HomeMy WebLinkAboutOrdinance - 2583-1958 - Issuance Of Time Warrants In The Sum Of $50,000 - 09/11/1958"'"'' v
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AN ORDINANCE AUTtiORIZlNG THE ISSUANCE OF TIME WARRANTS IN
THE SUM OF FIFTY THOUSAND DOLlARS ($50, 000. 00) BEARING INTEREST
AT THE RATE OF 2. l/Zo/o PER ANNUM UNTIL PAID PURSUANT TO CONTRAC
WITH CITIZENS NATIONAL BANK, LUBBOCK, TEXAS, SAID WARRANTS TO
BE ISSUED IN PAYMENT OF OBUGATIONS TO SAID BANK: APPROPRIATING
AN AMOUNT OF MONEY OUT OF THE GENERAL FUND OF THE CITY OF
LUBBOCK SUFFICIENT TO PAY OFF SAID TIME WARRANTS ACCORDING TO
THEIR TENOR AS THEY MATURE : AND DECLARING AN EMERGENCY.
WHEREAS, the City commission of the City of Lubbock has heretofore
determined the necessity and advisability of making c e rtain paving improvements
in the City of Lubbock, and,
WHEREAS, the Commission entered into contract with the Citizens Nationa
Bank of Lubbock, Texas, as authorized by its Resolution dated August 2.8, 1958,
and recorded i n Minute Book 17 at page 32.9 , and,
WHEREAS, said Bank has deposited FIFTY THOUSAND DOLLARS ($50, 00
in a fund designated Paving Improvements Fund, 1958 Series, and in said contra
it was further agreed that the City would execute to the ban:k its time warrants,
bearing interest at 2. 1/2.% per annum until paid, each of said warrants being in
the principal sum of TEN THOUSAND DOLLARS ($10, 000. 00), payable over a
period of five (5) years, as therein provided; and,
' WHEREAS, funds are immediately needed to pay certain obligations c~eate
by the City of Lubbock to facilitate and expedite the daily operations of the
Public Works D e partment and Engineering Department and street improvements
supervised by said Departments, which creates an emergency; NOW THEREFOR
BE IT ORDAINED BY THE CITY COMMISSION OF THE OTY OF LUBBOCK:
SECTION 1. THAT the sum of FIFTY THOUSAND DOLLARS ($50, 000. 00)
is hereby made and declared to be the lawful debt of said City of Lubbock, said
debt in said amount to be paid to Citizens National Bank, Lubbock, Texas, in
legally issued warrants of said City to take up, renew, extend and pay the
proportionate part of the City of Lubbock's paving program for said City and
property received by said City for paving improvements.
SECTION 2. THA.T warrants of said City, to be called ucity of Lubbock
Paving Improvements Warrants, 1958 Series11 , shall be issued in the sum of
FIFTY THOUSAND DOLLARS {$50, 000. 00).
SECTION 3. THAT said warrants shall be numbered from one to five (1 to )
inclusive and shall be in the denomination of TEN THOUSAND DOLLARS ($10, 000 )
each, aggregating the total sum of FIFTY THOUSAND DOLLARS ($50, 000.) that
said warrants shall be dated September 20, 1958, and shall mature and become
due and payable serially as follows:
WARRANT NO.
1
2.
3
4
5
MATURITY DATES
September 2.0, 1959
September 2.0, 1960
September 20, 1961
September 2.0, 1962.
September 2.0, 1963
AMOUNT
$ 10, 000
10,000
10,000
10,000
10,000
/
SECTION 4. THA.T said warrants shall bear interest at the rate of 2 l/20/o
per annum until paid.
SECTION 5.. THAT the principal and interest accrued to date of payment
of said warrants shall be payable on or befOre maturity at said Bank in lawful
money of the United States of America upon presentation or surrender of warran
for payment; and said warrants shall provide that in the event of default in the
payment of principal and interest and the same is placed in the hands of an
attorney for collectiop, or if collected by suit, or by legal proceedings of any
kind, an additional amount of ten per cent {100/o) on the pr incipal then due shall
be added as attorneyts fees.
SECTION 6. THAT said warrants may be redeemed by the City at any
time before maturity by paying the principal of any of said warrants and interest
~ccrued thereon to date of payment.
SECTION 7. THAT said warrants shall be signed by the Mayor, counter-
sfgned by the City Secretary, and registered by the City Treasurer, and the
seal of the City ~hall be impressed upon each of the said warrants.
SECTION 8. THAT the form of warrant shall be substantially as follows:
"No. ~~----
-,.._.
