HomeMy WebLinkAboutOrdinance - 5439-1968 - $3,840,000-Issuance Of General Obligation Bonds, Series 1968 - 03/28/1968. . _,,, .
ORDINANCE NO.
11AN ORDINANCE by the City Council of the City of Lubbock,
Texas, authorizing the issuance of $3,840,000 'CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1968 1 ,
dated April 15, 1968, for the purpose of making perma-
nent public improvements, to-wit: $788,000 for constructing
improvements and extensions to the City's Waterworks System;
$50,000 for the purchasing, constructing and installing of
street lighting in and for said City; $140,000 for construct-
ing and equipping a fire station building in and for said
City; $1,477,000 for constructing street improvements in
and for said City, including the acquisition of necessary
right-of-way for expressways and other streets; $15,000
for constructing, enlarging, extending and installing
storm sewers, drains, and gutters, and other improvements
incidental thereto in and for said City, including the
land for drainage purposes; and $1,370,000 for the con-
struction and equipment of a sanitation-garbage-trash
disposal facility, a public utility for said City, includ-
ing the acquisition of land therefor; prescribing the
fonn 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 pro-
visions incident and relating to the purpose and sub-
ject of this ordinance and declaring an emergency."
WHEREAS, pursuant to an election held in the City of Lubbock
on the 10th day of September, 1959, a majority of the duly quali-
fied electors of said City who owned taxable property therein
and who had duly rendered the same for taxation sustained proposi-~
tions authorizing the City Council to issue general obligation
bonds of the City to mature serially over a period of years not to
exceed Thirty (30) years from their date and to bear interest at
a rate not to ex~eed Five Per Centum (5%) per annum, for the purpose
of making permanent public improvements, to-wit:
and
$4,000,000 for constructing improvements and extensions
to the City's Waterworks System;
500,000 for the purchasing, constructing and installing of
street lighting in and for said City; and
400,000 for constructing and equipping a fire station build-
ing in and for said City;
WHEREAS, pursuant to an election held in the City of Lubbock
n the 17th day of September, 1963, a majority of the duly qualified
electors of said City who owned taxable property therein and who had
duly rendered the same for taxation sustained propositions authoriz-
ing the City Council .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 and to bear interest at a rate not to exceed
Five Per Centum. (5%) per annum, for the purpose of making permanent
public improvements, ·to~wit:
and
$2,500,000 for constructing improvements and extensions to
the City's Waterworks System;
970,000 for constructing improvements and extensions to the
City's Sanitary Sewer System;
1,200,000 for constructing street improvements for said City,
including acquisition of rights-of-way;
1,750,000 for constructing, enlarging, extending and
installing stonn sewers, drains, and gutters, and
other improvements incidental thereto in and for
said City, including the acquisition of land for
drainage purposes; and
750,000 for purchasing and/or improving lands for public
parks in and for said City;
WHEREAS, pursuant to an election held in the City of Lubbock
✓ on the 9th day of November, 1967, a majority of the duly qualified
electors of said City who owned taxable property therein and who had
duly rendered the same for taxation sustained propositionsauthorizing
the City Council 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 and to bear interest at a rate not to exceed Five
Per Centum (5%) per annum, for the purpose of making pennanent
public improvements, to-wit:
$6,807,000 for constructing street improvements in and for said
City, including the acquisition of necessary right-
the City Council such amounts are needed for their authorized
purposes. A tabulation showing the amounts of all bonds previously
authorized and issued for the respective purposes aforementioned,
the amounts b~ing issued by this ordinance for the purposes indicated
and the balance remaining for future issuance is as follows:
Date of Amount Amount
Authorizing Amount Previously Being Unissued
Purpose Election Voted Issued Issued Balance
Street 9-10-59 $ 500,000 $ 450,000 $ 50,000$ -0 Lighting (5th Installment)
Fire Sta. 9-10-59 400,000 240,000 140,000 20,00
(4th Installment)
aterworks 9-17-63 2,590,000 345,000 788,000 1,367,00
System (2nd Installment)
Street 9-17-63 1,200,000 787,000 398,000 15,00
Imp. (3rd-installment)
11-9-67 6,807,000 -0--1,0?~,000 5,7~8,00
(1st -Installment)
anitation-11-9-67 1,370,000 -0-1,370,000 -o
arbage-Trash (1st Installment)
isp. Facility
torm Sewer 11-9-67 1,950,000 -0-15,000 1,935,00
Drainage (1st Installment)
WHEREAS, the City Council deems it advisable and to the best
nterest of the City that the bonds of the authorizations hereinabove
escribed shall be issued in a single combined series; and
WHEREAS, tt is FOUND, DETERMINED AND ADJUDGED that it is necessa
nd to the best interests of the City to construct the improvements
nd extensions herein contemplated at the earliest possible date for
he immediate preservation of the public peace, property, health and
afety of the citizens of the City of Lubbock, Texas, and that by
irtue thereof this ordinance shall be passed and adopted as an
/ ergency measure; therefore,
BE IT ·ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: That the bonds of the City of Lubbock, Texas, to be
nown as "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES
968", be and the same are hereby issued under and by virtue of the
onstitution and laws of the State of Texas, for the purpose of
aking permanent public improvements, to-wit: $788,000 for construct-
ng improvements and extensions to the City's Waterworks System;
50,000 for the purchasing, constructing and installing of street
ighting in and for said City; $140,000 for constructing and equip-· . . .
