HomeMy WebLinkAboutOrdinance - 4644-1965 - Issuance Of $3,000,000 Electric Light & Power System Revenue Bond 3/15/1965 - 02/25/19654-(04-4-
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MINvTES PER7AINING TO PASSAGE OF ORDINANCE AUTHORIZING
THE ISSUAl\!CE 0!? $3,000,000 "CITY OF LUBBOCK, TEXAS,
ELE:TRIC LIGHT AND PaWER SYSTEM REVENUE BONDS,
SERIES 1965u, DATED ~..ARCH 15, 1965
TI-tE STATE OF TEXAS X v ;...
CITY OF LUBBOCK v .t
v }..
COUNTY OF LUBBOCK 1
ON THIS, the 25th day of February, 1965, the City Council
of the Ci ty 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:
Y.aAX TIDMORE MAYOR
W. EUGENE AlDERSON )
ROLAN SL~SON ) COUNCILMEN
JACK KAS~~ )
W. E. MEDLOCK )
and
LA VENIA LOWE 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:
Councilman~--~~~~~~~~~~~o~~~-----introduced t he following
ordinance: ORDINAl·iCE NO. 4644
"AN ORDI:'-:Al"JCE authorizing the issuance 6£ 'CITY OF
LUBBOCK, TEXAS, ZLECTRIC LIGHT ~~ POWER SYSTEM
R2VE~~E BONDS, SERIES 1965', in the principal
amount of THREE MILLION DOLLARS ($3,000,000),
for the purpose of constructing improvements
and extensions to the City's Electric Light
System and including the purchase of necessary
sites therefor; prescribing the form of the
bonds and the interest coupons appurtenant there-
to; pledging the net revenues of the City's
Electric Light and Power System to the payment of
said bonds and the interes t thereon; providing for
tb.e subsequent issuance of bond·s on a parity
with those herein authorized; providing certain
covenants pertaining to the bonds herein authorized
and trefunds from which s ame are to be paid; enacting
and ordaining sundry ?rovisions incident and relating
to the subject and purpose of this ordinance; and
declaring an emergency."
reaC:
_ J'M~Jd[p.J F ____ rr.ov2J. ~:1at
'"'a'""~c-::>o o.r= o·~-·.:·-::::--·""'"''~ c·r ~~--::. -'···-y }" i.:J...;<.A,.::>\;;:; --t..A--... .t.-~1.1.-"'-0 '"'"' -·"'-'-·C4
i~ f~l:, a~cl there~pon Councilman
t:he ch-3.1.~ter :...-J:.e p:-onibitir..g the
o:;. 't-ihi . .::h int:-od-u.ced, \:nless
dec l6.red a·:. t:::c:.e:cge:::..::y i-:.".2.:-..s-;.:::-e , ·c-:: s·.J.s~·K:nC:ed :.=o:: t~-.e ~ec:.sons se!:
fort:h ai.·xl defined i:-~ -::he :>~:-.::c.r.--.b::.e ·::h2~<:::to. '::C.e motio-::1 was seconded
by Co-unci:i.:;:::t.s.r. .J/e~A .. a-;.J.d. c~::-::::-i.cc by t::-.e foJ..l owing vote:
x~ycr :iG~o::e a~d Council~en Atderson,
c~ .. --.· .... so-7 -sJ-"!*n,....,"'\ ...... --",..." Ved 1 oc~ .... o..J .J...-. • ..~ ~• > L'-.:4 ..... ,a... ...~u .. .. ._ "'"
t:-:en mcved ::hat tr.e ordinance
be fir ... al::.y p.:::~sseC: as s.·~--el::;:;::ge·.-.. cy r.-.ea.sure to take e::fect immediate-
ly £ror.1 a-:.d af·;:er i"::s r.ass~ge. r.r._'l.e rr.o·::ion was secor.c'ied by
Councilrr.an ~lM:It a:..-:d carri ed oy the following vote:
~fuyo~ Tid~ore and Councilmen At.derson,
S~~pson, Kast~a~ ~nd Medlock
?~·.e l\.fe:.yo:: ·.:t.en a:mm.::::;~·iced. t:-.. e final passage and immediate
effect o: the ordinance ~s &~ e~e~gency maasure.
·.:he 2S·;:h day of Febru.ary, 1965.
(City Seal)
'.·
"AN o: . .:J::Si.NCE a;_:-;:r:ori~~:.ng ··:t.e iSSi..".C:.:-l.Ce o ~ 'CITY OF
_,~t,3CC;(, 'l'3}:.c ... s; ELZC':~(::c ~IG:~:' 0~D POV!ZR SYS:'EM
RZ\~XJ: BC~~2 ,S:~IES :965 ', ~~ the princip al
c..~ouL.·~ o:E ':'~~.?..z~;: ~<~:~·.::..:~vN Dv:::..:.:...P.R0 ($3,0-:;J,OCO),
fo::" t:-~.a -:;u::··:.~s e c= c or..s·~=~ .. :c ·:i:lg i rnJ -::ovcm2:.:.ts .. ~ ...
z.:-.. ci. e:~::~er;.::;ic~: ..... s ·:::) t '"r2. '::t.·r:~,.~s Ele,:tr::.c Lig:~t
Sy s·::sm c. -.. c: =-=--~~~l.:~ing ·tt • .c: p·~rct'l&Se of necessary
s L:es ·.::1..=:=-ef~r · .... :··e.scri-=.ii.-.'2.: ·;:he f o:cr.1 o f t he . . ~
b oild3 a;::C. ·;:::E; ::.::~tc:::est cot:pons a-;;>purtenar:t there-
·-o· ·---e·a'~g··,-,( .. ~-'-"" -r.>+-.,....r--ve··-,os 0.:: •·he ..... .;-t-y 1 s -) .J... _,.. .. c -l.,..'-"' ··----.... u~ -L v ..... fo.,.
E~ectr:...: :..~gJ.-~·:: c:r ... d PvvJer System to the payment of
c• ~-' ..:~ ~ o·-.:; <=----~ • ...=i .... ~.:. -'-~ ·:-<=>·~~ .,~ .... ·...,e~~eon· DrOV.;d.; ·"'g for u ~..1..u. :J .... !.'-v c-...... s.U t--.J.~ ........ J. '-' ~-C ti '-" L....L.J. .J.. ) ,. ,.&.. ..L..l..a.
..... ·"'-s·,·o· -e ~,-,-c -.~ -·~s··,.,·-ce o.c ,_o,..,d s on a p~-~1-_,_Y """ ... ,.c:: '-.,:) 'i'""--"-"--f... ---d.J.. ..&.. &J .a.1 1 a..~. l.. w:. ::i.1 ·c:.vs e here :~.::. c:..:..tl:' .. o~:"-2 eG.; provi ding certain
"ovr.:..-.-.·-·""co -)c·-,...~., . .L.·r.~-c .. '--o ..... -~."' ·oo···a··~ her.::.1'n a··'-·hor-ized ~ CS..lC..t.!~o..loJ .. ""'-"""~ ... ~.La.o v t.. ... .a.._ iA. &:> -u-~4 ..a..
anC. ·::he :.:t-nC:s f::c:-:. whic~-l s c..me are to be paid ; enacting
a~d o~d~~~i~g su~G.ry ?::ovis:.o~s ~ncident and relating
to the s-u.~j ·2(!t and purpose of d· .. is ordinan..:::e; and
a•"",...-~~~-ir e-~,-, .,."'"'..,..g "'-'"'~"Y n '-'-..... a.--.. t 0 ~ ..... \,-:; .... t'-J... _ .. .L._ •
~·7:-r2:xE.\S ~ ::.:·-...:::s· .. :c:.:;.~L-;: to e:.ec·cim."Ls heretofore d1.:ly and legally
cal::i.-cd a:1ci he2.ci 'io~(.· ·.-:£-.e f-L:.:"'f-OS-2 t:i.1e C:.::y Cou~1.cil of tZ'l.e City of
Lubboc~ bec~~e a~~~~~~z2d ~~d eu.?owered to iss1.:e special obligation
bona~s o·F i~·-. => ~"'-' ·.-y --~y-·:)· e ·-=·.--,--. --·-·"'d.. ---··-.... bly sec···-ed ,_y a f1..· .,..s .... l-ien --!,......,. '-'--!..IC:.. a. ... -~~v •• a. GLLL J..C::lL.a. u..._ U -C-..\..
on a-.."ld p :'..eage of ::he -:"1·2·t ::evenues o:: tne Ci'ty' s Ele.:tric 'Light and
Powa~ Sys~e~, s a~~ bo~cs ~~vi~g ,bee~ refunded into a sing~e series
of bonds id..::·~-.-:::.fie.: as :::o::.o-:73:
&nd
~ii-"'_1"_•"\7 r:M.;, •• -u·-·!~ ~ ., it7Y t"n"~'\T \ ~
V.l..,..,_ .L U ... .-.J ;,..;J...;J .....,....,'\., .lJ...:.i.t\...."".l.. ....... :f
SYSri'K·: R2V21~JZ ::..::FJXJ:~,;;.;;
o~to~cr !5 , :963, in the
$:..,65.S,JGO
~,Oi.\'".DS, SERIES 1963 11 , dated
original principal ~~oun~ of
K?..i::~{E.--LS , a :: ~"l e~ac·;:~.::·~ ~elci. on -:::~.e 17th de:.y of Septe:nber,
1963 :..-::-. t:-:e Ci~y of L·,::.b~.:.ck, ':'exa s > ::.o:::-e t l1.an a :na.jo.:-i'ty of che duly
qua:i:!:ied raside:::.·:: e:i..e.~·::o·.:.:::; o= ss.ici Cicy who ow~:.ed taxable property
vo1ithi:.1. saic Cit:y .:..r~G. -;q!:-~o he:~ d...::z_y re:.-... dered -::he saii'.e for taxation, who
p c: . .r-::ici!)atea i;:: t ':-.3 e:.e:·.::.on, voted in favor of ·::he issuance of
$7,500, OJO z:eve:.· ... ae ~o::1.::s io~ ~r.e pu::·pose of cons'tructing improve-
ments and ax-cE!:.l.sic:-L.3 ·;:o -.:·.:e Ci'::y~ s :S ~e.::·.:::-:.c Light Sys tem a-.1.d in-
cluding t:.-2 ?Urcha.;e of :.1:ace ssary si:ces tnerefo::; c:.nc.
