HomeMy WebLinkAboutMinutes - City Council - Special - 7/1/1977245
JUL I 197?
SPECIAL CITY COUNCIL MEETING
77-36--245-634 NOTICE OF SPECIAL MEETING
JULY 1, 1977
NOTICE IS HEREBY GIVEN OF A SPECIAL CALLED MEETING OF THE CITY COUNCIL OF THE CITY OF
LUBBOCK, TEXAS, TO BE HELD IN COUNCIL CHAMBERS, CITY HALL, ON JULY 1, 1977, AT 9:00 A.M.
AGENDA ITEM:
CONSIDER A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS RELATING TO
PROCEDURES TO BE FOLLOWED IN THE SALE OF $2,720,000 CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION
BONDS, SERIES 1977, RESOLVING OTHER MATTERS INCIDENT AND RELATED TO THE PURPOSE, INCLUDING
THE FILING OF AN ACTION UNDER THE PROVISIONS OF ARTICLE 717m, V.A.T.C.S.
IT IS URGENT PUBLIC NECESSITY THAT THIS MATTER BE CONSIDERED AT THIS DATE IN THE INTEREST
OF THE CITIZENS OF THE CITY OF LUBBOCK.
I, THE UNDERSIGNED, DO HEREBY CERTIFY THAT THIS NOTICE WAS POSTED AT 3:45 P.M. ON JUNE
30, 1977.
/s/ Treva Phillips
Treva Phillips, City Secretary -Treasurer
In accordance with the above Notice of Special Meeting, the City Council of the City of Lubbock
met in Special Session in the regular meeting place at City Hall with 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, City Attorney Fred 0. Senter, Jr.,
and City Secretary -Treasurer Treva Phillips.
Mr. Jim Brewster, Assistant City Attorney appeared with recommendations concerning a proposed
resolution relating to procedures to be followed in the sale of $2,720,000 City of Lubbock,
Texas, General Obligation Bonds, Series 1977, resolving other matters incident and related to
the purpose, including the filing of an action under provisions of Article 717m, V.A.T.C.S.
After consideration of the proposed resolution, motion was made by Councilwoman Jordan, seconded
by Councilman McAlister, motion carried, Mayor Bass, Councilmen West, Jordan, Henry and McAlister
voting Yea, none voting Nay that the following resolution be passed.
PT?gnT.TTTTOM
A RESOLUTION by the City Council of the City of Lubbock, Texas, relating to procedures to
be followed in the sale of $2,720,000.00 City of Lubbock, Texas, General Obligation Bonds,
Series 1977, and subsequent issuances of General Obligation Bonds in later Series, all as
authorized at the election of May 21, 1977; providing the forms of procedures and in substantial
form all instruments for said Series 1977 and subsequent series; stating the intent and desire
of the City Council to proceed with such Series 1977 expediciously and subsequent Series as
appropriate within their discretion; reserving the right to make corrections and insubstantial
and immaterial changes and modifications in all such Series 1977 instruments and the instruments
of subsequent Series so that each will 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; 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, General Obligation Bonds, Series 1977"; and,
(2) That it should at such times appropriate within its discretion further proceed with
subsequent Series of General Obligation Bonds, also as authorized by the election of May 21,
1977; and,
(3) That is is necessary and expedient that the instruments and procedures necessary to
accomplishment of such purpose be now defined so that same may be subjected to judicial con-
sideration, 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 cor-
rections, modifications and changes shall not substantially or materially effect the substance
of the proposed instruments; and,
(4) That a clear and concise declaration of the intentions and desires as to such
immediately proposed and subsequent General Obligation Bond issuances be of record; and,
(5) That form of the Ordinance to be hereafter enacted setting all terms and conditions
of the Series 1977 of General Obligation 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 instru-
ments necessary to the sale and delivery of said Series 1977; and,
(6) It should institute an action under Vernon's Ann. Civ. St., Art. 717m, in order that
all matters possible arising under the bond election of May 21, 1977, and the issuance of
Series 1977 Bonds and all subsequent issuances thereunder may be validated and confirmed;
NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
246
JUL 1 1977
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 $2,720,000.00 City of
Lubbock, Texas, General Obligation Bonds, Series 1977.
SECTION 3. THAT this Council proposes to proceed as quickly and appropriate thereafter
in their descretion with procedures leading to sale and delivery of additional Series of
General Obligation Bonds, all as authorized by the citizens at the election of May 21, 1977.
SECTION 4. THAT the City Attorney is directed to institure and file an appropriate action,
under the provisions of Vernon's Ann. Civ. St., Art. 717m, 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 wishes of the electorate, all in the manner
provided by said law.
SECTION 5. THAT this Council proposes to enact at the soonest possible and appropriate
date, in substantially identical form, an Ordinance authorizing the issuance of $2,720,000.00
City of Lubbock, Texas, General Obligation Bonds, Series 1977, and setting all provisions to
govern same. That Ordinance, shall be substantially in the following form:
ORDINANCE NO.
