HomeMy WebLinkAboutMinutes - City Council - Special - 9/14/197635!
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SPECIAL CITY COUNCIL MEETING
SEPTEMBER 14, 1976
The City Council of the City of Lubbock, Texas, met at 10:30 A.M. in the regular 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 Bill McAlister, City Manager Larry Cunningham, Assistant City Attorney Ken Jones,
City Secretary -Treasurer Treva Phillips.
Absent: Fred 0. Senter, Jr., City Attorney
NOTICE OF SALE
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 A.M., Daylight Saving Time, September 14, 1976, for the following
described bonds:
$4 400,00 City of Lubbock Texas Electric Light and Power System Revenue Bonds, Series
1976.
Dated April 15, 1976; maturing $220,000 each year April 15, 1978 through 1997. De-
nomination $5,000. Bonds maturing 1988 through 1997 optional on April 15, 1987 or on
any interest payment date thereafter, at the price of par and accrued interest plus
a premium of 5% on all bonds called April 15, 1987, such premium reducing 1% for bonds
called in each year thereafter until April 15, 1992, on and after which date said bonds
optional at par and accrued interest.
Further information may be obtained from Mr. Sterling K. Miller, Director of Finance, City
of Lubbock, Texas, P. 0. Box 2000, Lubbock, Texas 79457; or from First Southwest Company, Mer-
cantile Bank Building, Dallas, Texas 75201, Financial Consultants to the City.
(City Seal)
/s/ Treva Phillips
City Secretary -Treasurer, -
City of Lubbock, Texas
In accordance with the above Notice of Sale, bids were received for the sale of $4,400,000 City
of Lubbock, Texas, Electric Light and Power System Revenue Bonds, Series 1976, dated April 15,
1976 (as authorized by Ordinance No. 7250). After consideration of all bids received, motion
was made by Councilwoman Jordan, seconded by Councilman Henry, motion carried, Mayor Bass,
Councilmen West, Jordan, Henry and mcAlister voting Yea, none voting Nay that the following
resolution be passed accepting the bid of Underwood, Neuhause and Company, Inc., and Associates,
Houston, Texas.
A RESOLUTION by the City Council of the City of Lubbock, Texas, awarding the sale of $4,400,OC
"CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER SYSTEM REVENUE BONDS, SERIES 1976,"
dated April 15, 1976.
WHEREAS, this City Council has heretofore determined that it is to the best interest of the
City and its inhabitants to provide for the sale of the revenue bonds authorized to be issued by
Ordinance duly adopted on the 13th day of May, 1976, notice of said sale having been duly pub-
blished; therefore;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS:
That the $4,400,000 "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER SYSTEM REVENUE BONDS,
SERIES 1976", dated April 15, 1976, heretofore authorized to be issued be and the same are
hereby sold to Underwood, Neuhaus and Company, Inc., & Associates, Houston, Texas for cash for
the par value thereof and accrued interest thereon to date of delivery,plus a premium of $341,154.0
Delivery of said bonds shall be made to said purchasers as soon as may be after the adoption of
this resolution, upon payment therefor in accordance with the terms of sale.
PASSED AND APPROVED to take effect immediately, this the 14th day of September, 1976.
ATTEST: /s/_Roy Bass
Mayor, City of Lubobck, Texas
_/s/ Treva Phillips
City Secretary, City of Lubbock, Texas
(City Seal)
OFFICIAL BID FORM
Honorable Mayor
City of Lubbock
Lubbock, Texas
Gentlemen:
and City Council
September 14, 1976
Reference is made to your 'Official Notice of Sale" and 'Official Statement", dated August
12, 1976, of $4,400,000 CITY OF LUBBOCK, TEXAS ELECTRIC LIGHT AND POWER SYSTEM 6 1/4% REVENUE
BONDS, SERIES 1976, both of which constitute a part hereof.
