HomeMy WebLinkAboutOrdinance - 5853-1970 - Making Permanent Public Improvements - 03/27/1970/
ORDINANCE NO. ...::5 .... 85""'3"--_
AN ORDINANCE by the City Council of' the City of Lubbock,
Texas, authorizing the issuance of $3,105,000 "CITY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES
1970," dated April 15, 1970, for the purpose of making
permanent public improvements, to wit: $1,420,000 for
constructing improvements and extensions to the City's
Sanitary Sewer System; $105,000 for constructing
street improvements in and for said City, including
the acquisition of necessa.ry right-of-way for express-
ways and other streets; $1,425,000 for constructing,
enlarging; extending and installing storm sewers,
drains, and gutters, and other improvements inci-
dental thereto, including acquisition of land for
drainage purposes and drainage area modifications
for mosquito control; and $155,000 for constructing,
improving and equipping fire station buildings and
the purchase of necessary sites therefor 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 redemp-
tion thereof and providing for the assessment and
collection of such taxes; enacting provisions inci-
dent and relating to the subject and purpose of this
ordinance; and providing an effective date.
WHEREAS, pursuant to an election held in the City of Lubbock
on the 17th day of September, 1963, this City Council became
authorized and empowered 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, for the purpose of making per-
manent public improvements, to wit:
./ JI
······· $1,750,000 for constructing, enlarging, extending and
installing storm sewers, drains, and gutters,
and other improve.ments incidental thereto in
and for. said City, including the acquisition
of land for drainage purposes;
AND WHEREAS, pursuant to an election held in the City of
Lubbock on the 9th day of November, 1967, this City Council became
authorized and empowered 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, for the purpose of making per-
manent public improvements, to wit:
$2,395,000 for constructing improvements and extensions
to the City's Sanitary Sewer System;
$6,807,000 for constructing street improvements in and
for said City, including the acquisition of
necessary right-of-way for expressways and
other streets;
$1,950,000 for constructing, enlarging, extending and
installing storm sewers, drains, and gutters,
and other improvements incidental thereto,
including acquisition of land for drainage
purposes and drainage area modifications for
mosquito control;
$ 215,000 for constructing, improving and equipping
fire station buildings and the purchase of
necessary sites therefor in and for said City;
AND WHEREAS,under· the provisions of Article 717k-2, V.A.T.C.S.,
this City Council is now empowered to issue and sell such bonds at
any price or prices and to bear interest at any rate or rates that
shall be determined within the discretion of this governing body;
and the City Council has now determined to issue such of the bonds
authorized at the elections of September 17, 1963 and November 9,
1967 as hereinafter provided to be issued and as shown below, it
being understood that the City Council reserves the right and
authority to issue the remaining amounts of the bonds in one or
more series or issues 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 bonds
previously authorized and issued for the respective purposes
aforementioned, the amounts being issued pursuant to this ordi-
nance for the purposes indicated, and the balance remaining for
future issuance is as follows:
Purpose
Storm Sewer
& Drainage
Sewer System
Street Im-
provement
Date of
Election
9-17-63
11-9-67
11-9-67
Amount
Amounts Previously
Voted Issued
$1,750,000 $1,715,000
2, 3,95, 000 696,000
6,807,000 2,746,000
Amount
Being
Issued
"k'k* $ 35,000 -0-
* 1,420,000 $ 279,
** 105,000 3,956,
**
a
0
Storm Sewer
& Drainage
11-9-67 1,950,000 115,000 1,390,000 445, 0
Fire Station 11-9-67
* Second installment
rJi: Third ·installment
215,000
*'k-k Fourth installment and final .
