HomeMy WebLinkAboutOrdinance - 859-1948 - Issuance Of $91,000 Texas Park Bonds - 12/26/1948AMENDED BY ORDINANCE NO. 86 ~
NO. 859
AliJ ORDINAI-JCE AUTHORIZING ISSUA.\\lCE
OF $91 ,000.00 "CITY OF LUBBOCK,
TF:XAS PARK BONDS , SERIES 1948"
D.4TED MARCH 1 , l9L,.8.
THE STATE OF TEXAS 0
~
COUNTY OF LUBBOCK 0
0
CITY OF LUBBOCK 0
ON THIS, the 26th day of February, 1948, the City Commission of
the City of Lubbock1 r.Texas, convened in regular session ~t the regLtlar
meeting place thereof i.n the City ~all, with the following mem.l:>er.& thereof ,
to-wit:
c. A. BESTWICK, MAYOR, Presiding,
J. RAY DICKEY, CCY..illiSSIONER,
lFJt!~ CHILDRESS, COMMISSIONER,
W. B. PRICE, COMl'!lf.ISSIONER,
JOHN SPIKES, COI:.OtliSSIONER,
LA VF.N IA WILLIAMS , SECR~'l'ARY,
present , and the following absent: None
constituting a quorum, i'fhen, amon g other proceedin.zs had, were the follov.ring:
Commiss:i.oner J • Ray Dick~resented for the consideration of the
City Commi8sion an ordinance authoriz ing +,te 5ssuance of $91 ,000.00 "CITY OF
LUB'BOCK, TEX.~S, PARK BONDS, SERES 194"11 , dated March 1, 19~, (being parcel
of a total issue of $155,000.00 bonds authorized at t~e eleetion held in said
City en December 11, 1945).
The ordinance was read in full by the City Secretary.
Thereupon, CommissionAQ(-~,J b~~~ moved that the rule requiring
.
that no ordinance shall be passed on the day 0n which it is introduced by sus-
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. Th is
motion was du.ly seconded by Commissioner l_.t~.Childress The motion carried by
the follovdng vote:
AYES: Commissioners Dick~, ChiJgress, Price, Spikes
and Mayor Bestwick
NOES: None.
..
I ,.
t ...
Thereupon, Commissioner W. B. Price moved that the ord inance as
read in full by the City S ecretary be fina lly ~a s s ed and adopted by the
Commission. Thi.s motion was ~ec o nded by Commissioner llt.rit.Chi1dress , and
the motion, carrying with it the final passage and ado!Jtion of t!"le ordinance,
,) was unanimously carried by the follo:-~·.'ing '\":'te:
A YE,S: vorn..rnis sioners -~D::..:i::.;c:;.;k~W~•L-.....:C~h:..;:i;.;;:l;.;.d;.;r..;.e..;.s...;;s...l,2 _ _.;;..F_r~i-c_e.f..t -------
--~S~p~i~k-e~s~--and ____ M_1a~y~o_r __ B_e_s_t_v_Ji_c_k ___________________ _
\
NOES: None
Thereupon, the Mayor announced that the ordinance had been finally
passed and adopted by wanirr.ous vote of the Commission, in ac«> rda.nce with
the requirements of Sections 15, 16 and 17, of Article IX, of the Lubbock
Charter; and the Mayor there upon signed and approved the ordinaD.ce in the
prese'lcE> of the Commission. -
I I ,,
The ordinance is as follows:
11 AN ORDI N.f..NCE by the City Gomm:i_ssion of the City of Lubbock,
Texas, authori'"dTlg thP issuance of $91,000.00 tCITY OF
LUBBOCK, TEXAS PARK BONDS, SERIES 19h~) , dated J..1arch 1,
1948, (being parcel of a total issue of ~155,000.00 bonds
anthori~ed at t!>e elect-ion h.eld in sairt City on December
1.1, 1945), for the pu.-r-pose of purchasing sites for parks
and of erecting -"'11 constructing improvements to the r,>arks
of the City of Luhl:>0c!r., including raisin£", grading, fillin.g,
terracing, la.ndsc?pe gardening, ~recting buildings, establis!1-
i.'1g walks and paving driveways around, in and through said
paiks, playgrounds c.>.nd other public grounds, as well as
installing, constructing, repairing and improving, swimmci_Tlg
pools, wading pools and other facilities for the recreation
of the children and d.tize.rJ.s of said City of Lubbock, pre-
scribing the form of the bonds and the rorm of interest
coupons; levying a contir..uing direct annual ad valorem tax
on all taxable properties within, the limits of said City
to pay the jnterest on such bonds and to create a sinking
fund for th~redemption thereof, and providing for the as-
sP-msment and collection of such tax; enacting provisions
incid en t an~ r e J~tinG to t he subject and purpose of this
ordinance; and declaring an emergency."
