HomeMy WebLinkAboutOrdinance - 1377-1953 - Issuance Of $145,000 Water,Sewer, And Electric Light Bonds - 04/24/1953.......
04--c:;)L-1--f.953
ORDINOCE NO . 1377
AN ORDINANCE AUTHORIZING ISSUANCE OF $145JOOO
11CITY OF LUBBOCK, TEXAS, WATER, SEWER AND
ELECTRIC LIGHT BONDS, SERIES 1953 11 ,
DATED JUNE 1, 1953
THE STATE OF TEXAS I
CITY OF LUBBOCK
COUNTY OF LUBBOCK
,f 1 ; 71
ON THIS, the y 't day 6f Apt'\ , 1953, the City
Commission of the City of Lubbock, Texas, convened in ~~epac&._
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, MAYOR, Presiding;
HARRY MORRIS COMMISSIONERS, HURLEY CARPENTER l
!:rOO IAN ~e-
L. E. DAVIS and
MRS. LAVENIA LOWE, CITY SECRETARY,
also being present; and with the following absent: L v c)+M<
_'r~Yv~~~~~~~~~----' constituting a quorum, at which time the
following, among other business, was transacted, to-wit:
Commissioner 1\\:o!\l\l~ presented for the consider-
ation of the City Commission an ordinance authorizing the
issuance of 11CITY OF LUBBOCK, TEXAS, WATER, SEWER AND ELECTRIC
LIGHT BONDS, SERIES 1953", dated June 1, 1953, in the principal
sum of $145,000 (being the fourth and final parcel or install-
ment of a total voted authorization of $6,058,000 bonds).
The ordinance was read in full by the City Secretary.
Thereupon, Commissioner b f\.\l.LS moved that the
rule requiring that no ordinance shall be passed on the day on
which it is introduced be suspended, and thst 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 motion was duly seconded by Conunissioner O.Mtl>t:e~leO\..
The motion carried by the following' vote:
AYES: Mayor Tripp and Commissioners Carpenter,
Morris, TftMIIi and Davis.
NOES: None.
Thereupon, Commissioner I&PR It t~ 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 .bf\'i \? , and the motion, carrying with it
the final passage and adoption of the ordinance, was unani-
mously carried by the following vote:
A YES: Mayor Tripp and Commissioners Carpenter,
Morris, ~nd Davis.
NOES: None.
Thereupon, the Mayor announced that the ordinance had
been finally passed and adopted by unanimous vote of the
Commission, in accoraance 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. 1377
11AN ORDINANCE by the City Commission of the City
of Lubbock, Texas, authorizing the issuance
of bonds in the principal sum of $145,000
(being the fourth and final parcel or install-
ment of a total voted authorization of
/
$6,058,000 bonds), for the purpose of making
permanent public improvements, to-wit: con-
structing improvements, enlargements, exten-
sions and repairs to the City•s Waterworks ~
System, Sanitary sewer System and Electric
~1ght System; prescribing 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 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."
WHEREAS, the City Commission of the City of Lubbock,
Texas, on the 5th day of September, 1950, adopted an order
calling an&ection on the question of the issuance of
$2,696,000 general obligation tax bonds to mature serially
over a period of years not to exceed thirty (30) years from
their date, and bearing interest at a rate of not exceeding
'
3-1/2% per annum, payable annually or semi-annually, for the
puppose of making permanent public 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 of 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 Citys Sanitary Sewer 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 $1,858,000 general obligation tax bonds to mature
serially over a period of years not to exceed thirty ( 30}
years from their date, and bearing intere.st 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
WHEREAS, the said electlon 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 improvements, enlargements, extensions
and repairs to the City's ~aterworks System; and
WHEREAS, at said election, the qualified voters who
are property taxpayers of the City of Lubbock, voting at said
eection, sustained by a majority vote the propoStion to issue
bonds for 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
election, 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
WHEREA~, the City Commission heretofore, to-wit: on
the 28th day of December, 1950, adopted and passed an ordinance
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, shoUd 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 pur-
pose 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 unissued· or-j
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: $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 addi-
tional 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 24th day of April, 1953, adopted and passed an ordinance by
which $1,776,000 of the $1,921,000 bonds remaining unissued 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: $145,000,
should be issued at a future date or dates if and when in the
judgment of the City Commission of said City, the said addi-
tional 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 the unissued balance of such general obliga-
tion tax bonds; and
WHEREAS, it is FOUND, DETERMINED AND ADJUDGED that
it is necessary and to the best interest of the City to pro-
vide funds for the purpose of constructing 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 preservation of the
public peace, property, health and safety or 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 LUBB<X:K, TEXAS, WATER, SEWER AND
ELECTRIC LIGHT BONDS, SERIES 195311 , 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 improvements, enlargements,
extensions and repairs to the City 1 s Waterworks System, Sani-
tary Sewer System and Electric Light System, in the principal
sum of ONE HUNDRED FORTY-FIVE THOUSAND DOLLARS ($145,000),
(being the fourth and final parcel or installment of a total
voted autb~ization of $6,058,000 bonds).
