HomeMy WebLinkAboutOrdinance - 3259-1960 - Issuance Of Time Warants $50,000 Bearing Interest Rates. - 09/22/1960()9-z:z -l9(p()
OROJIANCE NO~ 3259
AN OADtNAHC£ AUTHOAlliNQ THE tS$U\NC~ tF TUE WARRAttrs tN tt£ SUM fJ!
FIFTY 'rHOtiSAMO (.1501000.00) OCUAR$ 8EAfUN8 tNTi'AUT AT TH£ AAT! f6' 2~ PER
ANNUM liCTIL PAID MSUANT TO CONTRACT WITH CITIZ£N$ MTIOIIAl. 8ANI< OF LUBBOCk,
TEXAS, SAlD WARRANT'S TO BE ISSt£0 IN PAYJIDT ~ oa.tiATIC*S TO SAID BANKJ
APPROPRlATtNQ AN AMOUNT OF PC>NEY OUT t7 THE LUB80CK fiJNICIPAL AIRPORT REVENUES
S\FFICIENT TO PAY OFF SAID TUe WARRANTS ACCORDING TO THfiiR TENOR AS Tt£Y
Pt\llRE. AND OECLARtNG Att EfOQ!NCY,
WHEREAS, THI CITV CONfllll8tOI 0, TMI CITY ., LU810GI ttAI HIR&TOFOIE Dt:TI••
"INID THI llC1181TV All AOYISAIILITV OF IMPaOVfiQ TMI lUIIOOa Mu•ICI~AL AIRPO.TJ
AMD;
WHEREAS, THI COMMIIIION IWTIIIO tiTO GOITIACT WtTI TMt CITtZINI NATIONAL
BAlK OF LuatOOKf TEAAI, A$ AUTMORIIIG •v ITS RI80LUTIOI OATID SIPTEMIIR 8, 1960,
AID RECOIOED II MIIUTI 800K 19 AT ~AQI 348J AIDt
Wt£REAS, IAIO BANK HAl OEJI081T£D FIFTY THOUSAftO ($50,000.00) D<UARS tl
A FUND OliiCIATIO Ati~ORT RIVt"UE FUND 811118 19601 AIO IN ~AID CO~T~ACT IT
WAI ~URTHt~ A$REIO THAT THE CITY WOULD IKICUTC TO TMI IAI• ITS TIME WARlAITI1
IIARtMt J•TERliT AT TMI ~ATI OF 2t. PER All~ U.TI~ PAID; IAOM OF SAIO
WARRANTS lEt•• II TNE 'RtiCI~A~ a~ OF TEN THOUSAND ($10,000.00) DOLLARS, PA~
AIL£ OVER A P!rUOO OF rtVl (6) Y£AR8t AI THilRf:t-1 ~ROVIOCOJ ANO,
WHEREAS, FUIOI ARl I~OIATELY IE~D£0 TO ~AY OEITAII OILIQATIOIS CRIATED
IY ,_,CITY OF lUIIOOK '0 FACit..lTAT£ ~~0 IXPAIO THI DAILY ._IRATtO~I OF THE
OIPART"liT 0' AVtATIOI OF THl CfTY OF lUIIOCk AID TMI HURf~J,AL AIRPORT 8UPER-
W.IED IY SAIO Ot~ARTMIITt WHICH CRIAT£8 AN EMiaaE•CVJ NOW THER£FOREI
BE IT OROAII£0 8'1 THit CtTY CO .. USSIOII t# Tf£ CITY fl LUB80CK1
S!CTICI t • THAT TNI 8UM OF FIFTY THOUSAND {$50,000.00) DQ..LARS ts
HtR£8Y MAO£ AIO bECLARIO TO Bl TAl LAWFUL DEBT 0' IAtO CtTV a, LU180CK, lAID
Dl8T II lAID AMOUIT TO It ,AID fO CIT1Zll8 NATIOIAL BAIKt LUBIOCK1 TtxA81 ll
LEIAL~Y II.UIO WAIRAitl OF IAIO CITY TO TAkl U~t IIMIW1 AIO IITIND IAlD (tTYft
OIC..IOATttl ~IIATtO atOI Tit£. PUiftOII OF t .... AOYIIQ TMI lWIOOil MUNtCIPM. Al,.ORT•
SECTION a. Tli'T WAitJtAI1'8 01' SAfD CITYt TO II CA&.LIO ftuiiOit'A\.. AIR,Oitf
IMPfttYIMIIT Pl04101 WARRAJtTI1 SlaiES 1960, IMALI. II ISSUED IN THE SUM OF FIFTY
THCJUSAJU) lt~,ooo.oo) DCUARs.
