HomeMy WebLinkAboutMinutes - City Council - Regular - 9/20/1963-IXkl
SEP 2 0 1963
3ECESSED REGULAR MEETING:
Che City Commission of the City of Lubbock, Texas,
session recessed from Regular Meeting of September
present, to -wit:
September 20, 1963
Lubbock, Texas
met at 10:00 o'clock a.m. in recessed regular
12, 1963, the following members thereof being
Mayor Jack F. Strong and Commissioners W. E. Alderson, W. C. O'Mara, Rolan Simpson, and Marvin
McLarty, Jr., City Attorney Fred 0. Senter, Jr., City Manager William J. Pitstick, Jr., Assistant
City Manager Fritz Lanham, City Secretary -Treasurer Lavenia Lowe.
Absent: None.
63-22-416-1118 In accordance with the authorization of the City Commission in the meeting of September 19, 1963,
the following proposals were received for refunding of $1,666,000.00, the City of Lubbock, Texas,
Electric Light System Revenue Bonds.
PROPOSAL
September 19, 1963
Honorable Mayor and City Commission
City of Lubbock
Lubbock, Texas
Gentlemen:
For your legally issued $1,666,000 Electric System Revenue Refunding Bonds, to be issued to refund
a like amount of presently outstanding Electric System Revenue Bonds, we will pay you par and
accrued interest for bonds maturing and bearing interest as follows:
Maturity Interest
Amount Date Rate
$305,000 10-15-64 2 k%
356,000 10-15-65 2 k%
325,000 10-15-66 2 %
325,000 10-15-67 2 k%
355,000 10-15-68 2 3/4%
In connection with this offer, it is agreed and understood that you will adopt a resolution providing
for the issuance of Notice of Redemption with respect to City of Lubbock, Texas Electric Light
System Revenue Bonds, Series 1948, outstanding in the amount of 050,000, and Series 1951, outstanding
in the amount of $356,000. These 1948 and 1951 Series Bonds will be refunded pursuant to Article
717k, Vernon's Annotated Civil Statutes, State of Texas, and in connection therewith you agree to
deposit with the State Treasurer of the State of Texas monies necessary to pay principal, accrued
interest, paying agent charges, and State Treasurer's charges prescribed under said Article. With
regard to the September 1, 1958 Series, we agree to submit the outstanding $460,000 Bonds of this
issue to you in exchange for a like amount of refunding bonds; provided, you agree to pay us accrued
interest from September 1, 1963 to October 15, 1963 on the September 1, 1958 Series, plus the amount
of $2.50 per $1,000 Bond which represents the current redemption premium on these bonds.
Delivery of the Refunding Bonds referred to above shall be made to us at The American National
Bank, Austin, Texas.
The Bonds shall be accompanied by a Transcript of Proceedings had incident to their issuance,
including the approving opinion of the Attorney General of the State of Texas, and by an unqualified
approving opinion as to their legality by Dumas, Huguenin and Boothman, Bond Attorneys, Dallas, Texas.
The Refunding Bonds shall be issued and secured pursuant to an Ordinance duly adopted by you
containing covenants and provisions as required by law and other protective covenants to be
mutually agreed upon.
Respectfully submitted,
FIRST SOUTHWEST COMPANY
By
Authorized Representative
Acceptance Clause
The above and foregoing is hereby in all things accepted by the City of Lubbock, Texas, this the
26th day of _ September , 1963.
ATTEST:
City Secretary
PROPOSAL
CITY OF LUBBOCK
PROPOSED REFUNDING
$1,666,000 ELECTRIC LIGHT SYSTEM REVENUE BONDS
PRESENT
ISSUES
Issue #1
Issue #2
Issue #3
TOTAL
REFUNDING
ISSUE
Mayor, City of Lubbock, Texas
PRINCIPLE INTEREST
$ 850,000 $ 65,625.00
356,000 34,320.00
460,000 32, 737.50
$1,666,000 $ 132,682.50
INTEREST SAVING
COST OF REFUNDING*
SAVINGS TO CITY
*COST ITEMIZATION:
$1,666,000 $„ 114, 51.2.50
$ 18,170.00
12,260.08
$� 5,909.92
I
SEP 20
L..
