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HomeMy WebLinkAboutOrdinance - 2416-1958 - Amending Ordinaince 2394 Issuance Of $3,840,000 Bond. - 02/27/1958Q:;;l-~7-'\,958 ORDINANCE No .2416 L AN ORDINANCE AMENDING ORDINANCE NO. 2394~ AU'l'HORIZIKG '!'HE ISSUANCE OF $3.,840~000 "CITY OF LUBBOCK" TEXAS., GENERAL OBLIGATION BONDS., SERIES 1958", DATED MARCH l., 1958 'fHE STATE OF TEXAS CITY OF LUBBOCK COUNTY OF LUBBOCK I -ON THIS., the 27th day Gf Pebruary, 1958" the City Commission of the City of Lubbock, Texas, convened in ~sular session at the regular meeting place thereof in the City Hall, all the members thereof being present, to-wit: S. S. FORREST, JR. LEniS BAKER O. L. BYBD HOJIER G. MAXEY DAVID CASEY .MRS. LA VENIA LOWE l MAYOR COJIJMISSIONEBS and CIT! SECRETARY also being present; constituting a quorum, at. which time the following among other business was transacted; CoJDIIissioner Casey presented tor the ------------------consideration ot the City Commission an ordinance amending Ordinance No. 2394, passed and adopted by the City Commission on the lOth day of February, 1958, authorizing the issuance ot $3,840,000 RCity ot Lubbock, Texas, General Obligation Bonds, Series 1958", dated March 1, 1958. Tbe ordinance was read in full by the City Secretary. Thereupon# Commissioner _____ ~_s_e~y _____________ moved that the rule requiring that no ordinance shall be passed on the day on which it is introduced be suspended, and in view ot the emergency set forth and detined in the preamble to the proposed ordinance, the same be declared an emergency measure. I ~ "'(-- This motion was duly seconded by Commissioner __ ~~~~d ___________ • The Motion carried by the following vote: YEAS: Mayor Forrest and Coanisaioners BakerJI BJrd1 Maxey and Casey. NAYS: None. Tbereupon1 Commissioner ____ ..;:ea=.:s;.::e;..:.Y _____ moved tbat the ordinance as read in full by the City Secretary be finally passed and adopted by the Commission. This motion was seconded C..Jt by commissioner ________ ~!W~rd~------~' and the motion carrying with it the final passage and adoption ot the ordinanee1 was unanimously carried by the following vote: YEAS: MayQr Forrest and CommiaaiGners Baker, Byrd, Maxey and Oasey. NAYS: None. Thereupon, the Mayor announced that the ordinance had been finally passed and adopted by unan~oua vote ot the CQM- mission in accordance with the requirements ot Sections 15, 16 and 17 or Article IX or the Lubbock Charter; and the Jayer thereupon signed and approved the ordinance in the p~aenoe ot the COllllliaaion. The OJU>INANCE 1a as tollowa: RUMBBR--~24~1~6 ____ ___ "AN ORDINANCE by the City Oo~saion ot the City ot Lubbock, Texas, amending Ordinance No. 2394, passe and adopted by the said City Commission on the lOth day ot J'ebruaey, 19581 authorizing the issuance of $3,84o,eoo "City ot Lubbock, Texas, General Obligation Bonds, Series 1958", dated Marc 1, 1958, so as to provide for the manual counter- signing ef said bonds by the City Secretary 1n lieu ot tacsiaile signature; enacting provisions incident and relating to the subJect and purpose or this ordinance; and declaring an eaergency." WHEREAS, heretofore, to-wit: en the lOth day of Pebruar.y, 1958, the City Commission ot the City ot Lubbock, !exas, duly paaaed and entered ot record Ordinance No. 2394, authorizing the issuance ot $3 .. 8~0,000 "City ot Lubbock,'l'exas, General Obligation Bonds, Series 1958" dated March 1, 1958, and WHBBBAS, it is now found and determined that it is neceasar.y and advisable tbat the aforesaid ordinance be amended so as to provide in Sections 6 and 7 thereof for the counter- signing ot said bonds by the unual. signature of the City Secre- tary in lieu of the tacaimile signature ot said City Secretary prescribed under the terms ot said ordinance herein amended; and WHEREAS 1 1 t is FOUD AND DETRBMI.NED AND ADJUDGED that it is necessary and to the best interest ot the City ot Lubbock that the aforementioned Ordinance No. 2396 be amended aa herein- above provided, so as to pxpedite the delivery or the bonds and the receipts of the proceeds thereof by the City tor the construction ot taprovementa and extensions for which such bonda were authorized at the earliest possible date, tor the ~diate preservation et the public peace, propert~, health and aatety ot the citizens or the City of