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HomeMy WebLinkAboutOrdinance - 1115-1951 - Issuance Of $130,000 Storm Sewer Bonds - 07/12/1951'\'' \_) . I ./ BOND ORDINANCE NUMBER 1115 0'9--1 '2 -(.951 AN ORDINANCE AUTHORIZING ISSUANCE OF $130-000 "CITY OF LUBBOCK, TEXAS, STORM SEWER BONDS, SERIES 1951-A", DATED AUGUST 1, 1951 THE STATE OF ~iXAS I CITY OF LUBBOCK COUNTY OF LUBBOCK ON THIS, the l2th day of ~ , 1951, the City Commission of the City or Lubbock, Texas, convened inRoQUlnr session at the regular meeting place thereof in the City Hall, with the following m~mbers thereof, to-wit: CLARENCE K. WHITESIDE, MAYOR, Presiding; LUCIAN THOMAS l E. K. HUFSTEDLER, JR. L, E. DAVIS COMMISSIONERS, HARRY MORRIS and MRS. LA VBNIA LOWE-CI'l'Y SECRETARY, present, and the following absent: --~-0-~S_·-----------------------~ constituting a quorum, when among other proceedings had were the following: Commissioner DAVIS presented for the cons1dera------- tion of the City Commission an ordinance authorizing the issuance of "CITY OF LUBBOCK, TEXAS, STORM SEWER BONDS, SERIES 1951-A", dated August 1, 1951, in the principal sum of $130,000, (being the second installment of a total authorized issue o~ $500,000). The ordinance was read in full by the City Secretary. TUO!Ji\:S Thereupon, Commissioner -----------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 r \ ( emergency set forth and defined in the preamble in the proposed ordinance, that the same be declared an emergency measure. This motion was duly seconded by Commissioner __ bw·.a1t •• s~·--~-· motion carried by the following votet The AYES: Commissioners Thomas# Hufstedler, Davis~ Morris and Mayor Whiteside. NOES* None. Thereupon, Commissioner tl:!f?:ti' ,DI· ;l moved that the ordinance as read in full b~ the City Secretary be finally passed . ' and adopted by the Commission, This motion was seconded by Commissioner ~w~-Q~at~a~~li~·~---' and the motion,carrying with it the final passage and adoptlon of the ordinance, was umanimously 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 Commis- sion, in accordance with the requirements or Sections 15, 16 and 17, of Article IX or the Lubbock Charter; and the Mayor thereupon signed and approved the ordinance in the presence of the Commis- sion. The ORDINANCE is as follows: NUMBER 1:£1 li p "AN ORDINANCE by the City Commission of the C1ty or Lubbock, Texas, authorizing the issuance of bonds in the principal sum of $130,000, (being the second and final installment of a total authorized issue of $500,000) for the purpose of making per- manent 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; prescrib- ing the form of the bonds and the rorm of interest coupons; levying a continuing direct annual ad valorem tax on all taxable property within the 11mi;s of said City to pay the interest on said ))onda and to create a sink1n& tund tor··the redemption thereof , and prov1d1na for the aeaeaa .. nt and collection of aucb taxe&J enaotltl& the prov1ar1ona incident and relating to the purpoae and aubJeot ot tliia ord1nanceJ and dec larin& an emerseno,-." . WHBREAS, the 01ty Comm1ea1on or the City of Lubbock, Texa•• on the 5th day or September., 1950. adopted an order call1na an election on tbe question ot the laauance or $500,000 generalcbl1satton.tax bonds to .ature aeriall1 over a period ot yeara not to exceed thirty ( 30) ;yean from their date, and bearing interest at a rate ot not exceeding 3-1/~ per annwn, payable annuall7 or ae.t-annually, tor the purpose of making permanent