HomeMy WebLinkAboutOrdinance - 053A-1911 - Authorizing The Issuance Of Bonds For Construction Of Water Works - 04/27/1911ORDINANCE NO. -A
AN ' ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF THE
CONSTRUCTION OF WATER WORDS$ PROVIDING FOR THE LEVY AND COLLECTION
OF A TAX TO PAJ THE INTEREST AND CREATE A SINNING FUND FOR THE
REDEMPTION OF D BONDS, AND REPEALING ORDINANCES IN CONFLICT THEREWITH.
WHEREAS at an election held for the purpose on the 22nd day of July,
1910, a majority of the qualified Voters who are property tax payers
of the City of Lubboe:k, `.texas, voting at said election sustained
the proposition to issue the Bonds hereinafter described by a vote of
135 r the issuance of Bonds to a vote of 10 against the issuance
of Bonds; therefore,
1. Be it Ord wined by the City Council of the City of Lubbock Texas,
that the Bands; of said City to be called. "City of Lubbock Water Works
Bonds" be issued under and by virtue of Article 486, Revised Statutes
of Texas, 1595 as amended, for the purpose of the construction of
Water Works inland for the City of Lubbock.
. Said Bondi to be numbered consecutively from 1 to 25 inclusive,
shall be of the denomination of $1,060,00 each aggregating the sum
of Twenty-five! Thousand. Dollars
3, Said Bond to be dated the 15th day of February, 1911, shall
becomedue ands payable forty years from their date, but may be
redeemed at a time at the p�easure of the City after fifteen
years from, the r date as hereinafter set out.
4. They shal� bear interest at the rate of five per cent per annum,
payable semi -a nually.
5 Both Prin�'ipal and interest shall be payable upon presentation
and surrender f -bond or proper coupon at the State Treasury, Austin,
Texas, or at t e Hanover National Bank, New York, N.Y. at the option of
the Holder.
1 Said "Bondi shall be signed by the Mayor, Countersigned by the
Carty Secretaryl, and Registered by the City Treasurer, and the seal:
of the City shall be impressed upon each of them.
74 `:t`he fac-simile signatures of the Mayor and the City Secreta:ry,may
be lithographed upon the coupons.
S Said Bonds shall be in form and shall contain recitals substan-
tially as follows
No. $10000,00
UNITED STATES OF AMERI"CA,
S T A T E O F T E X A S,
C 0U NT "Y' 07'"'FLUBB 0"CN,
C I T Y 07F L U B B 0 C K,
A,T F R W 0 R R S B 0 N D.
:SNOW ALL MEN BY THESE PRESENTS: That the City of Lubbock, in Lubbock
County, Texas, is indebted to and promises to ;pay the bearer, One Thous-
and Dollars, lawful money of the United States of America, on the
fifteenth day of February, 1951, with interest thereon at the rate
of five per cent per annum, payable semi-annually of the fifteenth
day of February and Atgust of each year upon presentation and, surrender
of annexed coupon bearing a fac-•simile of the signatures of the Mayor
and the City Secretary of said Uity, as they severally become due, both
principal and interest of this Bond shall be payable at the btate
Treasury, Austin, Texas, or at the Hanover National Bank, New York, N«Y.
at the option of the holder, and the said City is hereby held and
firmly bound and its faith and credit, and real and personal property
in. said City are hereby ,irrevocably pledged for the prompt payment of ,
the principal and interest as the same become due
The City of Lubbbek hereby reserves the right to redeem the series of
Bends, of which this is one, at any interest paying period after fifteen
years from: their date, beginning with Brand number one and continuing
czwri nl i v: P,-nd In case the same, or any of them, are called in for
redemption before maturity, notice thereof in writing shall e given
the State "treasurer and the said Hanover rational Bank by the: City
Treasurer at least sixty days before the date fixed for redemption,
designating the numbers of the Bonds to be redeemed, and should the
Bonds so called for not be presented for redemption, they shall cease
to bear interest from and after such date.
This Bond is one of a series of Twentypf ive Bonds, numbered I to 25
inclusive, all of the'same date and tenor, issued for the purpose of
constructing water works within the liz?nits of said City under and
in compliance; with the provisbns of the Constitution and Taws of the
State of lexa , and in pursuance of an Ordinance duly and regularly
passed by the City Cou oil of the Said City '(said Ordinance duly appro-
ved by the Ma, or of the said City) on the 26th day of April, 1911.
And it is hereby certified, recitedx and declared that the proposition
for the issuace of said Fonds was submitted to a vote of the
qualified voters who were property taxpayers of said City at an elec-
tion duly andiregularly called and held on the 22nd day of July,
1910, and the{proposition for the issuance of said .ponds was =sus-
tained by a majority of the said erop rty 'tax payers voting at said
election.;- that provision has been made for the levy and collection
of a tax a.nnu' lly to pay the interest on the said series of bonds as
amee es ue and to pay the principal at maturity, and that all
ether acts, c'nditions and.things required to be done and to exist
precedent to nd in the issuing of said bonds have been properly
done, happene and performed and do Exist in regular and due form
and manner as required by the Constitution and Taws of Texas, and
thaat said seres of �''onds together with all other indebtedness of
said � ityt an'� that the taxes levied- for said series of 4onds together
with all oche taxes levied by the City, does not exceed' any statutory
or Constitute nal limitations,
In witness wh reof, the said City of Lubbock has caused this $ond to
be signed by its Mayor and counter signed by its City Secretary, and
its Corporate seal hereto affixed, and the interest coupons hereto
annexed to be signed with the fac-simile of its Mayor and City
Secretary as of the 25th day of February, A.D. 1911.
ayor o` a oc ,T5xFs
Countersigned';
City" Becre ary, u oc , exas
Registered:
e y 'z're asur, er , u oc , Texas
9. That the interest coupon attached to said -bonds shall be in sub-
stantially the following form,: toy -wit
IN TEREST COUP ON«
NO. 25000
On 15th, 19
The City of Lubbock, in Lubbock Cou,ntyt Texas, will pay to bearer
twenty-five Dollars lawful money of the United Mates of America,
at the State Treasury$ Austin, Texas, or at the Hanover National Bank,
New York, N.,Y, at the option of the holder, being six months
interest on Water Works Bond, dated February 15s 1911,
No, Mayor.
City Secretary,
10. That the levy of the tax of eight (8) cents by ordinance passed
on the 9th day of January, 1911, to pay the interest on said ands and
create a sinking Fund for the redemption at maturity be and .the same
is hereby ratified and confirmed, and the said tax ;is and shall be
levied for the current year and for each succeeding year while said
Bonds are outstanding; and applied to the purposes named.
v_
11. That all Ordinances passe. he � fore authorizing the issuance
of said bo, where in conflict here repealed, but where rmt in
conflict herewith, they shall remain in full, force and effect.
Approved April '7, 1911.
(gigned) F.E.Wheelock, Mayor*
Attest: Wolvl# $haw, Seely,
i
}
r
R
t
7
t
i