WHEREAS, ~~der and by virtue of an ordinance duly p~ssed and adopted
by the Gity Commission of the City of Lubbock, T~xas, on the. 20th day of Nov-
ember, 1945, an election wt>'IT ordered to be held in sa.id City on t':e llth day
of DecE>m~er, 1945, and 'lt which election tlie following proposition was sub-
'llitted to the qua.lified electors of said City:
•
11 SHALL the City Co.::..~ceior. of tLe City of Lubbcck he
a uthoriz ~d t o issue the ne ciotiable interest bearing bonds
of the City of Lubbock in the amount of $155 ,000.00 bearing
interes t at a rate of riot exceeding three and one-half per
centun (3~%) per an nQ~ from date and maturing a t such time or
tin~s as may be deemed most expedient by the City Com~ssion ,
serial ly, not later t~an twenty-five years from their date , for
the pu~r ose of purchasing site~ for parks and of erectjng and
constructing improvemerts to the parks of the City of Lubbock ,
L~cluding raising , grading, filling, terracing, landscape
gardening, erecting buildings, establishing walks and paving
driveways around, in and through said parks, playgrounds and
other public grounds, as well as installing, constructL~~, re-
pairing and improving swiwming pools, ~ading pools and other
facilit i es for the recreati on of the children and citizer.s of
said City of Lubbock; and shall there be annually assessed,
levied and collected upon all taxable property within the City
of Lu bbock, :1h i1e said bonds or any of t~em a~e o utstanding, a
tax sufficient in arrount to ray the annual interest on such
bonds and to provide a sinking funrt f or the redemption thereof
at ma.turity?11
AND ··mEREAS, u·')on consi<ie~:J.tion of the returns of said election, the
City Cow~s si on found that sai~ e l ection had been conducted in the manner pre-
scribed by law, ~nd was in all respects lebally held, after due and proper
notice as required by law; that due retu~r s of said election had besP-made
by the proper officials; that s a id electio~ resulted favorably to the issuance
of said bonds; that a majority of the q ualified electors, voti~~ at said
election voted in favor of the issuance of said bonds; and that the City Com-
mission is in all things authorized to is s ue said bonds and to do any and all
things necessary and/ or convenient in connection therewith; and
WHEREAS, by ordinance heretofore ~uly passed and adopted by this
Conm1ission on the 19th day of March, 1946, $64,000.00 of the $155,000.60 voted
bonjs were authorized and issued; and ther e now remain unissued $91,000.00
of such issue; and it 'hein.; ro\': dstcrmbec by this City Commission taat the said
$91 ,000.00 Bonde shall now he issued for the purpose for which the same were
voted; and,
TfmEREAS, it is to the best interest of the City that the authorized
purchase of sites for parks, and the erection and construction of improvements
to the parks of the City of Lubbock, Ln~luding raising, gr~dirg, filling,
terracing, landscape gardening, erecting buildings, establishing walks and
paving dr-iveways arou..nd, in and tl'1..rough said parks, playgrounds and other
public grounds) as well as installing, constructing, reFairing and improving
sw-i...rnming pools, wading pools and other facilities for the recreation of the
children and citizens of said City of Lubbock be accomplished at the earliest
possible date, thereby creating this an emergency measure for the immediate
preservation of the public pease, property, health and safety, as well as a
..,.. -moreefficient administration and operation of the Park Department of the ....
municipal government; therefore
BE IT ORDAINED BY THE CITY COMMIS SION OF THE CITY OF LUBBOCK:
SECTION 1: That the bonds of said City, to be called "CITY OF
LUBBOCK, TEXAS, PARK BONDS, .SERr.t:.S 194811 , be issued under and by virtue of
the Constitution and laws of the State of Texas, and tbe Charter of the City,
for the purpose of purchasing sites for parks and of erecting and constructing
improvements to the parks of the City of Lubbock, including raising, grading,
filling, terracing, landscape gardening , erecting buildings, establishing walks
and paving driveways around, L~ and through said parks, playgrounds and other
public grounds, as well as installing, constructing, repairing and improving
sw~~g pools, wading pools and other facilities for the recreation of the
children and citizens of the City of Lubbock, in the principa,l sum of NINETY-
ONE THOUSAND DOLLARS ($91,000.00).
SECTION 2: That said bonds shall be numbered consecutively from
One (1) to NINETY-ONE (91), inclusive, shall be of the denomination of One
Thousand Dollars ($1,000.00) each, aggregating the sum of Ninety-One
Thousand Dollars ($91 ,000.00).
