HomeMy WebLinkAboutOrdinance - 1378-1953 - Authorizing The Issuance Of $425,000 Park Bonds - 04/24/195304-;::?!.+~ 1953
ORDINA~ E NO. 1378
AN ORDINANCE AUTHORIZING ISSUANCE OF $425,000
uCITY OF LUBBOCK, TEXAS~ PARK BONDS, ·
SERIES 195311 , DATED JUNE 1, 1953
THE STATE OF TEXAS I
CITY OF LUBBOCK
COUNTY OF LUBBOOK
ON THIS, the "Nt day of 1\~x, \ , 1953~ the City
Commission of the City of Lubbock, Texas, convened in .S~ua ,a.t_
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
MRS. LA VENIA LCME,
MAYOR, Presiding;
C CMMISS I ONERS ,
and
CITY SECRETARY,
amo being present; and with the following absent: LUc. J f\tl
__ :r.-tt~e~iA~h._S'----' constituting a quorum, at which time the
following, among other business, was transacted, to-wit:
Commissioner f!\:p 1\J\..\ ', presented for the consider-
ation of the City Commission an ordinance authorizing the
issuance of "CITY OF LUBBOOK, TEXAS, PARK BONDS, SERIES 1953",
dated June 1, 1953, in the principal sum of $425,000 (being the
second and final parcel or installment of a total voted
author1zation of $625,000 bonds).
The ordinance was read in full by the City Secretary.
Thereupon, C onunis s ioner l> (\ \) }=§ 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 motion was duly seconded by Connnissioner C.Psl\l>£. JJ Tt;~
The motion carried by the following vote:
AYES: Mayor Tripp and Commissioners Cappenter,
Morris, Thomas and Davis.
NOES: None.
Thereupon, Conunissioner f)\ D ~ moved that the
ordinance as read in full by the Clty secretary be finally
passed and adopted by the Commission. This motion was seconded
by Conunissioner h<k'4l \ , 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 Corrunissioners Carpenter,
Morris, ~h i 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. 127? .
"AN ORDINANCE by the City Commission of the City
o~·~Obbock, Texas, authorizing the issuance
of bonds in the principal sum of $425,000
(being the second and final parcel or install-
ment of a total voted authorization of $625,000
bonds), for the purpose of making permanent
public improvements, to-wit: purchasing and/or
improving lands for public parks in and for
said City; prescribing the form of the bonds and
the form of interest coupons; levying a contin-
uing 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.11
WHEREAS~ the City Commission of the City of Lubbock~
Texas 1 on the 5th day of september, 1950, adopted an order
calling an election on the question of the issuance of $625,000
general obligation tax bonds to mature aerially 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 1
payable annually or semi-annually, for the purpose of making
permanent public improvements, to-wit: purchasing and/or
improving lands for public parks in and for said City; and
WHEREAS~ the said election was held pursuant to said
order on the 26th day of SeptemberJ 1950; and
WHEREAS 1 the Commission has heretofore examined into
and investigated the rggularity 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 1 at said election, the qualified voters who
are property taxpayers of the City of Lubbock, voting at said
electi~n, sustained by a majnoity vote the proposition to issue
bonds for purchasing and/or improving lands for public parks in
and for said City; 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~ the City Commission heretofore, to-wit: on
the 28th day of December, 1950, adopted and passed an ordinance
by which $200,000 of the $625,000 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: $425,000~should be issued at a future date or dates
if and whan 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 the unissued balance of such general obliga-
tion tax bonds; and
.J WHEREAS, it is FOUND, DETERMINED AND ADJUDGED that
it is necessary and to the best interest of the City to pro-
vdde funds for the purpose of purchasing and/or improving lands
for public parks 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, PARK BONDS,
SERIES 1953", 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:
purchasing and/or improving lands for public parks in and for
said City, in the principal sum of FOUR HUNDRED TWENTY-FIVE
THOUSAND DOLLARS ($425,000), (being the second and final
parcel or installment of a total voted authorization of
$625,000 bonds).
SECTION 2: That said bonds shall be numbered conse-
cutively from one (1) to Four"~.:Hundred Twenty-five (425), both
inclusive; shall be in the denomination of one Thousand
Dollars ($1,000) each, aggregating the sum of FOUR HUNDRED
TWENTY-FIVE THOUSAND DOLLARS ($425,000).
SEC~IOK a: That said bonds shall be dated June l,
1953, and shall become due and paya~le serially according to
the following schedule:
BOND NUMBERS t.lr11 Inclusive)
1 to 15
16 . to 30
31 to 45
46 to 60
61 to 75
76 to 90
91 to 105
106 to 120
121 to 135
136 to 150
151 to 1~5
166 to 180
3:81 to 195
.
