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HomeMy WebLinkAboutOrdinance - 7236-1976 - Authorizing The Issuance Of $1,580.00 "City Of Lubbock, TX, General Obligation.. - 04/21/1976ORDINANCE NO. 7236 AN ORDINANCE by the City Council of the City of Lubbock, Texas, authorizing the issuance of $1,580,000 'CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1976," dated .April 15 1976, for the purpose of making permanent public improvements, to wit: constructing street im- provements in and for said City, including the acquisition of necessary right-of-way for express- ways and other streets; 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 re- lating to the subject and purpose of this ordinance; and providing an effective date. WHERE.AS, pursuant to an election held in the City of Lubbock on the 9th day of November, 1967, this City Council became author- ized 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 pennanent public improvements, to wit: $6,807,000 for constructing street improve- ments in and for said City, including the acquisition of necessary right-of-way for expressways and other streets; $5,227,000 of such bonds have been heretofore authorized, issued, sold and delivered in seven installments; and WHEREAS, this City Council now deems it advisable and to the best interest of the City that the remaining $1,580,000 bonds of , said authorization shall be issued 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 1976," be and the same are hereby ordered to be issued in the principal sum of ONE MILLION FIVE HUNDRED EIGHTY THOUSAND DOLLARS ($1,580,000) for the purpose of making permanent public improvements, to wit: con- lj structing street improvements in and for said City, including the acquisition of necessary right-of-way for expressways and other I streets, under and by virtue of the Constitution and laws of the State of Texas. I SECTION 2: That said bonds shall be numbered consecutively from One (1) through Three Hundred Sixteen (316), shall each be in denomination of Five Thousand Dollars ($5,000), aggregating ONE MILLION FIVE HUNDRED EIGHTY THOUSAND DOLLARS ($1,580,000); shall be dated April 15, 1976, and shall bear interest and become due I I and payable serially, without right of prior redemption, on April 15 in each of the years in accordance with the following schedule: BOND NUMBERS (A 11 inclus ive) MATURITY AMOUNT RATE 1 to 15 1977 75,000 6,.25 % 16 to 30 1978 75,000 (p.7.,5 % 31 to 45 1979 75,000 • o/. ~. 2..!> 0 46 to 60 1980 75,000 4,oo % 61 to 76 1981 80,000 q__,/b % 77 to 92 1982 80,000 #..20 % 93 to 108 1983 80,000 4,,3c% 109 to 124 1984 80,000 /,t, //-D% 125 to 140 1985 80,000 -¥. -o o/c r.:J 0 141 to 156 1986 80,000 ~.t.,0% 157 to 172 1987 80,000 J,f. 7,:,% 173 to 188 1988 80,000 )l,f.0% 189 to 204 1989 80,000 H/jp% 205 to 220 1990 80,000 5,.()0 % 221 to 236 1991 80,000 ~10% 237 to 252 1992 80,000 t,..20% 253 to 268 1993 80,000 s:io% 269 to 284 1994 80,000 ~30% 285 to 300 1995 80,000 ~-,30% 301 to 316 1996 80,000 5.30% SECTION 3: That said bonds shall bear interest from date to maturity at the rate or rates shown in the above schedule, such interest to be evidenced by proper coupons attached to each of said bonds, and said interest shall be payable on April 15, 1977 and semiannually thereafter on October 15 and April 15 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 ASSOCIATION, 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-1, V.A.T.C.S. SECTION 6: That the form of said bonds shall be substantially as follows: NO. ---UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF LUBBOCK $5,000 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 DOLLARS ($5,000), in lawful money of the United States of America,. on the 15th day of April, 19 , with interest thereon from the date hereof to maturity at the rate of ___________ PER CENTUM ( ____ %) per annum, payable on April 15, 1977, and semiannually thereafter on October 15 and April 15 in each year, am 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 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 Three Hundred Sixteen (316) serial bonds, numbered consecutively from One (1) through Three Hundred Sixteen (316), each in denomination of Five Thousand Dollars ($5,000), aggregating ONE MILLION FIVE HUNDRED EIGHTY THOUSAND DOLLARS ($1,580,000), issued for the purpose of making permanent public improvements, to wit: constructing street improvements in and for said City, including the acquisition of necessary right-of- way for expressways and other streets, 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 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 arrl 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-1, V.A.T.C.S., has caused the seal of said City to be impressed 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 15th day of April, 1976. 