7,000 * 155,000 53, a
. AND WHEREAS, the City Council deems it advisable and to the
best interest of.the City that the bonds of the authorizations
hereinabove described shall be issued in a single combined series;
and,
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WHEREAS, it is FOUND, DETERMINED and ADJUDGED that it is neces
sary and to the best interests of the City to construct the improve
ments 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, adopted and made
effective at the ear.liest possible date; therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: That the bonds of said City, to be known as "CITY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1970," be and
the same are hereby ordered to be issued in the principal sum of
THREE MILLION ONE HUNDRED FIVE THOUSAND DOLLARS ($3,105,000) for
the purpose of making pennanent public improvements, to wit:
$1,420,000 for constructing improvements and extensions to the
City's Sanitary Sewer System; $105,000 for constructing street
improvements in and for said City, including the acquisition of
necessary right-of-way for expressways and other streets;
$1,425,000 for constructing, enlarging, extending and installing
storm sewers, drains, and gutters, and other improvements inci-
dental thereto, including acquisition of land for drainage pur-
poses and drainage area modifications for mosquito control; and
$155,900 for constructing, improving and equipping fire station
buildings and the purchase of necessary sites therefor tn and
for said City, under and by virtue of the Constitution and laws
of the State of Texas. ·
SECTION 2: That said bonds shall be numbered consecutively
from One (1) through Six Hundred Twenty-One (621); shall each be
in·denomination ·of Five Thousand Dollars ($5,000), aggregating
THREE MILLION ONE HUNDRED FIVE THOUSAND DOLLARS ($3,105,000);
shall be dated April -15, 1970; and shall become due and payable
serially on April 15 in each of the years in accordance with the
following schedule:
BOND NUMBERS I
(All Inclusive) I MATURITY AMOUNT
I $165,000 1 to 33 I 1971
34 to 65 1972 160,000
66 to 97 1973 160,000
98 to 129 1974 160,000
130 to 161 1975 160,000
162 to 193 1976 160,000
194 to 225 1977 160,000
226 to 257 1978 160,000
258 to 289 1979 160,000
·290 to 321 1980 160,000
322 to 351 1981 150,000
352 to 381 1982 150,000
382 to 411 1983 150,000
412 to 441 1984 150,000
442 to 471 1985 150,000
472 to 501 1986 150,000
502 to 531 1987 150,000
532 to 561 1988 150,000
562 to 591 1989 150,000
592 to 621 1990 · 150,000
---
_,/
PROVIDED, HOWEVER, that the City reserves the right to redeem
bonds maturing in each of the years -1986 through 1990 of said
series, in whole or any part thereof, on April 15, 1985, or on
any interest payment date thereafter, at the price of par and
accrued interest; -PROVIDED, FURTIIER, that at least thirty (30)
days prior to any date upon which any of said bonds are to be
redeemed, a notice of redemption, signed by the City Secretary
(specifying the serial numbers and amount of bonds to be redeemed)
shall have been filed with the FIRST NATIONAL CITY BANK, New York,
New York, and the CITIZENS NATIONAL BANK, Lubbock, Texas (the
paying agents named in each of said -bonds), and should any bond
or bonds ,not be presented for redemption pursuant to such notice,
the same shall cease to bear interest from and after ·the date so
fixed for redemption.
SECTION 3: That said bonds shall bear interest from date to
maturity at the following rates per annum:
-·
(a) Bonds maturing in each of the years 1971
through 1978 at 6·1/2%;
(b) Bonds maturing in the year 1979 at 5-1/4%;
(c) Bonds maturing in each of the years 1980
and 1981 at 5%;
(d) Bonds maturing in the year 1982 at 5.10%;
(e) Bonds maturing in the year 1983 at 5-1/4%;
(f) Bonds maturing in the year 1984 at 5.40%;
(g) Bonds maturing in the year 1985 at 5-1/2'7.;
(h) Bonds maturing in the year 1986 at 5. 60%;
(i) Bonds maturing in the year 1987 at 5.70%;
(j) Bonds maturing in the year 1988 at 5-3/4%;
(k) Bonds maturing in each of the years 1989
and 1990 at 4%;
and
such interest to be evidenced by proper coupons attached to each
of said bonds, and said interest shall be payable on April 15,
1971, and semi-annually thereafter on October 15 and April 15 in
each year.
