HomeMy WebLinkAboutOrdinance - 2739-1959 - Issuance Of $275,000 Texas Park Bonds Series - 03/24/195903-24-\959
ORD1HA;HCE HUMBER 1739
ltJ ORDilfA!TCE Al11'HORIZIJQ ISSUANCE OF 8275,000
"CTlT OF LtJBBOC[* TEXAS, PARE: BOtm3,
SERIES 1959•, DATED MAR<E 1, 1959
mE STAtt OF TEXASI
CITr or 1.tJBBOC% 1
c:DJtfJ."l OF LUBax:r: I
OB 1HIS the 24th day of Maroh, 1959, the City (l)amthsion of the City cf Lub-
bcok, ~xae, convened in special suston at the reoular meetinQ pace thereof in
the City Hall wt th all members thereof bctino present and in attendance, to-wi t1
LDRIS w. BAIER,
VERNCIT E. 1BJMPSOI )
C1l'IS MAHER )
!DfER G. MAXEY )
DAVID CASEY )
AID
LAVDIA LOWE, . Al~o heinQ present; at whtoh tbl the following, among other biainen, was trana-
aoteda
~ssioner , thompeon presented for the coneideration of
the Clty COmmission an ordinance authorising the issuance of •crrr OP LUBBCC[,
TEXAS, PARr llllW. SERIES 1959", dated Marah 1, 1959, in the principal na of '1WJ
Bt11DRED SEVDT! PIV! 'J.BJJSAN.D DOl.LARS (1175,000) (betno the third parcel or in..
stallment of the total voted authorization of 11,100,000 bonds)
The ordinance was read in full by the City Secretary.
!henupon, Commissioner lf!ner DtOved that the rule recruirino thet no or-
dinance shall be passed on th.e day on which it 1• introduced be •uapenc.ied, ud that
in Yiew of the emervenay aet fo.tth and defined in the prMmble to the proposed or-
diMnce, that the same be declared an U..I'\1Wl\C1 •anre. This DIOtion waa duly
eeconded 1:¥ Oonldsaioner (a:nx • The motion carried by the following votet
tEASe Mayor Balcer and Commiaeioners 1'hom;pson, Maner; Maxey and
Casey
IA!Sa !lone
!hereupon, Comm!saioAer ~O!II?IAA JDOTttd that the ordinance aa read in full
by the C1 ty S.oretary be f!nally passed and adopted by the Coantseion. 1his
motion -waa aeoonded by Commissioner Jt••x and tM motion, carrying with it the
final passage and adoption of the o ~ nance, waa unanimously carried by the fol-
low:lno voter:
YEAS e Msyor Baker and Clommiaeicmers 'l'hompaon, Maner, Maxey and
Casey
IA!St lone
1hereupon, the Mayor announced that the ordinance had benn finally passed
and adopted b.Y unanimous v~te of the Commission~ in accordance with the requirements
of Seotiou 15, 16 and 11 of Article IX of the Lubbock Charter, and the Mayor
thereupon aiqned and approved the ordinance in the presence of the Couaisston.
'l'ha ORDIIAICI is aiEl followt
ltlfBER !7S9
"AI ORDINANCE by the City Commission of the City of Lubbook, Tezu, authori:a-
ino the tsnanee of 'Cf. ty of Lubbock, Texas, Part Bonds., Series 1959',
dated Karch 1, 1959, in the principal sum of $275,000 '(being the third
pareel or installmant of a total voted autitoriaation of 11,.100,00 bonds)
issued for the p'Grpose of makinq permanent publio haproftll8nte, to--wit1
purchutnq and/or improdno lands for publio parka in and for aatd attn
preacriblnQ' the fo.rm of bonds and the fom of interest cov.ponar lnyin9
a oontinuino direot annul ad valonmt tax on all taxable property within
the Umits of •aid City to pay the interest on aid honda and to oreate
a sinking fund fer' the redemption thenof, and providing for the asaeeame
and collection of ~Juoh tax.e.s; enacting prov.isiol\8 incident and rel«ting
to the purpoee and aubje~t of this ordinance; and dealarinq an emer;en~.
