HomeMy WebLinkAboutMinutes - City Council - Regular - 8/27/1975344
AUG 27 1975
75-34-344-776
(1)
75-34-344-777
(2)
75--34-344-778
REGULAR CITY COUNCIL MEETING
AUGUST 27, 1975
The City Council of the City of Lubbock, Texas, met at 9:30 A.M. in the re-
gular meeting place at City Hall, the following members thereof being present,
to -wit:
Mayor Roy Bass, Councilman Dirk West, Councilwoman Carolyn Jordan, Councilman
Alan Henry, Councilman Bryce Campbell, City Manager N. B. McCullough, City
Attorney Fred 0. Senter, Jr., and City Secretary -Treasurer Treva Phillips.
Absent: None
The invocation was given by Jim Bertram, Director of Planning.
The Pledge of Allegiance to the Flag was given in unison by those present in
the Council Chamber.
NOTICE
OF
CITY COUNCIL HEARING
NOTICE is hereby given to owners of the property hereinafter described or re-
ferred to and to all other persons as provided by law, that the City Council will
hold a public hearing on the 27th day of AUGUST, 1975, at 9:30 A.M., in the
Council Chamber on the Second Floor of the City Hall in Lubbock, Texas, to con-
sider the recommendations of the Planning and Zoning Commission that the zoning
district of the property herein described be changed; and at which time and
place all interested persons will be given an opportunity to be heard, after
which hearing, the City Council will determine whether the Zoning Ordinance and
map will be amended in accordance with such recommendation:
ZONE CASE NO. 1391-E - Request of the City Council, of the City of Lubbock, Texas,
to change condition 1 of Ordinance 4945 pertaining to Tract 1 only (north of
Loop 289) to read:
1) MINIMUM BUILDING SETBACKS AS FOLLOWS:
130' from Indiana Avenue
60' from Loop 289 for the west 235.08' of lot 198 Live Oak Addition
43' from Loop 289 for the east 134.81' of the west 369.89' of Lot 198 Live
Oak Addition
50' from Hartford Avenue
(Located North of Loop 289 and East of Indiana Avenue.)
The Planning and Zoning Commission recommended to the City Council that this
request be granted subject to the following conditions:
1) Delete condition 1, of Ordinance 4945.
ZONE CASE NO. 2014 - Request of Raymond D. Powell for Bill Averitt and Company,
to make the following changes on tract of land out of Section 18, Block A, City
of Lubbock, Lubbock County, Texas.
From To
Tracts A,C,D,E,G,H,I, and J R-1 and R-2 A-1
Tract B R-1 C-1
The above tracts are shown on preliminary plat of Tracts "A" thru "J", Lakeside
Lubbock Addition, on file in the office of the Secretary to the Planning and
Zoning Commission. (Located west of Indiana Avenue and North of Grinnell Street.)
The Planning and Zoning Commission recommended to the City Council that this
request be granted.
ZONE CASE NO. 2007-A - Request of Patrick J. Melton to change a tract of land
out of Section 9, Block E-2, City of Lubbock, Lubbock County, Texas as follows:
From To
Lots A, B,C, and D R-1 C-3 tied to Site Plan
The above lots are shown on preliminary plat of Lots A,B,C, and D, South Slide
Plaza Addition, on file in the office of the Secretary of the Planning and
Zoning Commission.
(Located between 62nd Street and Loop 289, and east of Slide Road.)
The Planning and Zoning Commission recommended to the City Council that this
request be granted subject to the following condition:
1) Tied to the Site Plan as presented.
