HomeMy WebLinkAboutOrdinance - 856-1948 - Issuance Of $129,000 Street Lighting Bonds - 02/26/1948No. · 856
A~ ORDINANCE AUTHORIZING ISSUANCE OF
$129,000.00 11 CITY OF LUBBOCK, TEY..AS
STREET LI~J-l'T'TTIJG BOND", SBPIES 1948~1
DATED YJffiCH 1 , 1948
THE STATE OF TI.:XAS ~
~
COUNTY OF LUBBOCK 0
0
CITY OF LUBBOCK ~
ON THIS, t~e 26th day of February, 1948, the City Commission of
the City o:f Lubbock, Texas, convened in regular session at the regular
meeting place thereof in the City Hall, vdth the :following membe!'s there-
of, to-wit:
C. A. BESTWICK,
J. RAY DICKEY,
Ji'Ril;l). CH IIDRESS I
W. B . PRICE,
JOHN SPIKES
LA VENIA WILLIAMS
MAYOR, Presiding,
0<l.r!!USSIONER,
COOUSSIONER,
C Q1tlMISSIOT'lFR,
SEC'IffiTARY,
rresent , and tl:e following absent: None
constitutmg a quorum, when, among other proceedings had, were the follow-
ing:
Commission e r~~· Ra~ Dick~-----pr~sented for the consideratior
of the City Comm.isc;ion an ordinance authorizing the issuance of ~?129,000.00
"CITY OF LUBBOC I(, TEXAS, STREET LIGHTING B01TDS, SERIES 194811 , dated March
1, 19M~, (being parcel of a total issue of 'IP245,000.00 bonds authorized at
the election held in said City on December 11, 1945).
The ordinance was read in full by the City Secretary.
Thereupon, Comwissioner --~R~,~B~·~P~r.i~ce~--moved that the rule re-
quiring ·that no ordinance shall be passed on the day on which ·it is in-
traduced by suspended, and that in view of the emetger.cy set forth and
defined in the preamble to the proposed ordinarce, that t~~ same be decla~ed
an emergency measure. This motion was duly seconded by Commissioner
Fr.®. Childress The motion carried by the following vote:
AYES: Commissioners ____ D~i~c~~~ Child~~ss. ~rice,
Spikes and llayor Bestwick
J
..
NOES: None
Thereupon, Co~issioner W. B. Price .moved that the
ordinance as r~ad in full by the City Secretary be finally passed and
adopted by the Commission. This motion was seconded by Commissioner
F~<HJ. Childress· , and the motion carrying with it the final passage and
adoption of the ordinanee, was unanimously carried by the following vote:
AYES: Commissioners Dickey, Childress, Price
__ s_.P .... ~,_·k"'""e'""s.._ ______ and Mayor Bestwick
NOES: None
Thereupon, the Mayor announced that the ordinance had been
finally passed and adopted by unanimous vote of the Co~~ission, in ac-
cordance with the req uirements of Sections 15, 16 and 17, of Art~c l e IX
of the Lubbock Charter; and the Mayor thereupon s i gned and approved the
ordinance in the presence of the Commission.
· The ordinance is as folleffls: · . ' .
11 AN OODINANCE by the City Commiss i on of t)le City of
Lubbock, Texas, authorizing the issuance of
$129,000.00 'CITY OF LUBBOCK, TEXAS STREET LIGHTING
BONDS, SERIES 1948 1 , dated March 1, 1948 (being
parcel of a total issue of $245,000.00 bonds auth-
orized at the election held in said City on December
ll, 194.5), for the purpose of constructing, installin~ extending ~ and impro~ng the street lighting system J
•
of said City, including the inst.allation of street
lights, stop and traffic lights and other improvements
incidental thereto; prescribing the ~ 0 £ th'3 bonds
and the form of interest coupons; levying a contin-
uing direct a.rmual A..d valorem tax on all taxable
properties within the limits of said City to pay the
interest on such bonds and to create a sinking fQ~d
C.t-\
....... '
for t h e redemption thereof, a.~d providing for the
assessment and collection of such tax; enacting provi-
sions incident and relating to the subject and purpose
of this ordinance; and declaring an emergency.11
~~EREAS, under and b~r virtue of an ordinance duly passed and
adopted by the City Corr.mission of the City of Lubbock, Texas, on the 20th
day of November, 1945, an election was ordered to be held in ~aid Ci ty on
the 11th day of December, 1945, and at which election the following prop-
osition was submitted to the quali fied electors of said City:
11 SHAU the City Commis s ion of the City of Lubbock be
authorized to issue the negotiable interest bearing·
coupon bonds of the City of Lubbock in the amoLmt
of &245,000 .00 bearing interest at a rate of not
exceeding thre and one-half per centum (3~) per
annmn from date and maturing at such time or times
._)
as may be deemed most expedient by the City Com-
mission, serially, not later than twenty-five years
from their date, for the purpose of constructing,
Y-Q) installing, extendin1) and improving the street lighting
system of said city, including the installation of
street lights, stop and traffic lights and other imp-
rovements incidental thereto; and shall there be an-
nually assessed, levied and coll ected upon all taxable
property within the City of Lubbock, while said bonds
or any of them are outstanding, a tax sufficient in
amo~~t to pay the annual interest on such bonds
and to provide a sinking fund for the redemption t h ere-
of at maturit:r?"
