HomeMy WebLinkAboutOrdinance - 1045-1950 - Issuance Of $300,000 Public Library Bond. - 12/28/1950.r~< (O'r
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AN ORDINANCE AUTHORIZING ISSUANCE OF $300,000
"CITY OF LUBBOCK, TEXAS, PUBLIC LIBRARY BONDS,
SERIES 1951", DATED JANUARY 1, 1951
THE STATE OF TEXAS I
CITY OF LUBBOCK
COUNTY OF LUBBOCK
I I
ON THIS, the -vq' day of December, 1950, the City
Conunission of the City of Lubbock, Texas, convened in BE V\J t...~
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
L. E. DAVIS
HARRY MORRIS
) COMMISSIONERS,
~ and
MRS. LA VENIA LOWE, CITY SECRETARY,
present, and the following absent:
constituting a quorum, when among other proceedings had were the
following:
Commissioner f\\ o \\ \\\ ~ presented for the consider-
ation of the City Commission an ordinance authorizing the issuance
of "CITY OF LUBBOCK, TEXAS, PUBLIC LIBRARY BONDS, SERIES 1951",
dated January l, 1951, in the principal sum of $)00,000, (being
the first installment of a total authorized issue of $500,000).
The ordinance was read in full by the City Secretary.
Thereupon, Commissioner \>A \1 \-S 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
emergen?Y set forth and defined in the preamble to the proposed
ordinance, that the same be declared an emergency measure. This
II
motion was duly seconded by Commissioner ·r \"to~ 1\~
motion carried by the following vote:
• The
AYES: Commissioners Thomas, Hufstedler, Davis, Morris
I and Mayor Whiteside.
NOES: None.
Thereupon, Commissioner M 0 '\\" \.> 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 .);) ~" ~ , 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 ~ayor
thereupon signed and approved the ordinance in the presence of the
Commission.
The ORDINANCE is as follows:
NO. }Q~~
"AN ORDINANCE by the City Commission of the City of
Lubbock, Texas, authorizing the issuance of bonds
in the principal sum of $300,000 {being the first
installment of a total authorized issue of $500,000}
for the purpose of erecting, constructing, equippi
and maintaining a public library building in the
City of Lubbock; prescribing the form of the bonds
and the form of interest coupons; levying a contin-
uing 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 o such taxes;
enacting the provisions incident and relating to
the purpose and subject of this ordinance; and
declaring an emergency."
WHEREAS, the City Commission of the City of Lubbock,
Texas, on the 25th day of April, 1947, adopted an order calling
an election on the question of the issuance of $500,000 general
obligation tax bonds to mature serially over a period of years
not to exceed twenty-five (25} 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 erecting, construct-
ing, equipping and maintaining a public library building in the
City of Lubbock; and
WHEREAS, the said election was held pursuant to said
order on the 24th day of May, 1947; and
WHEREAS, the Commission has heretofore examined into
and _investigated the regularity of the proceedings for said elec-
tion and found that the same was duly and legally held; that the
notice required by law to be given had been duly and legally
given; and that said election was conducted in strict conformity
with the l~w; and that due returns of said election had been made
by the proper officers; and
WHEREAS, at said election, the q1alified 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
erecting , constructing, equipping and maintaining a public
library building in the City of Lubbock; 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 obliga-
tion 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
$500,000,and that $300,000 is the amount of bonds now desired to
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be issued under and pursuant to this ordinance, and that the
remaining amount of said bonds, to-wit: $200,000, 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 indebtedness was
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 provide funds
for the purpose of erecting, constructing, equipping and
maintaining a public library building in the City of Lubbock 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, 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 bondsof the City of Lubbock, Texas,
to be known as "CITY OF LUBBOCK, TEXAS, PUBLIC LIBRARY BONDS,
SERIES 1951", be issued under and by virtue of the Constitution
and laws of the State of Texas for the purpose of erecting,
constru~ting, equipping and maintaining a public library building
in the City of Lubbock, in the principal sum of.THREE HUNDRED
THOUSAND DOLLARS ($300,000), (being the first installment of a
total authorized issue of $500,000).
SECTION 2: That said bonds shall be numbered
consecutively from One (l) to Three Hundred (300), both inclusive;
shall be of theoonomination of One Thousand Dollars ($1,000) each,
aggregating the sum of THREE HUNDRED THOUSAND DOLLARS ($300,000).