ZONE CASE NO. 1916-A - Request of RACO Development Company to change a tract of
land out of Section 3, Block E-2, City of Lubbock, Lubbock County, from R-1
Specific Use, Townhouses to A-1 Zoning Distract. Property is further described
by metes and bounds to wit:
BEGINNING at a point which is 20.97' north of the northeast corner of Lot 1,
Block 25, Rushland Park Addition;
THENCE North a distance of 129.66 feet to a point of curvature;
THENCE Northwesterly along curve to the left (radius equals 15 feet, angle equals
79024'35", tangent equals 12.46 feet, chord equals 19.16') to a point of
tangency;
THENCE North a distance of 56.97 feet to a point;
THENCE South 79024135" east a distance of 42.98 feet to a point;
THENCE North 00003'27' east a distance of 747.46 feet to a point;
THENCE South 89149'36" North a distance of 1319.11 feet to a point;
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THENCE South a distance of 874.30 feet to a point;
THENCE East a distance of 1089.73 feet to a point;
THENCE South 72029'39" east a distance of 208.28 to the Place of Beginning.
Except for the following described tract of land which is to be changed to "R-1"
Specific Use Townhouses under provisions of Section 22.3'1.
BEGINNING at a point which is 20.97' north of the northeast corner of Lot 1,
Block 25, Rushland Park Addition;
THENCE North a distance of 129.66 feet to a point of curvature;
THENCE Northwesterly along curve to the left (radius equals 15 feet, angle
equals 79024135", tangent equals 12.46 feet, chord equals 19.16') to a point of
tangency;
THENCE North a distance of 56.97 feet to a point;
THENCE South 79*24135" East a distance of 42.98 feet to a point;
THENCE North 00013127" East a distance of 152.60 feet to a pout;
THENCE North 79024135" West a distance of 142.4 feet to a point;
THENCE North 35018132" East a distance of 303.2 feet to a point;
THENCE South 54041128" West a distance to 489.38 feet to a point;
THENCE South a distance of 274 feet to a point;
THENCE East a distance of 490 feet to a point;
THENCE South 72029139" East a distance of 208.28 feet to the Place of Beginning.
(Located South of 4th Street and East of Toledo Avenue)
The Planning and Zoning Commission recommended to the City Council that this
request be granted subject to the following conditions;
1) Tied to the Site Plan as presented.
2) Should meet the A-1 Parking Requiements.
ZONE CASE NO. 2012 - Request of William F. Warnick to change lot F, Briercroft
Addition, City of Lubbock, Lubbock County, Texas, from R-1 Specific Use to
C-2A Zoning District. (Located on the Southeast corner of 50th Street and
Avenue T.)
The Planning and Zoning Commission recommended to the City Council that this
request be granted.
City Seal /s/ Treva Phillips, City Secretary -
Treasurer, City of Lubbock, Texas
In accordance with the above Notice of City Council Hearing, hearing was held
j; on Zone Case No. 1391-E - Request of the City Council to change property located
north of Loop 289 and east of Indiana Avenue by changing Condition No. 1 of
Ordinance No. 4945 pertaining to Tract 1 only to change the setback requirements.
The Planning and Zoning Commission recommended that this request be granted
subject to the following condition:
Delete Condition No. 1 of Ordinance No. 4945.
Mayor Bass called for proponents and opponents to appear before the City Council.
No one came forward; whereupon, Mayor Bass announced that the hearing was closed.
After consideration of all information presented, motion was made by Councilman
West, seconded by Councilman Campbell, motion carried, Mayor Bass, Councilmen
West, Jordan, Henry and Campbell voting Yea, none voting Nay to uphold the re-
commendations of the Planning and Zoning Commission and pass Ordinance No. 7134
on first reading.
ORDINANCE NO. 7134
AN ORDINANCE AMENDING ZONING ORDINANCE NO. 4945 OF THE CITY OF LUBBOCK,
BY DELETING THE ADDITIONAL CONDITION NO. 1 GOVERNING TRACT 1 OF ZONE CASE NO.
1391--E SITUATED AT LOOP 289 AND INDIANA AVENUE, SECTION 12, BLOCK E-2, LUBBOCK
COUNTY, TEXAS; PROVIDING A SAVINGS CLAUSE AND PROVIDING FOR PUBLICATION.
75-34-345-779 In accordance with the above Notice of City Council Hearing, hearing was held
(4) on Zone Case No. 2014-Request of Raymond D. Powell for Bill Averitt and Company,
to change property located west of Indiana Avenue and north of Grinnell Street
from "R-l" and "R-2" to "A-1" and "C-l" Zoning District. The Planning and
Zoning Commission recommended that this request be granted. Mayor Bass called
for proponents and opponents to appear before the City Council. Raymond D.
