HomeMy WebLinkAboutOrdinance - 3723-1962 - Issuance Of $1,950,000 "City Of Lubbock, Tx. General Obligation Bonds. - 02/08/1962AN ORDINANCE AUTHORIZING ISSUANCE OF $1,950,000 uCITY
OF LUBBOCK TEXAS, GENERAL OBLIGATION BONDS, SERIES
1962" and i300,000 "CITY OF LUBBOCK~ TEXAS, PARK BONDS,
SERIES 1962", ALL DATED MARCH L., 19o2
THE STATE OF TEXAS
CITY OF LUBBOCK
COUNTY OF LUBBOCK r
ON THIS the lth day of February, 1962, the City Com-
mission of the City of Lubbock, Texas, convened in ~~·
session at the regular meeting place thereof in th~ City Hall
with all members thereof being present and in attendance,
to-wit:
DAVID C. CASEY,
VERNON E. THOMPSON,
OTIS MANER
W. C. O'l"MARA
FRANK H. CHAPPELL, JR.
MRS. LA VENIA IDWE
MAYOR
l
COMMISSIONERS
and
CITY SECRETARY
also being present; at which time the following among other
business was transacted:
O'Mara Commissioner _____ _,presented for the consj_deration
of the City Commission an ordinance authorizing the issuance of
"CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1962u,
in the principal sum of ONE MILLION NINE HUNDRED FIFTY THOUSAND
DOLLARS ($1,950,000) and nCITY OF LUBBOCK, TEXAS, PARK BONDS,
SERIES 1962u, in the principal sum of THREE HUNDRED THOUSAND
DOLLARS ($300,000), all dated March 1, 1962, and said ordinance
was read in full by the City Secretary.
Thereupon Commissioner Thompson moved thatthe ---------
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
O'M&ra motion was duly seconded by Commissioner ____________________ _
The motion carried by the following vote:
I -··-
........
YEAS: Mayor Casey and Commissioners Thompson,
Maner, o•Mara and Chappell
NAYS: None.
D
O'Mara Thereupon Commissioner ____________ __.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
Thompson/( Commissioner and the motion, carrying with it the
final passage and adoption of the ordinance was unanimously
carried by the following vote:
YEAS: Mayor Casey and Commissioners Thompson,
Maner, O'Mara 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 sig~d and approved the ordinance in the presence of
the Commission:
The ORDINANCE is as follows:
NUMBER 3723
"AN ORDINANCE by the City Commission of the Cit~ of
Lubbock, Texas, authorizing the issuance of~,950,000
1 CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1962", dated March 1, 1962 for the purpose
of making permanent public improvements to-wit:
$800,000 for constructing improvements and extensions
to the Cityts Waterworks System; $600,000 for con-
structing improvements and extensions to the City1s
Sanitary Sewer System; $3801 000 for the purpose of
constructing street improvements in and for said
City, including acquisition of rights-of-way;
$150,000 for the purpose of purchasing, constructing
and installing of street lighting in and for said
City; $20,000 for the purpose of purchasing,
constructing and installing traffic signals in and
for said City; and authorizing the issuance of
$300,000 "'CITY OF LUBBOCK, TEXAS, PARK BONDS,
SERIES 1962t, dated March 1, 1962 for the purpose
of making permanent public improvements to-wit:
purchasing and/or improving lands for public parks
in and for said City; prescribing the for.m 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
tor the assessment and collection of such taxes;
enacting provisions incident ani relating 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 or September, 1959 and resulted fzvorably to the issu----ance or 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:
$4,000,000 general obligation bonds for the purpose
of making permanent public improvements, to-wit:
constructing improvements and extensions to the
Ci tyf;s Wate.I'W'orks System·;
$1,100,000 general obligation bonds for the purpose
of making permanent public improvements, to-wit:
constructing improvements and extensions to the
Cityts 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
$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 City; and
$600,000 for the purpose of making permanent public
improvements, to-wit: purchasing and/or improving
lands for public parks in and for said City;
AND WHEREAS, the City Commisst on 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 in·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 resident qualified electors, who owned taxable
property in said City and had duly rendered the same for taxation
voting at said election 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~ 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 schedule
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 indebted-
ness was authorized.
