HomeMy WebLinkAboutResolution - 655 - Notice Of Sale, Etc. - General Obligation Bonds - Series 1981 - 11/13/1980' JPB:bs RESOLUTION #-655 - 11/13/80
OV 1 RESOLUTION
A RESOLUTION by the City Council of the City of Lubbock, Texas, relating
to procedures to be followed in the sale of $16,750,000.00 City of Lubbock,
Texas, General Obligation Bonds, Series 1981, dated March 1, 1981 (being to
the extent of $550,000.00 thereof an installment out of bonds authorized at
an election of May 21, 1977, and being to the extent of $16,200,000.00 thereof
an installment out of bonds authorized at an election of August 9, 1980);
providing the forms of procedures and in substantial form all instruments for
said Series 1981 Bonds; stating the intent and desire of the City Council to
proceed with such Series 1981 expeditiously and as appropriate within their
discretion; reserving the right to make corrections and insubstantial and
immaterial changes and modifications in all such Series 1981 instruments to
reflect the true facts, circumstances and dates at time of ultimate execution,
resolving other matters incident and related to such purpose, including the
filing of an action under the provisions of Vernon's Ann.Civ.St., art. 717m-
1; 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 1981", dated March
1, 1981; and,
(2) That it is necessary and expedient that the instruments and proce-
dures necessary to the accomplishment of such purpose be now defined so that
same may be subjected to judicial consideration, 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 corrections, modifications and changes shall not substantially or material
effect the substance of the proposed instruments; and,
(3) That a clear and concise declaration of the intentions and desires
of the City Council as to such proposed General Obligation Bonds should be of
record; and,
(4) That form of the Ordinance to be hereafter enacted setting all
terms and conditions of the Series 1981 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 instruments neces-
sary to the sale and delivery of said Series 1981; and,
(5) It should institute an action under Vernon's Ann.Civ.St., art.
717m-1, in order that all matters possible arising in connection with the
issuance of Series 1981 Bonds may be validated and confirmed; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
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 pos-
sible, subject to the Judicial procedures contemplated hereby, with the sale
and delivery of $16,750,000.00 City of Lubbock, Texas, General Obligation
Bonds, Series 1981, dated March 1, 1981.
SECTION 3
That the City Attorney is dixected to institute and file
an appropriate action, under the provisions of Vernon's Ann.Civ.St., art.
717m-1, to approve and validate the bonds now sought to be issued and obtain
appropriate relief against the institution of suits which would or might pre-
vent the carrying out of the wishes of the electorate, all in the manner pro-
vided by said law.
SECTION 4.. That this Council proposes to enact at the soonest possible
and appropriate date, in substantially the form hereafter set forth, an Ordi-
nance authorizing the issuance of $16,750,000.00 City of Lubbock, Texas,
General Obligation Bonds, Series 1981; said Ordinance being attached as Exhibit
R-1 to this Resolution and to which attachment reference is here made for all
purposes.
SECTION 5. That the enactment of said aforesaid Ordinance upon first
reading shall be reflected upon the minutes of the City Council of the City of
Lubbock, Texas, substantially in the form and manner set forth in the minutes
being attached as Exhibit R-2 to this Resolution and to which attachment
reference is here made for all purposes.
SECTION 6. That the enactment of said aforesaid Ordinance upon second
and final reading shall be reflected upon the minutes of the City Council of
the City of Lubbock, Texas, substantially in the form and manner set forth in
the minutes being attached as Exhibit R-3 to this Resolution and to which
attachment reference is here made for all purposes.
SECTION 7. That this Council in compliance with charter requirements
proposes thereafter to issue and approve a notice of sale, which except for
the date and time of sale shall be in substantially the form attached as
Exhibit R-4 to this Resolution and to which attachment reference is here made
for all purposes.
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 each week
for a period of thirty days 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 8. That additionally this Council proposes to cause to be
distributed an Official Statement, Notice of Sale and bidding documents in
substantially the form attached as Exhibit R-5 to this Resolution and to which
attachment reference is here made for all purposes.
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 no changes of.a substantial or material nature at law
are contemplated.
That said documents shall be distributed to investment bankers and others
who would normally submit proposals for the purchase of bonds of the kind and
character to be offered for sale and the City proposes to cause such distri-
bution to be made.
That prior to the distribution of said Notice of Sale and Bidding In-
structions, Official Bid Form and Official Statement, all as contained in
said instrument attached as Exhibit R-5, the Council will by resolution
approve the form and content of the above and authorize First Southwest
Company, Dallas, Texas, to distribute these said instruments to prospective
bidders for and purchaser of the Series 1981 general obligation bonds which
are the subject of this Resolution. The form of said Resolution shall be
substantially as reflected by the instrument attached hereto as Exhibit R-6
to this Resolution and to which attachment reference is here made for all
purposes.
SECTION 9. That subsequent to the final enactment of the Ordinance
attached .to this Resolution as Exhibit R-1, the Council hereby authorizes and
approves the execution by the officer indicated of a General Certificate
substantially in the form attached hereto as Exhibit R-7 to this Resolution
and to which attachment reference is here made for all purposes.
SECTION 10: That the Council directs, authorizes and approves the
execution, issuance and delivery at the appropriate time or times of a Debt
Service Requirement Schedule substantially in the form attached hereto as
Exhibit R-8 to this Resolution and to which attachment reference is here
made for all purposes.
SECTION 11. That the Council after receipt of bids, opening thereof
and acceptance of the best bid received, subject to the authority of the
Council to reject any or all bids, shall upon acceptance enact an ordinance
substantially in the form reflected by Exhibit R-9 to this Resolution and to
which attachment reference is here made for all purposes. It is by this
instrument that the Council shall adopt and 'specify the interest rates the
bonds are to bear (as established in the bid documents).
SECTION 12. That the minutes reflecting passage upon first reading
of the ordinance immediately above described shall be substantially as reflecte
by Exhibit R-10 to this Resolution and to which attachment reference is here
made for all purposes.
SECTION 13. That the minutes reflecting passage upon second and final
reading of the ordinance immediately above described shall be substantially
as reflected by Exhibit R-11 to this Resolution and to which attachment
reference is here made for all purposes.
SECTION 14. That as of the date of sale of said.bonds the Council
shall enact a Resolution approving the form and content of the Official
Statement, which Resolution shall be substantially as reflected by instrument
attached to this Resolution .as Exhibit R-12 and to which attachment reference
is here made for all purposes.
SECTION 15. That the Council authorizes and directs that at the appro-
priate time a Certificate as to Official Statement by the officer named there-
on substantially in the form reflected by instrument attached to this
Resolution as Exhibit R-13 and to which attachment reference is here made
for all purposes.
E
1 SECTION 16.' That the Council further proposes, during the procedures
} leading to ultimate sale and delivery of the $16,750,000.00 City of Lubbock,
" Texas, General Obligation Bonds, Series 1981, to utilize the additional
instruments in substantially the forms attached (which shall be current as
of the date of execution) as follows:
(1) Treasurer's Receipt attached to this Resolution as Exhibit R-14 and
to which attachment reference is here -made for allpurposes; and,
(2) Signature and No -Litigation Certificate attached to this Resolution
as Exhibit R-15 and to which attachment reference is here made for all purposes
SECTION 17. That the language of each instrument proposed to be utilize
as included in this Resolution, is in each instance adopted as 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 18. The City Secretary -Treasurer of the',City of Lubbock, Texas,
is authorized and directed to prepare, execute and deliver, such certificates
as to the authenticity as may be subsequently required or appropriate upon
passage of this Resolution, or thereafter, of copies of this Resolution or of
any instrument attached as an exhibit to this Resolution.
SECTION 19. That as to all documents and instruments above proposed to
be executed, submitted or delivered as set forth hereinabove, the Council here
reserves the right to complete the blanks provided therein, correct clerical
errors as may be discovered therein, and make such other insubstantial and
immaterial changes as may be necessary to reflect changes of conditions not
affecting the validity of the instruments, prior to execution, submission or
delivery, respectively. Council also reserves the right to make such further
and additional changes in said instruments as may be suggested or required by
the Attorney General of the State of Texas, and such changes and modifications,
if any, as may be required or allowed by the eventual Judgment in the art.
717m-1 proceeding authorized by this Resolution.
SECTION 20. This Resolution shall be effective from and after its
passage.
E
PASSED BY THE CITY COUNCIL THIS 13TH DAY OF OVEMBER, 1980.
c
r
i
B LL McALISTER, MAYO
i ATTEST:
i
Evelyn Ga fga, City ec ry-Treasurer
APPROVED AS TO FORM:
'U' c `- , "� 1
C` -Ross, Jr., Citf Attorney, City
Lubbock, Texas
0
ORDINANCE NO. 8104
i
AN ORDINANCE by the City Council of the City of Lubbock,
Texas, authorizing the issuance of "CITY OF LUBBOCK,
TEXAS, GENNERAL `OBLIGATION BONDS, SERIES 1981", dated
March 1, 1981, for the purpose of making permanent
public improvements, to wit: $16,200,000 ror construct-
ing improvements and extensions to the City's Water-
works system and $550,000 for constructing street
improvements in and for said City; 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 elections held withing the City of
Lubbock, Texas this City Council has become 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 certain permanent
improve= -eats, and
W=' AS, this City Council now deems it advisable and to
the best interest of the City that certain of the bonds heretoforal
approved at such elections should now be issued, all as reflectedI
by the following table
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 LUBE K, TEXAS, GENERAL OBLIGATION BONDS, SERIES 198111,
be and the same- are hereby ordered to be issued in the principal
sum of SIXTEEN MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS
($16,750,00QZ for the purpose of making permanent public improve-
ments, to wit: $16,200,000 for constructingrovements and
extensions to the City's Waterworks system andd,550,000 for con-
structing street improvements. in and for said City; 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 . ) Ehrough Three Thousand Three Hundred Fifty (3,350) ,
shall each be in the denomination of Five Thousand Dollars ($5,0
aggregating in principal amount SIXTEEN MILLION SEVEN HUNDRED
FIFTY THOUSAND DOLLARS ($16,750,000) ; shall be dated Marcia 1,
1981, and shall become due and payable serially, on March 1 in'
each of the years in accordance with the following schedule:
DATE
PURPOSE 1 AUTHORIZED
Tnaterworks�System
5-21-77
WaterworkD System
8- 9-80
Sewer System
5-21-77
Street Improvements
5-21-77
Storm Sewe and Drainage
11- 9-67
Storm Sew and Drainage
5-21-77
Fire Stat u (for adjacent
21,000,000
areas, en annexed)
5-21-77
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 LUBE K, TEXAS, GENERAL OBLIGATION BONDS, SERIES 198111,
be and the same- are hereby ordered to be issued in the principal
sum of SIXTEEN MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS
($16,750,00QZ for the purpose of making permanent public improve-
ments, to wit: $16,200,000 for constructingrovements and
extensions to the City's Waterworks system andd,550,000 for con-
structing street improvements. in and for said City; 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 . ) Ehrough Three Thousand Three Hundred Fifty (3,350) ,
shall each be in the denomination of Five Thousand Dollars ($5,0
aggregating in principal amount SIXTEEN MILLION SEVEN HUNDRED
FIFTY THOUSAND DOLLARS ($16,750,000) ; shall be dated Marcia 1,
1981, and shall become due and payable serially, on March 1 in'
each of the years in accordance with the following schedule:
AMOUNT
AMOUNT
AMOUNT
HERETOFORE
BEING
UNISSUED
AUTHORIZED
ISSUED
ISSUED
BAIJkNI CE
$16,775,000
$11,625,000
$ -0-
$ 5,150,000
21,000,000
-0-
16,200,000
4,800,000
3,303,000
2,030,000
-0-
1,273,000
4,782,000
3,143,000
550,000
1,089,0OO
1,950,0r,O
1,715,000
-0-
235,000.
