HomeMy WebLinkAboutOrdinance - 2394-1958 - Authorizing Issuance Of $3,840,000 General Obligation Bonds - 02/10/1958O;;:>-l O -1.0 5~ ORDINANCE NO. 239i' AN ORDINANCE AU'l'HORIZING ISSUANCE OF $3,840,000 11 CITY OF LUBBOCK., TEXAS., GENERAL OBLIGATION BONDS., SERIES 195811 , DA'l'ED MARCH 1, 1958 'l'ElE STATE OF TEXAS CITY OF LUBBOCK COUNTY OF LUBBOCK I ON THIS, the 19th day Gt February, 1958., the City
Commission or the City or Lubbook, Taxas, convened in SPECIAL
session, at the regular meeting place thereof in the City Hall.,
with.all members thereof being present and in attendance., to-wit:
S.S. FORREST, JR.
LENNIS BAKER
O. L. BYRD
HOMER G. MAXEY
DAVID CASEY
MRS. LAVENIA LOWE
l
MAYOR
COMMISSIONERS
and.
CITY SECRETARY
alsQ being present; constituting a quorum; at whioh time the
following among other business was transacted:
Comm1ssioner ____ ~By~rd~ ___ presented tor the CQn-
sideration of the City Commisaion an ordinance authorizing the
iesuanoe of "CITY 0F LUBBOCK., TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1958", dated Marohl, 1958, in the principal sum or
THREE MILLION EIGHT HUNDRED FOR'l"Y THOUSAND DOLLARS ($3,840,000);
The ordinance was read in full by the City Secretary.
Thereupon., Commissioner Byrd moved that the --...:.------,
rule requiring that no ordinance shall be passed on the day on
which it iB introduced be suspended., and that in view or the
/.
emergency set forth and defined in the preamble to the proposed ordinance, that the aame be declared an emergenoy measure. This motion was duly seconded by Commissioner Maxey • ------------The motion carried by the following vote:
YEAS: Mayor Forrest and Comm1sa1oners .Baker,
Byrd, Maxey and casey
NAYS: None .
Thereupon, Oomm1ss1oner _____ Byrd......_ _________ moved
that the ordinance as read 1n full by the City Seoretary be
finally passed and adopted by the Commission. This motion
was seconded by Commiss1oner _____ l~faxiiiiii,ii,,iie~y ______ and the
motion carrying with it the final passage and adoption or the
ordinance, was unanimously carried by the following vote:
YEASs Mayor Forrest and Commissioners Baker,
Byrd, Maxey and Casey
NAYS: None.
Thereupon, the Mayor announced that the ordinance had
been finally passed and adopted by unanimous vote of the
commission, in aooordanoe with the requirements .or Sections 15,
16 and 17, of Article IX or the Lubbock Charter; and the Mayor
thereupon signed and approved the ordinance in the presence of
the Commission.
The ORDINANCE 18 as follows:
"Y
""' .
NUMBER 2394 1• AN ORDINANCE by the City Commission of the City of Lubbock, Texas, authorizing the issuance of $3,840,000 'City of Lubbock, Texas, General Obligation Bonda, Series 19581 , dated Marohl 1958, for the following purposes, to-wit: · $2,000,000 (being the second parcel or installment or a total voted authorization of $3,000,000 bonds) tor the purpose or oonstructing 1n'Provements and
extensions to the City•s Waterworks System; $590,000
(being the second parcel or installment of a total
voted authorization or $1,585,000 bonds) ror the
purpose or constructing improvements and extensions
to the City's Sanitary Sewer System; $700,000
(being the second and final parcel or installment
of a total voted authorization of $1,500,000 bonds)
for the purpose or constructing street improvements
in and for said City; $300,000 {being the seoond
parcel or installment or a total voted authoriza-
tion or $1,500,000 bonds} for the purpose or con-
structing, enlarging, extending and installing
storm sewers, drains, ourbs and gutters and other
improvements incidental thereto in and ror said
City; and $250,000 (being the second and rinal
parcel or installment of a total voted authoriza-
tion or $410,ooo ·bonda), tor the purpose or con-
structing, installing, extending and improving
the City's Street Lighting S7stemj prescribing the
