HomeMy WebLinkAboutOrdinance - 858-1948 - Authorizing Issuance Of $150,000 Municipal Airport Bonds - 02/26/1948THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
NO. 858
AN ORDTIJ'Al~CE AUTHORIZING ISSUANCE OF
$150,000.00 "CITY OF LUBBOCK, TEXAS
MUNICIPAL AIRPORT JMPROVEMENT BONDS
SERIES 1948t1 DATED MARCH 1, 1948
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ON THIS, the 26th day of February, 1948, the City Commission
of the City of Lubbock, Texas, convened in regular session at the regular
meeting place thereof in the City Hall, 'With the following members thereof,
to-wit:
C. A. BESTWICK, MAYOR, Presiding,
J. RAY DICKEY, C<l1MISSIONER,
!'R1Ei'• CHilDRBSS, COMMISSIONER,
W. B. PRICE, COMMISSIONER,
JOHN ~ IKES, CQMt.USSIONER,
LAVDliA WILLIAMS, SECRETARY,
present, and the following absent: None _,
constituting a quorum, when, among other proceedings had, were the following:
Commissioner J. Ray Dickey presented for the consideration of the
City Commission an ordinance authorizing the issuance of $150,000.00 "CITY OF
LUBBOCK, TEXAS MUNICIPAL AIRPORT IMPROVEMENT BONDS, SERIES 194811 , dated ll...arch
1, 1948, (being parcel of a total issue of $300,000.00 bonds authorized at the
election held in said City on December 11, 1945).
The ordinance was read in full by the City Secretary.
Thereupon, Commissioner W. B. Price moved that the rule requiring
that no ordinance sha..l.l be pae;eed on the day on which it is introduced be sua-
pended, and that in view of the emergency set forth and defined in the preamble
to the proposed ordinance, that the same be declared an emergency measure. This
motion was duly seconded by Vommissioner l r.tH.Childress. The motion carried
by the following vote:
AYES: Commissioners -...:D;.;;i;.;;c.;::k~$t~~-.a~.-..:.C:::hi=· =ld~r:...::e:.:s:.:s:..\,......;P=..::rl.::.::·:.:::c:.:::e~-------
Spikes and -~May;;;;a..;;.;or;;;._.:;B;..;;e;.;:s~twi.;;.:.;c=k=----·-.
NOES: ------~N~on~e~·~-----------------
•
'hereupon, the Mayor announced that the proposed ordinance had
been declared an emergency measure by unanimous vote of the Commission.
Thereupon, Commissioner W. B. Price moved that the ordinance as
read in fall by the City Secretary be finally passed and adopted by the Com-
mission. This motion was seconded by Commissioner ~.-Hr.i Childre~ the motion,
carrying with it the final passage end a.doptlion of the ordinance, was unanimously
carried by the following vote:
AYES: Commissioner§ ~ickex. Cb1Jdress, Price• Spikes
and _ _,.Ma~yp~r.....wB~east~niL·~pllollk....__ ___ •
NOES: None.
Thereupon, .the Mayor announced that the ordinance had been finally
passed and adopted by unanimous vote of the Commission, in accordance with the
requirements of Sections 15, 16 and 17 of Article II, of the Lubbock Charter;
and the Mayor thereupon signed and approved the ordinance in the presence of the
Commission.
The ordinance is as follows:
"AN ORDINANCE by the City Commission of the City of Lubbock, Texas,
authorizing the issuance of $1;0,000.00 'CITY OF LUBBOCK, TEXAS,
:M.UNICIPAL AIRPORT IMPROVEMENTS BONDS, SERIES 1948", dated March
1, 1948 (being parcel of a total issue of $300,000.00 boq.ds
authorized at the election held in said City on Uecember 11,
1945), for the purpose of constructing, repairing, erecting
and improving buildings, hangars and other permanent improvements
to the Municipal Airport otthe City of Lubbock, including the
/ ~ construction of r~ds, drives, parking areas, and the purchase
and installation of control equipment and machinery and other
improvements incidental to the operation of such ~icipal Air-
port in the City of Lubbock; prescribing the form of the bonds
and the form of interest coupons; levying a continuing direct
ad valorem tax on all taxable properties within the limits of
'1:-~ said City to pay the interest on such bonds and to create a sink-
ing fund for the redemption thereo$, and providing for the
assessment and collection of such tax; enacting provisions in-
cident and relating to the subject and purpose of this ordinance;
and declaring an emergency. n
WHEREASt under and by virtue or an ordinance duly passed, and adopted
by the City Commission of the City of Lubbock, Texas, on the 20th day of November,
1945, an election was ordered to be held in said City on the lith day of December.
