HomeMy WebLinkAboutOrdinance - 6322-1972 - Authorizing The Issuance Of $12,000,000 General Obligation Bonds,Series 1972 - 03/09/1972AN
ORDINANCE NO. 6322
ORDINANCE by the City Council of the City of Lubbock,
Texas, authorizing the issuance of $12,000,000 "CITY
'OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS., SERIES
1972,," dated March 15, 1972, for the purpose of making
permanent public improvements, to wit: $1,300,000 for
cons trudting improvements and extensions to the City's
Waterworks System; $225,000 for constructing street
improvements in and for said City, including the ac-
quisition of necessary right-of-way for expressways
and other streets; $53,000 for constructing, improving
and equipping fire station buildings and the purchase
of necessary sites therefor in and for said City;
$1,175,000 for planning, acquiring, establishing,
developing, and constructing an airport and air
navigation facilities and the site therefor, in-
cluding buildings and other facilities incidental
to theoperation thereof, and the acquisition or
elimination of airport hazards; $6,500,000 for con-
structing and equipping a Civic Center to be known
as Memorial Civic Center, and the acquisition of a
site therefor; $1,000,000 for constructing and equip-
ping a library building in and for said City; $247,000
to acquire or improve, or both, land for park purposes
for said City; and $1,500,000 to acquire or improve,
or both, land for park purposes for said City, to wit:
for the development of the Canyon Lakes Project; pre-
scribing the form 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 provisions incident and relating to the
subject and purpose of this ordinance; and declaring
an emergency.
WHEREAS, pursuant to an election held in the City of Lubbock
on the 17th day of September, 1963, this City Council became
authorized and empowered 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, for the purpose of making per-
manent public improvements, to wit:
$2,500,000 for constructing improvements and extensions
to the City's Waterworks System;
AND WHEREAS, pursuant to an election held in the City of
Lubbock on the 9th day of November, 1967, this City Council be-
came authorized and empowered to issue general obligation bonds
of the City to mature serially over a period of years not to exceed
I
forty (40) years from their date, for the purpose of making per-
manent public improvements, to wit: .
$1,285,000 for constructing improvements and extensions
to the City's Waterworks. System;
$6,807,000 for constructing street improvements in and for
said City, including the acquisition of neces-
sary right-of-way for expressways and other
s*treets;
$1,950,000 for constructing, enlarging, extending and
installing storm sewers, drains, and gutters,
and other improvements.incidental thereto,
including acquisition of land for drainage
e
purposes and drainage area modifications
for mosquito control-,
$ 215,000 for constructing, improving and equipping fire
station buildings and the purchase of necessary
sites therefor in and for said City;
AND WHEREAS, pursuant to an election held in the City of
Lubbock on the 21st day of April, 1970, this.City Council became
authorized and empowered 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, for the purpose of making per-
manent public improvements, to wit:
$14,000,000 for planning, acquiring, establishing, developing,
and constructing an airport and air navigation
facilities and the site therefor, including build-
ings and other facilities incidental to the opera-
tion thereof, and the acquisition or elimination
of airport hazards;
AND WHEREAS, pursuant to an election held in the City of
Lubbock on the 8th day of August, 1970, this City Council became
authorized and empowered 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, for the purpose of making per-
manent public improvements, to wit:
$7,800,000 for constructing and equipping a Civic Center
to be known as Memorial Civic Center, and the
acquisition of a site therefor;
$1. 200,000 for constructing and equipping a library building
in and for said City;
$1,800,000 to acquire or improve, or both, land for park
purposes for said City; and
$2,800,000 to acquire or improve, or both, land for park
purposes for said City, to wit: for the develop-
ment of the Canyon'Lakes Project;
AND WHEREAS, under the provisions of Article 717k-22 V.A.T.C.S
this City Council is now empowered to issue and sell such bonds at
any price or prices and to bear interest at any rate or rates that
shall be determined within the discretion of this governing body;
and the City Council has now determined to issue such of the bonds
authorized at the elections aforementioned, as hereafter provided
to be issued and as shown below, it being understood that the City
Council reserves the right and authority to issue the remaining
amounts of the bonds in one or more series or issues at a future
date or dates when, in the judgment of the City Council such
amounts are needed for their authorized purposes. A tabulation
showing the amounts of bonds previously authorized and issued for
the respective purposes, the amounts being issued pursuant to
this ordinance for the purposes indicated, and the balance re-
maining for future issuance is as follows:
Date of
Purpose
Election
WW System
9-17-63`
WW System
11-9-67
Street;Imp.
11-9-67
Fire St.
11-9-67
Airport
4-21-70
Civic Center
8-8-70
Library 8-8-70
Parks 8-8-70
Parks(Canyon 8-8-70
Lakes Proj.)
