HomeMy WebLinkAboutMinutes - City Council - Special - 8/26/1988M
SPECIAL CITY COUNCIL MEETING
MINUTES
AUGUST 26, 1988
The City Council of the City of Lubbock, Texas met in special session
on the 26th day of August, 1988 in the City Council Chambers, first
floor, City Hall, 1625 13th Street, Lubbock, Texas at 8:00 a.m.
Present: Mayor B. C. McMinn, Mayor Pro Tem Joan Baker, Councilman
T. J. Patterson, Councilman Gary Phillips, Councilman George
Carpenter, Councilwoman Maggie Trejo, Councilman Bill Maloy, City
Manager Larry J. Cunningham, City Attorney John C. Ross, Jr., and
City Secretary .Ranette Boyd.
Mayor McMinn called the meeting to order at 8:00 a.m.
( 2.)
88-47B-579-545
( 3.)
The Invocation was given by Bob Cass, Deputy City
Manager.
The Pledge of Allegiance was given in unison by
those in the Council Chambers.
Consider actions
$5,000,000 Sewer
the refunding of
of Obligation.
related to the issuance of
Certificates of Obligation and
$2,700,000 in Sewer Certificates
A. RESOLUTION #2903--Authorizing the Mayor
to sign a Paying Agent/Registrar
Agreement, Certificates of Obligation,
Series 1988.
RESOLUTION #2903
A RESOLUTION approving and authorizing the execution of a "Paying
Agent/Registrar Agreement" in relation to the "City of Lubbock,
Texas, Combination Tax and Sewer System Subordinate Lien Revenue
Refunding Bonds, Series 1988" and resolving other matters incident
and related thereto.
WHEREAS, on this date the City Council of the City of Lubbock,
Texas, authorized the issuance of "City of Lubbock, Texas,
Combination Tax and Sewer System Subordinate Lien Revenue Refunding
Bonds, Series 1988", in the principal amount of $2,774,682.40 (the
"Securities"); such securities to be issued in fully registered form
only; and
WHEREAS, in relation to payment, registration, transfer and
exchange of said Securities, the Paying Agent/Registrar selected
therefor is Texas Commerce Bank National Association, Lubbock, Texas;
and
WHEREAS, a "Paying Agent/Registrar Agreement" by and between the
City and said Bank has been prepared and submitted to the City
Council for approval and execution, such Agreement, setting forth the
duties and responsibilities of the Paying Agent/Registrar for such
Securities, being attached hereto as Exhibit A and incorporated
herein by reference as a part of this Resolution for all purposes;
and
WHEREAS, the City Council hereby finds and determines that such
"Paying Agent/Registrar Agreement" should be approved and execution
of same for and on behalf of the City authorized; now, therefore,
August 26, 1988
Page 580
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: That
the "Paying Agent/Registrar Agreement" by and between the City and
Texas Commerce Bank National Association, Lubbock, Texas relating to
the above described Securities, attached hereto as Exhibit A, is
hereby approved as to form and hereby authorized and directed to
execute such Agreement in substantially the same form and content
herein approved for and on behalf of the City and as the act and deed
of this City Council.
PASSED AND APPROVED ON SECOND AND FINAL READING, THIS 26th day
of August, 1988.
/s/ B. C. McMinn
Mayor
ATTEST:
/s/ Ranette Boyd
City Secretary
EXHIBIT A --PAYING AGENT/REGISTRAR AGREEMENT filed with Resolution
#2903.
Motion was made by Councilman Patterson, seconded
by Councilman Maloy to pass on second and final
reading Resolution #2903 as recommended by Bond
Council, Financial Advisor and City Staff.
Motion carried: 7 Yeas; 0 Nays.
B. RESOLUTION #2904--Authorizing the Mayor
to sign a Paying Agent/Registrar
Agreement, Certificates of Obligation,
Series 1988.
RESOLUTION #2904
A RESOLUTION approving and authorizing the execution of a "Paying
Agent/Registrar Agreement" in relation to the "City of Lubbock,
Texas, Combination Tax and Sewer System Subordinate Lien Revenue
Certificates of Obligation, Series 1988" and resolving other matters
incident and related thereto.
