HomeMy WebLinkAboutOrdinance - 1049-1950 - Issuance Of $111,000 Equipment, Storage And Garage Building Bonds - 12/28/1950l2-28-l9QJ
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AN ORDINANCE AUTHORIZING ISSUANCE OF
$111,000 "CITY OFLUBBOCK, TEXAS, EQUIPMENT-
STORAGE AND GARAGE BUIWING BONDS, SERIES 1951" 1 \A_
DATED JANUARY 1, 1951 r ~ ,
=============\0
THE STATE OF TEXAS
CITY OF LUBBOCK
COUNTY OF LUBBOCK I ~·
ON THIS I the J.: r day of December I 1950 I the City
Commission of the City of Lubbock, Texas, convened in R € f VL.ft 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,
J and
MAYOR, Presiding;
COMMISSIONERS,
C I'l'Y SECRETARY, -present, and the following absent: ____ aJ __ o_tJ ___ ~--------------------'
constituting a quorum, when, among other proceedings had, were
the following:
Commissioner --~~~0~!\~~t\~'-~~------Jpresented for the
consideration of the City Commission an ordinance authorizing the
issuance of $111,000 "CITY OF LUBBOCK, TEXAS, EQUIPMENT-STORAGE
AND GARAGE BUILDING BONDS, SERIES 195111
1 dated January l, 1951.
The ordinance was read in full by the City Secretary.
Thereupon, Commissioner .h f\ \,J ~ moved that
the rule requiring that no ord~nance shall be passed on the day on
which it is introduced be suspended, and that in view of the
I
........ _.... ...... .,...,_ ... ---
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 _JC~~~o~~~B~s._ __________ .
I The motion carried by the following vote:
AYES: Commissioners Thomas, Hufstedler, Davie, Morris
and Mayor Whiteside.
NOES: None.
Thereupon~ Commissioner Mot\ \\\ .S 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 h Ptv lb , 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 Commissio ~
in accordance with the requirements or Sections 15, 16 and 17, or
Article IX of the Lu~bock Charter; and the Mayor thereupon signed
and approved the ordinance in the presence of the Commission.
The ORDINANCE is as follows: NO.u.!_1
nAN ORDINANCE by the City Commission of the City of
Lubbock~ Texas, authorizing the issuance of bonds
for the principal sum of $111,000, for the purpose
of making permanent public improvements, to-wit:
constructing, repairing and equipping an Equipment-
Storage and Garage Building in and for said City;
prescribing the form of the bonds and the form of
interest coupons; levying a continuing direct
annual ad valorem tax on all taxable property withi
the limits of said City to pay the interest on said
bonds and to create a sinking fund for the redempti n
thereof, and providing fer the assessment and colle -
tion of such taxes; enacting the provisions incide
and relating to the purpose and subject of this
ordinance; and declaring an emergency."
I
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 $111,000 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 improvement~, to-wit: constructing, repairing and equipping
an Equipment-Storage and Garage Building in and for said City; 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 elec-
tion 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 proper officers; and,
WHEREAS, at said election, the qualified voters who
are property taxpayers of the City of Lubbock, voting at said
election, sustained by a majority vote, the proposition to issue
bonds for the constructing, repairing and equipping an Equipment-
Storage and Garage Building 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 ob-
ligation tax bonds; and
1 '
WHEREAS 1 it is now necessary and proper that the
City Commission of the City of Lubbock1 Texas, proceed with the
issuance of such general obligation tax bonds; and
WHEREAS, it is FOUND 1 DETERMINED AND ADJUDGED that it
is necessary and to the best interest of the City to construct,
erect and equip an Equipment-Storage and Garage Building 1n 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 Lubbock1 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 Lubbock1 Texas
to be called "CITY OF LUBBOCK, TEXAS, EQUIPMENT-STORAGE AND GARAGE
BUILDING BONDS, SERIES 1951", be issued under and by virtue of the
Constitution and laws of the State of Texas1 and in the principal
sum of ONE HUNDRED AND ELEVEN THOUSAND DOLLARS ($111,000), for
the purpose of making permanent public improvements, to-wit:
constructing, repairing and equipping an Equipment-Storage and
Garage Building in and for said City.
SECTION 2: That said bonds shall be numbered consecutive
ly from One (l) to One hundred and eleven (111), both inclusive;
shall be of the denomination of One Thousand Dollars ($1,000)
each, aggregating the sum of ONE HUNDRED AND ELEVEN THOUSAND
DOLLARS ($111,000).
