HomeMy WebLinkAboutOrdinance - 1048-1950 - Issuance Of $370,000 Storm Sewer Bonds - 12/28/1950I
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12-28-(950
IO!fe;
AN ORDINANCE AUTHORIZING ISSUANCE OF
$370,000 "CITY OF LUBBOCK, TEXAS,
STORM SEWER BONDS, SERIES 1951,
DATED JANUARY 1, 1951.
THE STATE OF TEXAS
CITY OF LUBBOCK
COUNTY OF LUBBOCK I
ON THIS, the ~r day of December, 1950, the City
Commission of the City of Lubbock, Texas, convened in ~ e 'V ULI\~
session at the regular meeting place thereof in the City Hall,
with the following members thereof, to-wit:
CLARENCE K. WHITESIDE,
LUCIAN THOMAS
E. K. HUFSTEDLER
L. Eo DAVIS
HARRY MORRIS
MRS. LA VENIA LOWE,
l and
MAYOR, Presiding;
COMMISSIONERS,
CITY SECRETARY,
-present, and the following absent: __ -wN~o~W--~--------------------J'
constituting a quorum, when among other proceedings had were the
following:
Commissioner M p 1\ 1\ \..!:p presented for the considera-
t1on of the City Commission an ordinance authorizing the issuance
of "CITY OF LUBBOCK, TEXAS, STORM SEWER BONDS, SERIES 1951", dated
January 1, 1951, in the principal sum of $370,000, (being the first
installment of a total authorized issue of $500,000).
\
The ordinance was read in full by the City Secretary.
Thereupon, Commissioner b A. V l ..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
emergency set forth and defined in the preamble to the proposed
ordinance, that the same be declared an emergency measure. This
I
motion was duly seconded by Commissioner J: lj o "' 1\~
The motion carried by the following vote:
•
AYES: Commissioners Thomas, Hufstedler, Davis, Morris
and Mayor Whiteside.
NOES: None.
Thereupon, Commissioner ~ ~ ~ \..!, 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 l> f\ V ~ , 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 v~te 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 Commission.
The ORDINANCE is as follows: NO. ) Q "'i:
"AN ORDINANCE by the City Commission of the City of
Lubbock, Texas, authorizing the issuance of bonds
in the pri~cipal sum of $370,0001 (being the
first installment of a total authorized issue of
$500,000) for the purpose of making permanent
public improvements, to-wit: constructing, enlarging
extending and installing storm sewers, drains, curbs
and gutters and other improvements incidental theret
in and for said City; prescribing the form of the
bonds and the form of 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 providi g
for the assessment and colledtion of 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 5th day of September, 1950, 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 thirty {30) years from their date, and bearing interest
at a rate or not exceeding 3-1/2% per annum, payable annually or
semi-annually, for the purpose of making permanent public im-
provements, to-wit: constructing, enlarging, extending and install-
ing storm sewer, drains, curbs and gutters and other improvements
incidental thereto in and for said City; 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 election
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
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, enlarging, extending and installing storm sewers,
drains, curbs and gutters and other improvements incidental thereto
in and for said City; and
WHEREAS, the City Commission has heretofore adopted a
esolution declaring the results of said election and determining
the specific authority of the City to issue said general obligatio
tax bonds; and
WHEREAS~ it being now determined by the City Commission
of the City of Lubbock~ Texas~ that is is not desired at this
time to~sue all of the bonds authorized in the total principal
sum of $500,000, and'that $370,000 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: $130,000 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 b'onds; and
WHEREAS~ IT IS FOUND, DETERMINED AND ADJUDGED that it
is necessary and to the best interest of the City to construct,
enlarge, extend and install storm sewers, drains~ curbs and
gutters and other improvements incidental thereto in and for said
City 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;
there.fJore.,
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
LUBBOCK, TEXAS:
SECTION 1: That the bonds of the City of Lubbock, Texas,
be known as "CITY OF LUBBOCK., TEXAS~ STORM SEWER BONDS, SERIES 195
be issued under and by virtue of the Constitution and laws of the
State of Texas for the purpose of making permanent public improve-
ments, to-wit: constructing, enlarging., extending and installing
storm sewers~ drains, curbs and gutters and other improvements
incidental thereto in and for said City, in the principal sum of
• THREE HUNDRED AND SEVENTY THOUSAND DOLLARS ($370,000), {being
the first installment of a total authorized issue of $500,000).
SECTION 2: That said bonds shall be numbered consecutive
ly from One (1) to Three hundred and seventy (370), both inclusive
shall be of the denomination of One Thousand Dollars ($1,000) each
aggregating the sum of THREE HUNDRED AND SEVENTY THOUSAND DOLLARS,
($370,000).