1945, and at which election ~he fo~owing proposition was submitted to the qualified
electors of said City:
"SHALL the City Commission of the City of Lubbock be authorized
to issue the negotiable interest bearing bonds of the City of Lubbock
in the amount of $300,000.00, bearing interest at a rate of not exceeding
three and one-half per centum (3i%) per annum. from date, and maturing
at such time or times as may be deemed most expedient by the City
Commission, serially, not later than twenty-five years from their
date, for the purpose of constructing, repairing, erecting and im-
'-~ _,..-proving building s, hang!rs and other permanent improvements to the
llu.rui.cipal Airport of the City of .Lubbock, including the construction
of roads, drives, parking areas and the purchase and installation of
control equipment and machinery and other improvements incidental to
the operation of such Municipal Airport; and shall there be annually
assessed, levied and collected while said bonds or any of them are
outstanding, an ad valorem tax upon all taxable property within the
City of Lubbock sufficient in amount to pay the annuaD;. interest upon
said bonds as it accrues~d to provide a sinking fund for the redemption
thereof at maturity?"
AND WHEREAS, upon consideration of the returns or said election, the
"}~City Commission found that said election had been conducted in the .manner pre::-
cribed by law, and was in all respects legally held, after due and proper notice
as required by law; that due returns of said election had been made by the proper
officers; that said election resulted favorably to the issuance of said bonds;
that a majority of the qualified electors, voting at said election, voted in
favor of the issuance of said bonds; and that the City Commission is in all things
~ ... autJorized to issue said bonds and to do any and all things necessary and/or
convenient in connection therewith; and
WHEREAS, heretofore by ordinance dated March 1, 1946, $J6,ooo.oo of
the '300,000.00 voted bonds were authorized by this vity Commission and there
now remain unissued $264,000.00 of such issue, and it being now determined by
the Gity Commission that it is not desired at this time to issue all of the re-
maining bonds of 1264,000.00, but that only &150,000.00 of said bonds shall now
be issued for the purposes far ~ieh the same were authorized; and, that the bal-
ance of said bonds in the amount of :tll4,000.00 shall be issued at a future date
or dates when, in 'the judgement of the City Uommission of said City the amount is
needed by the vity for the purpose for which it was authorized; and,
WH~AS, It is to tke best interest of the City that the authorized
construction, repairs, erection and improvement of buildings, hangars and other
permanent improvements to the' .Municipal Airport of the Gity of Lubbock, be con-
tinued at the earliest possible date, t hereby creating this an emergency measure
for the immediate preservation of the public peace, property, health and
safety, as well as a more efficient administration and operation of the Mun-
icipal Airport of the municipal government; therefore
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCRl:
SECTION 1: That the bonds of said City, to be called "CITY OF
LUBBOCK. TEXAS, MUNICIPAL AIRPORT IMPROVEMENT BONDS, SERIES 1948", be issued
under and by virtue of the Constitution and Laws of the State of Texas, and the
Charter of the City, for the purpose of constructing, repairing, erecting and im-
proving buildings, hangars and other permanent improvements to the Municipal Air-
port of the City of Lubbock, including the construction of rBads, drives, parking
areas, and the purchase and installation of control equipment and machinery and
other improvements incidental to the operation of such Municipal Airport in the
City of Lubbock, in the principal sum of ONE HUNDRED FIFTY THOUSAND DOLLARS
($150,000.00).
SECTION 2: That said bonds shall be numbered consecutively from
One (1) to One Hundred Fifty (150), inclusive; shall be of the denomination of
One Thousand Dollars ($1,000.00) each, aggregating the sum of ONE HUNDRED FIFTY
THOUSAND DOLLARS ($150,000.00).
