Loading...
HomeMy WebLinkAboutMinutes - City Council - Special - 5/15/1981342 MAY 15 198, SPECIAL CITY COUNCIL MEETING May 15, 1981 11: 30 A. M. The City Council of the City of Lubbock, Texas met for a Special City Council Meeting Friday, May 15, 1981 at 11:30 A. M. in the City Council Chambers, Second Floor, City Hall. Those present: Mayor Bill McAlister, Mayor Pro Tem Alan Henry, Councilman E. Jack Brown, Councilman M. J. Aderton, Councilwoman Joan Baker, Assistant City Manager Jim Blagg, City Attorney John C. Ross, Jr. and City Secretary -Treasurer Evelyn Gaffga. Those absent: City Manager Larry Cunningham 81-40-342-500 The invocation was given by Asst. City Manager Jim Blagg. 81-40-342-501 The Pledge of Allegiance to the Flag was given in unison by those present in the Council Chambers. ORDINANCES FOR PASSAGE The motion was made by Mayor Pro Tem Henry and seconded by Councilwoman Baker/Councilman Brown, simultaneously, to dispense with the reading of the following ordinance in its entirety, inasmuch as the record reflects this procedure was followed on April 23, 1981 and again on May 14, 1981. Motion carried: Mayor McAlister, Mayor Pro Tem Henry, Councilmen Brown and Aderton, and Councilwoman Baker voting Yea; None voting Nay. 81-40-342-502 ordinance No. 8195 Consider an ordinance on second reading authorizing the issuance of $9,000,000 Electric Revenue Bonds, Series 1981 The motion was made by Councilwoman Baker, seconded by Mayor Pro Tem Henry to pass Ordinance No. 8195 on second and final reading. Motion carried: Mayor McAlister, Mayor Pro Tem Henry, Councilwoman Baker voting Yea; Councilmen Brown and Aderton voting Nay. ORDINANCE NO. 8195 AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS, AUTHORIZING THE ISSUANCE OF $9,000,000 "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER SYSTEM TEM REVENUE BONDS, SERIES 1981", FOR THE PURPOSE OF PROVIDING FUND FOR MAKING IMPROVEMENTS AND EXTENSIONS TO THE CITY'S ELECTRIC LIGHT AND POWER SYSTEM, i.e.IMPROVEMENTS AND EXTENSIONS TO THE TRANSMISSION AND DISTRIBUTION FACILITIES, AS AUTHORIZ;D,.BY THE GENERAL LAWS OF THE STATE OF TEXAS, PARTICULAR ARTICLE 1111, et seq.,.AND ARTICLE 236a, V.A.T.C,.S.:.PRF S CRIB ING- -TU,_- FORM OF THE BONDS AND THE FORM OF THE INTEREST COUPONS;.PLEDQj-NG,--T1 1 _iENET_REVENUES OF THE CITY'S ELECTRIC .LIGHT AND -.EO.WER--S-YSTEM-:.,TQ-THE---PAYTIENTI:-OF--T-,,HF 1j?Rjj-NCj_,PAL OF,- AND INTEREST ON SIAD BONDS; AND ENACTING PROVISIONS INCIDENT AND RELATING TO THE SUBJECT AND PURPOSE OF THIS ORDINANCE: AND PROVIDING AND EFFECTIVE DATE. 81-40-342-503 Consider a resolution.by the City Council of the City of Lubbock, Texas, relating to procedures to be followed in the sale of $9,000,000 "City of Lubbock Texas, Electric Light and Power System Revenue Bonds, Series 1981"; providing the forms of procedures and in substantial form all instruments for said Series 1981 Bonds; stating the intent and desire of the City Council to proceed with such Series 1981 expeditiously and as appropriate within their discretion reserving the right to make corrections and insubstantial and immaterial changes and modifications in all such Series 1981 instruments to reflect the true facts, circumstances and dates at time of ultimate execution, resolving other matters incident and related to the purpose, including the filing of any action under the provisions of Vernon'a Ann. Civ. Stat., Art. 717m-1; and providing an effective date for this resolution. Resolution No.808 Trial Attorney Jim Brewster apprised the Council that these documents were essential in the validation procedures that will subsequently 343 i MAY 15 198 JBP:bs RF,qOT,TTTTON NO. 808 A RESOLUTION by the City Council of the City of Lubbock, Texas, relating to procedures to be followed 'in the sale of $9,000,000 "City of Lubbock, Texas, Electric Light and Power System Revenue Bonds, Series 1981"; providing the forms of procedures and in substantial form all instruments for said Series 1981 Bonds; stating the intent and desire of the City Council to proceed with such Series 1981 expeditiously and as appropriate within their discretion; reserving the right to make corrections and insubstantial and immaterial changes and modifications in all such Series 1981 instruments to reflect the true facts, circumstances and dates at time of ultimate execution, resolving other matters incident and related to the purpose, including the filing of an action under the provisions of Vernon's Ann.Civ.St., art. 717m-1; and providing an effective date for this Resolution. WHEREAS, this City Council has determined and does hereby determine that: (1) It should proceed with the authorization of bonds to be known as "City of Lubbock, Texas, Electric Light and Power System Revenue Bonds, Series 1981"; and, (2) That it is necessary and expedient that the instruments and procedures necessary to the accomplishment of such purpose be now defined so that same may be subjected to judicial consideration, reserving the right to make all corrections, modifications and changes necessary so that said instruments at the time ultimately enacted, executed or delivered shall accurately reflect conditions at the time of such enactment, execution or delivery, provided such corrections, modifications and changes shall not substantially or materially effect the substance of the