HomeMy WebLinkAboutOrdinance - 4643-1965 - Issuance Of $1,425,000 General Obligation Bonds & $275,000 Park Bond 3/15/1965 - 02/25/1965MINUTES PERTAINING TO PASSAGE OF ORDINANCE AUTHORIZING
THE ISSUANCE OF $1,425,000 "CITY OF LUBBOCK, TEXAS,
GENERAL OBLIGATION BONDS, SERIES 1965" and $275,000
"CITY OF LUBBOCK, TEXAS, PARK BONDS, SERIES 1965",
ALL DATED MARCH 15, 1965
THE STATE OF TEXAS l
l
CITY OF LUBBOCK l
l
COUNTY OF LUBBOCK 1
ON THIS, the 25th day of February, 1965, 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:
MAX TIDMORE MAYOR
> W o EUGENE MDERSON )
ROLAN SIMPSON ) COUNCILMEN
JACK KASTMAN )
W. Eo MEDLOCK )
and
LA VENIA LOWE CITY SECRETARY
also bei~~ present; and with the follo~ing.absent: __________ ~~--
~~4[ ,const~tut~ng a quorum; at which
time the following, among other business was transacted, to-wit:
Councilman M-~L.-clc.. introduced the following
ordinance: ORDINANCE NO. 4643
"AN ORDINANCE by the City Council of the City of
Lubbock, Texas, authorizing the issuance of
$1,425,000 'CITY OF LUBBOCK, TEXAS, GENERAL OBLIGA-
TION BONDS, SERIES 1965', dated March 15, 1965 for
the purpose of making permanent public improvements,
to-wit: $775,000 for constructing improvements and
extensions to the City•s Waterworks System; $385,000
for constructing street improvements in and for said
City, including acquisition of rights of way; and
$265,000 for constructing improvements and extensions
to the City's Sanitary Sewer System including the
acquisition of necessary rights of way; and
authorizing the issuance of $275,000 'CITY OF
LUBBOCK, TEXAS, PARK BONDS, SERIES 1965', dated
March 15, 1965, 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."
The ordinance was read in full, and thereupon Councilaan t'kp(,c.A:;
~~~-~moved that the charter rule prohibiting the paaaage of ordinance on
the claT on which introduced, unless declared an emergency aeaaure, 'be euapendecl ·
for the reasons set forth and defined in the preamble thereto. The aotion vaa
eeconcled b,f Councilman -fiAWfSq~ and carried b.J the folloviDg ~tea
TEAS• Ma¥or Tidmore and Councilmen Aldereon, Sill})eon,
l(aatman, and Medlock
IAYSa None.
Councilman ~k~lt.. then moved that the ordinance be .
finall7 passed as an emergency aeasure to take effect i .. ecliately troa and after
ita passage. The motion vas seconded by Councilman -'~~e~ · an4
carried b.J the following vote•
YEAS• Mayor Tidmore and Councilmen Al\deraon, Sill})aon,
X&atman, and Medlock
JJ.lYS a B'one.
The Mlqor then anJlOunced the final passage and illlledia te ettect ot
the ordinance as an emergency measure.
~or, Cit7 ot Lubbock, !'uae
ATTEST a
(CitT Seal)
ORD I~ANCE NO ._f~/,::;o...,fr....;:3;;.,__ __
"AN ORDINANCE by the Ci ty Council of the City of
Lubbock, Texas, authorizing the issuance of
$1,425,000 'CITY OF LUBBOCK, TEXAS, GENERAL OBLIGA-
TION BONDS, SERIES 1965', dated March 15, 1965 for
the purpose of making permanent public improvements,
to-wit: $775,000 for constructing improvements and
extens ions to the City's Waterworks System; $385,000
for constructing street improvements
in and for said City, including acquisition of rights
of way; and $265,000 for constructing improvements
and ex tensions to the City's Sanitary Sewer System,
including the acquisition of necessary rights of way;
and authorizing the issuance of $275,000 'CITY OF
LUBBOCK, TEXAS, PARK BONDS, SERIES 1965', dated
March ~5, 1965, for the purpose of making permanent
public improvements, to-wit: purchasing and/or
imp~oving 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 ~nd 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
purpos e and subject of this ordinance and declaring an
emergency. 11
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 obli-
gation bonds of the City to mature serially over a period of years
not to exceed Thirty (30) years from their date and to bear inter-
est at a rate not to exceed Five Per Centum (5%) per annum, for the
purpose of making permanent public improvements, to-wit:
and,
$4,000,000 for constructing improvements and extensions
to the City's Waterworks System;
$3,200,000 for constructing street improvements for said
City, including acquisition of rights of way;
$ 600,000 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
$750,000 for purchasing and/or improving lands for
public parks in and for said City;
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 17~ 1963 voted authoriza-
tions as hereinafter provided to be issued and as shown in the tabu-
lation below, it being understood that the City Council reserves
the right and authority to issue the remaining amount of the bonds
in one or more series at a future date or dates when, in the judg-
ment of the City Council such amounts are needed for their autho-
rized purposes. A tabulation showing the amounts of all bonds
previously authorized and issued for the respective purposes afore-
mentioned, the amounts being issued by this ordinance for the pur-
poses indicated and the balance remaining for future issuance is as
