Loading...
HomeMy WebLinkAboutOrdinance - 1207-1952 - Authorizing Issuance Of $1,776,000 Water, Sewer,And Electric Light Bonds - 04/24/1952r ot+-::.z.L+-\..9"5:2.. ORDINANCE NUMBER 1207 AN ORDINANCE AUTHORIZING ISSUANCE OF $1,776,000 nCITY OF LUBBOCK, TEXAS, WATER, SEWER AND ELECTRIC LIGHT BONDS, SERIES 1952", DATED JUNE 1, 1952 THE STATE OF TEXAS CITY OF LUBBOCK COUNTY OF LUBBOCK I ON THIS, the 24th day of April, 1952, the City Com- mission of the City of Lubbock, Texas, convened in regular session at the regular meeting place thereof in the City Hall, with the following members thereof, to-wit: MURRELL R. TRIPP, LUCIAN THOMAS, l L. E. DAVIS, MAYOR, Presiding; HARRY MORRIS, HURLEY CARPENTER, MRS. LA VENIA LOWE, and COMMISSIONERS, CITY SECRETARY, present, and the following absent: constituting a quorum, when among other proceedings had were the following: Commissioner Mor~., presented for the con---------- sideration of the City Commission an ordinance authorizing the issuance of "CITY OF LUBBOCK, TEXAS, WATER, SEWER AND ELECTRIC LIGHT BONDS, SERIES 1952", dated June 1, 1952, in the principal sum of $1,776,000, (being the third installment of a total authorized issue of $6,058,000). The ordinance was read in full by the City Secretary. Thereupon, Connuissioner · 1b~ 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 pro- posed ordinance, that the same be declared an emergency measure. This motion was duly seconded by Commissioner ---~~~~~----­ The motion carried by the followingwte! AYES: Commissioners Thomas, Davis, Morris, and Carpenter, and Mayor Tripp. NOES: None. Thereupon, Commissioner --~Oa~~~~t~e~~-------moved that the ordinance as read in full by the City Secretary be finally passed and adopted by the Commission. This motion was se- conded by Commissioner ----~~~~----------' and the motion, carrying with it the final passage and adoption of the or- dinance, was unanimously carried by the following vote: AYES: Commissioners Thomas, Davis, Morris, and Carpenter, and Mayor Tripp. Thereupon, the Mayor announced that the ordinance had been finally passed and adopted by unanimous vote 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 Commissi on. The ORDINANCE is as follows: ORDINANCE NUMBER ~.({1 " AN ORDINANCE by the City Commission of the City of Lubbock, Texas, authorizing the issuance of bonds in the principal sum of $1,776,000, (being the third 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 re- pairs to the City's Waterworks System, Sanitary Sewer System and Electric Light System; pres- cribing 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 bo.nds and to create a sinking fund for the redemption thereof, and providlng for the assess- ment and collection of such taxes; enacting the provisions incident and relating to the purpose and subject of this ordinance; and declaring an emergency. 11 WHEREAS, the City Commission of the City of Lubbock, Texas, on the 5th day of September, 1950, adop~ed an o~der calling an election on the question of the issuance of $2,696,000 general obligation tax bonds to mature serially over a period or·years not to exceed thirty ( 30) years from their date, and bearing interest at a rate of not exceeding 3-1/2% per annum, payab:J_e annually or semi-annually, for the purpose of making permanent ~ublic improvements, to-wit: constructing improvements, enlargements, extensions 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 or years not to exceed thirty (30). years from their date, and bearing interest at a rate of not exceed- ing 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 re- pairs to the Cityrs Sani tary Sewer System; and WHEREAS, on the same day and by the same order, the City Commiasio.n 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 bearin~ 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 Electric Light System; and WHERmnS, 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 elec- tion, sustained by a majority vote the proposition to issue bonds for constructing improvements, enlargements, extensions and repairs to the City's Waterwenks System; and WHEREAS, at said election, the qualified voters who are property taxpayers of the City of Lubbock, voting at said elec- tion, sustained by a majority vote the proposition to issue bonds .f'or 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 elec- tion, sustained by a majority vote the proposition to issue bonds for constructing improvements, enlargements, 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 deter- mining the specific authority of the City to issue said general obligation tax bonds; and WHEREAS, said above-mentioned election authorized that all