SECTION 3: That said bonds shall be dated March 1, 1948, and shall
mature in accordance with the following schedule:
BOOD NUYBERS . MATURITY DATES AMOUNTS
(All Inclusive)
1 to 3 March 1, 1949 $3,000.00
4 to 6 March 1, 1950 3,000.00
7 to 10 March 1, 1951 1+,000.00
11 to 14 March 1, 1952 4,.ooo.oo
15 to 18 March 1, 1953 4,000.00
19 to 22 March 1, 1954 4,000.00
23 to 26 March 1, 1955 4,000.00
27 to 30 .March 1, 1956 4,000.00
31 to 34 March 1, 1957 4,000.00
35 to 38 March 1, 1958 4,000.00
39 to 43 March 1, 1959 5,000.00
44 to 48 March 1, 1960 5,000.00
49 to 53 March 1, 1961 5,000.00
54 to 58 March 1, 1962 5,000.00
59 to 63 March 1, 1963 5,000.00
64 to 68 March 1, 1964 5,000.00
59 to 73 March 1, 1965 5,000,00
74 t o 79 March 1, 1966 6,000.00
80 to 85 March 1, 1967 6,000.00
86 to 91 March 1, 1968 6,000.00
SECTION 4: That said bonds shall bear interest from date until
paid as follows:
(1) Bonds numbered 1 to 68, inclusive, shall bear interest r:., t .. c
at the rate of 3-1/4% per annum from date;
(2) Bonds numbered 69 to 91, inclusive, shall bear interest at the
rate of 2:...3/4% per annum from date; which interest shall be
payable on March 1st and September lst in each year, the
first interest ~yment being March 1st, 1949; such interest
to be evidenced by proper coupons attached to each of said
bonds.
SECTION 5: That the principa.l and interest of s3:i.d series of bondR
shall be payable on presentation and surrender of bonds or proper coupons in
lawful money of the United States of America, at the FIRST NATIONAL BANK
IN DALLAS, DALLAS, TEXAS.
SECTION 6: That eac~ of s~i~ bonds shall be signed by the Mayor and
countersigned by the City Secretary, and the corporate eeal of the "CITY OF
LUBBOCK, TEXAS'1 shall be impressed upon each of t~"'m.
SECTION z: That the facsimile signatures of the Mayor and City
Secretary may be lithographed or printed on the L11terest coupons attached to
said bonds, and shall have the same effect as if they had been sibned by them.
SECTIOl~ 8: That the form of. sa.id bonds shall be substantially as
follows:
NO.-----UNITED STATES OF Al~ICA
STATE OF TEXAS,
COill~TY OF LUBBOCK
CITY OF LUBBOCK, TEXfl.S PARK BO~IDS, SERIES 19L$,
$1,000.00
CITY OF LUBBOCK, a municipal corporation, of the State of Texas,
acknowledges itself indebted to and FOR VALUE RECEIVED here.l:>~ promises to pay
to bearer the sum of
ONE THOUS..J\ND DOLLARS
(il,OOO.OO), in lawful money of the United ::itates of America, on the 1st day of
March 19 ___ , vrith inte-rest t~·.erecn ~ro.r.l. the date hereof until paid, e.t the
rate of t ~) per enn~~, payable
on Mar~h 1st and Sept ember 1st in each year, the first interest paymen+. date
being March 1, 1949, o!'l presentation and surrender of the annexed coupons as
they severally mature.
BOTH PRJlfCIPAL AND INTEREST OF TBIS BOND are hereby nade payable at
the FIRST NATIONAl. BANK TN DATJ:.AS, DALLAS, TEXAS
THIS BOND is one of a· series of i~inety Ore ~ 91) serial bonds, numbered
'i-_ from One-(1) to Ninety-One), (91) both inclusive, ~11 0f said bonds being of
the denomination of One Thousand Dollars ($1,000.00), aggregating in aL~ount
Ninety-One Thousand DolJ.a:::-s ($91,000.00), and issued for the pt~rpose of pur-
chasing sites for parks and of erectinci ar.d constructing improvements to the
parks of the City of Lubbock, including raising, grading, filling, terracing;
constructing, repairing and improving swimming pools, wading pools and other
facilities for the recreation of the children and citizens of said 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 or Lubbock, Texas, and recorded in the Minutes
of said Cit7 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 b7law and b7
a vote of the ql18.lified property taxpaying voters of the City of Lubbock, Texas,
voting at an election held for that purpose within said ~ity oh the 11th day
of Dece.{jber, 1945; that all acts, conditions, and things required to be done
preceden~ to and in the issuance of this series of bonds, and of this bond,
t -have been properly done and performed and have happenged in regular and due
time, form and manner as required by law; that sufficient and proper provi-
sian for the levy and collection of taxes has been made which, when collected,
shall be appropriated 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 J...ubbock, Texas, including the entire series of bonds otwhich this is
one, does not exceed aQ1 constitutional or statutory limitation.