473,000
100,000
-0-
373,000
310,000
-0-
-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 LUBE K, TEXAS, GENERAL OBLIGATION BONDS, SERIES 198111,
be and the same- are hereby ordered to be issued in the principal
sum of SIXTEEN MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS
($16,750,00QZ for the purpose of making permanent public improve-
ments, to wit: $16,200,000 for constructingrovements and
extensions to the City's Waterworks system andd,550,000 for con-
structing street improvements. in and for said City; 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 . ) Ehrough Three Thousand Three Hundred Fifty (3,350) ,
shall each be in the denomination of Five Thousand Dollars ($5,0
aggregating in principal amount SIXTEEN MILLION SEVEN HUNDRED
FIFTY THOUSAND DOLLARS ($16,750,000) ; shall be dated Marcia 1,
1981, and shall become due and payable serially, on March 1 in'
each of the years in accordance with the following schedule:
it
BOND
NUMBERS
(All
Inclusive)
MATURITY
AMOUNT
i' 1
to
167
1982
$ 835,000
i 168
to
334
1983
835,000
335
to
501
1984
835,000
502
to
668
1985
835,000
669
to
835
1986
8351000
836
to
1002
1987
835,000
1003
to
1169
1988
835,000
1170
to
1336
1989
835,000
1337
to
1503
1990
835,000
1504
to
1670
1991
835,000
1671
to
1838
1992
840,000
1839
to
2006
1993
840,000
2007
to
2174
1994
840,000
2175
to
2342
1995
840,000
2343
to
2510
1996
840,000
2511
to
2678
1997
8401,000
2679
to
2846
1998
840,000
2847
to
3014
1999
840,000
3015
to
3182
2000
8402000
3183
to
3350
2001
840,000
PROVIDED, HOWEVER, that the City reserves the right.to redeem
the bonds of this series maturing on March 1, 1992, and subsequent,
in whole or any part thereof, on March 1, 1991, or on any interest
payment date thereafter, at the price of par and accrued interest
to the -date fixed for"redemption; PROVIDED, FURTHER, that at
least thirty- (30) days prior to a date any of said bonds are
to be redeemed, a notice of redemption signed by the City Secretary
(specifying the serial numbers and amount of bonds to be redeemed)
shall have been filed with'the CITIBANK, N.A. New York, N.Y. and
the TERAS COMMERCE BANK, NATIONAL ASSOCIATION, Lubbock Texas (the
paying agents name in each of said bonds); and if by the date
so fixed for redemption the City shall have made available funds
in amounts sufficient to pay the bonds to be redeemed and accrued
interest thereon, any bond or bonds not presented for redemption
pursuant to such notice shall cease to bear interest from and
after the date so fixed for redemption.
SECTION 3: The blinds 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 interest to be evidenced by proper coupons
attached to each of said bonds and said interest shall be payable
on March. 1, 1982, and semiannually thereafter on September 1 and
March 1 in each. year. j
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 CITIBANK, N.A., 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. fi
SECTION 5: That the seal of said City may be impressed`"on
each of saidFronds 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 runner 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
of the State of Texas, only his signature (or that of a deputy
designated in writing to act for the Comptroller) shall be require
to be manually subscribed to such bonds in connection with his
registration certificate to appear thereon, as hereinafter provide,
all in,accorda-,•.:e with the provisions of Article 717j-1, V.A.T.C.S.
SECTION 6: That the form of said bonds shall be siubstantiallyo
as follows:
ws :--
NO. UNITED STATES OF AMERICA $5,000
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION
BOND, SERIES 1981
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 the:;sum of
FIVE THOUSAND DOLLARS
($5,000), in lawful money of the United States of America, on the
lst day of March 19 , with interest thereon from the date hereo
to maturity at the rate of PER CENTUM ( %)
per annum, payable on March 1, 1982, and semiannually therea ter
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 CITIBANK, N.A., New York, New York, or, at the
option of the holder, at the TEXAS COMMERCE BANK, NATIONAL
ASSOCIATION, Lubbock, Texas, without exchange or collection charge
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,
THIS BOND is one of a series of Three Thousand Three Hundred
Fifty (3,350) serial bonds, numbered consecutivel from One (1)
through. Three Thousand Three Hundred Fifty (3,350f, each. in the
denomination of Five Thousand Dollars ($5,000), aggregating SIXTEEB
MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS x$16,750,000), issued
for the purpose of making permanent public improvements, to wit:
$16,200,000 for constructing improvements and extensions -to
the City's Waterworks system and $550,000 for constructing street
improvements in and for said City; under authority of the Con-
stitution and laws of the State of Texas, and pursuant to an
ordinance duly adopted by the City Council of the City of Liibbock,
Texas and recorded in the Minutes of said City Council.
AS SPECIFIED in the ordinance hereinabove mentioned, the Cityl
reserves the right to redeem the bonds of said series maturing on
March.l, 1992, and subsequent, in whole or any part thereof, on
March_1,.1991, or on any interest payment date thereafter, at the ;
price of par and accrued interest to the date fixed for redemption;-
PROVIDED, HOWEVER, that at least thirty (30) days prior to date any
of said bonds are to be redeemed, a notice of redemption, signed b
the City Secretary (specifying the serial numbers and amount of
bonds to be redeemed) shall have been filed with the CITIBANK, N.A.,
New York, New York and the TEXAS COMMERCE BANK, NATIONAL ASSOC-
IATION, Lubbock, Texas; and if by the date so fixed for redemption;j
the City shall have made available funds in amounts sufficient to
pay the bonds to be redeemed and accrued interest thereon, any
bond or bonds not presented for redemption pursuant to such- notice;;
shall cease to bear interest from and after the date so fixed for y
redemption.
L IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the
I' issuance of this bond and the series of which it is a part is
f duly authorized by law and by authority expressly conferred at
elections held for that purpose within said City; that all acts
conditi.ons;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
which this is one, does not exceed any constitutional or statu-
tory 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.
a C.S., has caused the seal of said City to be impressed or a fac-
simile thereof to be printed hereon, and this bond and its appur-
tenant 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 first day of March, 1981.
Mayor, City o Texas
COUNTERSIGNED:
q
City Secretary, City of Lubbock-.
Texas
SECTION 7: That the form of interest coupons attached ed to
each o sai onds shall be substantially as follows:
*(unless the bonds to which this coupon pertains On the 1st day
has been properly called for redemption in
Accordance with its terms,) the CITY OF LUBBOCK,
A municipal corporation of the State of Texas,
hereby promises to pay to bearer the amount 110. $
shown hereon in lawful money of the United
States of America upon presentaion and surren- SERIES 1981
der of this coupon, at the CITIBANK, N.A.,
New York, New York, or, at the option of the. Bond
holder, -at the. TEXAS COMMERCE BANK, NATIONAL No.
ASSOCIATION, Lubbock, Texas, without exchange
or collection charges,said sum being interest
due that day on "CITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BOND, SERIES 1981," dated March
1, 1981.
City Secretary -19y -or
SECTION 8: That the following certificate shall be printed
on th back each bond:
OFFICE: OF COMPTROLLER
§ REGISTER NO.
STATE OF TEXAS
I HEREBY. CEIRTM 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
*NOTE TO PRINTER: The expression in parenthesis to be included only I
in coupons maturing September 1, 1991, and subsequent, pertaining t
optional bonds maturing in the years 1992 and subsequent.
G
h
with the Constitution and laws of the State of.Texap, 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 t el
State of Texas
SECTION 9: That to.provide for the payment of the debt servic
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, ade-
quate to pay such debt'service requirements, full allowance being
made for delinquencies, shall be assessed and collected each year
and applied to the payment cf the said debt service requirements,
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 OBLI-
GATION BOND FUND, SERIES 1981," which is hereby established for the;
payment of obligations herein authorized. The City Council hereby
declares its purpose and intent to provide and levy a tax legally
and fully sufficient for.such 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 con
sideration of all other outstanding obligations.
SECTION 10: That the Mayor of said City shall be and he is
hereby aut razed to take and have charge of all necessary orders
and records pending investigation by the Attorney General of ,the
State of Texas, and shall take and have charge and control of the
bonds herein authorized pending their approval by the Attorney
General and their registration by the Comptroller of Public
Accounts..
SECTION 11: That the purchasers' obligation to accept de-
livery of t e fonds 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 exe-
cuted 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 t e.sa a 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 temporary period pending such use; and that such proceeds will
hot be used directly or indirectly so as to cause all or -any part
of said bonds to be or become "arbitrage bonds" within the -meaning
of Section 103 (c) of the Internal Revenue Code. of 1954, as amended,
or any regulation 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 significant
or effect as regards to 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.
I I;
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
1980.
PASSED AND APPROVED on second and final reading this the
day of 1980.
y
Mayor, City of Lubbock, Texas
ATTEST:
City Secretary, City of Lubbock,"
Texas -
(City Sear
APPROVED as to form
City Attorney, City of Lubbock,Texas
a
4
i
MINUTES PERTAINING TO PASSAGE OF. AN ORDINANCE AUTHORIZING
THE ISSUANCE OF $16,750,000 "CITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1581," DATED MARCH 1, 1981
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
ON THIS., the day of 211980, the City
Council of the City of ubbock, Texas, convened in
session at the regular meeting place thereof in the City
Hall, the meeting being open to the public and notice of said
meeting, giving the date, hour, place and subject thereof,
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:
BILL McALISTER MAYOR
ALLEN HENRY MAYOR PRO -TEM
JOAN BAKER ) COU11CILMEMBERS
M. J . ADDERTON )
E. JACK BROWN )
EVELYN GAFFG4 CITY SECRETARY
AND
LARRY CUNNINGHAM CITY MANAGER
also being present; and with the following absent:
constituting a quorum; among of er usiness
considered at saii meeting, a ordinance was submitted to the
City Council for adoption and passage, such ordinance being
entitled as follows:
"AN ORDINANCE by the %pity Council of the City of Lubbock,
Texas, authorizing the issuance of "CITY OF LUBBOCK,
TEXAS, GENERAL OBLIGATION BONDS, SERIES 1981 dated
March 1, 1981, for the purpose of making permanent.
public improvements, to wit: $16,200,000 for construct-
ing improvements and extensions to the City's Water-
works system and $550,000 for constructing street
improvements in and for said City; 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."