bonds of the three series hereinabove mentioned are to be issued as one series of general obligation tax bonds; and WHEREAS, the City Commission heretofore, to-wit: on the 28th day of December, 1950, adopted and passed an or- dinance by which $1,824,000 of the $6,058,000 bonds voted as aforesaid were authorized and issued, it being determined by the City Commission at that time that the remaining amount of said bonds, to-wit: $4,234,000, should be issued at a future date or dates if and when in the judgment of the City Commission of said City, the said additional bonds are needed by the City for the purpose for which such indebtedness was authorized; and WHEREAS, the City Commission heretofore, to-wit: on the 12th day of July, 1951, adopted and passed an ordinance by which $2,313,000 of the $4,234,000 bonds remaining un- r issued of the $6,058,000 bonds voted as aforesaid, were authorized and issued, it being determined by the City Com- mission at that time that the remaining amount of said bonds, to-wit: $1,921,000, should be issued at a future date or dates if and when in the judgment of the City Commission of said City, the said additional bonds are needed by the City for the purpose for which such indebtedness was authorized; and WHEREAS, it being now determined by the City Commis- sion that it is not desired at this time to issue all of the bonds remaining unissued in the amount of $1,921,000, as afore- said, and that $1,776,000 is the amount of bonds now desired to be issued, and that the remaining amoWlt of said bonds, to-wit: $145,000, shall be issued at a future date or dates, if and when in the judgment of the City commission of said City, the said additional bonds are needed by the City for the purpose 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 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 pre- servation 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: 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 1952", be, and same are hereby issued-under and by virtue of the Constitution and laws of the State of Texas, for the purpose of making permanent ~uelic improvements, to-wit: constructing improvements, enlargements, extensions and repairs to the City's waterworks System, Sani- tary Sewer System and Electric Light System, in the principal sum of ONE MILLION, SEVEN HUNDRED SEVENTY-SIX THOUSAND DOLLARS ($1J776,000), (being the third installment of a total authoriz- ed issue of $6,058JOOO). --. SECTION 2: That said bonds shall be numbered conse- cutively from One (1) to One Thousand Seven Hundred Seventy- Six (1776), both inclusive; shall be in the denomination of One Thousand Dollars {$1,000) each, aggregating the sum of ONE MILLION SEVEN HUNDRED SEVENTY-SIX THOUSAND DOLLARS ($1, 776,000). SECTION 3: That said bonds shall be dated June 1, 1952, and shall become due and payable serially according to the following schedule: BOND NUMBERS (All Inclusive) MATURITY DATES AMOUNTS 1 to 46 June l, 1953 $46,000 47 to 91 June 1, 1954 45,000 92 to 141 June 1, 1955 50,000 142 to 191 June 1, 1956 50,000 192 to 246 June 1, 1957 55,000 247 to 301 June 1, 1958 55,000 302 to 356 June 1, 1959 55,000 357 to 416 June 1, 1960 60,000 417 to 476 June 1, 1961 60,000 477 to 536 June 1, 1962 60,000 537 to 601 June 1, 1963 65,000 602 to 666 June 1, 1964 65,000 667 to 736 June l, 1965 10,000 737 to 811 June 1, 1966 75,000 812 to 886 June 1, 1967 75,000 887t o. 961 June 1, 1968 75,000 962 to 1041 June l, 1969 80,000 1042 to 1121 June 1, 1970 80,000 1122 to 1206 June l, 1971 85,000 1207 to 1296 June 1, 1972 90,000 1297 to 1386 June 1, 1973 90,000 1387 to 1481 June 1, 1974 95,000 1482 to 1576 June 1, 1975 95,000 1577 to 1676 June 1, 1976 100,000 1677 to 1776 June 1, 1977 100,000; PROVIDED, HOWEVER, that the City reserves the right to redeem Bonds Numbered 1297 to 1776, both inclusive (maturing in each of the years 1973 to 1977, both inclusive), in whole or in part, on June l, 1972, or on any interest payment date thereafter, at par and accrued interest; PROVIDED, FURTHER, that if less than all of said bonds are redeemed on any such redemption dates, same shall be redeemed in inverse numerical order; and PROVIDED, FURTHER, that at least thirty (30) days prior to any interest payment date upon which any of said bonds are to be redeemed, notice of redemption, signed by the City Secretary, (specifying the serial numbers and amount of bonds to be re- deemed) shall be published once in a financial journal of general circulation published in the City of New York, New York, and shall have been filed with THE NATIONAL CITY BANK OF NEW YORK, NE\llf YORK, NEW YORK, and with the CITIZENS NATIONAL BANK, LUBBOCK, TEXAS, (the paying agents named in each of said bonds), and should any bond or bonds not be presented for redemption pursuant to such notice, the same shall cease to bear interest from and after the date so fixed for redemption. 