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HomeMy WebLinkAboutOrdinance - 1375-1953 - Authorizing The Issuance Of $100,000 Public Library Bonds. - 04/24/1953, 0.1+-~ 4-1953 ORDINANCE NO. 1375 AN ORDINANCE A UTHCRIZING ISSUANCE OF $100,000 11CITY OF LUBBOCK, TEXAS, PUBLIC LIBRARY BONDS, SERIES 195311 , DATED JUNE 1, 1953 THE STATE OF TEXAS I CITY OF LUBBOCK COUNTY OF LUBBOCK ON THIS, the J.t day of A~\-,\ , 1953, the City C onunission of the City of Lubbx:?ck, Texas, convened in .S p ee,\,._1 session, at the regular meeting place thereof in the City Hall, there being present and in attendance the following members, to-wit: MURRELL R. TRIPP, HURLEY CARPENTER l HARRY MORRIS\ ~~ L. E. DAVIS and MAYOR, Presiding; COMMISSIONERS, CITY SECRETARY, also being present; and with the following absent: L \10 , A tJ __ Jr~kt~o~M~•--s~----' constituting a quorum, at which time the following, among other business, was transacted, to-wit: Commissioner M gS\ i \~ presented for the considerF- ation of the City Commission an ordinance authorizing the issuance of "CITY OF LUBBOCK, TEXAS, PUBLIC LIBRARY BONDS, SERIES 1953", dated June 1, 1953, in the principal sum of $100,0~0 {being the second parcel or installment of a total voted authorization of $500,000 bonds). The ordinance was read in full by the City Secretary. Thereupon, Commissioner h A tJ \~ 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 inotion was duly seconded by Commissioner c. AR!i: \fi€'.1\ The motion carried by the following vote: NOES: None. Thereupon, Commissioner "'"'o Rl\b> 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 J>&\Jk!> , and the motion, carrying with it the final passage and adoption of the ordinance, was unanimously carried by the following vote: AYES: Mayor Tripp and Commissioners Carpenter, Morris, ~and Davis. 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:' NO. 1175 "AN ORDINANCE by the City Conmission of the City of Lubbock, ~a, authorizing the issuance of bonds in the principal sum of $100,000 (being the second pa~cel or installment of a total voted authorization or $500,000 bonds), for the purpose of erecting, constructing, equipping and maintaift- ing a public library building in the City of Lub- bock; prescribing the form of the bonds and the form of interest coupons; levying a continuing direct annual ad valorem tax on all taxable proper- ty within the limits of said City to pay the interest on said bonds and to create a sinking fund for the redemption thereof, and providing .. for the assessment and collection of such taxes; enacting the provisions incident and relating to the purpose and subject of this ordinance; and declaring an emergency.n WHEREAS, the City Commission of the City of Lubbock, Texas, on the 25th day of April, 1947, adopted an order cal~ing an election on the question of the issuance of $500,000 general obligation tax bonds to mature aerially over a period of years not to exceed twenty-five (25) years from their date, and bear- ing interest at a rate of not ·exceeding 3-1/~ per annum, pay- able annually or semi-annually, for the purpose of erecting, constructing, equipping and maintaining a public library building in the City of Lubbock; and WHEREAS, the said election was held pursuant to said order on the 24th day of May, 1947; 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 erecting, constructing, equipping and maintain- ing a public library building in the City of Lubbock; 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, passed and adopted an ordinance by which $300,000 of the $500,000 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: $2oo,'ooo, 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 purposes 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 $200,000, as aforesatd, and that $100,000 is the amount of bonds now desired to be issued, and that the remaining amount of said bonds, to-wit: $100,000, 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 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 provide ·funds for the purpose of erecting, constructing, equipping and maintaining a public library building in the City of Lubbock 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 LUBBOOK# TEXAS, PUBLIC LIBRARY BONDS, SERIES 1953", be issued under and by virtue of the Constitution and laws of the state of Texas for the purpose of erecting, constructing, equipping and maintaining a public library building in the City of Lubbock, in the principal sum of ONE HUNDRED THOUSAND DOLLARS ($100 ,000), (be.ing the second parcel or installment of a total voted authorization of $500,000 bonds) • SECTION 2: That said bonds shall be numbered consecutively from one (1) to One Hundred {100), both inclusive; shall be in the denomination of One mHousand Dollars ($1,000) each, aggregating the sum of ONE HUNDRED THOUSAND DOLLARS ($100 ,000). SECTION 3: That said bonds shall be dated June 1, 1953, and shall become due and payable serially according to the following schedule: BOND NUMBERS (All Inclusive) MATURITY DATES AMOUNTS 1 to 5 June 1, 1973 $ 5,000 6 to 55 June l, 1974 50,000 56 to 100 June 1, 1975 45,000 SECTION 4: That the said bonds shall bear interest from date until paid at the following rates per annum, that is to say -- II (a) Bonds Numbered 1 to ~~ both inclusive~ (maturing on June 1st in each of the years 1973 to ~ both inclusive) shall bear interest at the rate of 'r \t\\,E \$' PER CENTUM ( -3 %) per annum; and (b) Bonds Numbered to 100, both inclusive, (maturing on June 1st in each of the years l97 __ :to 197 , both inclusive) shall bear interest at the rate of PER CENTUM ( %) per annum; such interest to be evidenced by proper coupons attached to each of said bonds, and said interest shall ~e payable on June 1~ 1954, and semi-annually thereafter on December 1st and June 1st 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 Nf\,.,o ~fa\.