HomeMy WebLinkAboutOrdinance - 5695-1969 - An Ordinance Authorizing The Issuance Of $3,255,000 'City Of Lubbock, Texas, Gen - 07/10/1969(. \
ORDINANCE NUMBER 5695
AN .ORDINANCE by the City Council of the City of Lubbock,
Texas, authorizing the issuance of $3,255,000 'CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1969',
dated August 1, 1969, for the purpose of making perma-
nent public improvements, to-wit: $27,000 for con-
structing, improving and equipping fire station buildin s
and the purchase of necessary sites therefor in and for
said City; $1,682,000 for constructing street improve-
ments in and for said City, including the acquisition o
necessary right-of-way for expressways and other streets;
$850,000 for constructing, enlarging, extending and
installing storm sewers, drains and gutters, and other
improvements incidental thereto in and for said City
including the acquisition of land for drainage purposes
and drainage area modifications for mosquito control;
$696,000 for constructing improvements and extensions
to the City's sanitary sewer system; prescribing the for
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 tocreate a
sinking fund for the redemption thereof and providing
for the assessment and collection of such taxes;
enacting provisions incident and relating to the pur-
pose and subject of this ordinance and declaring an
emergency."
WHEREAS, pursuant to an election held in the City of Lubbock
on the lOth day of September, 1959, a majority of the duly quali-
fied electors of said City who owned taxable property therein
and who had duly rendered the same for taxation sustained the propo-
sition authorizing the City Council to issue general obligation
bonds of the City to mature serially over a period of years not to
exceed Thirty (30) years from their date for the purpose of making
permanent public improvements, to-wit: ·
and
$ 400,000 for constructing and equipping a fire station build-
ing in and for said City;
WHEREAS, pursuant to an election held in the City of Lubbock
on the 17th day of September 1963, a majority of the duly qualified
electors of said City who owned taxable property therein and who had
duly rendered the same for .taxation sustained propositions authoriz-
ing the City Council to issue general obligation bonds of the City
to ~~ture serially over a period of years not to exceed Forty (40)
yea~s from their date for the purpose of making permanent public im-
provements, to-·wit:
$ 1,200,000 for constructing street improvements for said City,
including acquisition of rights-of-way;
1,750,000 for constructing, enlarging, extending and
installing storm sewers, drains, and gutters, and
other improvements 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, a majority of the duly qualified
electors of said City ·who owned taxable property therein and ·who had
duly rendered the same for taxation sustained propositions authorizi ~
the City Council to issue general obligation bonds of the City to
mature serially over a period of years not to exceed Forty (40) year
from their date for the purpose of making permanent public improve-
ments, to-wit:
and
$2,395,000 for construcint improvements and extensions
to the City's Sanitary Sewer System.
$6,807,000 for construcing street improvements in and
for said City, including the acquisition of nec-
essary 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 incidents 1 thereto, including
acquisition of land for drainage purposes and drain-
age modifications for mosquito control;
$215,000 for constructing, improving and equipping
fire station buildings and the purchase of nec-
essary sites therefor in and for said City;
WHEREAS, the City Council has determined to issue such of th
authorized but unissued bonds of the September 10, 1959, the
September 17, 1963 and the November 9, 1967 voted authorizations
as hereinafter provided to be issued and as shown in the tabulation
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 at a future date or dates ~hen, in the judgment of
the City Council such amounts are needed for their authorized
purposes. A tabulation showing the amounts of all bonds previously
authorized and issued for the respective purposes aforementioned,
the amounts being issued by this ordinance for the purposes indicate
and the balance remaining for future issuance is as follows:
Date of
Authorizing Amount
Purpose Election Voted
Fire 9-10-59 $ 400,000
Station
Street 9-17-63 1,200,000
Improvement
Storm Sewer 9-17-63 1,750,000
& Drainage
Sewer 11-9-67 2,395,000
Svstem
Street Im-11-9-67 6,807,000
provement
Storm Sewer 11-9-67 1,950,000
& Drainage
Fire 11-9-67 215,000
Station
* Fifth Installment (Final) ** Fourth Installment (Final) *** Third Installment **** First Installment ***** Second Installment ****** Second Installment
******* First Installment
Amount Amount
Previously Being Unissue
Issued Issued Balance
$ 380,000 $ 20,000
*
$ -0-
1,185,000 15,000 -0-
** 965,000 750,000 35 ,oc
...... ~~-
-0-696,000 1, 699, oc
.......... ~
1,079,000 1,667,000 4,061,0(
-'· ...... .I.
