HomeMy WebLinkAboutOrdinance - 3050-1960 - $4,025,000 General Obligation Bonds - 02/11/1960:
first parcel or installment or a total voted authorization or
$3~200~000 bonds) for the purpose of constructing street improve-
menta in and for said City~ including acquisition or rights-of-
way; $40~000 (being the first parcel or installment or a total
voted authorization of $80,000 for the purpose of purchasing,
constructing and installing traffic signals in and tor said
City; $40~000 (being the first parcel or installment of a total
voted authorization of $400,000 bonds) for the purpose of con-
structing and equipping a fire station building in and for said
City; $50~000 for the purpose ot enlarging~ repairing and equip-
ping the municipal warehouse building in and for said City and
$137~000 for the purpose ot constructing and equipping a street
and water department maintenance and equipment storage building
in and for said City; under authority of the Constitution and
laws ot the State of Texas. and pursuant to an ordinance duly
adopted by the City Commise1on of the City of Lubbock, Texas~
and recorded in the M1nutea of said City Commission.
IT IS HEREBY CERTIFIED., RECLTBD AND REPRESEN'l'ED that
the ieauance of this bond and the aeries or which it is a part~
is duly authorized by law and by a vote of the qualified
property taxpaying voters of the City ot tubbock. Texas~ voting
at elections held for that purpose within said City on the 8th
day of November~ 1955 and the lOth day of September~ 1959; that
all acts~ conditions and things required to be done precedent to
and in the issuance or this series of born a and of tlm bond.
have been properly done and performed and have happened in
regular· and due time~ form and manner as required by law; that
sufficient and proper provision for the levy and collection of
taxes has been made which~ when collected, shall be appropriated
exclusively to the payment of this bond and the series of which
it is a part~ and to the payment of the interest coupons thereto
. .. "\,_
.._,.-,.
)
ORDINANCE NO. 3050
0~ -l \ -19{/JQ
~
AH ORDINAXCB AU'l'HORIZING ISSUANCE OF $4,025,000
"CI'fi OF LUBBOCK, 'l'BXAS GENERAL OBLIGATION B>RDB,
SERIES 1960 !'. and $225 t 000 "CITY OF L~CK,. TEXAS
PARK BORDS,. SERIES 19t>O" ~ ALL DATED lURCH 1, 1960
'!'HE S'l'A'l'E OF TEXAS
CITY OF LtT.BB)CK
COUNTY OF LUBBOCK
OR !BcrS, the 11 day of February, .1960, the City
Commission of the City of Lubbock, Texa,, convened in regular
session at the regular m~eting place thereof in the City Hall
with all members thereof being present and in attendance, to-wit:
LENJIIS W. BAKER
VERNON E. THOMPSON } OTIS !WIER
HOMER G. MAXEY
DAVID CASEY
\
MRS. LAVERIA IOn
JI!AYOR
COMMISSIONERS
and
CI'l'Y SECRETARY
also being present; at which time the following, among other
business was tranaacted:
Collllll1saioner Thompson presented tor the conaidera-•
t1on or the City Commission an ordinance authorizing the issuance
of "CI'l'Y 011 LUBBOCK, ~~ GENERAL OBLIGATION ll>NDS, SERIES
. .
1960, in the principal sum of FOUR MILLION '1VBR'rY FIVE 'l'li>USAND
JX)I.t,ARS ($4,025,000) ana "CI'l'Y OF LUBBOcK, TExAS, PARK BONDS,
sEiri:Es 1960, in the principal sum ot NO HUNDRED 'lWB!r1'Y PIVE
THOUSAND DOLLARS ($225,000), all dated March .l, 1960; and said
-· ordinance was read in fUll by the City Secretary.
Thereupon, Colllliaaioner_...T....,h..,.om-.e.,;;.,so..,.n..._ ____ moved that
the rule requiring that no ordinance shall be passed on the day
on which it is introduced be suspended, and that in view of the
emergency set forth and defined in the preamble to the proposed
ordinance that the same be declared an emergency measure. !his
motion was duly seconded by Commiaaioner ____ ~M-a~ne~r----------·
!be motion carried by the following vote:
YEAS: Mayor :Baker and Commissioners 'l'hompson,
Maner, Maxey and casey
NAYS: None •
Thereupon Commissioner ____ ~c~a~s~e~Y-------moved that the
ordinance as read in fUll by the City Secretary be finally
passed and adopted by the Commission. This motion was seconded
by Co~ssioner ____ ~M~ax··~'-Y--------and the motion, carrying with
it the final passage and adoption or the ordinance was un&Qimousl
carried by the following vote:
YBAS: Jllayor Baker and Commissioners Thompson,
Manor, Jllaxey and Casey
NAYS: None.