Amount Amount
Amount Heretofore Being Unissued
Pur;eose Authorized Issued Issued Balance
Waterworks Sys. $4,000,000 $ 550,000 $800,000 $$,65~,000
Sanitary Sewer 1,100,000 275,000 6oo,ooo 225,000
St. Imp. 3,200,000 1,750,000 380,000 1,070,000
St.Lighting 500,000 125,000 150,000 225,000
Traffic Signal 80,000 40,000 20,000 20,000
Park 600,000 -0-300,000 300,000
AND WHEREAS, this City Commission deems it advisable
and to the best interest of the City that the bonds of the
authorizations hereinabove described, except the park bonds which
are herein authorized as a separae issue, shall be issued in a
single combined series; and
WHEREAS, 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 earlie t
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
be passed and adopted as an emergency measure; therefore
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
LUBBOCK:
PERTAINING TO THE GBNBRAL OBLIGATION BONDS
SECTION 1: That the bonds of the City of Lubbock1
Texas, to be known as 11CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION
IDNDS 1 SERIES 1962", 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: $8001 000 (being the third
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; $600,000
(being the second parcel or installment of a total voted
authorization of $1,100,000 bonds) for the purpose of construct-
ing improvements and extensions to the City's Sanitary Sewer
System; $380,000 (being the third 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, in-
cluding acquisition of rights-of-way; $150,000 (being the second
parcel or installment 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; and
$20,000 (being the second parcel or installment of a total
voted authorization of $80,000 bonds) for the purpose of
purchasing, constructing and installing traffic signals in
and for said City; aggregating the principal sum of ONE
ILLION NINE HUNDRED FIFTY THOUSAND DOLLARS ($1,9501 000).
SECTION 2: That said bonds shall be numbered consecu-
tively from One (1) to Three Hundred Ninety (390}, both inclu-
sive; shall be in denomination of Five Thousand Dollars ($5,000)
each; shall be dated March 1, 1962, and shall become due and
payable serially on March 1st in each of the years, without
right of prior redemption, in accordance with the following
schedule
BOND NUMBERS
(All Inclusive} MATURITY AMOUNT
1 to 20 1963 $100,000
21 to 40 1964 100,000
41 to pO 1965 100,000
61 to 80 1966 100,000
81 to 100 1967 100,000
101 to 120 1968 100,000
121 to 140 1969 100,000
141 to 160 1970 100,000
161 to 180 1971 100,000
181 to 200 1972 100,000
201 to 219 1973 95,000
220 to 238 1974 95,000
239 to 257 1975 ~5,000
258 to 276 1976 95,000
277 to 295 1977 95,000
296 to 314 1978 95,000
315 to 333 1979 95,000
334 to 352 1980 95,000
353 to 371 1981 95,000
372 to 390 1982 95,000
( -{ ,
SECTION 3 : That said bonds shall bear interest from
ate to maturity at the following rates per annum, that is to
ay--
(a) Bonds Numbered 1 to /60, both inclusive, at
the rate of
(b) Bonds Numbered /'/ to 311, both inclusive, at
the rate of 3 %;
(c) Bonds Numbered s /r to JIJD , both inclusive, at
the rate of '·ZD ~;
(-8~ 'QeJuil!l lfliM'& 8118 d to , '&e~A: 1Ralua1ve; ae
ene za.,e ef' ~; aasir
~e) 'Qenae tlttmbezed ~Q , 'bQt:R 'golau;1 u•, a5
the race Of ~J
uch interest being payable on March 1, 1963, and semi-annually
hereafter on September 1 and March 1 in each year, and to be
videnced by proper coupons attached to each of said bonds.
SECTION 4: That the form of said bonds shall be sub-
tantially as follows:
o. __ _ UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION
BOND, SERIES 1962
The CITY OF LUBBOCK, a municipal corporation of the
State of Texas, acknowledges itself indebted to, and for VALUE
RECEIVED, hereby promises to pay to bearer, without right of
prior redemption, the sum of
THOUSAND DOLLARS ------
($ __________ ~), in lawful money of the United States of America on
the FIRST DAY OF MARCH, 19 , with interest thereon from the __ _.