Powell appeared in support of this zone change request. Jim Bertram, Director
of Planning, presented the recommendations of the Planning and Zoning Commission.
No one else came forward; whereupon, Mayor Bass announced that the hearing was
closed. After consideration of all information presented, motion was made by
Councilman Campbell, seconded by Councilman Henry, motion carried, Mayor Bass,
Councilmen West, Jordan, Henry and Campbell voting Yea, none voting Nay to up-
hold the recommendations of the Planning and Zoning Commission and pass Ordinance
No. 7135 on first reading, subject to the condition that Tract F be permanently
maintained for a park site.
ORDINANCE NO. 7135
AN ORDINANCE AMENDING ZONING ORDINANCE NO. 7084 AND THE OFFICIAL MAP OF
THE CITY OF LUBBOCK SO AS TO MAKE THE FOLLOWING CHANGE: ZONE CASE NO. 2014:
MAKE THE FOLLOWING CHANGES ON A TRACT OF LAND OUT OF SECTION 18, BLOCK A, CITY
OF LUBBOCK, LUBBOCK COUNTY, TEXAS:
From To
Tracts A,C,D,E,G,H,I, and J R-1 and R-2 A-1
Tract B R-1 C-1
THE ABOVE TRACTS ARE SHOWN ON A PRELIMINARY PLAT OF TRACTS "A" THRU "J" LAKESIDE
LUBBOCK ADDITION, ON FILE IN THE OFFICE OF THE SECRETARY TO THE PLANNING AND
ZONING COMMISSION; PROVIDING A SAVINGS CLAUSE AND PROVIDING FOR PUBLICATION.
346
W G 2 7 1975
75-34-346-780 In accordance with the above Notice of City Council Hearing, hearing was held
(5) on Zone Case No. 2007-A - Request of Patrick J. Melton to change property lo-
cated between 62nd Street and Loop 289, east of Slide Road from "R-1" to "C-3"
Zoning District, tied to a site plan. The Planning and Zoning Commission recom-
mended that this request be granted subject to the following condition:
Tied to the site plan as presented.
Mayor Bass called for proponents and opponents to appear before the City Council.
J. Q. Warnick, representing Mr. & Mrs. Dewey Rogers of Brownfield, appeared in
support of this zone change request. Ralph Brock also appeared in support of
this zone change. Jim Bertram, Director of Planning, presented the recommenda-
tions of the Planning and Zoning Commission. No one else came forward; whereupon,
Mayor Bass announced that the hearing was closed. After consideration of all
information presented, motion was made by Councilman Henry, seconded by Council-
man West to uphold the recommendations of the Planning and Zoning Commission and
approve this zone change request. This motion fail to carry by the following
vote: Councilmen West and Henry voting Yea, Mayor Bass, Councilwoman Jordan and
Councilman Campbell voting Nay. After further consideration, motion was made
by Councilman Campbell, seconded by Councilwoman Jordan, motion carried, Mayor
Bass, Councilmen West, Jordan, Henry and Campbell voting Yea, none voting Nay
to pass Ordinance No. 7136 on first reading changing this property from "R-1"
to "C-3" Specific Use" with site plans to be submitted to the Planning and
Zoning Commission and the City Council for approval prior to development.
ORDINANCE NO. 7136
AN ORDINANCE AMENDING ZONING ORDINANCE NO. 7084 AND THE OFFICIAL MAP OF
THE CITY OF LUBBOCK SO AS TO MAKE THE FOLLOWING CHANGE: ZONE CASE NO. 2007-A:
CHANGE LOTS A,B,C, AND D, SECTION 9, BLOCK E-2, PRELIMINARY PLAT, SOUTH SLIDE
PLAZA ADDITION TO THE CITY OF LUBBOCK, LUBBOCK COUNTY, TEXAS FROM AN "R-1" TO
AN "C-3", SPECIFIC USE ZONING DISTRICT; PROVIDING A SAVINGS CLAUSE AND PROVID-
ING FOR PUBLICATION.