public improvements, to-witt constructing, enlarglns, extend1na and 1nata111ng atol'll aewera, dralna, curbs and gutters and other improvement• incidental thereto ln and tor said oltyJand WHKRBAS1 the aa1d election wae held pursuant to aa1d order on the 26th da7 of September, 1950J and WHBRBAS, the Commlaeion· baa heretofore examined lnto ad lnveatipte4 the regular1 ty ot the pl"OCeed1nga tor eald election and found that the same wae duly and lesally heldJ that the nottce req~ired by law to be given had been dU11 and legally g1venJ and that aaid eleotlon was conducted in atrlct conformity with the lawJ and that due returns of said election had been made by the proper ott1oere; and WRBBEAS, at aald election, the qual1tled voters who are property taxpayers or the City or Lubbock, voting at said election, auatatned b7 a maJority vote, the propoe1t1on to tsaue bonds ror conetruotlng, enlarging, exten~lns and lnatalllng storm sewers, drain~. ourbe and gutters and other improvements incidental thereto in and ror aald C1t7J an4 WHBRBA3, the 01t~ Comm1aa1on haa heretofore adopted a resolution 4eolarins the reaulta or aa1d election and determining the apec1t1o author1tr or theCity to issue aa1d general obliga- tion tax bond&J an4 WHBREAS, the 01ty'·Coaa1ss1on heretofore, to-witt on the 28th d&7 ot Decnber• 19~), adopted and paaeed an ordinance by wh1oh $370,000 ot the '$500,000 bonda voted aa atoresa1d were authorized &r!d 1a&ltadjt tt be1ns determined by the C1tJ Coa1ea1on at that time that the remaining amount of aa1d bonds, to-witt $130,000, should be laaued at a tuture date or datea 1t an.d when 1n the Judgment of the Cit7 Comm1ae1on or aa1d City, the ea1d additional bonds are neede4 by the City for the purpose for which suoh 1ndebtednese waa autbor1zedJ and WBEREAS~ 1t 1e now found and determined by the Oity co .. 1es1on or the City or Lubbock and 1a ita Judgment that the un1aaued balanoe ot said voted amount ot bOnds, to-w1t& $130.000, ShOuld now be laaued and aold to pPov1de funds tor the purpose tor which euoh bonda were votedJ and WBBREAS_, 1t 1a now neceaaary and proper that the Cit~ Comm1sa1on ot tbe City ot Lubbook• Texaa, proceed w1th the 1sauanoe ot aueh general obl1gat1on tax bondsJ and VHEflEAS, rl IS FOUND, Dl1'l'BRMINBD AND ADJUDGED that 1 t 1a neoeasaey and to the beat 1ntereot ot tbe Cit)' t.o oonatruct, enlarge, extend and tnstall ;t\:rm aewera, <trains, curbs and gutters and other improvements 1nc1dental thereto in and for eald Clt,r at the earl1eat poaa1ble date, tor the immediate preservation ot the public peaoe, propert11 health and safety or the c1t1zena ot tbe Cit;y ot Lubbock, Texas, and that b7 virtue thereof this o~lnanoe should be paaae~ and adopted aa an emergency meaaureJ there tore BE n' ORDAINED Sf THE CITY OOMJUSSIOlt OF THE CI'rY OP SBCTIOH A* That the bonds ot the City of' Lubbock, 'l'exae, to be knoWn as "CITY Or LUBBOOK. TEXAS, STORM SEWER BONllS, SBRIBS 1951-A", be issued uncter anti by-Virtue of' tbe·Conat1tut1on and lawe of the State ot 'luaa tor the purpose of JDSk1ns permanent publ1o improvements, to-witt· conetruct1ng, enlarging, extending and installing storm aewere, drains, curbs and suttera and other 1mprovement_a-~.1no1dent$1 .ttlereto in and tor aai<l City, 1n the principal aum ot ONB HUNDRED AND THIRTY THOUSAND DOIU\RS ($13(),000) (being th• second and final 1natal~nt Qf a ~otal author1ze4 olwo • d •• 1eaue of •soo~ooo). SBCTIO.N 2t 'l'hat said bonds ahall be nwabereCJ conaecu- t1vel7 from~ (1) to One Hundred and Thirty (130),,botb 1nolae1veJ aball be ot the denomination ot One Thousand Dollars ($1,000) each, aggregattns the sum ot ONB HUNDRED Am> THIR'l'Y THOUSAND DOLLARS, ($130~000). .. J P£!ION J• That sa1d bonds shall be c2ated Au.sust 1, 1951, and $hall become due ana pay.ble ser1a117 according to the follow1ns achedulec · BOIQ) NUMBDB 'A1a~ •ns1.YII!