HomeMy WebLinkAboutOrdinance - 1044-1950 - Authorizing Issuance Of $120,000 Fire Station Bonds - 12/28/1950I
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12-28-(.950
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AN ORDINANCE AUTHORIZING ISSUANCE OF $120,000
"CITY OF LUBBOCK, TEXAS, FIRE STATION BONDS,
SERIES 1951", DATED JANUARY 1, 1951
THE STATE OF TEXAS I
I CITY OF LUBBOCK
COUNTY OF LUBBOCK
ON THIS, the '1. ~ day of December, 1950, the City
Commission of the City of Lubbock, Texas, convened in lf yu LA \'t
session at the regular meeting place thereof in the City Hall,
with the following members thereof, to-wit:
CLARENCE K. WHITESIDE, MAYOR, Presiding;
LUCIAN THOMAS )
E. K. HUFSTEDLER
L. E. DAVIS
HARRY MORRIS
) CO:l+IISSIONERS,
)
)
and
MRS. LAVENIA LOWE, CITY SECRETARY,
present, and the following absent: \) 0 tJ c:---~----------------------'
constituting a quorum, when among other proceedings had were the
following:
Commissioner ~ o B \\ \~ presented for the consider
ation of the City Commission an ordinance authorizing the issuance
of "CITY OF LUBBOCK, TEXAS, FIRE STATION BONDS, SERIES 1951",
dated January 1, 1951, in the principal sum of $120,000, (being
the first installment of a total authorized issue of #431,000).
The ordinance was read in full by the City Secretary.
Thereupon, Commissioner h 1\\1 \.J:, moved that the
rule requiring that no ordinance shall be passed on the day on
which it is introduced be suspended, and that in view of the
emergency set forth and defined in the preamble to the proposed
ordinance, that the same be declared an emergency measure. This
'•
motion was duly seconded by Commissioner It+1> t't A.s
motion carried by the following vote:
• The
AYES: Commissioners Thomas, Hufstedler, Davis, Morris
I
and Mayor Whiteside.
NOES: None.
Thereupon, Commissioner M o 1\.l\ U. moved that the
ordinance as read in full by the City Secretary be finally passed
and adopted by the Commission. This motion was seconded by
Commissioner 'b ~V \_5:. , and the motion, carrying with it
the final passage and adoption of the ordinance, was unanimously
carried by the following vote:
AYES: Commissioners Thomas, Hufstedler, Davis, Morris
and Mayor Whiteside.
NOES: None.
Thereupon, the Mayor announced that the ordinance had
been finally passed and adopted by unanimous vote of the Commission
' in accordance with the requirements of Sections 15, 16 and 17, of
Article IX of the Lubbock .Charter; and the Mayor thereupon signed
and approved the ordinance in the presence of the Commission.
The ORDINANCE is as follows:
NO. J o'tf
"AN ORDINANCE by the City Commission of the City of
Lubbock, Texas, authorizing the issuance of bonds
in the principal sum of $120,000 (being the first
installment of a total authorized issue of $431,000)
for the purpose of making permanent public improve-
ments, to"wit: constructing, enlarging and
improving fire station buildings· and equipping the
same in and for said City; prescribing the form of
the bonds and the form of interest cqupons; 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 pro-
viding for the assessment and collection of such
taxes; enacting the provisions incident and relating
to· the purpose and subject of this ordinance; and
declaring an emergency."
