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HomeMy WebLinkAboutOrdinance - 2395-1958 - $160,000 Park Bonds. - 02/10/1958.,.._ -...) ~-- 0~ -'O -l..9SCO ORDINANCE NO • 2395 AN ORDINANCE AUTHORIZING ISSUANCE OF $160,000 "CITY (F LUBBOCK, TEXAS, PARK BONDS, SERIES 1958n DATED MARCH 1, 1958 THE STATE Olf TEXAS OITY OF LUBBOCK COUNTY OF LUBBOCK I ON THIS, the lOth day of February, 1958, the City Gommission ot the City of Lubbock, Texas, 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. li.. BYRD HOMER G. MAXEY DAVID CASEY MRS. LA VENIA LOWE, l MAYOR C<JCMISSIONERS and CITY SECRETARY also being present; constituting a quorum, at which time the following among other business was transacted: Oommissioner __________ M.ax~ewY ________ preaented for the consideration of the City Commission an ordinance authorizing the issuance of noiTY OF LUBBOCK, TEXAS 1 PARK BONDS, SERIES 1958n, dated March 1, 1958, in the principal sum of ONE HUNDRED SIXTY THOUSAND DOLLARS ($160,000)(being the '*cond parcel or installment ~t a total voted authorization or $1,100,000 bonda). The ordinance was read in full by the City Secretary. Thereupon, Commissioner }~ey 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 ot the emergency set forth and defined in the preamble to the proposed ordinance, that the same be declared an emergency measure. This ifa_ motion was duly seconded by commissioner Saker • -----------------------The motion carried by the following vote: YEAS: Mayor Forrest and Commissioners Baker. Byrd. Maxey and Casey. NAYS: None. Thereupon. Commissioner Maxey mGved ----------------------that the ordinance as read in full by the City Secretary be finally passed and adopted by the Co~iasion. Thia motion was seconded by Commissioner Baker and the motion carry-----------------1ng with it the final passage and adoption of the ordinance waa unanimously carried by the following vote : YEAS: 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 accordance with the requirements of Section 15. 16 and 17 of Article IX of the Lubbock Charter; and the Jllayor thereupon signed and approved the ordinanoe in the presence or the OoJIIDission. The ORDINANCE is as follows: - NUMBER 2395~ "AN ORDINANCE by the City Commission of the City Qf Lubbock, Texas, authorizing the issuance of 1City of Lubboek.Texas, Park Bonds, Series 19581 , dated March l, 1958, in the principal sum or $160,000 (being the second parcel or installment or a total voted autho- rization or $1,100,090 bonds), issued tor the purpose or making permanent public improvements6 to-wit; purchasing and/or improving lands tor public parks in and tor said City; prescribing the form ot bonds and the form of interest coupons; levying a continuing direct annual ad valore• tax on all taxable property within the limits otaid Oity to pay the interest on said bonQs and to create a sink- ing fund tor the redemption thereof, and providing tor the assessment and collection ot such taxes; enacting provisions incident and relating to the purpose and subJect ot this ordinance; and declaring an emergency." ~ WBEBIAS 1 under and by virtue of a resolution and order duly passed and adopted by the Oity Commission of the City' of Lubbock, Texas, on the 21st day ot October, 1955, an election was ordered to be hel4 in said City·· on the 8th day or November, 1955, at which election the following proposition was submitted to the qualified electors ot said City: "SHALL the City Oommiaeion of the City or Lubbock, Texas, be authorized to issue ONE MILLION ONE HUNDRBD THOUSAND DOLLARS ($1,100,000) general obligation tax bonds or said City, tor the purpose ot~king permanent public improvements, to-wit: purchasing and/or improving lands tor public parks in and tor said City; 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 FOURTHS PER CENTUM (3-3/4~) per annum, payable annually or semi~annually; and to provide tor the payment ot principal of and interest on said bonds by levying a tax