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Ordinance - 659-1941 - Authorizing The Issuance Of Bonds For Sum Of $75,000 Improvements Light Plant - 02_27_1941
,_.0-40WA, 1%+&PW9&*4k. oRDI1'LWCE NO. '55 9 02 - 2.,z 191-1--1 BOND ORDINANCE: CITY OF LUBBOCK, TEXAS, ELECTRIC LINT IMPROVE - DENT AND CON STRU CTI Obi BONDS. THE STATE OF TEiCAS , COUNTY OF LUBBOCK, CITY 07 LUBBOCK. ON THIS the 87th� day of February, 1941, the City Commission of the City of Lubbock, Texan, convened in Regular session, at the regular Meeting place thereof In the City Sell, with the following members thereof, to -wit 0. E. MATON, UffOR W. B. PRICE, COWSSIONER 140. 1; W. G. Mv'NILLAN, COE+ S SIONER NO. 2 ; GARLAND NE-WSOWs COMMISSIONER NO. 3; MYB 'TOXES, COMMSIONER NO. 4; present, and the following absents None I constituting a quorum, when, among other proceedings had, were the following: Commissioner Prig® introduced an ordinance entitled - "AN ORDINANCE by the City Commission of the City of Lubbock, Texas, authorizing the issuance of bonds for the principal sum of $175,000.00 for the purpose of constructing im- provements and extensions to the Electric Light Plant of said City; proscribing the form of the bonds and the form of interest ooupons; levying a vontinuing direct an- nual ad valorem tax on all tastable properties within the limits of said City to pay the interest on such bonds and to create a sinking fund for the redemption thereof, and providing for the assessment and cols► 160tion of such tax; enacting pro- vision& Incident and relating to the sub feat and purpose of this ordinance; and declaring an emergency." The ordinance was reed by the (pity Secretary. Thereupon, Commissioner Price moved that the ruse requiring that no ordinance shall be passed on the day on which it be introduced be suspended, and that in view of the emergency net 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 The motion carried by the following vote: AYES: Mayor Slaton and Commissioners Price, McMillan, Newsom and :ones. NCR $ s Drone. Whereupon, the Mayor announced that the proposed ordinance had been declared an emergency measure by unanimous vote of the Commission. Thereupon,, Commissioner Jones 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 Newsom , and the motion, carrying with it the final passage and adoption of the ordinance, Was unanimoualy carried by the following vote: ASXS: Mayor Slaton and Commissioners Price, Mayillan, Newsom and Zones. NOES: None. Thereupon, the �%yor announced that the ordinance had been finally passed and adopted by unanimous vote of the Commission, in adoorda oe with the requirements of Sections 15 f ld and 17, of Article IX, of the Lubbock Charter; and tbao Mayor thereupon signed and approved the ordinance in the presence of the Commission. The ordinanco is an follawo t ORDIIWCE NO. 659 "AN ©RDINAMOE by the City Commission of the City of Lubbock, Texas, authorizing the is su anee of bonds for the principal sum of $175,000.00 for the purpose Of constructing im- provements and extensions to the Electrio Light Plant of said City; proscribing the form of the bonds and the farm of interest coupons; levying a continuing direct an- nual ad valorem tax on all tastable proportion within the limits of sold City to pay the interest on such bonds and to create a sinking fund for the redemption thereof , and providing for the assessment and col- lection of such tax; enacting pro- visions incid`nt and relating to the ®ubjeot and purpose of this ordinance; and declaring an emergency." WHEREAS, under and by virtue of a resolution and order duly passed by the City Commission of the City of Lubbo ok, Texas, on the 25th day of December, 1940, an election was ordered to be hold is said City on the 14th day of canary, 1941, and at whi.oh election the following propoeit ion was submitted to the qualified electors of said City "SHALT. the City Commission of the City