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HomeMy WebLinkAboutOrdinance - 2418-1958 - Amending Ordinance 2396 Issuance Of $3,379,000 Waterworks System Bond - 02/27/1958I u c; O;;l-;;;JI-l.956 ORDINANCE NO . 2418 AN ORDINANCE AMENDING ORDINANCE NO. 2396, AUTHOlUZING THB ISSUANCE OF $3,379,000 "CITY OF LUBBOCK, TEXAS, WA'l'BRWORKS SYSTEM REVENUE BONDS, SERIES 1958", DATED MARCH l, 1958 THE STA'l'E OP TEXAS CITY OF LUBBOCK COUNTY OF LUBBOCK I ON THIS, the 27th day of February, 1958, the City Commission of the City of Lubbock, Texas, convened in ~gular session at the regular meeting place thereof in the City Hall, all the members thereot being present, to-wit: S. S. FORREST, JR. LBNNIS BADR 0. L . BYlUl HOlliER G. MAXEY DAVID OASEY MRS. LAVBHIA LOWE MAYOR l COMMISSIONBBS and CI'l'Y SECRE'l'ARY also being present; constituting a quorua, at which time the following among other business was transacted: Commissioner ~d presented tor the ------~-----------consideration of the City Commission an ordinance amending Ordinance No. 2396, passed and adopted by the Oity Commission on the lOth day of February, 1958 .. authorizing the issuance ot $3,379,000 "City ot Lubbock, Texas, Waterworks System Revenue Bonds, Series 1958, dated March l, 1958~ Tbe o~dinance waa read in full by the City Secretary. Thereupon, Cemmiaaioner ~rd moved ----~---------------- that the raie requiring that no ordinanee aball be passed on the day on which it is introduced be suspended, and in view orf tae eaergenc7 set ~orth and de~1ned 1n the preamble to the pro~ed ordinance, the same be declared an emergency measure. \ -J / I ..__) (_; This motion was duly seconded by Co~ssioner ____ ~_s_e_y __________ ~ The Motion carried by the following vote: YEAS: Mayor Forrest and Commissioners Baker. Byrd, Maxey and casey. NAYS: None • . Thereupon. Commissioner _______ ~ __ r_d __________ aoved that the ordinance as read in full by the City Seeretary be finally passed and adopted by the Oo~ssion. This aotion was seconded by Commissioner ________ ~_s_e~y _________ , and the motion carr.ying with it the final passage and adGption of the ordinance, was 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 unan~ous vote of the Com- mission in accordance with the requirements ot 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 OoDII.ission. The ORDINANCE is as follows: BUDER 2418 "AN ORDINANCE by the City Commission ot the City ot Lubbock, Texas, amending Or~inance Mo. 2396 passed and adopted b7 the said City Commission on the lOth day of February. 1958 authorizing iasuanee of $3~319,000 "City ot Lubbock~ Texas, Waterworks System· Revenue Bonds, Series 1958", dated March 1 •. 1958, so as to provide tor the manual counter- signing ot said bonds by the City Secretary in lieu ot facs~ile signature; enacting provisions incident and relating to the subject and purpose of this ordinance; and declaring an emergenc7." t"l WBBRBAS# heretofore, to-wit: on the lOth day et February, 1958, tbe City Commiaaien of the City ot Lubbook, 'l'exaa, duly paaaed and entered or record Ordinance llo. 2396 authorizing the issuance ot $3,379,000 nc1ty or Lubbock, Texas, Waterworks System a.venue Benda, Series 1958", dated March 1, 1958, and WBERBAS, it is now round and determined tbat it is necessary and advisable that the aforesaid ordinance be amended so aa to provide in Sections 5 and 6 thereof for the counter- signing of said bonds by the manual signature of the City Secre- tary in lieu ot the tacsiaile signature ot said City Secretar.y prescribed under the terms or aaid ordinance herein amended; and WHEREAS, it is !POUND DETEBJIIINED AND ADJUDGED that it 18 necessary and to the best interest ot the City ot Lubbock that the aforementioned ordinance No. 2396 be .amended as hereinabove provided, 80 as to expedite the delivery of the bonds and the receipts of the proceeds thereof by the City tor the construction ot improvements and eatensiona tor which such bonds were autho- rized at the earliest possible date, tor the ~ediate preserva- tion of the public peace, property, health and safety ot the citi- zens or the City ot Lubbock, Texas, and that by virtuetbereot this ordinance shall be passed and adopted aa an e•ersency aeasureJ therefore BE IT ORDAINED BY THE CITY COMMISSION OF T.HI CITY OP LUBBOCK: SECTION 1: That the aforesaid Ordinance No. 2396 passed aDd adopted on the lOth day or February, 1958, authorizing the issuance ot $3,379,000 "City ot Lubbock, Texas, Waterworks System Revenue Bonds, Series 1958», dated March 1, 1958, be and said ordinance is hereby amended ae tollowa: That Section 5 ot aaid ordinance shall hereafter read and provide as tollowa: "SBCTIOB 5: Execution ot Bonds and Coupons. That the corporate seal or the "CITY OP LUBBOOK6 TEXAS" shall be ~pressed