HomeMy WebLinkAboutOrdinance - 4088-1963 - Authorize The Issuance Of Time Warrants. Citizens National Bank Of Lubbock. - 04/25/1963)
o4--2--=>-\.9<o.3
sio?ct'
ORO I NANCE NO. 4oaa
AN ORDINANCE AUTHORIZING TI-E ISSUl\NCE CF TIM£ WARRANTS IN THE SLM OF FIFTY
THOUSAND ($50,000.00} Dct.LARS BEARit-G INTEREST AT Tl-£ RATE Cf' 2 1/2$ PER ANNUM
UNTIL PAID PURSLP.NT TO CONTRACT WITH CITIZENS NATIONAL BANK CF LUBBOCK, TEXAS,
SAID WARRANTS TO BE ISSUED IN PAYMENT OF OBLIGATIONS TO SAID BAN~ APPROPRIATING
AN AMOUNT OF MONEY OUT OF THE LUBBOCK MUNICIPAL AIRPORT REVENUES SUFFICIENT TO
PAY OFF SAID TIME WARRANTS ACCORDING TO THEIR JENOR AS THEY MATURE; AND DECLAR-
ING AN EMERGENCY.
WHEREAS, THE CITY COMMISSIONer lt-IE CITY OF LUBBOCK HAS HERETOrORE DETER-
MINED THE NECESSITY AND ADVISABILITY OF IMPROVING THE LUBBOCK MUNICIPAL AIRPORT;
AND,
WHEREAS, THE COMMISSION ENTERED INTO CONTRACT WITH THE CITIZENS NATIONAL
BANK OF LUBBOCK, TEXAS_, AS AUTHOR I ZED BY ITS RESOLUT I GN DATED APRIL 25, 1963,
AND RECORDED IN Ml NUTE BOOK ;~ AT PAGE 165 ; AND,
WBEREAS, SAID BANK HAS DEPOSITED FIFTY THOUSAND ($50,000.00) DOLLARS IN A
FUND DESIGNATED AIRPORT REV~UE FUND SERIES 1963, AND IN SAID CONTRACT IT WAS
FURTHER AGREED THAT THE CITY WOULD EXECUTE TO THE BANK ITS TIME WARRANTS, BEAR-
ING INTEREST AT THE RATE OF 2 1/2% PER ANNUM UNTIL PAID, EACH OF SAID WARRANTS
BEING IN THE PRINCIPAL SUM G:IF TEN THOUSAND ($101 000.00} Da...L.ARS, PAYABLE OVER A
PERIOD OF FIVE (5) YEARS_, AS THEREIN PROVIDED; AND.,
WHEREAS, FUNDS ARE IMMEDIATELY NEEDED TO PAY CERTAIN OBLIGATIONS CREATED BY
THE CITY OF LUBBOCK TO FACILITATE AND EXPAND THE DAILY OPERATIONS OF THE DEPART-
MENT OF AVIATION OF THE CITY filF LUBBOCK AND THE MUNICIPAL AIRPORT SUPERVISED BY
SAID DEPARTMENT, WHICH CREATED AN EMERGENCY; NOWTHEREFORE:
BE IT ORDAINED BY TJ-E CllY COMMISSION OF niE CITY W LUBBOCK:
SECTION I. THAT THE SUM OF FIFTY THOUSAND ($50,000.00) DOLLARS IS HEREBY
MADE AND DECL~RED TO BE THE LAWFUL DEBT OF SAID CITY OF LUBBOCK_, SAID DEBT IN
SAID AMOUNT TO BE PAID TO CITIZENS NATIONAL BANK, LUBBOCK, TEXAS, IN LEGALLY
ISSUED WARRANTS OF SAID CITY TO TAKE UP, RENEW, AND EXTEND SAID CITYfS OBLIGATION
CREATED FGR THE PURPOSE OF IMPROVING THE LUBBOCK MUNICIPAL AIRPORT.
SECTION 2. THAT WARRANTS OF SAID CITY, TO BE CALLED MUNICIPAL AIRPORT IMPROVE-
MENT PROJECT WARRANTS, SERIES 1963, SRALL BE ISSUED IN THE SUM OF FIFTY THOUSAND
($50,000.00) DOLLARS.
SECTION 3. THAT SAID WARRANTS SHALL BE NUMBERED FROM ONE TO FIVE (I TO 5)
INCLUSIVE, AND SHALL BE IN THE D£NeMINATION OF TEN THOUSAND ($101 000.00) DOLLARS
EACH, AGGREGATING THE TOTAL SUM OF FIFTY THOUSAND($~,000.00) DOLLARS; THAT SAID
WARRANTS SHALL BE DATED MAY 9, 1963, AND SHALL MATURE AND BECOM£ DUE AND PAYABLE
AS FOLLOWS:
WARRANT NO.
