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HomeMy WebLinkAboutOrdinance - 1208-1952 - Authorizing An Issuance Of $60,000 Fire Station Bonds - 04/24/1952I .~ - 014---24--l9S2. ORDINANCE NUMBER 1208 AN ORDINANCE AUTHORIZING ISSUANCE OF $60,000 "CITY OF LUBBOCK1 TEXAS, FIRE STATION 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 meeeing place thereof in the City Hall, with the following members thereof, to-wit: MURRELL R. TRIPP, LUCIAN THOMAS, l L. E. DAVIS, HARRY MORRIS, HURLEY CARPENTER, AND MRS. LA VENIA LOWE, MAYOR, Presiding; COMMISSIONERS, CITY SECRETARY, None present, and the following absent: -------------------------' constituting a quorum, when among other proceedings had were the following: Commissioner Morris presented for the considera------- tion of the City Commission an ordinance authorizing the issu- ance of "CITY OF LUBBOCK, TEXAS, FIRE STATION BONDS, SERIES 1952", dated June 1, 1952, in the principal sum of $60,000, (being the third install~ent of a total authorized issue of $431, 000). The ordinance was read in full by the City Secretary. Thereupon, Commissioner Thomas moved that ---------------- the rule requiring that no ordinance shall be passed on the day on which it is introduced be suspended, and that i n view of the emergency set forth and defined in the preamble to the proposed ordinance, that the same be declared an emergency measure. This motion was duly seconded by Commissioner Carpenter motion carried by the following vote: AYES: Commissioners Thomas, Davis, Morris and carpenter, and Mayor Tripp. NOES~ None. Thereupon, Commissioner ___ na __ v_i_s ________ moved that The the ordinance as read in full by the City Secretary be finally passed and adopted by the Commission. This motion was seconded by Commissioner ___ K_o_r_ri_s _________ , and the motion, carrying with it the final passage and adoption of the ordinance, was unani- mously carried by the following vote: AYES: Commissioners Thomas, Davis, Morris and carpenter, and Mayor Tripp. 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 Mayor thereupon signed and approved the ordinance in the presence of the Commission. The ORDINANCE is as follows: ORDINANCE NUMBER 1.208 ttAN ORDINANCE by the City Commission of the City of Lubbock, Texas, authorizing the issuance of bonds in the principal sum of $60,000 (being the third installment of a total authorized issue of $431,000 for the purpose of making permanent public improve- ments, to-wit: constructing, enlarging and im- proving fire station buildings and equipping the same 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 withi n the limits of said City to pay the interest on said bonds and to create a sinking fund for the redemption thereof, and pro- viding for the assessment and collection of such taxes; enacting the provisions incident and relati 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 $431,000 general obligation tax bonds to mature serially over a period of years not to exceed thirty (30) years from their date, and aearing 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, enlarging and improving fire station buildings and equipping the same 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 and improving fire station buildings and equipping the same in and for said City; and WHEREAS, the City Commission has heretofore adopted a resolution declaring the results of said election and determin- ing the specific authority of the City to issue said general obligation tax bonds; and WHEREAS, the City Commission heretofore, to-wit: on the 28th day of December, 1950, adopted and passed an ordinance by which $120,000 of the $431,000 bonds voted as aforesaid were authorized and issued, it being determined by the City Commis- sion at that time that the remaining amount of said bonds, to- wit: $311,000, 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 ind~btedness was authorized; and WHEREAS, heretofore, to-wit: on the 12th day of July, 1951, the City Commission adopted and passed an ordinance by which $76,000 of the $311,000 bonds remaining unissued of the $431,000 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: $235,000, 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 indebted- ness 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·1unissued 1n the amount of $235,000, as afore- said, and that $60,000 is the amount of bonds now desired to be issued, and that the remaining amount of said bonds, to-wit: $175,000, shall be issued at a future date or dates, if and when in the judgment of the City Commission of said City, the said aaditional 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 con- struct, enlarge and improve fire station buildings and equip the same 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; 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, FIRE STATION BONDS, SERIES 1952 11 , 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 public improvements, to- wit: constructing, enlarging and improving fire station buildings and equipping the same in and for said City, in the principal sum of SIXTY THOUSAND DOLLARS {$60,000), {being the third installment of a total authorized issue of $431,000). SECTION 2: That said bonds shall be numbered conse- cutively from One {1) to Sixty {60), both inclusive; shall be in the denomination of One Thousand Dollars ($1,000) each, aggregating the sum of SIXTY THOUSAND DOLLARS ($60,000). 