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HomeMy WebLinkAboutOrdinance - 6844-1974 - $10,000,000 Obligation Bond Series 1974 Public Improvments - 03/04/1974' ,' ;, ORDINANCE NO. t rf #,¢ AN ORDINANCE by the City Council of the City of Lubbock, Texas, authorizing the issuance of $10,000,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1974,11 dated March 1, 1974, for the purpose of making permanent public improvements, to wit: $385,000 for constructing improvements and extensions to the City's Water-works System; $350,000 for constructing street improvements in and for said City, including the acquisition of necessary right-of-way for express-ways and other streets; $5,165,000 for planning, acquiring, establishing, developing, and construct-ing 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; $300,000 to acquire or improve, or both, land for park purposes for said City; $300,000 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 $3,500,000 for constructing and equipping a Civic Center to be known as Memorial Civic Center, and the acquisi-tion of a site therefor; prescribing the form of the bonds and the form of the interest coupons, levying a continuing direct annual ad valorem tax on all taxable property within the limits of said City to pay the interest on said bonds and to create a sinking fund for the redemption thereof and providing for the assessment and collection of such taxes; enacting provisions incident and relating to the subject and purpose of this ordinance; and p-rov-+d ing an effective -(iaite. WHEREAS, pursuant to an election held in the City of Lubbock on the 9th day of November, 1967, this City Council became autho-rized 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 permanent public improvements, to wit: $1,285,000 for constructing improvements and extensions to the City's Waterworks System; $6,807,000 for constructing street improvements in and for said City, including the acquisition of neces-sary right-of-way for expressways and other streets; 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, develop-ing, 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 ~ature 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: $1,800,000 to acquire or improve, or both, land for park purposes for said City; $2,800,000 to acquire or improve, or both, land for park purposes for said City, to wit: for the development of the Canyon Lakes Project; AND WHEREAS, pursuant to an election held in the City of Lubbock on the 15th day of January, 1974, 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 permanent public improvements, to wit: $3,500,000 for constructing and equipping a Civic Center to be known as Memorial Civic Center, and the acquisition of a site therefor; 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 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 Ammmt Amounts Previously Being Pu.EE_ose Election Voted Issued Issued WW System 11-9-67 $1,285,000 $ 511,000 * $385,000 $ Street Imp. 11-9-67 6,807,000 4,226,000 -kk 350,000 Airport 4-21-70 14,000,000 8,835,000 ***5,165,000 Parks 8-8-70 1,800,000 1,170,000 *** 300,000 Parks 8-8-70 2,800,000 2,500,000 * 300,000 (Canyon Lake Project) Civic Center 1-15-74 3,500,000 -0-****3,500,000 *Third installment of voted authorization. **Sixth installment of voted authorization. tt*Fourth installment of voted authorization. 'irlrlrlrFirst installment of voted authorization and final. Unissued Balance 389,000 2,231,000 -0--0--0- 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 necessary and to the best interests of the City to construct the improvements 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 LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1974," be and the same are hereby ordered to be issued in the principal sum of TEN MILLION DOLLARS ($10,000,000) for the purpose of making per-manent public improvements, to wit: $385,000 for constructing improvements and extensions to the City1s Waterworks System; $350,000 for constructing street improvements in and for said City, including the acquisition of necessary right-of-way for expressways and other streets; $5,165,000 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; $300,000 to acquire or improve, or both, land for park purposes for said City; $300,000 to acquire or improve, or both, land for park purposes for said City, to wit: for the development of the Canyon Lakes Project; and $3,500,000 for constructing and equip-ping a Civic Center to be known as Memorial Civic Center, and the acquisition of a site therefor, 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 (l) through Two Thousand (2000); shall each be in denomi-nation of Five Thousand Dollars ($5,000), aggregating TEN MILLION DOLLARS ($10,000,000); shall be dated March 1, 1974; and shall become due and payable serially, without right of prior redemp-tion, on March 1 in each of the years in accordance with the following schedule: MATURITY 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 AMOUNT $500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 MATURITY 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 AMOUNT $500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 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 1975 through 19.n_ at 6.50 %; (b) Bonds maturing in each of the years 1978 through 1980 at 4.10%; (c) Bonds maturing in the year 1981 at 4.20%; (d) Bonds maturing in the year 1982 at 4.25%; {e} Bond~ maturin9 in tne year 1983 at 4,30%· • J ( f). Bonds maturing in the year 1984 at 4.40%; (g) Bonds ma tu ring in aeh--of the years 19 85 g~kx.