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Culbertson council adopts ordinance to issue $39,500 refunding bonds to refinance water debt
Summary
The Culbertson Town Council adopted Ordinance No. 54 to issue $39,500 in refunding bonds dated Nov. 1, 1928, at 5.25% interest to redeem outstanding water bonds serially from 1929 to 1948; the council suspended rules to pass the ordinance at the same meeting and the mayor signed the measure.
The Culbertson Town Council adopted Ordinance No. 54, authorizing the issuance of $39,500 in refunding bonds to redeem outstanding water bonds, the council record shows.
The bonds were dated Nov. 1, 1928, carry interest at 5.25% per year payable semiannually, and are structured for serial principal payments from 1929 through 1948. Denominations were set at $1,000 and $500, with scheduled $2,000 principal maturities in each of the designated years. The ordinance declares an emergency and directs that tax levies sufficient to pay principal and interest be extended when needed.
Council moved to suspend rules to permit final passage of the ordinance at the same meeting; roll-call votes recorded members voting in favor and no recorded 'nay' votes. The mayor signed the ordinance and the clerk attested it. The council ordered the ordinance posted or published as required by law.
Town records included certification from municipal officers and local banking officials that, after issuance, the refunding bonds were exchanged dollar-for-dollar for the previously outstanding maturing bonds, that the prior bonds were cancelled and destroyed, and that the exchange did not increase the town's total indebtedness.
The council record notes the emergency finding and directs that sums necessary to meet bond principal and interest be included in annual appropriations and that taxes be levied to meet those obligations until the bonds are paid in full.
The ordinance text, roll calls, and subsequent certification and bank acknowledgements appear in the council's minutes and accompanying documents from October–November 1928. The council adjourned after routine business at its subsequent November meeting.
