HomeMy WebLinkAboutOrdinance - 128-1915 - Treasury Warrants For Purpose Of Funding Indebtedness. - 10_11_1915ORDINANCE NO. 128. AN ORDINANCE OTHORIZING THE ISSUANCE OF TREASURY WARRANTS FOR PURPOSEOFFUNDINGCERTAINOUTSTANDINGII4DEBTMMSSOFTRPCITYOFMiICS, TExAS, IN 'im Sum _7 $5,000,00,s AND PROVIDMG FOR THE LEVY OLLECTI` NOFATAXTOPAYTHEINTERESTONSAIDTARRAWTSA17DTOCREATEAMINGFUNDFORTHEREDEKPTIONOFSAIDVAFa?ANTS AT MATURITY. w'HEREAS the City of Lubbock, in Lubbock County, Texas, has annexistingindebtednessinthesumof05000.00, evidenced by wa ntsheretoforeissuedinpaymentofclaimsagainstsaidCityasfollowstTwrra.nt Do. 205 dated duly 13th, 1915,E for $383..84; Warrant No. 810datedSept. 139 19159 for $1,000.00; Warrant No. 206 dated August 109 1915, 968.84; Warrant Do. 211 dated Au st 13, 1915 for $ll000.00; Warrant
No. 207 dated Sept.. 19 1915, for $&67.20; Warrant No. 2120 dated
August 13 1915, for $309.32; Warrant Do: 2089 dated Sept. 13, 1915s
for 4170#A0; Warrant Ito. 209, dated Sept. 139 19a5, for *500o00# all
of which warrants are now owned and held by the Lubbock State Bank of
Lu bock, Texae; and
WHERTAS all of said outstanding warrants have been examined and audited
by tye Finance Committee and found to have been legally issued in payment
of claims heretofore duly audited and allowed by the City Council; and
WHERTAS the indebtedness evidenced by mild outst nding warrants
Is an existing, valid and binding obligation of said City; and
VMREAS the holder of said Tat -rants hae agreed to accept in lieu
thereof Treasury Warrants of said City due and payable as he3dnaft6r
proviede and bearing interest at the Late of six per centum per annum;
nd
WREREAS it is deemed b- the Council of said City to be for the beat
interest of said;City to fund said indebtedness; Now, therefores,
BE IT ORDAIRED BY THE CII COUNCIL OF THE CITY OF LUBBOCK, TEXAS,
late,
section 1. That the indebtedness of said City referred to above be
funded and that for such purpose there be issued Treasury warrants
of said City in the aggregate amount of f5,000.00 as her-Inafter provided.
Section 2. Said issue shall consist of ten Warrants of the denomination
of 05OOoOO each, numbered consecutively from 1 to 10 inclusive, dated
October llth, 1915, due and payable as follows%
Warrants No.. 1 and 2 due and paya le April llth, 1916.
Warrants No. 3 and 4 due. and payable Aprillllth, 191.
Warrants No. 5 and 6 due and payable April 11th, 191 .
Warrants No. and 8 due and payable April llth, 1919
arranto No. 9 and 10 due and payable April llth, 1920.
Section 3• Said Warrants shall bear interest at the rate of six per
centum per annum, payable semi-annually on the llth day of April and
October in each year, the several Installments of interest to be evid-
enced by coupons attached to said warrants* and both principal and
inter, st shall be payable at the Hanover National Banks in the City
of Dew York., in the State of New Yor)C.
Section 4. Said warrants shall be executed in su stantial'y the follow-
ing forms
UVITED ST TES OF AMERICA,
STATE OF TEXAS,
r
COTANTY OF LUBBOCK
CITY OF LUBBOCK,
TREASURY WARRANT.
NO. Z500.00
KNOW ALL UEA BY VHEBE PRESEITTS: That for value received the City of
Lubbock in the Count of Lubbock, in the State of Texas, is justly
Ord. . __8. Page 2. Indebted to the Lubbock State Hank of Lubbock. Texast in the principalsumofFiveHundredVollarstWhichsaidCityhasagreedandpromisedtopaaytosaidLubbockStateBankonthellthdayofApril,. 19tandthetreasurerofsaidCityisherebyauthorised, ordered anddirectedtopaytosaidLubbockStateBank, its assigns# or bearer, thesaidsumofFiveHundredDollars, on said day$, togr,ther with interestthereonfromthedatehereofattherateofsixpereentumpera=4payablesemi-annually on the llth day of April and October in eachpear, as evidenced by coupons attached hereto fbearing fac-simille of thesignaturesoftheMayorandSecretaryofsaidCityoinfullsettlementofthesemiherebyevidenced, from the moneys be4onging to the SpecialFundingWarrantFund, levied and created for that purpose, onpresentationandsurrenderofthisvmrrantandacidinterest couponsattheHanoverNationalBankpintheCityofNewYorksStateofNew
York, as they severally become due; but should there be at any time
Insufficient money in said Special Fund in the City Treasury for the
paydient of this Warrant or any of the annexed coupons when the same
shall be presented for ;ayment then this Warrant and the annexed coupons
shall be payable out of any other moneys in the City Treasury not
otherwise appropriated. If the sum of money represented by this
Warrant andannexed coupons shall not be paid at maturity, the same shall
thereafter bear interest at the lawful rate of Six per centum per annum
until fully paid.