AND ,fflEREAS, upon consideration of the returns of said election,
the City Co~~ission found that said election had been conducted in the
man~Pr prescribed by law, and was in all respe "ts le;r"lly held, efter due
and proper notice as required by law; that due returns of said election
had been xa 1e by the proper officers; that said election result~d favorably
to the iAsuance of said bonds; tha t a majorjty of the qualified electors,
voting at said election voted i.11 favor of the issuan ce of said bonds; and
that the City Commission is in all things aut~orized to issue said bonds
and tc do any and all things necess ary and/or convenient in co~nection there-
with; and,
WHEREAS, by ordina nces heretofore duly passed and adopted by this
City Commis s ion, $116,000.00 of the ~245,00 J .OO voted bonds were authorized
as follows:
By ordinance dated March 19, 1946, ~65,000.00 Bonds dated 3-l-1946;
and
By ordinance dated July 14, 1947, $51,000.00 Bo_nds dated 7-10-1947;
and there now remain unissued $129,000.00 of such i s s ue; and it being now de-
termined by the City Commission th~t the said ~129,00J.00 Bonds shall now be
issued for the purposes for which the same were authorized; and,
WHE."Ct.EAS, it is to t.he best interest of the City that the authorized
(
improvements and extensions to the Street Lights be completed at the earliest
possible dat e , thereby creating this an emergency measure for the immediate
preservatjon of the public pea.ce, p roperty, health and safety, as well as the
. ~ore efficient ad~inistration and operation of the Traffic Department and
Street System of the municip al government; THEREFORE,
BE rr <RDAINED BY THE CITY COMMISSION OF TEE CITY OF LUBBOCK;
SECTION 1: That the bonds of said City, to be called 11 CITY OF
LUBBOCK, T.EJL.\ S, STREET LIGHTLt.IG BONDS, SERIES 1948 11 , be issued under and
by virtue of the Constitution and Laws of the State of Texas, a~d the
Charter of the City, for the purpose of constructing, installing, extend-
ing and improving the street lighting system of said city, including the
installation of street lights, stop and traffic lights and other improve-
ments incidental thereto; in the 9rincipal SUII!. of ONE HUNDRED nENTY-N[NE
THOUSP~ DOLLARS ($129,000 .00).
SECTION 2: That said bonds shall be ntt~bered consecutively from
'X-One (1) to One Hundred Twenty-Nine (129), both i.-1clusive; shall be o.f;j:.he
deno~nation of One Thousand Dollars ($1,000.00) each, aggregating the
sum of One HQndred Twenty-Nine Thousand Dollars ($129,000 .00).