I
2
3
4
5
Wl. TUR I TY OA TED
MAY 9, 1964
MAY 9, 1965
MAY 9, 1966
MAY 9, 1967
MAY 9, 1968
AMOUNT
1
10,000
JO,OOO
10,000
10,000
10,000
SECTION 4. THAT SAID WARRANTS SHALL BEAR INTEREST AT THE RATE OF 2 1/2%
PER ANNUM UNTIL PAID.
SECTION 5. THAT THE PRINCIPAL AND INTEREST ACCRUED OF SAID WARRANTS SHALL
BE PAYABLE ON OR BEFORE MATURITY AT SAID BANK IN LAWFUL MONEY OF THE UNITED STATES
OF AMERICA UPON PRESENTATION OR SURRENDER OF WARRANTS FOR PAYMENT; AND SAID WAR-
RANTS S~ALL PROVIDE THAT IN THE EVENT OF DEFAULT IN THE PAYMENT OF PRINCIPAL AND
INTEREST ACCRUED ANO THE SAME IS PLACED IN THE HANDS OF AN ATTORNEY FOR COLLECTION,
OR IF COLLECTED BY SUIT, OR BY LEGAL PROCEEDINGS OF ANY KIND, AN ADDITIONAL AMOUNT
OF TEN PERCENT (10%) ON THE PRINCIPAL THEN DUE SHALL BE ADDED AS ATTORNEY'S FEES.
SECTION 6. THAT SAID WARRANTS MAY BE REDEEMED BY THE CITY AT ANY T!ME BEFORE
MATURITY BY PAYING THE PRINCIPAL OF ANY OF SAID WARRANTS AND INTEREST ACCRUED
THEREON TO DATE OF PAYMENT•
SECTION 7. THAT SAID WARRANTS SHALL BE SIGNED BY THE MAYOR, COUNTERSIGNED
BY THE CITY SECRETARY, AND REGISTERED BY THE CITY TREASURER, ANO THE SEAL OF THE
CITY SHALL BE IMPRESSED UPON EACH OF THE SAID WARRANTS.
SECTION 8. THAT THE FORM OF WARRANT SHALL BE SUBSTANTIALLY AS FOLLOWS:
NO. ___ _ --
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
$10,000.00
CITY OF LUBBOCK, MUNICIPAL AIRPORT IMPROVEMENT PROJECT WARRANTS, SERIES 1963
THIS IS TO CERTIFY THAT THE CITY OF LUBBOCK, A HOME-RULE MUNICIPAL CORPORA-
TION I N THE COUNTY OF LUBBOCK, STATE OF TEXAS, IS JUSTLY INDEBTED TO THE CITIZENS
NATIONAL BANK, OF LUBBOCK, TEXAS, AND ITS ASSIGNS, IN THE PRINCIPAL SUM OF
TEN THOUSAND DOLLARS
($10,000.00), IN LAWFUL MONEY OF THE UNITED STATES OF AMER ICA, WITH INTEREST
THEREON AT THE RATE OF 2 1/2% PER ANNUM UNTIL PAID, SAID PRINCIPAL AND INTEREST
ACCRUED PAYABLE ON OR BEFORE MATURITY AT THE CITIZENS NATIONAL BANK, LUBBOCK,
TEXAS, UPON PRESENTATION AND SURRENDER OF WARRANT FOR PAYMENT AT MATURITY; AND
THE CITY TREASURER OF SAID CITY IS HEREBY AUTHORIZED, ORDERED AND DIRECTED TO
PAY CITIZENS NATIONAL SANK, OR ASSIGNS, AT SAID BANK, THE SAID SUM OF TEN THOU-
SAND ($10,000.00) DOLLARS, ON THE DAY OF 1 19 ,
THE DATE OF MATURITY OF THIS WARRANT PLUS INTEREST ACCRUED TO DATE OF PAYMENT IN
FULL SETTL EMENT OF INDEBTEDNESS HEREBY EVIDENCED, FROM THE MUNICIPAL AIRPORT
REVENUES OF SAID CITY APPROPRIATED AND SET ASIDE FOR THE PURPOSE.
THE CITY OF LUBBOCK RESERVES THE OPTION OF REDEEMING THIS WARRANT BY PAYING
THE PRINCIPAL AND INTEREST ACCRUED TO THE CITIZENS NATIONAL BANK, LUBBOCK, TEXAS,
AT ANY TIME BEFORE MATURITY.
IT IS HEREBY AGREED TH!.!T J.F THIS WARRANT IS NOT PAID AT MATUR lTV, AND THE
SAME IS PLACED I N THE HANDS OF AN ATTORNEY FOR COLLECTION AFTER MATURITY THEREOF,
OR SU IT I S FILED THEREON, OR COLLECTION MADE BY LEGAL PROCEEDINGS OF ANY KIND,
AN ADDITIONAL AMOUNT OF TEN PER CENT (10%) ON THE PRINCIPAL TH~N DUE SHALL BE
ADDED AS ATTORNEY'S FEES.
