HomeMy WebLinkAboutOrdinance - 762-1946 - $65,000 Street Lighting Bonds - 03/19/19461
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5 'l'HB STATE Of ~ I
6 OOUlfl't OF LUBllOOK
1 CIT! 07 LU'BBOOX
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ON \'HIS the 19th 4ay ot Unroh, 1946, the 01ty Oael!daaion
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of the City ot Lubbook, 'l'exaa, oonvened 1n oalle4 sesalon, at
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the regular meeting plaoe theroo~ 1n the Olty Hall, with the
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1fol.low1Jlg members thereof, to-wit a
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I o. W • HlJtBl',l'S 1 13 1: '11. n. OHILDR!WS 1 I 14 1
J• RAY Diaimr,
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LAVEB~ VIIU.IAUS, .
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present, and the toUawiD6 absent: _,..JI .. s .. b_JI_o_n .. • ... •-------•
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eonst1tu'fWls a q1101'WD.1 when, a&noll8 othe~ proooed1naa had, were '
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'-he followSAsa
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II OCMDmJsa1one~ 'Z , H. Ch114naa presented to~ the oona14oJ~~-
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atio.a of the City OOialllaalon an or41nanoe authorizlD6 the 1aau.anoa
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o~ .e6s .ooo,o~ "Cl'l.'f 02 LtJJ3l30CE, 'l!BXAS, B'l'RBE'.r u~ Borms,
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mmiBS 1946111 • 4ete4 M.aroh 1• 1946 lbe1ns paroel ot a total leaue
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ot t245 1 0oo.oo bo.nds authorized at the eleotion held 1A said Olty
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on Deoeaber 11, 1945).
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2 1 'lhe o1"111nanoe ws read 1n full by the City seore~.
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rule requ1r.ln8 that no ol'dtnence Shall be passed on the day
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1 on whioh it 1a 1ntroduood be at~anded, and . that ·in 'dMI ot
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t.he tmeraeD07 aet tonh an4 detilied in the pnamblo to the
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pl'OJOaed . or<JS nanoe • that the satle be deolarod an ~
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l maaaure. fhiS m.oUon was duly seconded by Oommiseioner ,r .n.Pr1oe.
I The lrl0t1on onrried by the following vote 1
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j AYES t •or Ribble and· Camm1oa1oners Ch1141'eaa •
36 1 Dlokey and Pr.loe.
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HOE8t None.
Pqe No.--~!. .......... .
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Thereupon , the MeT or announoed tbat tb.e proposed 01'\U.nianoe
4 be&n 4eolared an .. rsenor mea~un by •m•nSmouo Dte ot ~
51. !lbere11pon, Oommi ss1oner w. B. Prloe .moved that 1lbe
6 rl1 neoe aa read 1n tull by the 01 t¥ secretary b8 t1naUy
1 481184 an4 aclqpWd by the Ocamiaalo~ 'rh1a m.o'lon uaa seoOD4e4
s y Omm,, •a10J1GJ: F • u_. Ohilanus , and the moUon, Garryiq With .
9 t the tinal}18D88.8G aa4 84opt10Jl ot tbe Ordinailoe, waa unanS-
to us]Jr oarr104 by the toUowin8 votea
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AlEDa Mqor Rib'ble and Comaiin1one.ra Oh114reso,
DlaJcer. an4 Prloe. .
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14 11 Thereupon• the 1kl,Yor onnoun.oed that tho ordltuu1oe had boaa
15 ttnallr passed and adopted by unantmous vote ot tbe · oCI!Idaslon.