SE CTION 3: That said bonds shall be dated March 1, 19l~ and
shall mature in accordance with the following schedule:
. 'X -\
BOND NUMBERS MATURITY DATES AMOUNTS
(All Inclus-ive)
1 to 5 Yarch 1, ~119 $5,000.00
6 to 10 March 1, 1950 5,000.00
ll to 15 March 1, 1951 5,000.00
16 to 20 March 1, 1952 5,000.00
21 to 25 March 1, 1953 5,000.00
26 to 30 March 1, 1954 5,000.00
31 to 36 March l, 1955 6,000.00
37 to 42 March 1, 1956 6,000.00
43 to 48 March 1, 1957 6,000.00
49 to 54 March 1, 1958 6,000.00
55 to 61 March 1, 1959 7 ,ooo.oo
62 to 68 March 1, 1960 7,000.00
69 to 75 March 1, 1961 7,000.00
76 to 82 March 1, 1962 ?,000.00
83 to 89 March 1, 196~ ?,000.00
90 to 97 March 1, 1964 8,000 .oo
98 to 105 March 1, 1965 8,000.00
106 to 113 March 1, 1966 8,000.00
114 to 121 March 1, 196? 8,000.00
122 to 129 March 1, 1968 8,000.00
SECTION 4: That the said bonds shall bear interest as follows
(1) Bonds numbered 1 to 97·, inclusive shall bear interest
at the rate of 3i% per annum from date;
(2) Bonds numbered 98 to 129 inclusive, shall·bear interest
at the rate of 2-3/4% per annum from date; which in-
terest shall be payable on March lst and September 1st
. in each year, the first interest payment being March 1st
1949; such interest to be evidenced by ~roper coupons
attached to each of said bonds.
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i-
SECTION 5: Th at the principal and interest of said series of
bonds shall be pa.vable on presentation and surrender of bonds or proper
cou ~ons, in la1'1ful money of the United States of America, at the
FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS.
SECTION 6: That each of said bonds shall be signed by the Mayor
and countersigned by the City Secretary, and the corporate seal of the
11 CITY 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 coupoos a ttached
to said bonds, and shall have t h e same effect as i f they had been sign)d
by them. (
SECTION 8: That the form of said bonds shall be substantially
as follows:
NO. UNITED STATl"..S OF AMERICA $1,000.00
STATE OF TEXAS,
COUNTY .OF LUBBOCK,
CITY OF LUBBOCK, TEXAS STREET LIGHTING BOND, SERIES 1948
CITY OF LUB~OCK, 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 THOUSAND DOLLARS
(:h,OOO.OO), in lawful money of the United States of America, on the 1st
day of March 19_, with interest thereon from the date hereof ur~til paid,
at the rate of ------------------------------------------
( __ __,%_per
annum, pqyable on March 1st and Septamber 1st in each yP-ar, th~ first in-
tereat payment date being March 1, 1949, on presentation and Sl~render of
the annexed coupons as they severally mature.
BOTH PRINCIPAL AND INTEREST OF THIS BOND are h~reby made payable
at the ----~F~ffi~S~T~N~AT~I~O~N~A=L~B~A~N~K~m~D~A~1L~A~S~·~DAwL~I~.A~s~,_TE~X~A~S-·------------
THIS BOND is one of a series of one Hundred Twenty-Nine (129)
serial bonds, numbered from One (l) to One Hundred Twenty-~ine (129), both
inclusive, all of..said bonds being of the denomination of One Thousand
Dollars ($1,000.00), aggregat j_ng in amount One Hundred Twenty-Nine Thousand
($129,000.00), and issued for the purpose of constructing, installing,
extending and imp roving the street lighting system of said city, including
... . ..
the installation of street lights, stop and traffic lights and other
improvements incidental thereto, under authority of the Constitution
and La•"s of the State of Texas, and the Charter of said City, and pur-
suant to an ordinance duly adopted by the City Commission of the City
of Lubbock, Texas and recorded in the Minutes of said City Co~mission.
IT IS HEREBY CE..~IFIF..JJ, RECITED AND REPRESENTED that the issuance
of this bond and the series of which it is a part is dul~r authorized by
law and by a vote of the qualified property taxpaying voters of the City
of Lubbock, Texas, vot.ing at an election held for that purpose within said
City on the 11th day of December, 1945; 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 performed and have happened in regular and due time,
form and manner as required by law; that sufficient and proper provision
for the levy and collection of taxes has been rr~de which, when collected,
shall be appropriated exclusively to the payment of this bond, the series
of which it is a part, and to the payment of the interest coupons thereto
annexed. as the e3.ffie shall become due; and that t.he total indebtedness of
the City of Lubbock, Te.xas, i.ncluding the entire series of bonds of which
this is one, does not exceed any constitutional or statutory limitation.
IN TESTIMONY WHEREOF. the City of Lubbock, Texas, by its City
Commission, has caused its corporate seal to be affiyed hereto, and this
bond to be signed by its Mayor and countersigned by its City Secret~y.
and the interest coupons heretovattached to be e~ecuted by the lithographed
or printed facsLmile signatures of the Mayor a~1 City Secr~tary; the date
of this bond, in conformity with the ordinance above referred to, beinj'
the lat day of March, 1948.
