HomeMy WebLinkAboutOrdinance - 637-1940 - $50,000 Authorizing Issuance Of Bonds/Street Improvement/$100 Property Tax - 01/09/1940STATE OF TEXAS }))
CITY OF LUBBOCK
COUNTY OF LUBBOCK
}))
)))
The City Comadssion ot the CITY of LUBBOCK, TEXAS
convened in regular session on the 9th day of J:anuary; ,
1 9 4 0, at ita regular meeting place in the City :IDl.l:l, all of the m.em.-
bera thereof present, to-wit:
. C. E. Slaton,
w. G. McMillian,
w. B. Price,
Hub Jones,
J. A. Fortenberry,
lfayor
Commissioner
Commissioner
CODDD.i ssi oner
Comm.issi. oner
Also present ~d in·attendance were w. H. Rodgers, City' Manager, La.venia
Williams, City Secretary and Durwood H. Bradley, City Attorney.
-.
Among other proceedings had by the Commission, was
the followings
The Mayor placed before the City Commission the
following ordinances
Ordinance No. 637
AN ORDINANCE BY THE CITY COWl SSlON OF THE CITY OF LUBBOCK,
TEXAS, AUTHORIZING THE ISSUANCE OF BONDS FOR THE PRINCIPAL
SUM OF FIFTY THOUSAND DOLLARS ($50.ooo.OO) FOR THE PURPOSE
OF THE CONSTRUCTION AND IMPROVEMENT OF STREETS OF THE CITY
OF LUBBOCK, TEXASJ AND PROVIDING FOR THE LEVY, ASSESSMENT
AND COLLECTION OF A TAX ON EACH ONE HUNDRED DOLLARS' (tlOO)
VALUATION OF ALL TAXABLE PROPERTY WITHIN THE LIMITS OF SAID
CITY SUFFICIENT TO PAY TBE INTEREST ON SAID BONDS AND PRO-
. VIDE A SINKING FOND FOR THE REDEMPTION THEREOF AT MATURITY;
PRESCRIBING THE FORM OF BOND AND INTEREST COUPON AND DECLAR-
ING AN EMERGENCY
Oo.isaioner Price moved that the ordinance
be placed on ita tirn reading, seooJUled b7 ~ssioAer Jones
and carried by the following vote:
Price Jones , --~------------------~· --~-~~~--------------~·
MCMillian ~~-------------·· Fortenberry I --~Sl~a~t~o;n~--------·
NAYS: NoDe.
Carried: ordinance placed on first reading.
Coamisaioner price mored that the ordi.Danoe pees
t1rst readi.DS, sec011ded by Commissioner Jones and
carried by the following vote~
YEAS: -Pr~i_c_e ________________ J, Jones •
McMillian I Fortenberg , -=Sl:.;;:at=on:;.... ______ •
NAYS: None.
Carried: Ordina.uce passed on first reading.
OOllllliaaioner Fort en berry llOYed that the rule be suspended
and that the ordinance be placed on second readiDg; seoo.nded by
CoDID.iss1oner Jones and carried by the tollowing vote:
lEAS: Fortenberry Jones •
--~Pr._i~c~e------~• McMillian , --Sl;.;;.,;a ... t ... o.n~---------··
NAYS: None.
Carried: OrdiJ181lce placed on second reading.
Oommiasioner For ten berry moved that the ordinuce pass
second reading, seconded by Co.issiour Jones and
carried by the tollowi.DS vote:
~: Fortenberry J"ones
Price , MCMillian --~S1~a~t~o~n=-------~··
NAYS: None.
Carried: Ordinance passed second readi.DS•
I \
' oommissioaer J~o ... n;;;;e;.;;s.._ ___ moved that the rules be sus-
pended and that the ordinaJlce be placed on third and final reading;
seconded by Commissioner _...;PI":.;;..~;;.· c;..e.;.__ and carried by the followi.ng
vote:
YEAS: Jones Price .
~M~c~~~d~l~l~i~a~n~----~· Eortenberrx , Slaton
N.AlS: Ncm.e •
Carried: Ordi.Dance placed on third reading.