IN TESTIMC!rr WHEREOF, the City of Lubbock, Texas, by its City COJD-
mission, has caused its corporate seal to be affixed hereto, and this bond to
be signed by its Ma)"'r and countersigned by ita City Secretary, and the in-
terest coupons hereto attached to be executed by the lithographed or printed
facsimile signatures of the Ya1or and City Secretary; the date of this bond,
in conformity with the ordinance above referred to, being the first day of
March, .1948.
llayor, Cit1 of Lubbock, Texas
COUNTERSIGNED:
City Secretary, City of Lubbock.
Texas.
SECTION 9: That the form of interest coupon shall be substantially
as follows:
NO.-----ON THE ---DAY OF -----• 19 __ $:----
the CITY CP WBBOCK, a municipal corporation ot the State of Texas, hereby
promises to PB1' to bearer, at the _ _.F;.,r,I.A~RST..u.....,NuAa..r.T..a.I.~o:o~ONI.'ioAa.~Iw... _.B~.t~ANiit.WIK_.IN616·,_.,p~.aA..,.IJ~~o~~,A$11W.,j, ____ _
__ D_!AL~LAS.-;....'r-.;;;T.;.;EXAS~;....--' the awn or
-----DOLLARS
(t. _____ ) in lawful money of the United States of America, being __ _
.months' interest on the "CITY OF LUBBOCK, TEXAS, PARK BONDS, SERIES 1948"
dated Karch 1, 1948.
Bond No. -~--·
City Secretary Mayor
SECTION 10: That the following certificate shall be printed on the
back of each bond;
OFFICE OF CQMPTROll.ER )
)
STATE OF TEXAS ) REGISTER NO. -------
I HEREBY CERTIFY that there is on file and of record in ~ office a
certificate ot the Attorney General of the State of Texas, to the effect that
._ ..-this bond has been examined by him as required by law and tha~he finds that
it has been issued in conformity with the Constitution and laws of the State
ot Texas, am that it is a valid and binding obligation upon said City of
Lubbock, Texas, and said bond has this day been registered b;r me.
WITNESS MY HAND AND SEAL OF OFFICE AT AUSTIN, TEXAS ------
--------------------·
Comptroller or Public Accounts of the
State of Texas.
SECTIOO 11: BE IT FURTHER ORDAINED BY THE CITY COMMISSION OF THE
CITY OF LUBBOCK:
That to pay the interest on said bonds and create a sinking fund
sufficient to redeem them. at maturity, a tax of ONE & THREFcTENTH§ENTS
( · 1 • .3 ¢) on each one hundred dollarat valuation of all taxable propert1
in the Cit7 of Lubbock, Texas, or such an amount as IDIJ.7 at all times be
legall.;r necessar7, shall be annuall3' levied on said property and annually
assessed and collected, or so much thereof as shall be necessarr, or in ad-
dition thereto as may be required, until said bonds, with interest thereon,
,, .
TENTHS
have been tully paid; and the said tax of ONE & THREE-/ CENTS ( 1.3 f}
is here now levied tor the current ;rear, and so much thereof as shall be
necessary, or in addition thereto as may be required, is hereby levied for
each succeeding ;rear while said bonds, or an:r of them., are outstanding, and
the same shall be\aonuallT assessed and collected and applied to the purpose
named.
SECTION 12: BE IT FURTHER ORDAINED BY THE CITY COIOLISSION OF THE
CITY OF LUBBOCK:
That the Mayor of said Cit;r shall be and he is hereby authorized
to take and have charge of all necessary orders and records pending investi-
gation by the Attorney General of the State of Texas, and shall take and have
charge and control of the bonds herein authorized pending the :ir approval b7
the Attorney General and their registration by the Comptroller of Public
Accounts.
SECTION 13: AND BE IT FURTHER ORDAINID BY THE CITY COMJCI:SSION <F
' THE CITY OF LUBBOCK:
The tact that it is to the best interest or the City that the auth-
orized purchase of sites for parks, and the erection and construction ot im-
provements to the parks ot the City of Lubbock, including raising, grading,
filling, terracing, landscape gardening, erecting buildings, establishing
walks and paving clriveways around, in and through said parks, playgrounds and
other public grounds, as well as installing, constructing, repairing and
improv~g swimming pools, wading pools and other facilities for the recreation
ot the children and citizenx of the City of Lubbock, be accomplished at the
earliest possible date, creates this an emergency measure for the immediate
preservatioJl of the public peace, property, health and safety, as well as a
more efficient administration and operation of the ~ark Department of the
municipal gQvernment, 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 un-
animous vote or the CitT Commission, and the same shall take effect from and
after its passage, and it is so ordained.
PASSED, this the 26th day or Februa17, 1948.
APPROVED, this the 26th day of Februa ~
.Mayor, City of Lubbock, Texas