Upon consideration of the ordinance, Council-
-- membermoved that the ordinance be passed on
the first rea ing. T e motion was seconded by Councilmemb er.
and carried by the following vote:
YEA: Mayor McAlister and Councilmembers Henry, Baker
Adderton and Brown.
NAY: None.
2v
The Mayor then announced the ordinance had been passed
on the first reading.
ADOPTED, on the first reading, this the day of
1980.
Mayor, City o Lu oc , Texas
ATTEST:
City Secretary, City o Lu oc ,
Texas
(.City Seal)
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
M., Central Standard Time,
1981, for the
following described bonds:
$16,750,000 City of Lubbock, Texas General Obligation
Bonds, Series 1981
Dated March 1, 1981; maturing $835,000 each year
March 1, 1982 through 1991, and $840,000 each year
Marsh 1, 1992 through 2001. Denomination $5,000.
Optional at par and accrued interest on March 1,
1991, or any interest payment date thereafter.
Further information may be obtained from the Division
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 Sea])
-. (/sem.. .*. .. ._ .. ... ._.. .. _....�...... ......�....�.. ._.....__._ r.. ._ ..
` f
NOTICE OF SALE
AND
BIDDING INSTRUCTIONS
ON
$16,750,000
CITY OF LUBBOCK, TEXAS
(Lubbock County)
GENERAL OBLIGATION BONDS, SERIES 1981
Selling 19_, at _
THE SALE
Bonds Offered for Sale at Competitive Biddin .. The City of Lubbock, Texas (the "City"), is
offering for sale its $16,750,000 General Obligation Bonds, Series 1981 (the "Bonds").
Address of Bids.. Sealed bids,, plainly marked "Bid for Bonds", should be addressed and
delivered to "Mrs. Evelyn E. Gaffga, City Secretary, City of Lubbock, Texas", prior to
_, on the date of the bid opening. All bids must be submitted on the Official Bid orm,
without on
or interlineation.
Place and Time of Bid Opening ... The City Council will open and publicly read the bids for the
purchase of the Bonds at the City Hall, Lubbock, Texas, at
19
Award of the Bonds ... The City Council will take action to award the Bonds (or reject all bids)
promptly after the opening of bids, and adopt an Ordinance authorizing the Bonds (the "Ordi-
nance") and approving the Official Statement.
THE BONDS
Description ... The Bonds will be dated March 1, 1981, and interest coupons will be due on March
171982, and each September 1 and March 1 thereafter until the earlier of maturity or prior
redemption. 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 Principal
Year Amount Year Amount Year Amount
982 835,000 �9 835,000995 840,000
1983 835,000 1990 835,000 1996 840,000
1984 835,000 1991 835,000 1997 840,000
1985 835,000 1992- 840,000 1998 840,000
1986 835,000 1993 840,000 1999 840,000
1987 835,000 1994 840,000 2000 840,000
1988 835,000 2001 840,000
The City reserves the right, at its option, to redeem Bonds maturing March 1, 1992, through
March 1, 2001, both inclusive, in whole or any part thereof, on March 1, 1991, or any interest
payment date thereafter, at the par value thereof plus accrued interest to the date fixed for
redemption.
Source of Patent . 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.
CONDITIONS OF THE SALE
Tomes of Bids and Interest Rates Bids and Interest Rates ... The Bonds will be sold in one block on an "All or None"
basis, and at a price of not less than their par value plus accrued interest to the date of
delivery of the Bonds. Bidders are invited to name the rate(s) of interest to be borne by the
Bonds, provided that each rate bid must be in a multiple of 1/8 of 1% or 1/2p of 1% and the
effective interest rate must not exceed 10%. The highest coupon rate bid may not exceed the
lowest coupon rate bid by more than 2% in coupon rate. No limitation is imposed upon bidders as
to the number of rates'or coupon changes which may be used. All Bonds of one ma Writy must bear
one and the same rate. No bids involving supplemental coupons will be considered. Each bidder
shall state in his bid the total interest cost in dallars and the net effective interest rate
determined thereby, which shall be considered informative only and not as a part of the bid.
Basis for Award ... For the purpose of awarding the sale of the Bonds, the interest cost of each
bid will be computed by determining, at the rate or rates specified therein, the total dollar
cost of all interest on the Bonds from the date thereof to their respective maturities, using
the table of Bond Years herein, and deducting therefrom the premium bid, if any. Subject to the
City's right to reject any or all bids and to waive any irreularities except time of filing,
the Bonds will be awarded to the bidder (the "Purchaser"}q whose bid based on the above
computation produces the lowest net effective interest cost to the City.
Good Faith Deposit . A Good Faith Deposit, payable to the "City of Lubbock, .Texas", in the
amount of�.00, is required. Such Good Faith Deposit shall be in the form of a Cashier's
Check, or its equivalent, which is to be retained uncashed by the City pending the Purchaser's
compliance with the terms of his bid and the Notice of Sale and Bidding Instructions. The Good
Faith Deposit may accompany the Official Bid Form or it may be submitted separately. If
submitted separately, it shall be made available to the City prior to the opening of the bids,
and shall be accompanied by instructions from the bank on which drawn which authorize its use as
a Good Faith Deposit by the Purchaser who shall be named in such instructions. The Good Faith
Deposit of the Purchaser will be applied on the purchase price on the date of delivery of the
Bonds. No interest will be allowed on the Good Faith Deposit. In the event the Purchaser
should fail or refuse to take up and pay for the Bonds in accordance with his bid,. then said
check shall be cashed and accepted by the City as full and complete liquidated damages. The
checks accompanying bids other than the winning bid will be returned immediately after the bids
are opened, and an award of the Bonds has been made.
DELIVERY OF THE BONDS AND ACCOMPANYING DOCUMENTS
Printed Bonds . The City will furnish printed Bonds which will be executed by the facsimile
signatures of the Mayor and Secretary of the City, and by the manual signature of the Comptroll-
er of Public Accounts of the State of Texas. The Bonds will be in coupon form without privilege
of registration as to principal or interest.
CUSIP Numbers . It is anticipated that CUSIP identification numbers will be printed on the
Bonds, but neither the failure to print such number on any Bond nor any error with respect
thereto shall constitute cause for a failure or refusal by the Purchaser to accept delivery of
and pay for the Bonds in accordance with the terms of this Notice of Sale and the terms of the
Official Bid Form. All expenses in relation to the printing of CUSIP numbers on the Bonds shall
be paid by the City; provided, however, that the CUSIP Service Bureau charge for the assignment
of the numbers shall be the responsibility of and shall be paid for by the Purchaser.
Deliver .. The Bonds will be tendered for delivery to the Purchaser at any bank in Austin,
ext the expense of the City. Payment for the Bonds must be made in immediately available
funds for unconditional credit to the City, or as otherwise directed by the City. The Purchaser
will be given five business days' notice of the time fixed for delivery of the Bonds. It is
anticipated that delivery can be made on or about , 19 , and it is understood and agreed
that the Purchaser will accept delivery artd make payment for the Bonds on , 19_, or
thereafter on the date the Bonds are tendered for delivery, up to and inc udT ing ,
19 . If for any reason the City is unable to make delivery on or before , T then
the City shall immediately contact the Purchaser and offer to allow the Purchaser to extend his
offer for an additional thirty days. If the Purchaser does not elect to extend his offer within
five days thereafter, then his Good Faith Deposit will be returned, and both the City and the
Purchaser shall be relieved of any further obligation. In no event shall the City be liable for
any damages by reason of its failure to deliver the Bonds, provided such failure is due to
circumstances beyond the City's reasonable control.
Conditions to Delivery ... The obligation of the Purchaser to take up and pay for the Bonds is
subject to the Purchaser's receipt of (a) the legal opinion of Messrs. Dumas, Huguenin,
Boothman & Morrow, Dallas,' Texas, Bond Counsel for the City ("Bond Counsel"), (b) the no -
litigation certificate, and (c) the certification as to the Official Statement, all as further
described in the Official Statement.
Legal pinions.. The Bonds are offered when, as and if issued, subject to the unqualified
legal opinion of the Attorney General of the State of Texas, and Messrs. Dumas, Huguenin,
Boothman & Morrow (see Legal Opinions in Official Statement); the opinion of said firm will be
printed on the Bonds.
Certification of Official Statement ... At the time of payment for and delivery of the Bonds,
the City will execute and deliver to the Purchaser a certificate in the form set forth in the
Official Statement.
ii
j
Change in Tax Exempt Status.. At any time before the Bonds are tendered for delivery, the
urc aser may witharaw.nis Didif the interest received by private holders from bonds of the
same type and character shall be declared to be taxable income under present Federal income tax
laws, either by ruling of the Internal Revenue Service or by a decision of any Federal court, or
shall be declared taxable or be required to be taken into account in computing any Federal
income taxes, by the terms of any Federal income tax law enacted subsequent to the date of this
Notice of Sale and Bidding Instructions.
GENERAL
Blue Sky Laws ... By submission of his bid, the Purchaser represents that the sale of the Bonds
in states other than Texas will be made only pursuant to exemptions from registration or, where
necessary, the Purchaser will register the Bonds in accordance with the securities law of the
states in which the Bonds are offered or sold. The City agrees to cooperate with the Purchaser,
at the Purchaser's written request and expense, in registering the Bonds or obtaining an
exemption from registration in any state where such action is necessary.
Not an Offer to Sell ... This Notice of Sale does not alone constitute an offer to sell the
Bonds, but is mere y notice of the sale of the Bonds. The offer to sell the Bonds is being made
by means of the Notice of Sale and Bidding Instructions, the Official Bid Form and the Official
Statement. Prospective purchasers are urged to carefully examine the Official Statement to
determine the investment quality of the Bonds.
Issuance of Additional Bonds . The City plans to sell additional General Obligation Bonds
over the next several years (see "Estimated General Obligation Bond Program" in Official
Statement).
Ratings ... The outstanding General Obligation Bonds of the City are rated "Aa" by Moody's
Investors Service, Inc. and "AA" by Standard & Poor's Corporation. Applications for contract
ratings on this issue have been made to both Moody's and Standard & Poor's. The results of
their determinations will be provided as soon as possible.
The Official Statement ... The City will furnish to the Purchaser, without cost, 50 copies of
the Official Statement (and 50 copies of any addenda, supplement or amendment thereto), com-
plete except as to interest rates and other terms relating to the reoffering of the Bonds. The
Purchaser may arrange at his own expense to have the Official Statement reproduced and printed
if he requires more than 50 copies, and may also arrange, at his total expense and responsibil-
ity, for completion and perfection of the first or cover page of the Official Statement so as to
reflect interest rates and other terms and information related to the reoffering of the Bonds.
The City assumes no responsibility or obligation for the distribution or delivery of any of
these copies to any one other than the Purchaser.
Additional Copies of Notice Bid Form and Statement ... A limited number of additional copies
this Notice of Sae and Bidding Instructions, the Official Bid Form and the Official
Statement, as available over and above the normal mailing, may be obtained at the offices of
First Southwest Company, Investment Bankers, 900 Mercantile Bank Building, Dallas, Texas 75201,
Financial Advisors to the City.