COmmissioner FOrtenberryJDOYed that the ordinance
pass third and final reading and be tiDally adopted; seconded b7
Commissioner __ _.;..Jo_n_e_s ___ and carried by the following
TOte:
YEAS: FOrtenberry ;ronea ,
-.....:Pr:..;:;;.;;;i;.;;c_e;.._ ___ ....i. McMillian , _.:::S:=l:.:::a~t;.:o;::n:..... ___ •
NAYS: Noae.
Carried: Ordi.Dance passed third and final rea.<ling.
The Mqor then declared the ordinance tinall7 passed.
The ordinance follows:
\
•
•
'·
.J
ORDINANCE NO. 637
AN ORDINANCE B! THE CITY com SSION OF THE CITY OF LUBOOCK, TEXAS
AUTHORIZING THE ISSUANCE OF BONDS FOR THE PRINCIPAL SUM OF
FIFTY THOUSAND DOLLARS (150.000.00) FOR THE PURPOSE OF THE
CONSTRUCTION AND IMPROVEMENT OF STREETS OF THE CITY OF LUBBOCK,
TEXAS; AND PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF
A TAX ON EACH ONE BUNDRED DOLLARS' (1100) VALUATION OF ALL TAX-
ABLE PROPERTY WITHIN THE LIMITS OF SAID CITY SUFFICIENT TO PAY
THE INTEREST ON SAID BONDS AND PR:>VIDE A SINKING FUND FOR THE
REDEMPriON THEREOF AT MATURITYJ PRESCRIBING THE FORM OF BOND
AND INTEREST COUPON AND DECLARING AN EMERGENCY
WHEREAS, a't an election held in the City of Lubbock on the
2nd day of September, 19,8, a majority of the qualified electors of the
City of Lubbook who owned taxable property in said city and who had duly
rendered the same for taxation, TOting at said election sustained the _pro•
position to issue bonds as hereinafter described for the principal sum of
One Hundred Fift,y Thousand Dollars {1150,000.00) by a vote of 642 affirma-
tive votes and which carried by a majority vote of 5;6 in favor the~eot, be•
ing "FOR THE ISSUANCE OF BONDS FOR THE PURPOSE OF CONSTRUCTION AND IMPROVE-
MENT 0 F STREETS AND THE LEVY OF A TAX IN PAYMENT THEREOF" J and
WHEREAS, the City COl'llllission has determined that it is ad-
visable that Fifty Thousand Dollars (150,000.00) of said bonds be issued
at this timeJ and
'WEEBEA.S, the City Commi eaion has determined that an emer-
gana.y exists tor the immediate preservation of the public peace, property,
health and safety# demanding that the rule requiring ordinances to be read
on more than one date before final passage be suspended and this ordinance
adopted as an emergency measure to take effeot and be in toroe immediately
upon its passage and a.pprova.lJ and
NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF LUB-
BOCK, TEXAS:
'·
I.
That the negotiable ooupon bonds of' said oity to be called
. .
"CITY of' LUBOOCK, TEXAS STREET ntPROVEMENT BONDS" be issued under and
/
by virtue of the Consti tu.ti0n and laws of the State of Texas, inoluding
Title 22, Chapters 1 and 7, Revised Statutes of Texas, 1925, and the pro-
visions of the City Charter, for the purpose of the co:ilstruotion and im-
provem.ent of' streets of' the City of Lubbook, Texas, in the prinoipe.l sum.
of Fifty Thousand Dollars (t5o,ooo.oo).
II.
That said bonds shall be numbered oonsecutively from one (1) to
f'if't.y (50) inclusive; of the denomination of' One Thousand Dollars ($1,000)
each, aggregating the sum of Fif'ty Thousand Dollars ($50 1 000.00) •
III.
That they shall be dated Deoember 1, 1939, and shall beoome due
and payable as follows•
Numbers
1 tQ 10
11 to 20
21 to 30
31 to 40
41 to 50
Amount
tlo .. ooo
10,000
10,000
10,000
1o .. ooo
IV.
Maturity
February 1, 1940
February 1, 19l4J,
February 1, 1942
February 1, 1943
February 1, 191.,4
Said bonds shall bear interest at the rate ot One and
.... o~n=-e:o.-...:f::.;o,.,u=r•t.;;;h:;::..... __ per cent ( 1-1/4%) per annum, payable February 1,
1940 and semi-annually thereafter on the first day of February and August
of each year •
v.