\/O:·LS~".S.:.o $L.-, SJJ, CCO o:':: t::!a ".:;ond s vo-::ed a t t~1e eJ..ection
of Ssp-::e.rab ·2:: 1 /, ::..953 r~e..v.a ~1.~:.:-e ·.:o ::ore b-2e-;.1. au·;:h.ori.zec a.;.1.d issued
purs·..1ar ... ·.::. ·::o orc ~:;:-;.a:...-~cc of tr • ..:: C:.Lty Counci::. of the City of Lubbock,
Texas, pa3 :::.E::::~ &'-~id ac~o)ted on t:he 27·th day' of February, 1964, such
:-..o ...... ds b.,.;,_.,. ~'es·· :r·-~···-::.,..:; -.t..4 ~~·"o u -o•.LG..-t.:::.-.....t.
a.i1.ci'
~~c :::·:: 07 :.;J:.=:3CC:..Z . c::x..,;,s J 2~2CT~:..IC LIGHT -~'-."D ?O~·JER
S~STEK E V:zt-uE 2C:CS :; s:R:ES 1964·', dated March l5,
:964, in t~e o~igina::. p::in cipal ~~ount of $4,500,00G,
~-J"~-:EJE_[_S ~ i ~ ·wz~s p::ovid.r-.~d i-;.1. ·:::-~e ore :..nances authorizing
the issuanc~ oi ti-.e Se~4 i--~.s :963 bonds ar:.d ti1e Series 1964 bonds,
•:-~ ..... ..., ... •:-n" e C.!•l-y ra<;,.-::.yo,T-::.--1 •:-"--:. --.;'.~---,-'-·•o .!~.-.,.~ aa"d.!'C• .;onal bona's on a '-ol"-C4.l.. -1 ~._ .,;;;-~-V~\.. ... ~"'.a.~ --6 ... "'-L ..... .::.-:.:>.._.;; ..... ,.,_ J. i
parity with tr.e bcnG:s 2::.::.·::~·~o::-5_zeC: e.s aforesaid, p~yao le from ar.d
·ra·'"·<-7 y S"'""U""'eC.-; ·...,y ~ .;::.:.·-~-;.:e..., 0,.... ~.,..c.-n.,edc-e of::.-:.,"" n"'t revenue--l..G.vJ.. ~'-..... v ~ .......... _ .. ;;;_ .a..-,.. ........ <::A..t. ....... _,.-o ........... "'~.;:::: .. ~ .:::,
0--:--_: ·."'.e ,.., ; t-y; s !:'"1 ec -:--~; c -; -.~ ... ~ .-,-rl "::lo..-•·-=-~ <'•Ts t """'' • .. , _,_, o-: "''"""S ·ant '-'--!...<~ --·----.:;_:,1• ... c ••• -.. -•<~J. u;: .__1.,, v~l-X1 ... y .!:-''-'--'-U •
to ar-;.d subject to ·:::1,2 :r-est.rictions, covena-::1ts and limitations con-
tained in tl-;.e o-;:-d.::.r.z.:c:.cE:s a-...:.·;:horizing said bor~ds; and
r.-·-::-·~·;:;o r.. ~ ,_,_ ·"' _..,_, -·-·r r-c··-.-··' -F·_' '":C.'s ~.~ ... a· deter~.-~nes ·. ( 1) ~ ............... '\..Z-...... u J 4-..-.i-,, .... -J V ......... .._ --.... -J..l.. ...... .oi.L ,u.i-
r-r<.l.,L'"'J.:=;~ ••"he iV·7 •7o·A c··•r. '"'·"f"•y <'~.~Q•"s••••c.··~ l~-v<:> ce•_.. ... .:.=.;ed +-hat .;-· .... e {"_l•'•y l.+S --~"""' ,...a;; -\;,.~ .. !'-' v--·.L.L'-c.. .... c._'4;;; .... .L1c: • ._ .s.. '-....__..._ '-"' _.... "" t...
no·• .:_ .-;--·'=·~1--~-··s -·-o .:···'7 covo··.-,--·-CO....,d~t;O...., O"t" ob1·'g·:--;-l'on preSC.,_.l·be """ J...c.L ~--~~ ...... .._ G~ ....., --• .. j .._L .. <:::.. ...... --> ..... J... -41. -....,J.. ~._ "" -
by tne o-;:d inc::::.ces au·:::lo:ciz:!.:;:1.g ·.:i.-ie. issuance of t he ou-::stanciing bonds,
i:;_-1c:1.::.:: ing; sl-:o-;·Jir;.gs t:-:at al:_ h;.teres-:, sinking and :reserve funds
...... ,... -., ,-.,._ .. • -• 4 .. h . p-r-ov:.c.ec.. :.:or r1ave oee.n ru.i...Ly ;:nc.:~:n:.:aJ.ned :r.n accoruance w~t tne
provisions o£ said ordina~ces. (2) Th~t the City has secured from
----. ~n,.Jeno·-A::.~---co·~'-.::--=··e .:: """'Ui-1-"c ~-.co·1nr~,-.,-1-.~ ... wrl.·---~o,.., ._,."'pOrt ~...... ...... ·""' L""' \;,.:;.J. .. u .._.., .. l.. '--~--.;..,. ""' ;;:' L.; ~ J.. c..~ '--0..1.. '-c;:,.A. ... L. .... -.:> '-..., ~"""' .... "'-"
der::or:.s::::-at::ng th.:.t ::i:le r:.c-: rcve:.:-.ues of the Syste:-.1 v1ere, du::::ing the
last corr.?:etad fis ca: y~ar, 04 curing any consecutive twelve (12)
r-~o-:-··'-'---·~r.:o,1 o1= 7-·:-.-::. 1 r.~-'-f'-i-:=-'-ce·-.'15\ ,.,,..,. ~ecu'·l.·--.-:. mont-r.s 1)-"'l·or '""o ... a .. -.1\.ol ... ::J._ ..L. \...i. .. -J.."~ -c.~ L. ---f,..,.'-1..1. ,_ ) """v ...... .::::. .... v.._. , ..... .L.... L.
the month of adopticn of the ordinance authoriz i~g the additional
parity bo~ds, equal to &t least one and o~e-half (L-1/2) times the
averz.ge c:;::mual princ:Z.pal and interest requiremeru:s of all the bonds
w:tich \vill be sect:.r2C: by a first lien on and pledge oi the net
revem:es o.!: the System a1-'i.d which v-7i Ll b e outstandi11.g upon the issu-
ance o~ the ad.ditior.c.l parity bo:c.ds ; and f-.J::cther demonstrc.ting that
for tee s&ile ?e~~od as is ~mployecl ir. ar~iving at tne aforeme~tioned
tes·:: s ai.:i net r.ava:.-.-c.ss ·v!..::re e c;:..:;.al to at least one e.nd one-fifth ,., -1 ,.)_) ~.:.,.,"'S _,_,_-::. , __ I ;....:..~ .• -=-l..lL'-
ments of aLl s~c~
of the additio~a:
:-::~:::~L"t";J.;:--• .:;:.:.-~:.-J.ual pri-r.cipal and
t.c:..:.is a .:; wi:.:!. be outs-::ar.ding
p~ri::y bcr~ds; e.:~d
interest require-
upon the issuance
Y,'j'"···~·-.."!'.i'i\C' .:! •. -.. _ .., -:_ ~ -~.s---r:~·-,-=:.~ \'~.L-._"-Jl"\...,;~;.j.U _, -\,.. ...... a~ vef2.i.A C..~:...e....,J.al.i.14~\..i.
of the bo~.tds vcteC z.:t t·.:~c electi.o1-~ held
should now be iss~cd; ~~d
tha~ ~he reillaining $3,000,00
on September 17, 1963
1"i-:-IE~..C.S , ·:::-.2 c::._-;:y Co·.;nci~ has :':cund and he~eoy declares
that there is a:t• ;.;r,3.2.nt ?·c.~iic ~--~cess:.t:y t~l.at it proceed with the
i.ssuar~ce of such :.~eve:.1ue. bor.ds fo-: ·::he purpose of providing funds
for cons·:::.---ucti:.J.g :".:::?:=ovemer.-::3 a::d ex-::e·.:-~s:.ons to the Cityi s E:Lectric
Ligi::.~ Sys-::e-.n c.r.d i:1c~.t:G i:.:-.g t~1e ?·..1-rchase of necessary sites therefor,
at tne eer:.iest p:_ls;::;i:::>J..a <iz.te a:.:1d that therefore ·::his Ordinance
Co--:s~-: -~,--·-es ,___ e, .. "' ~-~--=>-.... _, ,.,-,~.:o c s·,·~o ·'=--.-~ ·:-~e ;r,..,.. :.d~ ~ .... e prese-vatl.. on of ...... -..Lw""""''-C4.... .... .. ~ ..... 0 ..,..1 ... "-.J .,.,.....,."" .. ~J..~ J-.v-..... .~..... -... u.t.\::::. ..~.oc.'""' ..._
the ?~ol:.c peace, p::o?e::-tyj ~ec.~t~, saie~y, gocd gover~saent, order
and security o~ ·;::;,-.2 Ci.:y a:c.3 i~s i:.:-~~-:a~itants; therefore
(C:3 ~ J:' .-.,. 0 '' .(: -.··~ ........ "" ·-· ,-.--, ........ s<=> o·'= c ~-ns·'-·-uct.; """'g l··n-..·~ove-r-~-:-.ts a'"'d "(' 'V V :t VV j' ..t...VJ.. ""'"'"''-" f:l\..0.~ yv \i;Oo -V... L...., •&..l lh!-'.1.. U .t."Cl.. .LJ.
