HomeMy WebLinkAboutOrdinance - 6031-1971 - $7,000,000, City Of Lbk, Tx General Obligation Bonds, Series 1971 - 02/11/1971.,., ....
ORDINANCE NO. "23;
AN ORDINANCE by the City Council of the City ·of Lubbock,
Texas, authorizing the issuance of $7,000,000 "CITY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES
1971, '' dated March 1, 1971, for the purpose of making
permanent public improvements, to wit: $176,000 for
constructing improvements and extensions to the City's
Waterworks System; $279,000 for constructing improve-
ments and extensions to the City's Sanitary Sewer
System; $1,150,000 for constructing street improve-
ments in and for said City, including the acquisition
of necessary right-of-way for expressways and other
streets; $210,000 for constructing, enlarging, ex-
tending 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;
$2,260,000 for planning, acquiring, establishing,
developing, and constructing an airport and air
navigation facilities and the site therefor, in-
cluding buildings and other facilities incidental
to the operation thereof, and the acquisition or
elimination of airport hazards; $1,300,000 for con-
structing and equipping a Civic Center to be known as
-Memorial Civic Center, and the acquisition of a site
therefor; $200,000 for constructing and equipping a
library building in and for said City; $425,000 to
acquire or improve, or both, land for park purposes
for said City; and $1,000,000 to acquire or improve,
or both, land for park purposes for said City, to wit:
for the development of the Canyon Lakes Project; pre-
scribing 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
subject and purpose of this ordinance; and declaring
an emergency.
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:
$2,500,000 for constructing improvements and extensions
to the City's.Waterworks System;
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; and
$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;
AND WHEREAS, pursuant to an election held in the City of
Lubbock on the 21st day of April, 1970, 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:
$14,000,000 for planning, acquiring, establishing, developing,
and constructing an airport and air navigation
facilities and the site therefor, including build•
ings and other facilities incidental to the opera-
tion thereof, and the .acquisition or elimination
of airport hazards;
AND WHEREAS, pursuant to an election held in the City of
Lubbock on the 8th day of August, 1970, 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:
$7,800,000 for constructing and equipping a Civic Cente r
to be known as Memorial Civic Center, and the
acquisition of a site therefor;
$1,200,000 for constructing and equipping a library building
in and for said City;
$!,800,000 to acquire or improve, or both, land for park
purposes for said City; and
$2,800,000 to acquire or improve, or both, land for park
purposes for said City, to wit: for the develop-
ment of the Canyon Lakes Project;
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 s uch of the bonds .
authorized at the elections aforementioned, as hereafter 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, the amounts being issued pursuant to
this ordinance for the purposes indicated, and the balance re-
maining for future issuance is as follows:
Amount Amount
Date of Amounts Previously Being
Pumose Election Voted Issued Issued
✓ww System 9-17-63 $ 2,500,000 * $1,133,000 $
/sewer System 11-9-67 2,395,000 2,116,000 ** 279,000
/street Imp.