'thereupon, the Mayor announced that the ordinance had
been finally passed and adopted by unanimous vote of the Com-
mission, in accordance with the requirements ar Sections 15, 16
and 17 or Article IX of the Lubbock Charter; and the Mayor
thereupon signed and approved the ordinance in the presence of
the Commission:
The ORDDlA!fCE is as follows:
lfUJl8ER 3050
nAN OBDilfABCE by the City Commission ot the Citl .. ot
. Lubbock, Texas, authorizing the issuance or J4,025,000
"CITY OF LUBBOCK, 'l'EXAS, GENERAL OBLIGATION BONDS, SERIES 1960.,! dated March 1., 1960 for the purpose
ot making permanent public improvements., to-wit:
$313,000 for constructing ~provements and extensions
to the City's waterworks System; $345,000 for con-
structing improvements and e~tesiona to the City's
Sanitary sewer System; $1,100,000 for constructing enlarging# extending and installing storm sewers,
drains, curbs and gutters and other improvements
incidental thereto in and for aaid City; $500,000
for constructing.,enlarging, altering, repairing and
equipping the municipal building in and tor said City
to house City offices, Corporation Court and Police
Station; $1,5001 000 for constructing street improve-
ments in and tor said City, including acquisition of
rights-ot-way; $40,000 for purchasing, constructing
/
1
/
and installing traffic signals in and for said City;
$40,000 for constructing and equipping a fire
station building in and for said City; $50,000 for
the purpose or enlarging, repairing and equipping
the municipal warehouse building in and for said
City and .137,000 for constructing and equipping
a street and water department maintenance and
equipment storage building in and for said City;
and authorizing the issuance or $225,000 1CITY OP
LtJ:BB)CK, TEXAS, PARlt BOHDS, SERIES 1960', dated
March l, 1960 for the. purpose of making permanent
public improvements, to-wit: purchasing and/or
improving lands for public parks in and tor said
Oi ty; prescribing the form or the bonds and the forJD
of the interest coupons; levying a continuing direct
annual ad valorem tax on all taxable property within
the limits of said City to pay the interest on said
bonds and to create a sinking fUnd for the redemption
thereof and providing for the assessment and collection
of such taxes; enacting provisions incident and
relating to the purpose and subject or this ordinance;
and declaring an emergency."
~~ pursuant to a resolution and order duly
adopted and passed by the City COmmission of the City of Lubbock
on the 21st day·ot October, 1955. an election was held on the
8th day of November, 1955 and resulted favorably to the issuance
of general obligation bonds of said City to mature over a period
of years not to exceed thirty years from their date and to bear
interest at not to exceed 3-3/4' per annum as follows:
$3 1 000~000 general obligation bonds for the purpose ot
making permanent public improvements~ to-wit:
constructing improvements and extensions to the
City's Waterworks Systea;
$1,585,000 general obligation bonds for the purpose
or making permanent public improvements, to-wit:
constructing improvements and extensions to the
City's Sanitary Sewer System;
$1 1 500,000 general obligation bonds for the purpose
of making permanent public improvements, to-wit:
constructing, enlarging, extending and installing
storm sewers, drains, curbs and gutters and
other improvements incidental thereto in and for
said city; and
-$1,100,000 general obligatton bonds for the purpose Gf
. making per.manent public improvements, to-wit:
purchasing and/or improving lands tor public parks
in and for said City;
ARD VHEREAS1 pursuant to a resolution and order duly
adopted and passed by the City Commission or the City of Lubbock
on the 13th day of August, 1959, an election was held on the
lOth day of September, 1959 and resulted favorably to the issu-
ance of general obligation bonds or said City to mature over a
period of years not to exceed thirty years from their date, and
to bear interest at not to exceed 5~ per annum, as follows:
$1,713,000 general obligation bonds, for the purpose of
making permanent public improvements, to-wit:
constructing, enlarging, altering, repairing and
equipping the municipal building in and for said City
to house City offices, Corporation Court and Police
Station;
$4,000,000 general obligation bonds for the purpose
of making permanent public improvements and extensions
to the City's Waterworks System;
$3,200,000 general obligation bonds for the purpose
of making permanent public improvements, to-wit:
constructing street improvements for said City, inclu
acquisition of rights-of-way;
$80,000 general obligation bonds for the purpose of
making permanent public improvements, to-wit: the
purchasing, constructing and installing of traffic
signals in and for said Oity;
$400,000 general obligation bonds for the purpose of
making permanent public improvements, to-wit: construct-
ing and equipping a fire station building in and for
said City;
$50,000 general obligation bonds for the purpose of
making permanent public improvements, to-wit: enlarging,
repairing and equipping the municipal warehouse building
in and for said City;
$137,000 general obligation bonds for the purpose of
making permanent public improvements, to-wit:
constructing and equipping a street and water depart-
ment maintenance and equipment storage building in and
for said City.