Lubbock, Texas# and that by vir- tue thereof this ordinance shall be passed and adopted as an emergency measure; therefore BB I'f ORDAINED BY 'l'HE CITY COJIMISSION OF THE CITY OF LUBBOCK: SECTION l: That the aforesaid Ordinance No. 2394, paased·and adopted on the lOth da~ of February, 1958, authoriZ- ing the issuance ot $3,840,000 "City ot Lubbock, Texas, General Obligation Bonds, Series 1958", dated March 1, 1958, be and said ordinance is hereby amended as tollows: That Section 6 of said ordinance shall hereafter read and provide as followss ''SECTION 6: '!'hat the corporate seal ot the "CI'fi OF LUBBOCK, TEXAS" shall be impressed upoD each of said bonds and each may be signed by the imprinted facsimile signature ot the Mayor and shall be countersigned manually by the City Secretary. The facsimile signatures of both the Mayor and City Secretary shall be impressed upon each of the interest coupons attached to each of said bonds, and execution of the bonds and interest coupons by facsimile signatures in the manner aforementioned aha have tbe same effect as it manual signatures were employed throughout, all in accordance with the provisions of Chapter 293. enacted by the 54th Legislature ot Texas, at its Regular Session in 1955 (codified as Article 717j Vernon's Annotated Civil Statutes of Texas. 1925, as amended)." That Section 7 ot said ordinance shall hereafter read and provide as follower ttsBCTION 7:T.Bat the form of said bonds shall be sub- stantially as follows: NO. __ _ UNI'f.ID STATES OF AMERICA STATB OF 'l'BXAS COtJN'l'Y OP LUBBOCK $1,000 CI'l'Y OP LUBBOCK, TEXAS, GEHERAL OBLIGATION BORD, SERIES 1958 , The CITY OF LUBBOCK, a municipal corporation of the State of Texas, acknowledges itself indebted to, and FOR VALUE RECEIVED, hereby promises tOPiY to bearer, with~ut right of prior redemption, the sum of ONE TJl(!)USAND DOLLABS ($1,000), in lawful money or the United Stat•• ot America, on the FIRST DAY OF MARCH, 19 ____ , with interest thereon from the date hereof until paid at the rate or ________________________ ___ PER CENTUM ( ~) per annum, payable on March 1, 1959, and semi-anmually thereafter Gn September lat and March lst in each year, and interest talling due on or prior to maturity hereof is payable only upon presentation and surrender of the interest coupons hereto attached as tbey severally became due. BOTH PRINCIPAL and interest ot this bond are hereby made payable &1? THE FIRST NATIONAL OI'l'f BANK OP NEW YOBK, New York, New York, or, at the option ot the holder, at the CITIZENS NATIONAL BANK, Lubbock, Texas, without exchange or collection charges to the owner or holder, and for the prompt pay.ment or this bond and the interest the~eon at maturity, the full faith, credit and resources ot the City of Lubbock, Texas, are hereby irrevocably pledged. THIS BOND is one of a ~eries ot Three Mbousand Eight Hundred Forty (3840) serial bonds, numbered consecutively from One (l) to Three Thousand Eight Hundred Forty (3840), both in- clusive, in the denomination ot One Thousand Dollars ($1,000) each~ aggregating THREE MILLION EIGHT HUNDRED FORTY THOUSAND DOLLABS ($3,840,000} issued ror the following purposes~ to-wit: $2~000,000 for the purpose ot constructing ~provements and extensions to the City's Waterworks System (being the second parcel or installment ot a total voted authorization of $3,000,000 bonds); $590,000 for the purpose of constructing ~prove~ent~ and extensions to the Oity•s Sanitary Sewer System {being the second parcel or instal~ent of a total voted authorization ot $1,585,000 bonds); $700,000 for the pprpose of constructing street ~provements in and tor said City (being the second and final parcel or installment of a total voted authorization of $1,500,000 bonds); $300,000 tor the purpose ot constructing, enlarging, extending and installing storm sewers, drains, curbs and8ltters and other improvements inciden- tal thereto 1n and tor said City {be1~g the second parcel or installment or a total voted authorization ot $1,500,000 bonds); and $250,0@0 tor the purpose ot constructing, installing, extend- ing and improving the C1ty 1a Street Lighting System (being the second and final parcel or installment $! a total voted authori- zation ot $410,000 bonds); under authority et tbe Constitution and laws ot the State or Texas, and pursuant to an ordinance