SiCTtON 3e TM'r IAfO WARIAI'tl IMM.L fl IUMPIO FttOM Ollt 'fO f'IVIl (I TO
s) j•et..u•u•, ••• •••La. 11 •• '"' ,, ... '""'••• -o, TU THG\8AM> C$ao,ooo.oo)
00U..ARS tACf't AG,IItAfUtt THI TOTAL SUM Of' FIFTY TMOUSAND (f60tOOO.OO) DOl.lARSJ
T~T $~U WAJtftAIT8 IHALi. 8£ DATED $1PT£MIIR 25t-19601 AliO lltALL 'MATUii UD II•
CGHE Oil£ AID 'AYAtLI ICIIALLY AI F0Lt.OWII
WARfiAIH Wo.
I
2
3
4
5
U\TURITY DATES
S~~tTOtiiR 2S. 1961
SOTUID 26, 1962
SPTIMER 25, 1963
S£PTP81R 25, 1964
SI,TIMIII 25t 1966
AMOUNT
$10,000
10,000 to,ooo
10,000
10,000
S!CTIOI 4• THAT IAIO WAftiAnl IMALL lUI t•tiRUt AT Till lATE OF 2i • ttll
AllUM U.Tt~ .AlOe
SECTION s. THAT , ... I'IHIOtfJAL AIQ ,.,,_,,,. AOCfUIIO ., IAtO •••• ..,.. ·-~L ·~
ftAYAILE Oft OR 8~F'ORE MTURUV AT lAID 8.\llt II LAWF._ MOI.l¥ OF TM"E UI·ITED STATEI OP'
AMEfltCA UIIIIOI PR£$11TATIOII OR $URRIIOI:R OF WARRAifTS YOR PAYMENTI AND SAtO WAIIAIT.I
SMALL ftltOVfOE THAT IN TN£ £VENT OF DEFAULT II TM£ PAYMEIT 0,. PRIIfCtPAL AtiO fiTEIIIt
ACCRUED AIO TM£ SANE tS IIIILAOED II TNt MAIO& OF AR ATTORIIY FOR COLLECTION, OR t'
COLLECTED IY 8UIT1 OR 8Y LEGAL PROCEIDt~t OF ANY kiNO• AI AOD.TIONAL AMOUIT ~ TCI
llltR OENT (I~) ON TN£ PRtNCJIIIIAL THill DUl SHALL 8E A0D£D AS ATTORitVta Fll8•
SECTION 6• THAT 8A1D WAAIAITI MAY BE REOEII'lO IV TM& CitY AT AllY 'UHI: IUOIC
MATURITY 8Y PAYtiA TM£ PRIIOtPAL OF AIY OF SAID WARRAITS AID t1T£RE$T ACCRUID fNIIIOI
'tO OAT£ OF PA\1111:.ttt.,
SECTlON 1. THAT IAtD WARRAttTI IMAI..L BE IIClllaJ IV TMI MAYOR, C'OUITIR8111ED IV
THE CITY $iOIETARV, AID ftEQl8Y£RED IY TH& C&TY T~EA8URER, AID THE SEAL OY TNI CITY
8HA~L IC INIIIIREII£0 UPOI EAOH OF THI lAID ~R-ANTS•
SECTION 8. THAT TMI FOIIM OF WARUIIT $MA&.L.. 8£ IIIBITAitiALt.V AI ,O~LOWU
HO. UNITED STATES OF Af£RICA $10,000.00
STATE a: TEXAS
COUNTY CF lU8BOCK
·= . .· : ... ;-: ·. .:.. -.. ~~ .... . . ~-tt:: , '; .
cny OF LUB8~1··i·~~~fp~ ·!4tR·P~71l~"'oVo£NT PRo-tECT WARRANTS, SERifS t960
THIS tS TO ClftTIFV tMAt TMC CITY OF LU810Ck1 A MOld-RULE Mtt••etlfiAL.. OOt-
,ORATIOJJ II Ttft C01niTY ~, LUIIOCI{• STATt OF TI:IAI1 18 dUif.li.Y UDEITIO 1'0 THI CJTf%1118
NAT.ONAL 8At1Kt OF LU880CK; TOASt AIO TH&IR AiSI·AMI1 IN TMI PRUCittAL IUIII 0,.
TEN THOOSAND OOL.I..ARS
($10,000.00), II LAWFUL MOUY 0, THE UIITED StATES OF AMIRICA1 w•Ttt UITIRIIT l'tii"RIOI
AT THE RAT£ OF 2t ~ ;eft AllUM Ullfl' U •. ,_AJ01· lAID PRIICfttAL AIO tlfTIItllt AtCRUED ttAY..
