HomeMy WebLinkAboutOrdinance - 140-1916 - Issuance Of Warrants And Levy Of Collection Tax For Sinking Fund - 07_20_1916AN O RDINARCE # 11AUTHORIZIRGTHEISSUANCEOF4ARRA19TSFORTHEPURPOSEOF ,FUNDING CERTAIN VALID OUTSTANDINGWARRANTSHEwRETOPORECISSIMDBYTHECITYOFLQBBOOK, TEXAS, *" THE LEVYING ND COLLECT110
A TAX TO FAY THE INTEREST AND CREATE A SINKING
FUND FOR TEE .REDE9 MON OP SAID WARRANT AT
MA iiRI ii
rrr wlYi wi ir r IYwM M rr i r
WHEREAS, the City Counoil of the City of Lubbook, Texas,
deems it advisable to issue Funding Warrants for the purposes
hereinafter mentioned; therefore
W IT ORDA. n1ED BY THE CITY O WNCI L OF THE CITY OF
LU1BBOCKv TEXAS:
l: That warranto of said City, to be oal led "CITY OF
LUBBOCK FUNDING WARRANTS" be Issued under and by virtue of
the Constitution and laws of the State of Texas, for the
purpose of fundi rig an equal amount of the warrants of s ai d
City, duly and legally Issued for permanent improvement pur-
poses in and for said City, and Which are valid, subsisting
and now outstanding obligations against said Qity, the olaime
ct
for Alch Were daly andited and allowed by the City nCounoi 1
prior to their issuanoe, and which warrants are to be oan-
oelled and surrendered, ar d the warrants hereby authorised
Issued to the holders in lien thereof, which -said original,
warrants, issued against the permanent improvement fund of
said City, are as follows:
F1
XQ WHDX z sirJJuly, 10th, 19169 NO 27, Lubbock State Bank, n rr tt rr 6289 tr n 1tnnrrrr629trnn
tr tt tt 6303 Worthington Puma 0o,
n rr n n 631, Ian6 F Bowler;
n n n rr 632, American Well, Works,
n 633, J.B.Pryor,
L
31
1--,'
p__1i t ,irkr . 3.000 .00 . 3 .000 . o o . 3.000.00 .
2.000.00
1.P 00.00.
19500.o, .
1.300.-o.
8: Said Funding Warrantee shall be numbered fromone (1) to Thirty (30) inclusive, ehall be of the denomina- tion of Five Hundred Dollars (0500*00) each, aggregatingFifteenThousandDollare ($16,0000000# 8: They ahall be dated the SOth daynof ftly, 19160 andshallbecomedveandpayableasfollows:
F.AWT NOSE 9WHEM - .;- I g
AMOUNT
Feb, 160 1918 500 000
w- Feb 16, 1919 500.00
g..••---_ Feb 15, 1950 5040
4-•••••• Feb, ISO 1921 500.00
g....-..,.,,. Feb. 1S, 198 600000
4-••••-• Feb 15, 1,953 500000
7 Feb* 16, 1924 SOD 00
gw.-..-.- Febt 15, 1986 500400
A••-»-•w- Feb • 15011926 600000
10--••--- Fab. 15,E 192? 800.00
1,1•••••---• Feb. 16, 1928 800000
13- ,..._ Feb. ISO 1929 600 *00
1 ••*-••--w• Fab. 16,E 193a 500000
14•••• • Feb. 16 1951 800 300
16..-•••••• •• Fab 10 15: 1952 500 000
16- •••• Feb . is , 1934 500 * 00
17••.••-••••., Feb a 1.59 1934 500.00
18- Feb. 15 v IP36 500,00
19--••-•- Feb. 16, 19W 600000
Q.-••••....-• Feb . 159 1937 600 *00
Sl aced ES Feb: 15, 1938 1000600
23 and S4 Feb# 16, 1939 1000000
65 and 26 Feb, 180 1940 1000000
E7 and 28 Feb. 160 1941 1000000
29 and 30 Fabr 160 1946 1000-000
4; May shall bear luterest at tho rate of six percent per
annum, payable on the 16th day of February 1917, and semi-annual-
ly thereafter on the 18th day of February and 15th day of August
of each year, whiah shall be evidenced by coupons attached to
said warrants,,
8: Principal and interest shall be payable in lawful
money of the United States of America upon presentation and
surrender of warrants or proper coupons at the Continental and
Commercial National Bank, Ohio ago # I131 note,
6 : Said Warrants shall be signed by the Mayor, eounter-
signed by Zbo City Secretary and registered by the City Treasur
er, and the seal of said City shall be Impressed upon eseh of
them
7: Pao simile signatures of the mayor and City Secretary
may be lithographed upon the Interest coupons.
