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HomeMy WebLinkAboutOrdinance - 1379-1953 - Issuance Of $113,000 Street Lighting Bonds - 04/24/19536Lt-~4-I .9S3 CR DINA NCE NO . 1 379 AN ORDINANCE AUTHORIZING ISSUANCE OF $113,000 11CITY OF LUBBOCK, TEXAS, STREET LIGHTING BONDS, SERIES 1953", DATED JUNE 1, 1953 THE STATE OF TEXAS I CITY OF LUBBOCK COUNTY OF LUBBOCK ON THIS, the 'V'f day of A):>t t \ , 1953, the City Commission of the City of Lubbock, Texas, convened in. ________ _ session, at the regular meeting place t hereof in the City Hall, there being present and in attendance the following members, to-wit: MURRELL R. TRIPP 1 .. HURLEY CARPENTER HARRY MORRIS Weh\H 'f'H9MAS L. E .. DAVIS MAYOR, Presiding; l COMMISSIONERS, and CITY SECRETARY, also being present; and with the following absent: __________ __ \...u c:.. t Ax\< :r \A..o_. ...... _~ , constit uting a quorum, at which time the following, among other business, was transacted,to-wit: Commissioner ~ ~ presented for the con- sideration of the City Commission an ordinance authorizing the issuance of "CITY OF LUBBOCK, TEXAS,. STREET LIGHTING BONDS,. SERIES ~953, dated June l, 1953, in the principal sum of $113,000 (being the second and final parcel or installment of a total voted authorization of $188,000). The ordinance was read ~n full by the City Secretary. Thereupon, Commissioner --~---~-v~~-~~--------~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 following vote: AYES: Mayor Tripp and Commissioners Carpenter, Morris, ~owaw and Davis. NOES: None. Thereupon, Commissioner --~~~.P~~_..·~~--~moved that the ordinance as read in full by the City Secretary be finally passed and adopted by the Commissioner. This motion was second- ed by Commissioner ----~.--~~~-~-~~-------------' 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, ~nd Davis. NOES: None. Thereupon, the Mayor announced that the ordinance had been finally passed and adopted by unanimous vote of the Comm- ission, in accordance with the requirements of Sections 15, 16 and 11, 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. 1379 "AN ORDINANCE by the City Commission of the City of Lubbo~ Texas, authorizing the issuance of bonds in the principal sum of $113,000, (being the second and final parcel or install- ment of a total voted authorization or $168,000) for the purpose of making permanent public im- provements, to-wit: constructing, installing, extending and impr9ving the City•s Street Lighting System; prescribing _the form of the bonds and the form of interest coupons; levy- ing 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 pro- visions 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 call- ing an election on the question of the issuance of $188,000 general obligation tax bonds to mature serially over a period of years not to exceed thirty (30) years from their date, and bear- ing interest at a rate of not exceeding 3-1/2~ per annum, pay- able annually or semi-annually, for the purpose of making per- manent public improvements, to-wit: constructing, installing, extending and improving the City•s Street Lighting System; 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 or 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, installing, extending and improv- ing the City's Street Lighting System; and WHEREAS, the City Commission has heretofore adopted a resolution declaring the results of said election and determing the specific authority of the City tQ 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 $75,000 of the $188,000 bonds voted as aforesaid were aathorized and issued, it being determined by the City Commissio at that time that the remaining amount of said bonds, to-wit: $113,000, 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 is now found and determined by the City Commission of the City of Lubbock and is its judgment that the unissued balance of said voted amount of bonds, to-wit: $113,000, should now be issued and sold to provide funds for the purpose for whicp such bonds were voted; and WHEREAS, it is now necessary and proper that the City Commission of the City of Lubbock, Texas, proceed with the issuance or 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, install, extend and improve the City•s Street Lighting System at the earliest possible date, for the immediate preservation of the public peace, property, health and safety of the citi- zens 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 LUBBOCX: SECTION 1: That the bonds of the City of Lubbock,Texas, to be known as "CITY OF LUBBOCK, TEXAS, STREET LIGHTING BONDS, SERIES 1953~, to -be issued under and by virtue of the Constitut- ion and laws of the State of Texas for the purpose of making per manent public improvements., to-wit: constructing, installing, extending and improving the Cityts Street Lighting System, in the principal sum of ONE HUNDRED THIRTEEN THOUSAND DOLLARS ($113,000), {being the second and final parcel or installment of a total voted authorization of $188,000). SECTION 2: That said bonds shall be numbered con- secutively from One (1) to One Hundred Thirteen (113), both in- clusive., shall be of the denomination of One Thousand Dollars ($1,000). each, aggregating the sum of ONE HUNDRED THIRTEEN THOUSAND DOLLARS ($113,000). 