e . .,.,...e,-~~r--~ -·-o , ... l-.::. Cl.·<-.,__T! -· -~··ec~r-7c T-a :--.-·-<:'ys ·>-om a .... d ··ncl···dl.· ..... o-t1---e .r..""'"' ... L.-:> .J...v&..t~ ""' """1.;.c ....., J ...... ............. L.,.. ....... ..:...£.J...o•·4t... s.J l... ._ i ...... ..... ......, ""'o ••
purc:1ase o:: necessa~y site.s thereio::, the City Council of the City
of ~~bbocK, Tex&s, by vir~~e of authority con=erred by the laws of
t:-.e. State of Texc:.s , i:::c 1-...:.ding Ar;::..c ~.cs 1111 to lll8, inclusive, has
determined t~at t~ere shall be issued and there is hereby ordered
to b2 issued a s21:iea o:: cct::Jo·.-. bo:-:cls in the total. prin.ciDal sum . . .
of ':::'t-:?.EE i>f::.:.:..I ON : -:~_:.:.A:.lS ($3, OOJ, CCC)~ to be designc.ted nciTY OF
L"C:ZBOC:z , ':LEX. .• J ~ z:.:..,::::c~!~;:~:c :L:C:·Y~ AN;; Pm·JER SYSTEY.I REVENtJE BONDS ,
~4'R-··"'S ., c';Jr:.oc::r~ a~ ... -----~ .,....,c..· --····-.,r-".,...c-· ~s se~ o··'-1oe1 OT.T ..,.,...d w·n--:c,.... sa.!d LJ~J.. ....... ~ ...&.. ._J ) c.,.,..\,;..'-"" (,.....J.• 1 .... ~-""""" ..t,.J...,O d. '-'"""l,.. ._ 'tV c;:..._.., L-,.,J, -
ser::.es o:: ·t.oc-z.ds , ·:og.::;:::-.er w:..t:1. -c~-..= o-c.tstc:ndLJ.g a-::1-:i unpaid p-r-evious-
l v ;~s•·e.-1 •C Q.,..Q-<:' (~~ "!-,e---"'~·~ . .."!.;:.-C.:-c,c_\ <::}a'l ;..._-:> -n~y_,·.,_-;e ,..$tO both J ..... ~ :....t '-.1 ..... ~ .... ~v .... -c..-1,.. ~--.......... -; -...... .... ~ po G.u-4 c:..
pri.n:::.)G.l ar.~. :..n·::erest .:o::::-.2-~r f r om c..::"td secured by a first lien on
and pled.;e of -:::-.e ::-.e:.: r...:·-e:"L·...:as of -::he City's Electric Light and
?ower Sys::en, c:.s :-.. erei::-. .;.i·.:2:.:-d e£i::J.ed.
s::::~T;:~;s -~: I:{:~-=i:.___:_:~ii~ll:J.b~_s -· :Yiatu_!i-::v -Option. Said
bor~<is s:-.ai:.. be c .:;::eci. /;a::::c.~-~ lj, 1955, s:ial1 be numbered consecu-
-::ive:y ::=rm:: One ~::..) ·::o Six E-;J.l·.drea ( 6CO), both inclusive, shall be
in d~no:r.i:.-.a·t:ion o:.: FIVE TI-IODSfoJ.~D DOLL-...:.-:s ($5, 000) each, agg~egating
the Frinci?al s·.::m of ?!-i~E l".i:.:·~I..ION "JOL-.ARS ($3, 000, 000), and shall
b~co~e due a~d payable seriall y, in accordance with the following
schedu~e, without right o£ pr~or redemption:
PJ:1CU!~?I' l~~· .. ~~U?~::: ?.Y. P.lvJ.OU:.~'::' MATl.iRITY
$75,CCJ Cc·;:o0e~ "'i ;: .... ..;, :)65 $75,000 October 15, 1975
7 c:. -"'" ..;,Vv.; 4:_-?~=-=-l.S~ 1966 75,000 April 15, 1976
75,000 Ccco-::::.2:: :.s , :966 75,00J October 15, 1976 75 r-r.· ......... ,. . -.:-), :!..967 75,000 April 15, 1977 ,vvV .. -..... i:' ___
75,000 -=~·.:ooe ~ :!.5 , 1967 75,000 October 15, 1977
7r: ~c"~ ..;,v v ].-~~.._:_ .. ~ c:
.)......)' l958 75,000 April 15, 1978
75,000 Oc ·::o::,e:::-:..5, ---c~Q _ _,ov 75,000 Octo be:: 15, 1978
75,000 ._,__,.. ... I .., c:: 196S 75,000 April 15, 1979 t::.. .. J.L ..r... ..J... _..;,
75,CJ8 0.::-to".)e·_--r: .!...._;, 1969 75,000 October :5, 1979
75,000 ~ .. ?-::::;_.: 15 ~ 1970 75,000 .Apr::..l 15, 1980
75 000 0c-::obe~ -~ :.970 75,000 October 15, 1980 ' 1 ..... ,
75,C::>G A?::-i:::. '"1-_.), 197:1. 75,000 Ap~il 15, 198l
75,~CJ 0:. ·.:vbe::-:s, :c.;7:. 75,0JO Oc·cober 15, 1981
75,000 L-.'0::-i :i . . :~5 ) :972 75,000 Apr:.l 15, 1982
7c. o-~ ..; ' v.-Jcto-::.e:;: .., r: l072. ~.J, 75 000 ' October 15, 1982
75,JGJ ' . -l·~:0:.· ~.:_ :s, 197 3 75,000 April -r: ~.J} 1983
75,00(;. J.:.·::o~e:: -i.:' 1.9 73 75,000 October 15;; 1983 .J.......I '
75,000 '-:>,~ii C'.-.j; -..:.. -.::: ~....1 ? l97Lr 75,000 April 15, 1984
75,000 Oc ::obe:;: ... 1S74 75,000 Oc~ober 15, 1984 .... ...~,
75,000 l-J.-;r~: .i.), :975 75,COO April 15, 1985
S:'C'::;:o:-3 = ::n -.:8:::-es -::. ':.':1.at said :Bon~s shall bear interest
:rom ~ate ther e of ~o ~&~~::-~ty at the following rates per annum;
that is ·;:o say--
(a) Bonds ~~t~~iug 3e~i-2.nnually Oc~ooer 15, 1965
througn Oc.ntJ'~ ,r; ,,, '1 ' a-:: r %;
(~) Bo::ui s mat·:.:rir.6 s euri-a:anually 191'": ( ;/,' '9 ~,,
thrcu_s·.:i Clcn"q 1r; ;J'bl' ~ at ~· ~4 %;
(c) :3onds rr.acG.ring semi-c.:s.r.ually .IJ;t>~:~. ,.r; '•"?,
througi1. oc..,,!UI~A ;/, ,,..,., , at .8 %;
(d) :Bor.ds matu"L:.ng semi-annually ;ll'tft/1.. ;J; ,/t<j~J"~
through t!k"-41-< ;.r; ~ ~t<P/ , a:: J. "~ %;
s er.-:.i-e::..n11 a 1:. y ~''/ '-
' at ..1.Z o
se;;.;.:..-ar.n:..j,.s.:i.:i.y _,4~,£
) at J -'l4
,..r, ,~, v~
OJ • /o'
such i'i-:teres:::: ':o '!:>e ev:.de-:tc.e-::. by :?::o:)~:: cou.pons attached to each
of said bonds arLd. said :.i:"._terest sr.c:..:;_:. be. payable Oi."l October 15,1965
and semi-a~n~al:y the.reaft~r on A?ril 15 and October 15 in each
year.
SE::?~_c:·:r. i,.: ~~-~-?-~E... o£_?.:~~:~,q~.::_. :Soth principal of ar~.d
i:1-;:erest o.:: tr.:.:.s se:::!..c.3 o::. "6o-.::·is ~~1&.:.:.:. '!:>e. payable in la·wful money
O t= ,_.,_l"" ~: • ..,-:--a,ct" st~<-e·~ o•:= L\-r:,e•,..::ca .... 7-1·'-l._o••·'-:>xch_.,,,-.•e or collect.ron -"-'• ~ """' ... ~ ..... ~ a-.j ...... :. .. -.. -.L J... , v -'-l.J. U'-c .1. co.-. ... ~ ......
C :-a··o-e.-:--:-o ~1--':' C"·r.-,c.-,-. o··~ :-.o!a:le·-....... ----...e '"'T"'IZii':\TS -,rt'"'l..,.Oi'TAT B/1.~-rr..-"" J ... <::::> ..::~ '-'-... -.t.= v. J..._.__ -.... -._ a. L t.. ,A. \., .._ J.. .......,l:'4 l'n. .1. .1." J.J. l"U.\i'.)
Luboo.:!'K} Texas , or at the o;_:>timi. of t:1.e holcier at TriE FIRST :-qATIONAL
CI'l'Y ~.c-J{I 0:5' 1-;E'1J YO::.t..iZ~ :~ew York City,· New York, upon presentation
and S .• .,...re.,.._.;~e·-~ 0.!! ·o· 0.,.....:;"' 0"" -~_....-0,.,'-'.,. CO''-)"'"'S U-,_.,\,... ...., ~ ~l.UV -;;:'.,_ ~~-'-., V&.~ •
<::'7,...,'1'-o-,~ 5· ~<o·;-i ~ c.,.._er-.:ta' /'>-'b1 .1!c-~"-4'o...,s ~~_:;!.__• ~ ;, ... U_, _.. ~..;V -..!-l.. V -J...M::::LL.J.... ... A • Said bonds shall
constitu~e spec ~al ob:igations of t~e City of Lubbock and each of
• ...:! b d ' , ., . . -1 ~ --• • ' • sal.u on s s.r.a .... .t. co r:.·.:al.-;:'l. ·c .. 1.e ro.L.-OWl.r~g rec~ catl.On:
11'::.--:e holder ~e:i:eo:E shall :1ever have the right to
de~and paymant of t~~s obligation out of any funds
r&ised or to be raised by taxation.11
s~~r:=~~T 6: :S:x2c·~·t::_o:..1. o£ 5::>7LdS arld IrLterest co~pons.