-t.ftj 2>~~'' o'= NEW 'f -o RK' 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 "CITY OF LUBBOCK, TEXAS'! shall be im- pressed upon each of them. SECTION 7: That the facsimile signatures of the Mayor and City secretary may be lithographed or printed on the inter- est coupons attached to said bonds, and shall have the same effect as if they had been signed by them. ·. 7 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, PUBLIC LIBRARY BOND, SERIES 1953 $1,000 The CITY OF LUBBOCK, A municipal corporation of the state of Texas, acknowledges itself indebted to and, FOR VALUE RECEIVED, hereby promises topay to bearer, 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 JUNE, 19 ___ , with interest thereon from the date hereof until paid at the rate of --~THR~E~E~---PER CENTUM ( 3 .%) per annum, payable on June 1, 1954, and semi-annually thereafter on December 1st and June 1st 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 ClrTY BANK OF NEW YORK,NEW YORK or at the opiton of the holder at the CITIZENS NATIONAL BANK, LUBBOCK, TEXAS, AHd for the prompt payment of this bond and the intergst 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 and maturity, numbered consecu- tively from One (1) to One Hundred (100), both inclusive, in denomination of One Thousand Dollars ($1,000) each, aggregating in amount ONE HUNDRED THOUSAND DOLLARS ($100,000), (being the second parcel or installment of a total voted authorization of $500,000 bonds), and issued for the purpose of erecting, con- 1 structing, equipping and maintain~g a public library building in the City of Lubbock, 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 REPRESENTED that the issuance of this bon~ and the series of which it is a part, is duly authorized by law and by a vote of the qualified proper- ty taxpaying voters of the City of Lubbock, Texas, voting at an election held for that purpose within said City on the 24th day of May, 1947; that all acts, conditions and things required to be done precedent to and in the issuance of this series of bonds and or 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 ~h1ch, when collected, shall be appropriated exclusively to the payment of thds 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, including the entire series of bonds of which this is one, does npt 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 counter- signed 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 June, 1953. 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: ON THE ---DAY OF _____ , 19_, NO. the CITY OF LUBBOCK, a municipal corporation of the State of Texas, hereby promises to pay to bearer, at the -------------- ------------------------------------' 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 11CITY OF LUBBOCK, TEXAS, PUBLIC LIBRARY BONDS, SERIES 195311 , dated June 1, 1953. 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 regis- tered by me • TEXAS, WITNESS MY HAND AND THE SEAL OF MY OFFICE AT AUSTIN, Comptroller of Public Accounts of the State of Texas SECTION ll: BE IT FURTHER ORDAINED BY THE CITY C(JJ!MISSION OF THE CITY OF LUBBOCK: That a special fund to be designated "CITY OF LUBBOOK, TEXAS.. PUBLIC LIBRARY BOND, SERIES 1951 , FUND" , is here by 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 __ _.l)_\,)11.,;£--_ri~,.,.k~\=-=.__ __ CENTS ( 'l v ¢) on each one hundred dollars' valuation of all taxable property in the City of Lubbock, Texas, or such amount as may at 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 fully paid, and said tax of o ale--\t trk p CENTS { '/y ¢ ), ~~ so much thereof as shall be necessary, or in addition thereto as may be required, is hereby levied for the current year and each succeeding year while said bonds, or any of them, are outstanding~ and the same shall be annually assessed and collected 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 insufficient rate for the bonds herein authorized~ and the City Commission hereby declares its purpose and intent to provide and levy a tax tully 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 outstanding obligations. SECTION 12: BE IT FURTHER ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK, TEXAS: That the Mayor of said City shall be, and he is herepy 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 Attorney General and their registration by the Comptroller of Public Accounts . SECTION 13: AND BE IT FURTHER ORDAINED BY THE CITY CCMMISSION OF THE CITY OF LUBBOCK: That the public importance of this measure, and the fact that it is to the best interest of the City to provide funds for the purpose ·of erecting, constructing, equipping and maintaining a public library building in the City of Lubbock at the earliest possible date, for the immediate preservation of the public peace, property, health and safety of the citizens of the City of Lubbock3 constitute and create an emergency and an urgent public necessity requiring that this o~dinance 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 1 this the ).. 'f day of A'$?""' f 1953. ATTEST: Cit of Lubbock., (City seal) •. I THE STATE CITY OF COtJNTY OF CERTIFICATE OF CITY SECRETARY OF TEXAS I LUBBOCK 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 $100,000 "CITY OF LUBBOCK, TEXAS, PUBLIC LIBRARY BONDS, SERIES 1953", dated June 1, 1953, adopted by the City Commission of said City on · the ""* day of Avk' \ , 1953, (and Minutes pertaining to its adoption), said ordinance having been recorded in Book ____ , page _____ 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 ..... \ , 1953. Cit of Lubbock, (City seal)