The City reserves the right to reject any and all bids and to waive irregularities, except time
of filing.
The City Council, by resolution adopted this day of 19 , approved the form and
content of the Notice of Sale and Bidding Instructions, the Official Bid Form and Official
Statement, and has authorized the use thereof in its initial. offering of the Bonds. On the date
of the sale, the City Council will, in the ordinance authorizing the Bonds, reconfirm its
approval of the form and content of the Official Statement, and any addenda, supplement or
amendment thereto, and authorize its further use in the reoffering of the Bonds by the
Purchaser.
ATTEST:
EVELYN E. GAFFGA.
City Secretary
, 1980
BILL McALISTER
Mayor
BOND YEARS
-iv-
Accumulated
Year
Amount
Bond Years
Bond Years.
Year
1982 $
835,000
835
835
1982
1983
835,000
1,670
2,505
1983
1984
835,000
2,505
5,010
1984
1985
835,000
3,340
8,350
1985
1986
835,000
4,175
12,525
1986
1987
835,000
5,010
17,535
1987
1988
835,000
5,845
23,380
1988
1989
835,000
6,680
30,060
1989
1990
835,000
7,515
37,575
1990
1991
835,000
8,350
45,925
1991
1992
840,000
9,240
55,165
1992
1993
840,000
10,080
65,245
1993
1994
840,000
10,920
76,165
1994
1995
840,000
11,760
87,925
1995
1996
840,000
12,600
100,525
1996
1997
840,000
13,440
113,965
1997
1998
840,000
14,280
128,245
1998
1999
840,000
15,120
143,365
1999
2000
840,000
15,960
159,325
2000
2001
840,000
16,800
176;125
2001
Average
Maturity
----------------------- 10.515
Years
-iv-
OFFICIAL BID FORM
Honorable Mayor and City Council 1981
City of Lubbock
Lubbock, Texas
Gentlemen:
Reference is made to your Official Statement and Notice of Sale and Bidding Instructions, dated
ww ii, 1980, of $16,750,000 CITY OF LUBBOCK, TEXAS GENERAL OBLIGATION BONDS, SERIES 1981, both
ch constitute a part hereof..
For your legally 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 $ for Bonds maturing and bearing interest
as follows:
Interest Interest Interest
Maturity Rate Maturity Rate Maturity Rate
3-1-1982 % 3-1-1989 % 3-1-1995 %
3-1-1983 % 3-1-1990 % 3-1-1996 %
3-1-1984 % 3-1-1991 % 3-1-1997 %
3-1-1985 % 3-1-1992 % 3-1-1998 %
3-1-1986 . % 3-1-1993 % 3-1-1999 %
3-1-1987 % 3-1-1994 % 3-1-2000 %
3-1-1988 % 3-1-2001 %
Our calculation (which is not a part of this bid) of the interest cost from the above is:
Total Interest Cost $
Less Premium
NET INTERST COST $
EFFECTIVE INTEREST RATE %
Check of the Bank, ,
in the amount of 335,000.00, which represents our Good Faith eposit (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 Bank,
Austin, Texas, on , 1981, or thereafter on the date the Bonds are tendered for delivery,
pursuant to the terms set forth in the Notice of Sale and Bidding Instructions.
Respectfully submitted,
By
Authorized Representative
ACCEPTANCE CLAUSE
The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas, this
the day of 1981.
Mayor
ATTEST:
City Secretary
Return of Good Faith Deposit is hereby acknowledged:
Rv
a
J
This Official Statement does not constitute an offer t6 sell Bonds in any jurisdiction to any person to whom it is
unlawful to make such offer in such jurisdiction. No dealer, salesman, or any other person has been authorized to
give any information or make any representation, other than those contained herein; in connection with the offering
of these Bonds, and if given or made, such information or representation must not be relied upon. The information
and expressions of opinion herein are subject to change without notice and neither the delivery of this Official
Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no
change in the affairs of the City since the date hereof.
OFFICIAL STATEMENT
Dated 1980
INTEREST EXEMPT, IN THE OPINION OF BOND COUNSEL, FROM PRESENT FEDERAL INCOME
TAXES UNDER EXISTING STATUTES, REGULATIONS AND COURT DECISIONS
$16,750,000
CITY OF LUBBOCK, TEXAS
• (Lubbock County)
GENERAL OBLIGATION BONDS, SERIES 1981
Dated: March 1, 1981 Denomination: $5,000
Principal and semi-annual interest (March 1 and September 1) payable at
Citibank, N. A., New York, New York,
or, at the option of the holder, at
Texas Commerce Bank, National Association, Lubbock, Texas.
First interest coupon due March 1, 1982.
Coupon bearer bonds, not registrable.
These bonds (the "Bonds") were authorized at elections held on various dates, and constitute
direct and voted general obligations of the City of Lubbock, payable from an ad valorem tax
levied, within the limits prescribed by law, on taxable property located within the City.
MATURITY SCHEDULE
Amount Maturity Rate Yield Amount Maturity Rate Yield
835,000 3-1-1982 8402000 3-1-1992*
835,000 3-1-1983 8402000 3-1-1993*
835,000 3-1-1984 8402000 3-1-1994*
835,000 3-1-1985 840,000 3-1-1995*
835,000 3-1-1986 840,000 3-1-1996*
835,000 3-1-1987 840,000 3-1-1997*
835,000 3-1-1988 840,000 3-1-1998*
835,000 3-1-1989 840,000 3-1-1999*
8352000 3-1-1990 840,000 3-1-2000*
8352000 3-1-1991 840,000 3-1-2001*
* The City reserves the right, at its option, to redeem Bonds maturing March 1, 1992, through
March 1, 2001, both inclusive, in whole or any part thereof, on March 1, 1991, or any interest
payment date thereafter, at the par value thereof plus accrued interest to the date fixed for
redemption.
Patent Record: The City has never. defaulted Record: The City has never. defaulted.
Legality: Attorney General of the State of Texas and
Messrs. Dumas Huguenin, Boothman & Morrow, Attorneys, Da las Texas.
(Opinion Printed on the Bonds; See Legal Opinions.)
Delivery: Anticipated on or about 1981.
"I
TABLE OF CONTENTS
Page
Official Statement:
Description of the Bonds -------------------------------------------------------
-----------------------------------------------------Elected
ElectedOfficials---=----------------------------------------------------------
3
Appointed Officials------------------------------------------------------------
3
Consultants and Advisors-------------------------------------------------------
3
Introductory Statement---------------------------------------------------------
4/5
Valuation and Debt Information -r-----------------------------------------------
6/7
AdValorem Tax Legislation-----------------------------------------------------
7
OtherLiabilities--------------------------------------------------------------
8
Note Amortization Schedule -----------------------------------------------------
8
Funded Debt Limitation---------------------------------------------------------
8
Valuation and Funded Debt History ----------------------------------------------
9
Taxable Assessed Valuation by Category -----------------------------------------
9/10
Estimated Taxable Assessed Valuations ------------------------------------------
10
Authorized General Obligation Bonds --------------------------------------------
10
Estimated General Obligation Bond Program --------------------------------------
10.
Authorized But Unissued General Obligation Bonds of Overlapping Subdivisions ---
it
Estimated Overlapping Funded Debt Payable From Ad Valorem Taxes -----------------
11
TaxData-----------------------------------------------------------------------
11
Tax Rate Limitations-----------------------------------------------------------
12
1% Municipal Sales Tax ---------------------------------------------------------
12
Estimated 1979-80 Tax Year Overlapping Taxes -----------------------------------
12
Top.Ten Taxpayers--------------------------------------------------------------
13
Interest and Sinking Fund Management Index -------------------------------------
13
Computation of Self -Supporting Debt --------------------------------------------
13
Debt Service Requirements------------------------------------------------------
14
TaxAdequacy-------------------------------------------------------------------
14
PensionFunds--------------------------------------------------------=---------
15
Lubbock Power and Light --------------------------------------------------------
15/17
Condensed Statement of Operations - Electric Light and Power System ------------
17
The Waterworks System----------------------------------------------------------
17/19
Condensed Statement of Operations - Waterworks System --------------------------
19
Increase in Water Rates --------------------------------------------------------
19
AirportSystem-----------------------------------------------------------------
19/20
Condensed Statement of Operations - Airport System -----------------------------
20
General Information Regarding the City and Its Economy -------------------------
21/26
Ratings---------------------=--------------------------------------------------
27
TaxExemption------------------------------------------------------------------
27
Registration and Qualification of Bonds for Sale -------------------------------
27
Legal Investments in Texas -----------------------------------------------------
27
Legal Opinions and No -Litigation Certificate -----------------------------------
27
Authenticity of Financial Information ------------------------------------------
28
Certification of the Official Statement ----------------------------------------
28
Audited Financial Statements, September 30, 1979, examined by
Mason, Nickels & Warner, Certified Public Accountants ------------------------
Appendix
The cover page hereof, this page, the appendix included herein and any addenda, supplement or
amendment hereto, are part of the Official Statement.
- 2 -
ELECTED OFFICIALS
Term
Cit Council Len th of Service Expires Occupation
Bill McAlister Elected Mayor April 5, 1980; April 1982 President and Co -Owner, KAMC-TV
served.4 years previously as
City Councilman
Alan Henry 6 Years April 1982 Partner, The Insurance Group
Mayor Pro -Tem Agency
Joan Baker Elected 4-29-80 April 1984 Homemaker
Councilwoman
M. J. Aderton 2 Years April 1982 Retired Chairman of the Board,
Councilman Snook & Aderton, Inc.
E. Jack Brown Elected 4-5-80 April 1984 President, Brown McKee, Inc.
Councilman
APPOINTED OFFICIALS
Length of
Employment
- 3 -
Position and Length of
Time
With City
Name
In This Position
of Lubbock
Larry J. Cunningham
City Manager
Appointed 9- 1-76
3 -Years
J. Robert Massengale
Director of Finance
Appointed 2-25-80
John C. Ross, Jr.
City -Attorney
Appointed 8- 3-78
2 Years
Evelyn E. Gaffga
Secretary -Treasurer
Appointed 7- 3-78
2 Years
Samuel W. Wahl
Director of Water Utilities
for 11 Years
27 Years
W. T. (Bill) Wood
Director of Electric Utility
Planning, Development and
Production
for 9 Years
24 Years
Carroll McDonald
Director of Utility Sales and
Service
Appointed 1- 8-79
1 Year
James E. Bertram
Director of Planning
for 9 Years
11 Years
Jimmy W. Weston
Director of Community Facilities
for 4 Years
13 Years
Marvin W. Coffee
Director of Aviation
for 9 Years
9 Years
Denzel W. Percifull
Director of Public Services
for 3 Years
3 Years
James J. Kilchenstein
Tax Assessor -Collector
Appointed 6-13-80
24 Years
CONSULTANTS AND ADVISORS
Auditors ----------------------------------------------------
Mason, Nickels
& Warner, CPA's
Lubbock, Texas
Bond Counsel -------------------------------------------- Dumas, Huguenin, Boothman & Morrow
Dallas, Texas
Consultants and Engineers, Water -Treatment Plant
Expansion and Airport
-------------------------------------------
Parkhill,
Smith & Cooper
Lubbock, Texas
Engineers for Generator
System -----------------------------------------------
Tippett & Gee
Abilene, Texas
Engineers for 50 Year Water. Supply -------------------------------------- Freese
and Nichols
Fort
Worth, Texas
Engineers for Transmission Lines and Substations ------------------- Hicks &
Ragland Company
Lubbock, Texas
Financial Advisors ------------------------------------------------- First Southwest Company
--
Dallas, Texas
- 3 -
INTRODUCTORY STATEMENT
This Official Statement of the City of Lubbock, Texas, a political subdivision located in
Lubbock County (the "City"), is provided to furnish information in connection with the sale of
the City's $16,750,000 General Obligation Bonds, Series 1981 (the "Bonds").