TI1e corpo~7~e s2al c~th2 City of Lubbock may be impressed on each
of said oor.ds or i-..: t."i:-.e alternativa a facsimile o-=: such seal may
be prir1ted :::·~.e~ec~:.. T'.r .. e 'j0;:cis and interest coupons appurtenant
thereto m&y be executed by ~ne imprinted facsimile signatures of
tne. l"layor a::d City .S e.cr~·~ary of ·cne Cit y and execution in such
ma.m1.er s:"lal:_ hc..ve -::he sarne 2ffec:: as if suc'h. bonds ana coupons
haci been signed by ·::he Y.L&:.ro:c ar..d Ci::y Secretary in person through
their ma:.:ual. signa.t·..::·.:e.s . ::::..:.asrr;..::ch a s such bo·.1.ds are required to be
registered. ";:,y ·.:~e <:o:;l?:::..-o:.:!..er o:E ?un lic Accoun~s for the State of
Tcx.c..s,only ~~.~s sig::~a·::-..:~e (o~ t:1.s.t of a deputy G.csif;nated in writing
to act for ti-le Cm1-:.p·cro:i.ler ) snz.l: be requi-:.:ed to be ma:mally sub-
scr~oed to such bonds in co~necticn with his registration certifi-
c ~·e ~o n--~~r ~~Q~g-~ ··-~~~o:~~~~~r p-ov~de~· a1 1 4 n accord~nce d.l.. ""' Ci.J....I~.,Jtr;:;4l. L..L .. ~ ........... v ...... , a..:> '-!.c ..... ~~l. ... a~'-"'-.t... ""-"""'> .J... ..L ca. ...
w·ith the prov:::.sions of uJ:'axas Uniforw Facsi;:nile Signature of Public
Officials Actn, el.-.a.c·i.:2G. by ·::he 57th Legislc:.:ure of Texas at its
Regular Sess~cn in 1961.
SECTION 7: ~or~ of Bonds . The form of said bonds shall
ne s~bstantia~ly as fo~:.ows:
NO. __ _ $5,000
C00NTY OF ~J5nOCK
:i"' .. c C:T.Y. OJ :,:;:;:;EGG:<~ C~·U-:"tty of Luo0ock, State of Texas,
a n·:i.mic i)~l corpc:ca'i:io'i-. c·~:y :::xcco:..·j_)Ora·.:ed under the :_a.":.vS of the
S-::a-::.e of Texas ar.;.d e c·::::.ng u:..1G.e:.:-its ~-icme Rule Charter, FOR VALUE
R2CZ.Iv~:, l-:e~eby E-c'l\T ... c-,7lecges i·cself indebted to and prorr..ises to
pay to the bea:::2r -~-.e~eof o-u·.:: of the revenues specified in this
bo-r.d> witr-.out rigi1~ o:Z p-:.::..o:c :.:eG..:!mptio:;.L on the 15th day of
--------------' 19 ____ __
F:v~ T~OUSk\D DOLLP~~S
($5, OCO), in lmv£ul. rr.oney of the Dr~itecl States of A-nerica, with
interest thereon froo date tereof to maturity at the rate of
?ER C2::;:u.M ( %) per annum, payable on -------------------Octo"oer l.5, 1965, a:1.d semi-2n:.·::.~:::_y ·:::hereaf1:er on April l.S and
October 15 i~ e ach y2ar, t~e irrte~esc faliiug due on or prior
to maturity ~ereof being ?ay~~:2 on~y upon presentation and sur-
re'l:~.der of -::~;.e it;.ter~.s·;: co·u.p.:,..-.s her~-::o a::tached. as they severally
becorr.e dl..:e.
E0:'H Pr.::'!C:.:.?!.U. and i:.1.~ceres '.: of t~"lis boad are payable at
the CITIZENS KA'iT::INAL B::.:·,x., Lu~bock, Texas, or at the option of the
hol cer at TEE FIRST NATIONl~ CITY B.~~~ OF NEW YO&<, New York
City, Ne\.v ::ork) without: exchz.nge or collection c h arges to the owner
or ho:.cer a:-... d t~e said City o£ Lubbock, Texas , is hereby held and
finnl y bour-.C. ·to a?ply the plecged. a:;>propriated revenues of its
Elec ::··-~ : L iglY~ a:c;.d Powe-:: System to t he prompt payment of interest on
th~ ~s it f a l l s due and the pri ncipal thereof at maturity and
to ?c..i ...... ~-l said p::-incipal an d ir..t:erest: as they mature.
TRIS BOND is one of a series of like ~e~or and effect, ex-
cep :: as t:o nm:.:.er~ :.::-.te.cest rate, and maturity, aggregating THREE
MILLION DOL~~S ($3,000,000), numbered consecutively from One (1)
to Six Hundred ~ 6C:), botl-. inclt:sive, in denomination of FI\TE THOU-
SP~) DOL~u~S ($5,0CO) each ~ issued for the purpose of constructing
L.up::-ov e:aents and exter..s:.o:::1.s to ·the City's Electric Light System and
includi'i1g the '9\1:c-::J:1s.se of r.ecessa ry site s therefor, in accordance
with the Co:-.st::;..:cutio·.J. and :.ews of the State of Texas, including the
prov isions of 1-.::tic=..e l~l l t o :.l:i.8 , both inclusive, Revised Civil
Statu'i:es o::= 7exas , 1925, a s .e:men d.-=d , a-.:1d by authority of a vote of
the resid.e.::.t q-~ali::ied pr ope::t.y t axpaying electors of said City,
who had duly rc~cie~ed t~eir prope rty for taxation, voti~g at an
election he:..c: for ·;:l,~;.at: pu1.·pose with.i.n said City on the 17th day of
Septembe:.:-, 1963, and )Urs·..:a:;.yt to a1.-:. ordinance passed by the City
Council o~ ~he Ci::y oi ~ubb ock, Texas, and duly recorded in the
Minutes o~ said C~ty Cou~cil.
TH~ DA=E o= th~s bon d i n conformity with the ordinance
aforementioned is Xarch 15, 1965.
THIS Be:;::> a s ·v.1e:.1 as a :.l -;:>or.ds of i ts series , co:1stitute
spe.~ial obliga.-;::.o-;:-.s o £ ·::h e CL:y ~£ :..u.'obock, ':'exa.s, and together
with the Oi.:4tstar:.d i::lg 2::d u:..-:)a.i d pr eviously i s sued bonds (as defined
in the ord inan~e a·..l·c:-:o:.~::..zir.g t::1.e series o:.: bonds of which this is
one), are pt~yable as co p::i:.:~ci?al 2r.d interest and equally secured
by a first l ieL on &nd ?~edge of ~~e ~evenues of the Cityis Electric
Light arid ?v-:.·1er Sys·;:~m a.ft:er deduc tion of reasonable expenses of
operation
?~~E c:r-:.'!. 0~? J:..UBBOCK exp:ce ssly reserves the right to issue
fu:ct:i.-~er .s:r.C: c...idi·;:::..on.s.l rev8r:..1e b.::>:.l.d ob liga::::ions, in all th:..ngs on
a parity wich the o~~standi~g previously iss~e.d bo~ds and the bonds
of tt.is seri2s a.r-.6 paya.'ole f·:-om and equally secured by a first lien
on and p:ec ge o£ ·:::-:e net revet'!.ues of t!:i.e Cityr s Electric Light and
Power Syste.::n> ?~OV~~ZD, EO'.fJEViR~ "Chat a~1.y and all such further
parity bonds may oe so issued o::1ly in accordance wi-::h the covenants,
Cond ~.·--io-s j.; • .,.,.;.;-.,.:--fo-~s --~, ~~s·L·--~-lc'-.'!o· ..... s re1a.._.;.,..r: ...... ·ne:..,..eto whl..ch are ~~ ...... .lL :> ... ..&...a.ti--G"t..-"'" O.l4U. -\;.. ----1..1. .A.. '-"""-.a.'-C> l,... ... ~ ....
set out c:.:.::.d co:"J.t:airteC. :;.;:-:, ·~:-.e. orC.inance au·::horizing this series of
bonds, and ~o w~icn s~id o::-din~nce reference is hereby made for
full and compl e te partic~lars.
T>.:.e i·.olde::-D.er3of sha:l r-.ever 'have the right to demand
payment of this ob:igation ou~ o£ ~ny f~nds raised or to be raised
by taxatio-:>..
ELCE. s·...:.cc -=~ s i.v~ :-.c:.C.e:=-of ::~1is bond, e..u.C: each successive
"o-d~,.... ... .c. .t--~a. co··~("")-s ~ .. , ....... -...... o .... +-..... ""'\'"'--:::..d ·s o 1 ,...• e ., ""es ed 1.• .._ l~-VJ.. i-u~ v.l:"~•• .~~:-.:..;.:::.1-c:u .... (...a._._.o.::: , :i. C UC 'l<.:>l.V J..y p:. Uill
to fo::e:;o s..;.d ::-.2!-..-~o·.;;.·.ce ~:::.s e.;:iu: .. ti..:;:.> i:1 :avor o~ subsequent holders
fo~ v.::.:-ue \vitl-:.ou.·;: notic e , G:: .. -..cl tc agree tha.t tlJ.i3 bond and each of
"-'no "o·--o-·s ·,...--=--.... -=-·:---=··:--:-..,c~-ed ,---=-y =-e o-.e·)'o~-.; ~tr.:oct· ·by "ei -:very by L. \;;;.. "-~,lJ .t..l. • .a.~.: ... '--'-' ..._._._c;;. J.L ~ ..... J....... '-' •• 0 '-"'-G. c;: Y. .J--
any pe~son n~vi~g possession hereof, ~owever such possession Day
have 'Dee:.:: acq· ... :i::e:::., and that any holder vJho shall have -cake:1. this
bo:-:.d or any of t:::-:.e coc..::)o:ls. f;::-or:L any person for value without notice
··--;...""."'eby ·n.,s a..,,.., .. .:re:-'1 ~·;-,,...,o·-.. ·-r.> ,_;'-1--=> .... 1-.ere._o r-~,.ee o.c: a~11 equ.;t4 es i,..ta.' ...... "" o. \,;"':\..t...L \,..;. at..J'J .,:.\,..f."'-\;;; '-...... t.. \Woo L-1' ~ , .L.1.. J... _ .l.. .....
and ciair:~s of m.me:::ship of any S\:.ch prior holder. The City of
Lw.bbock and its of:Eicia::.s end the paying agents hereinabove named
s'!:-.a:: not be aff~c·!:ed by a-::;.y notice to the co;:Ltrary.
