HomeMy WebLinkAboutOrdinance - 6874-1974 - $3,500,000 Certificates Of Obligation - 03/28/1974ORDINANCE NO. 6874
AN ORDINANCE by the City Council of the City of
Lubbock, Texas, relating to the authorization
of $3,500,000 certificates of obligation known
as "CITY OF LUBBOCK, TEXAS, CERTIFICATES OF
OBLIGATION, SERIES 1974," repealing certain
authority to issue such certificates; declar-
ing an emergency.
lfflEREAS, by ordinance duly passed and adopted on the 21st
day of January, 1974, this Council authorized the execution of
a contract with PAGE & WIRTZ CONSTRUCTION COMPANY, and made
provision for the issuance and delivery of certificates of
obligation for all or part of the contract price; and
WHEREAS, in the bidding documents and in the ordinance
authorizing the execution of the construction contract, it was
provided tha~ the City reserved the right to pay the entire
contract price through cash payments or certificates as the City
should in its sole discretion determine; and
WHEREAS, this council has determined that the entire con-
tract price to be paid by the City should be paid in cash now
on hand and legally available for such purpose (including pro-
ceeds from the sale of bonds of the City); now, therefore:
BE IT ORDAINED by the City Council of the City of Lubbock,
Texas:
SECTION 1: Pursuant to the right previously reserved by
this governing body (including Section 12 of the ordinance men-
tioned in the preamble hereof) this governing body hereby elects
to pay the Contractor, PAGE & WIRTZ CONSTRUCTION COMPANY, out of
cash legally available for the purpose and unappropriated for
any other purpose.
SECTION 2: The provisions of Sections 3 through 11 of the
ordinance mentioned in the preamble hereof (which authorized the
issuance and delivery of $3,500,000 "CITY OF LUBBOCK, TEXAS,
CERTIFICATES OF OBLIGATION, SERIES 1974," and made provision for
their payment) shall not be effective and such Sections are
repealed.
SECTION 3:
the executJ.on of
force and effect
confirmed.
The remainder of such ordinance (which authorized
the construction contract shall remain in full
and such provisions are hereby ratified and
SECTION 4: The public importance of this measure and the fact
that it is to the best interest of the City to cancel _.the certifi-
cate authorization at the earliest possible date constitute and
create an emergency and an urgent public necessity, requiring that
the rule providing for ordinances to be read more than one time or
at more than one meeting of the City Council be suspended, and re-
quiring that this ordinance be passed and take effect as an emer-
gency measure, ·and such rule is accordingly suspended and this
ordinance is passed as an emergency measure, and shall take effect
and be in full force from and after its passage.
Passed and approved this 28th day of March, 1974. ~
~of~Texas
(City Seal)