•l UtpDlTX »ADS AMQUNTS 1 Ausuat 1, 1956 • 1,000 2 Auguat 1, 1957 1,000 3 August 1, 1958 1,000 4 Aupst i, 1959 1,000 5 Auguat 1, 1960 1,000 6 Aupat 1, 1961 1,000 7 August 1, 1962 1,000 8 Auguat 1, 1963 1,000 9 Auguat 1, 1964 1,000 10 Auguat 1, 1965 1,000 11 and 12 Auguat 1, 1966 2,000 13 and 1" Ausuat 1, 1967 2,000 15 to 23 August 1, 1968 9,000 24 to 35 Ausuat 1, 1969 12,000 36 to JJ8 August 1, 1970 13,000 49 to 62 Auguat 1, 1971 14,000 63 to 74 Auguot 1, 1972 12,000 75 to 86 August 1, 1973 12,000 87 to 99 August 1., 1974 13,000 100 to ~13 August 1, 1975 14,000 114 to 130 Auguat 1, 1976 11,000. PROVIDED, HOWEVBR, that the C.ity reserves the rtsht to redeem Bonda Numbered 63 to 130, both 1nclua1ve, (maturing 1n each of the yeara 1972 to 1976, both 1nclua1ve), -in whole or 1n part, on Ayguat 1, 1911, or on any interest payment date tbereatter, at par and accrued interest; PROVIDED, FUB':HBR, that lt leas than •11 or aa1d bon4a are redeemed on any auoh redemption datea, same aball be redeemed in 1nvepae numerical orderJ and PROVIDED, FURTHER, that at least th1rtr (30) days prtor to any 1ntereat .. ' " (. . ' ./ pa1JD8nt date upon which any of sa1d bonds are to be redeemed, notice or redemption, signed by the City Secretary (specifying the aerial numbers and amount ot bonds to be redeemed) shall be published once in a t1nano1al Journa~ ot general circulation publiehed in the Oity or New York~ Hew York. and shall bave been filed with United States Trust Compa!l7, Hew York, New York and w1th the ClTlZEHS NATIONAL BANK. LUBBOCK. TEXAS. {the P871fig agents named in each or said bonds), and should any bond or bonds not be presented tor redemption pursuant to suob notice, the same shall cease to bear interest from and after the date ao ttxed tor redemption. §ECf&ON 4c That the said bonds shall bear interest trom date until paid at the following rates per annum, that ie to aay -- (a) Bonds Bumbered l to 10 • both 1nius1ve, (matunng in each or the ,.earal9$6 to 196?, both 1nolua1ve) shal~ bear interest at the rate or Tw;.:;:.::o--.._ ang one-pa.lf , PER CENTUM ~ l /2 ~ per annum; (b) Bonde Numbered 11 to .... 1,39, both 1nclua1ve, (maturing 1n each of the years 1966; to 1976 , both 1nolus1·ve) shall bear interest at the rate ot ---- 'l'HREE PER CEITUM ( 3 .) per annumJ and (o) Bonds Numbered ~ to , both 1nclus1ve. (matu~1ng 1n each or the rears to • both 1nclua1ve) shall bear intereat at the rate of --~ --~--~----PBR CENTUM ( •> per annumJ '. auoh interest to be evidenced by proper coupons attached to each of aa1d bonds, and said interest shall be p&Jable on februar.r 1~ 195~, and semi-annually thereafter on August 1st and February lst 1n each ,.ear. -.-......