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16 :t.n nooordanco with the requirements ot section.a lS, 16 an4 17,
17 ~ Artiole IX: ot tho Lllbbook Chal'te:rJ aJI4 tJie !lqOI' the:reupcm
18 r~ed CJl4 . Elpprovod tho OM1JW'10e ln th& pJ'GSOJlCG Of the
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•AN ORDm.ANOll bJ thO City Oomn!nsion ot the City
ot Lubbook i Texa_!.L_ authorizing the lsauanoe
of $65 .000.00 ta4n OF LUBBOeK . 'rEXJ\8, STIUW.r
t.IOHTXRG BONDS, SRRXES ~946~ d.ated Kuoh 1 1 1946·(being »arG&l of a to 1sau. ot
$245 1 000.00 bondS authorized at the eleotion
hel4 1n said 01ty on Deoetlber 111 _ !?45), fe!-
the pupoae ot oonotruoting, ine1W...11n6
exten4S ng an4 1mp1Vfing the at1'Get UshUiia
system of said olty, 1D.olwU.ng the install-
atlcm of street ligtlts, atop and tratt1o lights
an4 other Wl'O'VemGD.ts 1noilental. theretoa
presorlbing the tom. ot tbe bonds and tho
fOJJ!l ot intereot oo~oDBJ le\7'1n8 a 40Jlfi.Smajag
4S.riot annual ad TalDrom. tu on au tosable
properties within the 11m1ta of said City to
pay t.._ interest on suoh banda and to areate
a sJ.nk1ng tund tor the redempUon thenot •
an4 prov14in6 tor the assessment 8tl4 001-
leot1on ot ouch taxJ enaot1ng proTialons
1no1dent aD4 relating to the subjeot and
purposo ot thlrs ord!.Dauae; and deolarin6 an
emer~Y •''
1 passed and adopted bf th~ City Commission ot the City or
2 Lubbock, Texas, on the 20th day ot November, 1945, an election
3 was ordered to be held in said City on the 11th day ot December,
4 194:5, and at which election the tollowing proposition was aub-
5 mitted to the qualified electors ot said City:
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"btL;LI. the City Oom:n1ss1on ot the City of Lubbock be
autbor1zed to issue the ~egotiable interest bearing
coupon bonds ot the 01 t.y ot' Ltlbbock in the amount
ot $245,ooo.oo, bearing interest at a rate of not
exceeding three ond one-halt per oantum ( 36") per
annum trom date and maturing at auoh time or timea
as may be deemed. most expedient by the City Commission
serlallJ not later thon twenty-five years trom their date.
tor the purpose ot conatruoting, installing,
extending and improving the street lighting system
ot said city. inoluding the installation ot street
lights, atop and trartio lights and other improve-
ments incidental thereto; and shall the r e be
annually assessed. leted end oolleotad u pon all
taxable property within the City of Lubbock. while
said bonds or any of tb~m are outstanding, a tax
suttlo1ent in amount to pay the aDAual interest on
suoh bonds and to provide a sinking fund tor the
redemption thereof at matu r itJ~"
27 AND Vi'R~'"REAS, upon consideration ot the return or said
28 leotion, \he Oit7 Commission tound that said election bad been
29 onducte4 in the manner presoribod by· law. and was in all
30 espeots legally hel4, otter due and proper notice as required by
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31 aw; that due returns or said election had been made by the
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32 roper otf1cera; thet said election resulted favorably to the
33 esuanoe or said bonds; that a majority of the qualitled electors,
~ oting at eald election, voted in ravor or the issuance ot said
35 onds; and . that th~ City Commission is in all things authorized
3 o 1ssuo said bonds and to do any and all things necessary and/or
37 onveniCJnt in oonnoct1on therewith; and Pqe No. -·3··-·----·--
t VIRE.REAS, it being now determined by the Oity Commission
2 that it is not deaired at this time to issue all ot the
3 bonds tor t 2•5,ooo.oo, voted tor on tbe proposit1on1 sa atoreaaid,
4 and that $65,000.00 is the aeount of bonds now desired to be
5 1aaued1 and that the remaining amount or said bonda; to-wit:
6 $180 1 000.00. shall be issued at a tuture date or dates when, in
7 the judamant or the City Commission ot said City, the amount ia
s needed by the City for the pur.Pose ror which 1t was authorized;
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11 \"H!REAS, it is to the boat interest of the City that the
12 l authorized improvements ana. extensi.ons to the ltreet Lights be
131 oonstruoted at the earliest possible date, thereby creating this
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1 4 ~ an emergency ~ooaure for the immediate preservation ot the
I t5 J public peace, property 1 health. and safety, a s well as a JJlOre
16 atticient administration and operation ot the Trattio Department
11 and s treet System ot the municipal government; tberefore
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19 ~ B m IT ORD AmED Bf TltE CITY CO!.!MI SSION OF THE CI'l'Y o:r
20 f LUBBOCK:
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21 SECTlON l;. Thnt the bonds of said City, to be called
22 "CITY OF LUBBOCK •. TEXAS, Sl'REET LIGHTING BONDS 1 SEHI.ES 1946", be
23 issued under and oy virtue ot the Const1t.ut1on and laws or the
24 Stota ot Texas, anA the Charter ot the City, t.or the purpose ot
25 oonetructins, installing• Gxtending and improving the street
26 liBbt1ng system ot said city. in()luding the instellat1on ot
2 7 street light s , ~top and trattio \ighta and other improvements
28 inoidontal thereto; in the principal aum of SIA'TY -:b'IV E THOUSAND
29 DOLLARS. ( $65, 000 • 00) •
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SECTION 2t That said bonds sha~l be numbered
32 consecutively t .rom one ( 1) to Sixty-five ( 65), both inclusive;
33 shall be ot the denomination of One Thousand Dollars ( 1,000.00)
