HomeMy WebLinkAboutOrdinance - 914-1949 - Issuance Of $60,000 Storm Sewer Extension - 04/28/1949;·-~-.
01.\--29-t.949
NO. 914
AN ORDINANCE AUTHORIZING ISSUANCE OF $60,000
11 CITY OF LUBBOCK; TEXAS, STORM SEWER EX-
TENSION BONDS, SERIES 1949", DATED
MAY 1, 1949.
THE STATE OF TEXAS I
COUNTY OF LUBBOCK
CITY OF LUBBOCK
ON THIS, the 28th day of April, 1949, the City Com-
mission of the City of Lubbock, Texas, convened in Regular
Session, at the regular meeting place thereof in the City Hall,
with the following members present, to-wit:
W. H. RODGERS,
W. B. PRICE,
JOHN SPIKES,
E. K. HUFSTEDLER, JR.
CLARENCE K. WHITESIDE,
LA VENIA LOWE,
and with the following absent:
MAYOR, Presiding,
COMMISSIONER,
COMMISSIONER,
COMMISSIONER,
COMMISSIONER,
CITY SECRETARY,
_________ n~on~e _______________ ,
constituting a quorum; when, among other proceedings had, were
the following:
Commissioner Hufstedler presented for the consideration
of the City CommiBion an ordinance authorizing the issuance of
$60,000 "CITY OF LUBBOCK, TEXAS, STORM SEWER EXTENSION BONDS,
SERIES 1949", dated May 1, 1949.
.
The ordinance was read in full by the City Secretary.
Thereupon, Commissioner Hufstedler moved that the
rule requiring that no ordinance shall be passed on the day on
which it is introduced be suspended, 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, and
this motion was duly seconded by Commissioner Whiteside. The
motion carried by the following vote:
AYES: Commissioners Price, Spikes, Hufstedler and
Whiteside; and Mayor Rodgers.
NOES: None.
Thereupon, the Mayor announced that the proposed or-
dinance had been declared an emergency measure by unanimous vote
of the Commission.
Thereupon, Commissioner Hufstedler 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 Com-
missioner Whiteside, and the motion, carrying with it the final
passage and adoption of the ordinance, was unanimously carried
by the following vote:
AYES: Commissioners Price, Spikes, Hufstedler and
~~iteside; and Mayor Rodgers.
NOES: None.
Thereupon, the Mayor announced that the ordinance had
been finally passed and adopted by unanimous vote of the Com-
mission, in accordance with the requirements of Sections 15, 16
and 17 of Article IX of the Lubbock Charter; and the Mayor
thereupon signed and approved the ordinance in the presence of
the Cotl)IUission. ---The ordinance is as follows:
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"AN ORDINANCE by the City Commission of the City of
Lubbock, Texas, authorizing the issuance of
$60,000 'City of Lubbock, Texas, Storm Sewer
Extension Bonds, Series 1949', authorized at
an election held in said City on December 11, 1945,
for the purpose of constructing, enlarging, extend
ing and installing storm sewers, drains, curbs
and gutters and other improvements incidental
thereto, and purchasing lands and rights of way
requisite for such storm sewer construction and
extension within and without the city limite of
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
taxable properties within the limits of said City
to pay the interest on such bonds and to create
a sinking fund for the redemption thereof, and
providing tor the assessment and collection of
such tax; enacting provisions incident and re-
lating to the subject and purpose of this or-
dinance ; and declaring an emergency."
WHEREAS, under and by virtue of an ordinance duly
passed and adopted by the City Commission of the City of Lubbock,
Texas, on the 20th day ot November, 1945, an election was ordered
to beheld 1n said City on the 11th day of December, 1945, and
at which election the following proposition was sub~tted 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
ot the City of Lubbook in the amount ot $6o,ooo.oo, bearing
interest at a rate of not exceeding three and one-halt per
centum (3t') per annum from date and maturing at such time
or times as may be deemed 110at expedient by the City COil-
mission, serially not later than twenty-five years from
their date, tor the purpose of constructing, enlarging,
extending and installing storm sewers, drains, curbs and
gutters and other improvements incidental thereto, and
purchasing lands and rights of way requisite for suoh
storm sewer construction and extension within and without
the city limits of the City ot Lubbock; and shall there
r
be annually assessed, levied and collected upon all
taxable property within the City of Lubbock, while said
bonds or any of them are outstanding, a tax sufficient
in amount to pay the annual interest on such bonds and
to provide a sinking fund for the redemption thereof at
maturity?u
~ } -1 AMP WHEREAS, upon consideration of the returns of said
election, t ~ City Commission found that said. election had been
"' · legally hel4; after due and proper notice as required by law; that
li/ due returns of said election had been made by the proper officers;
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that said election resulted favorably to the issuance of said
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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 authorized to issue said
bonds and to do any and all things necessary and/or convenient
in connection therewith; and
WHEREAS, it is to the. best interest of the City that
the authorized construction of enlargements and extensions to
the City's storm Sewers be commenced at the earliest poss.ible
date, thereby creating this an emergency measure for the imme-
diate preservation of the public peace, property, health and
safety as well as a more efficient administration and operation
of the storm sewer system or the city, and of the municipal
government; therefore
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
LUBBOCK:
SECTION 1: That the bonds of said City to be called
11 CI'I'Y OF LUBBOCK, TE~S, STORM SEWER EXTENSION BONDS, SERIES 1949"
be issued under and by virtue of the Constttution and laws of the
State of Texas and the Charter of the City1 in the principal sum
of SIXTY THOUSAND DOLLARS ($6o,ooo); for the purpose of construct-
ing, enlarging, extending and installing storm sewers, drains,
curbs and gutters and other improvements incidental thereto, and
purchasing lands and rights of way requisite for such storm
sewer construction and extension within and without the city
limits of the City of Lubbock.