AN ORDINANCE by the City Council of the City of Lubbock, Texas, authorizing the issuance of
$2,720,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1977," dated Septem-
ber 1, 1977, for the purpose of making permanent public improvements, to wit: $400,000
for constructing improvements and extensions to the City's waterworks system; $500,000
for constructing improvements and extensions to the City's sanitary sewer System; $100,000
for constructing, enlarging, extending and installing storm sewers, drains and gutters
and other improvements incidental thereto, including the acquisition of land for drainage
purposes and drainage area modifications; $1,050,000 for constructing street improve-
ments in and for said City, including lighting and signalization; and $670,000 for construct-
ing, improving and equipping fire station buildings in and for said City and the purchase
of necessary sites therefor; prescribing the form of the bonds and the form of the interest
coupons; levying a continuing direct annual ad valorem tax on all taxable property within
the limits of said City to pay the interest on said bonds and to create a sinking fund
for the redemption thereof and providing for the assessment and collection of such taxes;
enacting provisions incident and relating to the subject and purpose of this ordinance;
and providing an effective date.
WHEREAS, pursuant to an election held in the City of Lubbock on the 21st day of May, 1977,
this City Council became authorized and empowered to issue general obligation bonds of the City
to mature serially over a period of years not to exceed forty (40) years from their date, for
the purpose of making permanent public improvements, to wit:
$16,775,000 for constructing improvements and extensions to the City's waterworks system;
$ 3,303,000 for constructing improvements and extensions to the City's sanitary sewer
system;
$ 473,000 for constructing, enlarging, extending and installing storm sewers, drains
and gutters and other improvements incidental thereto, including the
acquisition of land for drainage purposes and drainage area modifications;
$ 4,782,000 for constructing street improvements in and for said City, including light-
ing and signalization;
$ 792,000 for constructing, improving and equipping fire station buildings in and
for said City and the purchase of necessary sites therefor;
$ 310,000 for constructing, improving, and equipping fire station buildings in areas
presently adjoining the City and the purchase of necessary sites therefor
(at such time as the areas are annexed to the City).
AND, WHEREAS, this City Council now deems it advisable and to the best interest of the
City that of the bonds voted at the election held May 21, 1977, the following should now be
issued, all as reflected by the following table:
I
AMOUNT
1 DATE AU-
AMOUNT
BEING
UNISSUED
THORIZED
PURPOSE
AUTHORIZED
ISSUED
BALANCE
5-21-77
WW Imp & Ext
$16,775,000
$ 400,000
$16,375,000
5-21-77
SS Imp & Ext
3,303,000
500,000
2,803,000
5-21-77
Storm Sewer & Drainage
473,000
100,000
373,000
5-21-77
Str Imp, Ltng & Signal
4,782,000
1,050,000
3,732,000
5-21-77
Fire Sta B1dgs & Sites
792,000
670,000
122,000
5-21-77
Fire Sta Bldgs & Sites
(Areas when annexed)
310,000
-0-
310,000
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS:
SECTION 1: That the bonds of said City, to be known as "CITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1977," be and the same are hereby ordered to be issued in the princi-
pal sum of TWO MILLION SEVEN HUNDRED TWENTY THOUSAND DOLLARS ($2,720,000) for the purpose
of making permanent public improvements, to wit: $400,000 for constructing improvements and
'4
JUL 1 19
extensions to the City's waterworks system; $500,000 for constructing improvements and extensions
to the City's sanitary sewer system; $100,000 for constructing, enlarging, extending and install-
ing storm sewers, drains and gutters and other improvements incidental thereto, including the
acquisition of land for drainage purposes and drainage area modification; $4 050,000 for construct-
ing street improvements in and for said City including lighting and signalization; and $670,000
for constructing, improving and equipping fire station buildings in and for said City and the
purchase of necessary sites therefor; under and by virtue of the Constitution and laws of the
State of Texas.
SECTION 2: That said bonds shall be numbered consecutively from One (1) through Five
Hundred Forty -Four (544), shall each be in denomination of Five Thousand Dollars ($5,000),
aggregating TWO MILLION SEVEN HUNDRED TWENTY THOUSAND DOLLARS ($2,720,000); shall be dated
September 1, 1977, and shall become due and payable serially, without right of prior redemption,
on March 1 in each of the years in accordance with the following schedule:
BOND NUMBERS
(All Inclusive) MATURITY AMOUNT
1 to 27
1978
$135,000
28 to 54
1979
135,000
55 to 81
1980
135,000
82 to 108
1981
135,000
109 to 135
1982
135,000
136 to 162
1983
135,000
163 to 189
1984
135,000
190 to 216
1985
135,000
217 to 243
1986
135,000
244 to 270
1987
135,000
271 to 297
1988
135,000
298 to 324
1989
135,000
325 to 351
1990
135,000
352 to 378
1991
135,000
379 to 405
1992
135,000
406 to 432
1993
135,000
433 to 460
1994
140,000
461 to 488
1995
140,000
489 to 516
1996
140,000
517 to 544
1997
140,000
SECTION 3: The bonds herein authorized to be issued shall bear interest from date to
maturity at per annum rates to be established at the time said bonds are sold (but in no event
shall any bonds of this series bear interest at a rate in excess of 10% per annum), such in-
terest to be evidenced by proper coupons attached to each of said bonds and said interest shall
be payable on March 1, 1978, and semiannually thereafter on September 1 and March 1 in each
year.