form of the bonds and the furm or the interest
coupons; levying a continuing direot annual ad
valorem tax on all taxable property within the
limits or said Oity to pay the interest on said bonde and~to create a ainlc1ng rund for the re-
demption thereof, and providing for the assess-ment and oollect1on of such taxes; enacting
provisions 1no1dent and relating to the purpose
and subject of this ordinance; and declaring an
emergency. 11
WHEREAS, under and by virtue or a resolution and order
duly passed and adopted by the City connission of the City or
Lubbock, Texas, on the 21st day of October, 1955, an election
was ordered to be held in said City on the 8th day or November,
1955, at which election the following propositions were sub-
mitted to the qualified electors or said Cityi
\
"SHALL the City commission or the City or Lubbock,
Texas, be authorized to issue THREE MILLION DOLLARS
($3,000,000) general obligation tax bonds or said Oity
tor the purpose of making permanent public improvements1
to-wit: constructing imprQvements and extensions to the
City's Waterworks System; said bonds to mature serially
over a period or years not to exceed Thirty (30) years
from their date, and to bear interest at a rate not to
exceed 'l'HREB AND THREE FOURTHS (3-3/4~) per annum, pay-
able annually or semi-annually; and to provide tor the
payment or principal or and interest on said bonds by
levying a tax sutt1c1ent to pay the annual interest and
to oreate a sinking rund sufricient to redeem said bonds
as they become due?0
3
---· "SHALL the City Commission or the City of Lubbock, Texas, be authorized to issue ONE MILLION FIVE HUNDRED EIGHTY FIVE THOUSAND DOLLARS ($1,585.,000) general obli-gation tax bonds ot said City tor the purpose of making permanent public illprovements, to-wit : constructing 1mprovements and extensions to the City 's Sanitary Sewer System; said bonds to mature serially over a period ot years not to exceed Thirty (30) years trom their date, and to bear interest at a rate not to exceed THREE AND THREE P0UR'fHS (3-3/4~) per annum, payable annually or
semi-annually; and to provide for the payment Gf prinoipal
of and interest on said bonds by levying a tax sufficient
to pay the annual interest and to create a sinking fund
sutf1d.ent to redeem said bonds as they become due?"
"SHALL the City commission of the City of Lubbock,·
Texas, be authorized to issue ONE MILLION FIVE HUNDBED
'!'HOUSAND DOLLARS ($1,500,000) general obligation tax
bonds of said 01ty for the purpose or making pennanent public
improvements, tQ-Wit: oonatruating street improvements in
and for said City; said bonds to mature se rially over a
period of years not to exceed 'l'hirty (30) years from
their date., and to bear interest at a rate not to exceed
THHEE AND THREE-FOURTHS (3-3/4~) per annum, payable
annually or semi -annually; and to provide for the payment
of prinoipal ot and interest on said bonds by levying a
tax sufficient to pay the annual interest and to create
a sinking fund sufficient to redeem said bonds as they
become due?11
"SHALL the City Commission of the City of Lubbock,
Texas, be authorized to issue ONE MILLION FIVE HUNDRED
'!'HOUSAND DOLLARS ($1,500,000) general obligation tax
bonds of said City tor the purpose of making permanent
public improvements, to-wit: ooastruoting, enlarging,
extending and installing storm sewers, drains, curbs
and gutters and other improvements incidental thereto in
and tor said City;aaid bonds to mature serially over
a period of years not to exceed Tlu.rty (30) years from
their date, and to bear interest at a rate not to exceed
THBEE AND THREE FOURTHS (3-3/4-) per annum, payable annually
or semi-annuallyJ and to pr8v1de ror the payment or prin-
cipal or and interest on said bonds by levying a tax eutti-
oient to pay the annual interest and to oreate a sinking fund
suffioient to redeem said bonds as they become due?"