of Lubbock, Texasy be authorized to issue bonds of said City, is the priaoipal sum of ONE HtINDR= SEVENTY-FIVE THOUSAND DOLLARS ($175040a.001, maturing serially within give t 51 years from their date, bearing interest at a rate not exceeding THREE PER OENWM (3%) Per annum, payable semi-annually, and to levy a tax on all taxable property in said City sufficient to pay interest on said bonds and provide a sinking fund with which to pay the principal at maturity, for the purpose of constructing improve - meats and extensions to the Electric Light Platt of said City, as authorized by the Constitution and lags of the State of Texas?" AND WHEREAS, upon consideration of the returns of said election, the City Commission found that said oleo* tios had been coaduoted in the manner presoribe4 by law, and was to all respects legally held, after due and proper notice as required by lair; that due returns of said election had been made by the proper offlaers; that said election resulted favor- ably to the issuanoe of said bonds; that a majority of the qualified elsotors, voting at said election, voted in favor of the issuance of said bonds; and that the City Commission is in all things authorized to issue said bonder and to do any and all things necessary sad/or convenient in connection therewith; and, MMREAS# it is to the beat interest of the City that the authorized improvements and extensions to the Electric Light Plant be constructed at the earliest possible date, thereby creating this an emergency measure for the immediate preservation of the public peace, property, health and safety, as well as a more efficient administration and operation of the Electric Light Department of the munioipal government; therefore, RE IT ORDAINED BY TEM CITY OF LVBHDCK: SECTION is That the bonds of said City, to be called "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT XMPROVMNT AND CONSTRUCTION ROADS," be issued under and by virtue of the con- stitution and laws of the State of Texas, and the Charter or said City, for the purpose of constructing improvements and extensions to the Electric Light Plant of said City, in the principal sum of Fj i ONE HUM RSD SEVENTY-FIVE THOUSAND DOLLARS ($175,000.00) . SECTIOR 8: That said bonds shall be numbered 00ase0utively From One (1) to One Hundred and Seventy-five (175) , both i.nalusive, shall be of the denomination of ONE THOUSAND DOLLARS ($l,000.00) each, aggregating the sum of ONE H=RED SBVENTY-FM TROUSA.ND DOLLARS ($175 , 000, O0) . SECTION 3: That said bonds shall be dated February 100 1941; and shall mature in numerleal order 5004.00 on the loth day of each month beginning ;anuary 10, 1942 and ending November 10, 19440 as more fully shown by the following sohedule BOND K,TORITY' DATES AMOUNTS (A.11 Ino us ve j l to 5 January 10, 1942 ", 000.00 d to 10 February 10, 1942 50000.00 11 to 15 Marsh 10, 1942 5,000b00 16 to 20 April 10, 1942 56000.00 21 to 2$ May 10, 1942 5*000.00 26 to 30 June 10, 1942 50000.00 31 to 35 July 109 1942 50000.00 36 to 40 August 10, 1942 51,000.00 41 to 45 September 10, 1942 50000.00 46 to 50 Ootober 10, 1942 50000.00 51 to Be November 10, 1942 50000.00 56 to 60 December 10, 1942 50000.00 61 to 65 January 10, 1943 50000.00 56 to 70 February 10, 1943 50000.00 71 to 75 March 10, 1943 50000.00 76 to 80 April 10, 1943 5,000.00 81 to 85 May 10, 1943 50000.00 BOND NWERS MATURITY DATES AVIOUIVS MI no us ve ) 86 to 90 aune 10, 1943 $60000.00 91 to 95 anly 109 1943 51,000.00 96 to 100 August 10, 043 S,000.00 101 to 106 September 10, 1943 59000.00 106 to 110 October 10, 1043 5,000.00 111 to 115 November 10, 1943 50000,00 116 to 120 Deoember 10, 1943 50000.00 121 to 125 January 10, 1944 5,000.00 1.96 to 130 February 10, 1944 5,000.00 131 to 135 'March 10, 19" 50000.00 136 6o 140 April 10, 1944 5,©OO.00 141 to 145 may 10, 1944 50000.00 146 to 150 Zuna 109 1944 50000.00 151 to 155 �'ul.y 10, 1944 50000,00 156 to 160 August 10, 