~_ at 4.45 %; -(11) Bonds maturing in e,!USb<X0i the years 19 86 1S~~~Xl4_ at 4 . 55 % ; (f:) Bonds maturing in~~ the year~ 1987 ~~W'~ at __ 4.65 __ %; 0") Bonds maturing in u..-d1oof the years 1988 ~8D<~_ at 4. 75 % ; (k) Bonds maturing in u.d»oof the yeara 19~ ~i)»c~_ at 4.80 %; (l) Bonds maturing in Ql8..a)(Xlll the years 1990 ~n<~ at 4.90 %; -(~) Bonds maturing in each of if the year9\ 1991 through 19~ at 5.00 %; such interest to be evidenced by proper coupons attached to each of said bonds, and said interest shall be payable on March 1, 1975, and semiannually thereafter on September 1 and March 1 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 TEXAS COMMERCE BANK, NATIONAL ASSO-CIATION, Lubbock, Texas. upon presentation and surrender of bonds or proper coupons. 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 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 substan-tially as follows: NO. UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF LUBBOCK CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BOND, SERIES 1974 $5,000 The CITY OF LUBBOCK, a municipal corporation of the State of Texas, acknowledges itself indebted to and, FOR VALUE RECEIVED, hereby promises to pay to bearer, without right of prior redemp-tion, the sum of FIVE THOUSAND DOLlARB ($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, 1975, and semiannually thereafter on September 1 and March 1 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 at-tached 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 TEXAS COMMERCE BANK, NATIONAL ASSOCIATION, Lubbock, Texas, without exchange or collection charges to the owner or holder, and for the prompt payment of this bond and the interest thereon at maturity, the full faith, credit and resources of the City of Lubbock, Texas, are hereby irrevocably pledged. THIS BOND is one of a series of Two Thousand (2000) serial bonds, numbered consecutively from One (1) through Two Thousand (2000), each in denomination of Five Thousand Dollars ($5,000), aggregating TEN MILLION DOLLARS ($10,000,000), issued for the purpose of making permanent public improvements, to wit: $385,000 for constructing improvements and extensions to the City's Water-works System; $350,000 for constructing street improvements in and for said City, including the acquisition of necessary right-of-way for expressways and other streets; $5,165,000 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 there-of, and the acquisition or elimination of airport hazards; $300,000 to acquire or improve, or both, land for park purposes for said City; $300,000 to acquire or improve, or both, land for park purposes for said City, to wit: for the development of the Canyon Lakes Project; and $3,500,000 for constructing and equip-ping a Civic Center to be known as Memorial Civic Center, and the acquisition of a site therefor, under authority of the Constitu-tion and laws of the State of Texas, and pursuant to an ordinance duly adopted by the City Council of the City of Lubbock, Texas, and recorded in the Minutes of said City Council. IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the issuance of this bond and the series of which it is a part is duly authorized by law and by 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 exclu-sively to the payment of this bond and the series of which it is a part, and to the payment of the interest coupons thereto annexed, as the same shall become due; and that the total indebtedness of the City of Lubbock, Texas, including the entire series of bonds of which this is one, does not exceed any constitutional or statu-tory 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 im-printed 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, 1974. 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 · -----· $ __ 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 TEXAS COMMERCE BANK, NATIONAL ASSOCIATION, 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 1974,11 dated March 1, 1974. 