AND IT IS ZER~~y CSRT~FIED AND RECITED that the issuance
of t:1.is bonG., .::.c.d. ::he series of \.V!1.ic:1 it is a part, is duly authoriz d
by la·w; that all &c~s, condil:ions and things res_uired to exist and
·;:o b2 done precedent tc, c::;.'1d in the issuance of this 't>o:1d to render
tl-.e s .:uu.e 1.av:ful a-:.d vai:i..<i hav e b een properly done, h ave happened
ar.d r~ave been perfon:-;ed. i r. regu::..ar anC: due time, form and manner,
"'S --<=>a·-~r'-'c:." · .... y ·:-'h~ Co·-.s·---f··-,,.--~ ....... .., a....,d--rws o.c t'-.e 8'~-"'-e o:t-Texas c:c. .t...c .,tr.....J.. \;; v --.... c J.. ... t.._._....__.Lv.. .u. ..L.C4 ..L .L1 -Q.'-,
and the ord.h-.a:-.ce b:::c·~i;::;.a.'::,ove me::.tioned; that this series of
reve:1ue bonds C:oes :::..ot e~;:ccecl a:ay constitutional or statutory limi-
tations; a~c: taa~ p~ovis~on aas b een made for the paynent o£ the
principal ar.j in-;:erest o£ ·~1-.is bona, and the series of which it is
a part, by irrevocc..~ly p~edgi~g ~herefor the net revenues of the
City's Electric Lit;~~ .. t c.-r;.d ?ov;er Sys·.:em.
-"'-~ m·-..., ,...... ••. "Q'JO.T'<T -·--·"'·">VQF ....,• C' · C •1 f . h C • . f .i.u .!...1!.:::-. _ --~·: 1-.... tJ~..1!..~ · ~ ... ne :.-cy ounc:. o t: e :i. cy o
Lubbock, Texas ;. i n ~.:cordc::~-:ce \.Yith t he provisions of the 11Texas
Un .{fo-,...,..., k'--cs.:....,.;j e S.;7··~· ..... ·---<:> c + ..... ,.D·;..:c O:t-.;::.!,..,.; .. -1$ Act" en~cted 1 ..&.. .a..J.~c. •·c:.. ""-"u.--.L..:::>Ao..,<:1,.~'""'--C .-. .l.-.. -...4.. J..J... ..... ..l..O. ) ~
by the 57th Legis:a ture cf Tex~s at its regular sessio~ in 1961,
has caused tne seal of s a~c Cit y ~o be iwpressed or a facsimile
thereof ·::o De pri.nt:ec h~::-eon) anci t h is bond and its appt:::.-tenant
coupons to be e:;.;.,ecut:E.d wi'::h tr.e :.r.lpri.•:-..ced facsimile signat-ures of
the Mayor a nd City Secrecary of s a id City as of the FIFTEENTH
day of Y~CH, 1955.
Mayor, ~i~y of Lubbock, Texas
COUi~7ERS IGl\~D:
--------------------------~~~~~-----City Secret~ry, City of Lubbock,
Texas
S:SCTIO:N 8: I?o::-1:1 o:>: Co"t::j)o::-.s. The form of said interest
coupons sh~ll be suostantia~iy as follows:
G? -----$ __ _ NO. ___ _ ON
:9 ---
t~e CITY C7 LuEBOCX, a ~unici?a: corpora~ion of the State of Texas,
hereby promis~s to pay to beare~, t~e amounc shown hereon out of
funds specified i:l. t:t.e bm-..d t.o which this coupon is attac!:led, and
in lawful mc!.1ey of -c:-:e United. St~tes of America, without exchange
or collec~ion c~arges ~o t~e oWL~er or holder, at the CITIZENS
NA.T:;:O~JAL B.Al':Z , Lub~oc~, r:;:'exas, or at the option o:: the :1older at
Tlli: FIRST Xi-:".~-:1.0!\AL c:;:T~ 3E.:r..<. 0:? l\;7;7 YORK , New York City, New York,
such sum bei~g months' in~ere s t due that d ate on
11CITY OF LUBBJc:z~ TE:G:s > ELSCTR:C LIGHT lu~D POvlER SYSTEM REVENUE
BO~D:; SERIES 196511 ~ C.a.t:ecl ~YJ:c..rch 15, 1965. The holder hereof
snall never have ·tne rit;l~.t to dema:J.d payment of this obligation
out of funcs raised or to be raiseci by taxation. Bond No.
Secretary, CiLy of
Lubboc~, Texas
----
Mayor, City of Lubbock , Texas
SEC'I'IO~ 9: ?c r-:-:1. o f CoTint:;:::-o7.:er' s Certificate. Sub-
stantially the following shall be printed on the back of each bond:
OFFICE OF C0~2~RC~LZ~
REGIS7ER NO. _____ __
I ~EREBY CE~':I?Y th~t tnere is on file and of record in
my office a ce:::::-·::.i::icat:~ of t~""lc A"ttorney Genera l of the State of
J:'exas, to ·.::1e effec ·:: c:..at ·t:·Lis bone! has bee:1 examined by him as
required ty :2:w, .s.;.-,d t:J.c..t he £:.nds tt .. at it has been issued in
confoJ:.iliity w L:h t~1e Cci:ls-;:L:·L..·:::!:.o>.""l and :aws of t he State of Texas,
and that it is a v&1 ici a~ci ~lncii4g special obligation U?On said
City of ~~bbock, T~xas, ~&yaole fro~ t he r evenues pledged to its
?ayment by and in ~~e orci~a~~e autnorizing sa~e, and said bond
has this day bee&J. r egi.s-terea ·oy me.
WIT~~SS ~~ F~~\D P~u SEP~ 07 OFFICE, at Austin, Texas,
-----------------------------0
Coiliptrol~er o~ Public Accounts of the
State of Texas
St:C7IG:\:{ :J: :::~fin::d.o-:3. For all purposes of this ordi-
nc:.::lce and fo~ cLar:.·::y w::..~h r-es)ec~ ·::o -:h::: issuanc~ of the bonds
·nere..;n ~:u ..... '->~-~.;~-·~' ~--,.:; .... -~_, "'"'1 e -i~e ~-a' ..,, ... pro ..... .,....; -+-;on of revenues .1..1 c:L L...&..-.J -..l..4JC\.... c:.w..~'-t,...4 4._ !:-"• U 0 ~1.... C4tJ ;;'..&.. -~~..4. .... -
therefor, t~·le fol:;..o'\v:;_ng ci.e=:.:.n::.:.:ions c..re provided:
t-" '":'!-.. -::. ·:-p·_~7"', ;:.::'.,~.;-~--i: s .......... -~ m"'~-. "11 .,...,ro.,..-e.,..t.!es \.-~1 --~-~--"' .....,J;:,_:.:::,a ... .::...;.. ... '"".:..~.a lJ !::' ._ .J... '
real, p~rsonal~ nix2~, o~ o~~er#ise, now mv~ed or hereafter
c:.cc;.u:.red. by l:l-:.2 City c2 Ll:.b-.Jock tl-.. rough purchase, constrJction
Or 0 ..... <-.e-~,..~.;c-::. '""'"',; -,~~ . ..:; .! • ..., co---e ........ .:on .... ,; .... h ~he C-i'-y's E1ectr"'c ~.LL -vv.J.-vt......., o....a.1~ ~~~u .L.l."' ~,1 ... ~l......L &. vv-L. ._a. .J.l.. ... J..
Lignt a.:-~d Pc~T2r Syste::-;1 a~.d i~, any-wise ap~)ertaining thereto,
whether si"i:...:.s.ted wi:chin or ·Ni-:=~.out the limits of the City.
(2~ T'he ·::e::::1 nse~ Rever.u2.s" shall mean the gross revenues
o::: ·::he CL:y' s :Slec·;:::ic Lig:-d: ar-~6 ?ower System less tne expense
of o?eratiofi &nd ~aintenance. Su ch expense of O?eration and
ma:!..nt er.ance s~1.s.1:;. not :.nclucie de:;.raciation charges or funds
plecged f or tl<e bo:::ds 1-.. erei::-L .s.uti"!orized, for the previously
issued bo~ds ~~d for addit~o~al parity bonds h~reafter autho-
rized, but s~all i~cl~de &11 salaries, l.::.bor, materials, repairs,
extensions ~ecess&~y ~o renaer se~ices, provided, however,
t~at in deterw:.r-J.L-.g H)i2·t :;:-~ever..:uesu only such re?airs and
ex~ens:.o~s as :.~ ~~e jucgment of the City Co~ncil, reasonably
o.:1d f.::.L:ly e~\.e-:cc:..seci. are necessz..ry to keep ::he System in opera-
tion a::-.d re::-..der .s.<iequc:.:e se:.--vica ::o the City and inhabitants
thereof, or such as mignt be necessary to remedy some physical
defect vihic~ o·~!:-lerw:.s2 wcu:::.d irr.pair the security of the bonds
authorized by this o~din&nce or aciditional parity bonds permitted
to be iss·.1.eci u:::-.G.e:: Sec·tion 20 hereof, shall be ded1;.cted.
(3) '::'i:1e ter.n 1:BonG.s" w:1e·never same appears in this
ordin.c.:1ce wi ~~1.o· •. ::c .::.:.-Ly c_-..:c..l:!..fying language, shall ;nean the
$ 3,000,0JO of revenue bonds a~thorized by this ordinance.
the
, '• \ \_ L,.) The exp::ession 11previously issued bonds" shall mean
(a) liCity of Lubb ock, Texas, :c::::.ectric :Sight and Power
Systeu;. Revenue Re:fu.nCL:'lg :Oo:-.ds, Series :.963", dated October
15, 1563, in the originaL p::i~c ipal amo~~t of $1,666,000; and
(b) ncL::y of ;:.;\.lbbock, ':'exc:.s, Electric :::.ign t and Power
Sys te:n Revem.:e 3m·.da, Series 1964", dated March 15, 1964,
in tne origin.::.:. ?rinci?al ~n~u~t of $4,500,000;
(5) T"r:.e ex;.rcssio-.1. ub.C::..itiona:. Parity Bo~dsn shall mean
those bonds whic~ ~h~ C~ty reserves ~he right to issue under
the provisions of Se~tion 20 hereof.