WHEREAS, the City Commission of the City of Lubbock,
Texas, on the 5th day of September, 1950, adopted an order calling
an election on the question of the issuance of $431,000 general
obligation tax bonds to mature serially over a period of years not
to exceed thirty (30) years from their date, and bearing interest
at a rate of not exceeding 3-1/2% per annum, payable annually or
semi-annually, for the purpose ofmaking permanent public improve-
ments, to-wit: constructing, enlarging and improving fire station
buildings and equipping the same in and for said City; and
WHEREAS, the said election was held pursuant to said
order on the 26th day of September, 1950; and
I WHEREAS, the Commission has heretofore examine9(into . I
and investigated the regularity of the proceedings for said elec-
\
tion and found that the same was duly ana legally held; that the
notice required by law to be given had been duly and legally
given; and that said election was conducted in strict cortformity
with the law; and that due returns of said election had been made
by the proper officers; and
WHEREAS, at said election, the qualified voters who are
property taxpayers of the City of Lubbock, voting at said election,
eustained by a majority vote, the proposition to issue bonds for
constructing, enlarging and improving fire station buildings and
equipping the same in and for said City; and
WHEREAS, the City Commission has heretofore adopted a
resolution declaring the results of said election and determining
the specific authority of the City to issue said general obliga-
tion tax bonds; and
WHEREAS, it being now determined by the Commissiorr of
the City of Lubbock, Texas, that it is not desired at this time to
issue all of the bonds authorized, in the total principal sum of
$431,000, and that $120,000 is the amount of bonds now desired
to be issued under and pursuant to this ordinance, and that the
remaining amount of said bonds, to-wit: $311,000, may be issued
at a future date or dates, if and when in the judgment of the
Commission of said City, the said additional bonds are needed by
the City for the purposes for which such indebtedness was
authorized; and
WHEREAS, it is now necessary and proper that the City
Commission of the City of Lubbock, Texas, proceed with the issu-
ance of such general obligation tax bonds; and
WHEREAS, it is FOUND DETERMINED AND ADJUDGED that it
is necessary and to the best interest of the City to construct,
enlarge and improve fire station buildings and equip the same in
and for said City 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 should be passed and adopted as an
emergency measure; therefore
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
LUBBOCK, TEXAS:
SECTION 1: That the bonds of the City of Lubbock,
Texas, to be known as "CITY OF LUBBOCK, TEXAS, FIRE STATION BONDS,
-SERIES 1951", be issued under and by virtue of the Constitution
and laws of the State of Texas for the purpose of making permanent
public improvements, to-wit: constructing, enlarging and im-
proving fire station buildings and equipping the same in and for·
said City, in the principal sum of ONE HUNDRED TWENTY THOUSAND
DOLLARS ($120,000), (being the first installment of a total
authorized issue of $431,000).
SECTION 2: That said bonds shall be numbered
consecutively from One (1) to One Hundred Twenty (120), both
inclusive; shall be of the denomination of One Thousand Dollars
($1,000) each, aggregating the sum of ONE HUNDRED TWENTY THOUSAND
DOLLARS ($120,000).
SECTION 3: That said bonds shall be dated January 1,
1951, and shall become due and payable serially according to the
following schedule:
BOND NUMBERS
{All Inclusive} MATURITY DATES AMOUNTS
1 and 2 January 1, 1952 $2,000
3 and 4 January 1, 1953 2,000
5 and 6 January 1, 1954 2,000
7 and 8 January 1, 1955 2,000
9 and 10 January 1, 1956 2,000
11 and 12 January 1, 1957 2,000
13 and 14 January 1, 1958 2,000
15 and 16 January 1, 1959 2,000
17 and 18 January 1, 1960 2,000
19 and 20 January 1, 1961 2,000
21 and 22 January 1, 1962 2,000
23 and 24 January 1, 1963 2,000
25 and 26 January 1, 1964 2,000
27 and 28 January 1, 1965 2,000
29 and 30 January 1, 1966 2,000
31 and 32 January 1, 1967 2,000
33 and 34 January 1, 1968 2,000
35 and 36 January 1, 1969 2,000
37 and 38 January 1, 1970 2,000
39 and 40 January 1, 1971 2,000
41 to 47 January 1, 1972 7,000
48 to 54 January 1, 1973 7,000
55 to 61 January 1, 1974 7,000
62 to 69 January 1, 1975 8,000
70 to 77 January 1, 1976 8,000
78 to 85 January 1, 1977 8,000
86 to 93 January 1, 1978 8,000
94 to 102 January 1, 1979 9,000
103 to 111 January 1, 1980 9,000
112 to 120 January 1, 1981 9,000
..