SECTION 4: That both principal of and interest on said bonds shall be payable in lawful
money of the United States of America, without exchange or collection charges to the owner or
holder, at the FIRST NATIONAL CITY BANK, New York, New York, or, at the option of the holder,
at the TEXAS COMMERCE BANK, NATIONAL ASSOCIATION, Lubbock, Texas, upon presentation and surrender
of bonds or proper coupons.
SECTION 5: That the seal of said City may be impressed on each of said bonds or, in the
alternative, a facsimile of such seal may be printed on the said bonds. The bonds and interest
coupons appurtenant thereto may be executed by the imprinted facsimile signatures of the Mayor
and City Secretary of the City, and execution in such manner shall have the same effect as if
such bonds and coupons had been signed by the Mayor and City Secretary in person by their manual
signatures. Inasmuch as such bonds are required to be registered by the Comptroller of Public
Accounts for the State of Texas, only his signature (or that of a deputy designated in writing
to act for the Comptroller) shall be required to be manually subscribed to such bonds in
connection with his registration certificate to appear thereon, as hereinafter provided, all in
accordance with the provisions of Article 717j-1, V.A.T.C.S.
SECTION 6: That the form of said bonds shall be substantially as follows:
NO. UNITED STATES OF AMERICA $5,000
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION
BOND, SERIES 1977
The CITY OF LUBBOCK, a municipal corporation of the State of Texas, acknowledges itself
indebted to and, FOR VALUE RECEIVED, hereby promises to pay to bearer, without right of prior
redemption, the sum of
FIVE THOUSAND DOLLARS
($5,000), in lawful money of the United States of America, on the 1st day of March, 19—, with
interest thereon from the date hereof to maturity at the rate of PER
CENTUM ( %) per annum, payable on March 1, 1978, and semiannually thereafter on September
1 and March 1 in each year, and interest falling due on or prior to maturity hereof is payable
only upon presentation and surrender of the interest coupons hereto attached as they severally
become due.
BOTH PRINCIPAL OF and interest on this bond are hereby made payable at the FIRST NATIONAL
CITY BANK, New York, New York, or, at the option of the holder, at the TEXAS COMMERCE BANK,
NATIONAL ASSOCIATION, Lubbock, Texas, without exchange or collection charges to the owner or
holder, and for the prompt payment of this bond and the interest thereon at maturity, the full
faith, credit and resources of the City of Lubbock, Texas, are hereby irrevocably pledged.
Aw
'S
jU, 1977
THIS BOND is one of a series of Five Hundred Forty -Four (544) serial bonds, numbered
consecutively from One (1) through Five Hundred Forty -Four (544), each in denomination of Five
Thousand Dollars ($5,000), aggregating TWO MILLION SEVEN HUNDRED TWENTY THOUSAND DOLLARS
($2,720,000), issued for the purpose of making permanent public improvements, to wit: $400,000
for constructing improvements and extensions to the City's waterworks system; $500,000 for
constructing improvements and extensions to the City's sanitary sewer system; $100,000 for
constructing, enlarging, extending and installing storm sewers, drains and gutters and other
improvements incidental thereto, including the acquisition of land for drainage purposes and
drainage area modifications; $1,050,000 for constructing street improvements in and for said
City, including lighting and signalization; and $670,000 for constructing, improving and equip-
ping fire station buildings in and for said City and the purchase of necessary sites therefor,
under authority of the Constitution and laws of the State of Texas, and pursuant to an ordinance
duly adopted by the City Council of the City of Lubbock, Texas, and recorded in the Minutes
of said City Council.
IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the issuance of this bond and the
series of which it is a part is duly authorized by law and by authority expressly conferred
at an election held for that purpose within said City; that all acts, conditions and things
required to be done precedent to and in the issuance of this series of bonds and of this bond,
have been properly done and performed and have happened in regular and due time, form and manner
as required by law; that sufficient and proper provision has been made for the levy and collection
of taxes which, when collected, shall be appropriated exclusively to the payment of this bond
and the series of which it is a part, and to the payment of the interest coupons thereto
annexed, as the same shall become due; and that the total indebtedness of the City of Lubbock,
Texas, including the entire series of bonds of City of Lubbock, Texas, of which this is one, does
not exceed any constitutional or statutory limitation.
IN TESTIMONY WHEREOF, the City Council of the City of Lubbock, Texas, in accordance with
the provisions of Article 717j-1, V.A.T.C.S., has caused the seal of said City to be impressed
or a facsimile thereof to be printed hereon, and this bond and its appurtenant coupons to be
executed with the imprinted facsimile signatures of the Mayor and City Secretary of said City;
the date of this bond, in conformity with the ordinance above referred to, being the lst day
of September, 1977.