The Official Statement was prepared to present for the purchaser of the Bonds information
concerning the Bonds, the revenues (ad valorem taxes) pledged to the Bonds, the description of
the revenue base, factors that may affect pledged revenues, and other pertinent data, all as
more fully described herein. See "Table of Contents".
Source of Payment ... The Bonds are direct and voted general obligations payable from an annual
a 'va orem tax levied on all taxable property located in the City within the limits prescribed
by law. See "Tax Rate Limitations".
Purpose ... Proceeds from -the sale of the Bonds will be used for Waterworks System and street
and drainage improvements. See "Authorized General Obligation Bonds".
Future Bond Issues ... The City plans to market substantially all of its remaining authorized
but unissued $13,230,000 General Obligation Bonds over the period 1982 through 1983. See
"Estimated General Obligation Bond Program".
Administration of the City ... The City operates under a Home Rule Charter which was approved
by the electorate December 27, 1917, and thereafter amended from time to time. The Charter
provides for the Council -Manager form of government for the City. Policy-making and super-
visory functions are the responsibility of and vested in the Mayor and City Council.
Litigation Concerning the Bonds ... On the 15th day of August, 1977, (Consolidated Judgment in
aures Numbered 87,536 and 87,390) the 99th District Court, Lubbock County, entered a judgment
in an action filed under Article 717m, V.A.T.C.S., which validated the election proceedin s of
May 21, 1977 (when $26,435,000 in general obligation bonds were approved by the electorate? and
the first installment of $2,420,000 bonds (Series 1978) sought to be issued pursuant to said
election. The trial court's judgment was affirmed in Taxpayers Association of Lubbock Texas
and James G. Marshall v. City of Lubbock Texas et a 565 S.W. 2d 578 Tex. Civ. App. -
Amarillo, 978 no writ history. These $Z,42U,000 bonds were sold on August 24, 1978 and were
delivered to the purchasers.
On September 1, 1978, the City of Lubbock filed a validation suit under Article 717m styled Ex
Parte City of Lubbock Texas, (Cause Number 92,070 in the 137th Judicial District Court,
u bock County). The City sought to validate the authorization of the second series of bonds
out of those approved at the election held on May 21, 1977. James Marshall and Robert Isom
intervened. The trial court entered judgment upholding the validity of the bonds and the
provision made for their payment by judgment entered December 19, 1978. No appeal was taken.
The foregoing suits (being in rem proceedings) resulted in declaratory judgments validating the
election proceedings and all actions taken or proposed to be taken in connection with the
authorization, issuance, sale and delivery of the bonds approved at the aforesaid election.
The judgments enjoined the institution of any suit or action questioning the validity of the
proceedings validated.
In James G. Marshall v. City of. Lubbock Texas (Cause Number 90,307 in the 237th Judicial
District Court, Lubbock County, Texas) the validity of the "City of Lubbock, Texas, Airport
Revenue Bonds, Series 1978" was questioned, but was dismissed at the request of the plaintiff
on May 3, 1978. No appeal was taken.
Cause No. 94,796 (James Marshall and Robert Isom v. City of Lubbock, Texas) was filed May 7,
1979, which according to its terms is "in the nature of a bill of review". Among other things,
it was alleged that (i) Cause No. 92,070 should have been consolidated with Cause No. 90,307
(relating to the Airport Revenue Bonds) and (ii) the judgment in Cause No. 92,070 is "void in
all respects", but does not state any reasons for the conclusions. Alternatively, the petition
alleges that (i) by reason of the motion in limine filed in Cause Number 92,070 (which prevented
consideration of matters disposed of in Causes Numbered 87,536 and 87,390) certain issues were
not litigated in Cause No. 92,070 and (ii) that matters "pending" in Cause No. 90,307 do not go
to the validity of the bonds, such as the segregation and accounting for airport funds, and
(iii) there is no challenge to the validity of the bonds, but only to "the validity of the
repayment plan". Plaintiff seeks relief from the injunctive provisions of the prior judgment
in Cause No. 92,070 and from the payment of costs taxed against them.
The judgment in Cause Number 92,070 validated $9;520,000 in principal amount of general obliga-
tion bonds, and granted the City the right to revise and rearrange the original details. The
City reduced the number of bonds issued and changed the date, maturity schedule and similar
details, and sold $8,820,000, Series 1979 general obligation bonds on August 21, 1979, and
delivered the bonds to the purchasers. On June 28, 1979, the trial court dismissed Cause Number
94,796 and one plaintiff (Isom) appealed to the Court of Civil Appeals in Amarillo, which
appeal has now been transferred to the Court of Civi.l Appeals for the Eleventh Judicial
District, Eastland, Texas and the case has been set for oral argument on September 30, 1980.
The appeal is predicated on the contention that (i) an'evidentary hearing was required, rather
than on the pleadings, and (ii) the court should have granted leave to amend the pleadings. In
the opinion of the City Attorney, the plaintiffs have failed to allege or prove any of the facts
or circumstances which would be required to sustain a bill of review.
On March 17, 1980, the City of Lubbock filed a validation suit under Article 717m-1, styled Ex
Parte City of Lubbock, Texas, (Cause Number 98,215 in the 237th Judicial District Court,
Lubbock County) in which the City sought to validate the authorization and issuance of a third
series of bonds in the amount of $6,450,000 out of those approved at the election held on May
21, 1977. No interventions were filed and the Court entered judgment upholding the validity of
the bonds and the provision made for their payment by judgment entered April 14, 1980. No
appeal was taken. These $6,450,000 bonds were sold on June 22, 1980, and were delivered to the
purchasers.
The City of Lubbock has filed an action under Vernon's Annotated Civil Statutes, Article 717m-1
(an in rem proceeding) in the District Court of Lubbock County, Texas asking for a
Declaratory Judgment validating an�conTfirming the Bonds, and the proceedings taken or proposed
to be taken in connection with their authorization, issuance and delivery.
Petitions Affecting the Tax Rate, Assessed Valuation and Tax Lev .. On July 12, 1979, three
petitions calling for an election to amend the City's Home Rue Charter in relation to ad
valorem taxes were filed with the City Council. These petitions, separately, ask for the
following amendments: (1) limitation of the City's maximum tax rate to $1.12 per $100 Assessed
Valuation; (2) limitation of the ratio at which property can be assessed for ad valorem taxes to
60% of fair market value; and (3) provide that, "The annual ad valorem taxes levied by the
governing authority of the City government shall not be increased on the basis of an increase in
the rate of evaluation of taxable property now on the assessed valuation of property subject to
tax, from the preceding tax year, without first securing approval of said increase at an
election submitting said proposed increase to the voters of the City of Lubbock. Said in-
crease, if any, requiring a majority vote for its approval."*
* Text of the 3rd petition quoted verbatim.
On July 26, 1979, the City Attorney reported to the City Council that, in his opinion, the
provisions of the petitions, if incorporated into the City Charter, would contravene provisions
of the Texas Constitution (the Tax Relief Amendment) and general laws recently enacted by the
Texas Legislature and recommended that no charter amendment election be called at this time.
The City Council authorized the City Attorney to file a declaratory judgment action in the
District Court of Lubbock County to determine whether the Council, under such circumstances,
would be required to call such an election and to determine the rights of the petitioners, other
citizens and the City Council in the premises. Such lawsuit was filed July 26, 1979, in the
140th Judicial District Court of. Lubbock County, and upon rendition of a final judgment, the
Council will proceed in the manner directed by the Court. On June 10, 1980, the Court
entertained motions for summary judgment filed by both parties. On June 27, 1980, the Court, by
summary judgment, ruled in favor of the City in all respects, finding that the City was under no
legal duty to call an election for the submission of the 3 proposed charter amendments and that
all 3 proposed charter amendments have been withdrawn from the field in which the initiatory
process is operative by the Constitution and the general law of this State and the property tax
code (S8 621). The City has been advised that the defendants have filed an appeal bond and
given notice of appeal to the Court of Civil Appeals, Amarillo, Texas. No representation can be
made at this time as to the ultimate result of the case on appeal or when any judgment will
become final.
Other Considerations ... Nevertheless, in the opinion of the City Attorney and Bond Counsel,
any charter amendment which would prevent the payment of outstanding bonds (and interest
thereon) issued prior to the adoption of the amendment by reducing the maximum tax rate or limit
or the assessed valuation of taxable property (by changing the basis or manner of assessing
property) would be an impairment of the contractual obligation with holders of the outstanding
bonds and therefore not applicable thereto.
-5-
1980 Estimated Population - 175,250*
Per Capita 1980 Taxable Assessed Valuation - $8,728.64
Per Capita Total Debt - $376.90
Area - 86.87 Square Miles
* Source: City of Lubbock, Texas.
Note 1: The Tax Assessor -Collector of the City of Lubbock certified the City's 1979 tax roll
on September 26, 1979, at $1,415,476,589. On October 1, 1979, assessed values on 15 pieces of
property were under litigation; these values are not included in the certified tax roll, but,
in the opinion of the City's Tax Assessor -Collector, the final assessed values that may be
added to the 1979 Supplemental Roll on these properties will be no less than $9,350,000, which
is the approximate total uncontested assessed values on these properties. In addition, on
October 1, 1979, assessed values of nine banks were under litigation; in the opinion of the
City's Tax Assessor -Collector, the final assessed values that may be added to the 1979 Supple-
mental Roll on these banks will be no less than $22,400,000, which is the approximate total
assessed values at which the banks rendered their values.
Assessed values of various properties under litigation, including those of 9 banks, are not
included in the 1980 Taxable Assessed Valuation.
Note 2: These exemptions apply to either real or personal property assessments to a maximum
of: (1) $16,667 per market value declared homestead for those 65 years of age or older, and (2)
$5,000 per market value exemption for disabled veterans. The exemptions may be declared when
'taxes are paid, and the City's Tax Assessor -Collector estimates that some additional exemptions
will be recorded.
Note 3: As of 7-31-80 the above statement of indebtedness does not include the following
presently outstanding Revenue Bonds, as they are payable solely from the net revenues derived
from the Systems: $580,000 Waterworks System Revenue Bonds and $16,065,000 Electric Light and
Power System Revenue Bonds. The statement also does not include the following: $2,770,000
Airport Revenue Bonds, presently outstanding, as these bonds are payable solely from the gross
revenues derived from the City of Lubbock Airport.
