HomeMy WebLinkAboutOrdinance - 2738-1959 - Issuance Of $725,000 General Obligation Bonds - 03/24/1959oa-2...4--\.96..9
OR.OINAHCE lUMBER 21 ~8
All ORDINAICE AUTHoRIZIHG ISSUANCE OF 1125.000
"'CITY OF LUBBCCI, TE~, GEBERAL OBLIGATION
BOJDS, SERIES 1959"', l)ATE.D MARCE l, 1959
THE STATE OF TEXAS I
CITY OF LUBBOCr I
~fin OF U1BBOC'r I
OH THIS 24th 4ay of March, 1959, the City Commission of the City of Luhhook,
Texas, convened in apeciel session at the regular meet.tnq place thereof in the City ·
llall wt th all membara theAof being present and in attendance, to-wit:
LENNIS W .. BAtER
VERNON E. THOMPSOJ ) ans MAHER )
tafER G. MAXEY )
DAVID CASEY . )
MRS. LAVENIA LOWE
MAYOR
OOMMISSIOHEBS
lllso beinq pnsent; at ~hitrh time the followiJ\9, amonq other buiuss, was tranaacteci
Cceadseioner Thcmpson presented for the aonalderation of tho C1ty Commission
11n ordinance authoridnq the issuance of "CITY' OF LlJBBO('!I", ~, GENERAL OBLIGATION
IPQ!mJ, SERIES 1959"', dat.d Mitrch l, 1959, in the prinaf.pal sum of SEVE! HUNDRED TWEW.
P'IVE mot.JSAND »aLtARS (8725,000); an4 said ordinance was read in full be the City
3ecretazy.
1here-upon, Commissioner .... M''!"q,.,.! moMd that the rule requi ril\9 thet no ordil\8%\ e
.. ball be passed on the dey on which 1 t is introduced be suspended, a.nct that in view
pf the emeroency set forth and defined in the pr.amble to the prOJ)OSed ordina.noe
~hat the eame be deoland an emaroe.ncy measure. This mot!on wu duly seconded by ~oamdsdoner Mom. '!he motion carded. by the followino votet
YEAS: Mayor Bater and eca.t.••1onen ThODifJSon. Maner, Muey and Cuey
!fAlSe Hone
'l'benupon, Ccamdaaioner lhS!!!P'on moftd that the ordiNUtce as read in full by
the Cl ty Secretary be fin&lly ;>aesed and adopted by the Ccaldsslon. This motion was
~econded by CGII!lisaioner C.ser and the IDOtio~, carrying with it the final passage and
~option of the ordinance, was unaniiDOUSly carried by the following Yotes
YEAS: Mayor Baker and Coumiasionora Th.ompson, M.Jner, Many and Casey
NAllh lone
Th.erelJS)Oft, the Mayor announced that the ordinanoe h«d *" finally paead
and adopted by unanimous vote of the Commission, in accord«noe with the nquirements
of Secttona 15, 16 and 17, of Article IX of the Lubbock Charter-; and tM !W'or the
upon signed od approred the ordinance in the presenae of the C01111Lla.aion. ..
The ORl)lBAICB is as follows 1
HUMBER JJS8 -
"AN ORDIKAHCE by the City Ccmmission of the City of Lubbook, iltxas, authoriz
ing the issuance of 1125,000 'City of Lubbock, 1\txu1 Senetal Oblioatlo
Bonds, S.ries 1959' • dated March 1, 1959, for the following l"UX'PP8•• to-
w! t: t3SO,OOO (being the third parcel or installment of a total voted
authorisation of 8S,OOO,OOO bonds) for the purpose of conetruotino im-
provements and extension. to the C1ty'a Waterworks Syat...; $150,000
(l:leino the third parcel or installment of a total voted authorisation
of $1,585,000 bonds) for the pUrpose of constraotino faprOYements and
extensions to the City's Sanitary Sewer System, and 1225,.000 for the pu
pqse of constructin a.n.d equippinQ fire station bttildtngw in and for sa!