COUNTERSIGNED: Mayor, City of Lubbock, Texas
City Secretary, City of Lubbock, Texas
SECTION 7: That the form of interest coupons attached to each of said bonds shall be
substantially as follows:
The CITY OF LUBBOCK, a municipal corporation of the State On the lst day of
of Texas, hereby promises to pay to bearer, at the FIRST ,
NATIONAL CITY BANK, New York, New York, or, at the option
of the holder, at the TEXAS COMMERCE BANK, NATIONAL ASSOCIA-
TION, Lubbock, Texas without exchange or collection charges No. $
to the owner or holder, the sum of SERIES 1977
DOLLARS ($ ), in lawful money of the United
States of America, said sum being months' in- Bond
terest due that day on "CITY OF LUBBOCK, TEXAS, GENERAL No.
OBLIGATION BOND, SERIES 1977," dated September 1, 1977.
City Secretary
Mayor
SECTION 8: That the following certificate shall be printed on the back of each bond:
OFFICE OF COMPTROLLER
STATE OF TEXAS
REGISTER NO.
I HEREBY CERTIFY that there is on file and of record in my office a certificate of the
Attorney General of the State of Texas to the effect that this bond has been examined by him
as required by law, and that he finds that it has been issued in conformity with the Constitu-
tion and laws of the State of Texas, and that it is a valid and binding obligation upon said
City of Lubbock, Texas, and said bond has this day been registered by me.
WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas,
Comptroller of Public Accounts
of the State of Texas
SECTION 9: That to provide for the payment of the debt service requirements on the said
bonds, being (i) the interest on said bonds and (ii) a sinking fund for their redemption at
maturity or a sinking fund of 2% (whichever amount shall be greater), there shall be and there
is hereby levied for the current year and each succeeding year thereafter while said bonds
or interest thereon shall remain outstanding and unpaid, a sufficient tax on each one hundred
dollars' valuation of taxable property in said City, adequate to pay such debt service require-
ments, full allowance being made for delinquencies and costs of collection; said tax shall be
assessed and collected each year and applied to the payment of the said debt service require-
ments, and the same shall not be diverted to any other purpose. The taxes so levied shall be
paid into a fund known as "SPECIAL GENERAL OBLIGATION BOND FUND, SERIES 1977," which is hereby
established for the payment of the obligations herein authorized. The City Council hereby de-
clares its purpose and intent to provide and levy a tax legally and fully sufficient for such
4
1
JUL 1
24
bonds, it having been determined that the existing and available taxing authority of the City
for such purpose is adequate to permit a legally sufficient tax in consideration of all other
outstanding obligations.
SECTION 10: That the Mayor of said City shall be and he is, hereby authorized to take
and have charge 9f all necessary oA er id records pending investigation by the Attorney
General of the State of Texas, a6d,shall take and have charge and control of the bonds herein
authorized pending their approval by the Attorney General and their registration by the Comp-
troller of Public Accounts.
SECTION 11: That the purchasers' obligation to accept delivery of the bonds herein
authorized is subject to their being furnished a final opinion of Messrs. Dumas, Huguenin,
Boothman and Morrow, Attorneys, Dallas, Texas, approving such bonds as to their validity, said
opinion to be dated and delivered as of the date of delivery and payment for such bonds.
Printing of a true and correct copy of said opinion on the reverse side of each of such bonds,
with appropriate certificate pertaining thereto executed by facsimile signature of the City
Secretary of the City of Lubbock, Texas, is hereby approved and authorized.
SECTION 12: That the City hereby covenants that the proceeds from the sale of said
bonds will be used as soon as practicable for the purpose for which said bonds are issued;
that such proceeds will not be invested in any securities or obligations except for the tem-
porary period pending such use; and that such proceeds will not be used directly or indirectly
so as to cause all or any part of said bonds to be or become "arbitrage bonds" within the mean-
ing of Section 103(c) of the Internal Revenue Code of 1954, as amended, or any regulations or
rulings prescribed or made pursuant thereto.
SECTION 13: CUSIP numbers may be printed on the bonds herein authorized. It is expressly
provided, however, that the presence or absence of CUSIP numbers on the bonds shall be of no
significance or effect as regards the legality thereof and neither the City nor attorneys
approving said bonds as to legality are to be held responsible for CUSIP numbers incorrectly
printed on the bonds.
SECTION 14: This ordinance shall take effect and be in force immediately from and after
its final passage, and it is so ordained.
PASSED AND APPROVED on first reading this the day of 1977.
PASSED AND APPROVED on second and final reading this the day of
ATTEST:
Mayor, City of Lubbock, Texas
City Secretary, City of Lubbock,
Texas
(City Seal)
SECTION 6. THAT this Council proposes thereafter to issue and approve a notice of sale,
which except for the date and time of sale, shall be in substantially the following form:
NOTICE OF SALE
CITY OF LUBBOCK. TEXAS
1977.
The City Council of the City of Lubbock, Texas, will receive sealed bids at the City Hall,
Lubbock, Texas, until .M., Daylight Saving Time, ,
1977, for the following described bonds:
$2=720,000.00 City of Lubbock, Texas, General Obligation Bonds, Series 1977.