75-34-346-781 Motion was made by Councilman Campbell, seconded by Councilman West, motion
(5a) carried, Mayor Bass, Councilman West, Jordan, Henry and Campbell voting Yea,
none voting Nay that an ordinance be prepared for consideration to amend Zon-
ing Ordinance No. 7984 regarding the section pertaining to Specific Uses, allow-
ing 36 months for construction from the date of issuance of a building permit.
75-34-346-782 In accordance with the above Notice of City Council Hearing, hearing was held
(6) on Zone Case No. 1916-A - Request of RACO Development Company to change pro -
SEE: Ord. 6709 perty located south of 4th Street and east of Toledo Avenue from "R-l" Specific
ZC-1916 (9/13/73) Use, Townhouses" to "A-1" Zoning District. The Planning and Zoning Commission
recommended that this request be granted subject to the following conditions:
Ord. 7279 - ZC 1. Tied to the site plan as presented.
1916-B (7/8/76) 2. Should meet the "A-1" parking requirements.
Ord. 7431 - ZC Mayor Bass called for proponents and opponents to appear before the City Council.
1916-C (5/12/77) Michael Martin, representing RACO, appeared in support of this zone change
request. Jim Bertram, Director of Planning, presented the recommendations
Ord. 8497 - ZC of the Planning and Zoning Commission. No one else came forward; whereupon,
1916-D 10/13/83 Mayor Bass announced that the hearing was closed. After consideration of all
information presented, motion was made by Councilman Campbell, seconded by
Councilman Henry, motion carried, Mayor Bass, Councilmen West, Jordan, Henry
and Campbell voting Yea, none voting Nay to uphold the recommendations of the
Planning and Zoning Commission and pass Ordinance No. 7137 on first reading.
ORDINANCE NO. 7137
AN ORDINANCE AMENDING ZONING ORDINANCE NO. 7084 AND THE OFFICIAL MAP OF
THE CITY OF LUBBOCK SO AS TO MAKE THE FOLLOWING CHANGE: ZONE CASE NO. 1916-A:
CHANGE A TRACT OF LAND OUT OF SECTION 3, BLOCK E-2, CITY OF LUBBOCK, LUBBOCK
COUNTY, TEXAS FROM R-1 SPECIFIC USE, TOWNHOUSES TO A-1 ZONING DISTRICT; SUBJECT
TO CONDITIONS; PROVIDING A PENALTY; PROVIDING A SAVINGS CLAUSE AND PROVIDING
FOR PUBLICATION.
75-34-346-783 In accordance with the above Notice of City Council Hearing, hearing was held
(7) on Zone Case No. 2012-Request of William F. Warnick to change property located
on the southeast corner of 50th Street and Avenue T from "R-1" Specific Use"
to "C-2A" Zoning District. The Planning and Zoning Commissiom recommended that
this request be granted. Mayor Bass called for proponents and opponents to
appear before the City Council. Bill Warnick, representing The Associated
Host, Inc., owners of the Smugglers Inn, appeared in support of this zone change
request. Jim Bertram, Director of Planning, presented the recommendations of
the Planning and Zoning Commission. No one else came forward; whereupon, Mayor
Bass announced that the hearing was closed. After consideration of all informa-
tion presented, motion was made by Councilman Campbell, seconded by Councilman
West, motion carried, Mayor Bass, Councilmen West, Jordan, Henry and Campbell
voting Yea, none voting Nay to uphold the recommendations of the Planning and
Zoning Commission and pass Ordinance No. 7138 on first reading.
ORDINANCE NO. 7138
AN ORDINANCE AMENDING ZONING ORDINANCE NO. 7084 AND THE OFFICIAL MAP OF
THE CITY OF LUBBOCK SO AS TO MAKE THE FOLLOWING CHANGE: ZONE CASE NO. 2012:
CHANGE LOT F, BRIERCROFT ADDITION, CITY OF LUBBOCK, LUBBOCK COUNTY, TEXAS,
FROM R-1 SPECIFIC USE TO C-2A ZONING DISTRICT; PROVIDING A SAVINGS CLAUSE;
L
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AND PROVIDING FOR PUBLICATION.
