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HomeMy WebLinkAboutOrdinance - 1380-1953 - Authorizing The Issuance Of $600,000 Electric Light Bonds - 04/24/1953-- C> 4 -~ 4 -t .95 3 ORDI NANCE NO. 13SO AN ORDINANCE AUTHORIZING ISSUANCE OF $600 ~ 000 "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHr SYSTEM BONDS~ SERIES 1953", DATED JUNE 1, 1953 THE STATE OF TEXAS I CITY OF LUBBOCK COUNTY OF LUBBoCK ON THIS, the ~± day of A ?'t '\ , 1953, the City Commission of the City of Lubbock, Texas, convened in S.f?~;.J), session, at the regular meeting place thereof in the City Hall, there being~resent and in attendance the following members~ to-wit: MURRELL R. TRIPP, HURLEY CARPENTER HARRY MORRIS ~ L. E. DAVIS MRS. LA VENIA LOWE, , MAYOR, Presiding; l COMMISSIONERS, and CITY SECRETARY, also being pre sent; and with the following absent: liJ c. 1 d..s..c ______ :C~~~~=·=·~-~~~~~---------' constituting a quorum, at which time the following, among other business, was transacted, to-wit: Commissioner ~ ' ~ presented for the•consider- ation of the City Commission an ordinance authorizing the issu- ance of "CITY OF LUBBOCK., TEXAS, ELECTRIC LIGHT SYSTEM ~BONDS, SERIES 1953", dated June 1, 1953, in the principal sum of $600,000. The ordinance was read in full by the City Secretary. Thereupon, Commissioner ~\>.-~~»--~------------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 Commissioner ______ __ • The motion carried by the following vote: AYES: Mayor Tripp and Commissioners Carpenter, Morris, ~· s and Davis. NOES: None. . Thereupon, Commissioner M 'J) '>-' ----v 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 --~~~~~~~~L~~--------------' and the motion, carrying with it the final passage and adoption of the ordin- ance, was unanimously carried by the following vote: AYES: Mayor Tripp and Commissioners Carpenter, Morris, Pkama~ 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. 1380 "AN ORDINANCE by the City Commission of the City of Lubbock, Texas, authorizing the issuance of bonds for the principal sum of $600,000, for the purpose of making permanent public improvements, to-wit: constructing improve- ments and extensions to the Cityts Electric Light System; prescribing the form of the (bonds and the form of1 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 21st day of November, 1952, adopted a resolution and order calling an election on the question of the issuance of $600,000~ 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 3-3/4~ per annum, payable annually or semi-annually, for the purpose of making permanent public improvements, to-wit: con- structing improvements and extensions to the City•s Electric Light System; and, WHEREAS, the said election was held pursuant to said resolution and order on the 9th day of December, 1952; 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 the purpose of making permanent public improve- ments, to-wit: constructing improvements and extensions 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, 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 or the City to provide funds for the purpose of constructing improvements and extensions to the City's Electric Light System 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, Texas, and that by virtue thereof this ordinance should be pass- ed and adopted as an emergency measure; therefore BE rr ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK: SECTION l: That the bonds of the City of Lubbock, Texas, to be called "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM BONDS, SERIES 1953n, ·be issued under and by virtue of the Constitution and laws of the State of Texas, and in the principal sum of • SIX HUNDRED THOUSAND DOLLARS ($600,000), for the purpose of making permanent public improvements, to-wit: constructing improvements and extensions to the City•s Electric Light System. SECTION 2: That said bonds shall be numbered con- secutively from One {1) to Six Hundred (600), both inclusive; shall be of the denomination of One Thousand Dollars ($1,000) each, aggregating the sum of SIX HUNDRED THOUSAND DOLLARS ($600,000). 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 65 66 to 130 131 to 195 196 to 260 261 to 325 326 to 390 391 to 455 456 to 520 521 to 585 586 to 600 MATURITY DATES June 1", 1954 June 1, 1955 June l, 1956 June 1, 1957 June 1, 1958 June 1, 1959 June 1, 1960 June 1, 1961 June 1, 1962 June 1, 1963 AMOUNI'S $65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 15,000 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 ~14~ ~ both inclusive, maturing on June 1st in each of the years 1954 to Jt)u"T , both inclusive, shall bear interest at the rate of PER CENTUM ( ~'/)dll) per annum; and (b) Bonds Numbered ~}' b to 600, both inclusive, \ maturing on June lst in each of the years ):1,{j to \qb3 , both inclusive, shall bear interest at the rate of __ J:..a...