HomeMy WebLinkAboutOrdinance - 3425-1961 - Issuance Of $2,250,000 General Obligation Bonds - 03/23/1961/
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AN ORDINANCE AUTHORIZING ISSUANCE OF $2,250,000
nCITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1961", DATED MARCH 1, 1961
THE STATE OF TEXAS
CITY 0 F LUBBOCK
COUNTY OF LUBBOCK I
ON '!'HIS., the :l~vJ.o.ay of M<Y:-~, 1961, the City
Commission of the City of Lubbock, Texas, convened in ~
session ~t the regular meeting place thereof in the City Hall
with all members thereof being present and in attendance,
to-wit:
DAVID C. CASEY
VERNON E. THOMPSON
OTIS MANER
W. C. O'MARA
FRANK H. CHAPPELL., JR.
MRS. LA VENIA IDWE
MAYOR
l COMMISSIONER
and
CITY SECRETARY
also being present; at which time the following, among other
business was transacted:
Commissioner 1)\ At\\ E R presented for the considera-
tion of the City Commission an ordinance authorizing the issuance
of "CITY OF LUBBOCK., TEXAS., GENERAL OBLIGATION BONDS, SERIES 1961
in the principal sum of TWO MILLION TWO HUNDRED FIFTY THOUSAND
DOLLARS ($2,250,000), dated March 1, 1961., and said ordinance
was read in full by the City Secretary.
Thereupon Commissioner 0 'lVI tlR d 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. This
motion was duly seconded by Commissioner __ .M~fr~~~E~~~,---------•
The motion carried by the following vote:
YEAS: Mayor Casey and Commissioners Thompson,
Maner, 0 1Mara and Chappell
NAYS: None
Thereupon Commissioner C...Hi\ P.P.E"L.vmoved that the
ordinance as read in full by the City Secretary be finally passed
and adopted by the Commission. This motion was seconded by
Commissioner I B oM t>..S.oN and the motion, carrying with it the
final passage and adoptin of the ordinance was unanimously
carried by the following vote:
YEAS: Mayor Casey and Commissioners Thompson,
Maner, 0 1Mara and Chappell
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 of sections 15, 16
and 17 of Article IX of the Lubbock Charter; and the Mayor
thereupon signed and approved the ordinance in the presence of
the Commission:
The ORDINANCE is as follows:
NUMBER -3 't~
"AN ORDINANCE by the City Commission of the City of
Lubbock, Texas, authorizing the issuance of $2,250,000
'CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1961', dated March 1, 1961 for the purpose of
making permanent public improvements, to-wit:
$1,213,000 for constructing, enlarging, altering,
repairing and equipping the municipal building in
and for said City to house City offices, Corporation
Court and Police Station; $387,000 for construcing
improvements and extensions te the City1 s Waterworks
System; $275,000 for constructing improvements and
extensions to the City's Sanitary Sewer System;
$250,000 for constructing street improvements for
said City, including acquisition of rights-of-way;
and $125,000 for purchasing, constructing and
installing of street lighting in and for said City;
prescribing the form of the bonds and the form 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 re-
lating to the purpose and subject of this ordinance;
and declaring an emergency.
WHEREAS, pursuant to a resolution and order duly
adopted and passed by the City Commission of 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 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 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 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, to-wit:
constructing improvements and extensions to the
City's Waterworks System;
$1,100,000 general obligation bonds for the purpose of
making permanent public improvements, to-wit:
ca.structing improvements and extensions to the City's
Sanitary Sewer System;
$3,200,000 general obligation bonds for the purpose
of making permanent public improvements, to-wit:
constructing street improvements for said City,
including acquisition of rights-of-way;
$500,000 general obligation bonds for the purpose of
making permanent public improvements, to-wit:
the purchasing, constructing and installing of
street lighting in and for said City.
AND WHEREAS, the City Commission has heretofore can-
vassed the returns of said election and by resolution and order
passed and adopted on the 11th day of September, 1959, the
City Commission found that said election had been conducted in
the manner prescribed by law and was i? all respects legally
held after due and proper notice as required by law. That due
returns of said election had been made by the proper officers;
that said election resulted favorably to the issuance of said
bonds; that a majority of the qualified electors voting at
said elections 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 con-
venient in connection therewith.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
LUBBOCK:
SECTION 1: That the bonds of the City of Lubbock~Texas 1
to be known as "CITY OF LUBBOCK, TEXAS., GENERAL OBLIG~TION BONDS1
SERIES 1961", be and same are hereby issued under and by virtue
of the Constitution and laws of the State of Texas, for the
following purposes., to-wit: $1,213,000 (being the second and
final 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 Police
Station; $387,000 (being the second parcel or installment of a
total voted authorization of $4,000,000 bonds) for the purpose
of constructing improvements and extensions to the City1 s
Waterworks System; $275,000 (being the first parcel or install-
ment of a total voted authorization of $1,100,000 bonds) for
the purpose of constructing improvements and extensions to the
City's sanitary Sewer System; $250,000 (being the second parcel
or installment of a total voted authorization of $3.,200.,000
bonds) for the purpose of constructing street improvements in and
for said City, including acquisition of rights-of-way; and
$125~000 {being the first parcel or installment of a total
voted authorization of $500,000 bonds) for the purpose of ~a~e~s
~~g, constructing and installing of street lighting in and for
said· City; aggregating the principal sum of TWO MILLION TWO
HUNDRED FIFTY THOUSAND DOLLARS ($2,256.,000).
