HomeMy WebLinkAboutOrdinance - 1043-1950 - Authorizing An Issuance Of $1,824,000 Water, Sewer, Electric Light Bonds - 12/28/1950\
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AN ORDINANCE AUTHORIZING ISSUANCE OF $1,824,000
"CITY OF LUBBOCK, TEXAS, WATER, SEWER AND
ELECTRIC LIGHT BONDS, SERIES 1951",
DATED JANUARY 1, 1951 .
THE STATE OF TEXAS I
I I
CITY OF LUBBOCK
COUNTY OF LUBBOCK
ON THIS, the :lCf day of December, 1950, the City
Commission of tpe City of Lubbock, Texas, convened in ReSftH .. AI\
session at the regular meeting place thereof in the City Hall,
with the following members thereof, to-wit: ..
CLARENCE K. WHITESIDE, MAYOR, Presiding;
LUCIAN THOMAS )
E. K. HUFSTEDLER ) COMMISSIONERS,
L. E. DAVIS ~ HARRY MORRIS
and
}.filS. LA VENIA LOWE, CITY SECRETARY, -present, and the following absent: tJ~k
oonstituting a quorum, when among other proceedings had were the
following:
Commissioner M o"-\\ \~ presented for the
consideration of the City Commission an ordinance authorizing the
~issuance of "CITY OF LUBBOCK, TEXAS, WATER, SEWER AND ELECTRIC
LIGHT BONDS, SERIES 1951", dated January 1, 1951, in the principal
sum of $1,824,000, (being the first installment of a total
authorized issue of $6,058,000).
The ordinance was read in full by the City Secretary.
Thereupon, Commissioner 1::! AV \...!. 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. 1/
'• --
I motion was duly seconded by Commissioner Ttf f) ft\ ~
motion carried by the following vote:
• The
AYES: Commissioners Thomas, Hufstedler, Davis, Morris
and Mayor Whiteside.
NOES: None.
Thereupon, Commissioner M o Ji I\\~ 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
Commissioner 1> A. V 1-S:. , and the motion, carrying with it the
final passage and adoption of the ordinance, was unanimously
carried by the following vote:
AYES: Commissioners Thomas, Hufstedler, Davis, Morris
and Mayor Whiteside.
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 IX of the Lubbock Charter; and the Mayor thereupon signed
and ~proved the ordinance in the presence of the Commission.
The ORDINANCE is as follows:
NO. lo't'A
"AN ORDINANCE by the City Commission of the City of
Lubbock, Texas, authoriz~ng the issuance of bonds
in the principal sum of $1, 824', 000, (being the
first installment of a total authorized issue· of $6,058,000), for the purpose of making permanent
public improvements, to-wit: constructing
improvements, enlargements, extensions and repairs
to the Cityts Waterworks System,-Sanitary Sewer
System and Electric Light'System;· prescribing the
form of the bonds and the form pf interest coupons;
levying a continuing direct annual ad valorem tax
on all taxable property within the limits of said
City to pay the interest on said bonds and to
create a sinking fund for the redemption thereof,
and providing for the assessment and collection of
such taxes; enacting the provisions in~ident and
relating to the purpose and subject of this
ordinance; and declaring an emergency."
I
It
WHEREAS, the City Commission of the City of Lubbock,
Texas, on the 5th day·of September, 1950, adopted an order calling
an election on the question of the issuance of $2,696,000 general
obligation tax bonds to mature serially over a period of years not
to exceed thirty (30) years from their date, and bearing interest
at a rate of not exceeding 3-l/2% per annum, payable annually or
semi-annually, for the purpose of making permanent public improve-
ments, to-wit: constructing improvements, enlargements, extension
and repairs to the City•s Waterworks System; and
WHEREAS, on the same day and by the same order, the
City Commission called an election on the question of the issuance
of $1,504,000 general obligation tax bonds to mature serially over
a period of years not to exceed thirty (30} years from their date,
and bearing interest at a rate of not exceeding 3-1/2% per annum,
payable annually or semi-annually, for the purpose of making
permanent public improvements, to-wit: constructing improvements,
enlargements, extensions and repairs to the City's Sanitary Sewer
System; and
WHEREAS, on the same day and by the same order, the
City Commission called an election on the question of the issuance
of $1,858,000 general obligation tax bonds to mature serially over
a period of years not to exceed thirty (30) years from their date,
and bearing interest at a rate of not exceeding 3-1/2% per annum,
payable annually or semi-annually, for the purpose of making
permanent public improvements, to-wit: constructing improvements,
enlargements, extensions and repairt to the City's Electric Light
System; and
WHEREAS, the said election was held pursuant to said
order on the 26th day of September, 1950; and
WHEREAS, the Commission has heretofore examined into
and investigated the regularity of the proceedings for said elec-