City; prescribing the form of the bonds and the fom of the interest
coupons; levying a oetntinuing direct annUAl ad Yalorem tax on all tuabl
property wi th!n the U.mt ts of said C! ty to PflY the 1~at.reat 01\ «laid
bonds and to create a sinking fund for the redemption th~reof and p~
vtdinq f or the assessment and c~llecticm of suoh taxes# enacting pr~
vlsiona i.ncident ud relatil\9 to the purpose ant.:l subJect. of this ordinan 1
and declaring an emergeno.y.•
MIERBAS, under and by virtue of a re•olution and order duly passed and adopt
ed by the at~ Connission of the City of Lubbock. 1\lxas, on the 21st day of Octtober,
1955, at which election tile followingprq>oadtio~ .Htre s'ulxaltted to the qualified
electors of said 01. tya ·
...
"SHALL the City Cemmia•iOft of the C!tt of Mlhbook, ntxu, by autho~iaed
tc tasue m.REE MILLION »oLLARS ($3,000,000) oeneral obligat4JOn tu bonete of
'"'said et ty. for the_purJX)Se of metino ptl'lllaMilt publio improvement.,-to-wi't
constructing improveD.nte and extensions to the City's W.tervor.ta 8Yatea1
said bonds to mature serially oYer a period of years not to exceed thirty
(30) years froor the1t date, and to bear interest at a rate aot to •xoeed
mREE AND !RREE FOOR'lltS PER CEmJM ( 3-3/41.> per annum1 payable armu&lly or
semi-annually; end to provide for the peyment of pdnc:d.pel of and interest
on said bonds by levyino a tax sufficient to pay the IJU\UU interest and to
create a sinking fund sufficient to redeem said bends es they be~cme due?•
"SHALL the City Commission of the C1 ty of Lubbodt1 -r.xas, , be authorized
to issue TYX> HO.N'DRED Mm'Y FIVE 'rHOtiJAND ilOl.1JlRS ($125-000) qeneral obliga-
tion tax bonds of said Oi ty for the purpose of making permanent public im-
provements, to-wi t1 ·constl'\'letiag and equippill(l fire station bttild!nos in
Dd for said City$ said bonds to mature serially oftr a period of years not
to exceed thirty (SO) years from their date, and to llear interest at a rate ·
not to exceed mREE AID TR'IlF.E FOUR'.1'BS PER CEtr.l.mJ (3-3/4\) per annum, pqabJie
annually or semi-annually; and to provide f 4r the P~Ymentofprincipal of and
interest on said bonds b.v levyino a tax sufficient to ~ the annual interes
ud to ·ewate «' dnking fund Sliffioient to ndeem said honda as they be~
clue?"'
· · AID 'WRERE.N3, the saic1 election wu held pursuant to said zuolution anc1 orde
n the 8th day of November, 19551 and
WHEREAS, this City ~asion has heretof.or.-. examined into and tnvestioated
the reoul•rtty of the proaeedinqa for add election and found that tNt aeme was duly
d leqally helds the the notice required by law to be. <riven had been duly and ~wall
ven; that said election was conducted in strict conform! ty with the law; and that
ue returns of said electt.-on had been .made by the proper officers; and
ii!EREIB, at said election the qualified voters who are prQPtrty ~rs
f the City of Lubbock, votinq at said election, sust«.tned by a major! ty vote, the
rop~itions t() issue the aforesaid bonds, ln the a.wreqate principal sum of 14,810,0 0;
.d
WB'ERE.\<3, this City Camniss1on has h~tofore , to-wits em the lOth da:v of
O'ftHilber,. 1955, adopted a resolution cU.Yuaitq the returns and dealar.tng the results
f s~d election and detelminiag the speoitic authorl ty of the Ct ty to issue said
nerd. obligation tax bonds; and ·
\e:BREAS, by Ordbumoe lumber 18S5, dtlly ppaed and adopted on the 14th d«Y
f 'February, 1956, this City Commission authorised the issuance and sale of 81,0001 00
f tu bonds voted «e aforesaid ff# the following purposes, to-Witt tsoo.ooo for-the
• of aontru.crtinq improvements and exte.rudOM to the CU:yta W.terworte Syatea
(belnq the first parcel and installment of the said total voted authoriraatf.ozi of · ,ooo,ooo bonds) ed 8500,000 for the pUrpose of constructing improvements and
xtenaions to the City's Sanitaq Sewer S,.stem (heino the first parcel or installment
f the ••lcf total voted authorization of $1, sa·&, 000 bon~); and