34 eaoh, aggrega tins the sum · ot SilTY -FIVE THOUSAND DOU.bRS
35 C$6t>,OOO.OO).
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37 S CTIOU 3' Tb&t said bonds shall be dated March 1, 1946,
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and shall mature in aoool"danoa witb the following !tohedule:
BOND NUMB ERS IIA'l'URI!l DATES All OUH'l'S
1-2 March 1, 194:'7 e 2,ooo.oo
Z-1 March l, 1048 a,ooo.oo
5-6 March l, 1949 2,000 .. 00
'1-8 March 1, l9!SO 2,000.00
9-10 Ma roh l, 1951 a,ooo.oo
11-12 !Ca rob 1, 1952 2 ,000.00
13-14 ,March 1. 1953 e,ooo.oo
15-16 r~!eroh 1, 1954 2 ,000.00
17-lS lle.rch 1, 1955 2 ,000.00
19-20 ~arch 1, 1956 2 ,000.00
21 ... 22-2 3 t~aroh 1, 1957 3,000.00
24-25-26 March l, 1958 3,ooo.oo
27-28-29 March 1, 1~59 3,000.00
50-31-:32 Maroh 1, 1~60 5,000.00
35-34-35 Maron 1, 1961 3,000.00
36-57-38 March l, 1962 e,ooo.oo
59-40-41 March 1, 19fm :3,000.00
42-~3-44 Maroh 1, 1964 3,000.00
45-46-47 1-!arch 1, li65 5 ,000.00
48-49-50 Yaroh 1, 1966 ~.ooo.oo
51-5.;-53 Maroh 1, 196'1 3,000.00
54-55-66 .14 aroh 1, 1968 5,000.0 0
57-56-69 Ua rch l, 1969 !),000.,00
60-61-62 March 1, 1970 3,ooo.oo
63-54-65 March 1, 1~71 s,ooo.oo
SE C~ON 4! That allot said bQDd8 aball bear interest
trom dato until paid at the rate ot ow..t AND otm-nALF PER CXN'l'UM
(1~) per annum, payable on Maroh lst and September lst in e ach
year, th.e t1:rat 1nt'ereat parment date being taroh 1, 1947;
such interest to be evidenced by proper ooupons attached to
each ot aa1d bonds.
SE CTION 6: That the princi pal a nd interest of said series
ot boDds she ll be payable on ~resent a tion and surrender ot
bonds or prop er coupons, in l aw tul mo ney ot the United States
ot America, at the GUARANTY T:RUST CO 'Mr /JiY Olt NEi ' YORK , N'£!11t
YOm< Oifi, m; YO RK .
S i>CTION 6: That e ach or soid bonda sbaU bet signed b7
the Mayor and countersigned by the City Secretary, ond the
corporate aeal ot the ~ciTY OF LUBBOCK, TE~\S", shell be
impressed upon eaob ot thea.
s :CT IO N 7: That the taoa1mile signatures or t he l!ayor
and City Secretary may be litbogrophod or p r inted on the
interest coupons attached to said bonds, ond shnll have tne
same ettect as if they had been signed by them.
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1 QICTION §I ~hnt the f'o:rm. ot said bonds shall be
2 subatantially as tallows:
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UNITlro ST AT ES OF AJ.!E'RIOA,
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OOUl.'"TY ·OF LUBBOCK.
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CITY or LUBBOC" 1 T '=:.Q.S STREET
LIGHTING .BONDS, S!RI!S
1946.