"SHALL the Oity Commission of the City ot Lubbock,
Texas, be authorized to issue FOOR HUNDRED TEN THOUSAND
DOLLARS ($4101 000) general obligation tax bonds or said
Oity tor the purpose of making permanent public improve-
ments, to-witz oonstruoting, installing1 extending and
1Dlprov1ng the Oity•a Street Lighting System; said bonds
to.mature serially over a period ot years not to exoeed
Thirty (30) years trom their date, and to bear interest
at a rate not to exceed THREE AND THREE POURTHS (3-3/4~)
per annum, payable annually or sem1-annuallyJ and to
provide tor the payment of principal of and interest on
said bonds by levying a tax sufficient to pay the annual
interest and to oreate a sinking fund surricient to redeem
said bonds as they become due?11
AND WHEREAS, the said election was held pursuant to said resolution and order on the 8th day of November, 1955J and WHEREAS, this City Commission has heretofore examined into and investigated the regularity of the proceedings tor said eleotion 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; that said election was conducted in atrict con-
formity with the law; and that due returns or said eleotion had
been made by the proper otticeraJ and
WHEBBAS, at said election the qualified voters who are
property taxpayers of the City of Lubbock, voting at said
election, suatained by a majority vote, the propositions to
issue the aforesaid bonds, in the aggregate principal sum. of
$7,995,000; and
WHEREAS, this City Commission has heretofore, to-wit
on the 10th day of November, 1955, adopted a resolution can-
vassing the returns and declaring the results of said election
and determining the specific authority of the Oity to issue said
general obligation tax bonds; and
WHEREAS, by ordinance duly passed and adopted on the
14th day of ~ebruary, 1956, this City Oomm1ssion authorized
the issuance and sale ot $2,060.000 or the bonds voted as
aforesaid tor the following purposes, to-wit: $500,000 for the
purpose ot con~tructing improvements and extensions to the City's
.
Waterworks System {being the first parcel and installment or a
. total voted authorization or $3,000,000 bonds; $500,000 for the
purpose ot oonstructing improvements and extensiau to the City•s
Sanitary Sewer System (being the first parcel or installment of
a total voted authorization of $1,585,000 bonds); $8oO,OOO tor
the purpose or constructing street improvements 1n and for said
Oity {being the first parcel or installment ot a total voted
authorization of $1,500,000 bonds); $100,000 for the purpose of constructing, enlarging, extending and installing storm sewers, drains, curbs and gutters and other improvements incidental thereto in and for said City (being the first parcel or install-ment or a total voted authorization of $1,500,000 bonds); and
$160,000 for the purpose or constructing, installing, extending
and improving the City•s Street Lighting System (being the
!!r.sbdparcel or _installment of a total voted authorization of
$410,000 bonds); and
WBEBEAS, it being now determined by the City Commission
that it is not desired at this time to isfleall of the remain-
ing bonds in the sum ot $2,500,000 voted for on the proposition
for the issuance or general obligation tax bonds for the pur-
. pose of constructing improvements and extensions to the City•s
Waterworks System, but that $2,000,000 is the amount of bonds
(
now desired to be issued under and pursuant to this order,
and that the remaining amount of said bonds, to-wit: $500,000
may be issued at a future date or dates, if in the Judgment or
the City CoDBDission of said CibY, the said additional bonds
are needed by the Oity tor the purpose tor whioh such indebted-
ness was created; and
WHEREAS, it being now determined by the c&ty Commission
that it is not desired at this time to issue allot the remain-
ing bonds in the awn of $1,085,000 voted tor on the proposition
for the issuance or general obligation tax bonds tor the pur-
poses or constructing improvements and extensions to the City•s
Sanitary Sewer System, but that $590,000 is the amount of bond
now desired to be issued under and pursuant to this order, and
that the remaining amount or said bonds, to-wit: $495,000
may be 1ssued at a future date or dates, if in the judgment
ot the City OoDlftission of said City, the said additional bonds
are needed by the City for the purpose for which such indebted
ness was created; and