WHEREAS, on this date the City Council of the City of Lubbock,
Texas, authorized the issuance of "City of Lubbock, Texas,
Combination Tax and Sewer System Subordinate Lien Revenue
Certificates of Obligation, Series 1988", in the principal amount of
$5,000,000 (the "Securities"); such securities to be issued in fully
registered form only; and
WHEREAS, in relation to payment, registration, transfer and
exchange of said Securities, the Paying Agent/Registrar selected
therefor is Texas Commerce Bank National Association, Lubbock, Texas;
and
WHEREAS, a "Paying Agent/Registrar Agreement" by and between the
City and said Bank has been prepared and submitted to the City
Council for approval and execution, such Agreement, setting forth the
duties and responsibilities of the Paying Agent/Registrar for such
Securities, being attached hereto as Exhibit A and incorporated
herein by reference as a part of this Resolution for all purposes;
and
WHEREAS, the City Council hereby finds and determines that such
"Paying Agent/Registrar Agreement" should be approved and execution
of same for and on behalf of the City authorized; now, therefore,
August 26, 1988
Page 581
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: That
the "Paying Agent/Registrar Agreement" by and between the City and
Texas Commerce Bank National Association, Lubbock, Texas relating to
the above described Securities, attached hereto as Exhibit A, is
hereby approved as to form and hereby authorized and directed to
execute such Agreement in substantially the same form and content
herein approved for and on behalf of the City and as the act and deed
of this City Council.
PASSED AND APPROVED ON SECOND READING, THIS 26th day of August,
/s/ B. C. McMinn
Mayor
ATTEST:
/s/ Ranette Boyd
City Secretary
EXHIBIT A --PAYING AGENT/REGISTRAR AGREEMENT filed with Resolution
#2904.
Motion was made by Mayor Pro Tem Baker, seconded
by Councilwoman Trejo to pass on second and final
reading Resolution #2904 as recommended by Bond
Council, Financial Advisor and City Staff.
Motion carried: 7 Yeas; 0 Nays.
C. ORDINANCE #9225--Authorizing issuance of
Refunding Bonds, Series 1988; approving
Escrow Agreement and Official Statement.
AN ORDINANCE authorizing the issuance of "CITY OF LUBBOCK,
TEXAS, COMBINATION TAX AND SEWER SYSTEM SUBORDINATE LIEN REVENUE
REFUNDING BONDS, SERIES 1988"; pledging an ad valorem tax and the net
revenues of the City's Sewer System to the payment of the principal
of and interest on said Bonds; enacting provisions incident and
related to the issuance, payment, security and delivery of said
bonds, including the approval and execution of a Purchase Contract
and a Special Escrow Agreement and the approval and distribution of
an Official Statement pertaining thereto; and providing an effective
date.
Motion was made by Councilman Carpenter, seconded
by Councilman Phillips to pass on second and
final reading Ordinance #9226 as recommended by
Bond Council, Financial Advisor and City Staff.
Motion carried: 7 Yeas; 0 Nays.
D. ORDINANCE #9226--Authorizing issuance of
Certificates of Obligation, Series 1988;
approving Official Statement.
ORDINANCE #9226
AN ORDINANCE authorizing the issuance of $5,000,000 "CITY OF
LUBBOCK, TEXAS, COMBINATION TAX AND SEWER SYSTEM SUBORDINATE LIEN
REVENUE CERTIFICATES OF OBLIGATION, SERIES 1988"; providing for the
payment of said certificates of obligation by the levy of an ad
valorem tax upon all taxable property within the City and a pledge of
the net revenues derived from the operation of the City's Sewer
System; providing the terms and conditions of such certificates of
obligation and resolving other matters incident and relating to the
August 26, 1988
Page 582
issuance, payment, and security, of said certificates of obligation,
including the approval and execution of a Purchase Contract and the
approval and distribution of an Official Statement pertaining
thereto; and providing an effective date.
Motion was made by Councilman Phillips, seconded
by Councilman Maloy to pass on second and final
reading Ordinance #9226 as recommended by Bond
Council, Financial Advisor and City Staff.
Motion carried: 7 Yeas; 0 Nays.
There being no further business to come before Council, motion was
made by Councilman Patterson, seconded by Councilman Phillips to
adjourn the meeting at 8:03 a.m. Motion carried: 7 Yeas; 0 Nays.
. . . .........
ATTEST:
ff. W.'TOW.'"k
'B. C. MCMINN, MAYOR
ST:
RAN TFBOYD, CITY SECRETARY
August 26, 1988
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