sufficient to pay the annual interest and to create a sinking fund autticient to redeem said bonds as they become due?" AND WHEREAS, the said election was held pursuant to said resolution and order on the 8th day ot November, 1955; and WHEREAS, thia City Commission has heretofore examined into and investigated the regularity or the proceedings for . said election, and found that tbe same was duly and legally . heldl that the notice required by law to be given had been duly and legally given; that said election was conducted in strict conto~ity 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 the aforesaid bends, in the aggregate ~rincipal sum of $1,100,000; and WHEREAS, this City Commission has heretofore, to-wit: on the lOth 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 City to issue said .bonds; and WHEREAS, by an ordinance duly passed and adopted by the Oi)y Commission of the City of Lubbock, Texas, on the 14th day of February, 1956, $440,000 of the b~nds voted as aforesaid were authorized, issued and aold; and WHEREAS, it being now determined by the City Commission that it is net desired at this time to i.ssueall of the remaining bonds ot said voted authorization in the amount of $1,100,000, but that $160,000 is the amount o~ bonds now desired to be issued and that the remaining amount ot said bonds, to-wit: $500,000, shall be issued in one or more series at a future date or dates, when in the judgment ot the City Co~ssion ot said City~ the amount thereof is needed by the City for the purpose for which such indebtednevs was created; and WHEREAS 1 1 t is POUND 1 DETERMINED AW ADJUDGED that it is nec~ssary and to the best interest of the City to provide funds .for the purpose ot purchasing and/or improving lands tor public parks 1n -and for aaid Cit¥, at the earliest possible date, for the immediate preservation of the public peace, property1 health and safety of the citizens ot the City of Lubbock, Texas1 and that by virtue thereof this ordinance shall be passed and adopted as an emergency measure; therefore BE IT ORDAINED BY THE CITY COMMISSION OF TBB CITY OF LUBBOCK: SECTION l: That the bonds of the City of Lubbock1 Texas1 to be known as ttCITY OF LUBBOCK., TEXAS, PARK BONDS 1 SERIES 1958", be and same are hereby issued under and by virtue of the Con- stitution and laws of the State of Texas~ in the principal sum of Ii10D HUNDRED SIXTY THOUSAND DOLLABS ($1601 000), (being the second parcel or installment of a total voted authorization ot $~,100,000 bonds), for the purpaa or making permanent public impr~vements, to-wit: purchasing and/or· improving lanQs tor public parks in and for said City. SECTION 2: That said bonds shall be numbered consecu- tively trom one (l) to One Hundred Sixty (160), both inclusive, shall be in the denomination ot One Thousand Dollars ($1,000) each, aggregating the SUDl ot ONE HUNDRED SIXTY 'l'HOUSAND DOLLABS ($160,000). SECTION 3: That said bonds shall be dated March 1, 1958, and shall become due and payable serially, without right of prior redemption, in accordance with the following schedule: BOND NUMBERS ~All Inclusive) MA 'l'URITY DATES AMOUNTS 1 to 10 March l, 1959 $10,000 ll to 20 March 1, 1960 10,000 21 to 30 March l, 1961 10,000 31 to 40 March 1, 1962~ 10,000 41 to 50 March l, 1963 10,000 51 to 60 March 1, 1964 10,000 61 to 70 March 1, 1965 10,000 71 tel> so .March 1, 1966 10,000 81 to 90 March 1, 1967 10,000 BOND NUMBERS {All Inclusive) IIAT1Dli'rY DATES AMOUNTS 91 to 100 March l, 1968 $10,000 101 to 110 March l, 1969 10,000 111 to 120 March 1, 1970 10,000 121 to 130 March 1, 1971 10,000 131 to 140 March l, 1972 10,000 141 to 150 March 1, 1973 10,000 151 to 160 March 1, 1974 10,000 SECTION 4: That said bm1od.s shall bear interest from date .until paid, at the following rates per annum; that is to say-- (a} Bonds Numbered l to 1 y o , both inclusive, maturing on March lst in each ot the years 1959 to 19 ~o , both inclusive, shall bear interest at the rate of ___ Jr~~~R~£~t: _____________________ PERC~T~ (3 ~} per annum; (b) Bonds Numbered J } 1 to l..6"o , both inclusive, maturing on March 1st in each ot the years 19 ..:J.L to 19 ~~ both inclusive, shall bear interest at the rate of _J:........,.tt ..... \\~£;;,wo(_....A.