SECTION ): That said bonds shall be dated tl.arch 1, 1948, and shall
mature. in accordance with the following schedule:
BOND NUMBERS MATURITY DATE8 AMOUNTS
(All Inclusive)
1 to 6 March 1, 1949 $ 6,000.00
7 to 12 March 1, 1950 6,000.00
13 to lS :March 1, 1951 6,000.00
19 to 24 March 1, 1952 6,000.00
25 to 30 .March 1, 1953 6,000.00
31 to 36 March 1, 1954 6,000.00
37 to 43 M'a.rch 1, 1955 7,000.00
44 to 50 March 1, 1956 7,000.00
51 to 57 March 1, 1957 7,000.00
58 to 64 March 1, 1958 7,000.00
65 to 71 March 1, 1959 7,000.00
72 to 79 March 1, 1960 8,000.00
80 to ert March 1, 1961 a,ooo.oo
sa to 95 March 1, 1962 a,ooo.oo
96 to 103 March 1, 1963 s,ooo.oo
104 to 112 March 1, 1964 9,000.00
113 to 121 March 1, 1965 9,000.00
122 to 130 March 1, 1966 9,000.00
131 to 1.40 'March 1, 1967 10,000.00
141 to 150 March 1, 1968 10,000.00
SECTION 4: That said bonds shall bear interest from date until paid
as follows:
(1) Bonds numbered 1 to 112, inclusive, shall bear interest at the
rate of 3-1/4% per annum from date;
(2) Bonds numbered 113 to 150, inclusive, shall bear interest at the
rate of 2-3/4% per annum .from date; which interest shall be payable on
March 1st and September 1st in each year, the first interest payment being
March 1st, 1949; such interest to be evidenced by proper coupons attached to
each of said bonds.
SECTION 5: That the principal and interest of said series of bonds
shall be payable on presmtation and surrender of bonds or proper coupons, in
lawful money of the United States of America, at THE FIRST NATIONAL BANK IN
DAU.AS, 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 "CITY OF
LUBBOCK, TEXAS 11 , shall be impressed upon each of them.
'
SECTION 7: That the facsimile signatures of the Mayor and City
Secretar,y may be lithographed or printed on the interest coupons attached to
said bonds, and shall have the same effect as if they had been signed by them.
SECTION S: That the fonn of said bonds shall be substantially as
follows:
NO. __ _ UNrrED STATES OF AMERICA
STATE OF TEXAS,
COUNTY OF LUBBOCK.
CITY OF LUBBOCK, .TEXAS MUNICIPAL
AIRPORT IMPROVEMENT BOND, SERIES 1948.
$l,ooo.oo
CITY OF LUBBOCK, 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
($1,000.00),, in lawful money of th.e United States of America, on the FIRST DAY
OF MARCH, 19 _, with interest thereon from the date hereof until paid, at the
rate, ot ----------------PER CENTUM (_--t%) per annum,
payable on March 1st and September 1st in each year, the first interest payment
date being March 1, 1949, on presentation and surrender of the annexed coupons
as they severally mature.
BOTH PRINCIPAL and interest of this bond are hereby made payable at
THE FIRST NATIONAL BANK IN DALLAS, DALLAS, TEXAS.
THIS BOND is one of a aeries of one Hundred Fifty ll50) serial bonds,
numbered from One (1~ to ~e Hundred Fifty (150), both inclusive, all of said
bonds being in denomination of Une Thousand Dollars ($1,000.00), and issued for
t -the purpose of constructing, repairing, erecting and improving building~angars
~-and othe~permanent improvements to the Kunicipal Airport of the City of Lubbock,
including the construction of roads, drives, parking areas, and the purchase and
installation of control equipment and machinery and other improvements incidental
to the operation of such Municipal Airport in the City of Lubbock, under authority
of the Constitution and Laws of the State of Texas, and the Charter of said City,
and pursuant to an ordinance duly adopted by the City Commission of the City of
Lubbock, Texas, and recorded in the liinutes of said Gity Go.mmission.
IT IS Irnru:BY CERTIFIED, RECITED AND REPRESENTED that the issuance of
this bond and the series of llhich it is a part is duly authorized by law and by
a vote of the qualified property taxpaying voters of the City of Lubbock, 'l.'exas,
voting at an election held for that purpose within said City on the 11th day of
Uecember, 1945; that all acts, conditions, and things required to be done prece-
dent 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 tor the levy and
collection of taxes has been made which, when collected, shall be appropriated
excluai'Yely 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 tha t the total indebtedness of the City of Lubbock_, ·rex.as, including
the entire series of bonds of which this is one, does not exceed any consti-
tutional or statutory limitation.