-
WHEREAS, 1t being now determined by the City Connn1ss1on and 1s its judgment that the un1esued balance of $700,000 bonds voted for on the proposition for the issuance of general obli-gation tax bonds for the purpose of constructing street improve-ments 1n and for said City should now be issued and sold to
provide :funds for the purpose for which such bonds were voted;
and
,WHEREAS, it being now determined by the City Oomm1ssion
that it is not desired at this time to issue all or the remain-
ing bonds in the sum of $1,500,000 voted for on the proposition
for the issuance or general obligation tax bonds for the purpose
of constructing, enlarging, extending and installing storm
sewers, drains, curbs and gutters and other improvements inci-
dental thereto 1n and for said Oity, but that $300,000 1s the
amount of bonds now desired to be issued under and pQrsuant to
this order, and that the remaining amount of said bonds, to-wit:
$1,100,000 may be issued at a future date or dates, if 1n the
Judgment of the City Commission of said Oity, the said additional
bonds are needed by the City for the purpose for which such
indebtedness was created; and
WHEREAS, it being now determined by the City Commission
and is its Judgment that the qnissued balanoe of $250,000 voted
for on the pr~poeition for the iesuanoe or general obligation
tax bonds for the purpose or constructing installing, extending
and 1.mproving the City's Street Lighting System should now be
' issued and sold to provide funds for the purpose for which suoh
. bonds were voted; and
WHEBEAS, this City Commission deems it advisable and
to the best interest of the City that the bonds of the five
series hereinabove desoribed shall be issued in a single com-
bined authorization; and
1
WHEREAS, it is FOUND, DETERMINED AND ADJUDGED that it is necessary and to the best interest of the City to construct the improvements and extensions herein contemplated, at the earliest possible date, for the immediate preservation of the
public peace, property, health amd safety of the citizens of
the Oity of Lubbock, Texas, and that by virtue thereof this
ordinance shall be passed and adopted as an emergency measure;
therefore
BE IT ORDAINED BY THE OITY OOMMISSION OF THE CITY OF
LUBBOCK:
SECTION l: That the bonds of the City of Lubbock,
Texas, to be known as "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATIO
BONDS, SERIES 1958° be and same are hereby issued under and by
virtue of the Constitution and laws of the State of Texas, for
the following purposes, to-wit: $2,000,000 for the purpose of
constructing improvements and extensions to the City1s Water-
works System (being the second parcel or installment of a total
voted authorization or $3,000,000 bonds); $590,000 for the pur-
pose of constructing improvements and extensions to the City1s
Sanitary Sewer System (being the second parcel or installment
of a total voted autaorization of $1,585,000 bonds}; $700,000
tor the purpose of constructing street improvements in and for
said City, (being the second and final parcel or installment of
a total voted authorization of $1,500,~00 bonds); $300,000 for
the purpose of conatruoting, enlarging, extending and installing
storm sewers, drains, curbs and gutters and other improvements
incidental thereto in and tor said City (being the second
parcel or installment of a total voted authorization of
$1,500,000 bonds); and $250,000 for the purpase of constructing
installing extending and imJroving the City1 s Street Lighting
System (being the second and final parcel or installment of a
total voted authorization of $410,000 bonds); aggregating the principal sum of '1'HREE MILLION EIGHT HUNDRED FORTY THOUSAND
DOLLARS ($3,840,000).
SECTION 2: That said bonds shall be numbered consecu-
tively from One (l) to Three Thousand Eight Hundred Forty
(3840), both inclusive, shall be in the denomination of One
Theuaand Dollars ($1,000)eaoh, aggregating the sum of THREE
MILLION EIGHT HUNDRED FORTY THOUSAND DOLLARS ($3,840,000)
SECTION 3: That said bonds shall be dated March l,
1956, and shall become due and payable serially, without right
of prior redemption, in accordance with the following schedule:
BOND NUMBERS (All Inclusive) Mi\TURITY DATES AMOUNTS l to 190 March 1, 1959 $ 190,000 191 to 380 M!rch 1, 1960 190,000 381 to 570 M!rch 11 1961 . 190,000 571 to 760 &rch 1, 1962 190,000 761 to 950 M!rc}:l 1, 1963 190,000 951 to 1140 M!i.rch 11 1964 190,000