That the principal and interest of' said series ot bonds shall be
payable on presentation and surrender of' bond or proper coupons at the
_FO~r~t_w~or~th __ ·N~a_t_i_on __ a_1_.B .... a_n_k~,~F~or~t_w~or~t=h~,~T~e=x~a~s------~---------•
vr.
That each of said bonds shall be signed by the Mayor • oottn.ter•
signed by the Oity Secretary, and the corporate seal of the Oity of Lub-. -
book shall be impressed upon each of them..
VII.
That the facsimile signatures of the Jlayor and Oi ty Secretary
may be lithographed on the coupons attached to said bonds, and shall have
the same effeot as it they had been signed by them.
VIII.
The fonn of said bonds shall be substantially as follows,
..
NO. __ _
UNITED STATES OF AJmRICA
S'l'ATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
S'l'Rlml' IMPROVEMENT BOND. SERIES 1~3~
RNOW llLt. JaN BY THESE ERESENTS: That the City of Lubbock, a muni-
cipal corporation duly-i-ncorporated under the laws o~ the State o~ Texas, tor
value received, acknowledges 1 tselt indebted to Bnd hereby promises to pay to
bearer, on the 1st day of February, 19 , the prinoip1l sum ot I -
<1m THOUSAND DOlLARS
in lawi'ul money of the United States of .America, w1 th interest thereon from.
date hereof at the rate of one and one-fourth o.t 1.)
per centum per annum, interest payable February 1, 1940 and s8ni-a.no.ually
thereafter on the first days of February and August of each year; principal
and interest payable upon pres en tat ion and surrender of bond or proper coupon
at the Fort Worth National Bank, Fort Worth, Texas
and the City of Lubbock is hereby held and firmlY. bound, ·and its faith B.lld
credit, and all real and personal property in said City, are hereby irrevocably
pledged tor the prompt payment of the principal of this bond and the interest
thereon at maturity.
THIS BOND is one of a series of fifty (50) bonds, numbered consecutively
from one (1) to fifty (50), inclusive, of the denomination of One Thousand
Dollars ($1,000'.00) each, aggregating Fifty Thousand Dollars ($50,000.00),
issued for the p~e of construction and tmprovemen~ of streets in and for
said City, under and by virtue of the Constitution and laws of the State of
Tams, and the City Charter of the City of Lubbock, Texas, and in pursuance of
an ordinance duly ·and legally adopted by the City Commission ot said City and
of record in the Minutes of said City OoliDJJ.ission. •
THE DATX ot this bond, in cont'orm1 ty w1 th the ord1Aance above men-
tioned, is December l, 1939.
AND IT IS HEREBY CERTIFIED AND RECITED that the issuance of this
.bond, and the series of which it 'is a part, is duly authorized by law and by a
vote ot the qualified property taxpaying voters of the City of Lubbock, Texas,
voting at an election held for that purpose in said City on the 2nd day ot
september, 1938; that all acta, conditions and things required to be done
precedent to and in the issuance of this series ot 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 wben collected Shall
be appropriated exclusively to the payment of .this 'bond and of the series of
wbieh it 1 s a part, and to tbe payment of the interest coupons hereto annexed
as the same shall become due; and that the total indebtedness of the said City
of Lubbock, ineluding the entire series of bonds of which this is one, does not
exceed any constitutional or statutory limitation.
IN WITNESS WHllREOF, the City of Lubbock, by its City commission, has
caused its corporate seal to be hereto affixed, and this bond to be signed by
its Mayor, countersigned by its City Secretary, and registered by its City
Treasurer, and the interest coupons hereto attached to be executed by the lith-
ographed facsimile signatures of the Mayor and City Secretary, as of the 1st
de.y or December, A. D. 19}9, ~~ '~~iti~~em•
Countersigned:
Registered:
City Treasufer; City of Lubbock,
Texas
_)
IX.