~-~N~.;.l>;;ro;_.._)£:,_~=--..... tl__.\-...:~~.-.0 ..... ~_-t>----.R ..... e_.b._..b _ _..__ PER CENTUM ( 3,l o ~) per annum; ( o) Bonds Numbered N' J to ) (.,<:> , both inclusive, maturing on Karch lst in each of the years 19~ to 19 ---, both inclusive, shall bear interest at the rate of PER OENTUM ( -3 J I 'J: "') per annum; (d) Bonds Numbered to ---, both inclusive, ----· maturing on March lst in each of the years 19 ____ to 19 ____ both inclusive, shall bear interest at the rate of PER CENi'UM -------------------------------------- ( "') per annum; and (e) Bonds Numbered to ---, both inclusive, ----· maturing on March lst in each of the years 19 ____ to 19 ____ both inolusive, shall bear interest at the rate ot PER CENTUM ------------------------------------ ( ~} per annum such interest to be evidenced by proper coupons attached to each ot said bonds, and said interest shall be payable on March 1, 1959, and semi-annually thereafter on September 1 and March 1 in each year. SECTION 5: That both principal ot and interest on said bonds shall be payable in lawful money of the United States ot Am'rica, without exchange or collection charges to the owner or holder, at THE PIRST NATIONAL CITY BANK OF NBW YORK, New York# New York, or at the option ot the holder, at the CITIZENS NATIONAL BANK# Lubbock# Texas, upo» presentation and surrender ot bonds or proper coupons. SECTION 6: That the -corporate seal or the "CITY OF LUBBOCK, TEXAS" shall be iJDpressed upon each ot said bonds and said bonds and the interest coupons appurtenant thereto may be executed by the imprinted facsimile signatures ot the Mayor and City Secretary ot the City aftixed, and execution in such manner shall have the same effect as if such bonds and coupons had been signed by the Mayor and City Secretary by their manual signa- tures. Inasmuch as such bonds are required to be registered by the Comptroller of Public Accounts ot the State ot Texas, only his signature (or that of a deputy designated in writing to act tor the Comptroller) shall be required to be manually s\:11::8 oribed - to such bonds in connection with his registration certificate to appear thereon, as above ~rovided; all in accordanoe with the proviaions ot Chapter 293, enacted by the 54th Legislature of Texas, at its regular session in 1955, (codified as Article 717j Vernon's Annotated Civil Statutes ot Texas 1925 aa amended). SECTION 7: That the form ot said bonds shall be sub- stantially as tollows: NO. ---UNITED STAfES OF AMERICA STATE OF TEXAS COUNTY OF LUBBOCK CITY OIP LUBBOCK, TEXAS,~. PARK BOND SBRIES 195o $1,000 Tbe CITY OF LUBBOCK, a municipal corporation or the State Qf Texas, .acknowledges itself indehted to, and FOR VALUE RECEIVED, hereby promises to pay to bearer, without right of pr~or redemption, the sum ot ONE THOUSAND DOLLARS ($1,000), in lawful money ot the United States ot America, on the FIRST DAY OF MARCH, 19 with interest thereon from the date hereof until paid at the rate of -------------------------PER OBNTUM ( ~) per annum, payable on March 1, 1959, and semi-annually thereafter on September let and March let 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 ot this bond are hereby made payable at THE FIRST NATIONAL CITY BANK OF NEW YORK, New York, New York, or, at the option ~r the holder, at the CITIZENS NATIONAL BANK, Lubbock, Texas, without exchange or collection charges to the owner or holder, and tor the prompt payment ot this bond and the interest thereon at maturity, the full faith, credit and resources ot the City ot Lubbock. Texas, are hereby irrevocably pledged. THIS BOND is one ot a1aeries of One Hundred Sixty (160) serial bonds, numbered consecutively from