HomeMy WebLinkAboutOrdinance - 4325-1964 - Authorizing The Issuance Of $2,900,00 Bond And $100,000 Park Bond. - 02/27/19644325
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MINUTES PERTAINING TO PASSAGE OF ORDINANCE AUTHORIZING
THE ISSUANCE OF $2,900,000 "CITY OF LUBBOCK., TEXAS.,
GENERAL OBLIGATION :OONDS, SERIES 1964u AND $100,000
nCITY OF LUBBOCK., TEXAS, PARK BONDS, . SERIES 196411
ALL DATED MARCH 15, 1964 .
THE STATE OF TEXAS
CITY OF LUBBOCK
COUNTY OF LUBBOCK I
ON THIS, the 27th day of February, 1964, the City
Council of the City of Lubbock, Texas, convened in regular
session at the regular meeting place thereof in the City Hall,
there being present and in attendance the following members,
to-wit:
JACK F. STRONG
W. E. ALDERSON l ROLAN SIMPSON W. 0~ O'MARA
MARVIN McLARTY,JR.
and
MRS. LAVENIA LOWE
MAYOR
COUNCILMEN
City Secretary
also being present; and with the following absent: ----------------------·~~~~-~----------------" constituting a quorum; at which time
the following, among other business, was transacted, to-wit:
----~£Z2~~~~~~«~~~----------------~introduced the following
ordinance:
ORDINANCE NO. 4325
nAN ORDINANCE by the City Council of the City of
. Lubbock, Texas, authorizing the issuance of $2,900,000
1 CITY OF LUBBOCK., TEXAS 1 GENERAL OBLIGATION BONDS 1 SERIES 1964', gated March 15, ~964. for the purpose
of making permanent public impr~vements to-wit:
$1,000,000 for constructing improvements and e~tensions
.to the City's Waterworks System; $~0~1000 for con-
structing imprqvements and extensions to the City's
Sanitary Sewer System, including the acquisition of
necessary rights-of-way; $282,000 for the purpose of
constructing street improvements in and for said
City, including acquisition of rights-of-way;
$20,000 for the purpose of purchasing, constructing
and installing traffic signals in and for said City;
$100,000 for constructing and equipping a fire station
building in and for said City; and $998,000 for
acquiring and constructing improvements for the
City's airport ·and airport facilities; and authorizing
the issuance of $100,000 'CITY OF LUBBOCK., TEXAS
PARK BONDS., SERIES 1964t 1 dated March. 15., 1964, 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 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; enacti
provisions incident and relating to the purpose and
subject of this ordinance and declaring an emergency.n
The ordinance was read in full and thereupon Councilman
~~~ --~~~~~~A~~---~~--~moved that the charter rule prohibiting the pass-
age of ordinances on the day on which introduced, unless declared
an emergency measure, be suspended for the reasons set forth and
defined in the preamble thereto. The motion was seconded by
Councilman /!I.:LAA"r-Y and carried by the following vote:
YEAS: Mayor Strong and Councilmen Alderson,
Simpson, O'Mara and McLarty.
NAYS: None
Councilman a ;,A.t.-4 then moved that the
ordinance be finally passed as an emergency measure to take
effect immediately from and after its passage. The motion was
seconded by Councilman ~~~Zdr and carried by the following
'
vote:
YEAS: Mayor Strong and Councilmen Alderson,
Simpson, O'Mara and McLarty
NAYS: None.
The Mayor then announced the final passage and immediate
effect of the ordinance as an emergency measure.
MINUTES APPROVED, this the 27th day of February, 1964.
' \
Texas
(City Seal)
t
ORDINANCE NO. "~ '),J_/
11AN ORDINANCE by the City Council of the City of
Lubbock, Texas, authorizing the issuance of $2,900,000
1 CITY OF LUBBOCK1 TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1964', dated March 15, 1964 for the purpose
of making permanent public improvements to-wit:
$1,000,000 for constructing improvements and extensions
to the City's Waterworks System; $500,000 for con-
structing imprqvements and extensions to the City's
Sanitary Sewer System, including the acquisition of
necessary rights-of-way; $282,000 for the purpose of
constructing street improvements in and for said
City, including acquisition of rights-of-way;
$20,000 for the purpose of purchasing, constructing
and installing traffic signals in and for said City;
$100,000 for constructing and equipping a fire station
building in and for said City; and $998,000 for
acquiring and constructing improvements for the
City's airport and airport facilities; and authorizing
the issuance of $100,000 'CITY OF LUBBOCK, TEXAS,
PARK BONDS, SERIES 1964 1 , dated March. 15, 1964, 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 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 relating to the
purpose and subject of this ordinance and declaring
an emergency."