L
Escrow Interest
1/8-1% Principle
1/20-1% Interest
Premium to call
Legality
Printing
TOTAL
$5,464.17
2,082.50
663.41
1,150.00
2,500.00
400.00
$12,260.08
1964 $321,000 $ 40,187.50
1965 325,000 32,112.50
1966 335,000 23,443.75
1967 345,000 14,093.75
1968 340,000 _ 4,675.00.
$114,512.50
RAUSCHER, PIERCE & CO., INC.
Citizens Center
1217 13th Street
Lubbock, Texas
Western Union Telegram TELEGRAM PROPOSAL
Houston,Texas
City Manager
City of Lubbock, Lubbock, Texas
Appreciate invitation submit proposal regarding refunding Electric Revenue Bonds. Due shortage
of time yesterday authorized Mr. Sidney Wooldridge of Rauscher, Pierce and Co. to represent our
firm
Thomas W. Masterson, Underwood Neuhaus and Co., 724 Travis, Houston, Texas
After consideration of the above Bond Refunding Bid Proposals Mr. Frank Medinanch, representative
of the First Southwest Company, City of Lubbock's fiscal, agent, recommended that after careful
consideration of said proposals in his opinion the joint bid submitted by Rauscher, Pierce, &
Company, Inc, and Underwood Neuhaus & Company is the bid most advantageous to the City of Lubbock.
Whereupon, motion was made by Commissioner O'Mara, seconded by Commissioner McLarty, motion carrie
Mayor Strong and Commissioners Alderson, O'Mara, Simpson, and McLarty voting Yea, none voting Nay,
that the Bid proposal of Rauscher, Pierce & Company, Inc. and Underwood Neuhaus & Company, as set
out above, be accepted.
63-22-417-1119 Motion by Commissioner O'Mara, seconded by Commissioner Simpson, motion carried, Mayor Strong and
Commissioners Alderson, O'Mara, Simpson, and McLarty voting Yea, none voting Nay, that the City of
Lubbock request the Lubbock Independent School Board to deed to the City of Lubbock 25.44 acres
of land being part of the Lubbock Cotton Oil Company's tract that Lies North of 19th Street and
being a tract of land in the Northeast quarter, Section 5, Block B, Lubbock County, Texas. This
motion also strongly recommended.to the Lubbock Independent School District that the City School
District sell the 1.7 acres of land in this immediate vicinity to John DePauw and John McLarty.
63-22-417-1120 The City Commission considered the Traffic Engineering problem on 34th Street at Ivory Avenue and
motion was made by Commissioner Mc.Larty that the City open the median in 34th Street at Ivory.
This motion failed to carry for want of a second. Motion was then made by Commissioner O'Mara,
seconded by Commissioner Simpson, motion carried, that the highway construction in this vicinity
continue according to the plans. This motion carried by the following vote: Mayor Strong and
Commissioners Alderson, O'Mara, and Simpson voting Yea, Commissioner McLarty voting Nay.
63-22-417-1I21 Commissioner O'Mara mentioned to the City Commission that parking on 19th Street West of College i
becoming a problem since the beginning of the fall semester at Texas Tech. Commissioner O'Mara,
requested that the City Manager and the Traffic Engineer meet with the District Highway Engineer
for a study of this problem.
63-22-417-1122 It was pointed out in the City Commission meeting that the paving of the 4600 Block of 17th Street
was unintentionally left off the current 1963 Paving Program and that said street will be included
in the paving program at the earliest possible time.
NO FURTHER BUSINESS COMING UP FOR CONSIDERATION, THE CITY COMMISSION RECESSED TO MEET
AT 11:00 A.M. ON THE 24TH OF SEPTEMBER, 1963. in
ATTEST:
Laveni Lowe, City cretary Treasurer
READ AND APPROVED THIS 10th DAY OF October
ATTEST:
Lavenia owe, City ecretary-Treasurer
S'fRONG, Mayor