196 to 210
211 to 225
226 to 245
246 to 265
266 to 285
MATURITY DATES
June 1, 1954
June 1, 1955
June 1, 1956
June 1, 1957
June 1, 1958
June 1, 1959
June 1, 1960
June 1, 1961
June 1, 1962
June 1, 1963
June 1, 1964
June 1, 1965
June 1, 1966
June 1, 1967
June 1, 1968
June 1, 1969
June 1, 1970
June 1, 1971
AMOUNTS
$15,000
15, 000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
20,000
20,000
20,000
{Continued)
BOND NUMBERS
(All Inclusive) MATURITY DATES AMOUNTS
286 to 305 June 1, 1971 $20,000
3o6 to 325 June 1, 1972 20,000
a~6 to 345 June 1, 1973 20,000
346 to 365 June 1, 1974 20,000
366 to 385 June 1, 1975 20,000
386 to 405 June 1, 1976 20,000
406 to 425 June 1, 1977 20,000
SECTION 4: That the said bonds shall bear interest
from date until paid at the following rates per annum, that
is to say
(a) Bonds Numbered 1 to ~ both inclusive,
(maturing on June 1st in each of the years 1954 to
I$S 8 , both inclusive) shall bear interest at the rate
of '1"ttngE; 1\fJ-b o!Je;> ..,_1\u: PER CENTUM ( 3 '/Y!J)
per annum;
(b) Bonds Numbered ~ to ~ both inclusive,
(maturing on June lst in each of the years J f.('f to
1111 , both inclusive) shall bear interest at the rate
of _...~T,__:tt~\\a.;:€"_t:.=-'---------PER CENTUM I ~ %)
per annum; and
{c) Bonds Numbered ____ to 425, both inclusive,
(maturing on June 1st in each of the years ____ to
1977, both inclusive) shall bear interest at the rate
of -------------PER CENTUM ( _ ___.J%)
per annum; r
such interest to be evidenced by proper coupons attached to
each of said bonds, and said interest shall be payable on
June 1st and December 1st in each year, the first interest
payment date to be June 1, 1954 .
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 hl t£n o t.>fr\..: ~ ,)-'t la f\:N K" o ~
N-ew 'joB \( , 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 LUBBOOK, TEXAS J', 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 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
CITY OF LUBBOCK, TEXAS, PARK BONDS, 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 to pay 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 JNNE, 19 ___ , with interest thereon from the
date hereof until paid at the rate of PER
CENTUM ( %) per annum, payable on June l, 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
payal[e only upon presentation and surrender of the interest
coupons hereto attached as they severally became due.
BOTH PRINCIPAL and interest of this 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 of this bond and the
interest thereon at maturity, trefuil faith, credit andre-
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, interest rate and maturity, numbered con~
secutively from One (1) to Four Hundred Twenty-five (425), both
inclusive, in denomination of One Thousand Dollars ($1,000)
each, aggregating in amount FOUR HUNDRED TWENTY-FIVE THOUSAND
DOLLARS ($425,000), (being the second and final parcel or in-
stallment of a total voted authorization of $625,000 bonds),
and issued for the purpose of making permanent public improve-
ments, to-wit: purchasing and/or improving lands for public
parks in and for said City, under authority of the Constitution
and laws of the State of Texas, and pursuant to an ordinance
duly adppted 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 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
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 not exceed any constitutional or statutory
limitation.
IN "\lliTNESS WHEREOF, the City of Lubbock, Texas., by i~s
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 confor-mity with the ordinance above referred to, being
the FIRST DAY OF JUNE, 1953.
COUNTERSIGNED:
City Secretary, City of Lubbock,
Texas
Mayor, City of Lubbock, Texas
SECTION 2: 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 1 LUBBOCK1 TEXAS, the sum
of
-------DOLLARS
($ ), in lawful money of the United States of America 1
without exchange or collection charges to the owner or holder1
said sum being months' interest due that day on the ----
"CITY ce LUBBCCK 1 TEXAS 1 PARK BOND, SERIES 1953"~ dated June l1
1953. Bond No. ---·
City Secretary Mayor
SECTION 10: That the following certificate shall be
printed on the back of each bond:
REGISTER NO. OFF ICE OF c CMPTR OLLER I· -
STATE OF TEXAS .
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 1 and that it is a valid and binding obligation upon said
City of Lubbock, Texas, and said bond has this day been
registered 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 ORDAINED BY THE CITY
COMMISSION OF THE CITY OF LUBBOCK:
That a special fund to be designated 11 CITY OF LUBBCCK,
TEXAS, PARK 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 purppse; that to create said fund and to pay
the interest on said bonds and to provide a sinking fund
sufficient to redeem them at rnaturi ty, a tax of '[ t\-\3. e; E'
-------CENTS ( ...3 ¢) on each one hundred dollars '
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
collected until said bonds with interest thereon have been
fully paid·, and sa~d tax 0~ __ :r~\:\..r..B~~~~::.-....:t::.=-------CENTS
( .2 ¢), or so much thereof as shall be necessary, or in addi-
tion thereto as may be required, is hereby levied for the cur-
rent 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 afore-
said specific rate of tax shall be construed or considered as
the levy of an insufficient rate for the bonds herein author-
ized, and the City Commission hereby declares its purpose and
intent to provide and levy a tax fully and legally sufficient
for sue~ bonds, it having been determined that the existing and
available taxing authority of the city for such purpoee 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 LUBBCCK:
•
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
Attorney General and their registration by the Comptroller of
Public Accounts.
SECTION 13: AND BE IT FURTHER ORD.AIINED BY THE CITY
COMMISSION 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 purchasing and/or improving lands for
public parks in and for said City at the earliest possible
date, for the immediate preservation of the public peace, pro-
perty, 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 immediately after and from
its passage.
PASSED AND APPROVED, this the -x+ day of ~)=t I ,
1953.
ATTEST:
(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
Lubbock, Texas, DO HEREBY PERTIFY that the foregoing is a
true and correct copy of an ordinance authorizing the issuance
of $425,000 nCITY OF LUBBOCK, TEXAS, PAR~ BONDS, SERIES 1953",
dated June 1, 1953, adopted by the City Commission of said
City on the '\.t day of ll?'r' \ , 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 y*
day of ~t'\ , 1953.
City Secr~City~bock,
Texas
{City Seal)