WHEREAS, under and by virtue of a resolution and order duly passed and adopted
the City Commission of the City of Lubbock, Te.~as, .on · . ..the 21st d4y of October, 195
n election was ordered to be held in said City on the 8.th .<fay of NOYember, 1955, at
hich •I•ction the followtnq prol>$sition was submitted to the ~alified electors of
aid City,
"Shall the City Commission of the City of Lupboek, Texas, be authorized
to issue CllE MIWON ONE HUNDRED THOUSAND DOLLARS (11~00,000) ~eneral ·
obliqation tax honda of safd City; -for the purpose of mkinq permanent publto
impro•ements, to-wit: purcha.sino and/or improvtno lud.a for w,blio par.l:a in
and for said City~ said bonds to mature serially over a period of years not
to exceed thirty (30) years from their date, and. to bear interest at a *J.tte
not to exceed 'l'H.REE AND THREE FO'J.R'!TJS PER CENTUM ( 3-3/41.) per annum, payable
annually or semt-armut,,lly; and to provide for the payment of principal of
and interest on said bonds by levyinq a tax sufricient to pay the an.,ual inter
eat and to create a sintinq fund sufficient to ,redeem said bonds as they bee
due?., · ·
AID WHEREAS, the said election was held pursuant to aaid resolution and order
n the 8th day of November, 1955J and
~, this City Cbmadssion has heretofore examined into and tnvestiqated
he re;ulartty of the proceedings for said election, and found that the same was
ly and leqally held; that the notice .required by law to be oiven had been duly
nd ~lly otven1 that said election was conducted in strict confor.mity with the
aw, and that due returns of said elec\tion had been made by the proper offi~e; and
iiHEREAS, at said election the qualified V'JOters who are property taxpayers of
thectty of Lubbock, votino at Mid. election, sustained by a majority ViOte, the pro-
s1 tion to issue the a.foreeaid bonds in the aqqreqate prtnciJ)&l SWD of ll.-100; 000;
nd · .·
...
<'
i \, i
'\
14REREAS• this ot ty Commission haa heretofore. to-wt t' on the lOth day of
Nov~~, 1955, adopted a resol~tion canvassino the returna and declaring the reaul s
of said elec-tion and determininq the specific authority of the C.t tj to taaue said
bonds; and 1,. i
WHUEAS, by Orcltnaaoe Number 1836, duly paned and adopted by the City Com-
. aston of the CJ. ty of Lttbboot, 'l'exa.a, on the 14th day of February, 1956, 14,0,000
of the honda, voted as aforesaid, were authorised, issued and sold; and
MIEREAS, l:!r Ordinance Number 2395, duly passed and adopted on the lOth day
t February, 1958, amended by Ordinanoe lumber 2411, dqly passed andadopteO.on the
21th day of February, 1958, this City Commissioner authorized the iseuartoe and sale
f 8160,000 of tile hondo, voted as afonsaid; and
WB'.ERE.\S, it beJ.nq now at&nd.ned b.r the City Coamiaail& that it is not de-
d.red at tMe tim& to U.su• all of the remaining bonds of said voted authorisation
n the amount of $500,000, .but that 1275,000 ia the amount of bonde !ow desired to
issued; and that the rellftininq «JJJojnt. of bonds,. to-witt SJ!s,ooa~ shall be ia-
ued in one or more series at a future date or dates# 'WMn in the Judgment of the
i ty Commlsaion of said ct ty ~ :. th• amount th•J"eof is needed by the CR ty for _the
rpo,se for which noh tndebtedneae was created, and
~~, it is FOUND, DETERMDED ADD ADJ't)'.i)GE1) that it ta neeet.~ry and to the
st intere•t of the City to prod de funds &or -the purpoae of purchasing and/ or im..
rovirq lands for public parka in and for said Ci":r, at the eorlieat possible date,
or the illll8diate preservation· of the public J)Noe, proper'b", health and safety of
he cl tisens of the City of Lubbock, Texas. and by the •irt:ue thereof this ord!nano&
hall be passed and adopted as an emergency me&aureJ the.refon
Bl I! ORJJAlliE.D Br THE CJ:ft'. OOMMISBION OF Tim CI'l'Y OF IJJB.aXJ:>:
SICTIOllr U That the bon'*s of the··au~ of Lubbock, Texas, to be known &a
City of Lubbock, T•xas, Park Bond.a, Series 1959", be and same are hereby issued
nder and by virtue of the Consti ttttion and laws of th:e State of c.t\taas, in the pri:n-
tpal sum of TW HDIDRED S'EVERft FIVE 'fii)'OSJU{D .uot..LARB ($!75,000) Cblinq the thir<i
reel or installment of a to~,r.l voted authorisation of 81~10opooo bonds) for the
purpose of matiJ\9 permanent pUblic itQProvem.enta, to--wit~ 'Purchasinq and/or improv-
ing lands for publia parks in and for said City.
