HomeMy WebLinkAboutOrdinance - 187-1920 - Bond Ordinance Filed With Bond Ordinance - 07_01_1920ORDINANCE NO. 187
A BOND ORDINANCE FILED WITH BOND ORDINANCES.
ORDINANCE N0. 187. June It 1920sANORDINANCEWHEREBYTHEPROPOSITION" OF ISSUING SERIAL BONDS IN THE SLIMOF110*000*00 FOR THE PURPOSE OF REPAIRINGs REBUILDING Al® EXTENDINGTHEWATERWORBBSYSTEMOFTHECITYOFLUBBOCKtTEXAS, IN LIEUOF THE OFT IONBOr.DS AUTHORIZED BY THE VOTERS OF THIS CITY AT AN ELECTION HELD ON THE1STDAYOFDECEMBER1919INTHESLIMOF $10*000.00 FOR THE NAMED PURPOSEATSIXPERCFNTtP-T INTEREST PAYABLE SHMI#AltrUALLY,p FIXING THE: DATE OFSUCHELECTIONNOMINATINGOFFICERSTOHOLDTHESAME, PROVIDING FOR EEVYOFTAILSUFFICIENTTO == INTEREST AND RETIRE SUCH BOIMS AT THEIRMATURITIES, IF SUCH PROPOSITION IS CARRIED,, AND DECLARING AN EMERGENCYs
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUEBOCK, TEXASs
That.an election be held within the 1-ity of Lubbocks Texas, on the 5th
day of July, 1920, at the office of the City Secrets ry of this City#
whereat the duly qualified property tax paying voters ther-of shall de-
termine if Serial Bonds of this City in the Stmt of $100000,00 pith interest
at the rate of six per centum per annum from the date of such bonds,
payable semi-annually on the First day of Tanu ry and of July each year
thereafter until the whole have been matured and paid# no one to mature
First day of July 1925 -nd one bond the first d y of
each July thereafter until all have been ma tuned, principal and interest
on such bonds pay-.ble at the Hanover National Bank, New York K*Y. City
National Bank# Dallas¢ Texas or the office of the "ity Secretary of the
City of Lubbock, Texas# at the option of the holder of such bonds and
each bond to be in denomination of $ 19000*00 ajd for the purpose of
repairing rebuilding and extending the water works system of this City
in lieu of Bonds authorized by the voters of this City at an election
held December 1st, 1919,E in the sum of $l0r000,00 for the purpose
of repairing, rebuilding and extending the waterworks system of the %4*;
that if a majority of the qualified voters voting •t such election shall
vote in favor of the issuance of such Serial Bonds, the sane will be
issued, and a tax levied sufficient to meet the interest thereon and
to create a sinking fund to retire same at their m-turities.
J.F.. BACON, C*T. JACKSON W*S. CLARK AXD $.Aw PHILLIPS are 'iereb y appoint-
ed to hold such election, which shall be subject to the general laws of
this state overning bond elections, and those voting at such election
znd desiring to vote in favor of this proposition shall have written
or printed on their ballots: "FOR TFM, ISSUANCE OF 1 10#000.00 IN SERIAL
BONDS FOR THE PURPOSE OF T BUI1DING* REPAIRING AND EXTENDING THE WATER
ORKS SYSTEM AND LEVYING A TAX. THEREFOR"
those opposing same shall have written or printed on their ballots:
AGAINST THE ISSUANCE OF ' 10e00%00 BONDS FOR THE PURPOSE OF REBUIID -
ING REPAIRING AND EXTENDING THr WATER rORBS S' STJ AND ?T VYIBG A TAX
THEREFOR s "
The fact that the present water works system of the City is in adequate
needs to be repaired with more permanent mnterials _= nd there is no
market for option bonds as voted on said December lstt 1919, creates
an emergency and public necessity th t the rule requiring an ordinance
to be read at two several meetings before being adopted, be suspended,
that this Ordinance be adopted at the meeting6f its introduction,
and it is so ordered.
Passed and approved this 1st day of June, 1920
C*Et Parr, ]Mayor,
City of Lubbock, Texas.
Seal)
Attests
J.R. Germany# City Sec*y"
City of Lubbock, Texas*