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HomeMy WebLinkAboutOrdinance - 1116-1951 - Issuance Of $76,000 Fire Station Bonds - 07/12/1951... f BOND OR DINANCE . NUHBER 1116 o~-1"2 -1.951 I I AN ORDlNAHCB AUTHORIZING ISSUAHCB OP $76,000 "CITY OP LUBBOCK, TBXAS• FlftB STATION BONDS, SERDS 1951-A" • 'DATED AUGUST 1., 1951 tHE STAB OF TB.XAS I CITY 01 LUBBOCJt COUNTY OF LUlmOCX r OM THIS, the 12th c1a~ or _J .... u.1z'""-__ , 1951, tbe OltJ Coma1asion or the C1tJ or Lu'bbook, Texas, convened s.n Regular eeea1on at the regular meeting plaoe thereof 1n the City Hall, w1th the following .ambers thereot, to•wita CLAREHC! It. WHITESIDE • MAYOR, 1'res1d1ngJ LUCIAN THOMAS l B. It. HUPSTBDLBR I JR. L. B. J)AVlS COMMISSIONERS, HARRY MORRIS AND MRS. LAVBNIA LOWE, Cift' SECRETARY, present, end the following abaenta __ N_m_m _____ _..._~....___, con$t1tut1ng a qumrum, when amopa other proceedlnga had were the tollowlnga Comm1aa1oner DAVIS proaented tor the oona1dere- tion of the City Comm1sa1on an ordinance authorizing the 1aauance or "Crl'Y OF UJBBOCK, TEXAS, PIR.B STATION .BOHDS~ SERIES 1951-A" ~ dated Ausuat 1-1951~ ~n the pr1nc1pal eum or $76,ooo, (being the aecond installment of a total auth0r1ae4 1aaue ot $431.000). The ordlnanoe waa read in 1'ull by the Ctt:y Secretary. Thereupon_ Commiaa~oner THOMAS moved that the rule requ1r1ns that no ordinance ahall be paaee4 on the da~ on wh1cb 1t 1a introduced be auapended, and that 1n v1ew of the emergency aet forth and def1nec1 ln the preamble to the proposed ~) ) ord:l.nanee. that the same lie declared aa emergency meas~re. Th1a mot1(i)n was dul7 aeoonc2ed b:f CoiiQI1sa1oner DAVIS • '.rhe mot1on oarrled b7 the following votet AY.ESt Comm1se1onera 'l'homaa, HufstedlorJt Davia, Morr1a and Ma)'Or llh1testde. · NOISa None. Thereupon 0om.1aa1oner HUFSTEDLER moved that the ordinance ae read ln full by the City Secretory be finally paeeed an4 adopted b7 tbe Oo1111111aa1on. Tbis motion waa seconded by Coaa1as1oner MOfiR,IS • , and the motion, oarr;v1ns with it the final paeaaae and adoption or the ordinance~ wae unanimously carried by the followlns votei AYBSa Co•1as1onera 'l'homaa,. ilu£atedler, Davis, Morrie and Mauor Whiteelde. NOBSt None. Thereupon.. the Mayor announced ·tho t the ot'd1nance had been finally pasae~ and adopted by unan1moua vote or the CoDIIIl1ee1on in accordanCe with the requirements or Sections 15, 16 and 17 or Attticle IX or the £\.abbook Charter: end the Mayor there- upon signed end approved the ordinance 1n the p~estnce of the Commtaalon. The ORI>IBANOE la aa follows& NURBBR 1116 • "Alf ORDlN.AHCB by the C1 ty Comm1ae1on Of the C1 ty of Lubbock, Texas, author1~1ng the 1ssuan9e of bonds 1n the pl'1no1pal aum or $76,.000 (Being the second 1notallment ot a total authorized tasu~ or $431,000) tor the purpoae or making permanent publlc improve-menta, to-witl constructtns. enlarging $nd 1m- proving tire station buildlnss an4 equipping the same in and for sald City~ preacr1b1ng the rorm ot the bonds and the torm or interest coupona; leV"Jin& a continuing direct annual ad valorGJD tax on all taxable property withln the 11m1te of said City to pay the interest on satd bonds and to oreate a s1nk1ns tund tor the redemption thereof, and pro-Viding tor the aeseaament and oolleotion ot auch taxea; eaaoting the prov1a1one 1no1dent and relating to the purpose and subJect of this ord!.nancoJ ana declaring an emergency." ., ' • WHEREAS, the City Commission ot the City of Lubbock, Texas, on the 5th day of September, 1950, adopted an