1141 to 1330 !tlrch l, 1965 190,000
1331 to 1520 !tlrch l, 1966 190,000
1521 to 1710 M!rch l, 1967 190,000
1711 to 1900 I !tlrch 1, 1968 190,000
1901 to 2090 M!rch l, 1969 190,000
2091 to 2280 !tlrch 1, 1970 190,000
2281 to 2470 Mtrch 1, 1971 190,000
2471 to 2660 M!rch l, 1972 190,000
2661 to 2850 M!rch l, 1973 190,000
2851 to 3040 !tlrch 1, 1974 190,000
3041 to 3240 !tlrch 1, 1975 200,000
3241 to 3440 !tlrch 1, 1976 200,000
3441 to 3640 MD:'ch l, 1977 200,000
3641 to 3840 Mlrch l, 1978 200,000
SBOTION 4: That said bonds shall bear interest from date until paid, at the following rates per annum, that is t0 aay--(a) Bonds Numbered l to v v ~o , both inclusive, maturing on Ma.rob lst in each or the years 1959 to 19 1o ,
both inclueive, shall bear interest at the rate or
____ T __ \-\......._\\..,c_-_~ ___________ PER CEN'?OM
( 3 ~) per annum.;
(b) Bonda Numbered }}'t I to ), ~-o , both inclusive,
ma\;uring on March 1st 1n each or the years 19 jJ_ to 19 '7-2, ,
bo~h inclusive, mhall bear interest at the rate or
__ t~~-~-e_E~~--l -~_~N-~tl~~-» .... b_~_§M~---~R~~
(-3.) o % ) per annum;
( c) Bonds Numbered ") K l to ,3 f:U--o , both inclusive,
maturing on Ma.rah 1st in each of the years 19 _2L to 19 '1 g ,
both inclusive, shall bear interest at the rate or
__ !...:..\:\:~~..a.;t ___ E ___ -\--..:-.._.o __ y._l::=-__.\::.._o;:;;..u;::;..;.R:a..."'\-~tf:--------PER CENTUM
{ 3 1! ~ ~) per annum;
(d) Bonds Numbered to , both inclusive, -----·
maturing on March lat in each of the years 19 to 19 , -
both inclusive, shall bear interest at the rate or
PER CENTUM ---------------------
( __ ,_,~) per annum; and
(e) Bonds Numbered to ---, both inclusive, -----
maturing on March lat in each or the years 19_ to 19_,
both inclusive, shall bear interest at the rate of
PER CENTUM --------------------
' ----~) per annum,
such interest to be evidenced by proper coupons attached to each or said bonds, and said interest shall be payable on March l, 19591 and semi-annually thereafter on September 1 and March l in each year.
SECTION 5: That both principal or and interest on said
bonds shall be payable in lawful money or the United States or
America. without exchange or oolleotion oharges to the owner or
holder, at THB FIRST NATIONAL CI'l'Y BANK OF NEW YORK, New York,
New York, or, at the option or the holder, at the CITIZENS
NATIONAL BANK, Lubbock,Texas, upon presentation and surrender or
bonds or proper coupons.
SECTION 6: That the corporate seal of the "CITY OF LUBBOC
TEXAS" shall be .. impressed upon each or said bonds and said
bonds and the interest ooupons appurtenant thereto may be exe-
cuted by the imprinted facsimile aignatures or the Mayor and
City Secretary of the City, and exeouttdn in suoh manner shall
have the same effect as it such bonds and coupons had been
signed by the Mayor and City Secretary by their manual signatures.
Inasmuch as such bonds are required to be registered by the Comp-
troller or Publio Acoounts or the State or Texas, only his signa-
ture (or that or a deputy designated in writing to act for the
Comptroller) shall be required to be manually subscribed to such
bonds in oonnection with his registration certificate to appear
thereon, aa above provided; all in aocordanoe with the provisions
of Chapter 293, enacted by the 54th Legislature or Texas, at its
regular session in 1955, (ooditied as Article 717J Vernon's
Annotated Civil Statutes of Texas, 1925, as amended.)
SECTION 7i That the form or said bonds shall be sub-
stantially as follows:
NO. ---UNITED STATES OF AMERICA STATE OF 'l'EXAS COUNTY OF LUBBOCK CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BOND, SERIES 1958
The CITY OF LUBBOCK, a municipal corporation ot the State
of Texas, acknowledges itself indebted to, and FOR VALUE RE-
CEIVED, hereby promises to pay to bearer, without right ot prior
redemption, the BUDl of
ONE THOUSAND DOLLARS
($1,000), in lawful money or the United States or America, on
the FIRST DAY OF MARCH, 19 __ , with interest thereon tr0111 the
date hereof until paid at the rate or -------------
PER CENTUJII ( ___ _.~) per annum, payable on March 1, 1959, and
semi-annually thereafter on September 1st and March 1st in eaoh
year, and interest falling due on or prior to maturity hereof is
payable only upon presentation and surrender ot the interest
ooupons hereto attached as they severally become due.
