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HomeMy WebLinkAboutOrdinance - 857-1948 - Issuance Of $75,000 Building Bonds, City Hall. - 02/26/1948NO. ·857 AN ORDINANCE AUTHORIZING ISSUANCE OF $75t000.00 "CITY OF LUBBOCK, TEXAS CITY HALL BUILDING BONDS, SERIES 1948 11 DATED MARCH 1, 1948 THE STATE OF TF:XAS Q o· COUNTY OF LUBBOCK Q ~ CITY OF LUBBOCK 0 ON THIS, the 26th day of February, 1948, the City Commission of the City of Lubbock, Texas, co!'lvened in regular session at the regular meeting place thereof in the City Hall, with the following members thereoft 'b'o-wit: C. A. BESTWICK, J. RAY DICKEY, jTIJH). CHILDRESS, W. B. PRICE, JOHN SPIKES, LAVEN IA WILLIAMS present, and the following absent: MAYOR, Presiding, COi&ISS IOI\TER, COMMISSIOt,lER, COMMISSIONER, COMMISSIONER, SECRETARY, N constituting a quorum, when, among other proceedings had, were the fo1lol'Tin g : Commissioner J.Ray Dickey present~d for the consideration of the City Commission an ordinance auth orizing the issuence of $?5,000.00 "CITY OF LUB30CK, TEXAS, CITY HALL BUILDING BONDS, SERIES 1948", dated March 1, 1948, authorized at the election held in said City on December 11, 1945. The a.rdinance was r ead in full by the City Secretary. Thereupon, Commissioner W. B. Price moved that the rule re- quiring that no ordina nce shall be passed on the day on which it is introduced be suspended, and ~~at in view of the emergency set forth and defined in the preamble to the propos ed ordinance, that t he same be declareq an emergency m.easure. This motion was duly secopded by Commissioner ..-..b•Rl. Chil drese The rootion carried by the following vote: AYES : Commissioners ~ickey. Childress, Price S~ik~ ..... s ___ and Mayor Bestwick • NOES: None ' Thereupon, the :Mayor announ~ed that the proposed ordinance ha.d been declared an emetgency measure by ~~animous vote of th~ Commission. Thereupon, Commissioner W.B. Price moved that the ordinance as read in full by the City Secretary, be finally passed and adopted by the Commission. This motion was seconded by Col!Ull:issioner F;JP. Childress, and the motion, c8.rrying with it the final passage and adoption of the ordinance, was unanimously carried by the following vote: AYES: Co~missioners Dicker. Childress, Price ___ and Mavor Bestwjr:J,; NOES: None ~~~---------------------------- Thereupon, the Mayor announced that the ordinance had been finally passed and adopted by una~ous vote of the Co~nission, in accordance with t~e requirements of Sections 15 1 16 and 1?, of Article IX, of the Lubbock Charter; andthe Mayor thereupon signed and approved the ordinance in the presence of the Commiss i on. The ordinance is as,follow~: . .,. I • 11 AN ORDINANCE by the City Commission of the City of Lubbock, Texas, authorizing the issu.:-.nce of $75.,000.00 °CITY OF LUBBOCK,. TEXAS CITY HALL·BUILDING BONDS, SERIES 1948", dated March 1, 1948 1 for the purpose of the construction, erect.ion, enlargement, improvement and purchase of City Hall Buildings and_ furnishing and equipping the same in the City of Lubbock; prescribing the form of the bonds and the form of interest· coupons; levying a continuing direct annual ad valorem tax on all t~xable properties within the liwits of said City to pay t~e interest on such bonds and to create a sinking fund for the redemption thereof, and providing for the assessment and collection of such tax; enacting provisions incident and relating to the subject a.nd purpose of this ordinance; and declaring an emergency." ~,HEREAS, under and by virtue of an ordinance duly passed and adcpted by the City C0mmission of the City of Lubbock, Texas , on the 20th day of November, 1945, an election wa s ordered to be held in said City on the 11th day of December, 1945, and at which election the following proposition was submitted to the qual- ified electors of said City: ·"SHALL the City. Commission of the City of Lubbock be authorized to issue the negotiable interest bearL~g coupon bonds of said City to tr.e am~unt of ~75,000.00, bearing interest at a rate of not exceeding three ~~d one-half per cent~~ (3!%) par annum from date and maturing at such time or times 2s may be deemed most expedient by the City Commission, serially not later than • 0 twenty-five years from their date, for the purpose of the construction, erection, enla.rgement, improvement and pur- chase of City Hall Buildings and furnishing and equipping the sane in the City of Lubbock; and shall there be an- nually levied, asses s ed and collected, 1'fhile said bonds or any of them are outstanding , an ad valorem tax upon all taxable property within said City sufficient in amount to pay the annual interest on said bonds and to provide a sinking fund to pay the principal thereof as the same mat- ures?" AND WHEREAS, upon considerat ion of the returns of said election, the City Commission found that said election had beeP-conducted in the manner pre- scribed by law, and was in all