SECT.ION 2& That said bonds shall be numbered consecutively from One (l) to
~Hundred Seventy-f ive (275), both incluaive1 and shall be in the den~nation of
On4r ihousand Dollin (#1,000) •aeh, awregatino the swn of TWO Hmi.DRID.VEN'IT FIVE
THOOSAND ~LARS($275,000).
SEC1'!01 3: That s&iQ bonds shall be dated March l, 1959, e.nd shall become
due and payable aerially~ without riGht of prior redemption~ in accordance with the
following sohedulet
BOND NUMBERS
(All InelyaiTe)
1 to 10
11 to 20
March 1, :1.960
March 1, 1961
810,000
10,000
21 to lO March 1, 1962 10,000
31 to 40 March 1, 1963 10,000
n to SO March 1, 1964 10,000
51 to 65 .. ~,-:r March 1, 1965 15,000
66 to 80 March 1, 1966 15,000
81 to 95 March 1, 196? 15,000
·gs to 110 March 1, 1968 15,000
111 to 125 March 1, 1969 15,000
126 to 140 March 1, 1970 15,000
141 to 155 March 1, 1971 15,000
156 to 170 March 1, 1972 15,000
171 to 185 March 1, 1973 15,000
186 to 200 March 1, 1974 15,000
201 to 315 March 1, 1975 15,000
!16 to 1~0 March l, 1976 15;000
1~1 to 245 March 1, 1977 15,000
246 to 260 March 1, 1978 15,000
261 to 175 March 1, 1979 15,000
SEC'l!ON 4r That ai<.l bonds shall belu/1ntereet from date until Pftid, at the
following rates per annum: that is to say
(a) Bonde lumber«! 1 to .,l.ZR, both inclusive, mandno on Maroh. lilt
in each of the years 1960 to l97l• both inclusive, shall bear intereat at th• rate
of thm and one tiqhty PER CEtrroM ( 3 1/81. ) 1
(b) Bonds RlDDbered 1:Lto 230, both incluah·e, matudnq on March let
in Hch of the years 1973 to l:~&M both incluaiYt, shall b!ar interest at the rate
of three tnd one-fourth PER CE ( 3 llf\ ) •
(c) Bonds Numbered .!ll...to JZ!, both inclusive, maturtnq on March let
in each of the ~ar of J!Z1 to 1979, both inaluaive, shall bear interest at the rate
of tlp:u and forty hundredths PER CENTUM ( 3.101. ) •
(d) Bonds lumbered to , both inoluive, msturinO' on March
lat in each of the year to .::::::ml both lnclwdve, shall bear int!.reat at the
rate of P!R CM'll.Vl'l ( ) ' and
(e!) Bonda lumbered to
let in each of the years to --'!~~
the rate of ----------
.. ,.._
such interest to be evideneed by proper coupons attached to each of said honda, and
said interest shall be payable on. Ma.rch 1, 1960, and aemi-a.nllu.ally 'thereafter on
September 1 and March 1 in each year.
SEcttON St That both principal of and interest on said bonda ahall be pay-
able in lawful money of the Unl tsd States of America, w1 thout exchan9e or eo).leotion
oharqes to the owners or holders, at mE FIRSt NATIOIAL CITY J1ARJ: OF NEW TORr. New
Tort, Hew York, or at the option of the holder at the CITIZENS NA'ttOIAL BANX, Lubhocl
Texaa, upon presentation and surrender of bonds o·r pro~r coupons.