That the :form o:f interest coupons shel.l be aubatutially as
:follows:
No. On the lst day ot ---
------------------· 1~---
The Oity or Lubbock, Texas, a municipal corporation of the State
of Texas, hereby promises to pay to bearer at the Fort Worth
National Bank, Fort Worth, Texas , the S\111. ot
----------------~~
in lawt'ul money at the Un1 ted States of .America, being the interest due
that date on the City ot Lubbock, Texas street tmprovenent Bond, Series
1~~~. dated Deoauber 1, 19~~. No. •
City Secretary
x.
That the following certificate shall be printed on the back of
each boad:
I Rmi8l'l!R NO. ----~
I BJSREBY Cl!RTIFY that there is on rue and at 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 :finde that it has been issued in confol'!Il1ty with the Constitution
and laws of the State ot Texas, and that it is a Talid and binding obliga-
tion upon said City o:f Lubbock, Texas, and said bond has this day been
registered by me.
WI'.mESS my hand and seal of office at Austin, Texas, this __
day of , 1940.
(SEAL)
Comptroller ot Public Accounts ot
the State of Texas.
XI.
It is turther ORDAIJED by the Cit,y Commission of the Ci~ ot
Lubbock. Texas that to pay the interest on said bonds and create a sink-
ing fund auf£'1 c1 ent to redeem them at maturity • a tax of F1 ve -------
cents ( 5 ~) on each One Hundred Dollars' ($100) valuation of ----...-:
~ble property in the said City of Lubbock shall be annually levied on
said property and annually assessed and collected, or eo auoh thereof or
in addition thereto as .IIJq" be required 1mtil said bonds wi tb interest
thereon have been :fUlly paid• and the said tax ot Five --------------------
cents ( ____ 5_-..~1> is here now levied for the current year 1940 and
so much thereof as shall be neoesea~ or in addition thereto as may be
required is hereby levied tor each succeeding year wbile said bonds or
~ of them are outstanding and same shall be annually assessed and ool-
leoted and applied to the purpose named. That for the year 1941 and eaoh
succeeding year while any of said bonds or interest thereon are outstand•
ing and unpaid• and at the time that other oi ty taxes are determined. a
tax re. te based upon the late at approved tax rolls o t the oi ty shall be
calculated and said rate requisite and IUffioient to tully make• raise
and produce in eaoh o£ the said years. a sum of money neoessacy to pay
the interest and principal maturing in eaid year. shall be levied• as-
sessed and collected and said tax so found to be necessary i1 hereb.y
ordered to be levied and is hereby levied and shall be assessed and col•
leoted and applied to the purpose named.
That to pay the interest in amount of on e Hun<lred Four
_a_n_d_5_0...:./.l_O_O ___ Dollars (I 104.50 ). and principal in ~ount
of Ten Thousand Dollars (tlo,ooo.oo) which will become due on February 1.
1940, and to pay the interest in amount of TWo Hundred Fif'ty
-------------------Dollars (I 250.00 } which will beoo.me due on
August 1, 1940. there shall be and there is hereby appropriated out o£
funds now on hand end out of the proceeds of taxes which are now in the
process of oolleotion, the aggregate sum of Ten Thousand Three BJ.ndred
50/100 which
Fifty-four and / Dollars (110,354.50 )/shall be set aaide
and held for the purpose of paying said intereat and principal respective-
lY when and as the same becomes due and shall be used for no other purpose 0
lii.
IT IS J'OR'rHIR ORDAINED that 0. E. Slaton, lia)ror of the
eu;r ot Lubbock, shall be authorized to take and have charge ot all
necessary records pending investigation b;y the Attorne1 General
and shall take and b.a.ve charge and control ot the bonds herein
authorized pending their approval b;y the Attorney General and
registration by the Comptroller of Public Aooouats.
nii.
The tact that the "City ot Lubbock, Texas is badly in
need of the street improvements contemplated in this ordinance
l'lhich is a necessity tor the 1mll1ed1ate presenation of the public
peace, property, health and satet7 creates aa. emergency demanding
that the rule requiring ordinances to be read on more than one date
before final passage be sus peDded and this ordinance adopted as an
emergency measure to take ettect and be in force i:mmediatel7 upon
its passage and approTal.
P~ AND .APFROVED. this ths 9th day of January
A. D. 17u0.
iii secretary, City ot
Lubbock, Texas.
(SEAL)
•