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HomeMy WebLinkAboutOrdinance - 835-1947 - Order Of City Commission Improving City Electric Light System - 11/13/1947Ordinance No. g35 11-1 a-1.914-7- STATE OF TEXAS I I COUNTY OF LUBBOCK j CITY OF LUBBOCK I BE IT REMEMBERED that on this the 13th day of November, A.D. 1947, the City Commission of the City of Lubbock, Texas, convened in Regular Session, at the regular meeting place thereof in the City Hall Building in the City of Lubbock, Texas, with the following members present, viz: Honorable c. A. Bestwick, Mayor and Presiding Officer J. Ray Dickey, Commissioner John Spikes, Commissioner F. H. Childress, Commissioner Lavenia Williams, City Secretary with Commissioner w. B. Price absent, constituting a Quorum under Section 15, Article IX, Chapter I, of the Charter of the City of Lubbock, where upon .the following among other business was transacted: Commissioner J. Ray Dickey, presented for the consideration of the Commissio~an ordinance which was read in full by the City Secretary. Commissioner J. Ray Dickey made a motion that the rule requiring ordinances to be read at more than one meeting of the City Commission be suspended for the reasons stated in the emergency clause. The motion was seconded by Commissioner F. H. Childress and prevailed by the following vote: AYES: J. Ray Dickey, Commissioner; F. H. Childress, Commissioner; John Spikes, Commissioner; and Mayor Commissioner c. A. Bestwick. NOES: None Commissioner J. Ray Dickey moved that the Ordinance be finally passed r 0 THE STATE OF TEXAS COUNTY OF LUBBOCK CITY OF LUBBOCK I I I l I NOTICE OF-BOND ELECTION TO THE RESIDENT QUALIFIED VOTERS OF THE CITY OF LUBBOCK, WHO OWN TAXABLE PROPERTY WITHIN SAID CITY AND WHO HAVE DULY RENDERED THE SAME FOR TAXATION; Take notice that an election will be held in the City of Lubbock, Texas on the 2nd day of December, 1947, on the various propositions, anq at the place more particular~ setforth in the Election Ordinance and Order adopted by the City Commission on the 13th day of November, 1947, which election 6rdinance and Order is substantially as follows.: u ORDINANCE NUMBER 8.35 AN ORDINANCE AND ORDER OF THE CI!Y COMMISSION OF THE CITY OF LUBBOCK, TEXAS, DETERMINING THE NECESSITY FOR IMPROVING, ENLARGING; EXTENDING AND REPAffiiNG THE CITY 1 S ELECTRIC LIGHT SYSTEM, THE WATER SYSTEM AND THE SEWER SYSTEM AND FINANCING THE SAME THROUGH THE ISSUANCE OF REVENUE BONDS OF THE CITY OF LUBBOCK TO BE SECURED SOLELY BY PLEDGING THE REVENUES OF THE CITY'S ELECTRIC LIGHT SYSTEM; DETERMINING THE NECESSITY FOR CALLING A SPECIAL ELECTIO N AND SUBMI:TTING TO THE PROPERTY TAX PAYIIm VOTERS OF SAID CITY WHO OWN TAXABLE PROPERTY WITmN SAID CITY AND WHO HAVE DULY RENDERED THE SAME FOR TAXATION, PROPOSITIONS RELATING TO THE ISSUANCE OF NEGOTIABLE INTEREST BEARING REVENUE BONDS OF SAID CITY TO FINANCE SUCH IMPROVEMENTS, EXTENSIONS, ENLARGEMENTS AND REPAIRS; PROVIDING. FOR AN ELECTION uPON THE QUESTION OF AUTHORIZING THE CITY COMMISSION TO ISSUE SUCH REVENUE BONDS IN AN AGGREGATE SUM OF FOUR MILLION NINE HUNDRED TWENTY FOUR THOUSAND ($4,924,000) DOLLARS, FOR SUCH PURPOSES,· TO BE KNOWN AS "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM REVENUE BONDSII; PRESCRIBING THE PLACE AND TIME OF HOLDING SAID ELEC- TION, THE QUALIFICATION OF VOTERS, THE PURPOSES OF THE VARIOUS REVENUE BONDS, THE AMOUNTS THEREOF, THE INTF..REST RATE THEREON; PROVIDING PAYMENT SOLELY OUT OF THE REVENUES FROM THE CITY'S ELECTRIC LIGHT SYSTEM AND AUTHORIZING ENCUMBRANCE OF SAID REVENUES FOR SUCH PURPOSES; PRESCRIBING THE MATURITY OF SAID REVENUE BONDS, THE MANNER OF HOLDING SUCH ELECTION AND DECLARING AN EMERGENCY. WHEREAS, the City-Comm~ssion of__the City of Lubbock affirmatively finds that it is advisable and to the best interest of said City that certain improvements, enlargements, additions and extensions be made to the Electric Light System and Waterworks System and Sanitary Sewer System, all in accor- dance with the recommendations, plans and estimates which have heretofore been presented to and considered by this Commission, and, WHEREAS, it is deemed advisable and necessary that the negotiable in- terest bearing revenue bonds of said Ctty should be issued for the purpose of financing the cost of such improvements, additions, extensions and enlarge- ments and that it is necessary and expedient that a special election be held within and for said City of Lubbock for the purpos e of submitting to the legally qualified resident property tax-paying voters of said City, who own property subject to taxation therein and who have duly rendered the same for taxation, the various propositions to determine whether or not such revenue bonds should be authorized for said purposes, provided such obligation shall never be a debt of the City of Lubbock, but solely a charge upon the income of the Electric Light System and the holder of such obligations shall never have the right to demand payment thereof out of any funds raised or to be raised by taxation; NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK& 1. That a special election be held within and throughout the boundaries of the City of Lubbock, Texas, on. the First Tuesday in December, l947, the same being the 2nd day or December, 1947, such date being not less than fifteen days nor more than thirty d~s from the date of this order and ordin~nce,at which time there shall be submitted to the resident qualified property tax- paying voters of Lubbock, Texas, who own property subject to taxation within -~~A f'O.f+ .... ., ... ~ -J..,.. 