BOTH PRINCIPAL and interest ot this bond are hereby
made payable at THE FIRST NATIONAL OI'l'Y BANK OF NEW YORK, New
York, New York, or, at the option of the holder, at the CITIZENS
NATIONAL BANK, Lubbock,Texaa, without exchange or oolleetion
oharges to the owner or holder, and tor the prompt payment of
this bond and the interest thereon at Dl8turity, the full faith,
credit.and resources ot the Oity ot Lubbook,Te.xa.a, are hereby
irrevocably pledged.
THIS BOND is one ot a series ot Three Thousand Eight
Hundred Forty (3840) serial bonds, numbered oonseoutively from
One (1) to Three Thousand Eight Hundred Forty (3840), both in-
cluBive, in the denomination ot One Thousand Dollars ($1,000)
each, aggregating THREE MILLION EIGHr HUNDRED FORTY THOUSAND DOLLARS ($3,840,000) issued tor the following purposes, to-wit: $2,000,000 for the purpose ot constructing improvements and extensions to the City's Waterworks System {being the second parcel or installment ot a total voted authorization or
$3,000,000 bonds); $590,000 for the purpose or constructing
improvements and extensions to the C1ty1s Sanitary Sewer System
(being the second parcel or installment or a total voted
authorizatiGn or $1,585,000 bonds); $700,000 ror the purpose or
constructing street improvements in and tor said Oity, {being
' the seoond and final parcel or installment of a total voted
authorization ot $1,500,000 bonds); $300,000 for the purpose
or constructing, enlarging, extending and installing storm
sewers, drains, curbs and gutters and other improvements 1nc1den
tal thereto in and for said City {being the second parcel or
installment of a total voted authorization of $1,500,000 bonds);
and $250,000 tor the purpose ot oonstruoting installing extend-
ing and improving the City•s Street Lighting System {being the
second and final parcel or installment or a total voted
authorization ot $410,000 bonds); under authority or the Con-
stitution and laws or the State or Texas, and pursuant to an
ordinanoe duly adopted by the City Commission or the Oity or
Lubbock, Texas, and recorded in the Minutes of said City Com-
mission.
IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that
the issuance ot this bond and the serflts or which it is a part,
is duly authorized by law and by a vote or the qua11r1ed
property taxpaying voters or the City of Lubbock,Texas, voting
at an election held tor that purpose within said City on the 8th
day of November, 1955; that all aota, conditions and things
required to be done precedent to and in the issuance or this
series of bonds and of this bond, have been properly done and
performed and have happened in regular and due time, torm and
manner as required by law; that surrioient an4 proper provi-sison tor the levy and collection or taxes has been made whioh, when oolleoted, shall be appropriated exclusively to the payment or this bond and the series of which it is a part, and to the
payment or the interest coupons thereto annexed, as the same sha l
beoome due; and that the total indebtedness ot the City or
Lubbock., Texas, including the entire series or bonds or which
this is one, does not exceed any constitutional or statutory
limitation.
IN TESTIMONY WHEREOF., the City Comm1SB10n or the City of
Lubbook,Texas, has caused the seal of said City to be impressed
hereon, and this bond and its appurtenant coupons to be executed
with the imprinted raosimile signatures or the Mayor and City
Secretary or said Oity (in accordance with the provisions or
Chapter 293, enacted by the 54th Legislature of Texas at its
Regular Session in 1955), the date or this bond, in conformity
with the ordinance above referred to, being the FIRST DAY OF
MARCH., 1958.
Mayor, oity ot Liibbock, Texas
COUNTERSIGNED:
City Secretary., city ot Lubbock,
Texas.