SECTION 4: 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, New York, New York, or, at the option
of the _holder, at the CITIZENS NATIONAL BANK, Lubbock, Texas, upon
presentation and surrender of bonds or proper coupons.
i
SECTION 5: That 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 fac-
simile 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 registered by the Comptroller of
Public Accounts for the State of Texas, only his signature (or
• I
that of a deputy designated in writing to act for the Comptroller)
shall be required to be manually subscribed to such bonds in con•
nection with his registration certificate to appear thereon, as
hereinafter provided, all in accordance with the provisions of
Article 717j-l, V.A.T.C.S.
SECTION 6: That the form of said bonds shall be substantially
as follows:
NO. UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION
BOND, SERIES 1970
$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, the sum of
FIVE THOUSAND DOLLARS
($5,000), in law·ful money of the United States of America, on the
FIFTEENTH DAY OF APRIL, 19 , with interest thereon from the date
hereof to maturity at the rate of ________ PER CENTUM ( ____ %)
per annum, payable on April 15, ·1971, and semi-annually thereafter
on O~tober 15 and April 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 of and interest on this bond are hereby made
payable at the FIRST NATIONAL CITY BANK, New York, New York, or,
at the option of the holder, at the CITIZENS NATIONAL BANK,
Lubbock, Texas, without exchange or collection charges to the
owner or holder, and for the prompt payment of this bond and the
interest thereon at maturity, the full fa~th, credit and resources
of the City of Lubbock, Texas, are hereby irrevocably pledged.
THIS BOND is one of a series of Six Hundred Twenty-One (621)
serial bonds, numbered consecutively from One (1) through Six
Hundred Twenty-One (621), each in denomination of Five Thousand
Dollars ($5,000), aggregating THREE MILLION ONE HUNDRED FIVE
THOUSAND DOLLARS ($3,105,000), issued for the purpose of making
permanent public improvements, to wit: $1,420,000 for constructing
improvements and extensions to the City's Sanitary Sewer System;
$105,000 for constructing street improvements in and for said
City, including the ·acquisition of necessary right-of-way for
expressways and other streets; $1,425,000 for constructing, en-
larging, extending and installing storm sewers, drains, and gutters
and other improvements incidental thereto, including acquisition of
land for drainage purposes and drainage area modifications for
mosquito control; and $155,000 for constructing, improving and
equipping fire station buildings and the purchase of necessary
sites therefor in and for said City, under authority of the Con-
stitution and laws of the State of Texas, and pursuant to an ordi-
nance duly adopted by the City Council of the City of Lubbock, Tex ,
and recorded in the Minutes of said City Council.
----------------·~-·-
AS SPECIFIED in the ordinance hereinabove mentioned, the
City reserves the right to redeem bonds maturing in each of the
_ years 1986 through 1990 of this series, in whole or any part
thereof, on April 15, 1985, or on any interest payment date
thereafter, at the price of par and accrued interest to the date
fixed for redemption; PROVIDED, HOWEVER, that at least thirty
(30) days prior to any interest payment date upon which any of
said bonds are to be redeemed, a· notice of redemption, signed
by the City Secretary (specifying the serial numbers and amount
of bonds to be redeemed) shall have been filed with the FIRST
NATIONAL CITY BANK, New York, New York, and the CITIZENS NATIONAL
BANK, Lubbock, Texas; and should any bond or bonds not be pre-
sented for redemption pursuant to such notice, the same shall
cease.to bear interest from and after the date so fixed for
redemption. ·
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 authority expressly conferred at
elections. held for that purpose within said City on the 17th day
of September, 1963, and the 9th day of November, 1967; 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 suffi-
cient and proper provision has been made for the levy and collec-
tion of taxes 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 indebted-
ness 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 Article
717j-l, V.A.T.C.S., has caused the seal of said City to be im-
pressed 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 APRIL, 1970.