AILE 01 OR IEYOIE "'tUaiTY AT TN£ CIT.%118 NAttOIAL 8AIK1 LU180Ckt TEXAS; u•o•
P"IIIITATIO. AID IURN,ND£. or WARRANT ,.OR PAYMIIT AT MATURITYI AID TH~ CtTY TRIAIURIR
., lAID CtTY 18 HER!IY AUTMOR.IED, 0RO£RCD ANO OtiECTID.TO ,AY CltiZENI NATIONAL
8A.JUC1 OR AIIIGI81 AT lAID BAH; TNE IAJD 8UM OF TE:N THOUSAND ($101000.00} DCLLARS;
ON TMI DAY OF 19
TNE OAtE OF MATUR)TV 0, TRIG WAIRAMT PLUS fMTEIEIT ACORU£D TO OATE~O,--tt~A-YM~I~N~T~t-I~F~U~~
IJTfLENEMT OF TN£ IIDEITID.III H£RliY EYtOliCIOJ FROM THE HUitCIPAL AtRIIIIORT R£YIIUII
OF IAfO CrtV A'ftiO,lttAT!D AID ItT AltO~ f'OR THAT .PUittOIE•
THE CITY OF ~UB&OCK RESIRYII THi OIIIITIOI ·~ IEOEIMtla TWf8 WARRAIT IV
ttAYlMG TM« PRINCIPAL AID tRTERlST ACQIVED TO TMI CITt~EII NAT10ttAL SAw~, LUIIOCKt
TCXAI; AT AIY ttMI I&FOIC MATURtfY.
IT tS HEREBY A*RitO TMAT tF THIS WARRANT it lOT ~Ate AT ~TURITY, AltO TMI
8Ml! 1• ltLAO~O II TICI MAI$8 OF AN ATTOIMIV FOR OOLLEITIDI AFT!R MATURITY TMI:RtOFJ 01
tUfT t' FILED THIREOM, OR GOLLIOTtOW MA~I BY LIQAL PAOC£EDINI8 OF AIY ~IID1 AI AO~
tTfOIA&. AMOUIT OF Til P~l CIIT ~~~) 01 THE PltiCI,AL TNtl DUI SMALL II AOOt~ AI
ATTORNIYfs ~CII•
THt~ WARRANT fl Gil I# A IU.II OF 'lVI WARRAITI1. iiU .. IRto HII&OUT.VILY
'ROM ONI (I) TO FtY. (5)1 fiOLUttVtt ALL OF IAIO FfVI WARaA_,$ II DEIOMIIATJOI ~ fCI
TNOU&AIO ($10,000.00) Dot..\.ARI IACtf1 AQGREIATING THE IUM OF' fi'1,.TY TMOU.AID (.50,000.00)
00LLA&s1 iiiU'O ,01 TM£ ~URttOII 0' «YIDEICIIQ THE 1NOliTIDIII. OF tME CITY or lUIJOOR
TO CtTIZINI NATIOIA~ 8AI~, LVI&OCKt f£XA81 01 TMIIR AlltGNit FOI TAKIRG UP1
RIIEWtW~ AIO ~-TIIOIII ~w;AtO ApPROVED OJ~IGATf018 OF THE CITY 0' LU180CK tiiOUTCD
Itt ttAYM£1T ,-QR 'RtU•DTY ltQ&tV~O IY 'fHI CITY FOR PIUIICIP.AL AtR~Oit1' IHPttOVIM111'
PURPOI.81 ALL II AOIOtOAaCI WIT~ COITIAOT lMTta'D tiTO IY AID IETWC&I THE CtTT OY
LUIIOt;K All) TH. Ct'tllPI fCATjOIJA._ 8An1 801ft All ay VIITVI 0' T'ft COittiTtn'IOI
AID L.AWI OF Till STA'fl Or TUAit AMD TH£ CHAR.,IR Of' 1111 CITY OF L41110Ut ANO '" PUtt-
IW..Cl OP' AI OIOUlAIOI. DUL.Y AJIO LIGAL&.Y .AOO,fiC) IY TH£ ClfY CO*tllfOI 0' lAID
CITY, llOOIIOID ... TMI MIIVTII OF SAID Cl'rY CONMIIItOJI•
Tt£ ~TE 01" THII WAitAAtn·,, Ul COIFOIIJUTV WiTH TMI 0101-.A.OI A,$0'fl MIITIOIIO.,
il SIPTENIEA 25t l960 AID tT t8 HEI£8Y CIRTIYilD AID RIOITIO THAT ALL AOTI1 COIDITIOII AIO
Tl1181 ~1-UIIt£0 TO 8E 001£ PIICIOEIT TO AID tl THI IIIUAICI Ot TMII WARIAIT AID THI
1111(8 OF WMIC. IT II A PA~T1 fl 01011 TO "'KI THEM LIQAL, YA~tD AID lfNOtiQ OILI8A•
TIOII ~r SAID CtTYJ RAVE IEEI 001& AID PIIFORNIO tl DOl AID REa~AI Tt~l, FORM AID
ffA.INIRt AID 'fMAf ,_tOVIIUOtt HAl 8'£11 MDI TO APPitOPRtAT£ ANRUA ... f..V 8UF,.ICtEifT ,.UNDI
OUT 0,. LUBIOCk "UitCIPAL AllPORT ~£YIM.II ~0 .. AY TMI PRJICJPAL AIIO IITCRIIT AOCttUlO
01 THEIIl WARRAIITa AOCOROUG TO THEIR TPOJl AI TMIY t.IATURII AND TMA1" tHE 181UE OF
.aiiART81 ~F WNlOH TMtl 18 0111 TOGETM~It WITH ALL G1"RIR IIOEITIDIIII OF $AID CtTY1 tl
WtTiflli OUT &..IJUTt ... ·ftCSCitiiO IV TME t.AWI 0' TUAI AtiO TMt 0MART"I 0' TH'E CITY OF L.a ...