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 246, both inclusive, (maturing in each of the years 1953 to 1957, both in- clusive,) shall bear interest at the rate of THREE AND ONE-HALF PER CENTUM (3-1/2%) per annum; (b) Bonds Numbered 247 to 961, both i.nclusive, (maturing in each of the years 1958 to 1968, both in- clusive) shall bear interest at the rate of TWO AND ONE- FOURTH PER CENTUM (2-1/4%) per annum; and I \ (c) Bonds Numbered 962 to 1776, both inclusive, (maturing in each of the years 1969 to 1977, both in- clusive) shall bear interest at the rate of TWO AND ONE- HALF PER CENTUM (2-1/2%) per annum,; Such interest to be evidenced by proper coupons attached to each of said bonds, and said interest shall be payable on December 1, 1952, and semi-annually thereafter on June lst and December 1st in each year. SECTION 5: That both principal of and interest on said bonds shall be payable i n lawful money of the United states of America, without exchange or collection charges to the owner or holder, at THE NATIONAL CITY BANK OF 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 corporate seal of the 11 CITY OF LUBBOCK, TEXAS" shall be impress- ed on each of them. SECTION 7: That the facsimile signatures of the Mayor and City Secretary may be lithographed or printed on the in- terest 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, WATER, SEWER AND ELECTRIC LIGHT BOND, SERIES 1952 - 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, with- out exchange or collection charges to the owner or holder, on the FIRST DAY OF JUNE, 19 ____ , with interest thereon from the date hereof until paid at the rate of PER CENTUM ( %) per annum, payable on December 1, 1952, and semi-annually thereafter on June lst and December lst in each year, 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 NATIONAL CITY BANK OF NEW YORK, 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 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, maturity and option of prior redemption, numbered consecutively from One (1) to One Thousand Seven Hundred Seventy-six (1776), both inclusive, in denomination of One Thousand Dollars ($1,000) each, aggregating in amount ONE MILLION SEVEN HUNDRED SEVENTY-SIX THOUSAND DOLLARS ($1,776,000), (being the third installment of a total authorized issue of $6,058,000), and issued for the purpose of making permanent public improvements, to-wit: constructing improvements, enlargements, extensions and repairs to the Cityrs 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. AS PROVIDED in the aforesaid ordinance, the City re- serves the right to redeem Bonds Numbered 1297 to 1776, both inclusive (maturing in each of the years 1973 to 1977, both inclusive), in whole or i n part, on June 1, 1972, or on any interest payment date thereafter, at par and accrued interest; PROVIDED, HOWEVER, that if less than all of said bonds are re- deemed on any such redemption dates, same shall be redeemed in inverse numerical order; and PROVIDED, FURTHER, at least thirty (30) days pri or to any interest payment date upon which any of said bonds are to be redeemed, notice of redemption, signed by the City Secretary, (specifying the serial numbers and amount of bonds to be redeemed) shall be published once in a financial journal of general circulation publi shed in the City of New York, New York, and shall have been filed with THE NATIONAL CITY BANK OF NEW YORK, NEW YORK, NEW YORK, and with the CITIZENS NATIONAL BANK, LUBBOCK, TEXAS, and should any bond or bonds not be presented for redemption pursuant to such notice, the same shall cease to bear interest from and after the date so fixed for redemption. IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the issuance of thts bond and the series of which it is a part, is duly authori~ed 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 re- qui red to be done precedent to and in the issuance of this series or bonds and of ·~~bond, have been properly done and I performed and have happened in regular and due time, form and manner as required by law; that sufficient and proper provi- sions 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, i .ncluding 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 Ci ty Connnisaio.n, has caused its corporate seal to be affixed hereto, and this bond to be signed by its Mayor and countersigned by ita City secretary, and the interest coupons hereto attached to be executed