WBIREAB, by Ordinance lumber 2394, duly passed <d ed.Opted on the lOth day
. f Febnlary, 1958, amended by Ordbianee Humber 2416; du~y pased and 4dopted on the
1th deY 'f Febxuary, 1958. this Ci t,y Caamisat()ft au.thQri•ed ·the iee\Uihoe $\d aale of
2, 590,000 of the bonds voted ca &.fOI'ltiJaid for the fbllowinq purpose• • to-w! ts 8!, 000,
00 (being the r.econ.d ~*!'eel or ins,W.t.ftt of sal d tot.l YOted authorization of .3.ooo,ooo bonds) for the J)U~s• of o-ttucittinq improftDIBDits and extensions to the
· ty1s W.terwolts System ud SS90iOOO' (being the aeoond parcel or tutallmant of
aid totl\1. Toted authorbaticm of tl,S8S,OOO bonds) for the purpose of constructing
rovement:s and extensiOl\8 to the City'& Ss.rtitary Sewer System; and
WBEREAS, 1 t beinq nOM detel'lllimld by the City Camuission thet it is not desi d
t this time to iasue all of the .re.malninq bonds in the sum of 8500*000 voted for on
e prcpC.ettion for the issuance of g'8neral obligation :tax londs for the purpose of
onstructinq ilzq)rovem.ents and extensiorus to th• City's Wate:ntf)rb SyateJa. bd that
350,000 .b the amount of honda now <Utsired to be issued un<ieir and pUsuant to this
rder, and th•t the remalnino aount of said bonds, to-wi t1 tlso.ooo 11187 be taaued
t a future dete or dates, 1f in the J'dgment of the City CGadsslon of said City.
e said additional bonds are needed by the City fer the pUrpose f~r whioh auah ir.deb ••s was oreated; and
WHEREM, it being now determined by the City Ccmmission that it is not desl
t thia time to issue all of.''the· ~lUng ,bQnd.s in the smrhof· l49s.ooo voted for on
e proPOSition for the .i'ssuano.i·:o:f ~~ileral ·C)l)ltgation tax bonds f~r the p\ttpOlle of
onatruoting improvements end e:x:teruU:ons to the Oi 'b''• Sui tuy Sewer System, 11at
t $150*000 is the amount of. bondS now desintd to he issued W\der anr.l pursuant to
s order, and that the nwainlncr amount of said bonds, to-witt 13451 000 ma:v be
aaued at a future date or dates1 tf tn the judQD~Snt of the Ci ~. Coadsaion of
· aid City, the said additional bonds are needed l::!Y the C:i ty for the purpose for which
uch indebtedness wu oreatedJ and
that the 1115,000 voted for on the propoeit1on for the issuance of oeneral obligation
tax honda for thll parpoee of aonstructino and ~pptnq Una station buildtnoe in
and for sdd et ty ehoald now he idued and aold to proride funda for the purpose for
which such bonds went toted; and
WBUEAS, t.lds CU;y ~salon dHIDII it adrisable and to the!rbeat interetit.
of ·the City that ~f)onde of the thrH s•riea hereiilabotre desodbed ahl!lll be Usued
in a siqh cCI!lbin~ authori=ation; and
WBEREN3., t t is P'OOID• DE~RMD!D AB.D ADJULlG!D that it ia neoeaeary anli to th
at interest& of the City to oonstnot: the imp,rcnmenta and extena.ions herein oon-
~ated at the earliest poaaible date for the i.tmnediate preee"•tion cf the puhllo
oe, preperty, health pd safety of the e!tbene of the City of Lubbodk1 '.lexu,
nd that by v1 '"tu• thereof thie otdinal:\08 shall be PtliU&ed e.d &<J9l>tecl as an eme~noy
ure1 therefo~
BE IT ORDA.IRED Br mE Cl'l'Y aM«SSSOll OF '!HE ca.rt" 01 UJlmCX%1
SBmRJL 1: That the bonds of the C1 ty of Lubbo1:tt,. ~t to be tnown u
crJ.'f OF J:'li.BBOOi; T'EXAS, GERERAI. OBLIG.A1'70N Eams. SERIES 1959", 1» and same are he
issued under and bt vtftue of tho eortstitution and laws of the State Of Teua,
or the followinv PQrposes, to-w1 t: #350,000 for the purpoae of aonstractino £•
rovuenta end ext.ndons to the City'• Waterworks System (beinq the t:h1zd ~reel
r lnstaU.Ut of a. total voted authorization of 13,~00,000 bonds)# 1150,000 for
· e ptt:poee of oonatruot1nq l.nipr ovements and ex.te~icms to the Ci 1¥*s San! tal'Y
ewer System (beinq the third parctei or 1natal•nt of • total voted authorization
f 11, sss,ooo honda); and ttzs_ooo for the purpgse f?_f. CJC)raa.tJUd;til'tO ~ ~pping fire
tation hrlldtnqs tn. and for said Ottvr aovr90a'fi'ng the·~P.rlnoi'P&llsa of smN HUNDRE ,IPWII,... rm !llmAID DoLLARS 'S'T!s,ooo). . .