duly adopted by the City CommissioD ot tae City ot Lubbock, Texas, and recorded in the M1nutea ot said City commission. IT IS HlllEBY CERTIFIED 1 RECITED AND REPRESENTED that the issuance ot this bond and the series ot which it is a part, is duly authorized by law and by a vote ot the qualified property taxpaying voters ot the City ot Lubbock, Texas, voting at an election held for that purpose within said City on the 8th day ot November, 1955; that all acts, conditions and things required to be done precedent to and in the issuance of this series ot bonds and ot this bond, have been properly done and performed and have happened 1n regular and due t1me 1 tor.m and manner as required by law; tbat sufficient and proper provi- sions tor the levy and collection of taxes has been made which, when collected, shall be appropriated exclusively to the payment ot this bond and the series ot which it is a part, and to the payment or the interest coupons thereto annexed, as the same shall become due; and that the total indebtedness of the Cit7 of Lubbock, Texas, including the entire series ot bonds ot which this is one, does not exceed any constitutional or statutory limitation. IN TESTIMONY WHEREOF, the City commission has caused the seal ot said City to be impressed hereon, an~ this bond to 0 be signed with the imprinted tacsiaile signature ot the Mayor~ countersigned by the manual signature of the City Secretary~ and the appurtenant coup~ns to be signed by the ~printed facsimile signatures ot said Mayor and City Secretary, (in accordance with authority conferred by the provisions ot Chapter 293, enacted by the 54th Legislature of Texas at its Regular Session, 1955), the date or this bond~ in contor.mity with the ordinance above reterred to"keing the let day or :March, 1958. xas COTJ.NTBRSIQNED: city Secretary, ei1Sy ot tubboci,texas., SECTION 2: Except as amended in c ontormi ty with the foregoing, said ordinance ot Pebruary 10, 1958, is hereby ratified, approved and conti~d. SECTI0N 3: !he tact that it is to the best interest ot the City ot Lubbock, that the atoreaent1oned Ordinance No. 2394 be amended as hereinbefore provided ao as to expedite the delivery ot the bonds and the receipt ot the proceeds thereof by the City for the construction ot the improvements and extensions tor which such bonds were authorized at the earliest possible date, creates this an emergency measure tor the 1mmed1ate preser- vation ot the public peace, property, health and aatety, as well as a more efficient administration and operation ot the City•a above mentioned Systems. deaanding that the Charter provision to the effect that no ordinance shall be passed on the day on which it shall be introduced be suspended, and this ordinance is hereby declared an emergency measure by unanimous vote or the City Commislon, the same shall take effect from and after ita passage, and it is so ordained. PASSED AND APPROVED, this the 27th day of February, 1958. city S~ry, ~Lubbock, Texas (City Seal) • ··~ I •"" _' • • I .. ' ODTIJ'ICATB OF CITY SBOBE'.rAliY THE STA':l'E OF TEXAS CITY OF LUBBOCK COUNTY OP LUBBOCK I, the under~1gned, City Secretary of the City of Lubbock, Texas, DO HBREBY CER'l'IFY that the foregoing 1s a true and correct copy of an ordinance amending Ordinance No. 2394 authorizing the issuance of $3,840,000 "City of Lubbock, Texas, Gener~l Obligat1om Bonds, Series 1958", dated Marah l, 1958, (and Minutes pertaining to its adoption), said ordinance passed and adopted by the City commission en the 27th day of Februar,v, 1958, at a --Re~gu;;;..;;l;,;.;.ar...;..._· ___ session of said Commission, and which ordinance is ot record in Book 17 , page ------~ --------- et seq., of the Minutes of said Commission. IN WITNESS WBEHBOP, I nave hereunto signed my name officially and affixed the seal of said City, this the 27th day ot February, 1958. eit;y Si'Oriii7 I ~tu'6'6ocJC., Texas (City Seal) UNlTBD STATES OF AMERICA STATE OF TEXAS COUNTY OF LUBBOCK CITY OF LUBBOCK, TEXAS 3~, GENERAL OBLIGATION BOND, SERIES 1958 DATBD MARCH 1, 1958 PRINCIPAL DUB MARCH 1, lntereet payable March 1, 1959 and eeml·aannally thereafter on September 1 and ~rch 1 Principal and Interest payable at THE FIRST NATIONAL CITY BANK OF NEW YORK NBW YORK. NBW YORK or. at the option of the holder. a.t the CITIZENS NATIONAL BANK LUBBOCK, TEXAS