by the lithographed or printed facsimile signa- tures of the Mayor and City Secretary; the date of this bond, in conformity with the ordinance above referred to, being the FIRST DAY OF JUNE, 1952. Mayor, city of Luobock, Texas COUNTERSIGNED: City ~e'cretaz-Y, City of Luo'6oc1<:, Texas. SECTION 9: That the form0of interest coupons shall be substantially as follows: NO. ON THE __ DAY OF 19_ unless the bond to which this coupon pertains has been called for redemption in accordance with its terms, the CITY OF LUBBOCK, a municipal corporation of the State of Texas, hereby promises to pay to bearer, at THE NATIONAL CITY BANK OF NEW YORK, 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, ---- wi thout exchange or collection charges to the owner or holder, said sum being months' interest due that day on the ----- "CITY OF LUBBOCK, TEXAS, WATER, SEWER AND ELECTRIC LIGHT BOND, SERIES 1952", dated June 1, 1952. Bond No. City Secretary Mayor SECTION 10: That the following certificate shall be printed on the back of each bond: OFFICE OF COMPTROLLER STATE OF TEXAS I 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 i t is a valid and binding obligation upon said City of Lubbock, Texas, and said bond has this day been re- gistered by me. Texas, WITNESS MY HAND AND THE SEAL OF MY OFFICE at Austin, SECTION 11: Comptroller of Public Accounts or the State of Texas. BE IT FURTHER ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK: ' \ .. That a special fund to be designated "CITY OF LUBBOCK, TEXAS, WATER, SEWER AND ELECTRIC LIGHT BOND, SERIES 1952~' FUND 11 , 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; ~nd said fund shall be used for no other purpoaej 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 ~E~IG=HT=-~A~ND~O~NE~-~HA-LF=-----CENTS (8-1/2 ¢) on each one hundred dollars' valuation of all taxable property in the City of Lub- bock, or such amount as may at all times be legally neeessary, 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 EIGHT AND ONE-HALF CENTS (8-l,f:fo¢: ) . or so much thereof as shall be necessary, or in addition thereto as may be required, is hereby levied for the current year and for each succeeding year while said bonds, or any of them, are outstanding, and the same shall be annually assessed and collect- ed and applied exclusively to the purpose named. No mistake -- in the computation or insertion of the aforesaid specific rate of tax shall be construed or considered as the levy of an in- suffici ent rate for the bonds herein authorized, and the C~ty Commisal on hereby declares its purpose and intent to provide and levy a tax fully and legally sufficient for such bonds, it having been determined that the existing and available taxing authority of the city for such purpose is adequate to permit a legally sufficient tax in consideration of all other outstand- ing obli gations. SECTION 12: BE IT FURTHER ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK: That the Mayor of said Ci ty 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 of Texas, and shall take and have charge and control of the bonds herein authorized pending their approval by the Attor.ney General and their registration by the Comptroller of Public Accounts. SECTION 13: BE IT FURTHER ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK: That the sale of the bonds herein authorized to PHELPS, FENN AND COMPANY, NEW YORK, NEW YORK, and ASSOCIATES, at the price of par and accrued interest to date of delivery plus a premium of $ , is hereby confirmed. Delivery of the bonds shall be made to said purchasers as soon as may be after the adoption of this ordinance, upon payment therefor in accordance with the terms of sale. SECTION 14: 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 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 pre- servation 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 imme- diately after and from its passage. PASSED AND APPROVED, this the 24th day of April, 1952. Texas ATTEST: 144' & C!tr Secr~'iryi~ ot Lubbock, Texas. (City Seal) ' ., .. CERTIFICATE OF CITY SECRETARY THE STATE OF TEXAS 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 $1,776,000 "CITY OF LUBBOCK, TEXAS, WATER, SEWER AND ELECTRIC LIGHT BONDS, SERIES 1952", dated June 1, 1952, adopted by the City Commission of said City on the 24th ~ay of April, 1952, (and Minutes pertaining to its adoption), said ordinance having been recorded in Book 10 , page 540 et seq., of the Minutes of said Com- mission. IN WITNESS WHEREOF, I have hereunto signed my name officially and affixed the seal of said City, this the 24th day of April, 1952. ~fl. 1 ~ w 11,1 cit~cretary, ~r Lubbock, Texas. (City Seal)