Dated September 1, 1977; maturing $135,000 each year March 1, 1978,
through 1993, and $140,000 each year March 1, 1994, through 1997.
Denomination $5,000. Non -optional.
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,
Mercantile Bank Building, Dallas, Texas 75201, Financial Consultants to the City.
City Secretary -Treasurer
City of Lubbock, Texas
(City Seal)
That such notice is the format of the notice which the City proposes to use in meeting
the requirement of Article VIII, Section 5 of the City Charter, in that such notice would be
published (after being completed) once a week for four consecutive weeks in the Lubbock Avalanche -
Journal, a newspaper of general circulation in and published in the City of Lubbock.
That the date and time to be set in such notice for the receipt of bids would be not
less than 30 days following the date of the first publication; that the time of day established
for the sale shall be between the hours of 9 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 7. THAT additionally this Council proposes to approve and cause to be distributed
an official Statement and Notice of Sale in substantially the following form:
juL 1977
�4
x
I
I
x�
NOTICE OF SALE
AND
BIDDING I V�MUCTIONS
Ck
$2,720,000
CITY OF LUBBOCK, TEXAS
(Lubbock County)
GENERAL OBLIGATION BONDS, SERIES 1977
Selling Thursday, September 29, 1977, at 10:30 AM, CDT
THE SALE
Bonds Offered for Sale at Com titive Biddin ... The City of Lubbock, Texas (the "City"), is offering for
e its , GeneralObligation Bonds, ries 1977 (the "Bonds").
Address of Bids ... Sealed bids, plainly marked "Bid for Bonds", should be addressed and delivered to "Mrs.
revs Millips, City Secretary, City of Lubbock, Texas", prior to 1030 AM, CDT, on the date of the bid
opening. All bids must be submitted on the Official Bid Form, without alteration or interlineation.
Place and Time of Bid O enin ... The City Council will open and publicly read the bids for the purchase
of the Bonds at AM, CDT, Thursday, September 29, 1977.
Award of the Bonds ... The City Council will take action to award the Bonds (or reject all bids) promptly
ter the opening of bids, and adopt an Ordinance authorizing the Bonds (the "Ordinance") and pass a
Resolution adopting the Official Statement.
THE BONDS
Description ... The Bonds will be dated September 1, 1977, and interest coupons will be due on March 1,
I9T , and each September 1 and March 1 thereafter until maturity. The Bonds and interest coupons
attached thereto will be payable at Citibank, N.A., New York, New York, or, at the option of the holder,
at Texas Commerce Bank, National Association, Lubbock, Texas. The Bonds will mature serially on March
1 in each year as follows:
Principal
Principal
Year
Amount
Year
Amount
TWI
5T 5T��
T%T
5M,0
1979
135,000
1939
135,000
1980
135,000
1990
135,000
1981
135,000
1991
135,000
1982
135,000
1992
135,000
1983
135,000
1993
135,000
1994
135,000
1994
140,000
1985
135,000
1995
140,000
1986
I35,000
1996
140,000
1987
135,000
1997
140,000
The Bonds are not optional for prior payment.
Source of Payment ... The Bonds are direct and voted general obligations payable out of the receipts
from an ad valorem tax levied, within the limits prescribed by law, on taxable property located within the
City.
_l_
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Aw5:
JUL 1977
F
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r
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 not changes
of a substantial or material nature at law are contemplated.
That said documents shall be distributed to investment bankers and others who would nor-
mally 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.
SECTION 8. THE notices herein set forth are hereby approved as to form so as to permit
the bidders on such bonds to establish an interest rate or rates that such bonds are to bear
as specified therein. The form of the Resolution which the City proposes to adopt awarding
ultimately the sale of bonds will be in substantially the following form:
MINUTES PERTAINING TO PASSAGE AND ADOPTION OF A RESOLUTION BY THE CITY COUNCIL OF THE
CITY OF LUBBOCK, TEXAS, AWARDING THE SALE OF $2,720,000 "CITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1977,"
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
ON THIS, the day of , 1977 the City Council of the City of Lubbock,
Texas, convened in session at the regular meeting place thereof in the City Hall,
the meeting being opening to the public and notice of said meeting having been given as prescribed
by Article 6252-17, Section 3A, V.A.T.C.S., the following members being present and in attendance,
to wit:
ROY BASS MAYOR
DIRK WEST MAYOR PRO TEM
CAROLYN JORDAN COUNCILWOMAN
BILL B. McALISTER COUNCILMAN
ALAN R. HENRY COUNCILMAN
and
TREVA PHILLIPS CITY SECRETARY -TREASURER
and
LARRY CUNNINGHAM CITY MANAGER
also being present: and with the following absent:
constituting a quorum; at which time the following, among other business was transacted, to wit:
Councilman
introduced the following resolution:
"A RESOLUTION by the City Council of the City of Lubbock, Texas, awarding the sale of
$2,720,000 'CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1977,"'
Councilman then moved that the resolution be finally passed to take
effect immediately from and after its passage. The motion was seconded by Councilman
and carried by the following vote:
YEAS: Mayor Bass and Councilmen West, McAlister, Henry and Councilwoman
Jordan.