order calling an election on the question ot the issuance of $1~31,000 general obligation tax bonds to mature aerially over a period or years not to exoeed thirty (30) years from their date, and bearing interest at a rate ot not excee41ng 3·1/2• per annum, payable annually or aeml-annually, tor the purpose ot making permanent public ~provements, to-wit: oonetruct1ng, enlarging and 1mproY1ng r1re station bu1ld1nsa and equipping the same in and for aald C1t~J and WHEREAS, the said election waa held pursuant to said order on the 26th clay of September, 1950; and· WHEREAS, the comm1aa1on has heretofore examined 1nto and 1nveat1gated the resular1ey ot 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 ~ulr and legally given, a·nd that aaid election was conducted 1n atr1ot conformity with the lawj end that due returna or sa1d election had been made by the prope~ ottlcer&J and t WHBRBAS1 at said election, the qualified voters who are property taxpayers or the City or Lubbock, voting at said election, sustained by a ma3or1ty vote, the proposition to issue bonds for conat~cttns. enlarging and 1mprovdng r1~e atatlon buildings and equ1.pp1ns the same in and for aa1c1 Ci tJ; and WHEREAS, the Cit~ Commission baa beretorore adoptea a resolution declaring the results of said election and determlnlng tbe spec1r1c authority or the City to issue said general obliga- tion tax bondsJ and WHEREAS. the C1ty Commission heretofore, to-wita on the 28th dey of :December, 1950, adopted and passed an ordinance by which $1201 000 or the $431,000 bonds voted as aforesaid were authorized and issued, 1t being determined by the City Commission at that time that the remaining amount or said bonds, to-wits $311,000, should be issued at a future date or dates 1f an6 when in the Judgment or the City Commission or said City, the as1d addltlonal bonds are needed by the City for the purpose for which auoh indebtedness waa authorized; and WHEREAS, 1t being now determ.ined by the City Oommiasion ~hat it is not desired at this time to issue all or the bonds remaining unissued in the amount or $311,000, as aforesaid, and that $76,000 1a the amount or bonas now desired to be issued, and that the remaining amount o£ said bonds_ to-wit: $235,000, shall be 1aaued at a tuture date or dates, 1f and when in the Judgment of the City Comm1aa1on or aa1d City, the said additional bonds are needed by the City for the purposes for which such indebtedness was authorized; and WBEftBAS, ~t ie now necessary and proper that the City Comm1aa~on or the City of Lubbock, 'exaa, proceed with the lsauance ot such 'general obligation tax bonds; and WHEJUtAS, 1 t 1a FOtiNll, DETERMINED AND ADJUDGED that 1 t 1a neoeasary and to the best 1ntereat or the City to construct, enlarge and improve fire station buildi ngs and equip the same 1n and for .sa1d City at the earliest possible date, ror the immediate preservation of the public peace, property, health and safety ot the c1t1zene of the City of Lubbock, Texas, and that by virtue thereof this ordinance should be passed and adopted as an emergency measure; therefore l 8 IT ORDAINBD SY TllE CITY COMMISSION OF THE CITY OF SECTION 1: That the bonds or the 01tr of Lubbock, Texas, to be known ae "CITY OP LUBBOCK, TEXAS, FIRE STATION BONDS, SERIES 1951n, 'be issued under and by virtue or the Constitution and laws or the State of Texas for the purpose or making permanent public improvements, to-wit• constructing, enlarging and improving fire station buildings and equipping the same in and for said City, 1n the principal sum ot SEV&NTY-SIX THOUSAND DOLLARS ($76,000), (being the second installment of a total authorized 1asue or •431.000). §BCTION 2t That aa1d bonds shall be numbered I ooneeout1vely trom One (l) to Seventy-siX (76), both 1nclus1ve, shall be of the denomination or One Thousand Dollars ($1,000) each, aggregating the sum ot SEVENTY-SIX THOUSAND DOLLARS ($76,000). SECtiON 3a That said bonds shall be dated August 1. 