AND WHEREAS. the City Commission has heretofore canvasse
the returns or said elections and by resolutions and orders passed
and adopted respectively on the lOth day of November, 1955, and
on the 11th day of September, 1959, the City CQmmission found
that said elections had been conducted in the manner prescribed
by law and were in all respects legally held after due and
proper notice as required by law. That due returns of said
elections had been made by the proper officers; that said election
resulted favorably to the issuance of said bonds; that a maJority
ot the qualified electors voting at said elect1o~voted in favor
of the issuance of said bonds; and that the City Commission is
in all things authorized to issue said bonds and to do any and
all things necessary and/or convenient in connection therewith.
WHEREAS, by Ordinance No. 1835, passed and adopted on
the 14th d&y of-pebruary, 1956, Ordinance No. 2394, passed and
adopted on the lOth day ot February, 1958, amended by Ordinance
Number 2416, ~~ssed and adopted on the 27th day or February,
1958 and Ordinance No. 2738, passed and adopted on the 24th day
of March, 1959 $2~e5o,ooo bonds tor waterworks improvements
and extensions have been authorized by the City Commission out
ot the $3,000,000 authorization voted in 1955; and
WHEREAS, by Ordinance Ho. 1835, passed and adopted on
the 14th day of February, 1956, Ordinance No. 2394, passed and
adopted on the lOth day of Pebruary, 1958, amended by Ordinance
HUmber 2416, passed and adopted on the 27th day ot February,
1958, and Ordinance Ho. 2738 passed and adopted on the 24th
day of March, 1959 $1,240,000 bonds for sanitary sewer system
improvements and extensions have been authorized by the City
Commission out or the $1,585,000 authorization voted in 1955;
and
WHEREAS, by Ordinance Ho. 1835, passed and adopted
on the 14th day-of February, 1956, Ordinance No. 2394, passed
and adopted on the lOth day of Pebruary, 1958, amended by
Ordinance Number 2416, passed and adopted on the 27th day of
February, 1958, $400,000 bonds for stor.m sewer purposes have
been authorized by the City Commission out of the $1,500,000
authorization voted in 1955; and
WHEREAS, by Ordinance No. 1836, passed and adopted on
the 14th day or February, 1956, Ordinance No. 2395, passed and a-
dopted on the lOtih day or February, 1958, amended by Ordinance No.
2417, passed and adopted on the 27th day or February, 1958, and
Ordinance No. 2739, passed and adopted on the 24th day of March,
1959~ $875,000 bonds for park purposes have been authorized by the
City Commission out or the $1,100,000 authorizaeion voted in
1955; and
WHEREAS, the City Commission now deems it advisable and
to the best interest of the City that the remaining bonds hereto-
fore .. described authorized at the election held on the 8th day of
November, 1955 in the amount or $1,820,000 should be issued and
sold; Bonds Numbered 2151 to 3745, both inclusive of the "CITY
OF LUBEK>CK, 'l'EUS, GENERAL 6BLIGA'l'ION B>NDS, SERIES 1960",
herein issued are the $150,000 bonds for waterworks purposes, the
$1,100,000 bonds for storm sewer purposes and the $345,000 bonds
for sanitar.y sewer system purposes; and
WHEREAS, it being now determined by the City Commission
that it is 'not desired at this time to issue all or the bonds of
said authorizations voted at the election or September 10, 1959,
but that the amounts as shown by the schedule below are now desire
to be issued, and that the remaining amount or said bonds of said
total voted authorizations, shall be issued in one or more series
at a future date or dates, when in the judgment of the City Com-
mission of said City, the amounts thereof are needed by the City
for the purposes for which such indebtedness was authorized.