One (1) to One Hund- red Sixty (160), both inclusive, in deno~nation of One Thou- sand Dollars ($1,000) each, aggregating in amount ONE HUNDRED SIXTY THOUSAND DOLLARS ($160,000), {being the second parcel or instal~ent of a total voted authorization ot $1,100,000 bonds), and issued tor the purpose ot making permanent publjD improve- ments, to-wit: purchasing and/or improving lands tor public parks in and tor said City, under authority of tbe Constitution and laws ot the State ot Texas, and pusuant to an ordinance duly adopted by the City Commission ot the City ot ~ubboak,Texas, and recorded 1n the Minutes of said City Commission. IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the issuance of this bond and the series ot which it is a part, is duly authorized by law and by a vote ot the qualifie~proper­ ty taxpaying voters or the Oity of Lubbock,Texas, voting at an election held for that purpose within said City on the 8th day or November, 1955t that all acts, conditions and things required to be done precedent to and in the issuance of this series ot bonds and of this bond, have been properly done and performed and have happened in regular and due ttme, form and manner as required by law; that sufficient and proper provision for the levy and oelleotion of taxes has been made which, When collected shall be appropriated exclusively to the payment or 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; anc! that the total indebtedness of the City ot Lubbock,Texas, including the entire aeries or bonds of which this is one1 does not exceed any oonstitmtdonal or statutory limitation. IN TESTIMONY WHEREOF, the City Commission ot the City . ot Lubbock, Texas, has caused the seal of said City to be impressed nereon, and this bond and its appurtenant coupons to be executed with the imprinted facsimile signatures or the Mayor and City Secretary of said City (in accordance with the provisions of Chapter 293 .. enacted by the 54th Legislature or Texas at its regular session in 1955) .. the date ot this bond, in conformity with the ordinance above referred to, being the FIRST DAY OF MARCH, 1958. Miyor .. city or Lubbock .. Texas COUNTERSIGNED: 01~y Secretary, city ot Lubbock, 'l8X$S SECTION 8: That the form ot interest coupon attached to each ot said bonds shall be substantially as follows: NO. ON THE DAY OP ---19_-,-- the CITY OF LUBBOCK, a municipal corporation of the State or Texas, hereby promises to pay to bearer,. at THE FIRST NATIONAL OITY BANK OF NBW YORK, New York, New York, or at the option of the holder, at the CITIZENS NATIONAL BANK, Lubbock, Texas, without exchange or collection charges to the owner or holder the sum ot -------------------DOLLARS {•) ), in lawful money ot the United States ot America, "'~-- said sum being months• interest due that day on ------- the 11 CITY OF LUBBOCK, TEXAS, PABK BOND, SERIES 1958", dated Jlfarch 1, 1958. Bond No. • --- .City Secretary Mfiyor SECTION 9: That the following certificate shall be printed on the back of each bond: OFFICE OF COMPTROLLER STATE OF TEXAS I HEGISTER NO.--- I HEREBY CERTIFY that there is on tile and of record in my ottioe a certificate ot the Attorney t~neral ot the State ot Texas1 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 ot the State of Texas, and that it is a valid and binding obligation upon said Ci~y ot Lub~ock, Texas1 and said bond has this day been regis- tered by me. WITNESS MY HAND AND THE SEAL OF MY OFFICE at Austin~ Texas, • ------------------ Oomptroller or PUblic Accounts ot the State of Texas SECTION 10: BE I'f FURTHER ORDAINED BY THE CITY COM- MISSIOH OF THE CITY OF LUBBOCK: That a special fund to be designated "SPBCIAL PARK BOND FUND" is hereby created, and the proceeds of all taxes oollec" ted tor or on account of this series ot bonds shall be credited to said fund for the purpose of paying the interest on and to provide ~ sinking tund tor the redemption ot said bonds at matur1tYJ and said t~nd shall be used