incidental thereto in and for said City, including the land for
drainage purposes; and $1,370,000 for the construction and equip-
ment of a sanitation-garbage-trash disposal facility, a public
utility for said City, including the acquisition of land therefor;
aggregating the principal sum of THREE MILLION EIGHT ffiTNDRED AND
FORTY THOUSAND DOLLARS ($3,840,000).
SECTION 2: That said bonds shall be ntnnbered consecutively
from One (1) through Seven Hundred Sixty-eight (768); shall each
be in denomination of Five Thousand Dollars ($5,000), aggregating
THREE MILLION EIGHT HUNDRED AND FORTY THOUSAND DOLLARS ($3,840,000);
shall be dated April 15, 1968; and shall become due and payable
·serially, without right of prior redemption, on April 15 in each of
the years in accordance with the following schedule:
AMOUNT MATURITY AMOUNT
$195,000 1969 $190,000
195,000 1970 190,000
195,000 1971 190,000
195,000 1972 190,000
195,000 1973 190,000
195,000 1974 190,000
195,000 1975 190,000
195,000 1976 190,000
190,000 1977 190,000
190,000 1978 190,000
SECTION 3: That said bonds shall bear interest
maturity at the following rates per annum:
(a)
(b)
(c)
(d)
(e)
Bonds maturing in each of the years 1969
through /9'7() at S % ;
Bonds maturing in eeeh ef the ;eary /97/
trt:!'eash _____ at jl-1/1' %;
Bonds maturinJ; in each of the years /972
through /9/J at ~ ..?a %;
Bonds maturir1,p in each of the years J9l '/
through ff& at '1 -1 /~ %; ,
Bonds maturing in each of the years /9d'?
through l9lj at 1,.Jo %; and
from
(f) Bonds maturing in each of the years ___ _
through ______ at _____ %;
MATURITY
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
date to
such interest to be evidenced by proper coupons attached to each
of said bonds, and said interest shall be payable on April 15,
1969 and semi-annually thereafter on October 15 and April 15 in
each year.
SECTION 4: That both principal 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 CITIZENS NATIONAL
BANK, Lubbock, Texas, upon presentation and surrender of bonds
e I . . . . . ...
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 facsimile
signatures of the Mayor and City Secretary of the City, and exe-
cution 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 connection 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~ of said bonds shall be substantially
as follows:
NO. UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
$5,000
CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BOND
SERIES 1968
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, without right of prior redemp-
tion, the Sl.lln of
FIVE THOUSAND DOLLARS
($5,000), in lawful money of the United States of America, on the
FIFTEENTH 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, 1969, and semi-annually
thereafter on October 15 and April 15 in each year, 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 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 CITIZENS NATIONAL
BANK, Lubbock, Texas, without exchange or collection cha:rges 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 Seven Hundred Sixty-eight (768)
serial bonds, numbered consecutively from One (1) through Seven
Hundred Sixty-eight (768), each in denomination of Five Thousand
Dollars ($5,000), aggregating THREE MILLION EIGHT HUNDRED AND FORTY
THOUSAND DOLLARS ($3,840,000), issued for the purpose of making
permanent public improvements, to-wit: $788,000 for constructing
improvements and extensions to the City's Waterworks System;
$50,000 for t _he purchasing, constructing and installing of street
lighting in and for said City; $140,000 for constructing and equip-
ping a fire station building in and for said City; $1,477,000 for
constructing street improvements in and for said City, including
the acquisition of necessary right-of-way for expressways and
other streets; $15,000 for constructing, enlarging, extending and
installing storm sewers, drains, and gutters, and other improve-
ments incidental thereto in and for said City, including the land
for drainage purposes; and $1,370,000 for the construction and
equipment of a sanitation-garbage-trash disposal facility, a
public utility for said City, including the acquisition of land
therefor; 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_ autho-
rized by law and by vote of the resident qualified electors of
said City, who owned taxable property therein and who had duly
rendered the same for taxation, voting at elections held for that
purpose within said City on the 10th day of September, 1959, the
17th day of September, 1963, and the 9th day of November, 1967;
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 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, 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 TESTIMONY WHEREOF, the City Council of the City of Lubbock,
Texas, in accordance with the provisions of Article 717j-l,
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 conformtiy with the ordinance above referred to,
being the FIFTEENTH DAY OF APRIL, 1968.