SECTION 2: That said bonds shall be numbered consecu-
tively from One (1) to Two Thousand TWo Hundred Fifty {2250).,
both inclusive1 shall be in denomination of One Thousand Dollars
($1.,000) each, aggregating the sum of TWO MILLION TWO HUNDRED
FIFTY THOUSAND DOLLARS ($2.,250.,000).
,__.,
SECTION 3: That said bonds shall be dated March 1,
1961, and shall become due and payable serially, without right
of prior reeemption, in accordance with the following schedule:
BOND NUMBERS
(All Inclusive)
1 to 110
111 to 220
221 to 330
331 to 440
441 to 550
551 to 660
661 to 770
771 to 880
881 to 990
991 to 1100
1101 to 1215
1216 to 1330
1331 to 1445
1446 to 1560
1561 to 1675
1676 to 1790
1791 to 1905
1906 to 2020
2021 to 2135
2136 to 2250
MATURITY DATES
March 1, 1962
March 1, 1963
March 1, 1964
March 1, 1965
March 1, 1966
March 1, 1967
March 1, 1968
March 1, 1969
March 1, 1970
March 1, 1971
March 1., 1972
March 1, 1973
March 1, 1974
March 1, 1975
March 1, 1976
March 1., 1977
March 1, 1978
March 1, 1979
March 1, 1980
March 1., 1981
AMOUNTS
$110.,000
110,000
110.,000
110,000
110,000
110,000
110,000
110,000
110,000
110,000
115,000
115,000
115,000
115,000
115,000
115.,000
115,000
115,000
115,000
115,000
(:'
SECTION 4: That said bonds ~hall bear interest from
date until paid at the following rates per annum, that is to say--
(a) Bonds Numbered 1 to -3~0 , both inclusive,
maturing on March 1st in each of the years 1962 to 19~,
both inclusive, shall bear interest at the rate of
t \V t PER CENTUM ( L <f,)
per annum;
(b) Bonds Numbered 331 to ~~0 , both
inclusive~ maturing on March 1st in each of the years 19~
to 19 ~, both inclusive, shall bear interest at the rate
of )1).) c =\= ]]:t\1 EE ._. ~ou Rt Hs.S PER CENTUM ( v-3/lf
' %)
per annum;
(c) BOnds Numbered ~ g I to I v 1....(' , both,
inclusive~ maturing on March 1st in each of the years 19ryo
to 19~~ both inclusive~ shall bear interest at the rate
of T\tQ t:"c PER CENTUM ( ~ %)
..
per annum;
(d) Bonds Numbered ) ):'I (o to J bU' , both
inclusive, maturing on March 1st in each of the years 19~
to 19~, both inclusive, shall bear interest at the rate
of'JmE'~ + o~E-l'::oulftH PER CENTUM ( ~1/'f %)
per annum; and
( e} Bonds Numbered ) (, 1 fo to 2250 , both
inclusive, maturing on March 1st in each of the years 19~
to 1981, both inclusive, shall bear interest at the rate
of11±Ri:~ +·DO£-H-Ai-F PER CENTUM {
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,
1962, and semi-annually thereafter on september 1 and March 1
in each year.
SECTION 5: That both principal of and interest on said
bonds shall be payable in lawful money of the United states of
America, without exchange or collection charges to the owner or
holder at THE FIRST NATIONAL CITY BANK OF NEW YORK, New York,
New York, or at the option of the holder, at the CITIZENS
NATIONAL BANK, Lubbock, Texas, upon presentation and surrender of
b onds or proper coupons.
'
WHEREAS, by Ordinance No. 3050, passed and adopted
on the 11th day of February, 1960, bonds were authorized by
the City Commission of said authorizations voted at the election
of September 10, 1959 as follows: $500,000 for municipal
building purposes, $163,000 for waterworks improvements and
extensions, $1,500,000 for street improvements; and
WHEREAS, it being now determined by the City Commission
that it is not desired at this time to issue all of the remain-
ing_ bonds of said authorizations voted at the election of
September 10, 1959, but that the amounts as shown by the sched-
ule below are now desired to be issued, and that the remaining
amount of 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 Commission of said City, the amounts
thereof are needed by the City for the purposes for which such
indebtedness was authorized.