-k'k'k
11-9-67 6,807,000 2,851,000 1,150,000
/Storm Sewer 11-9-67 1,950,000 1,505,000 ** 210,000
& Drainage
Airport 4-21-70 14,000,000 -0-~* 2,260,000
/ Civic Center
-Jric-lrk
8-8-70 7,800,000 -0-1,300,000 6,500,
**'Irk /Library 8-8-70 1,200,000 -0-200,000 1,000,
Parks 8-8-70 1,800,000 *"lrl<* -0-425,000
)arks
~
(canyon 8-8-70 2,800,000 -0-1,000,000 l,800~
Lakes Project)
*Third installment
*Third & final installment
-lrlrA-Fourth installment
*~First installment
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,
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 and adopted as
an emergency measure; now, 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 WBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1971," be and
the same are hereby ordered to be issued in the principal sum of
SEVEN MILLION DOLLARS ($7,000,000) for the purpose of making
permanent public improvements, to wit: $176,000 for constructing
improvements and extensions to the City's Waterworks System;
$279,000 for constructing improvements and extensions to the City's
Sanitary Sewer System; $1,150,000 for ·constructing street improve-
ments in and for said City, including the acquisition of necessary
right-of-way for expressways and other streets; $210,000 for con-
structing, 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; $2,260,000 for planning,
acquiring, establishing, developing, and constructing an airport
and air navigation facilities and the site therefor, including
buildings and other facilities incidental to the operation thereof,
and the acquisition or elimination of airport hazards; $1,30.0,000
for constructing and equipping a Civic Center to be known as'
Memorial Civic Center, and the acquisition of a site therefor;
$200,000 for constructing and equipping a library building in
and for said City; $425,000 to acquire or improve, or both, land
for park purposes for said City; and $1,000,000 to acquire or
improve, or both, land for park purposes for sai_d City, to wit:
for the development of the Canyon Lakes Project, 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 One Thousand Four Hundred (1400); shall each
be in denomination of Five Thousand Dollars ($5,000), aggregating
SEVEN MILLION DOLLARS ($7,000,000); shall be dated March 1, 1971;
and shall Qecome due and payable serially on March 1 in each of
the years in accordance with the following schedule:
MATIJRITY AMOUNT . MATURITY AMOUNI'
1972 $350,000 1982 $350,000
1973 350,000 1983 350,000
1974 350,000 1984 350,000
1975 350,000 1985 350,000
1976 350,000 1986 350,000
1977 350,000 1987 350,000
1978 350,000 1988 350,000
1979 350,000 1989 350,000
1980 350,000 1990 350,000
1981 350,000 1991 350,000
PROVIDED, HOWEVER, that the City reserves the right to redeem
bonds maturing in each of the years 1987 through 1991 of said
series, in whole or any part thereof, on March 1, 1986, or on
any interest payment date thereafter, at the price of par and
accrued interest; PROVIDED, FURTHER, 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,
th_e 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 1972
and 1973 at 3.5%;
(b) Bonds maturing in each of the years 1974
through 1979 at 5.5%;
(c) Bonds maturing in the year ~l980 at 4.9%;
{d) Bonds maturing in each of the years 1981
and 1982 at 4%;
(e) Bonds maturing in the year 1983 at 4.1%;
(£) Bonds maturing in the year 1984 at 4.25%;
(g) Bonds maturing in the year 1985 at 4.40%;
(h) Bonds maturing in the year 1986 at 4.50%;
(i) Bonds maturing in each of the years 1987
through 1989 at 4.6%; and
(j) Bonds maturing in each of the years 1990
and 1991 at 3%;
such interest to be evidenced by proper coupons attached to each
of said bonds, and said interest shall be payable 'on March 1, 1972,
and semi-annually thereafter on September 1 and March 1 in each yea.
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.
SECTION 5: That the seal of said City may be impressed on
each o~ 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
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~
r ·" .. , ,
SECTION 6: That the form of said bonds shall be substan-
tially as follows:
NO. UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF lliBBOCK
CITY OF lliBBOCK, TEXAS, GENERAL OBLIGATION
BOND, SERIES 1971
$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 lawful money of the United States of America, on the
FIRST DAY OF MARCH, 19 ___ , with interest thereon from the date
hereof to maturity at the rate of _______ PER CENTUM ( %)
per annum, payable on March 1, 1972, and semi-annually thereafter
on September 1 and March 1 in each year, and interest falling due
~nor 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
owrier 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 One Thousand Four Hundred
(1400) serial bonds, numbered consecutively from One (1) through
One Thousand Four Hundred (1400), each in denomination of Five
Thousand Dollars ($5,000), aggregating SEVEN MILLION DOLIARS
($7,000,000), issued for the purpose of making permanent public
improvements, to wit: $176,000 for constructing improvements and
extensions to the City's Waterworks· System; $279,000 for construc-
ting improvements and extensions to the City's Sanitary Sewer
System; $1,150,000 for constructing street improvements in and
for said City, including the acquisition of necessary right-of-
way for expressways and other streets; $210,000 for constructing,
enlarging, extending and installing storm sewers, drains, and
gutters; and other improvements incidental thereto, including
acquisition of land for drainage purpos_es and drainage area
modifications for mosquito control; $2,260,000 for planning,
acquiring, establishing, developing, and constructing an airport
and air navigation facilities and the site therefor, including
buildings and other facilities incidental to the operation thereof,
and the acquisition or elimination of airport hazards; $1,300,000
for constructing and equipping a Civic ·Center to be known as
Memorial Civic Center, and the acquisition of a site therefor;
. . . .