Countersigned:
City Secretary, City of Lubbock,
Texas.
Mayor, Cit~r of L!.lbb ocl-::1 Texas.
SECTION 9: That the form of interest coupon shall be substantially
as follows:
.... ' L
NO. ON 'IHE ---DAY OF ----• 19_ $ ____ _
the CITY OF LUBBOCK, a municipal corporation of the State of Texas, hereby
promises to pay to bearer, at the FIRST NATIONAL BANK IN DALLAS,
_D_A:.:.:ll=A=s ..... _T,;;:,;;EX=A;;;:;s _____ , the sum of
------------DOLL ARS
($ ______ ) 1 in lawful money of the United States of America, being
-----months' interest on the "CITY OF LUBBOCK, TEXAS, STREET
LIGHTING BOND , SERIES 194811 dated March lt 1948.
Bond No .
City Secretary Mayor
SECTION 10: 'fhat the following certificate shall be printed O!l
the back of each bond:
OFFICE OF GOMPTROLLER )
)
STATE OF TEX)S )
'REGISTER NO .
I HEREBY CERTIFY that there is on file and of record in my
office a certificate of the Attorney CJe!leral of the State of Texe.s, to
the etfect that this bond has bee!l examined by him as required by law
and that he .finds that it has been issued i!l conformity with the Consti-
tution and laws of the State of Texas, and that it is a valid and binding
obligation upol" said City of Lubbock, Texas, and said bond has this day
been registered by me •
• UTI'JESS MY HAI~D AND St:AL OF OFFICE AT AUSTIN 1 TE..XAS
Comptroller of Public Acco,mts
of th9 State of Te~s.
SECTION 11: BE IT FURTHER Q~AINED BY THE CITY C~~US S ION OF
THE CITY .OF LUBBOCK:
That to pay the interest on said bonds and creat.e a. sinking fund
sufficient to rede~ t~em at maturity , a tax o~ 1WQ AND ONE-FOURIH_ CENTS
( .0225 ¢) on each oh~ hundred dollars' valu~tion of all taxAble property in
thea City of Lt'.rbock, Texas, o:r such a.n amount as may at all ti.!nes be legally
necessary, shall be annually l~vied on sa:i.d _!:!ropert.y .t:~nd annually assessed
and collected, or so much thereof as shall be necessary, or in addition
thereto as may be required, until said bo~1~, with interest thereon, have
. . ..
..
b~en fally paid; a i'"J:i the said tax of TWO AND ONE-FOURTH CEI\!"TS
(.0225t) is here now levied for the current year, and so much thereof
as shall be necessary, or in addition therP.to as may be required, is
hereby levied for each succeeding year while said bonds, or any of them,
are outstanding, and the same shall be annually assessed and collected
ahd applied to the purpose named.
SECTION 12:. BE IT FURTHER ORDAINED BY T'riE CITY COMMISSION OF
THE CITY OF LUBBOCK:
That the Mayer 0£' ~:.id City s!-.a11 be and he is hzrcby author-
ized to tai<e and h ~Y~ charge of all necessary orrters and records pending
investigation by the Attorney C~neral of the State of Texas, and shall
take and have charge and control of the bonds herein authorized pending
their approval by the Attorney General aad their registration by the
Comptroller of Public Accounts.
SECTION 13: AND BE IT FlJRTHER ORDAINED BY THE CITY COMMISSION
OF THE CITY OF UJB BOCK:
The fact that it is to the best interest of the City that the
authorized improvements and extensions to the Street Lighting Syste~ be
completed at the earliest possible date, creates this an e:n.ergency measure
for the immedi a te preservation of the public peace, property, health and
safety, as well as a more efficient administration and operation of the
$ba!!ic ~n~ Street Jep Rrtment of the municiral government, demanding that
the Charter prov~~i o~s to the effect th~t no ordinance shall be passed
on the day on >'ihich it shall be introduced, be suspended, and this ordi-
narce is ~ereby declared an emergency ~easure by unanimous vot~ of the
City Commissior-, and the s~£ shall take effect froT and after its passage
and it is so ordained.
PAS SED, this the 26th day of Febru~ry, 1948.
·APPROVED, tris the 26th day of. February, 1948.
Mayor, City of.Lubbock, Texas
City :Secretary, City
(City Seal)