~~CTION 4: That the said bonds shall bear interest
from date until paid at the following rates per annum, that is
to say --
(a) Bonds Numbered 1 to 26, both inclusive,
(maturing on January 1st in each of the years 1952 to
1964, both inclusive) and Bonds Numbered 55 to '120,
"
both inclusive (maturing on January 1st in each of the
years 1974 to 1981, both inclusive) shall bear interest
at the rate of TWO AND ONE-HALF PER CENTUM (2-1/2%) per
annum; and
(b) Bonds Numbered 27 to 54, both inclusive,
(maturing on January 1st in each of the years 1965 to
1973, both inclusive) shall bear interest at the rate
of TWO AND ONE-FOURTH PER CENTUM (2-1/4%) per annum;
such interest to be evidenced by proper coupons attached to each
of said bonds, and said interest shall be payable semi-annually
on January 1st and July 1st in each year, the first interest
payment date being January 1, 1952.
SECTION 2: 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 CHEMICAL BANK & TRUST COMPANY, NEW YORK, NEW YORK,
or at the option of the holder at the CITIZENS NATIONAL BANK,
LUBBOCK, TEXAS, upon presentation and surrender of bonds or
proper .coupons.
SECTION 6: That each of said bonds shall be signed by
the Mayor and countersigned by the City Secretary, and the cor-
porate seal of the "CITY OF LUBBOCK, TEXAS" shall be impressed
upon each of them.
SECTION z: That the facsimile signatures of the Mayor
and City Secretary may be lithographed or printed on the interest
coupons attached to said bonds, and shall have the same effect as
if they had been signed by them.
SECTION 8: That the for.m of said bonds shall be
substantially as follows:
NO. UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK, TEXAS, FIRE STATION BOND, SERIES 1951
$1,000
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, the sum of
ONE THOUSAND DOLLARS
($1,000} in lawful money of the United States of America without
exchange or collection charges to the owner or holder, on the
FIRST DAY OF JANUARY, 19 ___ , with interest thereon from the date
hereof until paid at the rate of PER CENTUM -------------------{ %) per annum, payable semi-annually on January 1st and
July 1st in each year, the first interest payment date being Jan-
uary 1, 1952, 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 and interest of this ~ond are hereby
made payable at the CHEMICAL BANK & TRUST C01viPANY, NEW YORK, NEW
--YORK, or at the option of the holder at the CITIZENS NATIONAL BANK,
-. LUBBOCK, TEXAS, 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 like tenor and effect,
except as to number, interest rate and maturity, numbered conse-
cutively from One (1) to One Hundred Twenty (120), both inclusive,
in denomination of One Thousand Dollars, ($1,000) each, aggregat-
ing in amount ONE HUNDRED TWENTY THOUSAND DOLLARS ($120,000),
(being the first installment of a total authorized issue of
$431,000), and issued for the purpose of making permanent public
improvements, to-wit: constructing, enlarging and improving
fire station buildings and equipping the same in and for said
City, under authority of the Constitution and laws of the State of
Texas, and pursuant to an ordinance duly adopted by the City
Commission of the City of Lubbock, Texas, and recorded in the
Minutes of said City Commission.
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 a vote of the qualified property
taxpaying voters of the City of Lubbock, Texas, voting at an
election held for that purpose within said City on the 26th day of
September, 1950; 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 P.erformed and have
happened in regular and due time, form and manner as required by
law; that sufficient and proper provisions 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 serie
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 statutory limitation.
IN WITNESS WHEREOF, the City of Lubbock, Texas, by its
City Commission, has caused its corporate seal to be affixed
hereto, and this bond to be signed by its Mayor and countersigned
by its City Secretary, and the interest coupons here~o attached
to be executed by the lithographed or printed facsimile signatures
of·the Mayor and City Secretary, the date of this bond, in
conformity with the ordinance above referred to, being the lst day ·
of January, 1951.