- 6 -
VALUAI.16N AND DEBT INFORMATION
1979-
1980
January 1, Appraised Value of Taxable Property
(Source: Tax Assessor -Collector, City of Lubbock)
$2,445,330,632
$2,641,281,547
Less Local Exemptions at Market (Appraised) Value (2):
Over 65
$ 82,988,900
$ 88,211,500
Disabled Veterans
3,214,083
3 578 800
Total
91,796
January 1, Net Appraised Value
$2,359,127,649
$2,549,491,247
Taxable Assessed Valuation (60% of Net Appraised Value)
(See Notes 1 and 2)
$1,415,476,589
$1,529,694,748
City Funded Debt Payable From Ad Valorem Taxes (As of
7-31-80) (See Notes 3 and 4)
General Purpose Bonds (including $550,000 of this issue)
$ 31,755,128
Waterworks Bonds (including $16,200,000 of this issue)
30,620,859.
Sewer System Bonds
3,633,302
Electric Light Bonds
41,711
TOTAL FUNDED DEBT
$ 66,051,000
Interest and Sinking Fund (As of 7-31-80)
$ 1,392,803
Ratio Total Funded Debt to 1979 Net Appraised Value ----------------------------------
2.80%
Ratio Total Funded Debt to 1980 Net Appraised Value ----------------------------------
2.59%
Ratio Total Funded Debt to 1979 Taxable Assessed Valuation ---------------------------
4.67%
Ratio Total Funded Debt to 1980 Taxable Assessed Valuation -------------=-------------
4.32%
1980 Estimated Population - 175,250*
Per Capita 1980 Taxable Assessed Valuation - $8,728.64
Per Capita Total Debt - $376.90
Area - 86.87 Square Miles
* Source: City of Lubbock, Texas.
Note 1: The Tax Assessor -Collector of the City of Lubbock certified the City's 1979 tax roll
on September 26, 1979, at $1,415,476,589. On October 1, 1979, assessed values on 15 pieces of
property were under litigation; these values are not included in the certified tax roll, but,
in the opinion of the City's Tax Assessor -Collector, the final assessed values that may be
added to the 1979 Supplemental Roll on these properties will be no less than $9,350,000, which
is the approximate total uncontested assessed values on these properties. In addition, on
October 1, 1979, assessed values of nine banks were under litigation; in the opinion of the
City's Tax Assessor -Collector, the final assessed values that may be added to the 1979 Supple-
mental Roll on these banks will be no less than $22,400,000, which is the approximate total
assessed values at which the banks rendered their values.
Assessed values of various properties under litigation, including those of 9 banks, are not
included in the 1980 Taxable Assessed Valuation.
Note 2: These exemptions apply to either real or personal property assessments to a maximum
of: (1) $16,667 per market value declared homestead for those 65 years of age or older, and (2)
$5,000 per market value exemption for disabled veterans. The exemptions may be declared when
'taxes are paid, and the City's Tax Assessor -Collector estimates that some additional exemptions
will be recorded.
Note 3: As of 7-31-80 the above statement of indebtedness does not include the following
presently outstanding Revenue Bonds, as they are payable solely from the net revenues derived
from the Systems: $580,000 Waterworks System Revenue Bonds and $16,065,000 Electric Light and
Power System Revenue Bonds. The statement also does not include the following: $2,770,000
Airport Revenue Bonds, presently outstanding, as these bonds are payable solely from the gross
revenues derived from the City of Lubbock Airport.
- 6 -
Note 4: The City's last General Obligation Bond sale was June 26, 1980, when $6,450,000
General Obligation Bonds, Series 1980, were offered and sold.
AD VALOREM TAX LEGISLATION
The Texas Legislature has recently passed two bills, which have been signed by the Governor,
and which will affect the way property is assessed and taxes are collected in the City. Such
bills are H.B. 1060, which implements the Texas Constitutional provisions of the "Tax Relief
Amendments", and S.B. 621 creating a new "Property Tax Code."
H.B. 1060, implementing the "Tax Relief Amendment", provides that an eligible owner of agricul-
tural land and timberland may apply to have such properties appraised on the basis of produc-
ti4ity value or on the basis of market value, whichever is less. However, eligible timberland
may not be appraised at a value lower than it was appraised on the 1978 tax rolls. In addition,
the City may postpone such appraisal methods until the 1980 tax year if it officially pre-
scribes that the provisions do not apply to 1979 taxes, which was done by the City of Lubbock.
H.B. 1060 also provides, with certain exceptions, that intangible personal property is exempt
from ad valorem taxes levied by the City. Also exempt are household goods and personal effects.
Family-owned automobiles are exempt unless the City takes official action to tax them; these
automobiles are exempt in Lubbock.
S.B. 621, creating a "Property Tax Code", provides, among other things, for the establishment
of county -wide Appraisal Districts and for a state property tax board (the "Board") with
authority to adopt rules establishing minimum standards for administration and operation of
Appraisal Districts and county assessor/collector offices. The Board, to be appointed by the
Governor, will commence operation on January 1, 1980. The Appraisal Districts for each county
will also commence operation at that time.
The Lubbock County Appraisal District will be responsible for appraising property of each
taxing unit that imposes ad valorem taxes in the Appraisal District. The Lubbock County
Appraisal District is governed by a board of 5 directors appointed by votes of the governing
bodies of Lubbock County, the City of Lubbock, Lubbock Independent School District, and other
cities, towns, and school districts in the District with votes weighted by relative tax levy.
Beginning in 1982, the appraisal of property within the City will be the responsibility of the
Lubbock County Appraisal District, which will be required under the Property Tax Code to assess
all property within the Appraisal District on the basis of 100% of its fair market value and is
prohibited from applying any assessment ratios. The values placed upon property within the
Appraisal District are subject to review by the Appraisal Review Board, consisting of three
members appointed by the Board of Directors of the Appraisal District. The Appraisal District
is required to review the value of property within the Appraisal District every five years. A
taxing unit such as the City may require annual review at its own expense. In addition, the
City is entitled to challenge the termination of appraised value of property within the City by
petition filed with the Appraisal Review Board.
The Lubbock County Appraisal District has contracted with the City of Lubbock to appraise
property within the Appraisal District, commencing in 1982.
All taxpaying entities are required to assess on a basis of 100% of appraised value in 1981,
with the Appraisal District assuming its responsibilities in 1982.
S.B. 621 also provides that by each August 1, or as soon as possible thereafter, the City must
adopt a tax rate for the current year. If the effective tax rate, excluding tax rates for bonds
and other contractual obligations and adjusted for new improvements, exceeds the rate for the
previous year by more than 5%, qualified voters of the City may petition for an election to
determine whether to limit the tax rate to no more than 5% above that of the previous year.
In addition to providing for a new method of appraisal by the Appraisal District rather than by
the City, the Property Tax'Code also provides that the Appraisal District can be required to
collect property taxes within the Appraisal District as well as appraising such property if
such collecting function is approved by the qualified voters in the Appraisal District after a
petition signed by at least 10% of the number of qualified voters, or 10,000 qualified voters,
whichever is less, has been presented to the Appraisal District.
- 7 -
OTHER LIABILITIES
On September 1, 1976, the City purchased the land and buildings, owned by Auto Realty Company,
Inc., located immediately north of City Hall. For many years previously, this property was the
site of a Ford Motor Company dealership. Included in the purchase were 81,250 square feet of
land and six buildings of various sizes totaling 52,614 square feet. A part of the property is
being used as a City -Hall Annex and the balance is being converted to a Transit System
maintenance and storage facility.
Total purchase price was $389,820.00. Prior to purchase, the City obtained various appraisals
of the property which varied froma high of $1,432,095 to a.low of $362,860. Of the $389,820
purchase price, the City paid $40,000 in cash at the time of closing and executed its note for
$349,820 for the balance. This note is classified as part of the City's General Long -Term Debt
and is payable from the General Fund. The outstanding principal balance on 9-30-79 was
$299,946.80 which matures in 11 annual installments, September 1, 1980, through September 1,
1990, with interest calculated at 7%.
NOTE AMORTIZATION SCHEDULE
Fiscal
Year
Ending Outstanding
9-30 Principal Interest Total Balance
299,946.80
1980 $ 19,003.60 $ 20,996.40 $ 40,000.00 280,943.20
1981 20,334.00 19,666.00 40,000.00 260,609.20
1982 21,757.20 18,242.80 40,000.00 238,852.00
1983 23,280.40 16,719.60 40,000.00 215,571.60
1984 24,910.00 15,090.00 40,000.00 190,661.60
1985 26,653.60 13,346.40 40,000.00 164,008.00
1986 28,519.60 11,480.40 40,000.00 135,488.40
1987 30$15.60 9,484.40 40,000.00 104,972.80
1988 32,652.00 7,348.00 40,000.00 72,320.80
1989 34,937.60 5,062.40 40,000.00 37,383.20
1990 37,383.20 2,616.80 40,000.00 -0-
$299,946.80 $140,053.20 $440,000.00
In order to provide for a majority of each annual installment on the note, the City Council
directed the investment of $399,324.00 of General Fund surplus cash in $384,000.00 par value of
U. S. Treasury Bonds, the interest earnings on these bonds to be applied to the annual
$40,000.00 installment on the note. Annual interest earnings on the bonds will total
$30,990.00, leaving a balance of $9,010.00 to be budgeted from the General Fund each year.
FUNDED DEBT LIMITATION
There is no direct debt limitation in the City Charter or under State Law. The City operates
under a Home Rule Charter that limits the maximum tax rate, for all City purposes, to $2.50 per
$100 Assessed Valuation. Administratively, the Attorney General of the State of Texas will
permit allocation of $1.50 of the $2.50 maximum tax rate for general obligation debt service.
See "Tax Adequacy".
-8
-a
VALUATION.AND FUNDED DEBT HISTORY
TAXABLE ASSESSED VALUATION BY CATEGORY
Fiscal
Adjustments
Period
Taxable
Assessment
Ratio Funded Debt
Ending
Assessed
Funded Debt Out-
.to Taxable
As % of
9-30
Valuation(l)
standing, Year End
Assessed Valuation
Taxable
388769
5858 ,49(2)--$736,098,000
Real
Personal
Property:
1969-70
601,789,533(2)
30,862,000
5.13%
Estate
1970-71
617,204,605(2)
35,344,000
5.73%
39_16U
1971-72
630,151,893(2)
44,459,000
7.06%
616,10)
1972-73
659,742,523(2)
47,266,000
7.16%
114,993,940
1973-74
716,225,294(2)
53,440,000
7.46%
60%
1974-75
797,387,868(2)
50,546,000
6.34%'
617,204,605
1975-76
923,557,647(2)
47,763,000
5.17%
16,722,500
1976-77
1,014,049,149(2)
43,682,000
4.31%
494,016,482
1977-78
1,104,591,631(2)
42,107,000
3.81%
1973
1978-79
1,298,016,250(2)
47,086,000
3.63%
2,060,909
1979-80
1,415,476,589
49,301,000
3.48%
179,961,580
1980-81
1,529,694,748
61,710,000(3)
4.03%
(1)
For all years Taxable Assessed Valuations are net of any exemptions.
