HomeMy WebLinkAboutOrdinance - 303-1925 - Issing Bond $180,000 Semi-Annual Interest - 05/26/1925-
AB ORDINABCE WHEREBY THE QUESTION OF ISSUING BONDS OF THIS CITY IN
THE SJK 07 'l80$0oo.oo bearing semi•annuall in~eres\ a' a rate no\
GREATER THAN 6 PER CEft1 SUCH BOm>S PAYAJJIZ SERIALLY OVER A PERIOD
NOT GRE ~'l'ER THAB FORTY YEARS FROK DATE OF lSSUAllCB• FOR THE P URPOSE
OF EXTENDillG .mD DlPROVDrG THE WATER WORXS SYSTEM OF THIS cr TY t
MAY 1m ISSUED, FIXIllG THE DATE Aim PLACE OF SUCH ELECTI ON, P ROVIDIJIG
FOR NOTICE THEREOJ'• APPOill'riNG '!'BE OFFICERS TO HOLD IRE S AW!:, AND
DECI...'\RI NG mmRGENCY O!T ACCOUNT OF THE NECESSITY OF D!PROVEME!fTS Ill
SUCH SYSTEM BECAUSE OF Tim mC:REASE OF FKOPLE TO BE SF.RVED THEREBY.
BE IT ORDAINED BY ~ Cifi C<mliSSIOB OP THE CITY Oli' LUBBOCK, TEXAS&
SECTION 1. An election 1~s hereby ordered to be held a t the City Hall•
in this City, on th~ 2n4 day of luly• 1~5, at the usual hours
wherein the duly qualified property taxpaying voters or this City may
determine if bonds of thee 1ty shall be issued as herea rter set au~.
SECTION 2. Such bonds shall be in the sum o~ ~150 .• ooo.oo and bea r
interest payable semi-annually a ~ a rate not greater than 6 per cent
which mature over a period not greater than forty years ~or the
purpose of extending and improving the Waterworks System of thi o
City, and the dena.m1nationa o~ tl.ooo.oo each. A duly certified
copy of this Ordinance published in a newspaper in this City and
posted at three p ublic places within the City , as requ i red by law
for thirty days preceding such election sha ll be sufficient notice
thereof.
SICTIOB 3. Those de siring to vote in f a vor of the issuance of s u ch
bonds shall have written or printed on their ballots "For the
Issuance of $150,000.00 of Wate~7 orks Bonds a nd for the levy of a
tax sufficient to p a y the interest as it accrues and for a Sinking
Fun4 to retire the bonds a t their matur1 ty•. And those opposed to
the issuance of such bonds shall have written or printed on their
ballots •Agains~ the issuance-of $150.000~00 Waterworks :Bonde• and
the levy ot a tax sut~toient to pay-the interest as 1 t accrues, and
for a e1nldng fund to r e tire the bonds at their maturlty"J md, if
a maJority of the voters voting in such election. shall vote in
favor of the isauance of such bonds, same will be issued, and a tax
levied upon all property within this City subject to taxa tion suffl•
cient to pa7 the interest as it accrues. and to create a sinking
fund to retire such bolide at their maturity.
SECTION 4. The following persona are appointed as J'udges to hold
such election • w.s. Clark and B.D. Woods, and they shall make r e turn
of such election a a 1.a required by law. ·
SECTION 5. The tact th~t there are not sufficient water supply,
water stora ge, and water distribution for the needs of the citizens
of this City, c~ates an emergency and public necessity that the ru~e
ot the Charter requiring Ordinances to be read in two several meetings
before passage be• and the sane ia hereby suspended. and t h is Ordin-
ance passed b y unanimous vote at the meeting o~ its introduction ~nd
it is so ordere4.
PASSKD ABD APPROVED this the 26th da7 of Ka y• 1925.
"$
ATTESTt
J .R.Germany. City Secretary.
City of Lubbock. texa e.
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