Purpose
Municipal Bldg
Waterworks Sys.
sanitary sewer
System
st. Imp.
st. Lighting
Amount
Amount Heretofore
Authorized Issued
$1,713,000 $500,000
4,000,000 163,000
1,100,000 -0-
3,200,000 1,500,000
500,000 -0-
Amount
Being
Issued
$1,213,000
387,000
275,000
250,000
125,000
Unissued
Balance
-0-
3,450,000
825,000
1,450,000
375,000
AND WHEREAS, this City Commission deems it advisable and
to the best interest of the City that the bonds of the authoriza-
tiona hereinabove described shall be issued in a single combined
series; and
WHEREAS, it is FOUND, DETERMINED AND ADJUDGED that 1 t 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 of the City of
Lubbock, Texas, and that by virtue thereof this ordinance shall b
passed and adopted as an emergency measure; therefore
"'
SECTION 6: That the corporate seal of the "CITY OF
LUBBOCK, TEXAS" shall be .impressed upon each of 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 if such bonds and coupons had been signed
by the Mayor and City Secretary by their manual signatures.
Inasmuch as such bonds are required to be registered by the
Comptroller of Public Accounts of the State of Texas, only his
signature (or that of a deputy designated in writing to act for ~
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 717j, V.A.T.C.S., as amended.
SECTION 7: That the form of said bonds shall be sub-
stantially as follows:
NO. ___ :·· UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION
BOND, SERIES 1961
$1,000
The CITY OF LUBBOCK, a municipal corporation of the
state of Texas, acknowledges itself indebted to, and FOR VALUE
RECEIVED, hereby promises to pay to bearer, without right of
prior redemption, the sum of
ONE THOUSAND DOLLARS
($1,000), in lawful money of the United states of America, on
the FIRST DAY OF MARCH, 19 , with interest thereon from the ---
date hereof until paid at the rate of PER -------------------
CENTUM ( ________ %) per annum, payable on March 1, 1962, 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 PRINCIPAL and interest of this bond are hereby
made payable at THE FIRST NATIONAL CITY BANK OF NEW YORK,
New York, New York, or at the option of the holder at the
CITIZENS 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 of the City of Lubbock, Texas,
are hereby irrevocably pledged.
THIS BOND is one of a series of TWo Thousand Two Hundre
Fifty (2250) serial bonds numbered consecutively from One (1)
to TWo Thousand TWo Hundred Fifty (2250), both inclusive, in
denomination of One Thousand Dollars ($1,000) each, aggregating
TWO MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS ($2,250,000},
issued for the following purposes, to-wit: $1,213,000 (being
the second and final parcel or installment of a total voted
authorization of $1,713,000 bonds} for the purpose of construct!
enlarging, altering, repairing and equipping the municipal
building in and for said City to house City offices, Corporation
Court and Police Station; $387,000 (being the second parcel or
installment of a total voted authorization of $4,000,000 bonds)
for the purpose of constructing improvements and extensions to
the City's Waterworks System; $275,000 (being the first parcel
.
or installment of a total voted authorization of $1,100,000
bonds) for the purpose of constructing improvements and ex-
tensions to the City's Sanitary Sewer System; $250,000 (being
the second parcel or installment of a total voted authorization
of $3,200,000 bonds) for the purpose of constructing street
improvements in and for said City, including acquisition of
rights-of-way; and $125,000 (being the first parcel or install-
ment of a total voted authorization of $500,000 bonds) for the
purpose of purchasing, constructing and installing of street
lighting in and for said City; under authority of the Constitu-
tion and laws of the State of Texas, 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 REPRESENTED that
the issuance of this bond and the series of which it is a part,
is duly authorized by law and by a vote of the qualified property
taxpaying voters of the City of Lubbock, Texas, voting at an
election held for that purpose within said City on the lOth day
of September, 1959; 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 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 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 TESTIMONY WHEREOF, the City Commission of the City
of Lubbock, Texas, has caused the seal of said City to be
impressed hereon, and this bond and its appurtenant coupons to
be executed with the imprinted facsimile signatures of the Mayor
and City Secretary of said City in accordance with the provision
of Article 717j, V.A.T.C.S., as amended; the date of this bond
in conformity with the ordinance above referred to, being the
FIRST DAY OF MARCH, 1961.
