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HomeMy WebLinkAboutOrdinance - 915-1949 - Issuance Of $114,000 For Municipal Airport Improvement. - 04/28/19490 t.i ·-'2.0 -I 9 •-l-9 NO. 915 AN ORDINANCE AUTHORIZING ISSUANCE OF $114,000 ~CITY OF LUBBOCK, TEXAS, MUNICIPAL AIRPORT IMPROVEMENT BONDS, SERIES 1949", DATED May 1, 1949 THE STATE OF TEXAS COUNTY OF LUBBOCK CITY OF LUBBOCK I ON THIS, the 28th day or April, 1949, the City Com- mission or the City of Lubbock, Texas, convened 1n 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, MAYOR, Presiding, C Ol-1MISSIONER, COMMISSIONER, COMMISSIONER, COMMISSIONER, CITY SECRETARY, and with the following absent: none -------------------------------' constituting a quorum; when~ among other proceedings had, were the rollowing: Commissioner Hufstedler presented for the considera- tion of the City Commission an ordinance'authorizing the issuance of $114,000 "CITY OF LUBBOCK, TEXAS, MUNICIPAL AIRPORT IMPROVEMENT BONDS, SERIES 194911 , dated May 1, 1949 (being the rinal installment or parcel of a total issue of $300,000 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 Hufstedler moved that the rule requiring tha t 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. 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 Corn- 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 Whiteside; and Mayor Rodgers. NOES: None. Thereupon, the Mayor announced that the ordinance had been ~inally passed and adopted by unanimous vote of the Commis- sion, 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 com- mission. '• - The ordinance is as follows: I! f _jJ_ 7 I s' ~lr..-~~ -:r-- "AN ORDINANCE by the City Commission of the City of Lubbock, Texas, authorizing the issuance of $114,000 'City or Lubbock, Texas, Municipal Airport Improvement Bonds, Series 1949', dated May 1, 1949, (being the ~~~ installment or ~ parcel of a total issue ot $300,000 bonds au- thorized at the election held in said City on December 11, 1945), for the purpose of construct- ing, repairing, erecting and improving buildings, hangars and other permanent improvements to the Municipal Airport of the City , of Lubbock, in- cluding the construction or roads, drives, park- ing areas and the purchase and installation or control equipment and machinery and other im- provements incidental to the operation or such Municipal Airport; prescribing the for.m 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 tor the redemption thereof, and providing tor the assessment and collection of such tax; enacting provisions incident and relating to the subject .and purpose ot this ordinance; and declaring an emergency." WHEREAS, under and by virtue or an ordinance duly passed and adopted by the City Commission or the City of Lubbock, Texas, on the 20th day of November, 1945, an election was 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 qualified electors ot said City: "SHALL the City Commission of the City ot Lubbock be authorized to issue the negotiable interest bearing coupon bonds ot said City in an amount of $300,ooo.oo, bearing interest at a rate ot not exceeding three and one-half per centum (3i%) per annum from date, and maturing - at ·such time or times as may be deemed mos~ expedient by the City Commission, serially not later than twenty-five years tram their date, tor the purpose of constructing, repairing, erecting and improving buildings, hangars and other permanent improvements to the Municipal Airport of the City of Lubbock, including the construction or roads, drives, parking areas and the purchase and installation of control equipment and machinery and other improvements in- cidental to the operation of such Municipal Airport; and shall there be annually assessed, levied anc 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 annual interest upon said bonds as it accrues and to provide a sinking fund for the redemption thereof at maturity?" AND WHEREAS, upon consideration of the returns of said election, the City Commission found that said election had been conducted in the manner prescribed by law, and was in all res- pects 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 elector~ voting at said election voted. in favor of the issuanee 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, by ordinances heretofore duly passed and adopted by this City Commission, $186,000 of the $300,000 voted bonds were authorized as follows: By ordinance dated March 19, 1946, $36,000 Bonds dated March 1, 1946; and By ordinance dated February 26, 1948, $150,000 Bonds dated March 1, 1948; and there now remain unissued $114,000 of such issue; and it being now determined by the City Commission that the said $114,000 Bonds shall now be issued for the purposes for which the same were voted; and, WHEREAS, it is to the best interest of the City that the authorized construction of improvements to the Municipal / / / Airport be commenced at the earliest possible date, thereby creating this an emergency measure for the immediate preservation of the public peace, property, health and safety as well as a more Sficient administration and operation or the city's airport and of the municipal government; therefore BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK: SECTION 1: That the bonds or said City to be called "CITY OF LUBBOCK, TEXAS, MUNICIPAL AIRPORT IMPROVEMENT BONDS, SERIES 1949", be issued under and by virtue or the constitution and laws of ·· the State or Texas and the Charter of the City, in the principal sum or ONE IiUNDRED FOURTEEN THOUSAND DOLLARS ($114,000) (being the £ina~ instal1me~t or Parcel or a total authorized issue or $300,000 bonds); for the purpose or construct- ing, repairing, erecting and tmproving buildings, hangars and other permanent improvements to the Municipal Airport of the City of Lubbock, including the construction of roads, drives, parking areas and the purchase and installation or control equipment and machinery and other improvements incidental to the operation or such Municipal Airport. SECTION 2: That said bonds shall be numbered conse- cutively from One (1) to one Hundred Fourteen (114), both inclu- -sive; shall be of the denomination or One Thousand Dollars {$1,000) each, aggregating