THE UNITED STATES OF
AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
$10, ooo. 00
CITY OF LUBBOCK, PAVING IMPROVEMENTS WARRANTS, 1958 SERIES:
THIS IS TO CERTIFY that t I:E City of Lubbock, a Home Rule Municipal
Corporation in the County of Lubbock, State of Texas, is justly indebted to the
Citizens National Bank of Lubbock, Texas, and their assigns, in the principal
sum of TEN THOUSAND DOLLARS
($10, 000 .. 00) in lawful money of the United States of America, with interest there n
at the rate of 2 1/Zo/o per annum until paid, said principal and interest being pay ...
able on or before maturity at the Citizens National Bank, Lubbock, Texas, upon
presentation and surrender of warrant for payment at maturity; and the City
Treasurer of said City is hereby authorized, ordered and d irected to pay Citize
National Bank, or assigns, at said Bank, the said sum of TEN THOUSAND DOL
. \ '-Y . ($10, 000. 00), on the day of , 19~ ~, the date of / ~ --v 1J> ... maturity of this warrant plus interest accrued to date of payment 1n full settle-~:>"" ment of the indebtedness hereby evidenced, from the General Fund of the City of
'Lubbock of said City appropriated and set aside for that purpose.
THE CITY OF LUBBOCK reserves treoption: of redeeming this warrant by
paying the principal and interest accrued to date of paymel?-t to the Citizens
National Bank, Lubbock, Texas, at any time before maturity.
IT IS HEREBY agreed that if this warrant is not paid at maturity~ and the
same is placed in the hands of an attorney for collection after maturity thereof,
or suit is filed thereon, or collection made by legal proceedings of any kind, an
additional amount of ten per cent (lOo/o) on the principal then due shall be added
as attorney's fees.
TinS WARRANT is one of a series of five warrants, numbered consecutive!
from one {1) to five (5), inclusive, all of said five-warrants in denominations of
../
Ten Thousand Dollars ($10, 000. 00) each, aggregating the :·sum of Fifty Thousan
Dollar·s ($50, 000. 00), issued for the purpose of evidencing the indebtedness of
the City of Lubbock to Citizens National Bank, Lubbock, Texas, or their assigns
for taking up, reviewing, extending, and paying the proportionate part of the Cit
of Lubbock's paving program for said City and property received by the City for
paving improvements, all in accordance with contract entered into by and betwee
the City of Lubbock and the Citizens National Bank, under and by virtue of the
Constitution and laws of the State of Texas~ and the Charter of the City of Lub-
block, and in pursuance of an ordinance duly and legally adopted by the City
Commission of said City, recorded in the minutes of said City Commission.
THE DATE of this warrant, in conformity with the ordinance above-mentio ec
is September 20, 1958, and it is hereby certified and recited that all the acts,
conditions and things required to be done precedent to and in the issuance of this
warrant and the series of which it is a pan, in order to make them legal, valid
and binding obligations of said City, have been done and performed in due and
regular time, form and manner, and that provision has been made to appropriate
annually sufficient funds out of the General Fund of the City of Lubbock to pay the
principal on these warrants according to their tenor as they mature; and that the
issue of warrants, of which this is one, together with all other indebtedness of
said City, is within debt limits prescribed by the laws of Texas and the Charter
the City of Lubbock, Texas. ·
IN WITNESS WHEREOF, the City Commission of the City of Lubbocl<:, Te s,
has caused the seal of said City to be hereto affixed and this warrant to be signed
by the Jv1ayor and countersigned by the City Secretary as . of the date last above
written.
ATTESTED AND COUNTERSIGNED
REGISTERED this the 20th
day of September, 1958.
~ity 'Treasurer;'Clty of-i.~t>'6'oc ,
Texas
SECTION 9. THAT said warrants shall be executed and delivered to the
Citizens National Bank upon delivery to the City Secretary of satisfactory
evidence in writing of the establishment of the Paving Improvements Fund, 1958
Series as provided in said contract.
SECTION 10. THAT an amount of money is hereby appropriated and set
aside annually out of the General Fund of the City of Lubbock, said amount of
money shall be sufficient to pay off said warrants according to their tenor as
they mature. ·
SECTION 11. THAT the daily operations of the Public Works Department
and Engineering Department require that tlis ordinance be passed immediately
and therefore this Ordinance is hereby declared to be an emergency measure
and the rule ..requiring two readings is hereby dispensed with, and this Ordinance
sha~ become effective immediately from and after its passage.
AND IT IS SO ORDERED.
Passed unanimously by the City Commission this 11th day of September
• 1958. ~------·
ATTEST:~ ,
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