34
AUG 2 7 197`.
75-34-347-784 A Public Hearing was held for consideration of an amendment to the 1975 Com-
(8) munity Development Program to:
a. Install street lighting on 4th Street from Avenue A to University Avenue.
b. Match funds for Title X, Job Opportunities Program for the Canyon Lakes
Project.
Mayor Bass called for all persons wishing to speak to appear before the City
Council. No one came forward; whereupon, Mayor Bass announced that the hearing
was closed. No action was taken.
PW
:75-34-347-785 NOTICE OF SALE
(9) CITY OF LUBBOCK, TEXAS
The City Council of the City of Lubbock, Texas, will receive sealed bids at
the City Hall, Lubbock, Texas, until 10:30 AM,CDT, Wednesday, August 27, 1975,
for the following described bonds:
$2,000,000 City of Lubbock, Texas, Electric Light and Power System
Revenue Bonds, Series 1975-A
Dated September 15, 1975; maturing $100,000 each year April
RM- 15, 1977 through 1996. Denomination $5,000.
Non -optional.
Further information may be obtained from Mr. Sterling K. Miller, Director
of Finance, City of Lubbock, Texas, P.O. Box 2000, Lubbock, Texas 79457;
or from First Southwest Company, Mercantile Bank Building, Dallas, Texas
75201, Financial Consultants to the City.
/s/ Treva Phillips, City Secretary -Treasurer
In accordance with the above Notice of Sale, the following bids were received:
OFFICIAL BID FORM
Honorable Mayor and City Council August 27, 1975
City of Lubbock
Lubbock, Texas
Gentlemen:
Reference is made to your "Official Notice of Sale" and "Official Statement",
dated August 12, 1975, of $2,000,000 CITY OF LUBBOCK, TEXAS ELECTRIC LIGHT AND
POWER SYSTEM REVENUE BONDS, SERIES 1975-A, both of which constitute a part
hereof.
For your
legally issued
bonds, as described in said Notice, we will
pay you
par and
accrued interest
from date of
issue to date of
delivery to
us, plus a
cash premium of $312.00
for bonds maturing and bearing
interest as
follows:
71
Interest
Interest
Interest
a Maturity
Rate
Maturity
Rate
Maturity
Rate
4— 1S-77
6 1/2
4-15-84
bt
4-15-90
4-15-78
6 1/2%
4-15-85
6%
4-15-91
6.75%
4-15-79
6 1/2%
4-15-86
6%
4-15-92
6.90%
4-15-80
6 1/2%
4-15-87
6.15%
4-15-93
7.00%
4-15-81
6%
4-15-88
6.30%
4-15-94
7.10%
4-15-82
6%
4-15-89
6.45%
4-15-95
7.20%
4-15-83
6%
4-15-96
7.30%
r
Interest cost, in accordance with the above bid is:
Gross Interst Cost $1,471,437.07
Less Premium 312.00
NET INTEREST COST 1,471,125.07
EFFECTIVE INTEREST RATE 6.63665%
First
Cashier's Check of the City National Bank, Austin Texas, in the amount of
$40,000.00, which represents our Good Faith Deposite has been made available
to you prior to the opening of this bid), and is submitted in accordance with
the terms as set forth in the "Official Notice of Sale" and "Official Statement."
Upon delivery of the bonds, said check shall be deducted from the purchase
price.
We agree to accept delivery of and make payment for the bonds at City National
Bank, Austin, Texas, on September 30, 1975, or thereafter on the date the bonds
are tendered for delivery, pursuant to the terms set forth in the "Official
Notice of sale".
Respectfully submitted,
First Southwest Company Columbian Securities Corp.
Rauscher Pierce Securities Eppler, Guerin & Turner, Inc.