WHEREAS, pursuant to an election held in the City of
Lubbock on .the lOth day of September, 1959, a majority of the
duly qualified electors of said City who owned taxable property
therein and who had duly rendered the same for taxation sustained
propositions authorizing the City Council to issue general
obligation bonds of the City to mature serially over a period of
years not to exceed Thirty (30) years from their date and to bear
interest at a rate not to exceed Five Per Centum (5%) per annum,
for the purpose of making permanent public improvements, to-wit:
$4,000,000 for constructing improvements and extensions
to the City1 s Waterworks System;
$1,100,000 for constructing improvements and extensions
to the City's Sanitary Sewer System;
$3,200,000 for constructing street improvements for
said City, including acquisition of rights-
of-way;
and
$ 801 000 for purchasing# constructing and installing
of traffic signals in and for said City;
$400,000 f.'or constructing and equipping a fire station
building in and for said City; and
$6oo,ooo for purchasing and/or improving lands for public
parks in and for said City;
WHEREAS, pursuant to an election held in the City of
Lubbock on the 17th day of September, 1963, a majority of the Duly
qualified electors of said City who owned taxable property therein
and who had duly rendered the same for taxation sustained proposi-
tions authorizing the City Council to issue general obligation
bonds of the City to mature serially over a period of years not to
exceed Forty (40) years from their date and to bear interest at a
rate not to exceed Five Per Centum (5%) per annum# for the purpose
of making permanent public improvements~ to-wit:
and
$970,000 for constructing improvements and extensions to
the City's Sanitary Sewer System, including
the acquisition of necessary rights-of-way, and
$998,000 for acquiring and constructing improvements for
the City's airport and airport facilities
WHEREAS, all of the aforementioned bonds authorized
at the election of September 17, 1963 remain unissued and unsold;
and
WHEREAS, the City Council has determined to issue such
of the authorized but unissued bonds of the September 10, 1959
voted authorizations and the September 171 1963 voted authoriza-
tions as hereinafter provided to be issued and as shown in the
tabulation below, it being understood that the City Council re-
serves the right atd authority to issue the remaining amount of
the bonds in one or more series at a future date or dates when,
in the judgment of the City Council such amounts are needed for
their authorized purposes. A tabulation showing the amounts of
all bonds previously authorized and issued for the respective pur-
poses aforementioned, the amounts being issued by this ordinance
for the purposes indicated and tre balance remaining for future
issuance is as follows:
I
Date of Amount Amount
Authoriz-Amount Previously Being Unissued
Pu!:Eose in~ Election Voted Issued Issued Balance
I I
Waterworks 9-10-59 $4~000~000 $1,350,000 $1,000,000 $1,650,000 T
HSewer System 9-10-59 1,100,000 875,000 225,000 -0-
St. Imp. 9-10-59 3,200~000 2,130,000 282~000 788,000
Park Imp. 9-10-59 6oo,ooo 300,000 100,000 200,000
Traffic 9-10-59 8o,ooo 60~000 20,000 -0-
Signal
Fire Station 9-10-59 4oo,ooo 40,000 100,000 260,000
Sewer System 9-17-63 910,000 -o-275,000 695,000
Airport 9-17-63 998,000 -0-998,000 -0-
and
WHEREAS, the City Council deems it advisable and to
the best interest of the City that t~ bonds of the authorizations
hereinabove described, except the park bonds which are herein
authorized as a separate issue, shall be issued in a single com-
bined 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 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 be passed
and adopted as an emergency measure~ therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
UBOOCK:
PERTAINING TO THE GENERAL OBLIGATION BONDS
SECTION 1: That the bonds of the City of Lubbock, Texas,
to be known as uCITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1964u, be and same are hereby issued under and by virtue of
the Constitution and laws of the State of Texas, for the purpose
f making permanent public improvements, to~it: $1,000,000 for
constructing improvements and extensions to the C1ty1 s Waterworks
System; $500,000 for constructing improvements and extensions
to the City's Sanitary Sewer System, including the acquisition or
necessary rights-of-way; $282,000 for constructing street
improvements in and for said City; including acquisition of
rights-of-way; $20,000 for purchasing, constructing and installing
traffic signals in and for said City; $1001 000 for constructing
and equipping a fire station building in and tor said City; and
$998,000 for acquiring and constructing improvements for the
City'~ airport and airport facilities; aggregating the principal
sum of TWO MILLION NINE HUNDRED THOUSAND DOLLARS ( $2 1 900,000) •
SECTION 2s That said bonds shall be numbered consecu-