_Mayor, City of Lubbock, Texas
COUNTERSIGNED:
-----+·~----
City Secretary, City ·of Lubbock,
Texas
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SECTION 7: That the form of interest coupons attached to
each of said bonds shall be substantially as follows:
NO. ON THE FIFTEENTH DAY OF _____ , $ __ _
19 · _,
*(unless the bond to which this coupon pertains has been properly
called for redemption in accordance with its terms,) the CITY OF
LUBBOCK, a municipal corporation of the State of Texas, hereby
promises to pay to bearer, at the FIRST NATIONAL CITY BANK, New
York, New York, or, at the option of the holder, at the CITIZENS
NATIONAL BANK, Lubbock, Texas, without exchange or collection
charges to the owner or holder, the sum of
___________ DOLLARS
($ _____ ), in lawful money of the United States of America,
said sum being ____ months·• interest due that day. on "CITY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BOND, SERIES 1970," dated
April 15, 1970. Bond No.-~-
/ 11 /, I
City Secretary Mayor
SECTION 8: That the following certificate shall be printed
on the back of each bond:
OFFICE OF COMPTROLLER
STATE OF TEXAS
l
l
l
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 SEAL OF OFFICE at Austin, Texas
Comptroller of Public Accounts of the
I State of Texas
SECTION 9: That to provide for the payment of the debt
service requirements on the said bonds, being (i) the interest
on said bonds and (ii) a sinking fund for their redemption at
maturity or a sinking fund of 2% (whichever amount shall be
greater)~ there shall be and there is hereby levied for the
current year and each succeeding year thereafter while said
*NOTE TO PRINTER: The expression in parentheses to be included
only in coupons maturing October 15, 1985, and subsequent, pertain-
ing to optional bonds, maturing in the years 1986 through 1990.
bonds or interest thereon shall remain outstanding and unpaid,
a sufficient tax on each one hundred dollars' valuation of tax-
able property in said City, adequate to pay such debt service
requirements, full allowance being made for delinquencies and
costs of collection; said tax shall be.assessed and collected
each year and applied to the payment of the said debt service
requirements, and the ~ame shall not be diverted to any other
purpose. The taxes so levied shall be patd into a fund known
as "SPECIAL GENERAL OBLIGATION BOND FUND, SERIES 1970, '' which
is hereby established for the payment of the obligations herein
authorized. The City Council hereby declares its purpose and
intent to provide and levy a tax legally and fully sufficient
for such bonds, it having been determined that the existing ·and
available taxing authority of the City for such purpose is ade-
quate to permit a legally sufficient tax in consideration of all
other outstanding obligations.
SECTION 10: 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 ta~e 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 Ac•
counts.
to
' SECTION 11: That the sale of the bonds herein authorized
I
l
First-Southwest Company, Jo~n Nuveen & Co. and W. H. Morton & Co.
Division of American Express and Associates
at the price of par and accrued interest to date of delivery, plus
a premium of $ 756. 50 is hereby confirmed. Delivery of the
bonds shall be ma_de 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 12: That the purchasers' obligation to accept de-
li~~ry of the bonds herein autporized is subject to their being
furnished a final opinion of ~essrs. Dumas, Huguenin and Boothman,
Attorneys, Dallas, Texas, approving such bonds as to their valid-
ity, 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 appro'priate certificate pertaining thereto ·executed
by facsimile signature of the City Secretary of the City of Lubbock
Texas, is hereby approved and authorized.
SECTION 13: That this ordinance shall become effective upon
its final adoption.
PASSED AND APPROVED, this the 27th d~y of March, 1970 •
. ATTEST:
City Secretary,ityof Lubbock,
Texas
(City Seal)
PASSED ON FIRST READING by the City Council of the City of
Lubbock, Texas, in regular meeting in the City Hall of said
City, on the 26th day of March, 1970.
ATTEST:
Secretary, · ty 0£ Lubbock,.
Texas
(City Seal)