SECT!OB 61 'l'hat the corporate seal of the '"'Cl1T OF LUBJ3Clat. TEXAS,'' ahall
bt impressed UpOn each of said bonds an~aid bonds and the interest coupons appurtena 1\t
thereto may be exeouted by the imprinted facsimile signatures of the Mayor and City
Secretary of the City affixed, and execution !n auoh man•r shall have the same effe<: t
as lf suoh honda and croupone had been signed by the Mayor and City Secretary by theb
manual atqnatures. Inasmuch as such bonds aR recruited to be registered by the l".-.....
troll•r of Publt4 Aocrounta of the State of Texas, -only his sionature (or that of a. .....
deputy desi~ted in writing to.aot for the COmptroller) shall be required to be
manually subscribed to such bonds in connection with his reoi•tration cert1r1oate to
appear thereon, aa herein«fter provided; all in a.ocord&noe wjth the provisions of
Article 717j, Vernon's Annotated Texas ~vil Statutes, as amended.
SEC'JION 71 !hat the form of said bonds shall be subs'tra~·ially as follows&
lfo., -----UNim> STA1'BS OF AMERiqA
STATE OF TEXAS
cxmtrY OF LtJBBOCl:
ai!r OF IJ::1BBoet* TEXAS PARt BON.O, SERIES 1959 .
$1,000
the CIT!' OF I.DBBOC%, a municipal corporation of the State of Texas, aoknow-
le<f<Jee i taelf indebted to, and FOR VALUE ·RECEIVED hereby promises to pay to bearer,
without right of pdor redemption, the eum of ONE 1HOUIABD ·llOLLARS
(11,000), in lawful money of the Unite4 States of America, on the FIRST DAY OF MAR~
19 , with interest thereon from the date hereof until paid at the rate of --.!!'~~-
-PER cmrl'UM ( '-) per ann~ P4t,.abl~ on March 1, 1960,
and semi-annually thereafter on September 1 and March 1 in eaoh year, and interest
fallinq due on or prior to maturity hereof is payable only Upon presentation and aur-
render of the interest coupons hereto attached as they aever•lly become due.
B01'H PRINCIPAL and interest of this bond are hereby made payable at mE J'l:QS*J
NN!'IOIAL er.tT BABr: OF NEW YORX. Bewif'()rt, New York, or at the option of the holder
at the ClTIZDS HATIONAL BII.Nl7. Lubbock., Texas, w1 thout excahi\Q'e or collection oh&f9et
to the o~er of holder, and for the prompt payment of this bond al\d the interest
thereon a.t maturity, the full faith, credit and resources of the ct:tt of Lubbock,
Texas, &l'ft hereby irre•ocably pledged.
miS BORD is one of a series of Two Hundred DeY.ent:y-fi ve ( 215) serial honda,
nW'Jibered oonaeouti•ely frca One. (1) to 1Wo Hundred Deventy-five (275), both inolus1'",
in denomination of One Thousand Dollars ($1,000) each. a9Q-reqattno in amount TWO
HUNDRED DMnT FIVE motJSARU .oot..LARS ($27S',OOO) (being the thirG parcel or iNJtal-
lment of .a total voted authorization of Sl,l OO,OOO bonds), and issued for the pur-
pose of making permanent public improvements, to-wit• purchasing and/or impro•ino . . ... ... ..
' ...
lands for public part& in and for aeid City, under author! ty of the Constitution and
lawe of the Ste.t. of 'l'exaa, end ~rsuant to an ordinence duly adopted by the City
Comm18s1on of the et ty of Lubboet1 Tens, and recorded in the M1nutea of said City
Commission.
IT IS HER!Br CERTIFIIU>. REc:n'E.D AND REPR!SEftED that the iaaunce of this
obonci anct the eertea of which 1 t ia a part, ie duly authorised by law and by a Yote
of the ~lifted property taxPaying voters of the CltY of LUbbock-~xas, Yo~tno
at an election held for that purpose within Mid City on the 8th day of November,
1955: that all ac~~. :;~-~~~J.t~l\~~~~~~.t.':'!~-nga ~uired to be done precedent to and in
the issuance of thi aert·eer.fOf .. 'i;Onda·:tand of thle bond, have been pl'QlMtrlY clone and v haY4WbappeMd in reoular and due time, form and manner as required by law; that suf-
ficient and proper ~provision for th• levy and collection of taxee has been made
which, when collected, shall ~ appropriated exclusively to the payment of this bond
and the aeries of which 1 t is a pa•rt, and to the peyment of the interest coupons
v thereto annexed, as the saDae shall become dUe; and tha tithe tobal indebtedness of the
at ty of L'abbook.,. Texas, 1nolud1nq the entire · aedes of bonde of which this is oM,
does not exceed any oonsitiutional or statutory limitation.
