HomeMy WebLinkAboutOrdinance - 1047-1950 - Authorizing Issuance Of $75,000 Street Lighting Bonds - 12/28/1950-
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AN ORDINANCE AUTHORIZING ISSUANCE OF
$75,000 "CITY OF LUBBOCK, TEXAS,
STREET .LIGHTING BONDS, SERIES
19511
', DATED JANUARY 1, 1951
THE STATE OF TEXAS
CITY OF LUBBOCK
COUNTY OF LUBBOCK I
ON THIS, the 1JL_day of December, 1950, the City Com-
mission of the City of Lubbock, Texas, convened in ~ \i""V V LA 1\.
session at the regular meeting place thereof in the City Hall,
with the following members thereof, to-wit:
CLARENCE K. WHITESIDE,
LUCIAN THOMAS
E. K. HUFSTEDLER L. E. DAVIS HARRY .MORRIS
MRS. LA VENIA LOWE,
l and
MAYOR, Presiding;
COMMISSIONERS,
CITY SECRETARY 1
present, and the following absent: __ ~bJ.-o~~--~~-------------------#
constituting a quorum, when among other proceedings had were the
following:
Commissioner h\ o B.~\~ presented for the consider -
tion of the City Commission an ordinance authorizing the issuance
of "CITY OF LUBBOCK, TEXAS, STREET LIGHTING BONDS, SERIES 1951",
dated January 1, 1951, in the principal sum of $75,000, {being
the first installment of a total authorized issue of $188,000).
The ordinance was read in full by the City Secretary.
Thereupon, Commissioner b Ay \..> 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 "T \to M M
The motion carried by the following vote:
P.
AYES: Commissioners Thomas, Hufstedler, Davis, Morris
and Mayor Whiteside.
NOES: None.
Thereupon, Commissioner )\\ o 1\ 1\ \.? 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 l:> A V ' '> , 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 Com-
mission, in accordance with the requirements of Section 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 Com-
mission.
The ORDINANCE is as follow&!
NO. \ o 'f:1
"AN ORDINANCE by the City Commission of the City of
Lubbock, Texas, authorizing the issuance of bonds
in the principal sum of $75,000, (being the first
installment of a total authorized issue of$188,000)
for the purpose of making permanent public improve-
ments, to-wit: constructing, installing, extending
and improving the City•s Street Lighting System;
prescribing the form of the bonds and the form of
interest coupons; levying a continuing d~rect 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 collec-
tion 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
I
an election on the question of the issuance of $188,000 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 of making permanent
public improvements, to-wit: constructing, installing, extending
and improving the City•s Street Lighting System; and
WHEREAS, the said election was held pursuant to said
order on the 26th day of September, 1950; and
WHEREAS, the Commission has heretofore examined into and
investigated the regularity of the proceedings for said election
and found that the same was duly and 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 conformity with the
law; and that due returns of said election had been made by the
i proper officers; and,
WHEREAS, at said election, the qualified voters who are
j property taxpayers of the City of Lubbock, voting at said election,
1 sustai~ed by a majority vote the proposition,to issue bonds for
constructing, installing, extending and improving the City's
Street Lighting System; and
WHEREAS, the City Commission has heretofore adopted a
resulution declaring the results of said election and determining
the specific authority of the City to issue said general obligatio
tax bonds; and
WHEREAS, it being now determined by the City Commission
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 $188,000, and that $75,000 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: $113,000 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 tor 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
issuance 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 construct,
install, extend and improve the City•s Street Lighting System 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 11CITY OF LUBBOCK., TEXAS 1 STREET LIGHTING BONDS 1
SERIES -1951", be issued under and by virtue of the Constitution an
laws of the State of Texas for the purpose of making permanent
public improvements, to-wit: constructing, installing, extending
and improving the City•s Street Lighting System, in the principal
sum of SEVENTY FIVE THOUSAND DOLLARS ($75,000), (being the first
installment of a total authorized issue of $188,000).
SECTION 2: That said bonds shall be numbered con-
secutively from One {l) to Seventy-five {75)~ both inclusive~
shall be of the denomination of One Thousand Dollars ($1~000)
each~ aggregating the sum of SEVENTY FIVE THOUSAND DOLLARS
(WS~OOO).
