HomeMy WebLinkAboutMinutes - City Council - Special - 4/5/197890 APR 5 1978
SPECIAL CITY COUNCIL MEETING
APRIL 5,1978
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 Cunninghanand City Secretary -Treasurer Treva
Phillips.
Absent: Fred 0. Senter, Jr., City Attorney.
78-37-90-258 The City Council considered all matters incident and relating to the issuance of $1,730,000
(1) "City of Lubbock, Texas, Airport Revenue Bonds, Series 1978", and the passage of an ordinance
authorizing the issuance of the bonds.
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., Central Standards Time, Wednesday, April 5, 1978, for the
following described bonds:
$1,730,000 City of Lubbock Texas Airport Revenue Bonds Series 1978
Dated April 15, 1978; maturing $85,000 each year September 15, 1979
through 1992, and $90,000 each year September 15, 1993 through 1998.
Denomination $5,000. Optional at par and accrued interest September
15, 1993.
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.
In accordance with the Above Notice of Sale, bids were received for the sale of $1,730,000
City of Lubbock, Texas, Airport Revenue Bonds, Series 1978. After consideration of all bids
received, motion was made by Councilman McAlister, seconded by Councilwoman Jordan, motion
carried, Mayor Bass, Councilmen West, Jordan, Henry and McAlister voting Yea, none voting Nay
to accept the bid of ROWLES, WINSTON DIV., COWEN & CO. - Mgr. Weeden & Company; Blyth Eastman
Dillon & Co., Inc.; Loeb, Rhoades, Hornblower, Inc.
Honorable Mayor
City of Lubbock
Lubbock, Texas
Gentlemen:
and City Council
OFFICIAL BID FORM
April 5, 1978
Reference is made to your Official Statement and Notice of Sale and Bidding Instructions,
dated March 9, 1978, of $1,730,000 CITY OF LUBBOCK, TEXAS AIRPORT REVENUE BONDS, SERIES 1978,
both of which constitute a part hereof.
For yourlegally issued Bonds, as described in said Notice of Sale and Bidding Instructions
and Official Statement, we will pay you par and accrued interest from date of issue to date
of delivery to us, plus a cash premium of $-0- for Bonds maturing and bearing interest as
follows:
Interest
Interest
Maturity
Rate
Maturity
Rate
Maturity
Rate
9-15-79
7%
9-15-86
5%
9-15-92
5.35%
9-15-80
7%
9-15-87
5%
9-15-93
5.40%
9-15-81
7&
9-15-88
5.05%
9-15-94
51/2Z
9-15-82
7%
9-15-89
5.10%
9-15-95
5 1/2%
9-15-83
7&
9-15-90
5.20%
9-15-96
5 1/2%
9-15-84
7%
9-15-91
5.25%
9-15-97
5 1/2%
9-15-85
6%
9-15-98
4 1/2%
Our calculation (which is not a part of this bid) of the interest cost from the above is
Total Interest Cost $1,040,322.31
Less Premium -0-
NET INTEREST COST 1,040,322.31
EFFECTIVE INTEREST RATE 5.447902%
Check of the CITY NATIONAL Bank, Auk in, in the amount of $34,60000, which re-
presents our Good Faith Deposit (is attached hereto) 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 Statement and Notice of Sale and Bidding Instructions.
We agree to accept delivery of and make payment for the Bonds at CITY NATIONAL Bank, Austin,
Texas, on May 11, 1978, or thereafter on the date the Bonds are tendered for delivery, pur-
suant to the terms set forth in the Notice of Sale and Bidding Instructions.
Respectfully submitted,
APR 51978 91
J
Loeb, Rhoades, Hornblower, Inc. By /_s/ Bob Schnakenberg
Authorized Representative
ACCEPTANCE CLAUSE
The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas,
this the 5th day of April, 1978.
ROY BASS, MAYOR
ATTEST:
Treva Phillips, Xty Secretary
78-37-91-259 Motion was made by Councilman McAlister, seconded by Councilwoman Jordan, motion carried,
(la) Mayor Bass, Councilmen West, Jordan, Henry and McAlister voting Yea, none voting Nay to pass
Ordinance No. 7643 on first reading, having been read in full by Joe Smith of first Southwest
Company.