COUNTERSIGNED: Mayor, city of Lubbock, Texas
City secretary, city of Lubbock,
Texas
SECTION 8: That the form of interest coupon attached to
each of said bonds shall be substantially as follows:
NO. ---ON THE FIRST DAY OF ---19_,
$ __
the CITY OF LUBBOCK, a municipal corporation of the State of
Texas, hereby promises to pay to bearer, at THE FIRST NATIONAL
CITY BANK OF NEW YORK, New York, New York, or at the option of
the holder at the CITIZENS 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 sum being months' interest due that day on the ·-----
11CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BOND, SERIES 196ln,
dated March 1, 1961. Bond No. --
City Secretary Mayor
SECTION 9: That the following certificate shall be
printed on the back of each bond:
OFFICE OF COMPTROLLER
STATE OF TEXAS I REGISTER NO. ____ _
I HEREBY CERTIFY that there is on file and of record
in my office a certificate of the Attorney General of the State
of 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 of
Texas, and that it is a valid and binding obligation upon said
City of Lubbock, Texas, and said bond has this day been
registered by me.
Texas,
WITNESS MY HAND AND THE SEAL OF MY OFFICE at Austin,
----------------------
~omptroller of Public Accounts or
the State of Texas
SECTION L9: That a special fund to be designated
11SPECIAL GENERAL OBLIGATION BOND, SERIES 1961 FUND" is hereby
created and the proceeds of all taxes collected for or on accoun
of this series of bonds shall be credited to said fund for the
purpose of paying the interest on and to provide a sinking fund
for the redemption of said bonds at maturity; and said fund
shall be used for no other purpose; that while said bonds or
any of them are outstanding and unpaid there shall be levied,
assessed and collected annually in due time, form and manner, a
tax upon all of the taxable property in said City, sufficient
to make, raise and produce in each of such years funds to pay
the current interest thereon and create a sinking fund sufficien
to pay each installment of principal as the same becomes due,
or a sinking fund of 2% whichever is greater; and to pay the
interest on said bonds for the first year and to create the
required sinking fund sufficient to pay each installment of
principal as the same becomes due, or a sinking fund of 2%,
whichever is greater, there is hereby levied a sufficient tax on
each one hundred dollars' valuation of taxable property in said
City of Lubbock, for the current year, and the same shall be
assessed and collected and applied to the 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 aroto provide the necessary sinking fund, full allowance
being made for delinquencies and costs of collection, shall be
and is hereby levied for each year respectively, while said
bonds, or any of them are outstanding and unpaid, and said tax
shall each year be assessed and collected and applied to the
payment of the principal of and interest on said bonds. The
City Commission hereby declares its purpose and intent to provide
and levy a tax fully and legally sufficient for such bonds, it
having been 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 outstand-
ing obligations.
SECTION 11: That the Mayor of said City shall be and
he is hereby authorized to take and have charge of all
necessar.y 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 of Public Accounts.
SECTION 12: BE IT FURTHER ORDAINED BY THE CITY
COMMISSION OF THE CITY OF LUBBOCK:
That the sale of the bonds herein authorized to
at the price of par and accrued interest to date of delivery,
plus a premium of $ _____ --__ o __ -_________ is hereby confirmed.
Delivery of the bonds shall be made to said purchaser as soon
as may be after the adoption of this ordinance, upon payment
therefor in accordance with the terms of sale. The purchasers'
obligation to accept delivery of the bonds herein authorized is
subject to their being furnished a final opinion of Messrs.
Dumas, Huguenin and Boothman, Attorneys, Dallas, Texas, approving
such bonds as to their validity, said opinion to be dated and
delivered as of the date of delivery and payment for such bonds.
Printing of a true and correct copy of said opinion on the
reverse side of each of such bonds with appropriate certificate
pertaining the~o executed by facsimil~ signature of the City
Secretary is hereby approved and authorized.
SECTION 13: 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
l
the purpose of constructing 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 of the City of Lubbock, constitute
and create an emergency and an urgent public necessity requiring
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 effect and be in force
immediately from and after its passage.
PASSED AND APPROVED, this the 7..3vl day of ~ ,
1961.
.~ifv~~ Mayor;Gyo L~ xas
ATTEST:
City ~cfty~ock,Texas
(City seal)
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS
CITY OF LUBBOCK
COUNTY OF LUBBOCK I
I, the undersigned, City Secretary of the City of
Lubbock, Texas, DO HEREBY CERTIFY that the foregoing is a true
and correct copy of an ordinance authorizing the issuance of
$2,.250,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1961", dated March 1, 1961 (and Minutes pertaining to
its adoption), said ordinance passed and adopted by the City
Commission on the '13~ day of fV\ Ch~ , 1961, and which
I
ordinance is of record in Book page et seq., ------~ --------
of the Minutes of said Commission.
IN WITNESS WHEREOF, I have hereunto signed my name
officially and affixed the seal of said City this the ·~~d
day of M ~~ , 1961.
(City Seal)