. · .
SEC'l'la. !1 Th«t a&ici bcm:!s •hall be IIUiilbeted d-ecutive1y from One (1) to
n Hundred 1\tenty-five (115), both tnolusive; 81\411 be in the den:~nation of One
ousand Dollars U~l,OOO) eaCh, eqqreaqatinq the 1t1111 of SMI HUNlmE.D '1'WEm FI'II
ltt'llltmAND .DOLL4K3 (87!5, 000).
' .
SICTIQf Sa That sai<* bond~ shall he dated MarCh 1; 19591. and shall becone
ue and pay~e aert•lly, withcttt riqht of pr!or redemption, in •ccordanda with the
ollowi!\O •ahedttlec
l t~ 40
41 to 80
Bl to 1!0
lU to 160
161 to 200
101 to 135
136 to 270
171 to SOS
~06 to 340
341 to 315
316 to 410
411 to us us to eso
.....
»aroi l4o 1960
MarCh 1; 1961
MarCh 1, 196!
March l; 1963
Marth 1, 196~
March 1., 1985
March 1. 1966
Mareh 1, 1967
~rch 1, 1968
March 1, 1969
March 1, 1970
March 1, 1911
Mal'Gh l, 1971
840,000
40,000
fO,OOO
40,000
40,000
35,000
35,000
35,000
35;000
35,000
35,000
35,000
35,000
.. . ...
\ •
'
481 to 515
516 to 550
551 to 585
586 to 610
621 to 655
656 to 690
691 to 7!5
March 1,. 1973
March 1, 1974
Marah 1,. 19'15
Mar® 1., 1976
March 1, 1917
March 1, 1978
March 1. 1979
35,.000
35,000
35,000
35,.000
35,.000
35,000
35,000
SECl!tQN i! !hat sa!~ bcmde shall bear btterest from date until paid, at the
ollowinq rates per ann~· that is to s«Y -.
(a) Bonds Numbere1 1 to J!!L., both inclu1M; matudnq on March let in
each of the years 1960 to .llZL both inclusive, ahall be•r interest at the
rate of mREE AWD Q!E;§l~R CEN'l't!S (§;li81J'
(b) Bonds lumbered 481 to 610, both t~c1WJive, maturinq on March lat in
each of the yean .lJ.U to .1iZi, both inoiu.slw; ahall bear interest at the
rate of pRE! AND ORE-FOORT!f PER CElft'OM (ell A ) ;
(c) Bonde »umbered m tom, both ino1WJ1ve, mat\lrlno Oil Haroh btt in
.. oh of the years 1977 to 1979. both inclustft,. •hall bear intenst at the
rate of mR.EE AHD FQ!!.'li HUNDR.EUJ.m PER CEITOM ( 3, iO't ) :
• • (d) Bonds llumbered _ to_. both inclusive_, maturino «m March 1st tn
eaoh of the yeare _ tQ _, both inc1uive, shall bear i·nternt at the
_ -rate of PER. CENTUM ( . h and
uoh interut to be evid.enaed by propor c;oupona atteehed. to .-.Oh of •aid bonds, and
aid interest shall be payable 01\ March 1~ 1Mb, and semi-annually thereett.r on
ptemher 1 and Kareh 1 in each yoar.
SEC770N S1 That both pr1noipal of an4 interest on said honda shall be peyabl
n law.fui money of the United Stetes of ._rioa, without exchange or ooi1e~tton cha s
o the owner or holder, at THE FIRST lfA'l'IONAL CI'J.T ~OF HEW YORJ::. Wew York, New
orkm or at th• option of the holder at the cn'lZERS NATIONAL BUJ::, Lubbock, i'Jxae,
pon presentation and surnnder of bcmda or preper coupons.