SECTION J: 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 January 1, 1952, $1,000
2 January 1, 1953 1,000
3 January 1, 1954 1,000
4 and 5 January 1, 1955 2,000
6 and 7 January 1, 1956 2,000
8 and 9 January 1, 1957 2,000
10 and 11 January 1., 1958 2,000
12 and 13 January 1, 1959 2,000
14 and 15 January 1, 1960 2,000
16 and 17 January 1, 1961 2,000
18 and 19 January 1, 1962 2,000
20 and 21 January 1, 1963 2,000
22 and 23 January 1, 1964 2,000
24 and 25 January 1, 1965 2,000
26 and 27 January 1, 1966 2,000
28 and 29 January 1, 1967 2,000
30 and 31 January l, 1968 2,000
32 and 33 January 1, 1969 2,000
34 and 35 January 1, 1970 2,000
36 and 37 January 1, 1971 2,000
38 to 44 January 1, 1972 7,000
45 to 51 January 1, 1973 1,000
52 to 58 January 1, 1974 7,000
59 to 65 January 1, 1975 1,000
66 to -72 January 1, 1976 7,000
73 to 79 January 1, 1977 7,000
8o to 87 January 1, 1978 8,000
88 to 95 January 1, 1979 8,000
96 to 103 January 1, 1980 8,000
104 to 111 January 1, 1981 8,000
SECTION 4: That the said bonds shall bear interest
from date until paid at the following rates per annum, that
is to say
(a) Bonds Numbers 1 to 23, both inclusive,
·{maturing on January 1st in each of the years 1952 to
1964, both inclusive) and Bonds Numbers 52 to 111,
both inclusive (maturing on January lst in each of
the years 1974 to 1981, both inclusive) shall bear
interest at the rate of TWO AND ONE-HALF PER CENTUM
(2-l/2%) per annum;
(b) Bonds Numbers 24 to 51, both inclusive,
(maturing on January lst 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 1st in each year, the first
~nterest payment date being January 1, 1952.
SECTION 5: 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, N.Y.,
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
lthe Mayor and countersigned by the City Secretary, and the corporat
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
coupons 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 as follows:
NO. ____ _ UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
$1.000
CITY OF LUBBOCK., TEXAS, EQUIPMENT-STORAGE AND GARAGE
BUILDING BOND, SERIES 1951
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 annum, payable semi-annually on January lst and July 1st in
each year, the first interest payment date being January 1, 19521 a d
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 bond are hereby
made payable at the CHEMICAL BANK & TRUST COMPANY, NEW YORK1 N. Y .,
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 con-
secutively from One {1) to One hundred and eleven (111), both in-
clusive, in denomination of One Thousand Dollars ($1,000), each,
aggregating in amount ONE HUNDRED AND ELEVEN THOUSAND DOLLARS (
($111,000) and issued for the purpose of making permanent public
improvements, to-wit: constructing, repairing and equipping an
Equipment-Storage and Garage Building 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.
I't IS HEREBY CERTIFIED 1 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 r•quired
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 provisions for the levy and
collection of taxes has been made which, when collected, shall
be appropriated exclusively to the payment or 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, in-
cluding 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 signature
of the Mayor and City Secretary; the date of this bond, in
conformity 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 ___ _,
19 __
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, No Y., 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, EQUIPMENT-STORAGE AND GARAGE BUilDING
BONDS, 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
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.
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, EQUIPMENT-STORAGE AND GARAGE BUILDING 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 ~o provide
I a sinki~g fund for the redemption of said bonds· at maturity; and
said fund shall be oaed for no other purpose; that, to create said
fund and to pay the interest on said bonds and to provide a
I sinking f~nd sufficient to redeem them at maturity,. a tax of
1 PUG:-" ~h ~e1VT ( · >·1 ¢)on each one hundred dollars•
II
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 o~N-.-fi~l .-..._• _.c.._e::;....;.;.Aff{...:. • ~I ¢) 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 COMMISSIO
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 tpe 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 Accou ts.
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 and equip
an Equipment-Storage and Garage Building, at the earliest possible
date, for the immediate preservation of the public peace, propert
health·and safet~ of the citizens of the City of Lubbock, con-
stitute and create an emergency and an urgent public necessity
I
,,
I
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
immedi~tely after and from its passage.
PASSED AND APPROVED, this the ~t day of December, 1950.
Ciysecretal 0r y of I:u'6'bock
Texas.
(Seal)
J
' . .,
THE STATE OF TEXAS
CITY OF LUBBOCK
COUNTY OF LUBBOCK
CERTIFICATE OF CITY SECRETARY
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 $111,000 "CITY
OF LUBBOCK, TEXAS, EQUIPMENT-STORAGE AND GARAGE BUILDING :BONDS,
SERIES 1951", dated January 1, 1951, adopted by the City Commissio
of said City on the~t day of December, 1950, (and Minutes
pertaining to its adoption), said ordinance.having been recorded
in Book ? , page J-'1 et seq., of the Minutes of said Com-,
mission.
IN WITNESS WHEREOF, I have hereunto signed my name
officially and affixed the seal of said City, this the~day or
December, 1950o
(City Seal)