II TES"l'D«i''NY WHEREOF the City Coumiasion of the City ot Lubbock. Texas, hu
caused the seal of said City to be i~nssed hereon, and thte bond and ita appurtenar •
couJ)Ons to be execv.ted with the imprinted faedmile signa tuns of the Mayor ud City
S.oretary of aa1d City Un e.coordance with the provisions of Article 717j, Venon'a
Annotated 1\)xas Cii-11 Ste.tutes, as amended), the date of thie bond, in comformity wi111.
th• ordinance above referred· to, be11\9 the FIBB.r DAY OF MARCH, 1959.
Mayor, City of Lubbock, T.xae
C1 ty Seer; tary, C1 ty of Ltibbook, Texaa
SECTION 8z 'that the form of intenat coupon attached to each of said bonde
shall be aun.tantially as follows•
lo •. ___ _ CJI mE FIRST DAY OP ---~--19. __ _ ·------
the CITr OF LUB~ a municipal corporation of the State of Texae, hereby promisee
to pay to bearer, at 1BE FIRST IATIONAL CITY ~ OF NEW YO~ New· York, New York,
or at the option of the holder, at the CI'l'IQBS NA1'IONAL BANr,. Lubbock, Texas, with-
out exchanqe or collection charves to th• owner of h6lder, the sum of
~~~----~---DO~ ($ ) , in lawful money of the United States of America, eaid sum heino .~~~~
IIC>nths' interest due that day on the •cxTY OF Ll1BBOCl:. TEXAS. PARX BJND, SERIES 1959, '"'
dated March 1, 1959. Bond Ro. •
at ty Secretary
SIC'l'lar 91 That the followinq oertif.t.oate shall be ;>rinted en the baak of
each bond1
OFFICE OF· a;.tlf 1'ROLLER I
STATE OF TEXAS I REGIS'JER BO. ----
I HEREBY' CERTIFY that there h on file and of reoord in ~ office a aertifi-
cate of the Attomey General of the State of Tau•, to the effect that tht11 bond
has been examined by him aJNqttired by law, al\d that he finds that it hu been
issued in confor.mity with the COnstitution and laws of the State of texas, and that
tt is a valid and bindinq oblic;atton upon said City of Lubbcok, Texea, and eaid
bend ha~ thie day been req1ateH<i by me.· ·
WITNESS Mr HAND AND mE SEAL OF MY omCE at haatin, Tens,
--------------------------·
COmptroller of Public Accounts of
th• State of ~xaa
SECTION 101 BE IT FURTHER ORDAINED BY' THE CITr C()JMISSIOW OF THE Cl'lT OF
l.UBBOCra
· iMt a s~~ial. fun~ .. to be de.aiqJl&,te.~ "SPEaiAL PARr: OOND FUND. SERIES 1959,'"
ia hereby create~~· :~nd fi\j·:;~f~6:~e;·~~~~f ·~¥1::·~·t:axes oolleated for or oa account of
this seriea of l:oi\dS shal}:ll ·1;e· cr&CU~ted t~ a~dd fund for. the purpose of paytno the
interest otland to . provid8 4 sinkinc,i" fund for the redemption of aaicl bonds at
Mturi ty; and said fund s.liall be used for no other J"Qrpeaes· that, while said bonds,
or any of them, are outstanding and unpaid; there shall be annually leYied, assessed
and collected in due time, fol11 and manner, a tsx UpOn all of the taxable property
· in said City, euftioient to ptay the au.rrent batenst +':.ereon and orMte a sinkino
fund auffiotent to ~·eaab installment ·of principal as the aame becomes due; and
to pay the interest on aa.td bonds for the first year and to oreate a sintino fund
with which to pay the pdnair>&,l as the same beoomee due tM• is hereby levied a
eutfieient tax on each one hund~d dollars' valuation of taxable property in eaid
City for the outtent year and the same •hall be aaeease4 and collected and applied
to the purpose named; and while said bonds or any of them are outatandlnq and unpaid
a tax each year at a rate from year to year, as will be ample and sufficient to
provide funds to ~Y ~· current interest on said bonds and to provide the neceesal)
sinking fund, full allowance being made for selinquenciee and costs of collection,
shall be and is hereby levied for eaah,.ar, respeoU•ely, while said boncl8, or any
of the~q, are outstanding and unpaid, and eaid tax shall eacth uear be •eeased and
colleoted and applied to the l)4yment of the principal of and interest on said bond•.