John Nuveen & Co. /s/ Joe W. Smith
OFFICIAL BID FORM
Honorable Mayor and City Council August 27, 1975
City of Lubbock
Lubbock, Texas
Gentlemen:
Reference is made to your "Official Notice of Sale" and "Official Statement",
dated August 12, 1975, of $2,000,000 CITY OF LUBBOCK, TEXAS ELECTRIC LIGHT AND
POWER SYSTEM REVENUE BONDS, SERIES 1975-A, both of which constitute a part
AUG 2 7 1975
hereof.
For your legally issued bonds, as described in said Notice, we will pay you
par and accrued interest from date of issue to date of delivery to us, plus a
cash premium
of
$------------
for bonds
maturing
and bearing interest as
follows:
Interest
Interest
Interest
Maturity
Rate
Maturity
Rate
Maturity
Rate
4-15-77
8
1/2%'
4-15-84
7 1/2%
4-15-90
6.80%
4-15-78
8
1/2%
4-15-85
6%
4-15-91
7%
4-15-79
8
1/2%
4-15-86
6.15%
4-15-92
7.10%
4-15-80
8
1/2%
4-15-87
6.30%
4-15-93
6%
4-15-81
8
1/2%
4-15-88
6.40%
4-15-94
6%
4-15-82
8
1/2%
4-15-89
6.60%
4-15-95
6%
4-15-83
8
1/2%
4-15-96
6%
Interest cost, in accordance with the above bid is:
Gross Interst Cost $1,486,820.82
Less Premium
NET INTEREST COST 1,486,820.82
EFFECTIVE INTEREST RATE 6.707462%
Cashier's Check of the American National Bank, Austin, Texas, in the amount
of $40,000.00, which represents our Good Faith Deposite has been made available
to you prior to the opening of this bid), and is submitted in accordance with
the terms as set forth in the "Official Notice of Sale" and "Official Statement."
Upon delivery of the bonds, said check shall be deducted from the purchase price.
or returned to us.
We agree to accept delivery of and make payment for the bonds at American National
Bank, Austin, Texas, on September 30, 1975, or thereafter on the date the bonds
are' -tendered for delivery, pursuant to the terms set forth in the "Official
Notice of sale".
Respectfully submitted,
Merrill Lynch, Pierce, Fenner &
Smith & Associates /s/ Joe W. Smith
OFFICIAL BID FORM
Honorable Mayor and City Council August 27, 1975
City of Lubbock
Lubbock, Texas
Gentlemen:
Reference is made to your "Official Notice of Sale" and "Official Statement",
dated August 12, 1975, of $2,000,000 CITY OF LUBBOCK, TEXAS ELECTRIC LIGHT AND
POWER SYSTEM REVENUE BONDS, SERIES 1975-A, both of which constitute a part
hereof.
For your legally issued bonds, as described in said Notice, we will pay you
par and accrued interest from date of issue to date of delivery to us, plus a
cash premium of $ None for bonds maturing and bearing interest as follows:
Interest
Interest
Interest
Maturity
Rate
Maturity
Rate
Maturity
Rate
4-15-77
8.50%
4-15-84
6.00%
4-15-90
6.80%
4-15-78
8.50%
4-15-85
6.00%
4-15-91
7.00%
4-15-79
8.50%
4-15-86
6.20%
4-15-92
7.10%
4-15-80
7.00%
4-15-87
6.40%
4-15-93
7.20%
4-15-81
6.00%
4-15-88
6.50%
4-15-94
7.25%
4-15-82
6.00%
4-15-89
6.70%
4-15-95
6.50%
4-15-83
6.00%
4-15-96
6.50%
Interest cost, in accordance with the above bid is:
Gross Interst Cost $1,486,412.48
Less Premium None
NET INTEREST COST $1,486,412.48
EFFECTIVE INTEREST RATE 6.7056%
A Cashiers Check of the American National Bank, of Austin, in the amount of
$40,000.00, which represents our Good Faith Deposite or has been made available
to you prior to the opening of this bid), and is submitted in accordance with
the terms as set forth in the "Official Notice of Sale" and "Official Statement."
Upon delivery of the bonds, said check shall be deducted from the purchase price.
or returned to us.