S:C:C'I'·:o;:::_ :.::.; ~?:::. ~.::g_~ ':'~1.e 8i·t:y of Lubbock covenants,
reaf~irms a~.d a3:.~ees :::~.c.t a::.l of ..::1e ~1et revenues of the System are
he:::eby ir.revoca~ly ~"Jledged ec::u,:.:.:.J for the payraent of principal and
in~eres ·c of the 'jonG.s ;. t:.e )reviou.sly issued bor.ds ar.d the additiona
parity bouds if is~~ed uLd2r ~he conditions and in the manner speci-
fied in this o::din.s.:1ce, a:::.l of v7:1.id: shall constitute a first lien
on and ?le~ge of ~ne ~et reve~ues of the System.
SEC7~:".:Y :::.2 : S-.:r s·t~:i1 :?,:::;:;.-:.~--!.. All receipts, r~venues and in-
come of eve-....~y ::1a·t·.:::e i:..l. c..·;::y ma:-.r4er GeriveC. from ovr..1ership and
oneration of the s~1s·:::er,1 .s:1a::..:i. coi:i.stit:'-l.t:e & se'.t:)arate a~d sacred ~ J fund w~ich in ho eve~t s~al l be d~verted or d::avm upon except under
..... ~...,e p,-o,-.:~~o-~ a--..: .·:,.., .. -.--·~~ ...... -·-·-os·-·~ '·--:.r~.:n presc·,...;bed A.l.-1 ~uch L-1~ J... J~\::i~ ~i.v ....... '-'. _.....,_ '-l..""-4.J\..A..)I..,:I ~~t.;, L .. i.:! ~..L .a.. .I.. .. ~
receipts, revehue s a~d i r.come s na::..: be paid over and deposited
wit~1. the Ci t:y' s C.-=.posi·co::-y w:.t~l.~n twent y four (Z4) hours after col-
lectior.. T~-..e acco·.:nt ~o wh ich said ?und shall be deposited shall be
knor,m as tl-.e E1.e::::tric :::.ig:·y:: and :o-v7er System :.<'und (hereinafter
:;:eferred t:o c:..s the 11 System Fund11 ) to be kept separate and apart
from &1: ot~e:: city f~~ds or a::::couu-::s . Speci=ically as re~ated to
the bond s here~~ a~~ho::izec and t~e p~eviously issued bonds, the
Sys-cera Fund sha::.:. be c:.:.l.d ::.s hereby p:.edged and shall be devoted and
a pplied to the pur?oses e~u~era~ed ~n Section 13 following and in
the order of precedence shoWT, therein.
s::::~·~·:::Jr· !.3: F::.ow o:: Svs::em Fund. All moneys paid over and
deposite~ in ~he System ~u~d as provided ~ Section 12 above shall
be pledged, ap?~opriated and em?ioyed as follows:
(1) Fo:: t!:-AE. pay;::-tent o£ those :1.ece ssary s.nd reasonable
expenses of operati~g anci rr.aintaining the Systeill as are set
forth in Paragr~ph 2 of Section 10 hereof relating to the
Definition of 11Net :<.ave:-. ...:esr1 •
(2) ':Lo t:i.e nspecia:. E:..ectr:.c Light and Powe~ System
Reveu~e Bond ~etireme:1.t and Reserve Fund (hereinafter referred
to as the it .... o~c. :.:~'-~:.'ldn) heretofore created and hereby reaffinned
for the bonds ne~e:.:-~ ~Lo.thorized , the previously issued bonds
ana S~CD aadi t~o~c:..l p~rity bo:1.ds as may hereafter be issued
under the provisic:1.s of Section 20 hereof. Said Bond Fund shall
be used £or no p~r?ose ·other tnan for the payment, redemption
and retireme-:~.t of such bonds a;.1d ·the interest thereon in accord-
ance with t~e ~en~s ar.c provis:.ons of the ordinances authorizing
their iss~anc e. A:.~ ~u=~s ::~ceived from the purcnasers of such
bor.ds as accr·ued interes ·t the::E:oi.-. sha ll be p::..aced in the Bond
Fund. The City cove4an~s, rea~=i~~s and agrees to provide the
Bond F<..lr.cl 't>J:..t h a::..:. amot..r.ts required to pay as dee each of the
principal and iGt~resc installmen~s pertaiaing to all bonds,
previously i s sued -~nds and add~tion~l parity bonds and that
in &dciitio:-;. t here·.:o s~~d Bo~1d J\.:~d shall contain a Reserve
?or-::ion in ·::r.e su;::;. of 'iiOt less t~-:.o.:.'l FIVE R"LH,TI:REu SEVE'NTY FIVE
TEOUSA.N:J DOLJ ..::--.s ($57 5, GOG), saic Reserve ?ort ~on of the
Bond Fu;:-;.d p:.-ese~·::::..y coci:e.ins t:<.e a.-no-;.1nt of $49:.., 712 having
been heretofor e depositec t~ere~n under ~he ?revisions of the
o:=-di:A.ai.A.ces st:t~1o'Z"izi.-;.g ·c.:.e iss1.1ance of the Se::-ies 1963 and
Se~ies' 1964 c ~~d s, ana t~cl ~~oper City Jfficia:..s are ~ereby
at:t:1orize.:i &i:ld directed to t:ak e all ste?s neces sary or
coLvenie~c to tr a~sfer t~e s~T. of $83,288 out of funds
available for sucn purpose to the Reserve Portion of said
Bond Fu~a irr~ediately upon saie and delivery of the bonds
herein authorizeG.
Said Reserve }ort~on shal~ be Gace available for and season-
a. ..... ly ~:mp::.oyed ir:. meeting t:~e requirements of the Bor.d Fund
if need be, a~d if ahy 8uount thereof is so employed said
aeserve ?or~io~ shall oe suppl emented out of the first
Sys-::em :.Unds availa.b l2 there~o:: to such exten·t as will, as
rapidiy as p ~ss~bi2 , f~:~y ~est~re same to the sum of
$575,C00. T~e c~di~a~ces ci t he City Cour.cil authorizing
e.-:.y s2-r-i~s o£ a.C.d:U:io:-.c:.:.. ;::·a:.:::t:y bo:-..ds s~all ;:na.ke due provision
-fo.,... s,,... .... -1::..,..,...::.-.~-.;-~"f ·i .;:: ""'r.:-c-:."'~"'rv .... -:.-,e Reserve Po.,...t.:on o.c the -.... u.~.J ::' -c .... ,\,:,.. ... ,_..~....L .. o > ........... .l.a.\.:,; \;;toJ.:J<;;.. ..T' L...... .,_ J... £. J...
3ond F-..:r.d so tr.a:;: sc-...:.:-1e sh~:..::. be accuur..:lated and maintained in
an a~cunt equal to ~ot less tha~ -::ne average annual principal
a:1d ir1te:-est ~ec~uiremer.ts of all series of bonds then to be
secured by a first lien on and pledge of the net revenues of
t:1.e System ar-.. ci which will oe outstanding upon the issuance of
any ser~es of a~ditional parity bonds.
,.., .... Cr-:'\""1"''\J -' M h --'0 • • • A-.c s . A 1 ~: .Ll.i.Ji'l .~-·-: .2t. oa o:t _ rovJ.a lr-.g ~"11.0U7l.t s J..Or em1-nnua
-' -· . ~ R . .c , -~ c· T 1:1.terest: anc. .i:'rl.r.~::..·c,.e .. L ~ ecu.:.re.ments o.L. tne .l)onc.s. .u""le 1.ty reasurer
is instructed ·;:o calculate the amount of each next succeeding in-
stallmer:.t of interest and principal of the bonds and to withdraw
t~""le necessa.::y a.::::.our.·::s :=rom the Syste-;n Fund and deposit them in
equal mon·th::.y ins ta.l lma:Tcs in tne Bon;:I Fund. The monthly deposits
for bond re;uirewents shall be m~de on the ~st day of each month
anci sha:l consis~ o~ not less than one-sixth of the next semi-
annual installme~t o£ i~tere st &hd principal. In the event the
income and reve~ue s o= ~he System are insufficient in any month to
permit the req_uired deposit s int:o t::·~e Bond Fund in accordance with
the provis~ons hereof or if for any other reason the City shall
fail to ~a~e tne required deposits into the Bond Fund (including
tbe reserve port~o~ if s&ue has become depleted) the amount of
such deficiencies shali ce ~ade up as promptly·as available System
Funds will permit.
S3:C:':c:,J~ ::..5 : _S·....:r~;u s ~~2v~nues. After all requirem.ents of
Paragrcp~s 1 and 2 o= Se~tion ~3 hereof have been satisfied and all
similsr req~ir2llien~s of a~y aoditional parity bonds hereafter issued
and &fte~ ail Geiiciencie s existing in such requirements nave been
remedied, s~rp :!.us r eve:.-1ues of the Syst:er.1 may be used for any other
proper city purpose s now o:~.~ l-:ereaf'l:er pe.:-mitted by General Law,
incluai~g tne u s e t h ereof ~or retiriug in advance of maturity any
such bonds or additional parity bonds by purchase on the open mar-
ket at not exceeding the warket value thereof. Nothing herein shall
be cons-cr~ed, howeve~ ~ as ir.:~:.airing tha right of the City to pay,
in accorda:1ce with the provisions thereof, any junior lien bonds
legally issued by it.
S:SCTIO~\J 16: Sec\.!:::-:":.tv ::or 'Electric System Bond Fund.