ORDINANCE NO. 7643
AN ORDINANCE by the City Council of the City of Lubbock, Texas, authorizing the issuance
of "City of Lubbock, Texas, Airport Revenue Bonds, Series 1978", dated April 15, 1978, in the
aggregate principal amount of $1,730,000 for the purpose of enlarging, extending, repairing,
and improving the municipal airport of the City of Lubbock, Texas, as authorized by the gen-
eral laws of the State of Texas, including Article 1269j-5, Article 1269j-5.2, and Article
46d-8, and Article 717k-2. V.A.T.C.S., and making provision for the payment and security of
said bonds and the interest thereon, and for the payment of the maintenance and operating
expenses of the airport; prescribing the form of bonds and interest coupons; ordaining other
provisions incident and relating to the subject and purpose of the ordinance and providing an
effective date.
78-37-91-260 The City Council canvassed the returns from the April 1, 1978, City Council election. Motion
(2) was made by Councilwoman Jordan, seconded by Councilman McAlister, motion carried, Mayor Bass;.
Councilmen West, Jordan, Henry and McAlister voting Yea, none voting Nay to pass the following
resolution.
A RESOLUTION CANVASSING THE RETURNS AND DECLARING
THE RESULTS OF THE GENERAL CITY ELECTION HELD ON
APRIL 1, 1978
BE IT REMEMBERED THAT on the 5th day of April, 1978, the City Council of the City of Lubbock,
met at 10:30 o'clock, A.M. in special session in compliance with the charter provision, at th4
regular meeting place of the Council in the City Hall, in the City of Lubbock, with the folio*
ing members present to -wit:
On Motion of Councilwoman Jordan, seconded by Councilman McAlister, it is unanimously carried
that the returns of the general City election, held April 1., 1978 for the election of a Mayor
and two (2) Councilmen for terms as provided by law, by opened and canvassed, and the results
thereof declared therefrom; and said returns having been duly canvassed, it is found that the
votes for the various candidates are as follows:
CANDIDATES FOR MAYOR: VOTES RECEIVED:
Robert Kizer 5,125
Dirk West- 10,236
James G. Marshall 699
Leland Kelly 286
WRITE IN VOTES:
(See Attachment)
CANDIDATES FOR COUNCILMAN PLACE NO. 1:
Alan Henry 10,672
Mike Stevens 6,652
WRITE IN VOTES:
(See Attachment)
CANDIDATES FOR COUNCILMAN PLACE NO. 3:
Maria Luisa Mercado 3,249
Glad Norman 1,783
M. J. Aderton 6,518
Bob Schmidt 5,576
WRITE IN VOTES:
(See Attachment)
APR 5 1918
And it further appearing that said election was duly held as provided by law and that
Dirk West received a majority of the votes cast for the office of Mayor of the City of Lubbock;
that Alan Henry received a majority of the votes cast for Councilman, Place Number I; and that
such persons were duly elected by the qualified voters of the City of Lubbock; and, further
that no candidate received a majority of votes of the total sum of votes cast for the office
of Councilman, Place Number 3;
IT IS THEREFORE FOUND, DECLARED AND CERTIFIED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT Dirk West was duly elected Mayor of the City of Lubbock; that Alan Henry was duly
elected Councilman, Place Number 1 and that M. J. Aderton and Bob Schmidt received the highest
number of votes for the office -of Councilman, Place Number 3 in said election held April 1,
1978; therefore, a run-off election is hereby ordered to be held on April 25, 1978 in accor-
dance with the City Charter and State Law.
PASSED, APPROVED AND ADOPTED ON MOTION OF Councilwoman Jordan, seconded by Councilman McAlister
this 5th day of April, 1978 by the following vote: 11
COUNCILMEN VOTING "AYE" All members
COUNCILMEN VOTING "NAY" None
/s/ Roy Bass
ROY BASS, MAYOR
ATTEST:
/s/ Treva Phillips
Treva Phillips, City Secretary -Treasurer
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 APRIL 5, 1978.
ROY BASS, MAYOR f T —�
ATTEST:
,6,2Z4�� eg��
Treva Phillips, City cretary-Treasurer
READ AND APPROVED THIS THE 27TH DAY OF APRIL , 1978
WEST,MAYOR
ATTEST:
Treva Phillips, City cretary-Treasurer