SECTION 3: That said bonds shall be dated January 1, 195 ,
and shall become due and payable serially according to the follow-
ing schedule:
BOND NUMBERS
(All Ipc1usive) MATURITY DATES AMOUNTS
1 to 5 January 1, 1952 $5,000
6 to 10 January 1, 1953 5,000
11 to 15 January 1, 1954 5,000
16 to 20 January 1, 1955 5,000
21 to 25 January 1, 1956 5,000
26 to 30 January. 1, 1957 5,000
31 to 36 January 1, 1958 6,000
37 to 42 January 1, 1959 6,000
43 to 48 January 1, 1960 6,000
49 to 54 January 1, 1961 6,000
55 to 60 January 1, 1962 6,000
61 to 66 January 1, 1963 6,000
67 to 72 January 1, 1964 6,000
73 to 79 January 1, 1965 7,000
80 to 86 January 1, 1966 7,000
87 to 93 January 1, 1967 1,000
94 to 100 January 1, 1968 7,000
101 to 107 January l, 1969 7,000
108 to 115 January 1, 1970 8,000
116 to 123 January 1, 1971 8,000
124 to 145 January 1, 1972 22,000
146 to 168 January 1, 1973 23,000
169 to 191 January 1, 1974 23,000
192 to 215 January 1, 1975 24,000
216 to 239 January 1, 1976 24,000
240 to 264 January 1, 1977 25,000
265 to 290 January 1, 1978 26,000
291 to 316 January 1, 1979 26,000
317 to 343 January 1, 1980 27,000
344 to 370 January 1, 1981 27,000
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 !lumbered 1 to 72, both inclusive,
(maturing on January 1st in each of the years 1952 to
1964, both inclusive), and Bonds Numbered 169 to 370,
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 73 to 168, 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;
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 5: That both principal of and interest on said
bonds shall be payable in lawful money of the United States of
America without ~~xchange 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 9oupons.
SECTION 6: That each of said bonds shall be signed by
the Mayor and countersigned by the City Secretary, and the corporat
seal of the "CITY OF LUBBOCK, TEXAS" shall be impressed upon each
of them.
SECTION 7: That the facsimile signature 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
CITY OF LUBBOCK, TEXAS, STORM SEWER BOND,
SERIES 1951
The CITY OF LUBBOCK, a municipal corporation of the
State of Texas, ~cknowledges itself indebted to and for value
received, hereby promises to pay to beare~, 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 or--~--~------------------
{ ~); per annum, payable semi-annually on January lst and
July lst in each year, the first interest payment date being
January 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 the holder at the CITIZENS NATIONAL
BANK, LUBBOCK, TEXAS, and for the prompt payment of this bond and
the interest thereon at maturity, the full faith, credit and re-
sources 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 con-
secutively from One (1) to Three hundred and seventy (370), both
inclusive., in denomination of One Thousand Dollars ($1,000), each.,
aggregating in amount THREE HUNDRED AND SEVENTY THOUSAND ($370,000)
(being the first installment of a total authorized issue of
$500,000), and issued for the purpose of making permanent public
improvements, to-wit: constructing, enlarging, extending and
installing storm sewers, drains, curbs and gutters and other
improvements incidental thereto in and for said City, 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 RBPRESENTD 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 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 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, in-
cluding 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 coppon 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 CHEMICAL BANK & TRUST COMPANY,
NEW YORK, NEW YORK, or at the option of the holder 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 that day on the "CITY
OF LUBBOCK, TEXAS, STORM SEWER BOND, SERIES 1951", dated January
1, 195!. Bond No. _________ •
City Secretary Mayor
SECTION 10: That the following certificate shall be
printed on the back of each bond:
OFFICE OF COMPTROLLER 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 THE SEAL OF MY OFFICE AT AUSTIN,
TEXAS, ___________________ •
Comptroller of Public Accounts of the
State of Texas.
SECTION 11: BE IT FURTHER ORDAINED BY THE COMMISSION
OF THE CITY OF LUBBOCK1 TEXAS:
That a special fund to be designated "CITY OF LUBBOCK,
TEXAS, STORM SEWER BOND, SERIES 1951, FUNDit 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 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
interest on said bonds and to provide a sinking fund sufficient
to redeem them at maturity, a tax of TW ~ t ()tJ • -·~A.'-F
( JkJC ¢) on each one hundred dollars• valuation of all taxable
property in the City of Lubbock, Texas, or such amount as may at
I
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 tully paid, and said tax of
TWo I £ -+ o~ E-H"\..~( ].,( ¢) 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 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 ot 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: AND BE IT FURTHER ORDAINED BY THE CITY
COMMISSION 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,enmarge,
e~tend and install storm sewers, drains, curbs and gutters an~
other improvements incidental thereto in and for said City, at
the ea~liest possible date, for the immediate preservation of the
public peace, property health and safety of the citizens of the
«ity 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 -; g' day of December,
1950.
ATTEST:
ubbock
(:leal)
THE STATE OF TEXAS
CITY OF LUBBOCK
COUNTY OF LUBBOCK
CERTIFICATE OF CITY SECRETARY
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 the issuance of $370,000 "CITY
OF LUBBOCK, TEXAS, STORM SEWER BONDS, SERIES 1951", adopted by
the City Commission of said City on the ~~day of December, 1950#
(and Minutes pertaining to it's adoption), and recorded in Book _,____.
page f''ti' 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 ~ ~ day
of December, 1950.
(City Seal)