SIC'nON 61 i'hat the crorporate eeal of the "CI!Y' OF I.t1BBa%., TEus• shall be
mpreased Upol'\ eaoh of said bonds and aaid bonds and the intereat coupons appurtenant
hereto may be exeOllted by the imprinted faoaimile stqnatu.rea of the Mayor -.nd City
Hre.tary of the City, and execution in euoh maMer shall have tNt same effect aa
f such honda and. coupons had been atqned by the Mt:rot' artd C1 ty Seontary by thei·r
nual signatures. Inumuch as suoh bonds are requirlld to be tec;iatered ~ the Ccilnp-
roller o-f Publfo Aaoounts of the State of 'l.'exaa, only his dqnature (or that of a
eputy desiqnated in wrl tJ.nq to act for tM Ccmptroller) shall be requited to be
ually aubsoribed to such bQnds in connection with his registration certificate
o appear thereon, as hereinafter provided; 411 in accordance with the provisions of ·
tiole 717j, Vernon's Annotated Texas Civil Statues, u amerldecl.
SEC?![CJN 7; 'lhat the form of said bond& shall be aubetutial1y a followaa
UltiTED EnA'BS OF AMERICA ~ sun oF 'l'EVB
CX>tJJtiT or wsaocx
11,000
,... r ~
Clft OF LU.8BCX%, TEXAS. dDEllAL OBLIGATIOI
Ball»" SERIES 1958
'lh• c:rrr OF I.tJBBOC[. a lllUllicdpal corporaUOD of the State of Te.xu, a«now-
ledoee t tael f indebted to, and FOR VALUE .RECEIVED, hereby prcaises to pq to bearer,
i thoat ri<rht of prior redemption, the sua of au '11DJSAJI> DOI.LARS
(11,000) in 14wful money of the t1nitec:l Stat.s of Allilrlca, on the niB'l' DAY 0P MUCH,
19 , ,.1 th interest thenon fro'Dl the date hereof until s-id at the rate of ...... ..---II
-PER CdmM ( ) per aM'GJD, pqable on Ma •
1960, end semi-annually thereafter on Sep&ill::ir 1 and ~h 1 in eacrh year. ud 1ft.-
te,.et fallinq due on or prior to maturity hereof is payable only 1lPOl\ presentation
and surrender of the interest CO\lpOilS hento attached u they aewrelly beoCII8 due.
a:mr PRIBCIPAL and interest of thi• bond are h•~eby made payable at mE
IRS'!' NATIOJrAL CITY' BAJr OP I.EW !Ott, lew YoJt1 lew Tort, oi' at the option of the
older at the C!ITIZDS IATIOI.AL ~ Lubboat, twua, w1 thout ex~ or oolleotion c:rha.roee to the owner or holder,dd for the prcmpt payment of thts bcmd aad the ~nter
at thereon at maturt ty-, the full fat th, credit and resources of the C!l ty of Luhbomt,
xu, ere hereby i rrtwoeably pled;ed. ·
'miS BalD.teone of a aeries of S.Yen Hlmclred Tvtmty-t1Te (115) serial bonds,
umbered crtmeeoutively fnu One (1) to &lftn Hundred Tt.ent)"-fi:n (715); both incluai' ,
n denomination of One Thousand Dollara (tl,OOO) eaoh, awreatiJ\9 SEVElf R'tJ1lJl1W)
FIVE maJSAIJ) J)Qt.t.us (1'725, 000), i•suecl for tM fOllowinq pu·poees. to-wi t•
350,000 for the pui'J)08e bf ocmatzu~ib; ... illpr~nts and uteuions to the City*•
terworta System ·(beino the third parcel or inatallment of a total voted euthorls~
ion of 13,000,000 bonds)l 3150,000 for the purpose of eonstructtng improvements and
xtellllions to the Ctty Sen.ttazy Sewer System (be.tno the third ~1 or iutalt..nt
fa total voted authoriatllcnof tl,S85,000 bon~)J and 1115,000 for the purpoae of
truotino and eqtdpptno fire station Wlclil\98 in -d for aaid Cityl unct.r author!