Amount
Amount
Amounts
Previously
Being
Unissued
Voted
Issued
Issued
Balance
$2,500,000
$1,3091000
$1,191,000
-0-
1,285,000
-0-
109,000
$1,17.6100
6,8072000
420012000
2252000
2,581,00
215,000
162, 000
53,000
-0-
142000,000
2,260,000
12175,000
10,565,00
7,800,000
1,300,000
6,500,000
-0-
1,200,000
200,000
1,000,000
-0-
1, 800, 000
425,000
000
12128,001
2,800,000
1, 000, 000
1,500,000
3001VM
Fourth &.final .installment of voted authorization
**First installment of voted authorization
***Fifth installment of voted authorization
*11-**Third & final installment of voted authorization
*****Second installment of voted authorization
AND WHEREAS, the City Council deems it advisable and to the
best interest of the City that the bonds of the authorizations
hereinabove described shall be issued in a single combined series;
and,
WHEREAS, it is FOUND, DETERMINED AND ADJUDGED that it is
necessary and to the best interests of the City to construct the
improvements 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, Texas,
and that by virtue thereof, this ordinance shall be passed and
adopted as an emergency measure; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: That the bonds of.said City, to be known as "CITY
OF LUBBOCK, TEXAS., GENERAL OBLIGATION BONDS, SERIES 1972.," be and
the same are hereby ordered to be issued in the principal sum of
TWELVE MILLION DOLLARS ($12,000,000) for the purpose of making
permanent public improvements, to wit: $1,300,000 for constructing
improvements and extensions to the City's Waterworks System;
,$225,000 for constructing street improvements in and for said
City, including the acquisition of necessary right-of-way for
expressways and other streets; $53,000 for constructing, improving
,and equipping fire ;station buildings and the purchase of neces-
sary sites therefor in and for said City; $1,175,000 for planning,
acquiring, establishing, developing, and constructing an airport
and air navigation facilities and the site therefor., including
buildings, and other facilities incidental to the operation thereof,,
and the acquisition or elimination of airport hazards; $6,500,000
for constructing and equipping a Civic Center to be known as Mem-
orial Civic Center, and the acquisition of a site therefor;
$1,000,1000 for constructing and equipping a library building in
and for said City; $247,000 to acquire or improve, or both, land
for park purposes for said City; and $1,500,000 to acquire or
improve, or both, land for park purposes for said City, to wit:,
for the development of the Canyon Lakes Project, under and by
virtue, of the Constitution and laws of the State of Texas.
SECTION 2: That said bonds shall be numbered consecutively
from One (1) through Two Thousand Four Hundred (2400); shall each'
be in denomination of Five Thousand Dollars ($5,000), aggregating
TWELVE MILLION DOLLARS ($12,000,000); shall be dated March 15,
1972; and shall become due and payable serially, without right of
prior redemption, on March 15 in each of the years in accordance
with the following schedule:
MATURITY
AMOUNT
MATURITY
AMOUNT
1973
$600)000
1983
$600)000
1974
600)000
1984
600,000
1975
600.1000
1985
600)000
1976
600)000
1986
600)000
1977
6002000
1987
600>000
1978
600>000
1988
600>000
1979
600)000
1989
600.%000
1980
600,060
1990
600,000
1981
600)000
1991
600>000
1982
600)000
1992
600)000
SECTION 3: That said bonds shall bear interest from date to
maturity at the following rates per annum:
(a) Bonds maturing in each of the years 1973
through 1981 at 5.50%;
(b)
Bonds maturing
in the year 1982
at 4.40%;
(c)
Bonds maturing
in the year 1983
at 4.10%;
Bonds maturing
in the year 1984
at 4.20%;
(e)
Bonds maturing
in the year 1985
at 4.30%;
M
Bonds
maturing
in
the
year
1986
at
4.40%;
(g)
Bonds
maturing
in
the
year
1987
at
4.50%;
(h)
Bonds
maturing
in
the
year
1988
at
4.60%;
M
Bonds
maturing
in
the
year.1989
at
4.75%;
(j)
Bonds
maturing
in
the
year
1990
at
4.80%;
(k)
Bonds
maturing
in
each
of the.years
1991,
and 1992.at 3.00%;
such interest to be evidenced by proper coupons attached to each
of said bonds, and said interest shall be payable on March 15,
1973, and semiannually thereafter on September 15 and March 15
in each year.