1. ......... ..:1 .. 1~ ... Q..-...:~ ........ ..:~ i-hQ aomQ f'o.,. t .ovAt.inn. +.hA f'nllnwinl7 u u EE.QfOSITION NUMBER I "SHALL the City Commission o:f the City of Lubbock, Texas, be auth- orized to issue the revenue bonds of said City in the principal sum o£ Two Million One Hundred Eighty Five Thousand ($2,185,000) Dollars, maturing serially or otherwise,with ten (10) year option to call, over a period of years not to exceed 20 years from the date thereof, bearing in- terest at the maximum rate of Three and 3/4 PER CENTUM (3-3/ 4%) per aruru.m, for the purpose o:f constructing improvements, enlargements, extensions and repairs to the City's Electric Light System, as authorized by the General Laws of the State of Texas, particularly Article 1111 et seq., Revised Civil Statutes of 1925, as amended, said bonds to be special obligations of the City of Lubbock, Texas, payable as to both principal and interest solely from the revenues of the City's Electric Light System, and shall the City Commission be authorized to encumber the revenues of the City's Electric Light System for the purpose of securing the payment of principal of and interest on said bonds, said encumbrance of said revenues to be an exclusive first lien on and pledge of said revenues after deduction of the reasonable expenses of operating and maintaining said Electric Light System, as said expenses are defined by statute?" PROPOSITION NUMBER II "SHALL the City Commission of the City of Lubbock, Texas, be autho- rized to issue the revenue bonds of said City in the principal sum of Two llillion Three Hundred Thirteen Thousand ($2,313,000) Dollars, maturing serially or otherwis~with ten (10) year option to call, over a period of years not to exceed 20 years from the date thereof, bearing interest at the maximum rate of Three and J/ 4 PER CENTUM (J-3/ 4%) per annum, for the purpose of improving, enlarging and extending and constructing improvements, enlargements, extensions and repairs to the City1 s Waterworks System, as authorized by the General Laws of the State of Texas, particularly Article 1111 et seq., Revised Civil Statutes of 1925, as amended, said bonds to be special obligations of the City of Lubbock, Texas, payable as to both principal and interest solely from the revenues of the City's Electric Light System, and shall the City Commission be authorized to encumber the revenues of the City's Electric Light System for the purpose of securing the payment of principal of and interest on said bonds, said encumbrance of said revenues to be an exclusive first lien on and pledge of said revenues after deduction of the reasonable expenses of operating and maintaining said Electric Light System, as said expenses are defined by statute?" PROPOSITION NUMBER III "SHALL the City Commission of the City of Lubbock, Texas, be authorized to issue the revenue bonds of said City in the orincipal sum of Four Hundred Twenty Six Thousand ($426,000) Dollars, maturing serially or otherwise, with ten (10} year option to call, over a period of years not to exceed 20 years from the date thereof, bearing interest at the maxim~ rate of Three and 3/4 PER CENTUM (3-3/4%) per annum, for the purpose of constructing ~­ provements, anlargements, extensions and repairs to the City's Sanitary Sewer System, as authorized qy the General Laws of the State of Texas, oarticularly .......... u u II. Said Election shall be held under the provisions of and in strict conformity with the Constitution and Laws of the State of Texas, includ- ing Chapter I, Title 22, Revised Civil Statutes of the State of Texas, and, the provisions of the Charter of the City of Lubbock, and all acts amenda- tory, complementary and supplemental thereto. All persons who are legally qualified resident property tax-paying voters of the City of Lubbock, Texas, who own property in said City subject to taxation and who have duly rendered the same for taxation, shall be en- titled to vote at said election. III. The ballots for said election shall have written or printed thereupon the following, to-wit~ EBQ_POSITION NUMBER I FOR THE ISSUANCE OF the revenue bonds of said Gity in the principal sum of Two Million One Hundred Eighty Five Thousand ($2,185,000) Dollars, maturing serially or otherwise, with ten (10) year option to call, over