respects legally held, after due and proper notice as required by law; that due returns of stdd election had been .ma.de by the proper officers; that said election resulted favorably to the issua.r'lce of said bon~s; that a majority of the qualified electors, voting at said election voted in favor of the issuance of said bonds; and that the City Co~ission is in all thin gs authorized to issue said bonds and to do any and all thing~ necessary and/or convenient in co~Bection there~ith; and, WHEREAS, it be ing now determined by the City Co~ission that i t :s to the best inte!"est of the City that the authorized irnprovemen~s, construction and equipment of the Ci~y Hall Buildings be commenced at the earliest possible date, thereby creating this an emergency measure for the :Lrnrr..ediate rreservation of the public peac~, property, l'lealth and safety, as·well as a more efficient administration ar'ld oper8tion of all departments of said municipal 'goverr~n t; the!"efore BE IT ORDAINED BY TdE CITY COMMIS ~ION.OF TH E CITY OF LUBBOCK: SECTION 1: That the bonds of said City, to be cfl lied "CITY OF LUB BOCK, TEXAS, CITY liALL BUILDTim BOI'I'"DS, SERI ES 194811 , be issued under and by virtue of the Constitutio~ ar'ld Laws of the State of Texa s , and t he Charter of the City, for the purpose of the construction, erection, enlargement, improvement and purchase of City Hall Buildings and furnishing and eo uippinz the same L~ the City of Lubbock, in the principal sum of SEV©~TY-FIVE THOUSAND DOLLARS ($75,000.00). SECTION 2: That said bonds shall be numbered consecutively from One (1) to Seventy-Five (75), both inclusive; shall be of the denomiaation of One Thousand Dollars ($1,000.00) each, aggregating the sum of Seventy-Five Thousand Dollars (~75,000.00). SECTION 3: That salli bonds shall be dated March 1. 1948, and shall mature in accordance with the following schedule: BOND ~uMBERS MATURITY DATES AMOUNTS (All Inclusive) as follows: l to 3 W:.arch l, 1949 $3,000.00 4 to 6 U.arch 1, 1950 3,000.00 7 to 9 March 1, 1951 3.000.00 10 to 12 March 1, 1952 3,000.00 13 to 15 March 1, 1953 3,000.00 16 to 18 March 1, 1954 .3.000.00 19 to 21 March 1, 1955 3,000.00 .22 to 2# March 1, 1956 3,000.00 25 to 28 March 1, 1957 4,000.00 29 to 32 March 1, 1958 4,000.00 33 to 36 March 1, 1959 4,000.00 37 to 40 March 1, 1960 4,000.00 1~1 to ~4 March 1, 1961 4,000.00 45 to liB March 1, 1962 4,000.00 49 to 52 March 1, 1963 4,000.00 53 to 56 March 1, 1964 4,000.00 57 to 60 :March 1, 1965 h,Ooo.oo 61 to 65 March 1, 1966 5,000.00 66 to 70 March 1, 1967 5,000.00 71 to 75 March 1, 1968 5,000.00 SECTION 4 : That said bonds shall bear interest from date until paid (1) Bonds numbered 1 to 56, inclusive, .. shal1 bear interest at the rate of 3-1/4% per annum from date; (2) Bonds numbered 57 to 75. inc lusive, sh ~l l bear interest • 1 at the rate of 2-3/4% per annum from date; which interest . . . \ . s hall be p ayable on liarch· ls t and, ... ~eptember 1st in each . , . . I year, the first intere st payment 'being March 1st, 1949; such interest to be evidenced by pro p er coupons attached to each of said bonds. I SECTION 5: That the principal and interest of said aeries of bonds shall be payable on presentation and surrender of bonds or proper coupons, in lawful money of the United States of America, at The FIRST NATIONAL BANK ~ IN DALLAS, 1PALLAS 1 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 "CITY OF LUBBOCK, TEXAS" shall be irr..pressed 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 attached to said bonds. SECTION 8: That the form of said bonds shall be substantially as follows: NO •. ___ _ UNITED STATES OF AMERICA STATE OF TEXAS, COUNTY OF LUBBOCK, CITY OF LUBBOCK, T~S, CITY HALL BUILDING BOND, SERIES 1948 $1,000.00 CITY OF LUBBOCK, a municipal corporation, of the State of Texas, ackr!m·:J.edges itself indebted to and FOR VALUE RECEIVED hereby promises to pay to bearer the sum of ONE THOUSAND DOLLARS ($1,000.00), in lawful money of the United States of America, on the lst day of March, 19 ____ , with interest thereon from the date hereof until paid, at the rate of PER CENTUM ( %) per an~Jum, pay- able on March lst and September lst in each year, the first interest payment date beir~ 14arch 1, 1949, on presentation and surrender of the annexed coupons as they severally mature. BOTH PRINCIPAL AND INTEREST OF THLS BOND are hereby made payable at the FIRST NA~IONAL BANK IN DALLAS, DALLAS, TEXAS. • THIS BOND is one of a series of Seventy-Five (?5) serial bonds, number- ed consecutively from One (1) to Seventy-Five (75), both incl usive, all of said bonds being of the denomination of One Thousand Dollars ($1,000.00), aggregating in amount Seventy-Five Thousand :J oJ.lars ($75,000.00), and issued for the purr>ose I .. of the construction, erection, enlargement, improvement and purchase of City Hall Buildings and furnishing and equipping the same Ln said City of Lubbock, under authority of the