1951, and shall become due and payable aerially according to the following aohedulea ... ) BOND NUMBBRS 'All Inolua1vel 1 2 3 4 5 .6 1· 6 9 10 11 12 13 to 18 1.9 to 23 24 to 31 32 to 38 39 to 44 45 to 52 53 to 59 60 to 67· 68 to 76 f MATURITY pATES August 1, 1956 August 1, 1957 August 1, 1958 August 1, 1959 August 1, 1960 August l, 1961 August 1, 1962 Auguat 1, 1963 August 1, 1964 August 1, 1965 August 1, 1966 A'Uguat l, 1967 August 1, 1968 August 1, 1969 August 1, 1970 August 1, 1971 August 1, 1972 August l, 1973 August 1, 1974 August 1, 1975 August l, 1976 AMOUNTS $ 1,000 1,000 1,000 1,000 1,000 1,000 1,000 ·1,000 1,000 1,000 1,000 1,000 6,000 5,000 8,000 7,000 6,000 8,000 7,000 8,000 9,000 PROVIDED. HOWEVBR, that the City reserves the right to redee• Bonda Numbered 39 to 76, botn inclusive, (maturing 1n each or the Je&ra 1972 to 1976, both inclusive), 1n whole or in part, on Auguet 1, 1971, or on any interest payment date thereafter, at par and accrued interest; PROVIDED. FURTHER, that 1t leas than all of aa1~ bonds are redeemed on such redemption dates, same shall be redeeme~ 1n inverse numerical order; and PROVIDED, FURTHER, that at least thirty (30) dars prior to any interest payment date upon wh1oh ~ny or ae1d bonds are to be redeemed, notice of redemption, signed ~7 the Oity Secretary (specifying the serial numbers and amount or bonds to be redeemed) shall be published onoe in a f1nanolal Journal of general olrculat1on published in the Oity or New York, New York, and shall have been filed •t·th 1Ja1ted Statea Trust Company. New York, New York and w1th the CITIZENS KATIONAL BANK, LUBBOCK, TEXAS, (the pa11ng agents named in each of sa1a bonds), and ahould any bond or bon~a not be presented tor red•mpt1on pursuant to such notice, the same &hall oeaae to bear 1ntereat rrom and after the date so fixed ror redemption~ SECTION !: Tha,t the said bonds shall bear interest from date until paid at the following rat~e per annum, that 1u to aay -- (a) Bonds Jfumbered ...J.._ to ...J..Q._, both 1ncl.us1 ve, -· - (maturing 1n each or the years ,J.9S6 to J.9R2• both inclusive) shall bear interest at tbe rate ot ~----- -Ti.wwtO'-'ii@~D...:O~~'~~~NE.w.li:i-iiUHA....,LF'.._ ___ PER CEMTUM ( 2t ~) pe:-annum; (b) Bonda Numbered ....u_ to 76 , both incluatve, (maturing ln each of the years 1966 to 1976. both inclusive) ah&ll bear lhterest at the rate or ---- ____ ..,THRE;;;a,a;;;;:.;;E:..-----PER CENTUM ( 3 ~) per annum1 and (c) Bonds Numbered _-!'* to -~· both 1nclua1ve, (maturing 1n each or the years to , both ··1~clueive) shall bear 1ntereat at the rate or ---- auoh 1ntereet to be ev14enced by proper coupons attached to oaoh of said bonds. and said interest aball be payable on February 1, 1952, and semi-annually thereafter on Auguat 1st and February lst in each year. SECTION 21 That both principal of an~ interest on aa1d bonds shall be payable in lawful money or the Unite~ States or America without exchange or collection charges to the owner or bolder, at Vn1te4 Statea_Truat Company. lfew York, New York or at the option ot the bolder at the CITIZENS NATIONAL