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HomeMy WebLinkAboutMinutes - City Council - Special - 8/25/1978�pZ2 5 1878 281 SPECIAL CITY COUNCIL MEETING AUGUST 25, 1978 The Special Meeting of the City Council was called to order by Mayor West at 8:00 A.M., as posted. Those present: Mayor West, Mayor Pro Tem Alan Henry, Councilman Bill McAlister, Councilwoman Carolyn Jordan, Councilman M. J. Aderton, City Manager Larry Cunningham, City Attorney John C. Ross, Jr., and City Secretary -Treasurer Evelyn Gaffga. Absent : None ORDINANCE NO. 7713 AN ORDINANCE by the City Council of the City of Lubbock, Texas, authorizing the issuance of $2,420,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1978," dated Septem- ber 1, 1978, 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 con- structing improvements and extension to the City's sanitary sewer system; $1,050,000 for con- structing street improvements in and for said City, including lighting and signalization; $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; and $370,000 for constructing, improving and equipping fire station buildings in and for said City and the purchase of necessary sites therefore; 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 there- of and providing for the assessment and collection of such taxes; enacting provisions in- cident and relating to the subject and purpose of this ordinance; and providing an effective date. Ordinance on second and final reading authorizin Bonds - Series 1978. issuance of ! 420,000 General Obligation Joe Smith, Financial Advisor with First Southwest Company of Dallas, appeared before the Council, and read the caption of the above referenced ordinance, as required by law. He also indicated that the ordinance was passed on first reading August 24, 1978 during the Regular Meeting of the City Council. There being no discussion, motion was made by Councilwoman Jordan, seconded by Councilman Henry to pass said ordinance on second and final reading. Motion carried: Mayor West, Councilmen Henry, McAlister, Jordan and Aderton voting Yea; none voting Nay. Resolution pertaining to procedures as to sale of $9,520,000 General Obligation Bonds - Series 1979. - - - — See Resolution on file in Office of City Secretary -Treasurer Asst. City Attorney Jim Brewster appeared before the Council to outline the recommended procedures to implement the sale of referenced bonds, pursuant to Vernon's Annotated Civil Statutes, Art. 717m, to -wit: (1). The City Council should proceed with the authorization of bonds known as "City of Lubbock, Texas, General Obligation Bonds, Series 1979"; (2). That the instruments and procedures necessary to accomplish such purpose be now defined so that same may be subjected to judicial consideration, reserving the right to make all corrections, modification and changes necessary so that the in- struments at the time ultimately enacted, executed or delivered shall accurately reflect conditions at the time of such enactment, execution or delivery shall not substantially or materially effect the substances of proposed instruments; (3). That a clear and concise declaration of intenti,bns and desires to such proposed General Obligation Bonds should be of record; (4). That form of the Ordinance to be hereafter enacted setting all terms and conditions of the Series 1979 General Obligation Bonds be provided, as well as prescribing the form of notice to be published in accordance with the City Charter, Art. VIII, Sec. 5, and the form of notice of sale to be distributed to proposed bidders; (5). That Council should institute action under V.A.C.S. Art. 717m, to order all matters possible arising in connection with the issuance of the Series 1979 Bonds be validated and confirmed; That the Council proposes to proceed as quickly as possible, subject to the Judicial contemplated, with the sale and deliver of $9,520,000.00 General Obligation Bonds, Series 1979; That the City Attorney is directed to institute and file an appropriate action, under the above referenced provisions, to approve and validate the bonds now sought to be issued, and obtain appropriate relief against the institution of suits which might prevent the carrying out of the wishes of the electorate. Following Mr. Bewster's presentation, Mr. James Marshall requested permission of the Council to speak. Inasmuch as the appropriate notice to appear had not been submitted to the Council by Mr. Marshall prior to the meeting, as required by law, the consensus of the Council was to permit Mr. Marshall to speak. Mr. Marshall first requested a Copy of the resolution as presented by Mr. Brewster, and he then requested the record to reflect his general denial of said resolution, and to disallow these procedures There being no discussion, motion was made by Councilwoman Jordan, seconded by Councilman Henry to pass said resolution. Motion carried: Mavor West. Councilmen Henrv. MrAliStar. w02 AUG 2 5 1978 There being no further business, motion was made by Councilman Henry, seconded by Council- woman Jordan to adjourn at 8:45 a.m. Motion carried. NO FURTHER BUSINESS COMING UP FOR CONSIDERATION, THE CITY COUNCIL ADJOURNED FROM SPECIAL MEETING, AUGUST 25, 1978. MAYOR ATTEST: C y Secr ary-T easur READ AND APPROVED THIS THE 14.c, DAY OF September 3978. ATTEST: City Secret ry-T easure