SECTION 2: That said bonds shall be numbered conse-
cutively from One (1) to One Hundred Forty-five (145), both
inclusive; shall·be in the denomination of One Thousand
Dollars ($1,000) each, aggregating the sum of ONE HUNDRED
FORTY-FIVE THOUSAND DOLLARS ($145,000).
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)
1 to 50
51 to 100
101 to 145
MATURITY DATES
June l, 1969
June 1, 1970
June 1, 1971
AMOUNTS
$50,000
50,000
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
(a) Bonds Numbered 1 to ~~ both inclusive,
(maturing on June lst in each of the years 1969 to
~111 , both inclusive) shall bear interest at the rate
of ___ :r__.-~t\: ..... 'S-..-£_E' ______ PER CENTUM ( --3 %)
per annum; and
&
(b) Bonds Numbered ____ to 145, both inclusive,
(maturing on June 1st in each of the years 19 ___ to
1971, both inclusive) shall bear interest at the rate
of -------------PER CENTUM ( _ ___.%)
per annum;
·-such tntet?eat to be evidenced by proper coupons attached to
each of said bonds, and said interest shall be payable on
June 1, 1954, and semi-annually thereafter on December let 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, atll\S. N f"!rTao~ AL-t..•'t'f b"'&=l\
0'\ \Je,.....y=: 'io"""'< , 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 11CITY OF LUBBOCK, TEXAS", shall be 1m-
preased,·upon each of them.
SECTION 1: That the facsimile signatures of the
Mayor and City Secretary may be lithographed or printed on
the interest 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 LUBBOOK
$1,000
-• I ,_
CITY OF LUBBOCK, TEXAS, WATER, SEWER AND ELECTRIC
LIGHT BOND, SERIES 1953
The CITY OF LUBBOC,, a municipal corporation~ the
state of Texas, acknowledges itself indebted to and, FOR VALUE
RECEIVED, hereby promises to pay t~ 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, 195~, 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 TH! NATIONAL CITY BANK OF 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 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 consecutively
from One (l) to One Hundred Forty-five (145), both inclusive,
in denomination of One Thousand Dollars ($1,000) each, ag-
gregating in amount ONE HUNDRED FORTY-FIVE THOUSAND DOLLARS
($145,000), (being the fourth and final parcel or installment
of a total voted authorization of $6,058,000 bonds), and
issued for the purpose of making permant public improve-
menta, to-wit: constructing improvements, enlargements,
extensiorssnd repairs to the City1s 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.
IT IS HEREBY CERTJ:FIED, RECITED AND REPRESENTED that
the issuance of this bond and the series of which it is a part,
is duly authorized by law and by a vote of the qualified pro-
perty 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
required to be done precedent to and in the issuance of this
series of bonds and of 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 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 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 not exceed any constitutional or statutory
limitation.
IN WITNESS ~~EOF, 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 FIRST DAY OF JUNE,l953.
Mayor, City of Lubbock, Texas
COUNTERSIGNED:
City Secretary, City of Lubbock,
Texas
SECTION 9: That the form of interest coupons shall
be substantially as follows:
NO. ON THE __ DAY OF -----19_,
$ __
the CITY OF LUBBOCK, a municipal corporation of the State of
Texas, hereby promises to pay to bearer, at
----------------------~--------' 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 Amer~ca,
without exchange or collection charges to the owner br holder,
said sum being ____ months' interest due that day on the
"CITY OF LUBBOCK, TEXAS., WATER, ~EWER AND EEECTRIC LIGHT BOND,
SERIES 195311 , dated June 1, 1953. Bond No.
City secretary Mayor
SECTION 10: That the following certificate shall be
printed on the back o~ 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 it is a valid and binding obligation upon said
City of Lubbock, Texas, and said bond has this day been re-
gistered by me.
WITNESS MY HAND AND THE SEAL OF MY OFFICE at Austin,
Texas, --------·
Comptroller of Public Accounts
of the State of Texas.
SECTION 11: BE IT FURTHER OODAINED 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 1953, 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
_-o~bo..~h>.........,.~::...---------CENT . (_~LJ> 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 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 _....:0~!\""l ..:E'=--...._-------CENT.
( (¢),or so much thereof as shall be necessary, or in addi-
tion 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 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
~vy 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 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 outstanding obligations.
SECTION 12: BE IT FURTHER OODAINED BY THE CITY
CCMMISSION OF THE CITY OF LUBBOCK:
That the Mayor of said City shall be and he is hereby
authorized to takeand 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 constructing 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 preeervation of the public peace, pro-
pertyJ 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 ~n 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, this the )..± day of A$?t• I
1953.
ATTEST:
Ci
(City Seal}
/
,
-w. • "' •
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS I
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 $145,000 "CITY OF LUBBOCK, TEXAS, WATER, SEWER AND EU1:CTRIC
LIGHT BONDS, SERIES 1953", dated June 1, 1953, adopted by the
City Commission of said City on the vY... day of A~\--' l ,
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 ]k~
day of &?~,\ , 1953.
Ci
{City seal)