&,. .Approved
SECTION 8: That the rorm or i!lterest coupon attached
to eaoh ot said bonds sball be substantially as follows:
NO. ON THE DAY OF -------19_,
$ __
the CITY OF LUBBOCK, a municipal oorporation of the State of
Texas, hereby promises to pay to bearer, at THE FIRST NATIONAL
Ciff BANK OF NEW YORK, New York, New York, or at the option ot
the holder, at the CITIZENS NATIONAL BANK, Lubbock, Texas,
without exohange or collection charges to the owner or holder, the SWll ot -----------------DOLLARS ($ ___ ), in lawtul money ot the United States ot America, said sum being months• interest due that day on the ------
11 CI'l'Y OP LUBBOCK, TEXAS, GENERAL OBLIGATION BOND, SERIES 1958n•
dated Illa.rob l, 1958. Bond No. ---
city Secretary Mayor
SEOTION 9: That the following certirioate shall be
printed on the back ot each bond,
OFFIOB OF COMPTROLLER I
S'l'A'l'E OF TEXAS
REGISTER NO.
I HEREBY CERTIFY that there is on tile and ot record
in my ottice a certiticate ot the Attorney General ot the State
ot Texas, to the etrect that this bond has been examined by
him as required by law, and that he finds that it has been
issued in contormity with the Constitution and laws ot the
State ot Texas, and that it is a valid and binding obligation
upon said City ot 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 or Public Accounts ot the
State of Texas.
SECTION 10: BE IT FURTHER ORDAINED BY THE OITY COM-
MISSION OF THE CITY OF LUBBOCK:
That a special fund to be designated "SPECIAL GENERAL . OBLIGATION BOND FUND, SERIES 1958", is hereby created, and the proceeds or all taxes collected ror or on account or this series of bonds shall be credited to said fund for the purpose of pay-ing the interest on and to provide a sinking fund for the redemp-
tion or said bends at maturity; and said fund shall be used ror
no other purpose; that, while said bonds, or any of them, are
outstanding and unpaid, there shall be annually levied, ass~ssed
and collected in due time, form and manner, a tax upon all or the
taxable property in said City, sufficient to pay the current
' interest thereon and create a sinking fund sufficient to pay each
installment or principal as the same becomes due; and to pay the
interest on said bonds for the first year and to create a sinking
rund with which to pay the principal as the same becomes due ther
is hereby levied a sufficient tax on each one hundred dollars•
valuation of taxable property in said City for the current year
and the same shall be assessed and collected and applied to the
purpose named; and while said bonds or any or them are outstand-
ing and unpaid, a tax each year at a rate from year to year, as
will be ample and sufficient to provide funds to pay the current
interest on said bonds and to provide the necessary sinking
fund, full allowance being made for delinquencies and costs or
collection, shall be and is hereby levied for each year, res-
pectively, while said bonds, or any or them, are outstanding
and unpaid, and said tax shall each year be assessed and collec-
ted and applied to the payment of the principal or and interest
on ad.bonds. The City Comm1ss1on hereby declares its purpose
and intent to provide and levy a tax legally and fully suffi-
cient tor auch bonds, it having been determined that the existing
and available taxing authority or the City tor such purpose is
adequate to permit a legally sufficient tax in consideration of
all other outstanding obligations.
SECTION 11: BE IT PURTHER ORDAINED BY THE CITY COMMISSIO OF THE OI1'Y OF LUB800K i That the Mayor of said City shall be and he is hereby authorized to take and have charge ot all necessary orders and records pending investigation by the Attorney General ot 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 12: BE IT FURTHER ORDAINED BY THE OITY COMMISS-
ION OF THB OITY OF LUBBOCK:
at the prioe ot par and aoorued interest to date ot delivery,
plus a premium ot $ -o -, is hereby confirmed. ----------
Delivery ot the bonds shall be made to said purchaser as soon
as may be after the adoption of this ordinance,upon payment
therefor in accordance with the terms of sale.
SEOTION 13: AND BE IT FURTHER ORDAINED BY THE CITY
COMMISSION OP THE Oiff 07 LUBBOCK:
That the public importance of this measure, and the .
tact that it is to the beat interest of the City to provide
tunds tor the purpose of constructing _the improvements and
exten~ions herein contemplated, at the earliest possible date,
tor the immediate preservation of the public peaoe, property
health and eatety ot the citizens of the City ot Lubbock, constitute and create an emergency and an urgent public necess-ity requiring that this ordinanoe be passed and take effect as an emergency measure, and that this ordinance is aooordingly
passed as an emergency measure and ahall take erfect and be in
force immediately rrom and atter its passage.
PASSED AND APPROVED, this the 10th day of Pe bruary •.
195& .•
(City Seal)