~.kt...~o.a::Q.~E.:..E _________ ___..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 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 N4.&-f\uT~!.-O_.,N:...c...~Ptu:k::;........;O,w.....z..' T~'f~....;h~.:..:tt~~...~U::...;.;K';;..__n;:::;...;..~---• ___ N __ E_UJ ____ ~~P~l\~\~< _______________ , or at the option of the holder at the CITIZENS NATIONAL BANK, LUBBOCK, TEXAS, upon presentat- . . ion 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 1: That the facsimile signature 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 sub- s~tially as follows: NO •. __ _ UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF LUBBOCK . $1,000 CITY OF LUBBOaK, TEXAS, ELECTRIC LIGHT SYSTEM BOND, SERIES 1953 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 semi-annually on December lst and June lst in each year, the first interest payment date being June 1, 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 --------------------~-------------------# ----------------------------, 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 aeries of like tenor and effect except as to number, interest rate and maturity, numbered con- secutively from One(l ) to Six Hundred (600), both inclusive, - in denomination of One Thousand Dol~s ($1,000) each, aggre- gating in amount SIX HUNDRED THOUSAND DOLLARS ($600,000) and issued for the purpose of making permanent public improvements, to-wit: constructing improvements and extensions to the City•s 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 CERTIFIED, RECITED AND REPRESENI'ED that the issuance or this bond and the series of which it is a part, is dulyButhorized 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 9th day of December, 1952; 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 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 or this bon , in conformity with the ordinance above referred to, being the lst 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: NO. __ _ ON THE ----'DAY OF 19_---- the CITY OF LUBBOCK, a mun~cipal 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 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., ELECTRIC LIGHT SYSTEM BOND, SERIES i953n, 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 REGISTER NO •·----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 or 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. lfiTNESS 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 O:ro>AINED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK: That a special fund to be designated "CITY OF LUBBOCE# TEXAS# ELECTRIC LIGHT SYSTEM BOND., SERIES 1953, 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 sink- ing fund for the redemption of said bonds at maturity; and said fund shall be used for no ~ther 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 ,<)E\IE;~ Y O~E \+(\!..\-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 .S E\l \2 tJ :t o ~ \::. \--tf\\.. ~ CENTS ( 1'/¥1 ) or so much thereof as shall be necess- ary, 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 afore- said specific rate of tax shall be construed or considered as the le~ 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 ~uthority of the City for such purpose is adequate to permit a legally sufficient tax in consideration of all other outstanding obligations. SECT ION 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 Attorney General and their registration by the Comptroller of Public Accounts. SECTION 13: 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 improvements and extensions to the City•s Electric Light 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 measur~, and that this ordinance is accordingly passed as an emergency measure and shall take effect and be in force immed- iately after and from its passage. City (Seal) PASSED AND APPROVED, this the xt day of~~_.. CERTIFICATE OF CITY SECRETARY THE STATE OF TEXAS I 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 $600,000 "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT SYSTEM BONDS~ -SERIES 1953", dated June 1, 1953, adopted by the City Commiss- ion of said · City on the v 'f' day of ~t d , 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 havehereunto signed my name officially and affixed the seal of said City, this the ~~ , 1953. ~//~~ ~creta~ ol Lubbock, Texas (City Seal)