NAYS: None.
The Mayor then announced the final passage and immediate effect of the resolution.
MINUTES APPROVED, this the day of , 1977.
ATTEST:
City Secretary, City of Lubbock, Texas
(City Seal)
RESOLUTION
Mayor, City of Lubbock, Texas
A RESOLUTION by the City Council of the City of Lubbock, Texas, awarding the sale of
$2,720,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1977".
WHEREAS, the City Council of the City of Lubbock, Texas, has heretofore received sealed
proposals for the purchase of bonds proposed to be issued, i.e.: $2,720,000 CITY OF LUBBOCK,
TEXAS, GENERAL OBLIGATION BONDS, SERIES 1977, and it is now proper for this City Council to
award the sale of said bonds to the bidder who submitted the highest and best bid for such
bonds; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. THAT the $2,720,000 CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES
1977, are hereby sold to
for cash for the par value thereof and accrued interest thereon to date of delivery, plus a
premium of $ It is hereby officially found, determined and declared that
252
IUL i 1977
said purchasers are the best bidders for said bonds as a result of invitations for competitive
bids.
PASSED AND APPROVED this the
ATTEST:
City Secretary, City of Lubbock, Texas
(City Seal)
day of , 1977.
Mayor, City of Lubbock, Texas
SECTION 9: THAT the Council further proposes during the procedures leading to ultimate
sale and delivery of the $2,720,000.00 City of Lubbock Texas, General Obligation Bonds, Series
1977, and all subsequent Series authorized by the election of May 21, 1977, to adopt and utilize
the following additional instruments in each Series substantially as follows:
STATEMENT OF TAXABLE VALUES
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
I, the undersigned, Assessor and Collector of Taxes for the City of Lubbock, Texas, DO
HEREBY CERTIFY that the assessed value of property for the purposes of taxation in said City
of Lubbock, Texas, as shown by the tax rolls of said City for the year 1976, which have been
duly approved and which is the latest official assessment of said City is as follows:
TOTAL REAL AND PERSONAL PROPERTY ---------------- $ 997,965,321
WITNESS MY HAND AND SEAL OF THE CITY OF LUBBOCK, TEXAS, this the day of , 1977.
Assessor and Collector of Taxes
City of Lubbock, Texas
(City Seal)
GENERAL CERTIFICATE
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
WE, the undersigned, Mayor, City Secretary and City Treasurer, respectively, of the City
of Lubbock, Texas, DO HEREBY CERTIFY as follows:
1. That the following is a true, full and correct description of the presently outstanding
indebtedness of said City, payable from ad valorem taxation levied and collected by said City,
to wit:
Principal
Years of Amount Now
Description of Issue Date Maturities Outstanding
Storm Sewer
Series 1951
1-1-51
1978/81
$ 106,000
Park
1-1-51
1978/81
57,000
Fire Station
Series 1951
1-1-51
1978/81
35,000
Str, Lighting
Series 1951
1-1-51
1978/81
21,000
Equip. Storage
& Garage Bldg.
1-1-51
1978/81
32,000
Water, Sewer
& Elec. Light
f Series 1951
1-1-51
19 /81
523,000
Water, Sewer
& Elec. Light
Sereis 1952
6-1-52
1977
100,000
Park
6-1-53
1978
20,000
Str. Lighting
6-1-53
1978
58,000
Gen. Oblig.
3--1-56
1978/81
400,000
Series 1956
LF7
I
JUL 1
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Gen. Oblig.
Series 1958 3-1-58 1978 200,000
Gen. Oblig.
Series 1959
3-1-59
1978
70,000
Park
Series 1959
3-1-59
1978/79
30,000
Park
Series 1960
3-1-60
1978/79
50,000
Gen. Oblig.
Series 1960
3-1-60
1978/80
680,000
Gem Oblig.
Series'011961
3-1-61
1978/81
460,000
Gen. Oblig.
Series 1962
3-1-62
1978/82
475,000
Park
Series 1962
3-1-62
1978/82
75,000
Park
Series 1964
3--15-64
1978/84
35,000
Park Imp.
Series 1965
3-15-65
1978/85
95,000
Gen. Oblig.
Series 1964
3-15-64
1978/84
1,015,000
Gen. Oblig.
Series 1965
3-15-65
1978/85
585,000
Gen. Oblig.
Series 1966
3-15-66
1978/86
1,350,000
Gen. Oblig.
Series 1967
3-15-67
1978/87
1,250,000
Gen. Oblig.
Series 1968
4-15-68
1978/88
2,090,000
Gen. Oblig.
Series 1969
8-1-69
1978/89
1,935,000
Gen. Oblig.
Series 1970
4-15-70
1978/90
1,980,000
Gen. Oblig.
Series 1971
3-1-71
1978/91
4,900,000
Gen. Oblig.
Series 1972
3-15-72
1978/92
9,000,000
Gen. Oblig.