j tion and found that the same was duly and legally held; that the
l notice required by law to be given had been duly and legally
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given; and that said election was conducted in strict conformity
with the law; and that due returns of said election had been made
by the proper officers; and,
WHEREAS, at said election, the qualified voters who
are property taxpayers of the City of Lubbock, voting at said
election, sustained by a majority vote, the proposition to issue
bonds for constructing improvements, enlargements, extensions
and repairs to the City's Waterworks System; and
WHEREAS, at said election, the qualified voters who
are property taxpayers of the City of Lubbock, voting at said
election, sustained by a majority vote, the proposition to issue
bonds for constructing improvements, enlargements, extensions
and repairs to the City's Sanitary Sewer System; and
WHEREAS, at said election, the qualified voters who
are property taxpayers of the City of Lubbock, voting at said
election, sustained by a majority vote, the proposition to issue
bonds for constructing improvements, enlarg~ments, extensions
and repairs to the City's Electric Light System; and
WHEREAS, the City Commission has heretofore adopted a
resolution declaring the results of said election and determining
the specific authority of the City to issue .said general obligation
tax bonds; and
WHEREAS, said above-mentioned election authorized thet
all bonds of the three series hereinabove mentioned are to be
issued as one series of general obligation tax bonds; and
WHEREAS, it being now determined by the Commission of
the City of Lubbock, Texas, that it is not desired at this time to
issue all of the bonds authorized, in the total principal sum of
$6,058,000, and that $1,S24,000 is the amount of bonds now desired
to be issued under and pursuant to this ordinance, and that the
remaining amount of said bonds, to-wit: $4,234,000, may be issued
at a future date or dates, if and when in the judgment of the
Commission of said City, the said additional bonds are needed by
the City for the purposes for which such indebtednesswas
authorized; and
WHEREAS, it is now necessary and proper that the City
Commission of the City of Lubbock, Texas, proceed with the
issuance of such general obligation tax bonds; and
WHEREAS, it is FOUND, DETERMINED AND ADJUDGED that it .
is necessary and to the best interest of the City to construct
improvements, enlargements, extensions and repairs to the City's
Waterworks System, Sanitary Sewer System and Electric Light System
at the earliest possible date, for the immediate preservation of
the public peace, property, health and safety of the citizens of
the City of Lubboc~, Texas, and that by'virtue thereof this
ordinance should be passed and adopted as an emergency measure;
therefore,
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
LUBBOCK, TEXAS:
SECTION 1: That the bonds of the City of Lubbock,
Texas, to be known as "CITY OF LUBBOCK, TEXAS, WATER, SEWER AND
-ELECTRIC LIGHT BONDS, SERIES 1951", be issued under and by virtue
of the Constitution and laws of the State of Texas for the purpose
of making permanent public improvements, to-wit: constructing
improvements, enlargements, extensions and repa~rs to the City's
Waterworks System, Sanitary Sewer System and Electric Light System,
in the principal sum of ONE MILLION EIGHT HUNDRED TWENTY-FOUR
THOUSAND DOLLARS ($1,824,000), (being the first installment of
a total authorized issue of $6,058,000).
SECTION 2: That said bonds shall be numbered
consecutively from One (1) to One Thousand Eight Hundred Twenty-
four (1,824), both inclusive; shall be of the denomination of
One Thousand Dollars ($1,000) each, aggregating the sum of
ONE MILLION EIGHT HUNDRED TWENTY-FOUR THOUSAND DOLLARS ($1,824,000
SECTION 3: That said bonds shall be dated January 1,
1951, and shall become due and payable serially according to the
following schedule:
..
BOND NUMBERS
{All Inclusive} MATURITY DATES AMOUNTS
1 to 24 January 1, 1952 • 24,000
25 to 48 January 1, 1953 24,000
49 to 73 January 1, 1954 25,000
74 to 99 January 1, 1955 26,000
100 to 125 January 1, 1956 26,000
126 to 152 January 1, 1957 27,000
153 to 180 January 1, 1958 28,000
181 to 208 January 1, 1959 28,000
209 to 237 January 1, 1960 29,000
238 to 267 January 1, 1961 30,000
268 to 298 January 1, 1962 31,000
299 to 329 January 1, 1963 31,000
330 to 361 January 1, 1964 32,000
362 to 394 January 1, 1965 33,000
395 to 428 January 1, 1966 34,000
429 to 462 January 1, 1967 34,000
463 to 497 January 1, 1968 35,000
498 to 533 January 1, 1969 36,000
534 to 570 January 1, 1970 37,000
571 to 608 January 1, 1971 38,000
609 to 716 January 1, 1972 108,000
717 to 827 January 1, 1973 111,000
828 to 941 January 1, 1974 114,000
942 to 1058 January 1, 1975 117,000
1059 to 1178 January 1, 1976 120,000 .