This Warrant is one of a aeries of Warrants of like date, tenor and
effect, except as to date of payment, aggregating V5#000,OO, issued and
delivered by said City to said Lubbock State Sank pursuant to section 890
of the revised Civil Statutes of Teas, 1911.# and an Ordinance duly pas-
sed and regularly, by the Council of said City on the llth day of
October,, 1915.
It is heretjy certifiedg recited and declared that all conditions and
things required by the Constitution and Laws of the State of Texas,
to be done precedent to and in the issuance of this Warrant, have been
properly done} have happened, and have been performedg in regular
and due form, and time as required by said Constitution and Laws, and
thit sufficient and proper provisions for the levy and collection
of a Special Funding Warrant Tax has beep made, and which, when Collect-
ed shall b e exclusively appropria F ed to the payment of thi a yawarrant#
and the interest coupons hereto, annexed,, as same become due.
IN 'WITNESS LOREOF, the City of Lubbock. in the County of Lubbock# state
of Tex -so by its City Council,, has caused this Warrant to be signed
h-F its Mayor, Attested and countersigned by its Secretary, who has affix-
ed hereto the corporate seal of said City# and to be registered
by its Treasurer., all as of the llth day of October, AWD. 1915.
W.F. Schenck#
Mayors City of Lubbock#Tea.
Attested and countersigneds
WAU. Shaw,
City Secretary, City of Lubbock, Texa$6
Registereds
W.M. S haw
City 2rweasurert City of Lubbock, Texas,
INTERE:'T COUPON.
THE FORK OF COUPON ATTACHED TO EACH OF SAID WARRANTS
SHALT, BE SUBSTANTIALLY AS FOLLOWS:
80. 15.00
On the llth day of A ril, 1916s, the City of Lubbock, in the State
of Texas., will be justly indebted to Benrer in the sum of Fifteen Dollars
and x1 City Treasurer of said City is hereby ordered and directed
to pay to bearer, out of the Special Funding Warrant Fund of said City$,
at the Hanover Nat&onal Hank, Nevi York Cityt New York, said sum on said
date, said amount being six months' interest then due on its Treasury
Warrant No. . dated October 11, 1915,
W*F. Schenck, Vr yor.
W.N Shaw
City Secretary.
Ord. # 12e. Pa;;e 3.. Section f. The Mayor, Secretary and Treasurer of said City areherebyauthorizedanddirectedtoexecuteandregistersaidTreasuryWarrants* and whm executed and registered to deliver same to saidLubbockStateBankinexchangeforsaidoutstandingWarrants, andthereupontocancelsaidoutstandingTarrantavSection6, it is further ordained by the City Council that to paytheinterestonsaidwarrantsandcreateasinkingfundsufficienttodischargeandaythemoffatmaturity,- a tax of axxe d at the rateOfsevencents (-73 on the one hundred dollars ($100000) fA"luationofalltaxablepropertyinthe%;ity of Lubbock, out of the Current
or General Expense Tax of said City shall be annually levied on said
propertyg and annually assessed and collected (or so much thereof
as may be necess^ry) until all of said parr-9.nts and interest coupobs
are paid, and said tax is here now levied for the current year* and
for each succeeding ye-r that said warrants or interest coupons*
or any at them, are outstandingv or so much thereof as shall be
necessary, and the same shall be annually assessed, collected and
applied to the purposes named, until all warrants with interest
thereon fully are paid. And if., at any time said tax levy should
be insufficient to pay the interest and provide the necdes-ry sink-
ing fund to redeem said warrants~ much deficiency shall and will be
paid out of the General Fund of said City* or moneys belonging to
said City not otherwise appropriated.
THIS ORDINANCE shall take effect and be inforce after its passage
and approval.
Passed by the City C ouncil the 11th day of October, 1915.
Approved llth day of October, 1915.
W.F. Schenck
Mayore
Aettestt
W.M. Shaw, Secretary*
a