Basis of assessment
for
all years was 60%
of market values.
1976
60%
The
City's Tax Assessor
-Collector maintains an on-going reappraisal
of Real Property in the
City, reappraising approximately 1/4 of the City each year. In
addition, a reappraisal program
for
automobiles was fully implemented during the period 1973-74 through 1976-77.
(2)
Taxable Assessed
Valuations for Fiscal Periods 1968-69 through
1978-79 have been adjusted
for
supplements and corrections to the tax
rolls made subsequent
to certification of the rolls.
(3)
Anticipated.
1,298,016,250
1979
60%
TAXABLE ASSESSED VALUATION BY CATEGORY
- 9 -
Property
Adjustments
Assessment
For
(2)
As % of
(1)
Personal
Corrections
Taxable
Appraised
Real
Personal
Property:
And
Assessed
Year
Value
Estate
Automobile
Supplements
Valuation
39_16U
___6_0T_463,94$106,344,44U,825,400
�Propert
616,10)
585,496,30
1969
60%
471,312,510
114,993,940
16,352,800
( 869,717)
601,789,533
1970
60%
474,769,040
124,971,050
17,501,800
( 37,285)
617,204,605
1971
60%
480,135,900
134,524,140
16,722,500
(1,230,647)
630,151,893
1972
60%
494,016,482
147,500,760
18,501,264
( 275,983)
659,742,523
1973
60%
527,814,930
158,183,100
28,166,355
2,060,909
716,225,294
1974
60%
583,951,000
179,961,580
37,971,470
(4,496,182)
797,387,868
1975
60%
650,705,600
189,955,-610
51,291,080
31,605,357
923,557,647
1976
60%
705,954,020
223,968,871
68,042,430
16,083,828
1,014,049,149
1977
60%
761,704,740
251,890,585
94,912,585
(3,916,279)
1,104,591,631
1978
60%
941,202,840
274,932,421
93,108,472
(11,227,483)
1,298,016,250
1979
60%
1,105,749,615.
299,117,144
10,609,830(3)
N.A.
1,415,476,589
1980
60%
1,195,978,655
323,734,323
9,981,770
N.A.
1,529,694,748
(1}
The City's
Tax Assessor -Collector
maintains
an on-going
reappraisal
program of real
property, reappraising approximately 1/4 of real
property in the
City each year. In addition,
a reappraisal
program for automobiles was fully
implemented
during the period 1973-74 to
1976-77.
(2)
Taxable Assessed Valuations
for 1974-1980 are net after the
following exemptions (in terms
of Assessed Valuation):
- 9 -
Over 65 Disabled
Homestead Veteran
Year Exemptions Exemptions
1-974 $ 11,395,000 Not Effective
1975 13,323,150 Not Effective
1976 11,888,760 $ 1,307,240
1977 14,159,830 1,646,220
1978 34,991,600* 1,549,890*
1979 49,793,340** 1,928,450**
1980 52,926,900*** 2,147,280***
* As of 10-1-78.
** As of 10-1-79.
*** As of 8-31-80.
(3) Personal automobiles -became exempt from ad valorem taxes in 1979.
ESTIMATED TAXABLE ASSESSED VALUATIONS (1)
Estimated Estimated
Taxable Taxable
Fiscal Assessed Fiscal Assessed
Period Valuation Period Valuation
MZ -AT 9,694,748(2) Y9$�$- $ . 0 , 0 (3)
1981-82 2,625,000,000(3) 1983-84 3,000,000,000(3)
(1) All estimates are net after estimated exemptions.
(2) At 60% of net appraised value.
3) At 100% of net appraised value. See "Ad Valorem Tax Legislation", above.
Source: John R. Brooks, Tax Assessor -Collector, City of Lubbock, Texas.
AUTHORIZED GENERAL OBLIGATION BONDS
Amount Amount
Date Amount Heretofore Being Unissued
Purpose Authorized Authorized Issued Issued Balance
at,+erworks System __5_-_2T--77_$6;775,000 T r F,62 7,00 -0- 50,000
Waterworks System 8- 9-80 21,000,000 -0- 16,200,000* 4,800,000
Sewer System 5-21-77 3,303,000 2,030,000 -0- 1,273,000
Street Improvements 5-21-77 4,782,000 3,143,000 550,000 1,089,000
Storm Sewer and Drainage 11- 9-67 1,950,000 1,715,000 -0- 235,000
Storm Sewer and Drainage 5-21-77 473,000 100,000 -0- 373,000
Fire Station (for adjacent
areas, when annexed) 5-21-77 310 000 -0- -0- 310,000
8,593,0008, 613,000 $16,750,000 T13,230,000
* See The Waterworks System, page 17, for an outline of the use of the proceeds of these
$16,200,000 Waterworks System Bonds.
ESTIMATED GENERAL OBLIGATION BOND PROGRAM
Anticipated Issuance
Waterworks System
Sewer System
Street Improvements
Storm Sewer and Drainage
Fire Station (for adjacent
areas, when annexed)
- 10 -
1983
1982 or Later Total
,8 0,000 5, 0,000 9,950,000
1,273,000 -0- 1,273,000
1,089,000 -0- 1,089,000
238,000 370,000 608,000
-0- 310 000 310,000
$7,400,000 33ji6666 $13,230,00
d
AUTHORIZED BUT UNISSUED GENERAL OBLIGATION BONDS OF OVERLAPPING SUBDIVISIONS
The Lubbock Independent School District has $12,000,000 in authorized but unissued
School
Building Unlimited Tax Bonds. The District does not anticipate issuing $100,000 of these bonds
authorized in 1959 for stadium purposes. $11,900,000 of the bonds were authorized in 1977 for
various school building purposes; however, due to Federal Court litigation concerning integra-
tion, the District has been unable to issue any of these bonds. The District
is unable to
estimate at this time when the litigation will be resolved or when any of these bonds might be
issued.
Lubbock County has $500,000 unissued Unlimited Tax Road Bonds, authorized in 1961, but has no
plans to issue these bonds.
ESTIMATED OVERLAPPING FUNDED DEBT PAYABLE FROM AD VALOREM TAXES
As of 7- -80
Estimated
Total %
Overlapping
Taxing Jurisdiction Funded Debt Applicable
Funded Debt
ity of Lubbock* $66,051,00 100.00%
$66,051,000
Lubbock Independent School District 6,770,000 99.53%
6,738,181
Lubbock County -0- 81.18%
-0-
Lubbock County Hospital District 1,210,000 81.18%
982,278
Lubbock County Water Control and
Improvement District No. 1 -0- 81.18%
-0-
Lubbock -Cooper Independent School District 1,417,000 2.78%
39,393
Frenship Independent School District 4,010,414 16.80%
673,750
Roosevelt Independent School District 616,000 0.51%
3,142
Idalou Independent School District 666,000 0.01%
67
TOTAL OVERLAPPING FUNDED DEBT
$74,487,811
Ratio Overlapping Funded Debt to 1979 Taxable Assessed Valuation ---------------------
5.26%
Ratio Overlapping Funded Debt to 1980 Taxable Assessed Valuation ---------------------
4.87%
Per Capita Overlapping Funded Debt - $425.04
* Includes these $16,750,000 Bonds.
TAX DATA
(Year Ending 9-30)
Distribution (1)
Tax Tax General Board of City Interest and (1) % Current
% Total
Year Rate Fund Development �Fund Tax Levy Collections
Collections
�_S_inking
-$b�9 -$ $U.54 �,499,3�T 6.1 �-
1970-71 1.08 0.43 0.05 0.60 6,665,810 93.90%
97.82%
1971-72 1.14 0.37 0.05 0.72 7,183,732 94.06%
97.92%
1972-73 1.29 0.36 0.05 0.88 8,510,678 93.72%
96.41%
1973-74 1.36 0.46 0.05 0.85 9,740,664 93.18%
96.39%
1974-75 1.36 0.54 0.05 0.77 10,844,475 93.16%
97.26%
1975-76 1.36 0.70 0.05 0.61 12,560,384 93.43%
97.19%
1976-77 1.41 0.75 0.05 0.61 14,298,093 93.09%
95.76%
1977-78 1.41 0.86 0.05 0.50 15,574,742 93.84%
96.41%
1978-79 1.12 '0.75 0.05 0.32 14,537,782 92.75%
95.39%
1979-80 1.12 0.68 0.05 0.39 15,852,487 93.31%*
96.10%*
1980-81 1.10 0.68 0.05 0.37 16,826,642 **
**
(1) "Tax Levy" and "Percent Current Collections" for Tax Years 1969-70 through 1978-79 have
been adjusted to reflect final corrections and supplements to the tax rolls as
audited at the
end of each fiscal year.
* Collections for part year only, through 7-31-80.
** Collections begin 10-1-80.
Property within the City is assessed as of January 1 of each year; taxes become due October 1 of
the same year, and become delinquent on January 31 of the following year. Split
payments are
not permitted. Discounts are not allowed.
- 11 -
TAX RATE LIMITATIONS
All taxable property within the City is subject to the assessment, levy and collection by the
City of a continuing, direct annual ad valorem tax sufficient to provide for the payment of
principal of and interest on all types of tax obligations of the City within the limits
prescribed by law. Article XI, Section 5, of the Texas Constitution is applicable to the City
of Lubbock, and limits its maximum ad valorem tax rate to $2.50 per $100 assessed valuation (for
all city purposes). The City operates under a Home Rule Charter which adopts the Constitu-
tional provisions.
1% MUNICIPAL SALES TAX
(Effective --8
The City has adopted the provisions of Article 1066e, V.A.T.C.S., and levies a 1% Sales and Use
Tax within the City. This tax is collected and enforced by the State of Texas Comptroller of
Public Accounts, who remits the proceeds, less a service fee, to the City monthly. Revenues
from this source have been:
Fiscal Net Estimated
Year Collections % of Equivalent Net
Ended Remitted Ad Valorem Ad Valorem Collections
9-30 to "I_T Tax Levy Tax Rate Per Capita*
1969 2,421,055 38.29% $0.414 . $16.24
1970 2,596,398 39.95% 0.431 17.41
1971 2,964,736 44.48% 0.480 19.88
1972 3,086,164 42.96% 0.490 20.19
1973 3,780,338 44.42% 0.573 23.72
1974 4,537,048 46.58% 0.634 26.52
1975 4,763,912 43.93% 0.597 27.84
1976 5,690,591 45.31% 0.616 32.52
1977 6,806,680 47.61% 0.671 38.90
1978 7,421,615 47.65% 0.672 42.35
1979 8,160,916 56.14% 0.629 44.84
* Based on 1970 U. S. Census for 1969 through 1971, and on estimated population for 1972
through 1979.