IN TESTDIONY WHEREOF, the City of Lubbock, '.l'exas, 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 Gity secretary, and the interest
coupons hereto. attached to be executed by the lithographed or printed facsimile
signatures of the Mayor and ~ity ~ecretary; the date of this bond, in conformity
with the ordinance above referred to, being the first day of March, 1948.
Mayor, City of Lubbock, ~exas.
COUNTERSIGNED:
City .::>eeretary, Uity ot Lubbock, 'l'exas.
t-\
SECTION 2: 'l'hat the form of interest coupon shall be substantially
as follows:
NO.----ON THE ---l>Al 01'' ------' 19 __ •-----
the CITY OF LUBBOCK, a municipal corporation of the State of 'l'exas, hereby pro-
mises to pay to bearer, at THE FIRST NATI ONAL BANK IN DALLAS, DAlLAS, TEXAS
----------DOU.ARS
($ ____ ) in lal'ftul lOOney of the United ::>tates of America, being -----
months t interest on the "CITY OF LUBBOCK, TEXAS MUNICIPAL AIRPORT IMPROvaiENT
'
BONO, SERIES 1948", dated March 1, 1948.
Bond No. -----·
. City Secretary lla.yor
SECTION 10: That the following certificate shall be printed on the
back of each bond:
OFFICE OF COUPTROLLER )
)
STATE <F TaAS )
REGISTER NO.
I HER.El3Y CERTIFY that there is on file and of record in my office a
certificate of the Attorney General of the s tate of Texas, to the effect that
this bond has 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 or Texas
and that it is a valid and binding obligation upon said City of .Lubbock, Texas,
and said bond has this day been registered by me.
WITNESS MY HAND AND ::;EAL OF OF.l"IC.I!.:, AT AUS 'l'IN, TEXAS,
--------------------------·
Comptroller of Public Accounts of
the State of Texas.
SECTION ll.i BE IT FURTHE R ORDAINED BY '!'HE CITY caa.p:S SION OF THE
CITY OF LUBBOCK:
That to pay the interest on said bonds and create a sinking fUnd suffi-
cient to redeem them at maturity, a tax. of IWO & SEVEN iTENTHS CENTS ( 2.7 ¢)
on each one Hundred Doll ars' valuation of all taxable property in the City of ..
Lubbock, 'l'exas , or such an amount as may at all times be legally necessary, shall
be annually levied on said property and annually assessed and collected, or so
much thereof as shall be necessary, or in addition thereto as may be required,
until said bonds with interest thereon have been fully paid; and the said tax of
'n\'0 & SEVEN/TENTHS CENTS ( 2.7 ;) is here now levied for the c~rrent year, ~
and so much thereof as shall be necessary, or in addition thereto as may be·re-
quiredt is hereby levied for each succeeding year while said bonds, or any or
them, are outstanding, and the same shall be annually assessed and collected and
applied to the purpose named.
S.l!iCTION 12: B.!!; I 'l' l''UH1'.tiliH UtW.AIN~ BY '!'~ CITY GOMMlliSION OF THE
CITY OF LUBBOCK:
That the Mayor of said City shall be and he is hereby authorized to take
and have charge of all necessary orders and records pending investigation by the
-t--Attorney lienl!tral of the State of '!'exas, and_shall take and have charge and control
of the bonds herein atthorized pending their approval by the Attorney General
and their registration by the Comptroller of Public Accounts.
SECTION 13: AND HE IT FURTHER ORDAINJ!;D BY 'l'H.I!; CI'fY liOMIUS::>IUN OF THE
CITY OF LUBBOCK:
The fact that it is to the best interest of the City that the authorized
construction, repairs, erection and improvement of buildings, hangars and other
permanent improvements to the .Municipal Airport of the City of Lubbock, be eon-
.,...._ tinued at the earliest possible~date, creates this an emergency measure for the
immediate preservation of the public peace, property, health, and safety, as well
as a more efficient administration and operation of the Municipal Airport of the
Municipal government, demanding that the Charter provisions to the effect that no
ordinance shall be passed on the day on which it shall be introduced, be suspended,
and this ordinance is hereby declared an emergency measure by unanimous vote of the
~it y Commission, and the same shall take effect from and after its passage, and
it is so ordained.
PASSED, this the 26th. day of .tt'ebrua.ry, 1948.
AP.PROVED, this the 26th day of l''ebruary, 1948.
~ Mayor, City of Lubbock, '..l'exas.
AT'l'l!:~T:
(City Seal)