date hereof t o maturity at the rate of ____________ _
PER CENTUM ( ____ ~%) per annum, payable on March 1, 1963 and
semi-annually thereafter on September 1 and March 1 in each
year, and interet 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 YORK1 New Yor
New York, or at the option of the holder at the CITIZENS NATIONAL
BANK1 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
( ) serial bonds, numbered consecutively from One (1) to
( ), both inclusive, in denomination
of Thousand Dollars ($ ) each, aggregating ONE MILLIO
NINE HUNDRED FIFTY THOUSAND DOLLARS ($1,950,000), issued for the
following purposes, to-wit: $800,000 for the purpose of construct
ing improvements and extensions to the City1 s Waterworks System;
$600,000 for the purpose of constructing improvements and ex-
tensions to the City's Sanitary Sewer System; $380,000 for the
purpose of constructing street improvements in and for said City,
including acquisition of rights-of-way; $150,000 for the purpose
of purchasing, constructing and installing of street lighting in
and for said City; and $20,000 for the purpose of purchasing,
constructing and installing traffic signals in and for said
City; .under authority of the Constitution 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 Commission.
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 bya vote of the resident,
qualified property taxpaying electors of said City, who owned
taxable property therein and had duly rendered the same for
taxation, 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, 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 tHB 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, in accordance with the provisions of
the 11Texas Uniform Facsimile Signature of Public Officials
Act", enacted by the 57th Legislature of Texas at its Regular
Session in 1961, has caused the seal of said City to be impressed
or a facsimile thereof to be printed 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; the date of this bond, in conformity with the ordinance
above referred to, being the FIRST DAY. OF MARCH, 1962.
City
Texas
SECTION 5: 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 NATICNAL
CITY BANK OF NEW YORK, New York, New York, or at the option or
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 1 interest due that day on the
"CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BOND, SERIES 1962",
dated March 1, 1962. Bond No. ____ _
City Secretary Mayor
PERTAINING TO THE PARK BONDS
SECTION 6: That the bonds of the City of Lubbock,
Texas, to be known as "CITY OF LUBBOCK, TEXAS, PARK BONDS,
SERIES 1962", be and same are hereby issued under and by virtue
of the Constitution and laws of the State of Texas, in the
principal sum of THREE HUNDRED THOUSAND DOLLARS ($300,000)
{being the first parcel or installment or a total voted
authorization or $600,000 bonds) for the purpose of making
permanent public improvements to-wit: purchasing and/or improving
lands for public parks in and for said City.
SECTION 7: That said bands shall be numbered consecu-
tively from One (1) to Sixty {60), both inclusive, shall be in
denomination of Five Thousand Dollars ($5,000) each; shall be
dated March 1, 1962 and shall become due and payable serially
on March 1st in each of the years, without right of prior
redemption in accordance with the following schedule:
BOND NUMBERS
(All Inclusive) MATURITY AMOUNT
1 to 3 1963 $15,000
4 to 6 1964 15,000
7 to 9 1965 15,000
10 to 12 1966 15,000
13 to 15 1967 15,000
16 to 18 1968 15,000
19 to 21 1969 15,000
22 to 24 1970 15,000
25 to 27 1971 15,000
28 to 30 1972 15,000
31 to 33 1973 15,000
34 to 36 1974 15,000
37 to 39 1975 15,000
40 to 42 1976 15,000
43 to 45 1977 15,000
46 to 98 1978 15,000
#9 to !;1 1979 15,000
52 to 54 1980 15,000
55 to 57 1981 15,000
58 to 60 1982 15,000
SECTION 8: That said bonds shall bear interest from
date to maturity at the following rates per annum, that is to
say--
(a) Bonds Numbered 1 to Z1, both inclusive, at
the rate of • ~-~%; ·
(b) Bonds Numbered~ .,s-to 1fl , both inclusive, at
the rate or 3
(c) Bonds Numbered "9 9 to ~ 0 , both inclusive, at
the rate of J .. ZtJ
(d) Bonds Numbered to , both inclusive, at
the rate of %; and
(e) Bonds Numbered to , both inclusive, at
the rate of
such interest being payable on March 1, 1963, and semi-annually
thereaft~r on September 1 and March 1 in each year, and to be
evidenced by proper coupons attached to each of said bonds.
SECTION 9: That the ~-of said bonds shall be sub-
stantially as follows:
NO. UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK, TEXAS PARK BOND,
SERIES 1962
$
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
_____ THOUSAND DOLLARS
($ ), in lawful money of the United States of America, -----
on the FIRST DAY OF MARCH, 19_~, with interest thereon from the
date hereof to maturity at the rate of --------------------------
PER CENTUM ( _____ ~%) per annum, payable on March 1, 1963 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 I .