tively from One (1) to Pive Hundred Eighty (580), both inclusive;
shall be in denomination of Pive Thousand Dollars ($5,000) each,
aggregating 'IWO MILLION NINE HUNDRED THOUSAND DOLLARS ( $2,900,000)
shall be dated March 15, 1964; and shall become due and payable
serially on March 15 in each or the years in accordance with the
following schedule,without right of prior redemption:
AMOUNT MATURI'l'Y AllJJUNT MATURITY
$145,000 1965 $145,000 1975
145,000 1966 145,000 1976
145,000 1967 145,000 1977
145,000 1968 145,000 1978
145,000 1969 145,000 1979
145,000 1970 145,000 1980
145,000 1971 145,000 1981
145,000 . 1972 145,000 1982
145,000 1973 145,000 1983
145,000 1974 145,000 1984
SECTION 3: That the form of said bonds shall be sub-
stantially as follows:
NO. -UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
CI'l'Y OF LUBEOCK$ TEXAS, GENERAL OBLIGATION
BOND, SERIES 1964
$5:.000
The CITY OF LUBBOCK, a municipal corporation of the
State of Texas:. acknowledges itself indebted to 1 and FOR VALUE
RECEIVED, hereby promises to pay to bearer:. without right of
prior redemption the sum of
FIVE THOUSAND DOLLARS
($5,000), in lawful money of the United States of America on
the FIFTEENTH DAY OF MARCH, 19 _____ ~, with interest thereon from
the date hereof to maturity at the rate of ----------------------
PER CENTUM ( ----4%) per annum, payable on March 15, 1965 and
semi-annually thereafter on September 15 and March 15 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 City, New York1 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 fu
faith, _credit and resources of the City of Lubbock, Texas., are
hereby irrevocably pledged.
THIS BOND is one of a series of Five Hundred Eighty
(580) serial bonds, numbered consecutively from One (1) to
Five Hundred Eighty (580), both inclusive., in denomination of
Five Thousand Dollars ($5,000) each, aggregating TWO MILLION
NINE HUNDRED THOUSAND OOLLARS ($2,900,000) issued for the purpose
of making permanent public improvements, towwit: $1,000,000 for
constructing improvements and extensions to the Oityts Waterworks
System; $500,000 for constructing improvements and extensions to
the City's Sanitary Sewer System, including the acqusition of
necessary rights-of~ay; $282,000 for constructing street improve-
ments in and for said City, including acquisition of rights-of-
way; $20,000 for purchasing, constructing and installing traffic
signals in and for said City; $100,000 for constructing and
equipping a fire station building in and for said City; and
$998,000 for acquiring and constructing improvements for the
City's airport and airport facilities; under authority of the
Constitution and laws of the State of Texas, and pursuant to an
ordinance duly adopted by the City Council of the City o~
Lubbock, Texas, and recorded in the ~nutes of said City Council.
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 vote of the resident qualified,
property taxpaying electors of said City, who owned taxable
property therein and had duly rendered the sae for taxation,
voting at elections held for that purpose within said City on
the lOth day of September, 1959 and on the 17th day of September,
1963; 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 collec-
tion of taxes has been made which, when collected, shall be
appropriated exclusively to the payment of this bond and the aerie
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 consti-
tutional or statutory limitation.
IN TESTIMONY WHEREOF# the City Council of the City of
Lubbock, Texas., in accordance with the provisions of the"Texas
Uniform Facsimile Signature of Public Officials Act11, 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 thereo
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
FIFTEENTH DAY OF MARGH1 1964.
Mayor., City of Lubbock,Texas
COUNTERSIGNED:
City Secretary, Gity of Lubbock,
Texas
SECTION 4: That the form of interest coupon attached
to each of said bonds shall be substantially as follows:
NO._ ON THE FIFTEENTH DAY OF __
19 ,
$ __ _
the CITY OF LUBBOCK1 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 City, New York, or at the option
of the holder at the CITIZENS NATIONAL BANK, Lubbock, Texas., with-
out exchange or collection charges to the owner or holder, the
sum of
------------~DOLLARS
($ _____ ), in lawful money of the united States of America,
said sum be1ng ________ ~months' interest due that day on the
"CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION :OOND, SERIES 1964",
dated March 15, 1964. Bond No. • --
city secretary Mayor
PERTAINING TO THE PARK :OONDS
SECTION 5: That the bonds of the City of Lubbock,
Texas, to be known as "CITY OF LUBBOCK, TEXAS, PARK BONDS,
SERIES 1964", 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 ONE HUNDRED TlJJUSAND OOLLARS ($100,000) for
the purpose of making permanent public improvements, to-wit:
purchasing and/or improving lands for public parke in and for
said City.