Mayor, City of Lubbock, Texas
COUNTERSIGNED:
City Secretary, City of Lubbock,
Texas
SECTION 9: That the fo~m of interest coupon shall be
substantially as follows:
NO. ON THE __ DAY OF ----19_
$ ---
the CITY OF LUBBOCK, a municipal corporation of the State of
Texas, hereby promises to pay to bearer, at the CHEMICAL BANK &
TRUST COMPANY, NEW YORK, NEW YORK, or at the option of the holder
at the CITIZENS NATIONAL BANK, LUBBOCK, TEXAS, the sum of
---------------DOLLARS
($ ), in lawful money of the United States of America, without
exchange or collection charges to the owner or holder, said sum
being months' interest due that day on. the "CITY OF
LUBBOCK, TEXAS, FIRE STATION BOND, SERIES 1951", dated January 1,
1951. Bond No. •
City Secretary Mayor
SECTION 10: That the following certificate shall be
printed on the back of each bond:
OFFICE OF COMPTROLLER
1
1
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
I 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.
TEXAS,
WITNESS MY HAND AND THE SEAL OF MY OFFICE AT AUSTIN,
--------------------·
Comptroller of Public Accounts of
the State of Texas
SECTION 11: BE IT FURTHER ORDAINED BY THE COMMISSION
OF THE CITY OF LUBBOCK, TEXAS:
That a special fund to be designated "CITY OF LUBBOCK,
TEXAS, FIRE STATION BOND, SERIES 1951, FUND", 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 9ther purpose; that, to create said fund and to pay the
interest on said bonds and to provide a sinking· fund sufficient to --· redeem them at maturity, a tax of -• • '= ~ .... ~ CENTS ( • I ,""¢)
on each one hundred dollars• valuation of all taxable property in
the City of Lubbock, Texas, or such amount as may at all times be
legally necessary, shall be annually levied on said property and
!annually assessed and collected until
thereon have been fullyplid, and said
CENTS ( tf• ·¢) is here now levied for
said bonds with interest
tax of ' . ,.._ ::. t)l-} ~ · • · • ~
the current year, and so
much thereof as shall be necessary, or in addition thereto as may
be required, is hereby levied for each succeeding year while said
bonds·, or any of them, are outstandi:ng, and the same shall be
annually assessed and collected and applied only to the purposes
named.
SECTION 12: BE IT FURTHER ORDAINED BY THE CITY
COMMISSION OF THE CITY OF LUBBOCK, TEXAS:
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 12: AND BE IT FURTHER ORDAINED BY THE CITY
COMMISSION OF THE CITY OF LUBBOCK:
The public importance of this measure, and the fact
that it is to the best interest of the City to construct, enlarge
and improve fire station buildings and equip the same in and for
said City 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, ·constitute and create an
. emergency and an urgent public necessity requiring that this
ordinance be passed and take effect as an emergency measure, and
that this ordinance is accordingly passed as an emergency measure
and shall take effect and be in force immediately after and from
its passage.
PASSED AND APPROVED, this the ~g( day of December, . ..
1950.
ATTEST:
City
(City Seal)
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS J
I CITY OF LUBBOCK
COUNTY OF LUBBOCK
I, THE UNDERSIGNED, City Secretary of the City of
Lubbock, Texas, DO HEREBY CERTIFY that the foregoing is a true
~nd correct copy of an ordinance authorizing the issuance of
$120,000 "CITY OF LUBBOCi, TEXAS, FIRE STATION BONDS, SERIES
1951", dated January 1, 1951, adopted by the City Commission
of said City on the¥' day of December, 1950, (and Minutes
pertaining to its adoption), said ordinance having been recorded
in Book~~ page ~et seq., of the Minutes of said
Commission.
IN WITNESS WHEREOF, I have hereunto signed my name
officially and affixed the seal of said City, this the~~
day of December, 1950.
City Se .. ~c&ubbock,
Texas
(City Seal)