For your legally issued bonds, as described in said Notice, we will pay you a price of $1,000.00
per $1,000 par value and accrued interest from date of issue to date of delivery tous, plus
a cash premium of $341,154.00 for bonds maturing and bearing interest as follows:
p 4 1976
Interest
Interest
Interest
Maturi X
Rate
Maturity
Rate
Maturity
Rate
4-15-78
6
1/4
%
4-15-85
6
1/4
%
4-15-91
6
1/4
%
4-15-79
6
1/4
%
4-15-86
6
1/4
%
4-15-92
6
1/4
%
4-15-80
6
1/4
%
4-15-87
6
1/4
%
4-15-93
6
1/4
%
4-15--81
4
1/4
%
4-15-88
6
1/4
%
4-15-94
6
1/4
%
4-15-82
6
1/4
%
4-15-89
6
1/4
%
4-15-95
6
1/4
%
4-15-83
6
1/4
%
4-15-90
6
1/4
%
4-15-96
6
1/4
%
4-15-84
6
1/4
%
4-15-97
6
1/4
%
Interest cost, in accordance with the above bid, is:
Gross Interest Cost
Less Premium
Plus Discount
NET INTEREST COST
EFFECTIVE INTEREST RATE
$ 3,162,500.00
341,154.00
-0-
2,821,346.00
5.575783%
Check of the City National Bank, Austin, Tx, in the amount of $88,000.00, which
represents our Good Faith Deposit has been made avaliable 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 Nale"
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 27, 1976, 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, Neuhaus & Co. Robert Brandenberger
and Associates By /s/ Robert J. Brandenberger
Authorized Representative
ACCEPTANCE CLAUSE
The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas,
this the 14th day of September, 1976.
ATTEST: /s/ Roy Bass
Mayor, City of Lubbock, Texas
/s/ Treva Phillips
City Secretary, City of Lubbock, Texas
76-35-360-777 Motion was made by Councilwoman Jordan, seconded by Councilman McAlister, motion carried, Mayor
(2) Bass, Councilwoman Jordan, Councilmen Henry and McAlister voting Yea, Councilman West voting
Nay to pass Ordinance No. 7329 on second and final reading.
ORDINANCE NO. 7329
AN ORDINANCE SETTING THE TAX RATE AND LEVYING A TAX UPON ALL PROPERTY SUBJECT TO TAXATION
WITHIN THE CITY OF LUBBOCK, TEXAS, FOR THE YEAR 1976; APPOINTIONING SAID LEVY AMONG THE VARIOUS
FUNDS AND ITEMS FOR WHICH REVENUE MUST BE RAISED: FIXING THE TIME IN WHICH SAID TAXES BE PAID
AND ASSESSING PENALTY AND INTEREST FOR NON-PAYMENT OF SUCH TAXES WITHIN THE TIME PROVIDED.
76-35-360-778 Motion was made by Councilwoman Jordan, seconded by Councilman McAlister, motion carried, Mayor
(3) Bass, Councilwoman Jordan, Councilmen Henry and McAlister voting Yea, Councilman West voting
Nay to pass Ordinance No. 7330 on second and final reading.
ORDINANCE NO. 7330
AN ORDINANCE AMENDING CHAPTER 14 OF THE CODE OF ORDINANCES OF THE CITY OF LUBBOCK BY AMEND-
ING SUB -SECTIONS (1), (2), AND (3) OF SUB -SECTION (A) OF SECTION 14-7.3, PROVIDING FOR A CHARGE
FOR GARBAGE AND TRASH COLLECTION - BILLING AND COLLECTION: AMENDING SECTION 14-23 THEREOF PRO-
VIDING FOR DUMP GROUND CHARGES: PROVIDING FOR A SAVINGS CLAUSE AND PROVIDING FOR PUBLICATION.
76-35-360-77 9 Motion was made by Councilman Henry, seconded by Councilwoman Jordan, motion carried, Mayor
(4) Bass, Councilmen West, Jordan, Henry and McAlister voting Yea, none voting Nay that the follow-
ing resolution be passed.
RF.g0T.T1TT0V
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the MAYOR of the CITY OF LUBBOCK, BE and is hereby authorized and directed to execute
for and on behalf of the CITY OF LUBBOCK a Note and Deed of Trust to secure the unpaid balance
of the purchase price for property purchase from Auto Realty Company, copies of which are attach-
ed herewith which shall be spread upon the Minutes of the COUNCIL and as spread upon the Minutes
of this COUNCIL shall constiture and be a part of this Resolution as if fully copied herein in
detail.
Passed by the City Council this 14th day of September, 1976.
ATTEST: /s/ ROY BASS
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ROY BASS, MAYOR
/s/ Treva Phillips
Treva Phillips, City Secretary -Treasurer
SEP 14
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APPROVED AS TO FORM:
/s/ Fred 0. Senter, Jr.__
Fred 0. Senter, Jr., City Attorney
NO FURTHER BUSINESS COMING UP FOR CONSIDERATION, THE CITY COUNCIL ADJOURNED FROM Special
Meeting, September 14, 1976.
ATTEST: ROY BASS, MAYOR
&�-
Treva Phillips, City ecretary-Treasurer
READ AND APPROVED THIS THE 23rd day of September, 19
ATTEST: ROY BASS, MAYOR
47Vt.
Treva Phillips, City S retary-Treasurer