THIS I:!ARRAf'.!T' IS ONE OF A SERIES OF FIVE WARRANTS, NUMBERED CONSECUTIVELY
FROM ONE (I) TO FIVE (5), INCLUSIVE, ALL OF SAID FIVE WARRANTS IN DENOMINATION
OF TEN THO~ANO ($10,000.00} DOLLARS EACH, AGGREGATING THE SUM OF fiFTY THOUSAND
($50,000.00}.00LLARS1 ISSUED FOR THE PURPOSE OF EVIDENCING THE INDEBTEDNESS OF
THE CITY OF LUBBOCK TO CITIZENS NATIONAL BANK, LUBB~CK 1 TEXAS OR ITS ASSIGNS, FOR
MONEY RECEIVED BY THE CITY FOR MUNICIPAL
AIRPORT IMPROVEMENT PURPQSES, ALL IN ACCORDANCE WITH CONTRACT ENTERED INTO BY
AND BETWEEN THE CITY OF LUBBOCK AND THE CITIZENS NATIONAL BANK, UNDER AND BY
VIRTUE OF THE CONSTITUTION AND LAWS OF THE STATE OF TEXAS, AND THE CHARTER OF
THE CITY OF_LUBBOCK, AND IN PURSUANCE OF AN ORDINANCE DULY AND LEGALLY ADOPTED
BY THE CITY COMMISSION OF SAID CITY, RECORDED IN THE MINUTES OF SAID CITY COM-
MISSION.
THE DATE OF THIS WARRANT, IN CONFORMITY WITH THE ORDINANCE ABOVE MENTIONED,
IS MAY 9, 1963 ANO IT IS HEREBY CERTIFIED AND RECITED THAT ALL ACTS, CONDITIONS
AND THINGS REQUIRED TO BE DONE PRECEDENT TO AND IN THE ISSUANCE OF THIS WARRANT
AND THE SERIES OF WHICH IT IS A PART, IN ORDER TO MAKE THEM LEGAL, VALID AND BIND-
ING OBLIGATIONS OF SAID CITY, HAVE BEEN DONE AND PERFORMED IN DUE AND REGULAR
TIME FORM AND MANNER, AND THAT PROVISION HAS BEEN MADE TO APPROPRIATE ANNUALLY
SUFFICIENT FUNDS OUT 0F LUBBOCK MUNICIPAL AIRPORT REVENUES TO PAY THE PRINCIPAL
AND INTEREST ACCRUED ON THESE WARRANTS ACCORDING TO THEIR TENOR AS THEY MATURE;
AND THAT THE ISSUE OF WARRANTS7 OF WHICH THIS IS ONE, TOGETHER WITH ALL OTHER
INDEBTEDNESS OF SAID CITY, IS WITHIN DEBT LIMITS PRESCRIBED BY THE L~WS OF TEXAS
AND THE CHARTER OF THE CITY OF LUBBOCK, TEXAS.
IN WITNESS WHEREOF, THE CITY COMMISSION OF THE CITY OF LUBBOCK, TEXAS HAS
CAUSED THE SEAL OF SAID CITY TO BE HERETO AFFIXED AND THIS WARRANT TO BE SIGNED
BY THE MAYOR AND COUNTERSIGNED BY THE CITY SEC THE DATE LAST ABOVE
WRITTEN•
ATTESTED AND
COUNTERSIGNED
CITY SECRETARY, CITY OF LUBBOCK, TEXAS
EXAS
REG I STEREO T H 1 s --=-=:--OA Y a F
MAY, 1963
CITY TREASURER, CITY OF LUBBOCK, TEXAS
SECTION 9. WARRANTS SHALL BE EXECUTED AND DELIVERED TO THE CITIZENS NAT-
IONAL BANK UPGN DELIVERY TO THE CITY SECRETARY GF SATISFACTORY EVIDENCE IN
WRITING OF THE ESTABLISHMENT OF THE AIRPORT REVENUE FUND SERIES 1963 AS PROVIDED
IN SAID CONTRACT.
SECTION 10. THAT AN AMOUNT OF MONEY IS HEREBY APPROPRIATED AND SET ASIDE
ANNUALLY OUT OF LUBBOCK MUNICIPAL AIRPORT REVENUES, SAID AMOUNT OF MONEY SHALL
BE SUFFICIENT TO PAY OFF SAID WARRANTS ACCORDING TO THEIR TENGR AS THEY MATURE.
SECTION II. THAT THE OAILY OPERATIONS OF THE AVIATION DEPARTMENT AND THE
MUNICIPAL AIRPORT UNDER ITS SUPERVISION RE~UIRE THAT THIS ORDINANCE BE PASSED
IMMEDIATELY, AND THEREFORE THIS ORDINANCE IS HEREBY DECLARED TO BE AN EMERGENCY
MEASURE AND THE RULE REQUIRING TWO READINGS IS HEREBY DISPENSED WITH, AND THIS
ORDINANCE SHALL BECOME EFFECTIVE IMMEDIATELY FROM AND AFTER ITS PASSACEe
AND IT IS SO ORDERED
PASSED BY THE CITY COMMISSION THIS 2