BANK, LUBBOCK, TBXAS, upon presentation and aurren~er of bonds or proper coupons. §EC'l'lOH 6a 'rhat each ot aald bonda ahall be a1gned by the Mayor and countersigned bJ tbe City Secretary, and the corporate seal or the "CITY OF LUBBOCK, TEXAS" shall be impressed upon each or them. SECTION 11 That the facsimile signatures ot the Mayor and Oity Secretary aay be lithographed or printed on t he interest coupone attached to said bonde, and shall have the same effect as it they had been a1gned by them. SECT!QM 8•-That the form or said bonds shall be substantially aa follows~ No. __ UMITBD STATES OF AMERICA STATE Oi' TEXAS COUHTY OP LUBBOCK . $1,000 CITY OF waBOCltt TEXAS, FIRE STATIO~ BOND, SBRUS 1951-A The CI!Y OP LUBBOCK, a municipal corporation or the State of Texas, aoknowledgea 1taelf indebted to and, POR VALUE RECEIVED, hereby p~omiaaa to pa7 to bearer, the aua of ONE THOUSAND DOLLARS ($1,000) in lawful money of the United States of Amer1ca without exchange or collectton chargea to the owner or bolder, on the ' FIRST DAY OF AUGUST, 19 ___ # with interest thereon from the date hereof until paid at the rate or PER CENTUM ( -) per annum, payable on February 1, 1951, and semi-annually thereafter on August lat and Vebruary lst tn each year, and interest falling due on ~r pr1o~ to maturity hereof is payable only upon presentation and surrender or the interest cou.pons hereto attached as the1 ~everally beoome due. BO~H PRINCIPAL and 1ntereat of th1e bond are hereby made payable at ------------~---------------" or at the option of the holder at the CITIZENS NATIONAL BANK, LUBBOCK~ TEXAS, and for the prompt payment ot this bond and the interest thereon at matur1t~, the rull faith, credit and resources of the Cit¥ ot Lubbock~ Texaa, are hereby irrevocably pledged~ THIS BOND is one or a series of like tenor and effect, except aa to number, 1ntereet rate, maturity and option or prior redemption, numbered consecutively from One {1) to Seventy-six (76)1 botb inclus1ve, in denomination of One Thousand Dollars ($1,000) each, aggregating in amount SEVENft·SIX THOUSAID DOLLARS ($76,000), (betng the second installment ot a total authorized 1aaue of $431,000)~ and issued for the purpose of ma~ng permanent public ~provementa, to-w1tc. constructing, enlarging and improv- ing t1re station buildings and equipping the same in and for said City, under authority or the Constitution and laws or theState of Texas, and pursuant to an ordtnanoe duly adopted by the City Comm1as.1on ot the City ot Lubbock, Texas, and .reo.orded in the Minutes or aa1d City Comm1sa1on. AS PROVIDED in the aforesaid ord1nano$, the City reaerves the r1gbt to redeem Bonds Numbered 39 to 76~ both ( P) inclusive, (maturing in each or the years 1972 to 1976, both 1n- clue1ve)8 in whole or in part, on August 1, 1971, or on any in- terest payment date thereafter, at par and accrued 1nterestJ IROVlDED, FURTHER, that if less than all of said bonds are re- de.emed on any such redeapt1on dates, same ahall be redeemed 1n 1nverae nume~1cal orderJ an4 PROVIDEDj FURTHER. that at least th1rt1 (30) days prior to any interest payment date upon wb1ch any of ea1d bonds are to be redeemed, notice or redemption, signed by the City Secretary (spec1ty1ng the serial numbers and amount or bonds to be "d~emed) shall be published once in a t1n&nc1al 3ournal ot general circulation published in the City of New York, Hew York, an~ shall have been filed with ------------ _____ ...,.... ______ .....__..