f the Consti tutton and laws of the State of r.zu. and punuant to c o~~-duly
dopted by the City Ccmmission of the Ctty of Lubbock, ~us, end reco~ ta ~th•·
nutea of said City Ccmmission. ·
IT IS BBRBBr CEmnED, RECl!E.D AID REPRBSEJTB£> that the 1ss1Wtce of this
on4 and the series of which it is a pert, .u duly authorised by law and by a vote
f the qualified proPerty tax'peying Yoten of the City of Lubbock, illxas, votino
t an eleotion held ff# that purpose wt thla said City on the 8th De-of IOYember,
955; that all acts, oondittou and thinoa nquired to be done precedent to and in
e issuance of thit:s aeries of bonds and of this bond, haft been proPerlY done and
rfo.rmed and haft h41'P8ned in reqalar and due time, fom and mumer as required l::!f
hi that sufficient and prOJ)er provision foll the levy and eollec:t1on of taxes hu
n made whiah, when oollected, shall .be eppropriated exaluh .. ly to the payment
t this bond 411d the series of which it is a .-~, and to the ~at of the interest
ottpons thereto annexed. u tM aame ahe.U becc:ae duet and that the total indebtednes
f the C1 ty of Mlbboat, '&rae, lncludinfl th• entire •edee of bonds of whioh tlb ts
ne, does not exceed any oonsti tutional or statutory 1J.mi tati on,
IR n:s'l"DDY WHEIEOF the City ec.daeion of tM Clty of Lubboak, ~xu.
aa caueed the seal of said City to be illprasaed hereoa, and this bond and t ta appur-
enant ooapona to be executed with the imprinted faa.tmile 1iqnatv.res of the Mayor
d C1 ty Secretary of add ct ty in 4locordall• vi th the prods tone of Artiele 711 j,
ernon'a Annotated 'ntxu Civil Statutes, u -ndedl the date of thia bond, in ocm-
ormity vith the ordinanae above referred to, beinG the fiRST DAY or MAR<JI. l'S9.
City S.eretary, City of Lubbock, Dtxu
SEc:riQf 81 !hat the form of interest c:ollPC)n attaoheci to each of said bonds
shell be ·s.ubstanttally as follows a
JlO. ·----OJI mB FIRSt DAY OP ~---19 __ _
the Cift' OF ~ a muniot.Ml ccrporatiot\ of the Stete of 18xu, hereby pi'GIIises
to pay to bearer at mB nRS.r lfJa:IOIAL crtr B.AB: OF JJ.KW toRI, Hew Tort, Jlew York:.,
or at the option of the h~der at the CITIZDS IATIOIAJ. B~ LUbboclt, ~xu, without
exchange or ctolleotion charges to the owner or holder, the sum of
UU29 (8 ) , in lawful money of the trni.~t-ecl~S~ta"""!t!"'" .. -o~f-Ame'!!"""'"-r"!!"'ioa-,-.-a""!!'i'"'!!'d-:•• btino
'"lili!rciriiilmonthe' interest due that da.Y on the "cn.T OF L'OBBOCt, T.EVB, fti!RAL ~ 11L BaRD, SERIES 1959", dated Maroh 1, l9St. Bond Bo • .._ __ _
City Secretary Mayor
~f"l'l$1' 81 That the following oertificate shall be printed Oft the back of
each bondt
OFFICE or CXlMPTROLLER I
STATE OF TBXJI8 J
REGISmi BO •. ____ _
.
l HEREBf C!mr!' that there is on file aDd of ncrord in .,. off.t• a oertifi<Nl e
Of the Attorney General of the State of 1\lzu, to the effect that this bond hu been
~ 1xatn1ned by him as recrdred by lae, ~d that he finds t!utt it hu been tea~~ in
aonfo:ndty with the Constitution and laws of t1wt Statt of Texu, and that it is a
~Faltd and binding ohlivation upon said City of Lubboat, 'Dtzu, and said 'bond hu thitf
d«V been regia tered by me.