the sum of ONE HUNDRED FOURTE~N THOUSAND DOLLARS ($114,000). SECTION 3: That said bonds shall be dated May 1, 1949, and shall mature serially in accordance with the following schedule: '• -- BOND NUMBERS (All Inclusive) 1 to 3 4 to 6 7 to 10 11 to 14 15 to 18 19 to 22 23 to 27 28 to 32 33 to 37 38 to 42 43 to 48 49 to 54 55 to 60 61 to 67 68 to 74 75 to 81 82 to 89 90 to 97 98 to 105 106 to 114 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 1, 1969 AMOUNTS $3,000 3,000 4,000 4,000 4,000 4,000 5,000 5,000 5,000 5,000 6,000 6,000 6,000 7,000 7,000 7,000 8,000 8,000 8,000 9,000 SECTION 4: 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 42, both inclusive, (~turing on May 1st in each of the years 1950 to 1959, both inclusive) bearing interest at the rate of THREE AND ONE-FOURTH PER CENTUM (3i%) per annum; and J ,, ~./ .JJ / .. -· (b) Bonds Numbers 43 to 114, both inclusive, (maturing on May 1st in each of the years 1960 to 1969, both inclusive) bearing interest at the rate of THREE AND ONE-HALF PER CENTUM PER ANNUM (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 payment date being May 1, 1950. SECTION 5: That the principal and interest of said series 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, 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, TEXASn 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 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, MUNICIPAL AIRPORT IMPROVEMENT 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 or ----------------------PER CENTUM { ____ ~%) per annum, payable semi-annually on May 1st and November lst 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. THIS BOND is one of a series of one hundred fourteen .. (114) serial bonds, numbered from One (1) to One Hundred Fourteen (114), both inclusive, all of said bonds being of the denomina- tion of One Thousand Dollars ($1,000), aggregating in amount ONE HUNDRED FOURTEEN THOUSAND DOLLARS ($114,000), (being the ~ia·at installment or parcel of a total authorized issue of $300,000 bonds), and issued for the purpose of constructing, repairing, erecting and improving buildings, hangars and other permanent improvements to the Municipal Airport of the City of Lubbock, including the construction or 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, 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 Commis- sion of the City of Lubbock, Texas, and recorded in the Minutes 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 within said City on the 11th day or December, 1945; that all acta, conditions, and th~ngs required to be done precedent to and 1n the issuance of this series or 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 auffi<1 ent and proper provision 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 s ame 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. 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 ita City Secretary, and the interest coupons hereto attached to be executed by the lithographed or printed facs~ile signa- tures of the Mayor and City Secretary; the date of this bond in conformity with the ordinance above referred to, being the 1st day of May, 1949. Mayor, City of Lubbock, Texas. Countersigned: City Secretary, CitY of Lubbock, Texas SECTION 9: That the form of inte2St coupon shall be substantially as follows: '\... ·. ·'--,. NO. __ _ ON THE __ 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, DALIAS, TEXAS, the sum of -----------------DOLLARS ($ _______ ), in lawful money of the Un+ted States of America, being months' interest due that day on "CITY OF LUBBOCK. ---- TEXAS, MUNICIPAL AIRPORT IMPROVEMENT BOND, SERIES 1949", dated May 1, 1949. Bond No. ---· City Secretary ayor SECTION 10: That the following certificate shall be printed on the back of each bond: OFFICE OF COMP~OL~R I STATE OF TEXAS REGISTER NO. I HEREBY CERTIFY that there is on file and of record 1n 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 con1trmity 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, ---------------------· Comptroller of Public Accounts of the State of Texas. '• SECTION 11: BE IT FURTHER ORDAINED BY THE CITY COM- ftliSSION 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 AND t/10 CENTS ( l.l ¢) on each one hundred dollars• valuation of all taxable property in the City of Lubbock, Texas, or such an amount as may at all times be necessar , shall be annually levied on said property and annually assessed and collected, or so much thereor 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 ONE AND ~/10 CENTS ( l.q ¢) is here now levied for the current year, and so much thereof as shall be necessary, or in addition thereto as may be required, is hereby levied ror 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 FURTHER ORDAINED BY THE CITY COM- MISSION OF THE CITY OF LUBBOCK, TEXAS: 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 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 and their registration by the Comptroller or Public Accounts. SECTION 13: BE IT FURTHER ORDAINED BY THE CITY COM- MISSION OF THE CITY OF LUBBOCK: That the sale of the bonds herein authorized to -- FIRST SOUTHWEST COMPANY, DALLAS, TEXAS, and Associates .. J. / 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 after the adoption of this ordinance, upon payment therefor in accordance with the ~·erms of sale • SECTION 14; AND BE IT FURTHER ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK: The fact that it is to the best interest of the City that the authorized construction of improvements to the Municipal Airport be commenced 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 city's airport 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 Com- mission, 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. Texas. J%,TTEST: Texas. (City Seal) CERTIFICATE OF CITY SECRETARY ~ 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, MUNICIPAL AIRPORT IMPROVEMENT BONDS, SERIES 1949 11 , dated May 1, 1949, adopted . . by the City Commission of said City on the 28th day or April, 1949 (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 re- corded 1n Book ~, page 458 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 28 - day of April, 1949 • . (City seal)