Series 1973
8-1-73
1978/93
5,040,000
Gen. Oblig.
Series 1974
3-1-74
1978/94
8,500,000
Gen. Oblig.
Series 1975
3-15-75
1978/93
1,210,000
Gen. Oblig.
Series 1976
4-15-76
1977/96
1,505,000
TOTAL TAX -SUPPORTED BOND
INDEBTEDNESS
$43,782,000
2. That a debt service
requirement schedule, showing the
amount required for the payment
of principal and interest on
all the bonds described in the preceding
paragraph which become
due and payable in the fiscal
years as shown (including current
year's payments made to date),
is attached hereto.
3. That at the present
time the
following are the duly qualified and acting officers of
said City:
ROY BASS
MAYOR
DIRK WEST
MAYOR PRO TEM
CAROLYN JORDAN
COUNCILWOMAN
BILL H. McALISTER
COUNCILMAN
ALAN R. HENRY
COUNCILMAN
TREVA PHILLIPS
CITY SECRETARY -TREASURER
LARRY J. CUNNINGHAM
CITY MANAGER
JOHN R. BROOKS
TAX ASSESSOR -COLLECTOR
54
in 1977
4. The City of Lubbock, Texas, is incorporated under the General Laws of the State of
Texas and is operating under the Home Rule Amendment to the Texas Constitution, Section 5,
Article XI, as amended in 1912; the City Charter was originally adopted at an election held
December 27, 1917, and said Charter has not been amended or revised in any respect since the
24th day of January, 1967, the date of the last Charter Amendment Election.
WITNESS OUR HANDS AND THE SEAL OF THE CITY OF LUBBOCK, TEXAS, this the day of
, 1977.
(City Seal)
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Mayor, City of Lubbock, Texas
City Secretary, City of Lubbock,
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JUL 1 197
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THE STATE OF TEXAS
COUNTY OF LUBBOCK
WE,
SIGNATURE AND NO -LITIGATION CERTIFICATE
the undersigned, hereby certify as follows:
(1) That this certificate is executed and delivered with reference to the following des-
cribed bonds: City of Lubbock, Texas, General Obligation Bonds, Series 1977, dated September
1, 1977, in the aggregate principal amount of $2,720,000.
(2) That the undersigned officially executed and signed or countersigned said bonds
and the interest coupons attached thereto by causing their facsimile signatures to be placed on
each of said bonds and interest coupons and they hereby adopt said facsimile signatures as their
own and declare that the same constitute their signatures the same as if they had manually signed
each of said bonds and interest coupons.
(3) That on the date of such execution in such manner and on the date hereof, we were the
duly chosen, qualified and acting officers indicated therein and authorized to execute the same.
(4) That the legally adopted proper and only official corporate seal of the issuer is
impressed, imprinted or lithographed on all of said bonds and impressed on this certificate.
(5) We further certify that no litigation of any nature is now pending or, to our know-
ledge, threatened restraining or enjoining the issuance and delivery of said bonds or the levy
and collection to taxes to pay the principal and interest, or in any manner questioning the
proceedings and authority under which the same is made or affecting the validity of the bonds
thereunder; that neither the copporate existence or boundaries nor the title of the present
officers to their respective offices is being contested, and that no authority or proceedings
for the issuance of said bonds have been repealed, revoked or rescinded.
(6) That no petition or other request has been filed with or presented to any official
of the issuer of these bonds requesting that any proceedings authorizing the same be submitted
to a referendum or other election.
EXECUTED AND DELIVERED this
(ISSUER'S SEAL)
SIGNATURE
(BANK SEAL)
OFFICIAL TITLE
Mayor, City of Lubbock, Texas
City Secretary
The signatures of the officers subscribed above
are hereby certified to be true and genuine.
Bank
By
Authorized Officer
THE STATE OF TEXAS
COUNTY OF LUBBOCK
TREASURER'S RECEIPT
THE UNDERSIGNED HEREBY CERTIFIES as follows:
(1) That this certificate is executed and delivered with respect to the following des-
cribed bonds: City of Lubbock, Texas, General Obligation Bonds, Series 1977, dated September
1, 1977, in the aggregate principal amount of $2,720,000.
(2) That on the date shown below as the date of execution and delivery of this instru-
ment, the said bonds were delivered to the purchaser thereof, namely:
(3) That all of said bonds have been paid for in full by the purchaser concurrently with
the delivery of this certificate, and the issuer of said bonds has received the agreed purchase
price for the said bonds, as follows:
PRINCIPAL AMOUNT ------------------------------ $ 2,720,000.00
ACCRUED INTEREST ----------------------------- $
PLUS PREMIUM ---------------------------------- $
TOTAL AMOUNT RECEIVED
ON DELIVERY OF BONDS..$
(4) At the time of such delivery there were no matured coupons attached to said bonds
and all unmatured coupons were attached to said bonds.
(5) That the undersigned has executed this certificate in the capacity hereinafter shown
for and on behalf of the said issuer of bonds.