a period of years not to exceed 20 years from the date thereof, bearing in- terest at the maximum rate of Three and 3/4 PER CENTUM (3-3/4%) per annum, for the purpose of constructing improvements, enlargements, extensions and repairs to the City•s Electric Light Syst·em, as authorized by the General Laws of the State of Texas, particularly Article 1111 et seq., Revised Civil Statutes of 1925, as amended, said bonds to be special obligations of the City of Lubbock, Texas, payable as to both principal and interest solely from the revenues of the City•s Electric Light System, and authoriz- ing the City Commission to encumber the revenues of the City's Electric Light System for the purpose of securing the payment of principal of and interest on said bonds, said encumbrance of said revenues to be an exclusive first lien on and pledge of said revenues after deduction of the reasonable expenses of operating and maintaining said Electric Light System, as said expenses are defined by statute. AGAINST THE ISSUANCE of the revenue bonds of said City in the principal sum of Two Million One Hundred Eighty Five Thousand ($2,185,000) Dollars, maturing serially or otherwise, with ten (10) year option to call, over a period of years not to exceed 20 years from the date thereof, bearing interest at the maximum rate of Three and 3/4 PER CENTUM (3-3/4%) per annum, for the purpose of constructing improvements, enlargements, extensions and repairs to the City 1 s Electric Light System, as authorized by the General Laws of the State of Texas, particularly Article 1111 et se~, Revised Civil Statutes of 1925, as amended, said bonds to be special obligations of the City of ~ubbock, Texas, payable as to bo~h principal and interest solely from the revenues of the City's Electric Light System, and authorizing the City Commission to encumber the revenues of the City's Electric Light System for the purpose of securing the payment of principal of and interest on said bonds, said encumbrance of said revenues to be an exclusive first lien on and pledge of said revenues after deduction of the reasonable expenses of operating and maintaining said Electric Light System, as said expenses are ·. u PROPQSITION NUMBER II FOR THE ISSUANCE of the revenue bonds of said City in the principal sum ot Two Million Three Hundred Thirteen Thousand ($2,313,000) Dollars, matur- ing serially or otherwise, with ten (10) year option to call, over a period of years not to exceed 20 years from the date thereof, bearing interest at the maximum rate of Three and 3/4 PER CENTUM (3-3/4%) per annum, for the pur- pose of improving, enlarging and extending and constructing improvements, enlargements, extensions and repairs to the City 1 s Waterworks System, as authorized b,y the General Laws of the State of Texas, particularly Article 1111 et seq., Revised Civil Statutes of 1925, as amended, said bonds to be special obligations of the City of Lubbock, Texas, payable as to both princi- pal and interest solely from the revenues of the City 1 s Electric Light System, and authorizing the City Commission to encumber the revenues of the City's Electric Light System for the purpose of securing the p~ent of principal of and interest on said bonds, said encumbrance of said revenues to be an ex- clusive first lien on and pledge of said revenues after deduction of the reasonable expenses of oper·ating and maintaining said Electric Light System, as said expenses are defined b,y statute. AGAINST THE ISSUA NCE of the revenue bonds of said City in the principal sum of Two Million Three Hundred Thirteen Thousand ($2,313,000) Dollars, maturing serially or other•ise, with tan (10) year option to call, over a period of years not to exceed 20 years from the date thereof, bearing in- terest at the maximum rate of Three and J/4 PER CENTUM (3-3/4%) per annum, for the purpose of improving, enlarging and extending and constructing im- provements, enlargements, extensions and repairs to the City 1 s Waterworks System, as authorized by the General Laws of the State of Texas, particular- ly Article 1111 et seq., Revised Civil Statutes of 1925, as amended,said bonds to be special obligations of the City of Lubbock, Texas, payable as to both principal and interest solely from the revenues of the City's Elec- tric Light System, and authorizing the City Commission to encumber the re- venues of the City's Electric Light S,ystem for the purpose of securing the payment of principal of and interest on said bonds, said encumbrance of said revenues to be an exclusive first lien on and pledge of said revenues after deduction of the reasonable expenses of operating a~ mai ntaining said Electric Light System, as said expenses are defined by statute. FOR THE ISSUANCE of the revenue bonds of said Oit,y in the principal sum of Four Hundred Twenty Six Thousand ($426,000) Dollars,maturing serially or otherwise, with ten (10) year option to call, over a period of years not to exceed 20 years from the date thereof, bearing interest at the maximum rate of Three ahd 3/4 PER CEI.