The City CQmmiaeion hereby declares ita purpose ahd intent to provide and levy a
tax leqally and fully sufficient for such bonds_. it having been determined that
the exiatinq and availabltt t&.:d.n9 authority of the City f er-such purJ)OSe is adequat.
to PRrmit a leqslly sufficient tax in consideration of all other outttllnding obliqa-
tions.
SECTION 11 t BE IT FUR'l'HER ORDAIBED :sr mE Cl'l'Y cc.tmSSION OF 'IR& CI'IT or
l.UBBO(%:
1'hat the Ksyor of said City ehall be and he ia hereby authorized to take
·and have aharqe of all necessary orders and recotlds pendino inveetiqatton by the
Attorney General of the StAte of Texa•, and shall take and have charge and control
of the honda herein authorized pefldinq their approval by the Attonaey General and
their reqiatratton by the Comptro~er of PJ!blic Accounta.
SECTION 1!: BE I'!' FURTHER ORDAINED Br mE CITY OCH!ISSIOI OF THE c:rtT OF
WBBOCr:
That the sale of the bonds herein authorized to
amMICAL OORN EXCHANGE BAHr ARD RAmCBER PIERCE AND <X>.
at the price of par ana accrued interest to date of delivery, plya a premium of
I -0-, is hereby conftrnwd. Delivery of the bonds shall be made to satd pur-
chaser as soon as may be after the adoption of this ordinance, upon payment thereof
in accordance with ths terms of sale.
SEcTION 13 c AND BE IT FUR'l'HER ORDAINED BY THE CITY CCH«SSIOU OF THE CI'l'Y
OF LUB:BOCrs
'+-
That the public importa~ce of this measure, an~ the fact that it is to the
best interest of the City to provide funds for the purpose of purcha.sfnq and/or
tsprovinq lands for public parka in and for said City, at the earliest possible date,
for the immediate preservation of the public peaae, properft, health and safety of
the a1 tizens 6f th• City of Lubboot::1 constitute and create an emerqency and an urqent
public necesai ty re~uirinq that this ordinance be passed and take effect as an emer-
qency measure, and that this ordinance is accordingly passed as an eme~enoy measure
and shall take effect and be in force immediately from and after t1s passaoe.
PASSED AND APPROVED this the 24th day of March, 1959.
l.avenia Lpwe
City Secretary, City of Lubbock, TeJtaa
(City Seal)
THE STATE OF TEXAS I
c:rrY OF LUBJ30CK I (
CWN'l'Y OF LUBBC:Cr I
!Annis Baker
Mayor, C1 ty of Lubbock, laxas
I, the underaiqned, C1 ty Secretary of the City of Lubbock, Texas, DO HEREBr
CERTIFY that the foregoing is a tne and correct copy of an ordinance authoridnQ
the !ssuanoe of 8275,000 "CI'l'Y OF IJJBBOC:%, TEXAS, PAK Ek>NDB• SERIES 1959,• dated
Man~h 1,. 1959 (and Minutes pert.aini~g to 1. ta adoption), said ordinance passed and
adopted by the City Cl>mmission. on the 24th day of March, 1959, at a special session
of aatd Commission, and which ordinance is of record in Boot .,lZ_ paoe .§lL. et seer.,.
of the Mlnutee of said Cbmmtaeion.
....
IN ~TIESS WHEREOF I have hereunto signed mr namo offiei4lly and affixed
the seal of said City this the 24~ day of March, 1959.
a/s Lavenia Lowe
City'&cretary, City of Lubbock.
Texas
(City Seal)