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 I 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 f~nd 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 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 1974," 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. SECTION 11: That the sale of the bonds herein authorized to Republic National Bank at Dallas, Dallas, Texas, and Associates. at the price of par and accrued interest to date of delivery, plus a premium of $ 400.00 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 accordance 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, Boothman and Morrow, Attorneys, Dallas, Texas, approving such bonds as to their validity, said opinion to be dated and delivered as of the date of delivery and payment for such bonds. Printing of a true and correct copy of said opinion on the reverse side of each of such bonds, with appropriate certificate pertaining thereto exe-cuted by facsimile signature of the City Secretary of the City of Lubbock, Texas, is hereby approved and authorized. SECTION 13: That the City hereby covenants that the pro-ceeds from the sale of said bonds will be used as soon as practi-cable for the purpose for which said bonds are issued; that such proceeds will not be invested in any securities or obligations except for the temporary period pending such use; and that such proceeds will not be used directly or indirectly so as to cause all or any part of said bonds to be or become "arbitrage bonds" within the meaning of Section 103(d) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings prescribed or made pursuant thereto. SECTION 14: CUSIP numbers are to be printed on the bonds herein authorized .. It is expressly provided, however, that the presence or absence of CUSIP numbers on the bonds shall be of no significance or effect as regards the legality thereof and neither the City nor attorneys approving said bonds as to legality are to be held responsible for CUSIP numbers incorrectly printed on the bonds. , ' SECTION 15: This ordinance shall take effect and be in force immediately from and after its final passage, and it is so ordained. PASSED AND APPROVED on first reading this the 28th day of February, )974. March PASSED AND APPROVED on second reading this the 4th day of , 1974. ------2.,_____ ATTEST: Texas (City Seal) I . . i: MINUTES PERTAINING TO PASSAGE AND ADOPTION OF AN ORDINANCE AUTIIORIZING THE ISSUANCE OF $10,000,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1974, 11 DATED MARCH 1.· 1974 THE STA TE OF TEXAS COUNTY OF LUBBOCK CITY OF LUBBOCK I I I I I ON THIS, the 28th day of February, 1974, the City Council of the City of Lubbock, Texas, convened in regular session at the regular meeting place thereof in the City Hall, the meeting being open to the public and notice of said meeting having been given as prescribed by Article 6252-17, Section 3A, V.A.T.C.S., with the following members present and in attendance, to wit: MORRIS W. TURNER MAYOR -1.--oNN-:t&-F-.--HOLU.NGSWORTH-JACK E • BAKER ) ) ) MAYOR PRO TEM DR. BRYCE CAMPBELL CAROLYN JORDAN COUNCILMEN and TREVA PHILLIPS NORMAN B. McCm.LOUGH and CI'IY SECRETARY CI'IY MANAGER also being present; and with the following absent: Lonnie P. Hollinisworth , constituting a quorum; at which time the fol owing, among other business was transacted, to wit: The Mayor introduced the following ordinance: ORDINANCE NO . 6844 "AN ORDINANCE by the City Council of the City of Lubbock, Texas, authorizing the issuance of $10,000,000 'CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1974,' dated March 1, 1974, for the purpose of making permanent public improvements, to wit: $385,000 for constructing improvements and extensions to the City's Water-works System; $350,000 for constructing street improvements in and for said City, including the acquisition of necessary right-of-way for express-ways and other streets; $5,165,000 for planning, acquiring, establishing, developing, and construct-ing an airport and air navigation facilities and the site therefor, including buil~ings and other facilities incidental to the operation thereof, and the acquisition or elimination of airport hazards; $300,000 to acquire or improve, or both, land for park purposes for said City; $300,000 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 $3,500,000 for constructing and equipping a Civic Center to be known as Memorial Civic Center, and the acquisi-tion of a site therefor; 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 the redemption thereof and providing for the assess-ment and collection of such taxes; enacting pro-visions incident and relating to the subject and purpose of this ordinance; and providing for an effective date.11 Councilman Baker then m:::,ved that the ordinance be passed on first reading to take effect immediately from and after its final passage. The m:::,tion was seconded by Councilwoman Jordan and carried by the following vote: reading. ATTEST: YEAS: Mayor Turner and Councilwoman Jordan, Councilman Baker and Councilman Campbell. NAYS: None T-he Mayor then announced the passage of the ordinance on first MINUTES APPROVED, this the 28th day of February, 1974. #2-••~· :;;L__, Mayor, City of Lubbock, Texas ~ Ci ty--Secretary, Texas (City Seal) ---------------------~---·-.,,. . ,..,.