~--.and w1_th the CITIZENS NATIONAL BANKf LUBBOCK• TBXAS. and ehould any bond or bonds not be presented tor redGmpt1on pursuant to auch ·notice, the sa·me shell aeaae to ~ear interest from and after the date so fixed tor redemption. 1' IS· HEREBY CERTIFIBD, REOiftED AND REPRESENTED that ~ \. the issuance or this bond and the series or which it is a ,part, is duly authorized by law and by a vote of the qualified property taxpaJ1ft8 voters ot thf! City of Lubbock, Texas, voting at an election held tor that purpose w1th1n said City on the 26th day or S~ptember, l950J tbat •11 acts, corld1t1one and. things required to be done precedent to and in the 1aauanoe of tn.1s ser1ea of bonds and or this bond, have been properly done and performed and have happen~d 1n regular and due time, form and manner as required by law; that sutt1cient and proper provisions tor the levy and collection of taxes baa been made which, when collected~ shall be appropriated exclua1vely to the payment of this bond and the $er- 1ea of which it 1s a part, and ' to the payment of the interest coupons thereto annexed as the same ·shall become due; and that the total indebtedness or the C1ty of Lubbock, Texas, 1nolud1ng the entire seriea or bonds or ~h1ch thia is one, doea not exceed any constitutional or statutor,v 11m1tat1on. IN WITNESS WHERBOF, the City ot Lubbock, Texas, by its City Oomm1asl on, baa caused ita corporate aeal to be affixed hereto and th1a bond to be signed bf ita Mayor and countersigned by its CitJ Secreta~y ana the interest eoupona hereto attached to be executed by the lithographed or printed faca1m1le G1gnatures or the Mayor and City Seoretar,J, the date or this bond, 1n conro~ ity "'1th the ordinance above referred to, being the FIRST DAY OF AUGUST, 1951 .. COUH'.l'ERSIONBI> t Mayor, City of Lubbock# Texas City Secretary; City ot Lubbock, Texas S!CTIOft 9s ~hat the torm ot interest coupon shall be substantially as follo.wa: uo. __ OK '.r.H! --DAY O:F -----19_, unless the bQnd to which this coupon pertains ahall have been called for redemption in accordance with ita terms, the CITY OF LUBBOCK~ a •un1c1pal corporation or the State of Texas, hereby proa1aea to pa,-to bcarott, at----------------. -----------~ or at the option ot the holder at the Cl'flZBflS 'NATIONAL DA.NK, LUBBOCK, TEXAS.. the sum ~:f -------DOLLAR& ($. ), in lawful money of the United Statea of America, without exchange o~ collection charges to the owner or holder~ sa1C sum betns months' interest oue that day on the ~ciTY OP LUBBOCK, TE·XAS, !'IRE STATION BOND, SERIES 1951-A", dated August l~ 1951. Bond Number ._...... ___ • City Secretacy i&yor ' J;. ) ~ECTIOH 101 That the following certificate eball be printed on the back of each bondr OPPICB OP COMPTROLLER I STATE OF TEXAS !mOISTER NO. --- I HEREBY CERTIFY that there 1s on tile and of record 1n my oftice a cert1t1cate or the Attorney General of the State ot Texas, to the effect that thia bond has been examine~ by him ao required by law, and that he t1nda that it has. been 1asueo 1n conformity with the Constitution and laws or the State of Texas, and that 1t 1s a valid and binding obl1gat1on upon ea1d City or Lubbock, Te~as, ~nd sa1<S bond baa thla day been registered by me. WITNESS MY HAtiD .A.MD THE SBAL OP MY O.PPICB AT" AUS'l'I.N, TEXAS, ------..-....