4,
faNoeB : THE P0PX OF 7ARRANT sha 11 be substantially as fo ll ova tUNITED82ATESOFAMBICASPATEOFTEXASCOUMOrLUBBOCX
CITY OF LUBBOCK FUNDIM WARRVIT.
THE CITY OF MB90CH, In the County of Lubbock, and State
of Texas, for a valuable ounsidaration, acknowledges itself
Indebted to and hereby 01 pia tee Itself to pay to bearer on
18l
the 15th day of Fvbraafy, at the Continental and Comprolal
National Bank, Chicago. Illinois,, the sum of
500aOD) In lawful money of the United States of America, together
with interest thereon, at the rate of six Peroent pe,,
annum, Intorest payable cn the 15th dry of February, 1917, and
semi-a=maally thereafter onttha lfith day of February said l5th
day of August of eaoh year, upon presentation and surren- der
of warrant or proper aoupoul Which said City is obligated and
hereby promises to paq to bearer, and the Treaeuror of said
City is hereby author sed, ordered and directed to pay to bearer,
the sum of Five Hundred Dollars ($500*UO) on the 3.5th day
of February, 19., the data of maturity of this warrant, at
the Continental and Commercial Natbnal Bank, Chi, cago , Illinois,
in full settlement of the sum hereby evidenoed, from the
moneys bolonging to the "Speolal Funding Warrant Fund" of said
City, levied, assessed and o1'$sted for that purpose, This
warrant is one of a series of Thirty (30) warrants, known
as "01TY OF LUBBOCK 3U DING WARROTS" n=bered oonse- outively
from One (1) to Thirty (BU) Inclusive, in the denomIna- tion
of Five Hundred Dollars ($500.00) aaoh, aggaregati' Fifteen Thousand
Dollars (015,000.00) , all of which warrants are issued for
the purpose of fand1mg an equal amount of warrants of said City,
heretofore duly w d legally lased against the permanent Be
MriimprovementfundofsaidCity, the claims for which weredulyauditedandallavedbytheCityCounoi1priortotheirisauanoe, and for which the said City received fu1; consideration and value, and hereby acknowledges receiptgame, and VMILGA Warrants 1 OTO autBariaed by oVd1n8noe dulyandlegallyadoptedpriortotheiriseuenoe, made and enteredupontheminutesofsaidCityQounailofsaidCityofTgbbook, Tema# It being kno9m and understood that this taAUmt<, ae well
as all othore of this aeries, is i 8sued for the sole purpose
and intent of funding said outstanding jndebtednees against
the permanent Improvement fond of said City, Into warrants
authorized and Issued and zhich are to be paid out of a
speoiaa fund, made, created, and set aside out of the "Speoigl
Puinding Warrant Fund", wbiab shall be assessed and oollevted
and met aside for said purpose; and the holder hereof shall
and will be ®abrogated to all the rights and privileges a-
gainst said City had and possessed by the holders of said
original currants, in accordance with the Constitution and
laws of the State of Texas, and in pureusnas of an ordinanoe
passed by the City Council of said City of Lubbook, on the
20th day of July, 19166 and recorded in Book 2, page 1256 at
seq.. of the Minutes of said City Couacilr
The date of this warrant,, in conformity with with Ordi-
nano a above mentioned,; is July 2a th , 1916; and it Is hereby
oartified, recited and werranied that said City is now and has
been for mazW years past a body politic, duly incorporated,
existing and operating under and by virtue of the Consti tation
and Statutes of the state of Texas, and always has been and
now is under the control of a duly organised City Council, as
the duly oonetituted corporate authority thereof; that all
things, ante, and conditions required by the Constitution and
laws of the State of Texas to exist and to happen and to be donw
and performed precedent to end in. the issuance of this Warrant,
In order to constitute the, same a valid and binding obligation
of slid City, do exist and have happened and been done and
T 9 a rr'Tiir IJperformedinregularanddueformand time: that tho Warrindebtedneseifrthefundingofwbi.ah this warrant Is issuedwaslawfvllyinourredandatthetimeofthefundingthereof , It was a bindings subsisting Warrant obl igatton of said Cityandofaobaracterauthorizedbylawtobefaudedlthatthe
indebtedness of said City is not inareaaed by the issue hereofg
and that the to tat indebt edneae of said. City $ inolud ing this
warrants does not exceed any oonetitatioasl or statutory
limitation= and that due provision has been made for the levy
and oo lle o do n of a direst annual ad valorem tax upon all the
taxable property of said City, in addition to all other taxes,
saffioient to pEy the interest aoornting thereon promptly When
and as the same fells due and also to diaahaarge the prinoipal
thereof at maturity*
Ili TESTIMONY WHEREOF, the City of Lubbooh, Texans has
eaused the oorporate seal of said City to be hereto affixeds
and this varrant to be signed by the Mayor, ocuntersigned by
Its City Searetary and rregistered by its City Treasurer, as
of the date last above writtone
ayor s city o u MN. Texas.