1944 3,000.00 1.61. to 165 September 10, 1:944 50000,00 166 to 170 October 10, 1944 5,OOO.00 171. to 175 November 101 19" 50000.00 SECTION 4: That all of said bands shall bear interest from date until paid at the rate of ONE PER CENTUM (1%, ) per annum, payable on August 10, 1941 and on February 10, 19420 and thereafter such interest will be paid semi-annually on August 10th and February 10th of eaeh year, ezvept interest will be paid at maturity on the bonds maturing between regular interest paying dates; such interest to be evidenced by proper doupons attached to Gash of said bands. SECTION 6s That the principal and Interest of said series of bonds shall be payable on presentation and surrender of bonds or proper coupons, in lawful money of the United States of Amerloa, at CITIZENS NATIONAL BANK j LUBB0CX j T BK", CUON 61 That each of said bonds shall be signed by the Mayor and countersigned by the City Secretary, and the corporate Deal of the "OITY OF LUBBOCK, TEXAS," shall be impressed upon each of them.. SECTION 7t That the facsimile signatures of the Mayor and City Secretary may be lithographed or printed on the interest coupons attached to said bonds, and shall have the same efToat as if they .had been signed by them. SECTION S t That the f orm of said bond a shall be substantially as follows: NO.� UNITED STATES OF ANERICA 010000.00 STATE OF TEXAS, COUMX OF LUBBOCK. CITY OF LUB$OC S, TEXAS, ELECTRIC LIaRT IMPR OVMM NT AND CON- STRUCTION BOND. CITY OF LUBBOCK$ a municipal corporation, of the Stato of Texas, acknowledges itself indebted to and, FOR VALUE RECEIVED,, hereby promises to pay to bearer, the sum of 010000.000 in lawful money of the United States of America, on the 10th day of , 190 with interest thereon from the date hereof until paid, at the rate of ONE PER CENTUM (1%) per annum, payable on August 10, 1941, on February 10, 1942, and on 100, 19 , (here the printer will insert proper interest payment date or dates subsequent to February 10, 1942) on presentation and surrender of the annexed coupons as they severally mature. BOTH PRINCIPAL and interest of this bond are hereby made payable at CITIZENS NATIONLL HAMS, LUBBOCK, TEXAS. THIS BOND is one of a series of lake tenor and effect, except as to aumber and maturity, dated the 10th day of February, 1941, aumbered: from, pae (1.) to One Hundred and Seventy-five (1785) r both inclusive, all of said bonds being of the denomination of One Thousand Dollars ($1,000.00) , aggregating in amount ONE MMRED SMNTY-FIVE THOUSAND DOLLARS (01750000.00)0 and Issued for the purpose of constructing improvements and extensions to the Eleetrio Light Plant of said City,. under authority of the Conetituti,on and Laws of the State of Texas, and the Charter of meld City, and pursuant to an ordinance duly adopted, by the City Commission of the City of Lubbock,. Texas, and recorded In the Minutes of said City Commission. IT IS BERERY CERTIFIRDj RECITED AND REFRESENM that the issuance of this fond and the series of which it is s part is duly authorized by lax and by a vote of the quali- fied property taxpaying voters of the City of Lubbook, Texas, voting at an election hold for that purpose within said City on the loth day of January, 1941t that all acts, conditions and thi4ge required to be dons precedent to and in the issuance of this series of bonds, and of this bond, 'have been properly done and performed and have happened in regular and due time , form and manner am required by lam that suffiolent and proper provision for the levy and oollection of taxes has been made which$ ®hen collected,. shall be appropriated exclusively to the payment of this bond and the series of which it Is a parr, and to the payment of the interest coupons thereto annexed as the same shell become due' and that the totel indebtedness of the City of Lubbock, Texas, inoluding the entire series of bonds of which this is one, does not exceed any constitutional or statutory limitation, IN TESTIMONY WEREOF j 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 signatures of the Mayor and City, eeretary, and to be dated the 10th day of February, 194.1 t / P C4'tTPPPERSIGNEI? s Mayor, City Hof Lubbock, Texas, Ci Y secretary, City of Lubbock, _r Texas. SECTION 9: That the form of interest coupon shall waari � � � be substantially as follows: NO...._.,r,,, ON TIJE .