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 15TH 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 CI'IY BANK, New York, New York, or, at the option of the holder, at the TEXAS COMMERCE BANK, NATIONAL ASSOCIATION, Lubbock, Texas, without ex- change 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 1 interest due that day on "CI'IY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BOND, SERIES 1976," dated April 15, 1976. Bond No. __ _ City Secretary Mayor SECTION 8: That the following certificate shall be printed on the back of each bond: OFFICE OF COMPTROLLER REGISTER NO. STATE OF TEXAS 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 ser- vice 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 taxable 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 1976,11 which is hereby established for the payment of the obligations herei authorized. The City Council hereby declares its purpose and in- tent to provide and levy a tax legally and fully sufficient for such bonds, it having been determined that the existing and avail- able taxing authority of the City for such purpose is adequate to permit a legally sufficient tax in consideration of all other out- standing 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 /E 'Jt',1/ s f PMHERCe 8.4N~ /V.,4. i.Jv&30C.i< 1 /EX/i.S at the price of par and accrued interest to date of delivery, plus a premimn of$ {ticNe) 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 nlllilbers may 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 innnediately from and after its final passage, and it is so ordained. PASSED AND APPROVED on first reading this the 8th day of April, 1976. PASSED AND APPROVED on second and final reading this the 12th day of Apri I , 1976. Mayor, City of Lubbock, Texas ATTEST: (CITY SEAL) MINUTES PERTAINING TO PASSAGE AND ADOPTION OF ORDINANCE AUTHORIZING TIIE ISSUANCE OF $4,400,000 11CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER SYSTEM REVENUE BONDS, SERIES 1976," DATED APRIL 15, 1976 THE STATE OF TEXAS COUNTY OF LUBBOCK § § § § § CITY OF LUBBOCK ON THIS, the /3--;f;w day of /,72~ , 1976 the City Council of the City of Lubbock, Texas, nvened i~ session at the regular meeting place thereof in the City H~ 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., the fol- lowing members being present and in attendance, to wit: ROY BASS DIRK WEST CAROLYN JORDAN BILL B. McALISTER ALAN R. HENRY TREVA PHILLIPS NORMAN B. McCULLOUGH AND AND MAYOR MAYOR PRO TEM COUNCILWOMAN COUNCILMAN COUNCILMAN CITY SECRETARY-TREASURER CITY MANAGER also being present; and with the following absent: , constituting a quorum; at which ----------------time the following, among other business was transacted, to wit: Councilmanra,.,,J introduced the following ordinance: ORDINANCE NO. 7'J. 'Q D "AN ORDINANCE by the City Council of the City of Lubbock, Texas, authorizing the issuance of $4,400,000 1 CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER SYSTEM REVENUE BONDS, SERIES 1976,' dated April 15, 1976, for the purpose of extending or improving, or both, the City1 s Electric Light and Power System, as authorized by the General Laws of the State of Texas, particularly Article 1111 et seq., V.A.T.C.S.; prescribing the form of the bonds and the form of the interest coupons; pledging the net revenues of the City's Electric Light and Power System to the payment of the principal of and interest on said bonds; and enacting provisions incident and relating to the subject and purpose of this ordinance; and declaring an emergency.11 ordinance was read in full, and thereupon, Councilman moved that the Charter rule prohibiting the --,-1,~ ......... -==----p a age of ordinances on the day on which introduced, unless declared an emergency measure, be suspended for the reasons set forth and defined in th~1reamble thereto. The motion was seconded by Councilman ,,GI?~ and carried by the following vote: v"' YEAS : NAYS: Mayor Bass and Councilmen West, McAlister, Henry and Councilwoman Jordan. None. Councilman r ~ then moved that the ordinance be finally passedan emergency measure to take effect immediately frow.,and after its passage. The motion was seconded by Councilman ;Z;~ and carried by the following vote: Y~: Mayor Bass and Councilmen West, McAlister, Henry and Councilwoman Jordan. · NAYS: None. The Mayor then announced the final passage and innnediate effect of the ordinance as an emergency measure. ~v ~ MINUTES APPROVED, this the / 3 day of //17 , 1976. ATTEST: Lubbock, (City Seal)