AMOURT AUTHORIZED AJJOUNT BEING ISSUED UNISSUED BALAN
Municipal. Bldg. $1 . .,113, 000 $500,000 $i,213;eoo
Waterworks System 4,ooo,oao 163,000 3,837,000
Street Improvement 3,200,060 11500,000 1,700,000
Traffic Signal 80,000 40,000 40,000
Fire Station 400,000 40,000 360,000
Municipal Warehouse 50,000 501000 -o-
Maintenance & Equip. 137,000 137,000 -0-
Storage
E
WHEREAS1 this City Commission deems it advisable and to
the best interest or the City that the bonds or the authorization
hereinabove described except the park bonds which are herein
authorized as a separate !seue shall be issued in a single
combined series; and
WHEREAS1 it is FOUND. DETERMINED AND ADJUDGED that it
is necessary and to the best interests of the City to construct
the improvements and extensions herein contemplated at the
earliest possible date for the immediate preservation of the
public peace, property, health and safety of the citizens or
the City ot Lubbock, Texas, and that by virtue thereof this
ordinance shall be passed and adopted as an emergency measure;
therefore
BE I'l' ORDAINED :BY '!'HE CITY COJIIMISSION OP THE CITY OF
LUBB)CK:
PERTAINING TO THE GENERAL OBLIGATION :OONDS
SECTION 1: That the bonds of the City of Lubbock,
Texas, to be known as "City or Lubbook,Texas, General Obligatbn
Bonds, Series 1960", be and same are hereby issued under and by
virtue of the Constitution and laws or the State of Texas, for
the following purposes, to-wit: $313,000 ($150,000 being ~he
fourth and final parcel or installment of a total voted authoriza
tion of $3,000,000 bonds and $163,000 being the first parcel or
installment of a total voted authorization of $4,000,000 bonds)
for the purpose or constructing imp~vements and extensions to
the_Oity1 s Waterworks System; $345,000 (being the fourth and
final parcel or installment of a total voted authorization of
$11 585,000 bonds) for the purpose of constructing improvements
and extenaions to the City's Sanitary sewer System; $1,100,000
(being the third and final parcel or installment or a total voted
authorization or $1,500,060 bonds) for the purpose of construct1n
enlarging, extending and installing stor.m sewers, drains, curbs
and gutters and other improvements incidental thereto in and for
said City; $500,000 (being the first parcel or installment or
a total voted authorization ar $1,713,000 bonds) for the purpose
of constructing, enlarging, altering, repairing and equipping
the municipal building in and for said City to house City offices,
Corporati~n Court and Police Station; $1,500,000 (being the
first parcel or installment ot a total voted authorization of
$3,?00,000 bonds) tor the purpoee or constructing street improve-
-menta in and for said City, including acquisition of rights-of
way; $40,000 (being the first parcel or installment of a total
voted authorization of $80,000 for the purpose of purchasing,
constructing and installing traffic signals in and for said City;
$40,000 {being the first parcel or installment or a total voted
authorization of $400,000 bonds) for the purpose of constructing
and equipping a fire station building in and for said City;
$50,000 for the purpose of enlarging, repairing and equipping
the municipal warehouse building ~ for said City and $137,000
for the purpose of constructing and equipping a street and water
department maintenance and equipment storage building in and tor
said City; aggregating the principal sum of FOUR MILLION TWENTY
PIVE 'l'IIDTJSAJID DOLLARS ( $4,025,000) •
SEC~IOH 2: That said bonds shall be numbered consecu-
tively from One {1) to Pour Thousand Twenty Five (4o25), both
inclusive; shall be in denomination of One Thousand Dollars
( $1, ooo) each, aggregating the sum of F'Ol:JR MILLION TWENTY FIVE
THOUSARD DOLLARS ( $4 I 025,000) •
SECTION 3: That said bonds shall be dated March 1,
1960, and shall become due and payable serially, without right
or prior redemption, in accordance with the following schedule:
BOND NUJIJBERS
{All Inclusive)
1 to 215
216 to 430
431 to 645
646 to 860
861 to 1075
1076 to 1290
1291 to 1505
1506 to 1720
1721 to 1935
1936 to 2150
2151 to 2335
2336 to 2520
2521 to 2705
27o6 to 2890
2891 to 3075
3076 to 3260
3261 to 3445
3446 to 3630
3631 to 3815
3816 to 4025
MATURI'fi DATES
March 1, 1961
March 1, 1962
March 1, 1963
March 1, 1964
March 1, 1965
March 1, 1966
March 1, 1967
March 1, 1968
lllarch 1, 1969
March 1, 1970
March 1, 1971
March 1, 1972
March 1, 1973
March 1, 1974
Jllarcb 1, 1975
March 1, 1976
Jllarch 1, 1977
Jllareh 1, 1978
March 1, 1979
March 1, 1980
AMOUNTS
$215,000
215,000
215,000
215,000
215,000
215,000
215,000
215,000
215,000
215,000/
185,000
185,000
185.000
185,000
185,000 /
185,000
185,000
185,000
185,000 _/
210,00()
SECTION 4: That said bonds shall bear interest from
date until paid at the following rates per annum, that is to
s,.-y--
(a) Bonds NUmbered 1 to 2150, both inclusive,
maturing on March lat in each or the years 1961 to 1970,
both inclusive, shall bear interest at the rate of FIVE
PER CDTOJII ( 5%) per annum;
(b) Bonds Numbered 2151 to 3075, both inclusive,
maturing on March 1st in each of the years 1971 to 1975,
both inclusive, shall bear interest at the rate of THREE
AJID THREE-FOUR'rHS PER CERTUM (3-3~) per annum; and
collected tor or on account of each series of bonds shall be
credited to said respective funds for the purpose of paying the
interest on and to provide a sinking fund for the redemption or
said bonds at maturity; and said funds shall be used for no
other purpose; that, while said bonds, or any of them, are out-
standing and unpaid, there shall be annually levied, assessed
and collected in due time, form and manner, a tax upon all of
the taxable property in said City, for each series, sufficient to
pay the current interest thereon and create a sinking fund suffi-
cient to pay each installment of principal as the same becomes due
or a sinking fund of ~ whichever is greater; and to pay the in-
terest on each of said series of bonds for the first year and to
create a sinking fund with which to pay the principal as the same
becomes due or a sinking fund of ~ whichever is greater~ there is
hereby levied a sufficient tax on each one hundred dollars• valua-
tion of taxable property in said City for the current year for f&n
of said series and the same shall be assessed and collected and
applied tothe purpose named; and while said bonds or any of
them are outstanding and unpaid, a tax each year at a rate from
year to year, as will be ample and sufficient to provide fUnds
to pay the current interest on said bonds and to provide the
necessary sinking tunds, fUll allowance being made for delinquen-
cies and CQats of collection, shall be and is hereby levied for
each year, respectively, while said bonds or any of them, are out-
standing and unpaid, and said tax shall each year be assessed ---
and collected and applied to the pa~nt or the principal of and
inter.est on said bonds . The Cityf Commdss1on hereby declares
ita purpose and intent to provide and levy a tax legally and
fully sufficient for each of said series ot bonds, it having
Lbeen determined that the existing and available taxing authority
of the City for such purpose is adequate to permit a legally
sufficient tax in consideration of all other outstanding obli-
gations.