� DAY OF . the CITY"' OF LUBBOCK, a municipal corporation of the state of Texas # hereby premises to ;pay to bearer, at CYT12CNS NATIONAL SAW, LUBBOCX$ TEAS, the sum of ft - w µ - - - DOLLARS t ) , in lArful money of the United States of Awrlsa, being months t Interest on the "CITY OF LUBBOCK, T1+.']CAS, Z=TR ROVMMNT AND COVSTRUC ON BOND $" deted February 10, 1941. Bond No. . yor, . y Decretary SECTION 10: That the following certificate shall be printed on the back of each bony: OFFICE OF COWT-ROLLAMl, � REGISTER WO * . STATE OF TM[ A,,S I HEHY CERTIFY that there is on file and of record In vy office a certificate of the AttOrneyy General of the State of Texas, to the WOO that this bond has been examined by him as re$uired byy 4x and that he finds that it has beeu issued, in conformity with the Constitution and lams 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. WMES-S MY BAND AND SEAL OF OFFICE, at Austin, Texas, th is the day of , 1941.. Comptroller of Fublio AeCounts of the State of Texas. SECTION 11: BE IT FURTHER ORDAINM BY THE CITY OF LUBBOCK: That to pay the interest on said 'bonds and create a sinking fund sufficient to redeem them at maturity, a tax of TwentX,Three Cents ( 230 � on each one hundred dollars c valuation of all taxable property In the City of Lubbock, Texas, or such an amount as may at all times be legally necessary, shall be annually levied on said property and annually assessed and collected, or so much thereof as shall be nooesssary, or in addition thereto as may be required, until said bonds with Interest thereon have been fully paid; and the said tax of Twenty Three Cents ( 230 ) is here nor 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 oolleoted and applied to the purpose named; provided, that to pay the interest on said bonds that vile mature on August 100 1941, there is hereby appropriated the OUR of 1873.04., out of alums in the Treasury and to be in the Treasury from, taxes collected in due and regular order, and the City Secretary is hereby authorized, ordered and directed to placer said amount to the credit of this series of bonds, and the said amount shall be applied to the purpose stated, and none other*. SECTION 18: BE IT FURTHER ORDAINED BY THE CITY 4F LUBBOCK: That the Mayor of said City shall be and he is here- by authorized to take and have oharge of all necessary orders and records pending investigation by the Attorney General of the State of Teams, 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 Account s . OF LUBBOCK., SECTIO I,L ! AND BE IT FURTHER bRDA=D BY THE CITY The faot that it is to the beet interest of the City that the authorized improvements and extensions to the Electric Light Plant be constructed at the earliest possible date, creates this an emergency measure for the immediate preservation of the public pease, property, health and safety, as Well as a more efficient administration and operation of the Electric Light Department of the munioipal government, demanding that the Charter provisions to the effeot that no ordinance shall be passed on the day on which it shall be Introduced, be suspended., and this ordinance to hereby declared an emergency measure by a unanimous vote of the City Commission, and the same shall take effect from and after Its passage, and it is so ordained. PASSZI, this the g2j,4,. day of February, 1$41. APPROMt this the 2277thh flay o; rpbsuary, 1941. , City" of Lubbock, Texas. ATTEST: -k 14 city Secretary, City of Lubbock,, Texa s.. (City Beal)