upon eaoh or said bonds and each may be signed by the imprinted tacaimile signature ot the Mayor and aball be countersigned aanuallJ by the City Secretary. The facsimile signatures ot both the Mayor and City Secretary shall be iapreased upon each of t~e interest coupons attached to each ot said bonda 6 and exee~tion or the .bonda and interest coupoaa by taca1mile signa- tures in the manner atorememtioned shall have the same ettect aa it manual signatures were employed throughout1 all 1n accordance with the proviaioDS ot Chapte~ 293 1 enacted by the 54th Legis- lature or Texas at its Regular Session in 1955 (codified as Article 717J vernon's Annotated Civil Statutes ot Texas~ 19251 as amended)." That Section 6 or aaid ordinance shall hereafter read and provide as tollowa: "SEC'l'ION 6: Porm ot Bonds. 'l'hat tbe rora ot said bonds shall be substantially as follows: BO. ---UBITID STATES OP AJIDIOA STA'l'E OP 'rEXAS COUNTY OF LUBBOCK CITY OF LUBBOCK, TEXAS, VA'l!ERWORKS SYS'l'EJIII BBVElWB BOD, SERIES 1958 fl~OOO FOR VALUI RBCEIVBD, the C~ty or Lubbock~ a municipal corporation ot the State or Texaa 1 hereby acknowledges itaelt indebted to and proaiaea te pay to bearer1 aa hereinafter stated~ without right or prior redemption on the FIRST DAY or JUNE, 19 the sum ot OW DOUSAND DOLLARS .. . . Ll() u ($1,000), 1n lswtul money of the United States or America, with interest thereon from the date hereof until paid, at the rate of ___________ ~PER CEN1'UM (--~~)per annwa, payable on Deceaber l, 1958, and semi-annually thereafter on June lst and Deceaber lat in each year, and interest falling due on or prior to maturity hereof is payable only upon presentation and surrender ot the interest eoupous hereto attached aa they severally become due. BO!B PRINCIPAL and interest of this bond are hereby ma e payable at '!'HE FIRST RA'fiOHAL CITY BANK OF NKW YOBK, Mew York, New York, or at the holder's option, at the CITIZENS HATIORAL BARK, Lubbock, Texas, without exchange or collection charges to the owner er holder, and the said City or Lubbock, Texas, is hereby held and firmly bound to apply the pledged appropriated revenues or ita Waterworks System to the prompt payment ~t prin- cipal and interest of this bond at maturity, and to pay said principal and interest as they .ature. THIS BOND is one or a aeries or bonds ot like tenor and effect, except as to numDer, interest rate and maturity, aggregating in ameunt THBEI MILLION T.HREE HUNDRED SBVBN~ NINE !HOUSAND DOLLARS ($3.379,000), ($275,000 ot such bonds being a fourth and timal parcel or inatallaent of a total authorization or $4,644,000 bonds voted at an election held on the 9th day of December, 1952; and $3,104,000 of suoh bonds being the second and final parcel or installment ot a total authorization of $9,08~,GOO bonds voted at an election held on the 8th day ~t Novembe~!, 1955), numbered consecutively troa One (1) to Three Tbouaand ThreeQHundred Seventy Kine (3379), both inclusive, 1n denomination ot One Thousand Dollars ($1,000) each, issued tor - the purpose ot making permanent public ~provements~ to-wit: constructing taprove.anta and extensions to the City's Waterworks System~ Sanitary Sewer Systea and Electric Light System, in accordance with the Constitution and laws ot the State ot Texas~ particularly Articles 1111 et seq., Revised Civil Statutes ot 1925~ as amended, and by authority Qt a vote ot the qualified property taxpaying voters ot said City, who had duly rendered their property tor taxation, votins at elections held tor that purpose within said City on the 9th day ot Deoe.Wer, 1952, and en the 8th day of November, 1955, and pursuant to an ordinance paaae.cl by the Oit7 Commission of the City of Lubbock, Texas, and duly recorded 1n the Minutes of the City Coaa1ss1on. TBI DATE of thia bond in confor.mity with the ordinance above mentioned is March 1, 1958. THIS BOND and the aeries of which it is a part, to- gether with the $2,045,000 "CITY OP LUBBOCK, TEXAS, WAURVOBKS SYSTEM REVENUB BONDS, SBRIIS 1953n, dated June 1, 19531 the $1~000,000 "Cifi OP LUBBOCK:, TEXAS, WA'l'BRVOBKS SYS'l'Bil BEVENUB BONDS, SERIES 195411 ~ dated March 1, 1954, and the $7,300,000 lt·CI'fi OF Lt:JBBOOIC, TEXAS, WATERWOIUCS .SYSTBM BEVDUE BONDS, SERIES 1956", dated March 1, 1956, constitute special obligations of the City of Lubbock, and are payable aa to both principal and interest trom and equally secured by a first lien on and pledge ot the revenues ot the City's Waterworks System, atter deduction ot reasonable expenses ot operation and aaintenance. THB CITY reserves the right to issue additional bonds and obligations payable trom the net revenues ot the Waterworks Systea on a parity with the bonds ot this issue, with the $2,045,000 "CI'fY 01' LUBBOCK, 'l'BXAS, WADBIIORitS SYS'fBIII