(c) Bonds NUmbered 3076 to 3815~ both inclusive,
-maturing on March lst in each or the years 1976 to 1979,
both inclusive, shall bear interest at the rate or THREE
AND ONE-HALF PER CENT'Ul'l (3-1/~) per annum; and
(d) Bonds Numbered 3816 to 4025, both inclusive,
maturinS on March 1, 1980, shall bear interest at the
rate or ONE-POURTH OF ONE PER CEN"tUlll (1/4 of 1~) per
annum
such interest to be evidenced by proper coupons attached to
each of said bonds~ and said interest 'shall be payable on
March 1, 1961, and semi-annually thereafter on September 1 and
March 1 in each year.
SEC'l'IOJrl 5: That the form of said bonds shall be sub-
stantially as follows:
NO. __ UBimD STATES OF AMERICA
STATE CF 'l'EXAS
COUNTY OF LUBBOCK
'
Cifi OF LUBBOCK# '1'EXAS, GENERAL OBLIGATION
. . BOND, SERIES 1960 _ . .
~~fill-T
$1,000
The CI'l'Y OF LUBBOCK, a municipal corporation or the
state or 1'ezas, aclmowledges itself indebtedl.to, and FOR VALUE
RECEIVED, hereby promises to pay to bearer, without right of
-prior redemption~ the eum of
ONE TB>USAND OOLLARS
($1,000) in lawful money of the United States or America~ on
the FIRST DAY OF MARCH, 19 ___ , with interest thereon from the
date hereof until paid at the rate or PER
CEN'tUM ( ~) per annum, payable on March 1, 1961, and
semi-annually thereafter on~eptember l and March 1 in each year~
and iaterest falling due on or prior to maturity hereof is payabl
only upon presentation and surrender of the interest coupons
hereto attached as they severally become due.
BOTH PRIRCIPAL and interest of this bond are hereby
made payable at THE FIRS'!' NATIONAL CITY BARK OF J!fEW YORK, New Yor 1
New York, or at t~e option of the holder at the CITIZENS NATIONAL
BANK, Labbock,Texas, without exchange or collection charges to
the owner or holder, and for the prompt payment or this bond and
the interest thereon at maturity, the tull faith, credit and
resources of the City of Lubbock, Texas, are hereby irrevocably
pledged.
THIS BOND is one of a series of Four 'l'housand TWenty
Five {4025) aerial bonds, numbered consecutively from One (1)
to Four Thousand Twenty Pive {4025), both inclusive, in denomina-
tion or One Thousand Dollars (tl,OOO) each, aggregating POUR
KILLION !WENT! PIVE THOUSAND DoLLARS ($4,025,000), issued for the
followin8 purposes, to-wit: $313,000 (~~0,000 being the
fourth and final parcel or installment of a total voted authoriza
tion of $3,000,000 bonds and $163,000 being the first parcel or
installment of a total voted authorization or $4,000,000 bonds)
for the purpose of constructing improvements and extensions to
the City's Waterworks Systemj $345,000 (being the fourth and
-final parcel or installment of a total voted authorization or
$1,585,000 bonds) for the purpose of constructing improvements
and extensions to the City's Sanitary Sewer System; $1,100,000
(being· the third and final parcel or installment or a ~al voted
author~zation of $1,500,000 bonds) for the purpose of constructing
enlarging, extending and 1nsta111.ng storm sewers, drains, curbs
and gutters and other improvements incidental thereto in and for
said City; $5001 000 {being the first parcel or installment of
a total voted authorization of $1,713,000 bonds} for the purpose
-of constructing, enlarging, altering, repairing and equipping
the municipal building in and for said City to house City offices,
Corporation Court and Polie Station; $1,500,000 (being the
'---
annexed; as the same shall become due; and that the total
indebtedness of the City of Lubbock, Texas, including the
entire series of bonds of which this is one, does not exceed any
constitutional or statutory limitation.