15,000 100,000 1,835,0C
-0-7,000 ~08,0(
*******
. 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
d
0
0
0
0
0
WHEREAS, it is FOUND, DETERMINED AND ADJUDGED that it is nec-
essary and to the best interests of the City to construct the improve-
ments and extensions 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 b)
virtue thereof this ordinance shall be passed and adopted as an
emergency measure; therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: That the bonds of the City of Lubbock, Texas,
to be known as 11CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1969", be and the same are hereby issued under and by virtue cf
the Constitution and laws of the State of Texas, for the purpose of
making permanent public improvements, to-wit: $27,000 for con-
structing improving and equipping fire station buildings and the
purchase. of necessary sites therefor in and for said City; $1,682,00C
for constructing street improvements in and for said City, including
the acquisition of necessary right-of-,way for expressways and other
str eets; $850,000 for constructing, enlarging , extending and in-
stalling storm se~ers, drains and gutters, and other improvements
incidental thereto in and for said City including the acquisition
of land for drainage purposes and drainage area modifications for
mosquito control; $696,000 for constructing improvements and ex-
tensions to the City's sanitary sewer system; aggregating the prin-
cipal sum of THREE MILLION TWO HUNDRED FIFTY-FIVE THOUSAND DOLLARS
($3,255,000).
SECTION 2: That said bonds shall be numbered consecutively
from One (1) through Six Hundred Fifty-One (651); shall each be in
denomination of Five Thousand Dollars ($5,000), aggregating THREE
MILLION TWO HUNDRED FIFTY-FIVE THOUSAND DOLLARS ($3,255,000); shall
be dated August 1, 1969; and shall become due and payable serially,
without right of prior redemption, on February 1 in each of the year
in accordance ·with the following schedule:
BOND NUMBERS
(All Inclusive} MATURITY AMOUNT
1 to 33 1970 $ 165,000
34 to 66 1971 165,000
67 to 99 1972 165,000
100 to 132 1973 165,000
133 to 165 1974 165,000
166 to 198 1975 165,000
199 to 231 1976 165,000
232 to 264 1977 165,000
265 to 297 1978 165,000
298 to 330 1979 165,000
331 to 363 1980 165,000
364 to 395 1981 160,000
396 to 427 1982 160,000
428 to 459 1983 160,000
460 to 491 1984 160,000
492 to 523 1985 160,000
524 to 555 1986 160,000
556 to 587 1987 160,000
588 to 619 1988 160,000
620 to 651 1989 160,000
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 1970 through
19~ at 6-\ %;
(b) Bonds maturing in eaeh-ef the year-s 19 .JU.. t:br-Gl:igh-
1'9"----at 6 %;
(c) Bonds maturing in each of the years 19~ through
19.M_ at 5-\ %;
(d) Bonds maturing in-ea~-ef the years-19_!2.. through
~-9---atl/20of 1%;
(e) Bonds maturing in each of the years 19_ through
19_ at %· o, and
(f) Bonds maturing in each of the years 19_ through
19 at cz: -o,
such interest to be evidenced by proper coupons attached to each
of _said bonds, and said interest shall be payable on February 1, 1970
and semi-annually thereafter on August l and February 1 in each year.
SECTION 4: That both principal and interest on said bonds
shall be payable in lawful money of the United States of America,
·wi~hout exchange or collection charges to the owner of holder, at
THE FIRST NATIONAL CITY BANK, New York, New York, or, at the option
of the holder, at CITIZENS NATIONAL BANK, Lubbock, Texas, upon
presentation and surrender of bonds or proper coupons.
SECTION 5: That the seal of said City may~ impressed on ea r.
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 facsimile
signatures of the Mayor and City Secretary of the City, and exe-
cution 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 re-
quired to be manually subscribed to such bonds in connection 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 1969
$5,000
The CITY OF LUBBOCK, a municipal corporation of the State of
Texas, acknowleges itself indebted to, and FOR VALUE RECEIVED,
hereby promises to pay to bearer, ·without right of prior redemp-
tion, the sum of
FIVE THOUSAND DOLLARS
($5,000), in lawful money of the Unites States of America, on the
FIRST DAY OF FEBRUARY, 19 __ , ·with interest thereon from the
date hereof to maturity at the rate of PER CENTUM
( %) per annum, payable on February 1, 1970 and semi-annually
thereafter on August 1 and February 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 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 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 faith, credit and resources of the City of
Lubbock, Texas, are hereby irrevocaoly pledged.