BBV1DWB BONDS, SERIES 1953~, dated June 1, 1953, the $1,000,000 aciTY O!i' LUBBOClt, 'l'EDS, WA'r.BRVOltKS SYSTEM BEVBHUB BONDS, SERIES 1954", dated Mareh 1~ 1954# and the $7~300~000 "CITY OJ LUBBOCK~ T.EXAS1 WA!BHIORXS SYSTEM RBVENUB BOBDS1 SEBIBS 1956"# dated March 1~ 1956. but pursuant to and subJect only to the reatrietina covenants and l~itationa contained 1n the ordinance authorizing this iaaue of bonds~ to whica rererenee ia made tor tull parti- culars. !BE HOLDER hereof shall never have the right to demand payment ot this obligation out of any tands raised or to be raised by taxation. EACH HOLDBR ot thia bond~ payable to bearer6 or o£ the intereat coupons hereto attached~ ia conclusively presumed to torego and renounce his equ1t1ea in favor ot subsequent holders tor value without notice and to agree that. being payable to bearer~ this bond and each ot the intereat coupons attached~ may be negotiated by delivery however possession may have been acquired~ and that any subsequent holders who may receive this bond or any or the interest coupons attaobed1 tor value without notioe1 has thereby acquired absolute title tree from all equi- ties and claims or ownership or any prior holder. The City ot Lubbock~ ita officers and the paring agents shall not be affected by any notice to the contrary. AND IT IS HEREBY CERTIFIED AND RECITED that the issu- anee or this bond. and the series of which it ia a part, ia duly authorized by law; that all racts, conditions and things . required to exist and to be done precedent to and in the issu- ance ot this bond to render the same lawtul and valid have been properly done. have happened and been performed in regular and due time, form and manner as required by the Constitution and laws ot the S'ate ot Texas and the ordinance hereinabove men- tioned; that this series of revenue bonds does not exceed any constitutional or statutory limitationsi and that provision has been made tor the payment ot the principal ot and interest on this bond and the series ot which it is a part by irrevocably pledging the revenues of said Waterworks System ot said City ot Lubbock~ Texas. IN TES'riMONY WHEBBOP, the City commission has caused the seal of said City to be impressed hereon, and this bond to . ' be signed with the imprinted facs~le signature o£ the Mayor, countersigned bf~the manual signature of the City Secretary, an4 the appurtenant coupons to be signed by the imprinted facsimile signatures of said Mayor and City Secretary~ (in accordance with authority conferred by the provisions of Chapter 293, enacted by the 54th Legislature of Texas at its Regular Session, 1955), the date of this bond, in conformity with the ordinance above reterre to, being the 1st day ot March, 1958. ~~!ius COUN'l'ERSIGNED: City Secretaey, city or tuobock., Texaan SECTION 2: Except as amended in conformity with the foregoing, said ordinance ot February lO, 1958, is hereby ratified., approved and confirmed. SECTION 3z The tact that it is to the beat interest ot the City ot Lubbock, that the aforementioned Ordinance No. 2396 be amended as hereinbefore provided so as to expedite the delivery or the bonds and the receipt ot the proceeds tbereot by the City tor the construction of the improveaenta and extensions tor which such bonds were authorized at the earliest possible date, creates this an emergency measure tor the immediate preser- vation ot the public peace, property, health and safety, as well as a more ettioient administration and operation or the City's above .. ntioned Systems, de.anding that the Charter provision to the etteet that no ordinance sball be passed on the day on which it shall be introduced be suspended, and this ordinance is hereby declared an emergency measure by unan~ous vote ot the Oity Comm1aa1on, the s~ shall take effect from and after its passage, and it is so or~ained. PASSED AND APPROVED, this the~ day of February, 1958. ATTEST: Clt7 S~~ Lubbook, Texas (City Seal) J , , # , I • . . . CBRTIFICAD OP CITY SECRETARY THE STATE OF 'l'EXAS CITY OF LUBBOCK COliJNft OF LUBBOCK I I, the undersigned, City Secretary ot the City of Luabock, 'l'exas, DO BERlmY CERTIPY that the foregoing is a true and correct copy or an ordinance amending Ordinance Ho. 2396 authorizing the issuance of $3,379,000 "City of Lubbock, Texas, Waterworks System Revenue Bonds, Series 1958", dated March 1, 1958, (and Minutes pertaining to ita adoption), said ordinance passed and adopted by the City Commiasioa on the 27th day or February, 1958, at a Regular session ot said Commission, and which ordinance is ot record 1n Book 17 page et seq., ---- or the Minutes or said Commission. I:tf VI'l'NESS WBBBBOF, I have hereunto signed my name oft1e1ally ancl affixed the seal of aaid City, t.bis the 27th day or February, 1958. (City Seal)