WIDESS MY' H4llD MD '1'11 SEAL OF MY OFFICE at Austin, ~xu, tt------·
Cb;Ptroller of PUblic AaOoU.ta of the
State of Te.ua
SBO'llCif 10: BE IT FtJR'J.'BER ORDAII£1>. Br !1'BE cr.tT CXH2ISSIOJ OF 'DIE c:ITr OF
llJJBJ30Ctt . •
11\at a special fun4 to be desionated "SPECIAL GEDRAL OBLIGATIO! DD PUID•
:JERIBS 1959", !a hereby oreatet:i, and the proaMds ot all taxes collected for or em
tooount of th.ie aeriea of bonds ahal~ be oredi ted to aaid fund for the pul'PCSe of
~ing the intereat em a.ftd to provide a sinkill9 fuDd for the reduptt~ of said t>onds at maturity; and said fund shall be uaed for no other purpose; tl.Ult. while
'aid bonds, or any of tha# are outstendtng and UJU)8td, there shall be annually
evted, assessed and collected in due time, form and manner, a tax upon all of the
taxable property in said C!lty, sufficient to P«Y the current interest thereon and
ueate a stakino .fund sufficient to ~ each iutaliaiitnt of principal aa the same be-
·Ccmes due, and to pey the interest on said bouds for the first year and to oreate a
sinkin9 fund with which to pay the principal as the same becomas due there ta here-by le•ted a·a~ffioient tax on each one hundred dollars' valuation of taxabl• pro-
perty in add ·City for the crurrent year and the ea. shall be uaeased and collected
and applied to the purpose named; and while said bollds or any of them an outetand-
inq and unpaid, a tu each year at a rate from year to year, u will be ample and
and suftlC'Jient to provide funs to P4Y the current interest on said bonds and to pro-
vide the n.eessary sinkin9 fund, full allowance beinq made for delinquencies and ,..r costs of oolleetton, shall be and is here~ levied for each year, respectively,
while said bonds cr any of them., ant outstanding and unpaid, and satd tax shall each
year b8 assessed and collected and applied to the payment of the principal of and
interest on said bonds. The City Camdssion hereby declana its purpose and intent
to provide and levy a tax legally and fully euffioient for euoh bonds, it havino
been determined that the existing and availab!e taxinq authority of the City for
such purPQSe is adequate to perm! t a leqally sufficient tax in. ocmatderation of all
other outstanding obliqations. ·
SEcrlON 111 BE IT FURtHER ORDAINED Br THE CITY CXHO:sstON f8 THE CIT!' OF
LtJBB()C[1
'!hat the lfeyor of saici City shall be and he ia hereby authorieed to take and
have charoe of all necessary orders and records pending in.natiqaticm by the Attorne
General of the State of Texas, and shall take and have charQe and control of the
bonds herein authorized pending their approval by the Attorney General and their
regiatratton ~ the Comptroller of Public Acccnnts.
BECTIC!f 12a BE IT F'OR"lBER ORDAIB.ED BY' 1HE CIT!' a»!MMBSIClf OF 'l'HE eiTY OF
LtJBBOCtc
That the sale of the bonds btreln authorized to
Chemical Com Exchange Bank and Rauscher Pieroe and Co.
at the pdce of .Pill' and accrued interest to date of delivery, plus a premium of
I -0-is hereby confirmed. Delivery of the bonds shall be made to add pur-
ohaeer u soon u may be after the adoption of this ordinance, upon payinent therefor
in aocordanoe with the terma of sale.
SECTION 13: AND BE I!r FURTHER ORDAINED BY !HE at'l'Y <DIOSSIOI OF THE CITY or LUBBOdf:
That the pUblic importance of this measure, an<i the fact that 1 t is to the
best interest of the City to prOYide fuds for the purpose of oonstt'llctinQ' the
improvem.nts and extensions herein contemplated at the earliest poasib!e date for
the immediate preservation of the pu.bHc peace, property, health, and safety of
the ai tisens of the Ct ty ot Lubbock, constitute and create and emarqancry and an
urvent J)ublic necess:l ty requiring that this ordinance be passed aJd take effeot and
be in forae itllrl8diately frcm and af ter its passage.
PASSED AID APPROVED this tlw 24th day of March, 1959.
!l! Lennis w. aat•r
Mayor, City ofi\ibbO(it:, ~xu
mE STN.t'E OF TEXAS I em or J..UBBOC% 1
C'OtJNTY OF L~ I
CER'ltFiq.tlTE OF CI!'Y' SECRETARY
I, the unclerdqned, ct ty Secretal'Y of the City of Lubbock, 'ntxas, DO HBREBY
CERTIFY that the foreooino is a true and conect copy of an ordinance authorizinq
the issuance of #725, 000 "CITY OF LU.B.BOCr. TEU~, GENERAL OBUGAttOI B)NDS, SERIES
1959"', dated March 1, 1959 (and Minutes perta1ntnq to 1 ts ad~tion) •aid ordinance
passed and adopted by the City Commission on the 24th da.y of March, 1959, at a
special session of said Commission., artd which ordinance is of record in Book ..J1_
paqe 6~8 et seq., of the Minutes of said Commission.
II ~THESS WHEREOF I have hereunto signed my nem• offici•lly and affixed the
seal of said City this the 24th day of March,l9S9.
s/a 1!-venia Lowe
i ty Secretary, City of Lubboot, Tex
(City Seal)