IN TESt' IMONY WHEREOF, the City Commission or theCity .
ot Lubbock, Texas, has caused the seal of said City to be
impressed he~eon, and this bond and its appurtenant coupons to
be executed with the imprinted facsimile signatures ot the Mayor
and .City Secretary of said City in accordance with the provisions
of Article 717j, Vernon•s Annotated Texas Civil Statutes, as
amended; the date ot this bond, in conformity with the ordinance
above referred to, being the FIRST DAY OF MARCH, 1960 ..
Mayor, City or LUbbOck, Texas
COUNTERSIGNED:
C!ty Secretary, City or LUbbock,
Texas
SECTI0N 8: That the for.m of interest coupon attached
to each ot said bonds shall be substantially as follows:
NO. --ON THE FIRST DAY OF ___ _
19_ ·---...
the CITY OF LUBBOCK, a municipal corporation of the State or
.., J ; Texasr~pereby promises to pay to bearer at THE. FIRST NATIONAL
. . CITY BANK OF NEW YORK, New York, New York, or at the op~ion ot
the h~lder at the CITIZENS NATIONAL BANK, Lubbock, Texas, without
exchange or collection charges to the owner or holder, the sum of
-----·---DOLLARS
($ p ), in lawful money of0the United States or America said
• • ........ ,
"
sum being months' interest due that day on the "CITY OF ·---
LU:BB)CK~ TEXAS, GENERAL OBLIGATION a:>HD, SERIES 1960", dated
March 1, i960. Bond No. ---
eity secretary liyor
PERTAINING TO THE PARK BONDS
SECTION 9: That the bonds of the City of Lubbock,
'fexes, te be ka~~ as itCI'l'Y OF LUBBOCK, TEXAS, PARK BONDS,
SERIES 1960", be and same . are .hereby 1$sued under and by virtue
or the Constitution and laws or the State of Texas, in the
principal sum. ot 'fWO HUNDRED 'l¥BNTY PIVE 'rHOtJSA.ND DOLLARS
($225,000) (being the-fourth and final 'parcel or -inst8i1ment of
a total voted authorization or $1,100,000 bonds) for the purpose
ot making permanent public improvements, to-wit: purchasing
and/or improving lands tor public parks in and for said City.
SECTION 10: That said bonds shall be numbered consecu-
tively ~rom one (1) to Two Hundred TWenty Five (225), both in-
-. ~ ...... r elusive; and shall be in the denomination or One Thousand Dollars
($1,000) each, aggregating the sum or 'l'WO HUNDRED TWEH'1'Y PIVE
THOUSAND DOLLARS ( $225,000)
SECTION ll: That said bonds shall be dated March 1,
1960, and shall beeome due and payable serially, without right or
prior redemption, in accordance with the following schedule
BOlD HtJJ.lBERS
.{All inclusive} MA'l'URITY DATES AMOUNTS
1 to 25 March 1·, 1971 $25,000
26 to 50 March 1, 1972 25,000
51 to 75 March 1, 1973 25,000
76 to 100 March 1, 1974 25,000
.,. .
MATURI'l'Y DATPJJ A!IIOUNTS
101 to March 1, 1975 $25,000
126 to 150 ilareh 1, 1976 25,000
151 to 175 March 1., 1977 25,000
176 to 200 March 1, 1978 25:;000
201 to 225 March 1, 1979 25,000
SECTION 12: That said bonds shall bear interest from
date until paid, at the following rates per annum; that is to
sa;y--
(a) Eonda Numbered 1 to 125, both inclusive,
maturing on Karch let in each or the years 1971 to
1975, both inclusive, shall bear interest at the rate
of '1'HREEr and 1'HREE-FOURTHS PER CENTUM (3-3/~) per
annum; and
{b) Bonds Numbered 126 to 225, both inclusive,
maturing on March lst in each or the years 1976 to
1979, both inclusive, shall bear interest at the rate
ot THREE ARD ONE-HALF PER CENTUM (3-1/~} per annum
such interest to be evidenced by proper coupons attached to
each of said bonds, and said interest shall be payable on
March 1, 1961, and semi-annually thereafter on September 1
and Karch 1 in each year.