SECTION 6: That said bonds shall be numbered conse-
cutively from One (1) to TWenty (20), both inclusive, shall be
in denomination of Five Thousand Dollars ($5,000) each; shall
be dated March 15, 1964 and shall become due and payable serially
on March 15 in each of the years, withott right of prior redemp-
tion, in accordance with the following schedule:
AMOUN'l' MATURITY AMOUNT MATURITY
$5,000 1965 $5,000 1975
5,000 1966 5,000 1976
5,000 1967 5,000 1977
5,000 1968 5,000 1978
5,000 1969 5,000 1979
5,000 1970 5,000 1980
5,000 1971 5,000 1981
s,ooo 1972 s,ooo 1982
s,ooo 1973 5,000 1983
s,ooo 1974 51000 1984
SECTION 7: That the form of said bonds shall be sub-
stantially as follows:
NO. __ UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBOOCK
CITY OF LUBBOCK, TEXAS, PARK BOND,
SERIES 1964
$5~000
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
FIVE THOUSAND DOLLARS
($5,000), in lawtul money of the United States of America, on the
FIFTEENTH DAY OF MARCH, 19 _____ , with interest thereon from the
date hereof to maturity at the rate of ------------------------
PER CENTUM <-----~) per annum, payable on March 15, 1965 and
semi-annually thereafter on September 15 and March 15 in each
year, and interest falling due on or prior to maturity hereof is
payable only upon presentation and surrender ofthe interest cou-
pons 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
City~ 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 TWenty (20) serial bonds
numbered consecutively from One (1) to Twenty (20), both inclusive
in denomination of Five Thousand Dollars ($5,000) each, aggregati
in amount ONE HUNDRED THOUSAND DOLLARS ($100,000 ) issued for the
purpose of making permanent public improvements, to-wit: purchasi
and/or improving lands for public parks in and for said City,
authority of the Constitution and laws of the State of Texas, and
pursuant to an ordinance duly adopted by the City Council of
the City of Lubbock, Texas, and recorded in the Minutes of said
City Council.
IT IS HEREBY CERTIFIED, RECI'IED 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 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 or 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 pro•
vision 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 Council of the
City of Lubbock, Texas, ·in accordance with the provisions of
the "Texas Uniform Facsimile Signature of Putlic 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 FIFTEENTH DAY OF MARCH~ 1964.
Mayor~ City of Lubbock~ Texas
COUNTERSIGNED:
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 FIFTEENTH 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 NBW YORK# New York City, 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 1 interest due that day on the
"CITY OF LUBOOCK, TEXAS, PARK BOND# SERIES 1964", dated
March 15, 1964. Bond No. __ •
city Secretary Mayor
PERTAINlN G TO B>TH ISSUES OF BONDS
SECTION Q: That said bonds shall bear interest from
date to maturity at the following rates per annum; that is to
say--
(a) Bonds maturing in each of the years 1965 to
tl4(jP 1 both inclusive, at ~ %;
(b) Bonds maturing in each of the years /~to
/ft,/', both inclusive, at Z ·~ %;
(c) Bonds maturing in each of the years Lf.fl_to /f f~, both inclusive, at ti(, 9..o '%;
(d) Bonds maturing in each of the years ('fft djo
L~t!J-, both inclusive, at ~ f,;
(e) Bonds maturing in each of the years l!1le ~0
Lttl , both inclusive, at .3,/0 f,; ~ r
(f) Bonds maturing in each o} the years L2l.Ze. to
/9fY , both inclusive, at 3./J tf>;
such interest to be evidenced by proper coupons attached to each
of said bonds, and said interest shall be payable on March 15,
1965, and semi-annually thereafter on September 15 and March 15 in
each year.
SECTION 10: 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 City
New York, or at the optionJ6f the holder at the CITIZENS NATIONAL
BANK~ Lubbock, Texas, upon presentation and surrender of bonds or
proper eoupons.
SECTION 11: The seal of said City may be impressed on
~ch 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 signatures. Inasmuch as
such bonds are required to be regitered 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 Bomptroller)
....
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 Signature of Public Officials
Act", enacted by the 57th Legislature of Texas at its Regular
Session in 1961 ..
SECTION 12: 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 bondlBs 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 13: That special funds to be designated
"SPECIAL GENERAL OBLIGATION BOND FUND, SERIES 1964", and "SPECIAL
-. . PARK BOND FUND, SERIES 1964n, 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 annualiy 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 greatest; 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
~eater, 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 purposes 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 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 Council 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 suffident tax in consideration of all
other outstanding obligations.
SECTION 14: 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 of
Public Accounts.
rized to
SECTION 12: That the sale of the bonds herein autho-
PMs-r-_5, vf'N.t.~ES.r-t!,A,f/~.V..Y
4A1/ ~sdc/~',e-s
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.
SECTION 16: 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 thereto executed
by facsimile signature of the City Secretary, is hereby approved
and authorized.
' .
SEC~ION 17: 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 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 27th day of February,l964.
as
(City Seal)