Mayor, City of Lubbock, Texas
COUNTERSIGNED:
City Secretary, City of Lubbock, Texas
SECTION 7: That the~ of interest coupons attached to each
of said bonds shall be substantially as follows:
NO. ON THE FIFTEENTH DAY OF ----19 , ----
$ ____ _
the CITY OF LUBBOCK, a municipal corporation of the State of
Texas, her~by promises to pay to bearer, at THE FIRST NATIONAL
CITY BANK , New York, New York, or, at the option
of the holder, at CITIZENS NATIONAL BANK, Lubbock, Texas, without
exchange or collection charges to the owner or holder, the Sl.DD. of
___________ DOLLARS
($-!' _____ ), in lawful money of the United States of America,
said S\.Dll being _________ months' interest due that day on the "CITY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BOND, SERIES 196811 , dated
April 15, 1968. Bond No.
City Secretary Mayor
SECTION 8: That the following certificate shall be printed
on the back of each bond:
OFFICE OF COMPTROLLER
STATE OF TEXAS
:r
I r 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 9: That a special fund to be designated "SPECIAL
GENERAL OBLIGATION BOND FUND, SERIES 1968" 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
the interest on and to rovide a sinking fund for the
l ·~
and collected in due time, fonn and manner a tax upon all of the
taxable property in said City sufficient to pay the current inter-
est thereon and create a sinking fund sufficient to pay each
installment of principal as the same becomes due, or a sinking
fund of 2%, whichever is greater; and to pay the interest on said
bonds for the first year and to create a sinking fund with which
to pay the principal as the same becomes due, or a sinking fund
of 2%, whichever is greater, there is hereby levied a sufficient
tax on each one hundred dollars' valuation of taxable property
in said City for the current year and the same shall be assessed
and collected and applied to the purpose named; and while said
bonds or any of them are outstanding and unpaid, a tax each year
at a rate from year to year as will be ample and sufficient to
provide funds to pay the current interest on said bonds and to
provide the necessary sinking fund, full allowance being made for
delinquencies and costs of collection, shall be and is hereby
levied for each year, respectively, and said tax shall each year
be assessed and collected and applied to the payment of the
principal of and interest on said bonds. The City Council hereby
declar.es its purpose and intent to provide and levy a tax legally
and fully sufficient for such bonds, it having been determined
that the existing and available taxing authority of the City for
such purpose is adequate to permit a legally sufficient tax in
consideration of all other outstanding 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 --C.V<"'""11C4(. BA.t,< &w y~~ l.lfv.sr Ce,~..o,-,.v->--..., ltkw X"",t
#<£vJ ¼,t ,f J ,"J .• :~ l}.u.,c ,~;,,:J ,
at the price of par and accrued interest to date of delivery, plus
a premitun of$ ;27().fo is hereby confirmed. Delivery of -=-~------=------=---=--the bonds shall be made to said purchaser 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 purchaser's obligation to accept delivery
of the bqnds herein authorized is subject to their being furnished
a final opinion of Messrs. Dtunas, Huguenin and Boothman, Attorne ys>
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 executed by facsimile
signature of the City Secretary, is hereby approved and authorized.
...
' '
SECTION 13: That the public importance of this measure and the
fact that it is to the best interest of the City to provide funds
for the purpose of constructing the improvements and extensions
herein contemplated 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 ordi-
nance be passed and take effect as an emergency measure, and this
ordinance is accordingly passed as an emergency measure and shall
take effect and be in force immediately from and after its passage.
PASSED AND APPROVED, this the 28th day of March, 1968.
ATTEST:
y, City of Lubbock, Texas
(City Seal)