for no other purpose; that, while said bonds, or any of them, are outstanding and -unpaid, there shall be annually levied, assessed and collected in due time, torm and manner, a tax upon all ot the taxable property in said CitJ, sufficient to pay the current interest thereon and create a sinking tund sufficient to pay each 1nata~ ment ot principal as the same becomes due; and to pay the inter- est on said bends tor the first ye~and to create a sinking tund with which to pay the principal as the same becomes due there is hereby levied a sufficient tax on each one hundred dollars• valuation of taxable property 1n said City tor the current year and the same shall be assessed and collected and applied to the purpose named; and while said bonds or any of them are outstand- ing and unpaid, a tax each year at a rate from year to year, as will be ample and suftioient to provide funds to pay the current interest on said bonds and to provide the necessary sinking tund, full allowance being made tor delinquencies and costs ot eol~ection, shall be and is hereby levied tor each year, res- pectively, while said bonds, or any of them, are outstanding I and unpaid, and said tax shall each year be assessed and collec- ted and applied to the payment of the principal ot and interest on said bonds. The City Commission hereby declares its purpose and intent to provide and levy a tax legally and fully suffi- cient tor such bonds, it having been determined that the existin 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 ll: 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 or the State of Texas, and shall take and haye charge and control of the bonds herein authorized pending their approval by the Attorney General and their registration by the Comptroller of Public Accounts. - SBOTION 12: BE IT FURTHER ORDAINED BY THE CITY COM- MISSION OP THE CITY OF LUBBOCK: That the sale of the bonds herein authorized to \Tf\ ~ '\\ '~ \\\ \)~ \ f\ t'U:> -.5 tt \) \~ u=-~ ~ t\ ~~ J ~~)(!...~I t: J) • ~\\t:~\)~}..)a.. ').)f\-\ll't\>h~ ~f\-l\)(, h<Yt14.4--'; JQV at the price of par and accrued interest to date of delivery1 plus a premium ot $ \\. Do 1 is hereby confirmed. Delivery of the bonds shall be made to said purchaser aa soon as may be after the adoption ot this ordinanee# upon pay.me3therefor_in accordance with the terms of sale. SECTION 13: AND BE IT FURTHER ORDAINED BY THE CI'l'Y COMMISSION OF THE CITY OF LUBBOCK: That the public importance ot this measure 1 and the fact that it is to the best interest of the City to provide funds tor the purpose of purchasing and/or improving lands for public parks in and tor said City1 at the earliest possible date, for the immediate preservation ot the public peace, property, health and safety of the citizens of the Oity of Lubbook, eonst1tu6e and create an emergency and an urgent public necessity requir- ing that this ordinance be passed and take ertedt as an emergenc measure, and that this ordinance is accordingly passed as an emergency measure and shall take effect and be in force immedi- ately from and after its passage. PASSED AND APPROVED, this the lOth day of February, 1958. ATTESTz ~/~~ (City Seal) , ~ CERTIFICATE OF OI'l'Y SECRETARY THE STATE OF TEXAS OITY OF LUBBOCK COUNTY OF LUBBOCK I I, the undersigned, City Secretary or the City of Lubbock, Texas, DO HEREBY CERTIFY that the foregoing is a true and correct aopy or an ordinance authorizing the issuance or $1~0,000 "CI'l'Y OF LUBBOCK, TEXAS, PARK BONDS, SERIES 1958", dat~d March l, 1958, (and Minutes pertaining to its adoption), said ordinance passed and adopted by the City Co~ssion on the lOth day of February, 1958, at a SPECIAL session ot said Commission, and which ordinance is or record in Book /6 , page _____ et seq., or the Minutes or said CoDRission. IN WITNESS WHEREOF, I have hereunto signed my name officially and affixed the seal of said City, this the lOth day ot February, 1958. IY!t~, ~Lubboak,Tixas (City Seal)