We agree to accept delivery of and make payment for the bonds at American Nation-
al Bank, Austin, Texas, on September 30, 1975, or thereafter on the date
the bonds are tendered for delivery, pursuant to the terms set forth in the
"Official Notice of sale".
Respectfully submitted,
Weeden & Co, Inc & Associates
1001 Southwest Tower WEEDEN & CO., INC.
Houston, Texas 77002 /s/ Robert C. Volz-Vice President
11
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348a
AUG 27 197�
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fl
OFFICIAL BID FORM
Honorable Mayor and City Council August 27, 1975
City of Lubbock
Lubbock, Texas
Gentlemen:
Reference is made to your "Official Notice of Sale" and "Official Statement",
dated August 12, 1975, of $2,000,000 CITY OF LUBBOCK, TEXAS ELECTRIC LIGHT AND
POWER SYSTEM REVENUE BONDS, SERIES 1975-A, both of which constitute a part
hereof.
For your legally issued bonds, as described in said Notice, we will pay you
par and accrued interest from date of issue to date of delivery to us, plus a
cash premium of $ 0 dollars for bonds maturing and bearing interest as follows:
Interest
Interest
Interest
Maturity
Rate
Maturity
Rate
Maturity
Rate
4-15-77
7 1/2%
4-15-84
6.10%
4--15-90
6.90%
4-15-78
7 1/2%
4-15-85
6 1/4%
4-15-91
7%
4-15-79
7 1/2%
4-15-86
6.40%
4-15-92
7.10%
4-15-80
7 1/2%
4-15-87
6 1/2%
4-15-93
7.20%
4-15-81
6%
4-15-88
6.70%
4-15-94
7.30%
4-15-82
5.70%
4-15-89
6.80%
4-15-95
7.40%
4-15-83
5.90%
4-15-96
7 1/2%
Interest cost, in accordance with the above bid is:
Gross Interst Cost $1,529,220.83
Less Premium 0 dollars
NET INTEREST COST $1,529,220.83
EFFECTIVE INTEREST RATE 6.898741%
Cashiers Check of the Amarillo National Bank, Amarillo, in the amount of $40,000.00
which represents our Good Faith Deposite is attached hereto or has been made availa
to you prior to the opening of this bid and is submitted in accordance with
the.terms as set.forth in the "Official Notice of Sale" and "Official Statement."
Upon delivery of the bonds, said check shall be deducted from the purchase
price. or returned to us.
We agree to accept delivery of and make payment for the bonds at American Nation-
al bank Bank, Austin, Texas, on September 30, 1975, or thereafter on the date
the bonds are tendered for delivery, pursuant to the terms set forth in the
"Official Notice of sale".
Respectfully submitted,
Kidder, Peabody & Co. Incorporated KIDDER, PEABODY & CO.
& Associates INCORPORATED
/s/ Robert A Schlichtiz
OFFICIAL BID FORM
Honorable Mayor and City Council August 27, 1975
City of Lubbock
Lubbock, Texas
Gentlemen:
Reference is made to your "Official Notice of Sale" and "Official Statement",
dated August 12, 1975, of $2,000,000 CITY OF LUBBOCK, TEXAS ELECTRIC LIGHT AND
POWER SYSTEM REVENUE BONDS, SERIES 1975-A, both of which constitute a part
hereof.
For your legally issued -bonds, as described in said Notice, we will pay you
par and accrued interest from date of issue to date of delivery to us, plus a
cash premium of $ none for bonds maturing and bearing interest as follows:
Maturity
4-15-77
4-15-78
4-15-79
4-15-80
4-15-81
4-15-82
4-15-83
Interest
Ra-h a
r.SUt
7.50%
7.50%
7.50%
7.50%
7.50%
7.50%
Maturity
4-15-84
4-15-85
4-15-86
4-15-87
4-15-88
4-15-89
Interest
R;4 -a
/.but
6.90%
6.00%
6.15%
6.30%
6.50%
Interest cost, in accordance with the above bid is:
Gross Interst Cost $1,452,362.51
Less Premium None
NET INTEREST COST $1,452,362.51
EFFECTIVE INTEREST RATE 6.552012%
Maturity
4-15-90
4-15-91
4-15-92
4-15-93
4-15-94
4-15-95
4-15-96
Interest
RAi-_P.