$200,000 for constructing and equipping a library building in and
for said City; $425,000 to acquire or improve, or both, land for
park purposes for said City; and $1,000,000 to acquire or improve,
· or both, land for park purposes for said City, to wit: for the
development of the Canyon Lakes Project, 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.
AS SPECIFIED in the ordinance hereinabove mentioned, the
City reserves the right to redeem bonds maturing in each of the
years 1987 through 1991 of this series, in whole or any part
thereof, on March 1, 1986, 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 no.tice, 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; 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 in-
debtedness of the City of Lubbock, Texas, including the entire
series of bonds of which this is one, does not exceed any consti-
tutional or statutory limitation.
IN TESTIMONY WHEREOF, the City Council of the City of
Lubbock, Texas, in accordance with the provisions of 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 FIRST DAY OF MARCH, 1971.
Mayor, City of Lubbock, Texas
COUNTERSIGNED:
City Secretary, City of Lubbock, Texas
SECTION 7: That the form of interest coupons attached to
each of said bonds shall be substantially as follows:
NO. ON THE FIRST 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 1971," dated
March 1, 1971. Bond No.
City Secretary Mayor
SECTION 8: That the following certificate shall be printed
on the back of each bond:
OFFICE OF COMPTROLLER
STATE OF TEXAS
I
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 SEAL OF OFFICE at Austin, Texas,
Comptroller of Public Accounts of the
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
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
*NOTE TO PRINTER: The expression in parentheses to be included
only in coupons maturing September 1, 1986, and subsequent, per-
taining to optional bonds maturing in the years 1987 through 1991.
'• .
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 same shall not be diverted to any other
purpose. The taxes so levied shall be paid into a fund known
as "SPECIAL GENERAL OBLIGATION BOND FUND, SERIES 1971," 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 take and have charge and control of the
bonds herein authorized pending their approval by the Attorney
General and their registration by the ·Comptroller of Public
Accounts.
to
SECTION 11: That the sale of the bonds herein authorized
FIRST NATIONAL BANK IN DALLAS, Dallas, Texas,
and ASSOCIATES
at the price of par and accrued interest to date of delivery, plus
a premium of$ 231.00 is hereby confirmed. Delivery of the
bonds shall be made to said purchasers as soon as may be after
the adoption of this ordinance, upon payment therefor in accor-
dance with the terms of sale.
SECTION 12: That the purchasers' ·obligation to accept de-
.livery of the bonds herein authorized is subject to their being
furnished a final opinion of Messrs. Dumas, Huguenin and Boothman,
Attorneys, Dall~s, Texas, approving such bonds as to the ir valid-
ity, said opinion to be dated and delivered as of the da te 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 of the City of
Lubbock, Texas, is hereby approved and authorized.
SECTION 13: The public importance of this measure and the
fact that it is to the best interest of the City of Lubbock to
provide funds for the purpose of constructing the improvements
herein .contemplated at the earliest possible date for the immedi-
ate preservation of the public peace, property, 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 and take effect as an emergency measure, and that this
ordinance is accordingly passed as an emergency measure and
shall take effect and be in force imn_iediately from and after
its passage, and it is so ordained.
PASSED AND APPROVED, this the 11th day of February, 1971.
Mayo
ATTEST:
City Secretary, City of Lubbock,
Texas
(City Seal)