SECTION 3: That said bonds shall be dated January 1~
19511 and shall become due and payable serially according to
the following schedule:
BOND NUMBERS
(All Inclusive) MATURITY DATES AMOUNTS
l January 1, 1952 $1,000
2 January 1, 1953 1,000
3 January 1, 1954 1,000
4 January 1., 1955 ·1,000
5 January 1, 1956 1,000
6 January 1, -1957 1,000
7 January 1, 1958 1,000
8 January 1., 1959 1,000
9 January l, 1960 1,000
10 January 1, 1961 1,000
11 January 1., 1962 1,000
12 January 1, 1963 1,000
13 January 1, 1964 1,000
14 January 1, 1965 1,000
15 January 1, 1966 1,000
16 and 17 January 1, 1967 2,000
18 and 19 January 1, 1968 2,000
20 and 21 January 1, 1969 2,000
22 and 23 January 1, 1970 2.,000
24 and 25 January 1, 1971 2,000
26 to 29 January 1, 1972 4,000
30 to 34 January 1, 1973 5,000
35 to 39 January 1, 1974 5,000
40 to 44 January 1, 1975 5,000
45 to .49 January 1, 1976 5,000
50 to 54 January 1, 1977 5,000
55 to 59 January 1, 1978 5,000
60 to 64 January 1, 1979 5,000
65 to 69 January 1, 1980 5,000
70 to 75 January l, 1981 6,000
SECTION 4: That the said ~onds shall bear interest from
date until paid at the following rates per annum, that is to
say --
(a} Bonds Numbered 1 to 13, both inclusive~
{maturing on Januar.1 1st in each'of the years 1952 to
1964~ both inclusive) and Bonds Numbered 35 to 75, 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 14 to 34, both inclu~ive,
(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 lst and July lst in each year, the first interest
payment date being January 1, 1952.
SECTION ~: 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 oW;ner 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
corporate seal of the "CITY OF LUBBOCK, TEXAS" shall be impressed
upon each of them.
SECTION 7: That the facsimile signature of the Mayor
and City Secretary may be lithographed or printed on the interest
coup9ns attached to said bonds, and shall have the same effect as
if they had been signed by them.
SECTION' 8: That the form of said bonds shall be sub-
stantially aa follows:
NO. ________ __ UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
$1,000
CITY OF LUBBOCK, TEXAS, STREET LIGHTING BOND,
SERIES, 1951
The CITY OF LUBBOCK, a municipal corporation of the
State of ~exas, 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 annum, payable semi-annually on January 1st and
July lst in each year, the first interest payment date being
January 1, 1952, and interest falling due on or prior to maturity
hereof is payable only upon presentation and surrender of the
intereat coupons hereto attached as they severally become due.
BOTH PRINCIPAL and interest of this bond are hereby
made payable at the CHEMICAL BANK & TRUST COMPANY, 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 re-
sources 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 con-
secutively from One (1) to Seventy-five {75) both inclusive~ in
denomination of One Thousand Dollars ($1,000) each~ aggregating
in amount SEVENTY-FIVE THOUSAND DOLLARS ($75,000), (being the
first installment of a total authorized issue of $188,000),.and
issued for the purpose of making permanent public improvements,
to-wit: constructing, installing, extending and improving the
Cityrs Street Lighting System, 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 yoters 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 issuanc~ 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 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 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 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 hereto attached
to be executed by the lithographed or printed facsimile signatures
of the Mayor and City Secretary; the date of this bond, in con-
formity with the ordinance above referred to, being the 1st day
of January, 1951.
Mayor, City of Lubbock, Texas.
COUNTERSIGNED:
City Secretary, City of Lubbock,
Texas.
SECTION 9: That the form of interest coupon shall be
substantially as follows:
NO. ____ _ ON THE DAY OF ---r9 -------
the CITY OF LUBBOCK, a municipal corporation of the State of Texas
hereby promises to pay to bearer, at 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 nciTY .
OF LUBBOCK, TEXAS, STREET LIGHTING 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 I
STATE OF TEXAS I REGISTER NO·-----
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 THE SEAL OF MY OFFICE AT AUSTIN,
TEXAS, ___________________ •
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 nciTY OF LUBBOCK,
TEXAS, STREET LIGHTING BONDS, SERmS 1951 FUNDtt, 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, 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 E> lY i -~"" f\ L..l:
{ •r~~¢) 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 said bonds
with interest thereon have been fully paid, and said tax of
JJ , ( , J'l'. ¢) is here now levied for 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 outstanding,
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 COM-
MISSION 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 13: 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, install,
extend and improve the Cityrs Street Lighting System 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.
ATTEST:
City
(Seal)
PASSED AND APPROVED, this the ~day of December, 1950.
'1-
Texas
I
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS
CITY OF LUBBOCK
COUNTY OF LUBBOCK I
I, Lavenia Lowe, City Secretary of the City of Lubbock,
Texas, DO HEREBY CERTIFY that the foregoing is a true and correct
copy of an ordinance authorizing the issuance of $75,000 "CITY
OF LUBBOCK, TEXAS, STREET LIGHTING BONDS, SERIES 1951", dated
January 1, 1951, adopted by the Commission of said City on the
~~ day of December, 1950, (and Minutes pertaining to its adoption)
said ordinance having been recorded in Book 2 , page (~9 et
' seq., of the Minutes of said Commission.
IN WITNESS WHEREOF, I have hereunto signed my name
I officially and affixed the seal of said City, this the ")., f' day
of December, 1950.
(City Seal)
City Seetary, Cit ofLUbbock,
Texas