Constitution and Laws of the State of Texas, and the Charter of said City, pursuant to an ordinance duly adopted by the City Com- mission of the City of Lubbock, Texas, and recorded in the Y~nutes of said • City Commission. IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the issuance of this bond and the series of which it is a part is duly authorized by law and by a vote of the qualified property taxpaying voters of the City of Lubbock, Texas voting at an election held for that purpose withjn said City on the 11th day of December, 1945; that all acts, conditions, and things required to be done pre- cedent to and in the issuance of this series of bonds, and of this bond, have been prop~rly 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 made which, when collected, shall be appro-:- priated exclusively to the payment of this bond and the series of which it is a part, and to the payment of the interest coupons thereto annexed as the same shall become due; and that the total indebtedness of the City of Lubbock, Texas, including the entire series of bonds of which this is one, does not exceed any constitutional or statutory limitation. :rn TESTIMONY '(\THEREOF, the City of Lubbock, Texas, by its City Com- mission, has caused its corporate seal to be affixed hereto, and this bond to be signed by its Mayor and countersigned by its City Secret~~y, and the interest coupons hereto attached to be executed by the lithographed or printed facsimile signatures of the Mayor and City Secretary; the date of this bond, in··conforrnity with the ordinance above referred to, being the first day of March, 191.8. COUNTERSIGNED: City Secretary, City of Lubbock, Texas. Mayor, City of Lubbock, TeY~s I SECTION 9: That the form of inte~est coupon shall be substantially as follows: NO. ON THE---DAY OF------' 19_ $ ____ _ the CITY OF LUBBOCK, a municipal ro rporation of the State of Texas, hereby prom:tses to pay to bearer, at the THE FIRST NATIONAL BANK IN DAlLAS, __ D_A~L;.;;;L;;:.;A;;;.S..L., _T;;.;EXA=;,;;;S~--' the awn of -----DOLLARS ($ ____ ), in lawful money of the United States of An:erica, being ---- months' interest. on the 11 CITY OF LUBBOCK, TEXAS CITY HALL BUILDING BOND, SERIES l948n, dated March 1, 1948. Bond No. ___ • City Secretary Mayor SECTION 10: Tl-tat the following certificate shall be printed on the back of each bond: OFFICE OF COMPTROLLER ) ) STATE OF TEXAS ) REGISTER NO. I HEREBY CERTIFY th~t there is on file and of record in my office a certificate of the Attorney General of the State of Texas, to the effect that t~is bonrl lta'3 been examined by him as required by law and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas, and tl-tat it is a valid and binding obligation upon said City of Lubbock, Texas, and said bond has this day been ~eeistered by me. WITNESS MY HAND AND SEAL OF OFFICE AT AUSTll~, TEXAS ------- Comptroller of Public Accounts of The State of Texas. SECTION 11: BE IT FURTHER ORDATIJED BY THE CITY GOMMISSION OF THE CITY OF LUBBOCK: That to pay the interest on said bonds and create a sinking fund TENTHS sufficient to redeem them at maturity, a tax of ~NE~_.FOUR/ CENTS ( .014 ¢) on each ohe hundred dollars' valuation of all taxable property in the City of Lubbock, Texas, or such an a~ount as may at all times be legally necessary, shall be annually levied on s.sid property and a.nnnally assessed ar:~d collected, I or so much thereof as shall be necessary, or in ~dditioP thereto as may be required, until said bonds, with interest thereon, hRve been fully paid; and thE' ~aid t ax of ONE & FOUR TENTHS CENTS (.014 ¢) is here now levied for the current year, 8_"ld so wuch tl-tereof as sl-:lall be necessary, or in addition thereto as "'~Y h.., r'3quired, is hereby levied for ea~h succeeding year while said bonds, or any of them, are outstanding, and the same shall be annually assessed Dnd collected an~ applied to the purpose nemed. SECTION 12: BE IT FURTHER ORDAINED BY THE CITY C01fi.USSION OF THE CITY OF LUB BOCK: That the Mayor of said City that the authorized copstruction, erection, enlargement, improverr,ant and purchase of City Hall Buildings and furnishing and equippinc the same in t~e City of Lubbock, be accomplished at the earliest pass- ible date, creates an emergency measure for the immediate preservation of the public pee.ce, property, health and safety, as "¥~ell as a more effi~ient admin- istration and op eration of all departments of th~ municipal government, demanding that the Charter provis i ons to the effect that no ordinance shall he passed on the day or. ·which it !::hnll be ~ntrod'lCed, be susoP."l.ded, and this ordinance is hereby declared an emetgency m~asure by un~ous vote of the Cit: Commission. 2~d t~e same s~all take effect from and after its passage, a"l.d it is so ordained. P4SSED, this the 26t~ day of February, 19k8. ~PPROVED, t~is the 26t~ day of February, 1948. ~yo~P£.2. Texas. ATTEST: City Texas. (CITY SEAL)