----~ SECTION 5t That both principal or and interest on said bonds snall be· payable in lawful money of the United States of America without exchange or collection Cha!'ges to the owner or holder, at Jtnitad States Trust Comp811T, Hew York r llew York . , or at the option of the holder at the CITIZ~S NATIONAL BANK, LUBBOCK! TEXAS. upon presentation and surrender of bonds or proper coupons. SEOTION 6: That each ot said bonds shall be signed by the Mayor and countersigned by the City Secretary, and the corporate -seal of the "CITY OF LUBBOCX, TEXAs: shall be impressed upon each of them. SECTION 1: That the facsimile signatures of the Mayor and City Secretary may be lithographed or printed on the interest ooupons .attached to said bonds, and shall have the same effect as if they had been signed by them. SECtiON 8t That the form or said bonds shall be substantially as followat NO. UNITED STATES OP AMERICA STATE OF TEXAS COUNTY OF LUBBOCK CITY OF LUBBOCK. TEXAS. STORM · SEWER BOND, SERIES 1951-A $1,000 'l'he CITY OP ~CK,. A.~.municipal corporation of the State of Texas. acknowledges itself indebted to and for value received, hereby promisee to pay to bearer, the sum of ONB THOUSAND DOLLARS {$1,000), 1n lawful money of the United States of Amerioa without exchange or collection charges to the owner or holder, on the _ _.__ -....__ ' ·. ..._j I ~ PDtST DAY OF AUGUST, 19_, wt th interest thereon trom toe date hereof until pa1d at the rete ot PJR CENTUM ( ~) per annum, payable on February 1, 1952-and semi-annually thereafter on Augu&t let and PebruarJ lat in each year, and interest tall1ns due on or prior to maturity hereof 1s pa7able onl~ upon preaentat1on and surrender of the interest coupons hereto attaohed as they aeveft.lly become due. BOTH rRLNCU.AL and interest ot th1:s bond are hereby made payable at __ ...... _ _... _____ ............ _ _... ___ ..._..-. ..... ___ ~ or at. the option ot tbe holder at the ClTIZBNS NATIONAL BANK, LUBBOCK, TEXAS, and tor the prompt payment ot this bond and the 1ntereet t.btreon at maturity, the full taitb, orec11t and resources or the C1 tr or Lubbock, -reus, aM hereby irrevocably pledged. THIS BOND is one or a aertea ot like tenor and effect, except aa to number, interest rate, matur1t7 and option or prior redemption_, n\llllbered consecut1 vely from One ( l) to One Hundred and Thtrt7 (130)-both 1riolue1ve, in deno~1nat1on ot One Thousand Doll•rs (.1,000) eaoh, aagrepttng in amount Q.NE HUND~D AMD THIRTY !HOUSAND ($130,000)1 (be1ns tbe second and final lnatall- ment ot a total authorized issue or $500,000), and issued tor the purpose ot mak1ns permanent public improvements, to-w1ta oonetruct1ng, enlarging, extending and 1natal11ng storm sewers, "rains, curbs and gutters and other improvements 1nc1dental there- to in and ror said City, under authority or the Constitution and laws ot the State ot Texas, and pursuant to an orc11nancG d\lly ~dopted 'bJ the City Comm1aeion or the City or Lubbock1 Texas, and recorded in the Minutes or aa14 Commission. AS PROVIDED 1n the aforesaid ordinance, tbe City reserves the rl&bt to redeem Bonde MumberecS 63 to 130, both 1nolua1ve, .(maturing in each ot the years 1972 to· 1976. both 1~o1ua1ve), in whole or 1n part, on August 1, 1971, or on any interest parment date thereafter, at par and accrued 1ntereatJ PROVIDED; iURTHBR~ .that 1t leas than all of ea14 bonda are ' • • f l'edeeJIG(J on anv sueh ..elem,·tton dates, aame shall be re4eemed in 1nverae nu.tr1oa1 orders and tROVIDBD, BUR~, that at leaat thirty (30.) date ·prior to ·~ interest payment date upon whloh &nJ ot aa1d bonda are to be redeemed, notice or redemption, signed by the Ci tJ seotetal'J ( apeo1tytns the aerial numbers and amount o.r bondo to be redeeae4) shall be published once 1n a financial .tour- nal 'ot aeneral o1roulat1on published in the City of New York, New York .. and aball have been f1led with _____ .......... _ _.. ....... ,..__.. ..... .....-_ _ _._ _____ ....... ..._ ........ _ and w1th the CITIZDS NATIONAL BANK, LUBBOCK. TEXAS, and abould aQJ bond or bonds not be presented for redemption pursuant to suob not1oe, the sa•e shall cease to bear 1nterea~ from and atter the date so ttxed for redemption. rR IS HBRE8Y CERTIJml), RECITED AND REPP.ESBHTED that the ieauance ot t.h1a bond and tbe. sertea ot which 1 t 1s a part, is dulr autho~1ze4 b7 law and bJ a vote ot the qualified property tUp&Jing votera or the City of Lubbock, ~exas, voting at an electton held tor~hat purpose within aa1d Clty on the 26th day ot September, 1950J tha~ all aota. oonattlona and tntngs required to be done precedent to and 1n the 1savance .ot tb1a serlea ot bonds and of ~h1a bond~ have been p•operly done and performed and have happened in Mplar and due t1me, torm and manner as required b;v lawJ that aut£1o1en~ and proper provisions tor the levv and collection ot taxea has been .ade which, When collected, shall be appropr1ate4 exolue1velr to the payment or this bond and the aeries or which it is a part, and to the payment or the interest coupons thereto annexed as the same Shall become due; and that the total 1ndebtedneae of tne City or Lubbock, !exas, including the entire aeriee or bonds or whiCh thi&ia one; does not exceed an; conat1tutional or statutory ltmltatlon. .. ZH WITNESS WHEREOF, the City ot Lubbock; Texas, b1 1ta CitJ' Ooaliaa1on, baa caused s.ta corporate aeal to be att1.xed hereto; and thl• bond to be s1sned b7 1 ta Mayor and counterelgned b7 ita City Secreta~, and the 1ntereat coupons hereto attached to be exeouted b7 the lithographed or printed taoaimile algnaturea or the ~or and C1tJ Secretar.JJ the date ot th1a bon~, 1n oontor.it~ w1th the ordinance above ~ererred to, being the PIRST DAY 01' AUGtJST, 1951. city seoretaey. C!S:ty of Luiibook~ le:xae SECTION <(: That tbe, .rorm of tntereat coupon shall be aubatant1ally aa rollowaa NO. ON. 'tHE_....._ DAY OF __ .......,......., 19_, ·--- ·unleas the bond to wbS.ob this coupon perta1na aball have been called tor redemption ln accordance With ita terms, the CITY OP LUBBOCK~ A mu~1c1pal corporation or the State of Texas, hereby proataee to pa,-to bearer~ at ---------------- or at the option or tbe bol4er at tbe CITID.MS MATIONAL BARK,. LUBBOCK, TEXAS~ the swa or ----·-DOLLARS ($. ) , 1n lawfUl money ot the Un1ted States ot America, withOut ezcbange or col lee t.s.on oll&rgea to tbe owner or holder, said sum being months• interoat due tha~ da7 on the ~ciTY or LUBBOCK, TEXAS, B'l'ORJI SBWER ·BOJID, SBRIES 1951-A" ~ dated Aupst 1. 1951. Bond Kamber • C1 ty Seoretar;y Mayor .. SECTION lOt That the following certificate shall be printed on the back of each bondt OPFICB OF COMPTROLLER I S'l'ATE OF TEXAS REGISTER NO. I HBRKBY CERTIFY that there is on file and of re.oord in my office a certificate of the Attorney General o£ the State of Texas6 to the effect that this bond has bee~ exa~1ned by him as required by law6 and that he finds that it has been issued in conformity with the ~onst1tut1on and laws of the State or 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. WITDSS MY HAM> ABD SEAL OF MY OFFICE AT AUSTIN 1 TEXAS 1 ----~----------· Comptroller of Public Accounts of the State or Texas. SECf.ION ll: BE IT FURTHER ORDAINED BY THE CITY COMMISSION OF THB CITY OF ~UBBOCKt That a special fund to be designated "CITY OF LUBBOCK# TEXAS, STOU SEWER BOND, SERIES 1951-A, PUND~ is hereby created, and ·the proceeds or 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 re- demption of said bonds at maturity; and said fund shall be used tor no other purpoQe; that, to