SECTION 2: That said bonds shall be numbered conse-
cutively from One (1) to Sixty (60), both inclusive; shall be
of the denomination of One Thousand Dollars {$1 1 000) each, ag-
gregating the sum of SIXTY THOUSAND DOLLARS ($60,000).
SECTION 3: That said bonds shall be dated May 1, 1949,
and shall mature aerially in accordance with the following sche-
dule:
~-
'
BOND NUMBERS
(All Inclusive)
1 to 3
4 to 6
7 to 9
10 to 12
13 to 15
16 to 18
19 to 21
22 to 24
25 to 27
28 to 30
31 to 33
34 to 36
37 to 39
40 to 42
43 to 45
46 to 48
49 to 51
52 to 54
55 to 57
58 to 60
SECTION 4:
MATURITY DATES
May 1, 1950
May 1, 1951
May 1, 1952
May 1, 1953
May 1, 1954
May 1, 1955
May 1, 1956
May 1, 1957
May 1, 1958
May 1, 1959
May 1, 1960
May 1, 1961
May 1, 1962
May 1, 1963
May 1, 1964
May 1, 1965
May 1, 1966
· May 1, 1967
May 1, 1968
May ·l, 1969
AMOUNTS
$3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
That said bonds shall bear interest from
date until paid at the following rates per annum; that is to say -
(a) Bonds Numbers 1 to 30, both inclusive,
(maturing on May 1st in each or the years 1950 to 1959,
both inclusive) bearing interest at the rate ot THREE
AND ONE-FOURTH PER CENTUM (3~) per annum; and
(b) Bonds Numbers 31 to 60, both inclusive,
(maturing on May 1st in each of the years 1960 to
1969, both inclusive) bearing interest at the rate ot
THREE AND ONE-HALF PER CENTUM (3~) per annum;
..
such interest to be evidenced by proper coupons attached to each
of said bonds, and said interest shall be payable semi-annually
on May 1st and November 1st in each year, the first interest pay-
ment date being 'May 1, 1950.
SECTION 5: That the principal and interest of said
series of bonds shil 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 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 +mpressed
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, and shall have the
same effect as if they had been signed by them.
SECTION 8: That the form of said bonds shall be sub-
stantially as follows:
NO._ UNITED STATES OF AMERICA,
STATE OF TEXAS
COUNTY OF LUBBOCK
$1,000
CITY OF LUBBOCK, TEXAS, STORM SEWER EXTENSION BOND.
SERIES 1949
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 or
ONE THOUSAND DOLLARS
($1,000), in lawful money of the United States of America, on the
1st day of May, 19 ____ , with interest thereon from the date hereof
until paid, at the rate of ________________________ P.ER CENTUM
( %) per annum, payable semi-annually on May 1st and November
1st in each year, the first interest payment date being May 1,
'1950, 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.
THI S BOND is one of a series of sixty (60) serial bonds,
numbered from One (1) to S:M;y (60), both inclusive, all of said
bonds being of the denomination of One Thousand Dollars ($1,000),
aggregating in amount SIXTY TH OUSA ND DOLlARS ($60,000), and issued
. .
for the purpose of constructing, enlarging, extending and install-
ing storm sewers,.drains, curbs and gutters and other improve-
ments incidental thereto, and purchasing lands and rights of way
requisite for such storm sewer construction and extension within
and without the city limits of the City of Lubbock, under authorit
of the Constitution and Laws of the State of Texas, and the Charte
of said City, and pursuant to an ordinance duly adopted by the
City Commission of the City of Lubbock, Texas, and recorded in
the Minutes of said City Commission.