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 9 January 1, 1952 $ 9,000
10 to 18 January 1, 1953 9,000
19 to 27 January 1, 1954 9,000
28 to 36 January 1, 1955 9,000
37 to 46 January 1, 1956 10,000
47 to 56 January 1, 1957 10,000
57 to 66 January 1, 195$ 10,000
67 to 76 January 1, 1959 10,000
77 to 87 January 1, 1960 11,000
88 to 98 January 1, 1961 11,000
99 to 109 January 1, 1962 11,000
110 to 121 January 1, 1963 12,000
122 to 133 January 1, 1964 12,000
134 to 145 January 1, 1965 12,000
146 to 157 January 1, 1966 12,000
158 to 170 January 1, 1967 13,000
171 to 183 January 1, 1968 13,000
184 to 196 January 1, 1969 13,000
197 to 210 January 1, 1970 14,000
211 to 224 January 1, 1971 14,000
225 to 238 January 1, 1972 14,000
239 to 253 January 1, 1973 15,000
254 to 268 January 1, 1974 15,000
269 to 284 January 1, 1975 16,000
285 t .o 300 January 1, 1976 16,000
SECTION !t: 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 133, both inclusive,
(maturing on January lst in each of the years 1952 to
1964, both inclusive) and Bonds Numbered 254 to 300,
both inclusive (maturing on January 1st in each of the
years 1974 to 1976~ both inclusive) shall bear interest
at the rate of TWO AND ONE-HALF PER CENTUM (2-1/2%) per
annum; and
(b) Bonds Numbered 134 to 253, both inclusive,
(maturing on January lst 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;
I such interest to be evidenced by proper coupons attached to each
of said bonds, and said interest shall be payable semi-annually
on January lst and July 1st in each year, the first interest
payment date being January 1, 1952.
SECTION 2: 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 th~ 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 cor-
porate seal of the "CITY OF LUBBOCK, TEXAS" 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
substantially as follows:
NO. UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
$1,000
CITY OF LUBBOCK, TEXAS, PUBLIC LIBRARY BOND, SERIES 1951
The CITY OF LUBBOCK, a municipal corporation of the
I 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
I exchange or collection charges to the owner or holder, on the
FIRST DAY OF JM~UARY, 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
I January 1, 1952, and interest falling due on or prior to maturity
I 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
1
made payable at the CHEMICAL BANK & TRUST COMPANY, NEW YORK, NEW
YORK, or at the option of the holder at the CITIZENS NATIONAL BANK,
LUBBOCK, TEXAS, and for the prompt payment of this bond and the
I
j intere~t 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 Three Hundred (300), both inclusive, in
denomination of One Thousand Dollars ($1,000} each, aggregating
in amount THREE HUNDRED THOUSAND DOLLARS ($300,000), (being the
first installment of a total authorized issue of $500,000), and
issued for the purpose of erecting, constructing, equipping and
maintaining a public library building in the City of Lubbock~
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 24th day
I of May, 1947; 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 time, 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
series of which it is a part, and to thepayment 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
1 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 bona, in
conformity with the ordinance above referred to, being the 1st day
of January, 1951.
Mayor, City of Lubbock, Texas
COUNTERSIGNED:
~ity Secretary, City of Lubbock,
Texas
SECTION 2: That the form of interest 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 CHEMICAL BANK AND
!TRUST COMPANY, NEW YORK, NEW YORK, or at the option of the holder
at the CITIZENS NATIONAL BANK, LUBBOCK, TEXAS, the sum of
---------------DOLLARS
II
1($ ), 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 that day on the "CITY OF
LUBBOCK, TEXAS, PUBLIC LIBRARY BONDS, SERIES 1951", dated January
11, 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,
------------------·
Comptroller 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, PUBLIC LIBRARY BOND, SERIES 1951, FUND", is hereby created,
and the proceeds of all taxes collected for or on account of this
series of bonds shall be credited to said fund for the purpose of
I 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 create said fund and to pay the
I interest on said bonds and to provide a sinking fund sufficient
I oN~ .. \t"Lr to redeem them at maturity, a tax of :rw o ~ . CENTS ( ,:l}#)
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 fully paid, and said tax of ,. UJ o .....-otVE tti\\);'
CENTS ( ~J#) 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:
j That the Mayor of said City shall be and he is hereby
~authorized to take and have charge of all necessary orders and
Jrecords pending investigation by the Atto~ney General of the State
of Texas, and shall take and have charge and control of the bonds
herein authorized pending their ~pproval by the Attorney General
and their registration by the Comptroller of Public Accounts.
I SECTION 13:
!coMMISSION OF THE CITY
AND BE IT FURTHER ORDAINED BY THE CITY
OF LUBBOCK:
I
That the public importance of this measure, and the
fact that it is to the best interest of the City to provide funds
for the purpose of erecting, constructing, equipping and maintain-
ing a public library building in the City of Lubbock at the earli-
est possible date, for the immediate preservation of the public pe ce:
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 passageo
PASSED AND APPROVED, this the ~' day of December,
1950o
ATTEST:
/city Seer
{City .Seal)
.......
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS I
I I CITY OF LUBBOCK
COUNTY OF LUBBOCK
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
$300,000 "CITY OF LUBBOCK, TEXAS, PUBLIC LIBRARY BONDS, SERIES
1951", dated January 1, 1951, adopted by the City Commission
of said City on the Zi day of December, 1950, (and Minutes
pertaining to its adoption), said ordinance having been recorded
in Book 1 , page ~J'J et seq., of the Minutes of said
Commission.
IN \VITNESS WHEREOF, I have hereunto signed my name
officially and affixed the seal of said City, this the ~~
day of December, 1950.
City ~retary, ~j(C)r Lubbock,
Texas
(City Seal)
I·