1179 to 1301 January 1, 1977 123,000
1302 to 1427 January 1, 1978 126,000
1428 to 1556 January 1, 1979 129,000
1557 to 1688 January 1, 1980 132,000
1689 to 1824 January 1, 1981 136,000
SECTION 4: That the said bonds shall bear interest
from date until paid at the following rates per annum, that is
to say --
(a) Bonds Numbered 1 to 361, both inclusive,
(maturing on January 1st in each of the years 1952 to
1964, both inclusive) and Bonds Numbered 828 to 1824,
both inclusive (maturing on January 1st in each of the
years 1974.to 1981, both inclusive) shall bear interest
at the rate of TWO AND ONE-HALF PER CENTUM (2-1/2%) per
annum; and
(b) Bonds Numbered 362 to 827, both inclusive,
\ (maturing on January 1st in each of the years 1965·. to
1973, both inclusive} shall bear interest at the rate
of TWO AND ONE-FOURTH PER CENTUM (2-1/4%) 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 January 1st and July 1st in each year, the first interest
payment date being January 1, 1952.
SECTION 5: That both principal of and interest on said
bonds shall be payable in lawful money of the United States of
America without exchange or collection charges to the owner or
holder, at the CHEMICAL BANK & TRUST COMPANY, NEW YORK, NEW YORK,
or at the option of the holder at the CITIZENS NATIONAL BANK,
LUBBOCK, TEXAS, upon presentation and surrender of bonds or
proper coupons.
SECTION 6: That each of said bonds shall be signed by
the Mayor and countersigned by the City Secretary, and the corpor-
ate seal of the~ITY OF LUBBOCK, TEXAS" shall be impressed upon
each of them.
SECTION 7: That the facsimile signaturesof 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
substantially as follows:
NO. UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK, TEXAS, WATER, SEWER AND
ELECTRIC LIGHT BOND, SERIES 1951
$1,000
The 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) in lawful money of the United States of America without
exchange or collection charges to the owner or holder, on the
FIRST DAY OF JANUARY, 19 ___ , with interest thereon from the date
hereof until paid at the rate of -------------------PER CENTUM
( %) per annum, payable semi-annually on January 1st and
July 1st in each year, the first interest payment date being Jan-
uary 1, 1952, and interest falling due on or prior to maturity
hereof is payable only upon presentation and surrender of the
interest coupons hereto attached as they severally become due.
/
BOTH PRINCIPAL and interest of this bond are hereby
made payable at the CHEMICAL BANK & TRUST COMPANY, NEW YORK, NEW
YORK, or at the option of th~ holder at the CITIZENS NATIONAL BANK,
LUBBOCK, TEXAS, and for the pro~pt payment of this bond and the
interest thereon at maturity, the full faith, credit and resources
of the City of Lubbock, Texas, are hereby irrevocably pledged.
THIS BOND is one of a series of like tenor and effect,
except as to number, interest rate and maturity, numbered conse-
cutively from One (1) to One Thousand Eight Hundred Twenty-four
(l,S24}, both inclusive, in denomination of One Thousand Dollars
($1,000) each, aggregating in amount ONE MILLION EIGHT HUNDRED
TWENTY-FOUR THOUSAND DOLLARS ($l,S24,000), (being the first
installment of a total authorized issue of $6,05S,OOO), and
issued for the purpose of making permanent public improvements,
to-wit: constructing improvements, enlargements, extensions and
repairs to the City's Waterworks System, Sanitary Sewer System ~
and Electric Light System, under authority of the Constitution and
laws of the State of Texas, 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 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 26th day of
September, 1950; that all acts, conditions and things required to
be done precedent 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 t~e, form and manner .as required by
law; that sufficient and proper provisions 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 serie
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.
IN WITNESS 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 signatures
of the Mayor and City Secretary; the date of this bond, in
conformity with the ordinance above referred to, being the 1st day
of January, 1951.