IT IS HEREBY CERTIFIED, RECITED AND RE PRE SENTED 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 within said City on the 11th day
of De¢ember, 1945; that all acts, conditions and things required
to be done precedent to and 1n 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 re-
quired by law; that sufficient and proper provision for the levy
and collection of taxes has been made which, when collected, shall
be appropriated exclusively to the p~yment of this bond and the
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series of which it is a part, and to the payment of the interest
coupons thereto annexed as the same shall be~e due; and that
the total indebtedness of the City of Lubbock, Texas, including
the entire aeries 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 affixed
hereto, and this bond to be signed by its Mayor and countersigned
by its City Secretary, and the interest coupons hereto attached
to be executed by the lithographed or printed facsimile signa-
tures of the Mayor and City Secretary; the date of this bond
in conformity with the ordinance above referred to being the
let day of May, 1949.
Mayor, City of Lubbock, Texas.
Countersigned:
City Secretary, City of Lubbock, Texas.
SECTION 9: That the form of interest coupon shall be
substantially as follows:
ON THE -----DAY OF ------~-' 19 ___ , NO.
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, DALLAS, TEXAS, the sum of
-----------------DOLLARS
($ _________ ), in lawful money of the United States of America,
being----months' interest due that day on 11 CITY OF LUBBOCK,
TEXAS, STORM SEWER EXTENSION BOND, SERIES 1949 11
, ·dated May 1,
1949. Bond No. • ----
City Secretary Mayor
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SECTION 10: That the following certificate shall be
printed on the back of each bond:
OFFICE OF COMP~OLLER I
STATE OF TEXAS
REGISTER NO.
I HEREBY CERTIFY that 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 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 of 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 SEAL OF OFFICE AT AUSTIN, TEXAS,
------·
SECTION 11:
Comptroller of Public Accounts of
the State of Texas.
BE . IT FURTHER ORDAINED BY THE CITY COM-
MISSION OF THE CITY OF LUBBOCK, TEXAS:
That to pay the interest on said bonds and create a
sinking fund sufficient to redeem them at maturity, a tax of
---=ONE.....__&=--=1=.~/-=l=O __ CENTS ( 1.1 ¢) on each one hundred dol-
lara' valuation of all taxable property in the City of Lubbock,
Texas, or such an amount as may at all times be necessary, shall
be annually levied on said property and annually assessed and
collected, or so much thereof as shal be necessary, or in addi-
tion thereto as may be required, until said bonds with interest
thereon, have been fully paid; and the said tax of ONE & 1/lO
_____________ cENTS (~¢) is here now levied for the current
year, and so much thereof as sh~ll be necessary, or 1n addition
thereto 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 and applied to the
purpose named.
SECTION 12: BE IT PURTHER ORDAINED BY THE CIT!' COM-
MISSION OF THE CITY OF LUBBOCK, 'l'EXAS:
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 Attorney General or the
State of Texas., and shall take and have charge and control of
the bonds herein authorized pending their approval by the
Attorney General and their .registration by the Comptroller of
Public Accounts.·
SECTION 13: BE IT FURTHER ORDAINED BY THE CITY COM-
MISSION OF THE CITY OF LUBBOCK, TEXAS:
That the sale of the bonds herein authorized to --
FIRST SOUTHWEST COMPANY, DALLAS, TEXAS,
and Associates
at the price of not less than par and accrued interest to date
of delivery is hereby confirmed. Delivery of the bonds shall be
made to said purchasers as soon as may be atter the adoption of
this ordinance, upon payment ther.efor in accordance with the
terms of sale.
SECTION 14: AND BE IT FURTHER ORDADmD BY THE CIT!'
COMMISSION OF THE CITY OF LUBBOCK, TEXAS:
. The fact that it is to the best interest ot the City
that the authorized construction or enlargements and extensions
to the City's Storm Se~rs be commenced at the earliest possible
date, creates this an emergency measure for the immediate preser-
vation of the public peace, property, health and safety as well
as a more efficient administration and operation of the city's
storm sewer system and of the municipal government, demanding
that the Charter provisions to the effect that no ordinance shall
be passed on the day on which it is introduced, be suspended,
and this ordinance is hereby declared an emergency measure by
unanimous vote of the City Commission, and the same shall take
effect from and after its passage, and it is so ordained.
PASSED AND APPROVED, this the 28th day of April, 1949.
ATTEST:
C1l>y ~/.f;-fu/iffiwocK, Texas.
(City Seal)
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CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS I
COUNTY OF LUBBOCK
CITY OF LUBBOCK
I, Lavenia Lowe, City Secretary of the City of
Lubbock, Texas, DO HEREBY CERTIFY that the foregoing is a
true and correct copy of an ordinance authorizing issuance
of "CITY OF LUBBOCK, TEXAS, STORM SEWER EXTENSION BONDS,
SERIES 1949 11 , dated May 1, 1949, adopted by the City Com-
mission of said City on the 28th day ~f April,"l949(and
of the Minutes pertaining to its adoption) and that it
has been properly enrolled, placed in the office of the
City Secretary, and approved by the Mayor, having been
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recorded in Book~~ page 45$ et seq., of the Minutes
of said Commission.
IN WITNESS WHEREOF, I have hereunto signed my
name officially and affixed the seal of said City, this
the 2$ day of April, 1949.
{City seal)
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