follows:
Date of Amount
Authoriz-Amount Previously Being Unissued
Purpose ing Election Voted Issued Issued Balance
Waterworks 9-10-59 $4,000,000 $2,350,000 $775,000 $875,000
St. Imp. 9-10-59 3,200,000 2,412,000 385,000 403,000
Park Imp. 9-10-59 600,000 400,000 200,000 -0-
Sewer Sys-9-17-63 970,000 275,000 265,000 430,000
tem
Park Imp. 9-17-63 750,000 -0-75,000 675,000
and
WHEREAS, the City Council deems it advisable and to the
best interest of the City that the bonds of the authorizations here
inabove described,except the park bonds which are herein authorized
as a separate 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 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
LUBBOCK:
PERTAINING TO THE GENERAL OBLIGATION BONDS
SECTION 1: That the bonds of the City of Lubbock,Texas,
to be known as "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1965", be and same are hereby issued under and by virtue
of the Constitution and laws of the State of Texas, for the purpose
of making permanent public improvements to-wit: $775,-000 for con-
structing improvements and extensions to the City's Waterworks
System; $385,000 for constructing street improvements in and for
said City, including acquisition of rights of way; and $265,000
for constructing improvements and extensions to the City1 s Sanitary
Sewer Syste~, including the acquisition of necessary rights of way;
aggregating the principal sum of ONE MILLION FOUR HUNDRED TWENTY
FIVE THOUSAND DOLLARS ($1,425,000).
SECTION 2: That said bonds shall be numbered consecutive-
ly from One (1) to Two Hundred Eighty Five (285), both inclusive;
shall be in denomination of Five Thousand Dollars ($5,000) each,
aggregating ONE MILLION FOUR HUNDRED TWENTY FIVE THOUSAND DOLLARS
($1,425,000); shall be dated March 15, 1965; and shall become due
and payable serially on March 15 in each of the years in accordance
with the following schedule, without right of prior redemption:
AMOUNT MATURITY AMOUNT MATURITY
$70,000 1966 $70,000 1976
70,000 1967 70,000 1977
70,000 1968 70,000 1978
70,000 1969 70,000 1979
70,000 1970 70,000 1980
70,000 1971 75,000 1981
70,000 1972 75,000 1982
70,000 1973 75,000 1983
70,000 1974 75,000 1984
70,000 1975 75,000 1985
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
CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION
BOND, SERIES 1965
$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 lawful money of the United States of America on
the FIFTEENTH DAY OF Y~CH, 19 ____ , with interest thereon from the
date hereof to maturity at the rate of PER CENTUM ( %
per annum, payable on March 15, 1966, and semi-annually thereafter
on September 15 and March 15 in each year, arid inte~est falling due
on or prior to maturity hereof is payable only upon presentation an
.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 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 Hundred Eighty Five
(285) serial bonds, numbered consecutively from One (1) to Two
Hundred Eighty Five (285}, both inclusive, in denomination of
Five Thousand Dollars ($5,000) each, aggregating ONE MILLION FOUR
HUNDRED TWENTY FIVE THOUSAND DOLLARS ($1,425,000) issued for the
purpose of making permanent public improvements, to-wit: $775,000
for constructing improvements and extensions to the City's Water-
works System; $385,000 for ·constructing street improvements in and
for said City, including a_cquisition of rights of way; and $265,000
for constructing improvements and extensions to the City•s Sanitary
Sewer System, 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 of Lubbock, Texas, and recorded in the
Minutes 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 same 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, condi-
tions and things required to be done precedent to and in the issu-
ance 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 col-
lected, 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 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 FIFTEENTH DAY OF
MARCH, 1965.
Mayor, City of Lubbock, Texas
COUNTERSIGNED:
City Secretary,City of Lubbock,Texas
SECTION 4: That the form of interest coupon attached
to each of said. bonds shall be substantially as follows:
ON THE FIFTEENTH DAY OF NO._
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 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
~------~~--~-DOLUffiS ($ ) , in lawful more y of the United States of America, said
sum being months' interest due that day on the "CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION BOND, SERIES 1965", dated March
15, 1965. Bond No. ________ __
City Secretary Mayor
PERTAINING TO THE PARK BONDS
SECTION 5: That the bonds of the City of Lubbock,
Texas, to be known as "CITY OF LUBBOCK, TEXAS, PARK BONDS, SERIES
1965", 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 TWO HUNDRED SEVENTY FIVE THOUSAND DOLLARS ($275,000) for the
purpose of making permanent public improvements, to-wit: purchasing
and/or improving lands for public parks in and for said City.