Mayor, City of Lubbock, Texas
COUNTERSIGNED:
City Secretary, City of Lubbock,
Texas
SECTION 2: That the form of interest coupon shall be
substantially as follows:
NO. ON THE DAY OF ----' --19_ $ ---
1 the CITY OF LUBBOCK, a municipal corporation of the State of
Texas, hereby promises to pay to bearer, at the CHEMICAL BANK &
TRUST COMPANY, NEW YORK, NEW YORK, or at the option of the balder
at the CITIZENS NATIONAL BANK, LUBBOCK, TEXAS, the sum of
---------------DOLLARS
($ ), in lawful money of the United States of America,
without exchange or collection charges to the owner or holder,
.
said sum being -------months' interest due th~t day on the
ttCITY OF LUBBOCK, TEXAS, WATER, SEWER ·AND ELECTRIC LIGHT BOND,
.
SERIES 1951", dated January 1, 1951. Bond No. -----·
City Secretary . Mayor
\
SECTION 10: That the following certificate shall be
printed on the back of each bond:
OFFICE OF COMPTROLLER II
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.
TEXAS,
WITNESS MY HAND AND THE SEAL OF MY OFFICE AT AUSTIN,
--------------------·
Comptroiler of Public Accounts of
the State of Texas.
SECTION 11: BE IT FURTHER ORDAINED BY THE COMMISSION
OF THE CITY OF LUBBOCK, TEXAS:
That a special fund to be designated "CITY OF LUBBOCK,
TEXAS, WATER, SEWER AND ELECTRIC LIGHT BOND, SERIES 1951, FUND",
is hereby created, and the proceeds of ail taxes collected for or
on account of this series of bonds shall be credited to said fund
for the purpose of paying the interest on and to provide a sinking
' fund for the redemption of said bonds at maturity; and said fund
shall be used for no other purpose; that, to cir~ate said fund and
to pay the interest on said bonds and to provide a sinking fund
1-E'Ie:N sufficient to redeem them at maturity, a tax of ~~~~~~~~~F
If
CENTS ( .~ ·v'¢) on each one hundred dollars* valuation of all
taxable property in the City of Lubbock, Texas, or such amount as
may at all times be legally necessary, shall be annually levied on
said property and annually assessed and collected until said bonds
with interest thereon have been f~lly paid, and said t~x of
ti9$.~W~-w"t!l~ CENTS ( .Jj .~¢) 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 for each
succeeding year while said bonds, or any of them, are outstanding,
and the same shall be annually assessed and collected and applied
only to the purposes named.
SECTION 12: BE IT FURTHER ORDAINED BY THE CITY
COMMISSION 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 AttoFney General of the
State of Texas, and shall take and have charge and control of the
bonds herein authorized pending their approval by the ~ttorney
General and their registration by the Comptroller of Public Account •
SECTION 13: .AND BE IT FURTHER ORDAINED BY THE CITY
CO~ITSSION OF THE CITY OF LUBBOCK:
The public importance of this measure, and the fact that
it is to the best interest of the City to construct improvements,
enlargements, extensions and repairs to the Cityts Waterworks
System, Sanitary Sewer System and Electric Light System at the
earliest possible date, for the immediate preservation of the
public peace, property, health and safety of the citizens of the
City of Lubbock, constitute and create an emergency and an urgent
public necessity requiring that this ordinance be passed and take
effect as an emergency measure, and that this ordinance is
accordingly passed as an emergency measure and shall take effect
and be in force immediately after and from its passage • •
PASSED AND APPROVED, this the "'l. q day of December,
1950.
ATTEST:
~ 'ltv '/(/(1 City Se:reiary, C~Lubbock,
Texas
(City Seal)
.,I ' t •
)
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS II
CITY OF LUBBOCK
COUNTY OF LUBBOCK I
I, THE UNDERSIGNED, City Secretary of the City of
Lubbock, Texas, DO HEREBY CERTIFY that the foregoing is a true
and correct copy of an ordinance authorizing the issuance of
$1,824,000 "CITY OF LUBBOCK, TEXAS, WATER, SEWER AND ELECTRIC
.
LIGHT BONDS, SERIES 1951", dated January 1, 1951, adopted by
the City Commission of said City on the ~f day of December,
1950, {and Minutes pertaining to its adoption), said ordinance
having been recorded in Book ~ , page ~~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 lJL__
day of December, 1950.
eity se~tary, c~y ~'Lubbock,
Texas
(City Seal)
..
ORDINANCES NUMBERS 1043 thru 1050
authorizing issuance of "1951 issue"
of City of Lubbock Bonds in the amount
of $~7774,000.00 -are filed in separate
legal length folder -in Vault.
These Ordinances (captions} are of record
in Minute ~ook 9 -Page 555 -563