CITY OF~4UBBOCK, a munioipal oorporat1on, ot tho State ot
·11 1 Texas, acknowledges itselt 1ndebt•d to. and, FO R VALUE REC'IVED.
12 hereby promises to pay to bearer, the sum ot
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ONE THO USAND T>OLLARS
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15 ( $1,000.00), 1n lawtul money of the Unit·ed states ot t~er1ca,
16 , on tba FIRST DAY 01' UAllOit, ].g , with interest thereon
11 trom the date hereot until pa1d 1 at the .rete ot ON F Jl~ ONE-HALF
18 .?::m CENTmii ( l it1t ) per OMUA'lt payable on 'March 1st and September let
19 t in each. year, the first interest payment date being !fl'rch 1 1 1947,
20 on presentation and surrender of the annexed coupons as theJ
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1 severally mature.
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23 · eota P ~INC~A L and interoat or th1G bond are berebJ made
24 , payable at the CRJARfJrl'f TRUSl' COMPANY OF N1Wl YO RK , N ~l YORK CITY>,
25 1 .N'!Wl 'YOnR'.
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THIS lOND 1s one ot a aer1$G ot G1xty-t1ve (65) serial
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bo.nds, nuabered !'rom One ( 1) to Sixty-rive t 65), both inclusive,
ell ot said bonds being or the denomination ot One Thouaan4
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Dollors· ( t l,OOO.OO) • asgresat1ns in amount SIX'l'f-l"IVE THOUSAND
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DOLLARS ( 65,000.00), and issued tor the purposa ct conatruct1ng,
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1 installing, extend1ns and improving the street lighting eystom
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ot aaid city, including the installation ot street ligbto, stop
and trattio ligbts end other improvements 1ne1dental thereto.
under authority of the Constitution and LAws of' the State ot
Texas, and the Charter of said City, and pursuant to an
ordinance duly adopted by the C1ty Commission or tho City ot
I.ubbook, 'l'exas and recorded in t.he Minutes of BtJt;~N2;~!. ... ~~eaio •
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IT I CJ HE UEDY ClSRT!riEO • ..RECIT'!m ,\ND nF.PRV'GfiNT l:D that the
18suanoe or tbis .bond and the s eries of which 1.t is a part
is duly authori~ed by law ond by a vote of the QUel1t1e4
property taxpa ring voters of the City ot tubbook, Texas,
voting ~t an election held tor that purpose within said City
on the 11th day ot December, 1946; that all cOt$, conditions,
and thine a re q uired to be done precedent to and in the issuance
ot this series ot bonds; and or th1s bond, have been properlr
done t).nd _performed and b.eve happened in regular and due tiae,
form and manner as req'lired by law; that s~t1o1ent and proper
provisions tor the levy and collection ot taxes has been made
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wh1oh, when collected, ahall be a»propriated exc2us1vely to
the parment or this bond enl the series of which 1t 1s a part,
and to the payment ot the interest coupons thereto annexed aa
the same shall beool!lfl due; and that the total indebtedness ot
the City ot Lubbock, 'l'eua, including the entire aeries ot
bon4a ot whioh this is onG, does not oxoeed any oonst1tut1onal
or atatuto~1 limitation.
IN TESTIMONY V H ... REOF 1 the City ot Lubbock, Texas, by ita
Ci~1 Commission, hes caused its corpornte seal to be attixed
hereto, end thiG bond to be signed by .1te Mayor and Countersign
bf its City Seo r etarJ •. and the 1nteret5t coupons hereto attached
to be executed by tho 11 tho gra phed or printed tac,.simlle
signatu ~s of the ~ayor e nd City Secreta~y; the date of this
b-ond, 1n. oontormity \'1 1th the ord1ncnoe abova reterred to,
being the ~i~at day or ~nroh, 19~6 .
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City Secretary, City ot Lubbock,
Texas
SECTION 9 s Tbat the f ol".m ot intcrN9t coupon shell be
substantially as follows:
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ON THE ---DAY OF ------1~--'
3 ~he GI'fi OF LUBBOCK, a mu.nioipal corporation ot the State ot
4 Texas, hereby promises to pay to bearer, at the GUARANTY
_/ 5 TROST COMPANY O.it" NEt YORK, N1!.Vt' YORK CITY, NEVI ·yoRK, the awn ot
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7 ( ~.._ _____ ), in lawful money of the United States of America,
8 being months' 1.n.t0rost on the .,CI'l'Y OF LUBBOOIC, 1''EXAS,
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STREET LIGHTING BOND, SERIES 1946", dated March l, 1946.