SECTION $3: That the form of said bonds shall be sub-
stantially as follows:
NO • . -UNITED STATES OF AMERICA
STATE OF TEXA8
COUNTY OF LUBBOCK
CITY OF LUBBOCK~ TEXAS~ PARK BO!m~ SERIES 1960
$1,000
The CITY 0P LUBBOCK, a municipal corporation of the
State of Texas, acknowledges itself indebted to, and POR VALUE
RECEIVED hereby promises to pay to bearer, without right of
prior redemption, the sum or
ORE THOUSAND DOLLARS
($1,000), in lawful money of the United States of America, on
-the FIRST DAY OF MARCH, 19 __ ... with interest hereon from the
date hereof unta paid at the rate of PER CENTUM ----------------
{ ;) per annum, payable on March 1, 1961, and semi-annually
thereafter on September 1 and March 1 in each year, and interest
falling due on or prior to maturity hereof is payable only upon
presentation and surrender of the interest coupons hereto
attached as they severally become due.
BOTH PRINCIRIL and interest of this bond are hereby
made payable at THE FIRsT lfATIONAL CI'l'Y BAHK OF NBN' YORK, Hew
York, New York, or at the option of the holder at the CITIZENS
-. N .
NATIONAL BANK, Lubbock, Texas .. without exchange or collection
charges to the owner or holder, and for the prompt payment of
this bond and the interest thereon at maturity, the full faith,
credit and resources or the City or Lubbock, Texas, are hereby
irrevocably pledged.
THIS B:>RD is one of a series of Two Hundred TWenty
Five (225) serial bonds, numbered consecutively from One (1) to
Two HUndred Twenty Five (225), both inclusive, in denomination
of On~ Thousand Dollars ($1,000) each .. aggregating in amount
'fWO HUNDRED '1WEN'fi FIVE THoUSAND DOLLARS ($225,000) (being the
• • • I fourth and final parcel or installment of a total voted authori-
zation of $1,100,000 bonds}, and issued for the purpose of making
permanent public improvements, to-wit: purchasing and/or improvi
lands for public parks in and for said City, under authority of
the Constitution and laws of the State of 'l'exas, and pursuant to
an ordinance duly adopted by the City Commission of the City of
Lubbock, Texas, and recorded in the Minutes of said City com-
mission.
IT IS HEREBY CERTIFIED, RECITED AND REPRESE.N'fED that
the issuance of this bond and the series of which it is a part, i
duly authorized by law and by a vote of the qualified property
taxpaying electors of the City of Lubbock, Texas, voting at an
election held for that purpose within said City on the 8th day of
November, 1955j that all acts, conditions and things required to
be done precedent to and in the issuance of this series of bonds
and of this bond, have been properly done and performed and have
happened in regular and due time, for.m and manner as required by
law; that sufficient and proper provision for the levy and col-
lection of taxes has been made which, when collected, shall be
appropriated exclusively to the payment of this bond and the
series of which it is a part, and to the payment of the interest
coupons thereto annexed, as the same shall become due; and that
the total indebtedness of the City ot Lubbock, Texas, including
the entire series of bonds of which this is one, does not exceed
any constitutional or statutory limitation.
IN TESTIMONY WBEHEOF the City Commission of the City
Commission of the City of Lubbock, Texas, has caused the seal or
said City to be c1mpressed hereon, and~this bond and its appur-
tenant coupons to be executed with the imprinted facs~le signa-
tures of the Mayor and City Secretary of said City in accordance
with the provisions of Article 7173, Vernon•s Annotated Texas
Civil statutes, as amended, the date of this bond, in eonfor.mity
with the ordinance above referred to, being the FIRST DAY OF
MARCH, 1960.
COUB'f.KRSIGIIED: iiior, city or LUbbock, Texas
dity secretary,City or Lubbock,
Texas
SBCTION 14: That the form of interest coupon attached
to each or said bonds shall be substantially as follows:
lfO. __ OH THE PIRST DAY OI' ___ _
19 ~ -
$ __
the qiTY OF LUBBOCK, a municipal corporation of the State of
Texas~ hereby promises to pay to bearer, at THE PIRST RATIONAL
CITY BAlfK OF HBW YORK, New York, New York, or at the option of
the holder at the CI'l'IZBllS NATIONAL BANK, Lubbock, Texas, without
exchange or collection charges to the owner or holder, the sum
of
DOLLARS
($ ), in lawful money of the United States of America,
said awa being months' interest due that day on the "CITY
OF LUBB:>CK, ~~ PARK BOND, SERIES 196011 , dated March 1, 1960.
Bond lfo. • ---
city secre~ary Mayor
PERTAIRIHG 'fO ~ ISSUES AB>VE DBSCRIBED
SECTION 15: That both principal ot and interest on
said bonds shall be payable in lawful money ot the United States
of America, without exchange or collection charges to the owner or
holder, at THE FIBS'!' NATIONAL CI'l'Y BANK OP MEW YORK, Hew York,
New York, or at the option of the Holder at the CITIZENS RATIONAL
BANK, Lubboek,Texas, upon presentation and surrender of bonds or
proper coupons.