proposed instruments; and, (3) That a clear and concise declaration of the intentions and desires as to such proposed Electric Revenue Bonds should be of record; and, (4) That form of the Ordinance to be hereafter enacted setting all terms and conditions of the Series 1981 Electric Revenue Bonds be provided; as well as prescribing the form of notice to be published in accordance with Article VIII, Section 5 of the City Charter and the form of notice of sale to be distributed to proposed bidders, as well as all further instruments necessary to the sale and delivery of said Series 1981; and, (5) It should institute an action under Vernon's Ann.Civ.St., art. 717m-1, in order that all matters possible arising in connection with the issuance of Series 1981 Bonds may be validated and confirmed; NOW THEREFORE: BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: SECTION 1. That the recitals and determinations made in the preamble hereof are found to be true and are adopted as the findings of this governing body. SECTION 2. That this Council proposes to proceed as quickly as possible, subject to the Judicial procedures contemplated hereby, with the sale and delivery of $9,000,000.00 City of Lubbock, Texas, Electric Light and Power System Revenue Bonds, Series 1981. SECTION 3. That the City Attorney is directed to institute and file an appropriate action, under the provisions of Vernon's Ann.Civ.St., art. 717m-1, to approve and validate the bonds now sought to be issued and obtain appropriate relief against the institution of suits which would or might prevent the carrying out of the intent of the Council, all in the manner provided by said law. SECTION 4. That this Council has already by this date, or alternatively, hereafter proposes at the earliest possible and appropriate date, to enact in substantially the form hereafter set forth, an Ordinance authorizing the issuance of $9,000,000 City of Lubbock, Texas, Electric Light and Power System Revenue Bonds, Series 1981; said Ordinance being attached as Exhibit R-1 to this Resolution and to which attachment reference is here made for all purposes. SECTION 5. That the enactment of said aforesaid Ordinance shall be reflected upon the minutes of the City Council of the City of Lubbock, Texas, and that there be attached to all official copies of said ordinance when enacted utilized in the bond processes a certificate of the City Secretary certifying that such Ordinance is a true and correct copy of the enacted ordinance. The form of such certificate shall be in substantially the form attached as Exhibit R-2 to this Resolution and to which attachment reference is here made for all purposes. SECTION 6. That in compliance with all requirements and policies in current force prerequisite to the procedures for the issuance, sale and delivery of revenue bonds, there shall be submitted a Report of Certified Public Accountant in substantially the form as attached as Exhibit R-3 to this Resolution and to which attachment reference is here made for all purposes. SECTION 7. That this Council in compliance with charter requirements proposes thereafter to issue and approve a notice of sale, which except for the date and time of sale shall be in substantially the form attached as Exhibit R-4 to this Resolution and to which attachment reference is here made for all purposes. That such notice is the format of the notice which the City proposes to use in 344 and published in the City of Lubbock. That the date and time to be set in such notice for the receipt of bids w be not less than 30 days following the date of the first publication; that the of day established for the sale shall be between the hours of 9:00 A.M. and 4: P.M.; that the City Council proposes to convene in open session, after notice thereof has been given in compliance with Article 6252-17, V.A.T.C.S. for the purpose of opening and considering bids or proposals for the purchase of such bonds. SECTION 8. That additionally this Council proposes to cause to be distributed an Official Statement, Notice of Sale and bidding documents in substantially the form attached as Exhibit R-5 to this Resolution and to which attachment reference is here made for all purposes. The Council reserves the right to cause such instrument to be modified and amended to reflect at time of distribution current information as to all matters included, but no changes of a substantial or material nature at law are contemplated. That said documents shall be distributed to investment bankers and others who would normally submit proposals for the purchase of bonds of the kind and character to be offered for sale and the City proposes to cause such distribution to be made. That prior to the distribution of said Notice of Sale and Bidding Instructions, Official Bid Form and Official Statement, all as contained in said instrument attached as Exhibit R-5, the Council will by resolution approve the form and content of the above and authorize First Southwest Company, Dallas, Texas, to distribute these said instruments to prospective bidders for and purchaser of the Series 1981 Electric Revenue Bonds which are the subject of this Resolution. The form of said Resolution shall be substantially as reflected by the instrument attached hereto as Exhibit R-6 to this Resolution and to which attachment reference is here