All funds her~in p:;Qvideu ~or-the Elect~ic System Bond Fund hereto-
fore establi sned a~ci ~ere~n rea~fi~ed shall be kept separate and
apart from all o·:::he:: city :f\;.:.l.cis e:.1.d shall be contim..1ously secured
by a valid pledge of d i~ect o~l::g~tions of, or obligations uncon-
ditionally guar.s.~:::;:eed by t~~~ United States of America, having a par
value, or market val~e w~en les s than par, exclusive of acc~ed in-
terest, at all times at j_east equal to the amount of money to be
deposited in said func . All sums deposited i~ said 3ond Fund shall b
held as a trust 2'·..1:.1.:1 f or t:-.e benefit of the holders of the bonG.s her -
in authorized and t he previous ly issued bonds, the beneficial inter-
est in v1hicn s:-12.:.:. be regarded as existing in such holders. To the
extent that money in the =eserve po~tion of ~he Bond Fund is in-
vested ~nder ~~e provisions of Section 18 hereof such security~
is not requi::ecl.
SZCTI.Ol\1 ]_7: Custo~i.aD of Bo:1d. Fund. The custodian of
the Bond Fuhd sha~l ~e tn2 C~ty ;s official depository bank, and
all deposits prescr~bed s~all be p:aced in said fund with said
custodian ba~k. ?rio~ to e acn int erest and principal maturity
date it shal: be t~e o~ty of t~e City Treasurer to withdraw from
said fund and place \.vi-::~--t h e pa7i;.1.g agent banks money in such
&'1lounts as 'tv~._:: be fu::;.y suffi.:ient to pay and at such times as
will permi:t prorr.p-i: pa.yr,le-..~.t o:E each interest and principal install-
ment.
SECT HE~ 18: :·:nves tree~·;.t of Reserve :?ortion of Bond Fund.
The Cus toG.ia:1 Bank s:--...::.:.1, w:ten authorized by the City Council
inves~ the reserve portion o= tne Bond Fund in direct obligations
of, or obligations g~aran'teecl by tr.e United States of A"llerica> or
invested in direct obliga~ions of the Federal Intermediate Credit
Banks, Federal ~a4d 3anks, 7ederal National Mortgage Association,
Federal Fiome ::..oan Ba:nks or :Oanks :::or Cooperatives> and which such
irNestrne-..t.t obligations must r,1at·0.r·2 or be subject to redemption at
the option of t he holde~, within not to exceed ten years from the
date o::: maki.ng ·.:he investme.n-::. Such obligations shall be held by
the deposito=y imp=essed with t~e same trust for the benefit of the
bondholders as the Bond F~nd itself and if at any time uninvested
fuuG.s shall be insufficie-.1t to pe:::mit payment of principal and
interest mat~rities herein authorizec as herein directed the said
deposito~y shall sel: on the open market such amount of the securi-
ties as is requireci to }ay said bonds and interest when due and
shall give notice thereo::: to t:he City Treasurer. All moneys result-
ing from maturity of p::~fic ipal and interest of the securities in
which the reserve r~ilds a~e invested shall be reinvested or accumu-
lated in said r~serve ~ortion of said Bond Fund and considered a
part thereof ~nd usee for and Ofily for the purposes hereinabove
provided with respect to said reserve.
S3CTION ~:..~: ~a·tes a::d C1:J.arge s. The City of Lubbock
cove~ants, ~e~ffirrr.s ar.d ag~e~s that so long as any of the revenue
bonds and coupons au~norized herein and any of the previously issued
bonds a~d coupons reillain outscanding and unpaid it shall fix and
maintain rates a~d co~:ect c~arges f or the facil ities and services
afforded by its Elec-::ric Light a~d ?ower System, which will produce
income and reve:.~ues sufficient at all times to:
(a) Pay a:: necessary operation> maintenance and
bettermeut charges and expenses of the System;
(::>) Estab:.ish and fully maintain the "Bond Fund0
iucluding the ~eserve portion thereof for the bonds herein
s:..1::horizec, the previously issued bonds and for any additional
parity bonds he~e~fter issued in accordance with the provisions
hereof;
(c) Po.y the req\.liremen·;:s of all other lawful obli-
gatior.s and indebtedness o£ the System chargeable against
the Sys tern, as .s.nd when ·::he sa---ne shall accrue and become
due.
SECT:J·s 20: :~s sac..n ~e of kddi-::ional Parity Bonds.
In addition to the right to issue oonds o~ inferior lien as autho-
rized by tne la\·7s of -::r.e Sta·~e of T~xas, ::he City of Lubbock reserve
the right to i s sue ~u~ther reverrJe bonds payable from the net income
and ~eveu.u2s of the System and when issue:.. in co~npliance with law
&~d the terms and condit ~ons ~ere~nafter appearing such addit ional
bo..:1ds sha:l c~cupy a ~)os~·.:i.~n o:: ?ar:.ty with and shall be equally
a~d ratab:y secured by a ~irs~ lien on arid pledge of the net reve-
nues of the System to the same exte:-4t as the series of bonds autho-
rized by this ordina~ce and the previously issued bonds. The City
hereby covenants, reaffirms and ag~ees that no additional bonds or
other obligations payable from the net revenues of its Electric
Light and ?ower Systew shall be issued on a parity with the series
or bonds herein authorized and with the previously issued bonds,
unless and Ulti: the fo:lowing conditions have been met:
(a) That ~he Eayor and City :'reasurer have certified
that the City is ~o~ t~en in defau:t as to any covenant, condition
or obligation prescr::.bed by -::r.is ordinance, the ordinance authoriz-
ing the issua~ce of the previous ly issued bonds, or any ordinance
authorizing the issuance of additional parity bonds then outstand-
ing, includi ng showi-pgs -:::~at a:.l interest, sinking and reserve
funds then prov!ded for have been fu:ly maintained in accordance
with the provisions of said ordinances.
(b ) That t:-le applicable laws of the State of Texas in
force at -::he t ~~e p~ovide permissio~ and authority for the issuance
of such bonds and nave bee~ f~lly complied with;
(c) 7nat t h e C~ty has secured from an independent certi-
fied pub~ic accounta~t his wci~te~ report demonstrating that the
net revenues of the Sys·::em \·;rere , during the last completed fiscal
year, or during any co~secut:ive t"tlelve (12) month period of the
last fifteen c:s) consecutive mont~s prior to the month of adoption
of the ordinance ~uthorizing the additiona:. parity bonds, equal to
at leas~ one and one-h~lf (1-1/2) times the average annual principal
and interest req·u.irerr:.ents of all the bonds whi ch will be secured
by a first :ien on £nd p~edge o£ the net revenues of the System
and which 'vill be o-~·;:sta:1C:.i~g upon the issuance of the additional
parity bones ; and ~urtner cemonstrating that for tne same period
as is ew?loyed in arriving at the ~forementioned test said net
revenues were equal ~o a~ l east one and one-fifth (1-1/5) times
the maxiw-un an:::ua:. principa l anci interest requirements of all such
bonds as wil:i.. be ou·;:sta:ndir~g upon the issuance of the additional
parity bor~ds;
(d) ?hat the additional pa~ity bonds are
mature on Apri: 15 or Oc~ober 15, or both> in each
in which ~hey are p~oviGed ~o ma~ure.
Inade to
of the years
(e) ~s he~einaoove prov~ded the Reserve Portion of the
Borld Fund snall oe ~cc~mulated and supplemented as necessary to
maintain it in a sura which shall be not less than the average annual
principal and i n terest requireu.ants of all bonds secured by a first
lien on and pledge of the net revenues of the System which will be
outstandipg upo~ ~nc issua~~c of ahy series of additional parity
bonds. Accordingly eo.~h o:rdi;::.c.;::ce a·..1thor~zing the issuance of any
series of &ddi~io~al ?a~ity bonGs shall provide for any required
increase in s&id ~es erve ?o:rtio~ and i~ supplementatio~ is necessary
to ~eet a:: co~ui~ions o~ said ~eserve Fund said ordinances shall
make provision that s&~e be supplemented by the required amounts
in eq~al mor.~hly instal:ments over a period of not to exceed sixty
(60) calendar months from the dating of such aciditinnal parity
bonds.
~~en t~~s issued such additional parity bonds may be
secured by a pledga of t~e reve~ues of the City's System on a
parity in a:l chings wi'.:h t:he pledge sec~ring the issuance of the
bonds herein authorized and the previously issued bonds.
SECT::O~ 21: Naint enar..ce a.nj Operation. The City of
Lubbock hereby covensn·:.:s, reaffirms and agrees that it will' main-
t&in the System iacilities in good conci::.tion and operate the same
in an efficien~ man~er and ac reasonable costs so long as the
bonds, previously ::.ssued bonds or t'!:i.·~ additional parity bonds are
outstanding and uhpaid. The City further agrees to maintain insur-
ance for the b ~nefi ~ o~ the holder or holders of ~he bonds of the
kinds and i:::-i. t:"l~ a:.1ounts w:1ich are usually carried by private com-
panies operacirrg simi~ar propercies, and that during such time all
policies of insu=a~ce sha:: be rn~intain in force and kept current
as to premium payrr.er.ts. ~~l: moneys received from losses under such
insurance po~icies ocher t~&~ p~b:ic liability policies are hereby
pledged as security for t:1a bonds until and unless the proceeds
thereof are ?aid ou~ ~n ~aking good t~e loss or damage in respect
of which s~ch proceeds &re received, eithe:r by replacing the
property destroyed o~ re?&iring the property damaged, and adequate
provisions made within ninety (90) days after the date of the loss
for maki~g good sue~ :oss or damage. 7he premiums for all insurance
policies requ~red u~der tbe provisions of this section shall be
considered as maintenance and operation expenses.