SECTION 16: That the corporate seal of the "CITY OF
LUBSOCK,TEXAS" shall be impressed upon each or said bonds and
said bonds and the interest coupons appurtenant thereto may be
executed by the imprinted facsimile signatures of the Mayor and
City secretary of the City, and execution in such manner shall
have the same effect as it auch bonds and coupons had been signed
by the Mayor and City Secretary by their manual signatures.
Inasmuch as such bonds are required to be registere~ by the
Comptroller or Public Accounts ot the State ef Texas~ only his
signature (or that or a deputy designated in writing to act tor
the ComptrOller) shall be required to be manually subscribed to
-such bonds in connection with his registration certificate to
appear thereon, as hereinafter provided; all in accordance with
the provisions of Article 7173, Vernon•s Annotated Texas Civil
Statutes, as amended.
SECTION 17: That the following certificate shall be
printed on the back of each bond:
OWICE OP COMPTROLLER I
STATE OP TEXAS
REOISTER NO. --
I HEREBY CERTIFY that there is on tile and of record in
-.
my office a certificate of the Attorney General or the State or
Texas, to the effect that this bond has been examined by him as
required by law, and that he finds that it has been issued in
conformity with the Constitution and laws of the State or Texas,
and that it is a valid and binding obligation upon said City or
Lubbock, Texas, and said bond has this day been registered by
me.
Texas,
WITNESS MY HAND AID THE SEAL OF MY OFFICE at Austin~
----------------------·
comptroller or Publ!c lccounts or
the State or Texas
SECTION 18: BE IT PURTHER ORDAINED BY THE CITY
COMMISSION OP THE CrrY OP LUBBOCK:
--. That special tunde to be designated "SPECIAL GENERAL
OBLIGA'l'ION EOND FUliD., SERIES 1960" and "SPECIAL PARK OOND PUND.,
SERIES .l96o", are hereby ereated, ·and the proceeds ·or all taxes
SBC'riOH 19: BE IT I'Oltl'HERORD.AIMED BY THE CITY COM.:,
MISSION OF THE CITY OF LUBBOCK
That the Mayor of said City shall be and he is hereby
-authorized to take and have charge of all necessary orders and
records pending investigation by the Attorney General of the State
of Texas, and shall take and have charge and control of the
bonds herein authorized pending their approval by the Attorney
General and their registration by the Comptroller or Public
Accounts.
SECTION 20: BE IT FURTHER ORDAINED BY THE CITY COM-
MISSION OF THE CITY OF LUBBOCK:
That the sale of the bonds herein authorized to
HARRIS TRUST AND SAVINGS BANK,
.and ASSOCIATES
at the price or par and accrued interest to date of delivery,
plus a premium or $5,304.72 is hereby confirmed. Delivery or the
bonds shall be made to said purchaser as soon as may be after
the adoption of this ordinance, upon payment therefor in accord-
ance with the ter.ms or sale.
SEOTIOH 21 : AND BE IT FuRTHER ORDAINED BY THE CITY
COMMISSION OF THE CITY OF LUBBOCK:
That the public importance of this measure, and the fact
that it is to the best interest of the City to provide funds for
the purpose of constructing the improvements and extensions herei
contemplated at the earliest possible date for the imme~tate pre-
servation of the public pleace, proper~y, health and safety of the
citiz~ns of the City of Lubbock, constitute and create an emergenc
and an urgent public necessity re~uiring that this ordinance be
passed and take effect as an emergency measure, and this ordinance
is accordingly passed as an emergency measure and shall take eftec
and be in force immediately from and after its passage.
PASSED AHD APPROVED~ this the ll day of !Pebruary,1960.
'
r l)r./
• { 'I
'I .,
CERriF~CATE OF CITY SECRETARY
'fHE STA'l'E OF TEXAS
CITY OP LUBEOCK
COUNTY OF LUBBOCK I
I, the undersigned, City Secretary of the City or
Lubbock, Texas, DO HEREBY. CERTIFY that the foregoing is a true
and correct copy of an ordinance authorizing the 1esuanoe or
$4,025,000 "CITY OF LUBBOCK,TEXAS, GENERAL O~GATIOH BONDS,
SERIES 19601', and $225,000 "CITY OF LUBEK>CK., '!'EnS, PARK BORDS,
SERIES l960i', all dated March i .. 1960 (and lllinutes pertaining
to its adoption), said ordinance passed and adopted by the City
Commission on the 11th day of February, 1960, and which ordinance
is of record in Book 19
Minutes of said Commission.
page ___ 2 __ et seq., of the
Dl WITNESS WHEREOP, I have hereunto signed my name
officially and affixed the seal of said City this tbe_!!_ day
of February, 1960.
(City Seal)