 11 aatety: as well aa a noro et;loi()llt a<1M1iltatrnt1o.n ana opor-
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16 i U()n ot the ~cipnl Airport ot ·~e r.au.nio1pnl amremas:r.rt, de-
11 1 ding that tAe Charter proviD!ona to the e:tteot thu t no or41nBAOe .
18 I,_.._ be passOd OJl the dar on Whioh it ohall be introdu~. be
19 ~--·-emled, ana. this ~e is hereby docl.arc4 . an eaterGQ.tlO.Y
20 easure br unan1JnOu.s vote of tho City Commission, and the s~ eha .
21 • ett-oot ~ and etto~ its passage• and 1~ is so ordaino4.
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PASSlm, this the 19th d$,y ot March, 1946. -.
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AP.l'BOVED, tb1s the 19th aay ot lJuch, 1946 • ....-, ......_.
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Uiiior' ol tt ol tubbo"Ol~. 'l'ema.u
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