SECTION 4: 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.FIRST NATIONAL CITY BANK, 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 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 fac-
simile signatures of the Mayor and City Secretary of the City,
and execution 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 con-
nection 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 form of said bonds shall be substan-
tially as follows:
NO. UNITED STATES OF AMERICA $5,000
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION
BOND, SERIES 1972
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 sum of
FIVE THOUSAND DOLLARS
($5,000), in lawful money of the United States of America, on the
FIFTEENTH DAY OF MARCH, 19_,,'with interest thereon from the
date hereof to maturity at the rate of PER CENTUM
per annum., payable on March 15, 1973, and semiannually
thereafter on September 15 and March 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 the CITIZENS NATIONAL BANK, Lubbock,
Texas, without exchange or collection, charges 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 Two Thousand Four Hundred
(2400) serial bonds, numbered consecutively from One (1) through
Two Thousand Four Hundred (2400), each in denomination of Five'
Thousand Dollars ($5,000), aggregating TWELVE MILLION DOLLARS
($12,000,000), issued for the purpose of making permanent public
improvements, to wit: $1,300,000 for constructing improvements
and extensions to the City's Waterworks System; $225,000 for
constructing street improvements in and for said City, including
the acquisition of necessary right-of-way for expressways and
other streets; $53,000 for constructing, improving and equipping
fire station buildings and the purchase of necessary sites there-
for in and for said City; $1,175,000 for planning, acquiring,
establishing, developing, and constructing an airport and air
navigation facilities and the site therefor, including buildings
and other facilities incidental to the operation thereof, and
the acquisition or elimination of airport hazards; $6,500,000
for constructing and equipping a Civic Center to be known as
Memorial Civic Center, and the acquisition of a site therefor;
$1,000,000 for constructing and equipping a library building in
and for said City; $247,000 to acquire or improve, orboth, land
for park purposes for said City; and $1,500,000 to acquire or
improve, or both, land for park purposes for said City, to wit:
for the development of the Canyon Lakes'Project, 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 authorized by law and by authority expressly conferred at
elections held for that purpose within said City; 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 suffi-
cient and proper provision has been made for the levy and collec-
tion of taxes 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 in-
debtedness of the City of Lubbock, Texas, including the entire
series of bonds of which this is one, does not exceed any consti-
tutional or statutory limitation.
IN TESTIMONY WHEREOF, the City Council of the City of
Lubbock, Texas, in accordance with the provisions of Article
717j-1, V.A.T.C..S., has caused the seal of said City to be im-
pressed or a facsimile thereof to be printed hereon, and this
bond and its appurtenant coupons to be executed with the im-
printed facsimile signatures of the Mayor and City Secretary of
,said City; the date of this bond, in conformity with the ordinance
above referred to., being the FIFTEENTH DAY OF MARCH, 1972.
Mayor, City of Lubbock, Texas
COUNTERSIGNED:
City Secretary, City of Lubbock, Texas
SECTION 7: That the form 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, hereby promises to pay to bearer, at the FIRST NATIONAL
CITY BANK, New York' New York,, or, at the option of the holder,
attheCITIZENS NATIONAL BANK, Lubbock, Texas., without exchange
or collection charges to the owner or holder, the sum of ,
($ ), in lawful money of the United States of America,
said sum being months' interest due that day on "CITY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BOND., SERIES 1972," dated
March 15, 1972. Bond No. -
City Secretary
Mayor
SECTION 8: That the following certificate shall be printed
on the back of each bond:
OFFICE OF COMPTROLLER
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 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 beenregisteredby me.
WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas,
Comptroller of Public Accounts of the
State of Texas
SECTION 9: That to provide for the payment of the debt
service requirements on the said bonds, being (i) the interest
on said bonds and (ii) a sinking fund for their redemption at
maturity or a sinking fund of 2% (whichever amount shall be
greater), there shall be and there is hereby levied for the
current year and each succeeding year thereafter while said
bonds or interest thereon shall remain outstanding and unpaid,
a sufficient tax on each one hundred dollars' valuation of tax-
able property in said City, adequate to pay such debt service
requirements, full allowance being made for delinquencies and
costs of collection; said tax shall be assessed and collected
each.year and applied to the payment of the said debt service
requirements, and the same shall not be diverted to any other
purpose. The taxes so levied shall be paid into a fund known
as "SPECIAL GENERAL OBLIGATION BOND FUND, SERIES 1972,," which
is hereby established for the payment of the obligations herein
authorized. The City Council hereby declares 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 ade-
quate 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
BLYTH & Co., INC.;
SMITH, BARNEY & CO.,, INCORPORATED;
and ASSOCIATES
at the price of par and accrued interest to date of delivery, plus
a premium of $1,416.00 is hereby confirmed. Delivery of the
bonds shall be made ' to said purchasers as soon as may be after
the adoption of this ordinance, upon payment therefor in accor-
dance with the terms of sale.
SECTION 12: That the purchasers' obligation to accept de-
livery of the bonds herein authorized is subject to their being
furnished a final opinion of Messrs. Dumas, Huguenin, Boothman
and Morrow,, Attorneys, 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 exe-
cuted by facsimile signature of the. City Secretary of the City of
Lubbock, Texas, is hereby approved and authorized.
SECTION 13: The public importance of this measure and the
fact that it is to the best interest of the City of Lubbock to
provide funds for the purpose of constructing the improvements
herein contemplated at the earliest possible date for the immedi-
ate preservation of the public peace, property, health and safety
of the citizens of said City constitute and create an emergency
and an urgent public necessity requiring that this ordinance be
pas'sed 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 from and after
its passage, and it is so ordained.
PASSED AND APPROVED, this the 9th day of March, 1972.
ATTEST•
Cit'y Secretar_, City of Lubbock,
Texas
(City Seal)