SECTIO~ 6: That said bonds shall be numbered consecutive-
ly from One (1) to Fifty Five (55), both inclusive, shall be in
denomination of Five Thousand Dollars ($5,000) each; shall be
dated March 15, 1965 and shall become due and payable serially
on March 15 in each of the years, without right of prior redemption,
in accordance with the following schedule:
AMOUNT MA'IURITY AMOUNT MATURITY
$15,000 1966 $15,000 1976
15,000 1967 15,000 1977
15,000 1968 15,000 1978
15,000 1969 15,000 1979
15,000 1970 15,000 1980
15,000 1971 10,000 1981
15,000 1972 10,000 1982
15,000 1973 10,000 1983
15,000 1974 10,000 1984
15,000 1975 10,000 1985
SECTION 7: That the form of said bonds shall be sub-
stantially as follows:
NO. UNITED STATES OF AMERICA $5,000
STNr:E OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK, TEXAS, PARK BOND
SERIES 1965
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 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 ( %)
per annum, payable on March 15, 1966 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 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 Fifty Five (55) serial
bonds, numbered consecutively from One (1) to Fifty Five {55), both
inclusive, in denomination of Five Thousand Dollars ($5,000) each,
aggregating in amount TWO HUNDRED SEVENTY FIVE THOUSAND DOLLARS
($275,000) issued for the purpose of making permanent public improve
ments, 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 Council of the City of Lubbock, Texas, and recorded in the
Minutes 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 same 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, condi-
tions and things reqfrired to be done precedent to and in the issuanc
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 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 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 conformit
with the ordinance above referred to, being the FIFTEENTH DAY OF
MARCH, 1965.
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
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 the sum of
~~------~~--~DOLLARS ($ ), in lawful money of the United States of America,
said sum being months' interest due that day on the
"CITY I!JF LUBBOCK, TEXAS, PARK BOND, SERIES 1965", dated
March 15, 1965. Bond No. ___
City Secretary Mayor
PERTAINING TO BOTH ISSUES OF BONDS
SECTION 9: 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 1966 through '"., at r i.· , .. ,
(b) Bonds maturing in e&el=t ef tbe year; /9tP
throc;tgh at 9-1/i« %; '
(c) Bonds maturing in each of the years L~~ through 19?9 ' at .J i.· .. ,
(d) Bonds maturing in each of the years /'A/(J
through I?J1~ ' at .]. /tJ i.· .. ,
(e) Bonds maturing in each of the years /91'-S
through /91J" at :J . .<,() i.· ' .. ,
(f) Bonds maturing in each of the years
through , at %;
such interest t .o be evidenced by proper coupons attached to each
of said bonds, and said interest shall be payable on March 15,1966,
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 option of the holder at the CITIZENS NATIONAL
BANK, Lubbock, Texas, upon presentation and surrender of bonds or
proper coupons.
SECTION 11: The seal of said City may be impressed on
each 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 execu-
tion in such manner shall have the same effect as if such bonds
arid coupons had been signed by the Mayor and City Secretary in
person by their manual signatures. Inasmuch as such bonds are re-
quired to be registered by the Comptroller of Public Accounts for
the State of Texas, only his signature (or that of a deputy designa-
ted in writing to act for the Comptroller) shall be required to be
manually subscribed to such bonds in connection with his registra-
tion 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 fqllowing certificate shall be
printed on the back of each bond:
OFFICE OF COMPTROLLER
STATE OF TEXAS
l
I
1
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.
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 1965", and "SPECIAL
PARK BOND FUND, SERIES 1965", 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
unpai d, 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, sufficient to pay the current interes
thereon and create a sinking fund sufficient to pay each installment
of principal as the same becomes due or a sinking fund of 2% which-
ever 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 greater, there is hereby levied a sufficient tax on eac
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
provi de 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 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 deter-
mined 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 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 Attor·
ney General and their registration by the Comptroller of Public
Accounts.
to
SECTION 15: That the sale of the bonds herein authorized
h~s-r ~,~..,_,.~ 8~t~.e//c. oP PT. ~,tte~~
E. F. H.,.,~..~ ~ 4 . .., .:z:-.-vc. ~
~.s.s ~ t2. , L-.v c..
at the price of par and accrued interest to date of delivery, plus
a premium of $ /I co 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 purchaser•s obligation to accept de-
livery of the bonds fierein 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.
SECTION 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 exten-
sions 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 25th day of February, 1965.
~~ Mayor, City of Lubbock, Texas
City
(CITY SEAL)