SECT:OX 22: ~ecorcis anc Acc 0unts. The City of Lubbock
hereby cove~a~ts, rea=~irms ~~d &grees that so long as any of the
bonG.s hereir-. authorized or the previously issued bonds, or any
interest thereo~, :remain outstanding and unpaid, it will keep and
maintain a p~oper and COili?:ete system of books, records and
accounts pertai:li::-.; ~o t::.e ope::-ation of the System, separate and
apart from all o~her records ~~d ~ccounts in which complete and
correc t en~ries s~a~l be made of all transactions relating to the
System as provided by Article 1113, Revised Civil Statutes of
Texas, i925, as amended, and that the holder or holde rs of any
of the bonds or ~ny duly aut~orized agent or agents of such holders
shaLl have the r~ght at a:l reaso~ajle times to inspe ct all such
books, records, ac_ou~:s and data relating thereto and to inspect
the System and al~ properties comprising s~~e. The appropriate City
officiais are ~ereby i~structed and directed to do any and all
tnings necessary o~ convenient in reference to keeping and main-
taining of such books, records and accounts and to make the • · moneys
availab~e ~o~ )aymen~ of the boilds in the manner provided by the
aforementioned statute. The City further agrees that within sixty
(60) days following t he close of each fiscal year it will cause
an aucii t of its books and accounts to be made by an independent
firm of Certified Pub:ic Accouncants showing the receipts and dis-
bursements f er t1:-.e a.cco·.;.r~t o£ ·~he sys-::em fo:r-the fiscal year. Each
such audit shall, i~ aciditiou to wha-::ever other matters may be
thought proper by tne hccounta~t, ?articularly include the following:
(a) A det&~led statement of the income and expenditures
for acccunt oi the Sys·:::em .. fo::: S\.lch fiscal year;
(b) A ba:2~ce sheet as of the end of such fiscal year;
~c) The Acco~ntant's comr.,ents regarding the manner in
which tne City h as c arried out the requirements of this
ordinance, and nis recommencations for any change or improve-
ments in t he operation , r ecords and accounts of the System;
(d ) A list of the insurance policies in force at the
end of the fiscal year on system properties, setting out as to
each policy tne a~ount thereof, the risk covered, the name of
the insurer a~d ~~e policy's expiration date;
(e) A s ·tatemer.:: verifyiag that the securities herein
specified the:::efor have b een on deposit as security for the
money in the E:ectric Light and Power System Bond Fund through-
out the fiscal year, &nd a l ist of the securities, if any, in
which the reserve portion of such Special Fund have been in-
vested;
(~) The n~er of ~etered and unmetered customers,
if any, conhected with any department of the System, showing
totals at the end of the fiscal year.
Ex?enses inc~rrec in making the audits above requ ired
are to be regarded c.s ma:.n-;:enance and ope ration expenses and paid
as S\:ch . Copies o:: ti.l.e aforesaid annual audit shall be promptly
furnished the o~ig~nal purc~ase~s of the bonds and any subsequent
holder at h is r equest. At the cl ose o= the first six months'
period of tne fisca: year, tne Ci~y Manager is directed to furnish
a copy of an operacing and incowe s t a cement in reasonable detail
coverin g such period to ar.y ·oor!ciholder upon his request therefor,
received not more th~1 t~irty days after the close of said six
months' period . Any boadholder shal l have the right to d:.scuss
with the Accountc.nts ma~ing t te an~ual audit the cont ents thereof
and to ask the City Xanager for such additional information as he
may reasonably request.
SS CTION 23 : 3.e-:nedie s i c:-. Event of Defaul~. In addition
to all the rights anci reQedies prov ided by law by t~e State of
Texas, the CL:y c ove:~..::.r.ts ai1d agrees part-icular ly tha t in the
event tne City (c:: <i e::c.."t::!.·.:s in payr..ent of princi?al or interest
on any of the bon.:::s when due, (b) fails to make the payments into
the Bond Fund as required by Section 13 of this ordinance, or (c)
defaults in the obse~~~nce or performance of any other of the
covenants, conditions or obligations set forth in this ordinance,
the following remedies shall be available:
1. The holder or holders of any of the bonds shall
be en~itled to a wri~ o£ mandamus issued by a court of proper
jurisdict~on com?elling and requiring the City Council and
other officers o£ tte City to observe and perform any
cove~ants, obligations or conditions prescribed in the bond
ordinance.
2. No delay or omiss~~n to exercise any right or
power accrui~g upon any defa~i~ shall impair any such
pov-;er or right or sh.s.ll be construed to be a waiver of
any suc~1 deiault or acquiescence therein, and every such
right and power may be exercised from time to time and as
often as may be deemeci expedient.
The S?ecific remedies herein provided shall be cumulative
of all otner existing re~edies and the specification of such shall
not be deemed to be exclusive.
SECTION 24: Sale, Lease or Other Encumbrance of System.
The City of Lubbock further covenants, reaffirms, binds and obli-
gates itself not to seil, lease or in any manner dispose of the
System, its properties, or any part thereof, including any and all
extensions and Qcditio~s that may be made thereto, ~1d it ack-
nowledges and accep~s restraint from doing so until the bonds
herein authorized ar .. d ·ti.""le previously issued bonds shall have been
paid in Eull as to bot~ princi?a l and interest at maturity, or
under the ?revisions nereof relatiug to their redemption prior to
maturity, or until o~her arrangements have been made for continuance
of payment o~ principa: and interest then outstanding for the full
retirement thereof; provi~ed, however, that this covenant shall not
be construed to p~eve~t the disposal by the City of property which
in its jud~ent has becoille inexpedient to use in connection with
the System when other pro?erty of equal value has been substituted
therefor.
SECTION 25: Further CovenGCitS. The City further covenants
reaffirms and agrees by and through this ordinance as follows:
(a) ~~a~ i~ has the l awful power to pledge the revenues
supportirtg t:his issue of bonds and has lawfully exercised said
power ~nder the Constit:m:ion and laws of the State of Texas,
includ~ng t~e powers existing under Articles 1111 to 1118, both
inclusive, 1925 Revised Civ~l Statutes of the State of Texas,
w::..th arnendme·.:",:::s thereto, and that the bonds issued hereunder,
the previously issued bonds and any additional parity bonds
issued pursua.'i."lt to the provisions here0f shall be ratably
secured in suc:--1 mar~ne:;:-that no one bond of any such issues
shall have preference over any other bond of such issues.
(b) 7nat tne net revenues and income of the System
are p:edged exclusively to t~e payment of the bonds herein
authorized, the previously issued bonds and such additional
?arity bonds as may herea f·::er be issued pursuan~ to the pro-
visions hereof; t~a~ said net revenues and income have not
been pledged in any man~er to ~he paymen~ of any other debt
or obligation of tne City or the System and otherwise said
System is free and clear of all encumbrances whatsoever.
(c) Tha~ noth~~g in this o~d inance shall require the
City to make any expenditure except from money in the System
Fund, bu~ nothing herein shall prohibit the City from doing
so at its eLec~ion.
(d) ?~at exce pt under the conditions of this ordinance
re:ating to parity bonds> the City will not suffer any in-
debtedness on a pa~ity or superior to the bonds of this
issue and the previously issued bonds to accrue the City or
said System and that if the System sha ll become liable for
any other indebtedness) the City Council will fix and
maintain rates and collect charges for the services afforded
by the System entiTely suificient to discharge any such
indebtedness or obligation.
(e) 'ri.1.e City will cause -;:o be rendered monthly to
e a ch customer receiving elect~ic services a statement
therefor and will not accept payment of less than all of
any statement so rendered, u sing its powers under existing
ordinances and under all such ordinances to become effective
in the future to enforce payment, to withold service from
such delinquent customers and to enforce and authorize re-
connection charges.
(f) The City 'tvi~l allow no free services from the System
and shall requiTe payrnent of the reasonable value thereof by
itself or any of its agents or instrumentalities, such payments
to be made out of funds derived from sources other than as
revenues of the System.
(g) That the City wili faithfully and punctually
perform all duties with respect to the System required by
the Constitution ar-... d ~aws a:: the State of Texas, including
the making and collecting of reasonable and sufficient rates
for services sup?iied by the System, and the segregation
and application of the revenues of the System as required by
the provisions of this ordinance.
SECTI C~ 26 : 0rdir.ance to Constitute Contract. That the
provisi ons of this ordinance shall constitute a contract between
the C i.ty o£ Lubboc:~ and the holder or ~alders from time to time
of the bonds herein authorized to be issued, and after the issuance
of any of sai d bonds, no change) variation or alteration of any
kind of the provisions of this ordinance may be made, unless as
herein otherwise provided, until all of tne bonds issued hereunder
shall have been paia as to both principal and interest.
SECTIO~ 2~: ~ayor to Have Charge of Records and Bonds.
That the Mayor of said City shall be , ~nd he is hereby authorized
to take and have charge of all n ecessary records and orders pending
investigation by the Attorney General of the State of Texas, and
shall take and have charge and control of the bonds herein autho-
rized pending their approval by the Attorney General and their
registration by the Cowptroller of Public Accounts. It shall be
the duty of the Mayor (or attorneys acting for the City) to submit
the record of said bonds ar.d the bonds to the Attorney General of
the Sta te of Texas for approval and thereafter to have the bonds
registered by the Comptroller of Public Accounts.
SECTION 28: Confirmation of sale That the sale of the
bonds herein authorized to
' ///e~tR;,t. &111"e#1 ~,;~te-E, fii,.,.,.,£A., "lL--S.tJ,7H ,..::r-""~·;
A/A,i1', /N.tFLd ~ fb . ., ,,~/
at the price of par and accr~ed interest to date of delivery, plus
a premium of $ -• -, is hereby confirmed. Delivery of the
bonds shall be rr.ade to said purchasers as soon as may be after the
adoption of this ordinance,upon payment therefor in accordance with
the terms of sale.
SECTION" 29: Pr inted Lega l Oninion on Bonds. The pur-
chasers• obligation to accept delivery of the bonds herein autho-
rized is subject to their being furnished a final opinion of
Messrs. Dumas, Hugueni n and Boothman, Attorneys, Dallas, Texas,
approving such bonds as to t heir 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 o~ each of said bonds with appropriate certifi-
cate pertaining thereto executed by facsimile signature of the
City Secretary is ~ereoy approved and authorized.
SECTION 30 : Emer~ency. The public importance of this
measure a~d the fact tha t it is to the best interest of the City of
Lubbock to provi de funds for the construction of improvements and
extensions to the City's Electric Light System at the earliest
possible date for the irr~ediate preservation of the public peace,
prope=ty, health and safety of the citizens of said City, constitute
and create an emergency and an urgent public necessity requiring
that this ordinance be passed to take effect as an emergency measure
and that this ordinahce is accordingly passed as an emergency
measure and shall take effect and be in force immediately from and
after its passage, and IT IS SO ORDAINEDo
1965.
PASSED AND APPROVED, this the 25th day of February,
~y of Lubbock, ~s
(City Seal)