6.70%
6.90%
7.00%
7.10%
7.10%
5.00%
5.00%
348b
M 27 1975
Check of the City National Bank, Austin, Tx., in the amount of $40,000.00,
which represents our Good Faith Deposite or has been made available to you
prior to the opening of this bid and is submitted in accordance with the terms
as set forth in the "Official Notice of Sale" and "Official Statement." Upon
delivery of the bonds, said check shall be deducted from the purchase price.
We agree to accept delivery of and make payment for the bonds at City National
Bank, Austin, Texas, on September 30, 1975, or thereafter on the date the bonds
Are --tendered for delivery, pursuant to the terms set forth in the "Official
Notice of sale".
Respectfully submitted,
UNDERWOOD, NEAUHAUS & CO., INC.
& ASSOCIATES
/s/ S.D. Arnspiger
ACCEPTANCE CLAUSE
The above and foregoing bid is hereby in all things accepted by the City of
Lubbock, Texas, this the 27th day of August, 1975.
ATTEST: /s/_Roy Bass
/s/ Treva Phillips _ Mayor, City of Lubbock, Texas
City Secretary, City of Lubbock, Texas
After consideration of all bids received, motion was made by Councilman Campbell,
seconded by Councilwoman Jordan, motion carried, Mayor Bass, Councilmen West,
Jordan, Henry and Campbell voting Yea, none voting Nay to accept the bid of
Underwood, Neuhaus & Co., Inc. and Associates, for the sale of $2,000,000 City
of Lubbock, Texas Electric Light and Power System Revenue Bonds Series 1975-A.
75-34-348b-786 Motion was made by Councilwoman Jordan, seconded by Councilman Campbell, motion
(10) carried, Mayor Bass, Councilmen West, Jordan, Henry and Campbell voting Yea,
none voting Nay to pass Ordinance No. 7133 on first reading.
ORDINANCE NO. 7133
AN ORDINANCE by the City Council of the City of Lubbock, Texas, authorizing
the issuance of $2,000,000 "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND
POWER SYSTEM REVENUE BONDS, SERIES 1975-A," dated September 15, 1975, for
the purpose of extending or improving, or both, the City's Electric Light
and Power System, as authorized by the General Laws of the State of Texas,
particularly Article 1111 et seq., V.A.T.C.S.; prescribing the form of
the bonds and the form of the interest coupons; pledging the net revenues
of the City's Electric Light and Power System to the payment of the princi-
pal of and interest on said bonds; and enacting provisions incident and
relating to the subject and purpose of this ordinance; and providing an
effective date.
75-34-348b-787 Motion was made by Councilman Campbell, seconded by Councilwoman Jordan, motion
(11) carried, Mayor Bass, Councilmen West, Jordan, Henry and Campbell voting Yea,
none voting Nay to pass Ordinance No. 7139 on first reading.
ORDINANCE NO. 7139
AN APPROPRIATION ORDINANCE
WHEREAS, the City Council of the City of Lubbock finds it is necessary to
appropriate certain specific funds out of bond funds for an approved project;
NOW THEREFORE:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
There is hereby appropriated out of the following described bond fund, to -wit:
WATER BOND FUNDS
The sum $119,475.00
For the following purpose: Acquisition of land, Labors 3,4&5, League 207,
Bailey County, Texas, for underground water supply.
NO FURTHER BUSINESS COMING UP FOR CONSIDERATION, THE CITY COUNCIL AD-
JOURNED FROM REGULAR MEETING, August 27, 1975.
ATTEST: R , MAYOR
Treva Phillips, Ci Secretary -Treasurer
READ AND APPROVED HIS THE 11 th day of September, 1$
ATTEST: `-ROY BA , MAYOR
f /�� " rT t
F1
reva Phillips, Cit Secretary -Treasurer