made for all purposes. SECTION 9. That subsequent to the final enactment of the Ordinance attached to this Resolution as Exhibit R-1, the Council hereby authorizes and approves the execution by the officer indicated of a General Certificate substantially in the form attached hereto as Exhibit R-7 to this Resolution and to which attachment reference is here made for all purposes. SECTION 10. That the Council directs, authorizes and approves the execution, issuance and delivery at the appropriate time or times of a Debt Service Requirement Schedule substantially in the form attached hereto as Exhibit R-8 to this Resolution and to which attachment reference is here made for all purposes. SECTION 11. That the Council after receipt of bids, opening thereof and acceptance of the best bid received, subject to the authority of the Council to reject any or all bids, shall upon acceptance enact a resolution substantially in the form reflected by Exhibit R-9 to this Resolution and to which attachment reference is here made for all purposes. It is by this instrument that the Council shall award the sale of the said $9,000,000 "City of Lubbock, Texas, Electric Light and Power System Revenue Bonds, Series 1981." SECTION 12. That a certificate of the City Secretary certifying that the resolution hereinabove identified as Exhibit R-9 is a true and correct copy, shall be attached after enactment to such copies of said resolution as may be required in satisfaction of the processes leading to the approval, sale and delivery of said electric revenue bonds. The form of said certificate shall be in substantially the form attached as Exhibit R-10 to this Resolution and to which attachment reference is here made for all purposes. SECTION 13. That as of the date of sale of said bonds the Council shall enact a Resolution approving the form and content of the Official Statement. SECTION 14. That the Council authorizes and directs that at the appropriate time a Certificate as to Official Statement by the officer named thereon substantially in the form reflected by instrument attached to this Resolution as Exhibit R-11 and to which attachment reference is here made for all purposes. SECTION 15. That the Council further proposes, during the procedures leading to ultimate sale and delivery of the $9,000,000 City of Lubbock, Texas, Electric Light and Power System Revenue Bonds, Series 1981, to utilize the additional instruments in substantially the forms attached (which shall be current as of the date of execution) as follows: (1) Treasurer's Receipt attached to this Resolution as Exhibit R-12 and to which attachment reference is here made for all purposes; and, ld ime (2) Signature and No -Litigation Certificate attached to this Resolution as Exhibit R-13 and to which attachment reference is here made for all purposes. / 0 \ AT- A _L Z -___ - - I - --- - L - - - - - - - - - - I - I . - . I . - I . . - � I 345 MAY 15 1981 SECTION 16. That the language of each instrument proposed to be uti- lized as included in this Resolution, is in each instance adopted as part of this Resolution and as the findings and determinations hereof. The Council reserves the right to make appropriate corrections and insubstantial and immaterial changes and modifications in all such instruments so that each will reflect the true facts, circumstances and dates at the time of ultimate execution. SECTION 17. The City Secretary -Treasurer of the City of Lubbock, Texas, is authorized and directed to prepare, execute and deliver, such certificates as to the authenticity as may be subsequently required or appropriate upon passage of this Resolution, or thereafter, of copies of this Resolution or of any instrument attached as an exhibit to this Resolution. SECTION 18. That as to all documents and instruments above proposed to be executed, submitted or delivered as set forth hereinabove, the Council here reserves the right to complete the blanks provided therein, correct clerical errors as may be discovered therein, and make such other insubstantial and immaterial changes as may be necessary to reflect changes of conditions not affecting the validity of the instruments, prior to execution, submission or delivery, respectively. Council also reserves the right to make such further and additional changes in said instruments as may be suggested or required by the Attorney General of the State of Texas, and such changes and modifications, if any, as may be required or allowed by the eventual Judgment in the art. 717m-1 proceeding authorized by this Resolution. SECTION 19, This Resolution shall be effected from and after its passage. PASSED BY THE CITY COUNCIL THIS 15TH DAY OF MAY, 1981. /S/ Bill McAlister BILL McALISTER, MAYOR ATTEST: /S/ Evelyn Gaffga Evelyn Gaffga, City Secretary -Treasurer APPROVED AS TO FORM: /S/ John C. Ross, Jr. City Attorney, City of Lubbock, Texas There being no further business, the motion was made by Councilman Brown, seconded by Councilwoman Baker to adjourn at 11:35 A. M. Motion carried: Mayor McAlister, Mayor Pro Tem Henry, I Councilmen Brown and Aderton and Councilwoman Baker voting Yea; none voting Nay. BILL McALISTER, MAYOR ATTEST: Evelyn Gaffga, City Sec ary-Treasurer READ AND APPROVED THIS 28th DAY OF MAY, 1981 F.20 raftl 01 M ON Z� 0 ANKSK M ATTEST: Evelyn Gaffga, City SecretaKy ', Treasurer