10 Bond No. •
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12 ! I I ~Co:-1 t~y~S!!""e-o-re~t~a-r-y--~-Mar or
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14 ~ SECTION 19: Thst the following oert1:t'1oate shall be
II 15 r printed on the back of each bond:
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17 OFEICE OF COl!l"l'ROIJ:.li!R I
18 · STATr. OE TEXAS
RZGIS'I'ER NO ......... _..;..__
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I Hl!l ;".EBY CERTIFY that there is on tile and ot record in my
20 ' otfioe a certificate of the Attorney General ot the State ot Texas,
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to the effect that thia bond has been examined by him as required
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l by law and that he f1nds that it has been issued in oontormitr
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24 with the Oonst1tut1on and laws of ths State or Tc;,xntJ, ana. that 1 t
25 is a valid and binding obligation upon said Oity or Lubbock, Texas,
26 end said bond has this doy been registered by me.
27 V1I1'N ESS MY 'H.l;ND AND SEAL Olf OFFICE, AT .AUS'l'I~1, T~XAS,
Comptroller ot Publlo Accounts ot
the State ot .Texas. -
SECTION 11: BE IT FU'RTHRR ORDAiti® .BY THE OIT! CO!r~SSION
35 OF a'H::: CITr OF LUBBOCK:
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That to pay the interest on said bonds and CV'Je~~---··········e-···
1 ' a sinking tund auftioient to redeem them at mQtur1tr, a tax Q~
2 One and four-tenths CEI\TTS ( 1 4/10 d ) on eaob
3 j one hundred dollars' vnluation of all t a xable property in ·the
4 City of' Luobook, Texas, or such an amount aa may at all times
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1 be legally necessary, shell be annunllJ levied on eeid property
and annually asse a:ed and collected, or so much thereof $8 aha 11
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sl be necessary, or in addition thereto as may oe required, until
s a id bon4a w1 th .interest thereon have been tully paid; and the
sail!. tax ot one and fosr-tenths CENTS ( 1 4/10 ") is here
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,. now levied f'or the ourrellt year, and so muoh there ot as shall
be necessary, or in addition thereto as ~ay be reQuired, is 121
hereby levied tor each auooeeding year while said bonds, or any
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ot them, are outstanding, and the same shall be annually
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/ asseaaed and collected and applied to the purpose named.
! ~CT!ON 12: BE IT I'U.RrH:R ORD hiN.ED Br 'i'HE CITY. OOMMISSION
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OF 'T l£1!. Cm'Y OF LUBBOCK:
'l'hat tbe Mayor ot said Oitf shall be and he is herebJ
authorized to take and have oha r ge ot ell neoesaar.y orders and
201 recorda pending investigation by the Attorner General of the
21 !, Stete of Tens, ~nd shall take and have charge end control ot
zz T the bonds herein eutho rized pending their epp.rova 1 by tbe
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I 231 Attorney Gen~ral end their r gistration by the Comptroller ot
24 Public Aooounts,
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l 251 S c:CTION 13: AND BE IT :FURTHER ORD AINED BY TH :? CI.Tt
26 C O ~~SSION OF TH E CITY OF LOBBOCK:
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2s The tact that 1t is to the best lntorost of the City th~t
29 1 the authorized improvements an<1 extensions to the Street
I 30 I L~ing System be constructed et the earliest. possible date,
31 I creates this an emersenoy measure tor tho immediate preservation
32 of the publio peaoe, property, health and satety. as well aa a
33 more etticient administration and operation of the Tratfio and
34 Street De partment ot the Munip1psl Govemment, dG.mood1ns that
35 1 the Ch a rter provisions to the effect thct no ord1nanoe shall be
36 passed on the day on which it shall be introduced. be
37 suspended, and this ordinance is hereby 4eo~ared en emergency
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1 measure by unanimous vote· o£ the City Commission, and the
2 same shall take eftect trom end after its passage, and it is so
3 ordained.
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PASSED, this the 19th _ day ot March, 1946
.APP1WVJID, this the 19th day or March, lg4&.
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