\l'TUM (3-.3/4%) per armum, for the purpose of construct- ing improvements, enlargements, extensions and repairs to the City's Sanitary Sewer System, as authorized b.Y the General Laws of the State of Texas, parti- cularly Article 1111 et seq., Revised Civil Statutes of 1925, as amended, said· bonds to be special obltgations of the City of Lubbock, Texas, payable as to both principal and interest solely from the revenues of the City's Electric Light System, and authorizing the City Commission to encumber the revenues of the City's Electric Light System for the purpose of securing the payment ot principal of and interest on said bonds, said encumbrance of said revenues to be an exclusive first lien on and pledge of said revenues after deduction o£ the reasonable expenses of opex·ating and maintaining said Electric Light System, as said expenses are defined by statute. As to each of the foregoing propositions, each voter shall mark out with black ink or pencil one of the expressions, thus leaving the other as indicating his vote on the proposition. rrr-A THAT all revenue bonds of the three series hereinabove mentioned are to be ratably secured in such manner that no one bond shall have priority of lien over any other bond, it being the intention hereof to provide for the ~reation of an indebtedness against the City's Electric Light System Revenues for the purposes hereinabove stated, and which bonds, if approved by the qualified voters voting at the election herein and hereb,y ordered, are to be issued as one series, to be known as "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM REVENUE BONDS", aggregating the principal sum of Four Million Nine Hundred Twenty Four Thousand Dollars ($4,924,000). IV. That said Election shall be held at the Central Fire Station Building, at the corner of loth Street and Avenue J, in the City of Lubbock, Texas, and the presiding Judge and Clerks of said Election shall be as follows, vis& _ ___;G::.:l::.;::e;.;;;n;_;;:H:.:.e.::..ss::: ______ , Presiding Judge -~R~·~B~u~s~h~S~m~i~t~h~-----' Clerk -~~· Murfee , Clerk _____ Knox T. Thomas , Clerk w. E. Ballew.::. ____ , Clerk v. That notice of said election shall be given by posting a substantial copy of this Ordinance at the City Hall Building and at two other public places in the City of Lubbock and such notice shall also be published on the same day in each of two successive weeks in a newspaper of general circula- tion published within the City of Lubbock, the date of the first publication to be not less than fourteen (14) days prior to the date set for said elec- tion. The Mayor and City Secretary shall cause such notices to be prepared and posted and publishe~ and shall make due returns thereof to this City Commie~ sion. VI. Immediately after said election has been held, the officers holding the same shall make returns of the result thereof to the City Secretary of the City of Lubbock, for canvassing by the City Commission and shall return the ballot boxes to the City Secretar,y for safekeeping. •• -~ i) .. VII. The fact that it is affirmatively found b7 the City Commission of the City of Lubbock, that t here i s urgent need to proceed with the matter of im- proving, enlarging, making additions to, and extending the Electric Light System of the City of Lubbock, and in connection therewith the imperative need of improving, enlarging, extending and making additions to the Water System, including the source of supply and the Sewer System, in order to make the same more convenient and adequate to meet demands made by the public at large and preserve and protect the health and welfare of the citizens of Lubbock, creates an emergency and public necessity, demanding that the rule requiring the read- ing of this Ordinance on more than one day before final passage be suspended, and such rule is hereby suspended and it is ordained that this Ordinance shall take effect and be in force immediately upon its passage and adoption. AND IT IS SO ORDERED. PASSED, APPROVED AND ADOPTED THIS THE 13TH day of November, 194 7. Mayor, City of Lubbock, Texas ATTEST: · L~L~.w -~ii;:Secretar.y, City of Lubbock, Texas THE STATE OF TEXAS § COUNTY OF LUBBOCK I CITY OF LUBBOCK I I, Lavenia Williams, City Secretary of the City of Lubbock, Texas, do hereb,r certify that the above and foregoing is a true, full and correct copy of Ordinance Number 835, passed by the City Commission of the City of Lubbock, Texas on November 13, 1947, as the same now appears of record in Volume 3, at Page of the Ordinance Register of said City. I further certify that such copy is an executed copy and that the signatures appearing thereon are the true and genuine signatures of the officials named. Given under ~ hand and seal of said City, this the 13th day of November, 1947. y f ~ -' (CORPORATE SEAL) City as.