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
( ) serial bonds, numbered consecutively from One (1) to
( ), both inclusive, in denomina-
tion of Thousand Dollars ($ ) each, aggregating in
amount THREE HUNDRED THOUSAND DOLLARS ($300,000) issued for the
purpose of making permanent public improvements, to-wit:
purchasing and/or improving lands for public parks in and for
said City, under authority of the Constitution 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 Commission.
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 resident, quali-
fied p-roperty taxpaying electors of said City, who owned taxable
property therein and had duly rendered the same for taxation,
voting at an election held for thatpurpose 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
Mayor, City or Lubbock,Texas
COUNTERSIGNED:
City Secre~ary,City of LUbbock,Texas
SECTION 10: That the for.m of interest coupons 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
"CITY OF LUBBOCK, TEXAS, PARK BOND., SERIES 1962", dated
March 1, 1962. Bond No. • ---
City Secretary Mayor
PERTAINING TO BOTH ISSUES ABOVE DESCRIBED
SECTION 11: 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 bonds or
proper coupons.
SECTION 12: The seal of said City may be impressed on
eaoh of said bonds or in the alternative a facsimile of such
seal may be printed on the said bonds. The bonds and 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 in person by their manual sigpatures. Inasmuch as
such bonds are required to be registered by the Comptroller of
Public Accounts for 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 the "Texas Uniform Facsimile BfgHature of Public Officials
Act"; e~acted by the 57th Legislature of Texas at its Regular
Session in 1961.
SECTION 13: That the following certificate shall be
printed on the back of each bond:
OFFICE OF COMPTROLLER
STATE OF TEXAS I REG IS'IER 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.
WITNESS MY HAND AND THE SEAL OF MY OFFICE at Austin,
Texas, ______________________ •
Comptroller of Public Accounts of
the State of Texas
SECTION 14: That special funds to be designated
"SPECIAL GENERAL OBLIGATION BOND FUND, SERIES 1962u and "SPECIAL
PARK BOND FUND, SERIES 196211 , are hereby created, and the proceeds
of all taxes collected for 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 of said bonds at maturity; and said funds shall be
used for no other purpose; that, while said bonds, or any of them,
are outstanding 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, suffi-
cient to pay the current interest thereon and create a sinking
fund sufficient to pay each installment of principal as the same
becomes due or a sinking fund of ~ whichever is great; and to
pay the interest 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 2% whichever is
greater, there is hereby levied a sufficient tax on each one
hundred dollars' valuation of taxable property in said City for
the current year for each of said series 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 and to provide the necessary sinking funds, 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 legally and fully sufficient for each of said
series of bonds, it having been determined that the existing and
available taxing authority of the City for such purpose is ade-
quate to permit a legally sufficient tax in consideration of all
other ou~tanding obligations.
SECTION 15: 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 Compt~CD"ller of
Public Accounts.
SECTION 16: That the sale of the bonds herein autho-
rized to National Bank of Commerce~ Houston, Texas
at the price of par and accrued interest t o date of delivery,
plus a premium of $--lli8:.:3~0..s.:.O~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.
SECTION 17: The purchasers' obligation to accept
delivery of the bonds herein authorized is subjec.t 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 thereto executed
by facsimile signature of the City Secretary, is hereby approved
and authorized.
SECTION 18: That the public importance of this measure
and the fact that it is to the best interest of the City to pro-
vide funds for 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 9th day of February,
1962.
exas
City Secreery;eity of ock,Texas
(City Seal)
/
CERTIFICATE OF CITY SECRETARY
THE STA'.E 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
$1,950,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1962", and $3001 000 nCITY OF LUBBOCK, TEXAS, PARK BONDS,
SERIES 1962", all dated March 1, 1962 (and Minutes pertaining
to its adoption), said ordinance passed and adopted by the City
Commission on the 8th day of February, 1962, and which ordinance
is or record in Book 21 page...---3_7 __ et seq., of the Minutes of
•
said Commission.
IN WI~SS WHEREOF, I have hereunto signed my name
officially and affixed the seal of said City this the 8th day
of February, 1962.
(City Seal)