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, 1976 $ 5,000 6 to 55 June 1, 1977 50,000 56 to 113 June 1, 1978 58,000 SECTION 4: That the said bonds shall mar interest from date until maid at the following rates per annum, that is to say (a) Bonds Numbered 1 to \ l3 , both inclusive, maturing on June 1st in each ot the years 1976 tcy!J~~'~--' both inclusive, shall bear interest at the rate of ___ r~tt .... ~~E:..::~=-------..:PER CENTUM { 3> %) per annum; and (b) Bonds Numbered ______ to 113, both inclusive, maturing on June 1st in each of the years to 1978, both inclusive, shall bear interest at the rate of -------------....:PER CENrUM (_---..~%) per annum; such interest to be evidenced by proper coupons attached to each of said bonds, and said interest shall be payable on June 1st, 1954, and semi-annually thereafter on December lst and June 1st in each year. SECTION ~: 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 to) trTro ~ Ps:v Sl.al--i ~ r\tJ \( o '1=- .... lJ~e....,.w __ 'f......,<>...:Ro.a...a.;\<:..----' 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 impress- ed upon each of them. SECTION 7: That the facsimile signature of the Mayor and City Secretary may be lithographed or printed on the interes coupons attached to said bonds, and shall have the same effect as if they had beensigned by them. SECTION 8: That the form of said bonds shall be sub- stantially as follows: NO. ___ _ UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF LUBBOCK CITY OF LUBBOQJ#TEXAS, STREET LIGHTING BONpA. 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 JUNE, 19 ____ , with interest thereon from the date hereor·until paid at the rate of--------------------------- PER CENTUM ( ____ ~%) per annum, payable semi-annually on December 1st and June lst in each year, the first interest payment date being June l, 1954, 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 be- come due. BOTH PRINCIPAL and interest of this bond are hereby made payable at the 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 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 and maturity, numbered consecutively from One (1) to One Hundred Th~een (113), both inclusive, in denomination of One Thousand Dollars {$1,000) each, aggregating in amount ONE HUNDRED THIRTEEN THOUSAND DOLLARS ($113,000), {being the second and final parcel or installment of a total voted authorization of $188,000 bonds}, and issued for the pur- pose of making permanent public improvements, to-wit: con- structing, installing, extending and improving the City•s Street Lighting 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 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 proper- ty 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 k 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 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 countersign- ed by its City Secretary, and the interest coupons hereto attach ed to be executed by the lithographed or printed facsimile signatures of the Ma~nd City Secretary; the date of this bond, in conformity with the ordinance above referred to, being the lst day of June, 1953. Mayor, City of Lubbock, Texas. COUNI'ERSIGNED: 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 promises to pay to bearer, at ----------------------------------~-------------------------'or at the option of the holder at the CITIZENS NATIONAL BANK~ LUBBOCK1 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 "CITY OF LUBBOCK, TEXAS, STREET LIGHTING BOND, SERIES 1953", 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 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 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 CrrY OF LUBBOCK: That a special fund to be designated "CITY OF LUBBOCK1 TEXAS, STREET LIGHTING 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 bona 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-..-~ .... E"--.._..tt....,f\~L;.....!\--:.__ ____ cENrS (~ 1/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 annual- ly assessed and collected until said bonds with interest there- on have been fully paid, and said tax of f) N e:: H-t\L l=- ___________________ CENTS ( '/~) or 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 insertio 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 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 ~gally sufficient tax in con- sideration of all~her outstanding 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 Texas1 and shall take and have charge and control of the bonds herein authorized pending their approval by the Attorney General and their registratin by the Comptroller of Public Accounts. SECTION l~: 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 provide funds for the purpose of constructing~ installing, extending and im- proving the City's Street Lighting System 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 be in force immediately after and from its passage. PASSED AND APPROVED, this the v t day of J\~t '' , 1953 •. ~y.xas. ATTEST: (Seal) CERTIFICATE OF CITY SECRETARY THE STATE OF TEXAS CITY OF LUBBOCK --COUNTY OF LUBBOCK I, Lavenia Lowe, 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 $113,000 "CITY OF LUBBOCK, TEXAS, STR.EE.n' LIGHTING BONDS, SERIES 1953", dated June 1, 1953, adopted by the City Commission of said · City on the k+ day of !'\~\...' \ , 1953., {and Minutes pertaining to its adoption)_, said ordinance having been recorded in Book ___ , page ___ et seq. I of the Minutes or said Commission. IN WITNESS WHEREOF, I have hereunto signed my name officially and affixed the s·eal or said City, this the }-'k day of A-1?\:-, ' , 1953. CitA-ia or Lubbock, Texas {City Seal)