001., feu•.-
IN WIT.NESS Wt£R£0F, THI Cnv CoMHtaatOII o, r•" Csrv oF lutiOCK; TJXA$1 MAl OAVID
THE tEAL OF 8Al0 CITY TO IE MER~TO A''IKIO AID THIS VARIAIT TD II 11.11£0 BY THE H4YOR
AIO COUMT«•ttt•£0 I~ THE CITY S£C.ETARY AS OF ~"£ tATI LA8T AIOVI WRITTI*e
AmSTED AND
COUN1'ERS t QNED ·
• I
CtTv TRIAIURIR, CtTY OF LuaaooK, taaAa
SECTION 9• WARRAIT8 SMALL 81 EXECUTED AID DELtVER£0 TO THI CtTfl£18 HATIOIAL
8AIK UPON DELIVERY TO TMI CtTY SECRITARY 9F IATliFACTORY IYIOI.CI 1• WlttTtiO 0, TNI
&-STAlL IINNIIT DJr TMI AtR,OttT AIVIIUSE fUIO SERIES f960 AS PROYtO!O fl 8A10 COITRACT•
SECTION tO.e fK\T AI A .. OUIT 0' MO.!V 1• N(lt&IY AP~ROPRIATEO AID liT AIIOE
AINIIALL. Y OUT 0' Luea·o~~~ ~HuJ:fct:;.A~~·· l~i.afl'if~T~"~~Y.IItUUt lA I 0 AMOUIT OF' MONEY I HALl. IE
GUF'F"ICt EIT TO PAY 0,., ·$A tO WARRAMT8 ACCOROUil TO TNIU thOR AS TMU MATURie
SECTtQH t1. TMf TMC DAILY OPEIIIAtteaa OF TNI AVtAT·~~~ D•ilRTMOT AID TMI
'fVI.OIPAL AttiOIT UIOtlt ITS IUPa1t~1aeo1 Rtq,UU£ THAT nua ORDIIAIOK IE PASSED
UutiOtATCt-1'1 AID TMIRUORI TMf8 0RDtiAIICil tS H£RIIlY Oi~LARID TO IE AN IMERIEICV
""'SUR£ AND TMI RULl RCQUIRfM~ TWO aEAOtN18 f8 HIREIY DISPlNSI. WfTH1 AI~ tMII
OltOU.UOit INALL. IUOMC EF',ICTt VE fMMIO lA 'TtL Y t'ftf)M AID AFTIR ITI P41BACI•
ANO IT ts $0 ORDEREO
,AISEO &v TH£ CITY COMMIS8t01 fMIS 22nd bAY OF' ___ s_e_p_t_e_mb_e_r _____ l. 960.
A4,;fcc_~.
I, Lavenia Lowe, City Secretary-Treasurer, City of Lubbock, Texas hereby
certify that the above and foregoing is a true and correct copy of Qrdinance
No,3259 authorizing the issuance of time Warrants in the sum of Fifty Tbonaand
($50,000.00) Pollars bearing interest at the rate of ~% per annum until paid pur-
suant to contract with Citizens National Bao~ of Lubbock. Texaa, said warrants to be
issued in payment of obligations to said bank; appropriating an amount of money gut
of the Lubbock Municipal Airport Revenues sufficient tg pay off safd Time Harrapta.
Passed by the City Commission on ------~S~e~p•t•emh~e~r._2~2~,~1~9~6~0~·------------------------
acd of record in ----------~Mi~n~u~t~e_B•o•o•k~l~9~·~o~f~R~e~s~u~l·a-r~C~o~mm==i-s_s~io~n._ ________________ _
records of the City Commission of the City of Lubbock, Texas
THIS ---------.--.---------~2~2~n~d _______________________ DAY OF -----~S~e~p~t~em~b~e~r _______ l9 60.
Lave ia Lowe, City ecretary-Treaeurer
City of Lubbock, Texas