..
THIS BOND is one of a series of Six Hundred Fifty-One (651)
serial bonds, numbered consectuively from One (1) through Six Hundre
Fifty-One (651), each in denomination of Five Thousand Dollars
($5,000), aggregating THREE MILLION TWO HUNDRED FIFTY-FIVE THOUSAND
DOLLARS ($3,255,000), issued for the purpose of making permanent
public improvements, to-wit: $27,000 for constructing, improving
and equipping fire station buildings and the purchase of necessary
sites therefor in and for said City; $1,682,000 for constructing
street improvements in and for said City, including the acquisition
of necessary right-of-way for expressways and other streets;
$850,000 for constructing, enlarging, extending and installing
storm sewers, drains and gutters, and other improvements incidental
thereto in and for said City including the acquisition of land for
drainage purposes and drainage area modifications for mosquito con-
trol; $696,000 for constructing improvements and extensions to the
City's sanitary sewer system; 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.
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 vote of the resident qualified electors of
said City, who owned taxable property therein and ·who had duly
rendered the same for taxation, voting at elections held for that
purpose within said City on the lOth day of September, 1959, 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 sufficient
and proper provision for the levy and collection of taxes has
been made ·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 imebtedness 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 Lubboc ,
Texas, in accordance with the provisions of Article 717j-l, V.A.T. c.s., has caused the seal of said City to be impressed or a fac-
simile thereof to be printed hereon, and this bond and its appur-
tenant 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 tne FIRST DAY OF AUGUST, 1969.
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
CITIZENS NATIONAL BANK, Lubbock, Texas, without exchange or col-
lection 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 the "CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION BOND, SERIES 1969", dated
August 1, 1969. 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
l
l
l
REGISTER NO.
I HEREBY CERTIFY that there is on file and of record in
my office a certificate of the Attoney 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 THE SEAL OF MY OFFICE at Austin, Texas,
Comptroller of Public Accounts of the
State of Texas
SECTION 9: That a special fund to be designated "SPECIAL
GENERAL OBLIGATION BOND FUND, SERIES 1969" is hereby created, and
the proceeds of all taxes collected for or on account of this
series of bonds shall be credited to said fund for the purpose of
paying the interest on and to provide a sinking fund for the
redemption of said bonds at maturity; and said fund shall be used
for no other purpose; that, ·while said bonds or any of them are
outstanding and unpaid, there shall be annually levied, assessed,
and collected in due time, form and manner a tax upon all of the
taxable property in said City sufficient to pay the current inter-
est thereon and create a sinking fund sufficient to pay each
. . .
installment of principal as the same becomes due~ or a sinking
fund of 2%, whichever is greater; and to pay the interest on said
bonds for the first year and to create a sinking fund with which
to pay the principal as the same becomes due, or a sinking fund
of 2%, whichever is greater, there is hereby levied a sufficient
tax on each one hundred dollars• valuation of taxable property
in said City for the current year and the· sa'me shall be assessed
and collected and applied to the purpose named; and while said
bonds or any of them are outstanding and unpaid, a tax each year
at a rate from year to year as will be ample and sufficient to
provide funds to pay the current interest on said bonds and to
provide the necessary sinking fund, full allowance being made for
delinquencies and costs of collection, shall be and is hereby
levied for each year~ respectively, and said tax shall each year
be assessed and collected and applied to the payment of the
principal of and interest on said bonds. 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 adequate 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 --
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 $ 2s.~o is hereby confirmed. Delivery of the
bonds shall be made to said purchaser 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 purchaser • s 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, 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 executed by facsimile
signature of the City Secretary~ is hereby approved and authorized.
-. .
SECTION 13: That the public importance of this measure and
the fact that it is to the best interest of the City to provide fund
for the purpose of constructing the improvements and extensions
herein contemplated at the earliest possible date for the immediate
preservation of the public peace, property, health and safety of
the citizens of th~ City of Lubbock, constitute and create an
emergency and an urgent public necessity requiring that this ordi-
nance be passe.d and take effect as an emergency measure, and this
ordinance is accordingly passed as an emergency measure and shall
take effect and be in force immediately from and after its passage.
. PASSED AND APPROVED, this th ly, 1969.
City
(City Seal)