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 l to 5 June 1, 1953 $5,000 6 to 10 June 1, 1954 5,000 11 to 15 June l, 1955 5,000 16 to 20 June 1, 1956 5,000 21 to 25 June 1, 1957 5,000 26 to 30 June 1, 1958· 5,000 31 to 35 June l, 1959· 5,000 36 to 40 June 1, 1960 5,000 41 to 45 June 1, 1961 5,000 46 to 50 June 1, 1962 5,000 51 to 55 June l, 1963 5,,000 ' 56 to 60 June l, 1964' 5,.000 SECTION 4: That said bonds shall bear interest from date until paid at the following rates per annum, tha t is to say -- (a) Bonds Numbered 1 to 25, both inclusive, {maturing in each of the years 1953 to 1957, both inclusive), shall bear interest at the rate of TlffiEE AND ONE-HALF PER CENTUM (3-1/2%) per annum; and (b) Bonds Numbered 26 to 60, both inclusive, (maturing in each of the years 1958 to 1964, 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 on December 1, 1952, and semi-annually thereafter on June lst and December lst in each year. SECTION 5: 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 the owner or holder, 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, 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 11 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 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 CITY OF LUBBOCK, TEXAS, FIRE STATION 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 irre- vocably 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 Sixty (60), both inclusive, in de- nomination of One Thousand Dollars ($1,000) each, aggregating in amount SIXTY THOUSAND DOLLARS ($60,000), (being the third installment of a total authorized issue of $431,000), and issued for the purpose of making permanent public improvements, to-wit: constructing, enlarging and improving fire station buildings and equipping the same 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 Commis- s i on 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 authrized 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- - quired to be done precedent to and in the issuance of this series of bonds and of thi s bond, have been properly done and performed and have happened i n regular and due time, form and manner as required by law; that sufficient and proper provisi on 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 pay- ment of the i nterest coupons thereto annexed, as the s ame shall become due; and that the total indebtedness of the City of Lubbock, Texas, including the entire series of bonds of which this is one, does not exceed any constitutional or statutory limitati on. IN WITNESS WHEREOF , the City of Lubbock, Texas, by i ts City Commi ssi on, has caused the corporate sea l of said City to be affixed hereto and this bond to be signed by its Mayor and countersi gned 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 wi th the ordinance above referred to, being the FIRST DAY OF JUNE, 1952. Mayor, city of LubbOCK, Texas COUNTERSIGNED: City Secretary, City of Lubbock, Texas. SECTION 9: 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 promi ses 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, without exchange or collection charges to the owner of holder, said sum being months' interest due that day on the ---- "CITY OF LUBBOCK, TEXAS, FIRE STATION 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 eachbond: 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 it i s a valid and binding obligation upon said City of Lubbock, Texas, and said bond has this day been regis- tered by me. TEXAS, WITNESS MY HAND AND THE SEAL OF MY OFFICE AT AUSTIN, SECTION 11: co~ptroller of Public Accounts of the State of Texas. BE IT FURTHER ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK: ·o "-. That a special fund to be designated "CITY OF LUBBOCK, TEXAS, FIRE STATION BOND, SERIES 1952, 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 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 THREE-QUARTERS CENTS ( 3/4 ¢) on each one hundred dollars 1 ~~~~-=~-=~----. valuation of all taxable property in the City of Lubbock, or such amount as may at all times be legally necessary, shall be annually levied on said property and annually assessed and col- lected, until said bonds with interest thereon have been fully paid, and said tax of THREE-QUARTERS CENTS (3/4 ¢) or so much thereof as shall be necessary, or in addition thereto as may be required, is hereby levied for the currettyear 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- sufficient rate for the bonds herein authorized, and the City Commission heregy 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 auth?rity of the city for such purpose is adequate to permit a legally sufficient tax in consideration of all other out- standing obligations. SECTION 12: BE IT FURTHER ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK: 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 of Texas, and shall take and have charge and control of the bonds herein authorized pending their approval by the At- torney 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 eonds herein authorized to PHELPS, FENN AND COMPANY, OF NEW YORK, NEW YORK, AND ASSOCIATES, at the price of par and accrued int~rest 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, en- large and improve fire station buildings and equip the same 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, 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 ee in force imme- diately after and from its passage. PASSED AND APPROVED, il, 1952. exas (City Seal) / CERTIFICATE OF CITY SECRETARY THE STATE OF TEXAS I CITY OF LUBBOCK COUNTY OF LUBBOCK I, the undersigned, City secretary of the City of Lub•ock, Texas, DO HEREBY CERTIFY that the foregoing is a true and correct copy of an ordinance authorizing the issuance of $60,000 "CITY OF LUBBOCK, TEXAS, FlltE STATION BONDS, SERIES 1952", dated June 1, 1952, adopted by the City Commission of said City on the 24th day of April, 1952, (and Minutes pertaining to its adoption), said ordinance having •een recorded in Book _12_, page 541 et seq., of the Minutes of sai d Commission. IN WITNESS WHEREOF, I have hereunto signed my name officially and affixed the seal of said City, this the 24th day of April, 1952. {City Seal)