Countersigned:
y Boorefary, City o u ''o . ex#
Regie tered s
y TRaRMWO My of DUOSbocklTexase
s THE FORK CF 0 CCMR shall be substantially asfoilows : go% 16 000THECITYOFIMMQZ# In Lubbook Dountyo Texans, isjustlyindebtedtobearerinthesumofFifteennDollars, and they Treasurer of. said City is hereby authorized, orderedanddirectedtopaytobearer, out of the "Special FundingWarrantFund" of said City, at the Continental and Conner.
oia l Bati ozwQ Heck, Chloago , 1114nois , on the 16th day of
19...+ said sum; this amount being six
months" interest on "CXTr OF ?MDCCK PUNDIyC WARWT
dated ftly 20th, 191d, to 17hiah this coupon is attached and
io a parts thereof•
syor*
y abre ary
9: A fund Is hereby made, created and salt aside gut
of the permanent improvement dV0A at said. City of Lubbock.
and designated as "Spa oial Funding Warrant mod" rahi ch fend
when oolleaated shall be set aside aka pay the interest and
provide the neoessarg sinking fund to redeem eaid Fundigg
Warrants at maturity, and shall be used for no other purposee
lC i IT IS FURTHER CRDAVIED by tho City Counoi 1 of the
City of Lubbock, Texas, that said original vaasrrants herein.
before mentioned and described, be and the same are hereby
In all things val i dat aid, and bold and declared to be valid,,
subsisting jbUding and unsatisfied obl.i gat ibne against the
permanent Improvement fond of said City, azd the sots of the
City of fi ci al.s in the is suanc a of said warrants are hereby in
all thinge ratined ana9. aonf1vm@d*
Ili IT IS FURTHER CRD,A by the City Cowell that to pay
tho Interest on said warrants and area$* a oinking fund
is.
suffi of ant t o die oharge th a pr inoi pal a t matur ity, a taxofandattherateof , dente on eaoh One H ndredoDollarsvaluationofalltaxablepropertyinsaidCityofyLubbookioutofthepermanentimprovementHofsaidCity, shall be annually levied, assessed and oolleotedt or so muchthereofasshahbenedeseary, until, all of said warrantsand14terestcouponsarepaidlandsaidtaxIsherenowleviedfortheourrentyear, and so mnoh theredd as shall be n000reary !
for eaah auaaeeding year while said warrants, or any of them
are outstanding, and the game dhall be annually assessed and
oollaoted and opplied to the purposes named,.
IT xS PURTEFR ORDAISED that W.E. Sohmaak, Mayor % he and
he is hereby authorized to tare charge of said P andigg War-
raants pending their inbeatigation and aplmoval, and upon t hei r
approval he shall have authority to deliver said warrants to
the holders of the original warrants hereby funded, when the
original warrants have been surrendered to him and oanoellad.
Passed and approved this the 20th day of fly, 1916.
4Mori= w "W w wr.* +r+4k& raw
TER STATE OF TEXAS
i
COUNTY OF LUBBOOK
z
O T TY OF LUBBOCK
yo rr
is J.W. Lamb, Oita Secretary of the City of Lubbock*
Texas, do hereby oartify that the above and fo3oing Is a
true and oorreot oopy of an Ordinance passed by t e City
Counoll of Labbook and approved by its Uayor, on the 20th
day of July. 1916, as the some appears of record to Book Z.
page 126. at oeq.. of the Minutes of said City Couna il.
I further certify that said Ordinance was passed by the
following vote:
94
J rA ^ aye a A ' -m- Noaa rn— szFOMNMTDERMYHANDADDSIRAL OF FFT OEJ this thedayofDaly, 1916*
yS4000tar7o City Of o, exee