create sa1dr fund and to pay the intereJ~t on said bonds and to provide a sinking i'und sufficient to redeem them at maturity, a tax of __ _.g~~~~P-------------------­ CENTS ( 9 g& ¢) on each one hundred dollars' valuation ot all taxable property in the City of Lubbock, Texas, or such amount as may at all ;1mea be legally necessary, ahall be annually levied on said property and annua117 assessed and collected until aa1d bonds with interest thereon have been tully paid, and said tax ot mre CEH'l'S ( .D:l ¢) is here now levied tor the current year, and so much thereor as shall be necessary, or in addition thereto as may be required, is hereby levied tor each succeeding 7ear While aa1d bonds, or any or them, are outstanding, and the same shall be annually assessed and collected and applied only to the putpoaea named. SEC'J.'IOM 12: BE IT FURTHER OBDAINED BY THE CITY COMMISSION OF THE CITY OP LUBBOOX1 That the Mayor of said 011. t:y shall be and he 1a hereby auth~r1zed to take and have charge of all n&ceasary orders and recorda pending investigation by the Attorney General or the State ot 'rexas, and shall take and have charge and control of the bonds herein authorized pending their approval by the Attorney General and their registration b7 the Comptroller or Public Accounts. SBCTIOH ljt BE IT FURTHER ORDAINED BY TB'B CITY COMJIIBSIOH OF THB CITY OF LUBBOCK~ That the sale or the bon~s herein authorized to -- PBELP"S• FENN & co • .w AND ASSOC~S 4 at the price or par and accrued interest to date of delivery, plus a premium ot $. mmr:; . , is hereby confirmed. Deli very ot the bonds shall be made to aa1d purchasers ae soon aa may be after the adoption ot this ordinance, upon payment therefor in accord- ance with the terms of sale. ' J . f ) ' ' . ~CTIQN Ja~t AND 8B IT FURTHER ORDAINED BY 'rHB CITY COMMISSION OF THE CITY OF LUBBOCK~ The public importance of this measure; and the tact that it is to the best interest or the City to construct, enlarge1 extend and install storm sewers, drains, curbs and gutters and other 1mp.rovements incidental thereto in and for said City, at the earliest possible date. for the immediate preservation or the public peace. property.health and safety of the citizens or the City of Lubbock. constitute and create an emergency and an urgent public necessity requiring that th1a ordinance be passed and take ettect as an emergency measure, and that this ordinance is accordingly passed as an emergency measure and· shall take effect and be in force 1mmed1atel7 after and trom its passage. PASSED Am> APPROVED 1 this the ).2tla.· , , day of ~'!" , 1951. ·"" " 1 ... , ~ .., .\. • . j, , ,{Cit)" $ea~:}. ... ' • 1 lfl 1 ., ,•' .. ... . . ·, .-;.. ', I O r !' ' ., ' ... CERTIFICATE OF CITY SECRETARY THE STATE OF TEXAS CITY OP LUBBOCK COUNTY OF LUBBOCK I, THE UNDERSIGNED~ City Secretar,r ot the City of Lubbock, Texas,. DO J{EREBY CERTIFY that the foregoing i,s a true and correct copy ot an ordinance authorizing the issuance of $130,000 "CITY OF LUBBOCX1 TEXAS, STORM SEWER BONDS, SERIES 1915-A", adopted by the City Commission of said City on the l .. , day of ~~ , '19511 (and Minutes pertaining to its adoption) 1 and recorded 1n Book !:~ 1 page 164: et seq. , ot the Minutes of aaid Commission. IN WITNESS WHER&OF, I have hereunto signed my name officially and affixed the seal of said City, this th\2~~~~-- u day of """''ii1fti!Dlr.fill ..... ,___ __ , 1951. . ' . .' . '. ~' _, ,, ·-~ ' t ' -~ . -.' . · ... ' .. . \ . . I . \. • '-.. ~ 1 I \\\ \ ' "" • " .. ~ City S