-· Comptroller of ~ubl1c Account& of tbe State or Texas SECTION ~lt BE IT FURTHER ORDAINED BY '1'HE CI'lY COMMISSION OB ~HI CITY OF LUBBOCKt That a special fund to be designated "CITY OF LUBDOCK, TEXAS, FIRB STA'tiON 130ND1 SERIES 1951-A, PU.ND•' 1 1a hereby createcS, and the proceeds ot all taxes collected for or on account of this ser1ea or bonds shall be credited to said fUnd for the purpose or pa71ng tbe interest on and to provide a sinking tund for the re- demption ot aa1d bonds at maturity: and said tundanall be used tor no other purpose; that; to create aa1d tund and to pay the inter- est on said bon4s and to provide a sinking fund sufficient to redeem them at ma tur1 ty, a tax of PUE-UALF CENTS ( .oo$;) on each one hunared dollars• valuation ot all taxable property in the City or Lubbock, Texas, or such amount as may at all t1meo be .leplly neoeasa·rr, shall be annually levied on sa1d property and annuall7 aeaeaaed and collected until aa1d bonds w1th 1ntereat thereon l¥1ve bean tally paid, and said tax or _o_N_E_-HA_LF ____ _ CENTS ( .~00~) is here now levied for the current year~ and ao much thereof as ahal.l be necessary, or in acldition thereto as may be requ1red, 1B hereby levied for each succeeding year while said bonds, or any or them, are ~~tstand1ng, and the eame Bball be annually.asaesaed and collected and applied only to the purposes n&JMd. SECTION j21 BE IT FURTHER ORDAIHED BY THB CITY COJUUSSION OF TUB CITY OF LUBBOCKa That the Mayor or aa1d 01ty ahal~ be and he 1o hereby autbor12ec1 to take and have charge ot all necessary orders and recorda pen~ing 1nvest1gatlon by the Attorney General or the State ot Texas, and ahall take and have charge and control of the_ bonds here.in authorized pending their approval by tbe ·'Attorney General and their registration b7 tne Comptroller or Public Acoounto. S§CT.IOJ! ~3' U IT FURTHER ORDAINED BY THE CITY COJOUBSION OP TilE CITY 01 LUBBOCKt That th• eale ot the bonds hare1n authorized to -- PHELPS~ FENN AND CO.~ AND ASSOCIATES at ·the p:rice or par and accrued 1ntereat to date or delivery. plus a premium or *--l~_o_N_E _ _, 1s hereby confirmed. Deltvecy or the bonds shall be made to sa1d purchasers as soon as may be after the adoption of this ordinance, upon payment therefor 1n accord- ance with the terms ot sale. SECtiON j4: AND BE IT PURTHER ORDAINED BY THE Cr.t'Y COIMISSlON OF THE CITY OF LOBDOCKa ~ J The publlc importance of this measure, and the tact that 1t ta to the b4st interest of the City to construct. enlarge and lmprove t1re station build1nga and equip tb& same in and for aa1d Otty at the earl1est poss1ble date, for the immediate · preservation of t~e publ1c peace, property .. health. end aarety ot the o1t1aens or the City or Lubbock, constitute and create an emergency and an urgent public necessity requiring that th1a ordinance be paaaed and take e.ffeot ats an emergency measure, and that th1s orcU.nance ia accordingly paeseCJ as an emergency measure and ehall take •trect and be 1n force 1mmeCi1ately after and from tta paasage. 1951. (City Seal) ' CER'fiFICAD OF CI'l'Y SECRETARY THE 8-rATE OF TEXAS CITY 01' LUBBOCK COtnrfY OP LUBBOCK I, THE UNDERSIGNED, C1ty Secretary or the City of Lubbock-'l'e~as. DO H£RBBY CERTIFY that the foregoing 1e a true and correct copy ot an ordinance authorizing the issuance of $76,000 r•errr or LU'BBOCit, TEXAS, F.tfiB STATION :OONDS, SERIES 195.1-A", dated Auguat 1# 19511 adopted by the City Comm.t.ss1on or &aid City on the 12th day or Julz • 1951, (and Minutes perta1n.J.ng to its adoption), said ordinance having been recorded -. in Book 10> , page ~a;t et oeq., of tile Minutes of Ba1d Comm1ea1on, 1M WITNESS WHEREOF, I have hereunto signed my name ott1c1all1 and aTtixed th$ seal or said City, this the 12th day or July, •. • , ,, 1951. (City Seal)