EXEUCTED AND DELIVERED this
City Treasurer
.56
City of Lubbock, Texas
The foregoing signature of the foregoing designated official of the issuer is hereby certified
as genuine.
(BANK SEAL)
NO -ARBITRAGE CERTIFICATE
THE STATE OF TEXAS X
X
COUNTY OF LUBBOCK
X
CITY OF LUBBOCK
(Bank)
of
The undersigned, being the duly chosen and qualified Mayor and City Secretary of Lubbock,
Texas (the "City") hereby certify with respect to that issue of "CITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1977," dated September 1, 1977, in the principal amount of $2,720,000
(the "bonds"), as follows:
1. That we, along with other officers, are charged with the responsibility of issuing the
bonds.
2. That this certificate and covenant are made pursuant to Section 1.103-13 of the Income
Tax Regulations (the "Regulations") of the Internal Revenue Service with respect to arbitrage
bonds as described in Section 103(c) of the Internal Revenue Code of 1954, as amended (the
"Code"), and the words and phrases used herein have the same meaning as defined and used in the
Regulations.
3. That this certificate is based on facts, estimates, and circumstances in existence
on the date of issue of the bonds, and on such basis it is reasonably expected that the follow-
ing will occur with respect to the bonds:
(a) That the City has incurred, at the date of issue of the bonds, or will incur,
within six months after the date of issue of the bonds, binding obligations to commence
each of the projects, respectively, to be financed by the bonds, either by entering into
contracts for the construction of such projects to be financed by the bonds, or by enter-
ing into contracts for architectural or engineering services for such projects, with the
amount to be paid under each such contract with respect to each such project to be in
excess of two one one-half percent of the part •f the proceeds of the bonds allocated to
each such project, respectively;
(b) That after entering into said contracts, work on all of the projects will proceed
with due diligence to completion;
(c) That all of the spendable proceeds of the bonds will be expended for project
costs by the end of the three-year period beginning on the date of issue of the bonds;
(d) That none of the proceeds of the bonds will be placed in a reserve or replacement
fund, and none of the proceeds of the bonds will be used to acquire any obligations except
during the temporary period of three years beginning on the date of issue;
(e) That none of the projects will be sold or otherwise disposed of, in whole or in
part, prior to the last maturity of the bonds;
(f) That the original proceeds of the bonds will not exceed by more than five percent
the amount necessary for the purpose or purposes of the bonds.
4. That on the basis of the foregoing it is not expected that the proceeds of the bonds
will be used in any manner that would cause such obligations to be arbitrage bonds under Section
103(c) of the Code and the Regulations prescribed under that Section, and it is further speci-
fically covenanted that the proceeds of the bonds will not be used directly or indirectly so as
to cause all or any part of the bonds to be or become arbitrage bonds within the meaning of
that Section or the Regulations prescribed by that Section.
5. That to our best knowledge and belief there are no other facts, estimates, or cir-
cumstances that would materially change the foregoing conclusions or statements.
6. That the City has never been listed in a Notice published in the Internal Revenue
Bulletin as described in Paragraph (a)(2)(iii) of Section 1.103-13 of the Regulations, and
has never been advised that such a listing is comtemplated.
EXECUTED as of the day of , 1977, being the day of delivery of these
bonds and the date of issue as provided in the Regulations.
(City Seal)
Mayor, City of Lubbock, Texas
City Secretary, City of Lubbock, Texas
Ell
El
1.1
I
Based on my examination of law and review of the accompanying certificate, I am of the
opinion that facts, estimates and circumstances are sufficiently set forth in the certificate
JUL 1
L
L
L
to satisfy the criteria which are necessary under sections 1.103-13 and 1.103-14 of the proposed
regulations under section 103(c) of the Internal Revenue Code to support the conclusion that
the bonds will not be arbitrage bonds. No matters have come to my attention which make un-
reasonable or incorrect the representations made in the certificate.
City Attorney
SECTION 10. THAT the language of each instrument proposed to be utilized as included in
this Resolution, is in each instance adopted as a 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 11. IT is the intention of the Council to further utilize substantially identical
procedures and instruments hereafter in proceedings for the issuance of further Series of Gen-
eral Obligation Bonds under the authority of the election of May 21, 1977.
SECTION 12. THIS Resolution shall be effective from and after its passage.
Passed by the City Council this 1st day of July, 1977.
ATTEST:
/s/ Treva Phillips
Treva Phillips, City Secretary -Treasurer
APPROVED AS TO FORM:
/s/ Fred 0. Sentex Jr.
Fred 0. Senter, Jr., City Attorney
/s/ Roy Bass
ROY BASS, MAYOR
NO FURTHER BUSINESS COMING UP FOR CONSIDERATION, THE CITY COUNCIL ADJOURNED FROM Special
meeting, July 1, 1977.
ATTEST:aA
ROY BKOkS, MAYOR
reva Phillips, City S cretary-Treasurer
READ AND APPROVED THIS THE 14th day of July, 1977.
� S
ATTEST: ROY BASS, MAYOR
Treva Phillips, City Sdcretary-Treasurer