** Collections for one quarter only.
ESTIMATED 1979-80 TAX YEAR OVERLAPPING TAXES
Set forth below is an estimate of all 1979-80 Tax Year taxes levied on an average $50,000
single-family residence by the shown taxing jurisdictions, assuming appraisals are as shown and
assessments are made at the estimated basis of assessment. Actual tax billings will vary
according to each jurisdiction's assessing procedures and the following does not purport to
bean exact computation of such tax levies:
Estimated Estimated Estimated 1979 Estimated
Appraised Basis of Assessed Tax 1979 Taxes
Taxing Juri�sdiction Value Assessment Valuation Rate Levied
My o L— ubbock 7WOW 3=.
Lubbock Independent School District 45,000** 60% 27,000 1.360 367.20
Lubbock County 25,000 40% 10,000 0.780 78.00
Lubbock County Hospital District 25,000 40% 10,000 0.750 75.00
High Plains Underground Water Con-
servation District No. 1 25,000 40% 10,000 0.045 4.50
State of Texas 25,000 40% 7,000*** 0.100 7.00
Estimated Total 1979-80 Ad Valorem Taxes $867.70
* Market value.
** After $5,000 market value residence homestead exemption.
*** State ad valorem taxes are levied and collected by each county on each county's basis of
assessment; on residence homesteads the tax is calculated after the deduction of $3,000 of
Assessed Valuation as a homestead exemption.
12 -
TOP TEN TAXPAYERS
N
1979 • % of 1979
COMPUTATION OF SELF-SUPPORTING DEBT
Net System Revenue Available for Fiscal Year
Ending 9-30-79
Less: Revenue Bond Requirements, 1979-80
Fiscal Year
Balance Available for Other Purposes
System General Obligation Bond Requirements,
1979-80 Fiscal Year
Balance
Percentage of System General Obligation Bonds
Self -Supporting
- 13 -
Electric Light
Waterworks Sewer and Power
System System System
$1,702,481 $972,942 $4,368,345
470,780 -0- 2,319,280
$1,231,701 $972,942 $2,049,065
1,345,959 522,723 42,033
$ (114,258) $450,219 $2,007,032
91.51% 100.00% 100.00%
Taxable
Taxable
Assessed
Assessed
Name of Taxpayer
Nature of Property
Valuation
Valuation
Southwestern bell Telephone Company
Telephone Uti ity.
33,36O, -3-8T
2.36%
Texas Instruments Incorporated
Electronic Manufacturing
31,248,720
2.21%
Southwestern Public Service Company
Electric Utility
18,795,680
1.33%
South Plains Mall
Regional Shopping Center
12,375,400
0.87%
Pioneer Natural Gas Company, a sub-
sidiary of Pioneer Corporation
Gas Utility
7,477,440
0.53%
Furr's, Inc.
Retail Grocery Company
6,799,750
0.481%
Plains Co-op Oil Mill
Cotton Oil Mill
6,667,860
0.47%
International Business Machines
Computers, Business Machines
4,608,600
0.33%
Clark Equipment Company
Earth Moving Equipment
4,538,200
0.32%
Manufacturing
Waples-Platter
Wholesale Groceries
4 416 480
0.31%
$130:288!510-9—.2-N
INTEREST AND SINKING FUND MANAGEMENT INDEX
General Obligation Debt Service Requirements for Fiscal Year Ending
9-30-80 -----
$6,369,190
Interest and Sinking Fund, All General Obligation Issues, 9-30-79 --
$ 552,320
1979 Interest and Sinking Fund Tax Levy @ 95% Collection -----------
5,244,341
Estimated Income from Other Sources,
as Budgeted -------------------
1,157,940
6,954,601
Estimated -Surplus ---------------------------------------------------------------
$ 585,411
COMPUTATION OF SELF-SUPPORTING DEBT
Net System Revenue Available for Fiscal Year
Ending 9-30-79
Less: Revenue Bond Requirements, 1979-80
Fiscal Year
Balance Available for Other Purposes
System General Obligation Bond Requirements,
1979-80 Fiscal Year
Balance
Percentage of System General Obligation Bonds
Self -Supporting
- 13 -
Electric Light
Waterworks Sewer and Power
System System System
$1,702,481 $972,942 $4,368,345
470,780 -0- 2,319,280
$1,231,701 $972,942 $2,049,065
1,345,959 522,723 42,033
$ (114,258) $450,219 $2,007,032
91.51% 100.00% 100.00%
- 14 -
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- 14 -
PENSION FUNDS
Texas Municipal Retirement System ... All permanent, full-time City employees who are not
firemen.and who were less than 5U years of age when employed by the City are covered by the
Texas Municipal Retirement -System. The System is a contributory, annuity -purchase type plan
which is covered by a State statute and is administered by six trustees appointed by the
Governor of Texas. The System operates independently of its member cities.
The City of Lubbock joined the System in 1950 to supplement Social Security. Options offered
under the System, and adopted by the City, include current, prior and antecedent service
credits, 20 year vesting, updated service credit, and regular and supplemental disability
benefits. An employee who retires receives an annuity based on the amount of the employee's
contributions over -matched two for one by the City. Employee contribution rate is 5% of gross
covered salary. The City's contribution rate is calculated each year using actuarial tech-
niques applied to experience; the 1980 contribution rate is 7.46% of gross covered payroll and
the 1981 contribution rate will be 7.51%. Enabling statutes prohibit any member city from
adopting options which impose liabilities that cannot be amortized over 25 years within a
specified statutory rate.
The actuarially computed unfunded prior service liability as of December 31, 1979, was
$9,474,018; this liability is being actuarially amortized annually.
City of Lubbock assets held by the System on December 31, 1979, were $1,385,743 for prior
service liabilities and $13,315,993 for accrued current service liabilities. Unfunded accrued
current service liabilities totaled $523,297, and are being liquidated by a five year amortiza-
tion adjustment included in normal contribution rates.
Fireman's Relief and Retirement Fund ... City of Lubbock firemen are members of the locally
administered Lubbock Firemen's Relief and Retirement Fund, operating under an act passed in
1937 by the State Legislature and adopted by City firemen, by vote of the department, in 1941.
Firemen are not covered by Social Security.
The fund is governed by seven trustees, three firemen, two outside trustees (one appointed by
the firemen trustees and one appointed by the Mayor), the Mayor or his representative and the
Director of Finance of the City. Execution of the act is monitored by the Firemen's Pension
Commissioner, who is appointed by the Governor.
Benefits of retired firemen are determined on a "formula" or a "final salary" plan. Actuarial
reviews are performed every three years, and the fund is audited annually. Firemen contribute
9% of full salary into the fund and the City must contribute a like amount; however, the City
contributes on a basis of the percentage of salary which is a ratio adjusted annually that bears
the same relationship to the firemen's contribution rate that the City's rate paid into the
Texas Municipal Retirement System and FICA bears to the rate other employees pay into the Texas
Municipal Retirement System and FICA. The City's 1980 contribution rate is 10.99%.
An actuarial evaluation was completed in December, 1977, by the firm of Rudd and Wisdom, Inc.,
Austin, Texas. A revised benefit plan was subsequently adopted, and the valuation balance
sheet estimated unfunded liabilities of $2,918,966. The study concluded that the plan is
actuarially sound by maintaining a funding program which would completely amortize this unfund-
ed liability in approximately 20 years. Actual contributions at the current rate from firemen
and the City will amortize this unfunded liability in approximately 20 years, and pay projected
current service accumulation benefits.
LUBBOCK POWER AND LIGHT
Lubbock Power and Light was established in 1916, and is presently the largest municipal system
in the West Texas region and the third largest in the State of Texas. The municipal system
competes directly with a privately owned utility company within the corporate limits of the
City of Lubbock. Electric rates in the City are set by City Council Ordinance and are the same
for both power systems.
The private system, Southwestern Public Service Company, was granted a new 20 -year franchise in
1964, which is subject to certain minor amendments each five year period thereafter. The
company pays the City a franchise tax of 2% of its gross receipts. At present, Southwestern
Public Service supplies power to approximately 50% of the customers in Lubbock.
- 15 -
Lubbock Power and Light generates all of its power requirements without purchased power supple-
ments, and has three generating stations located within the City. These plants are geograph-
ically separated from one to seven miles and deliver bulk power to substations through a 69 KV
transmission loop system.
Generating ... Total generating capacity is 233,150 KW. Gas turbines and I.C. genera-
tors provide the system with 64,650 KW of ready reserve and quick -start generation for emergen-
cy and peaking service. Generating units consist of the following:
Generator
Year Capacity
Manufacturer Installed Station Prime Mover Fuel in KW
Nordberg —930 --i� D�eseT— 900
Nordberg 1933 1 Diesel Dual Fuel 1,000
Nordberg 1937 1 Diesel Dual Fuel 1,250
Nordberg 1938 1 Diesel Dual Fuel 1,500
Nordberg 1940 1 Diesel Dual Fuel 2,250
Nordberg 1942 1 Diesel Dual Fuel 2,250
Nordberg 1946 2 Diesel Dual Fuel 2,500
Nordberg 1947 2 Diesel Dual Fuel 2,500
DeLavel 1949 2 Steam Turbine Gas or Oil 7,500
Westinghouse 1952 2 Steam Turbine Gas or Oil 11,500.
Westinghouse 1953 2 Steam Turbine Gas or Oil 11,500
Westinghouse 1957 2 Steam Turbine Gas or Oil 22,000
Westinghouse 1958 2. Steam Turbine Gas or Oil 22,000
Westinghouse 1964 Holly Gas Turbine Gas or Oil 12,500
General Electric 1965 Holly Steam Turbine Gas or Oil 44,000
Worthington 1971 Holly Gas Turbine Gas or Oil 18,000
General Electric 1974 Holly Gas Turbine Gas or Oil 20,000
General Electric 1978 Holly Steam Turbine Gas or Oil 50 000
333:150
Transmission and Distribution ... A 69,000 volt (69 KV) transmission loop system, 36 miles in
ength, provides bulk power to seven 20 MVA -69,000/12470 volt -substations. A second 69 KV
transmission loop system insulated for operation at 138 KV has been constructed and is ener-
gized.
The distribution system includes approximately 600 miles of overhead distribution lines and
approximately 50 miles of underground distribution lines. There are thirteen 12,470/4160 volt
substations in the distribution system. Net system load for Fiscal Year Ending September 30,
1979 was 637,988,480 KWH with a,peak demand of 131,500 KW.
Interconnection . The Federal Power Commission made a study of the feasibility of inter-
connecting Lubbock Power and Light with another power company, and recommended on May 11, 1977
that the System be interconnected with Southwestern Public Service Company. In 1979, the City
contracted with Southwestern for initial delivery of 10 MW of power, and is constructing the
necessary interconnect and transmission line. The interconnect will have a capacity of 100 MW.
Anticipated date of initial power delivery is mid -1982.
Southwestern operates in Lubbock under a franchise and serves an area covering the Panhandle
and South Plains of Texas and parts of Eastern New Mexico with an integrated electric genera-
ting and distribution system.
Fuel .. Primary fuel supply for Lubbock's generating system is natural gas which is
supplied by Pioneer Natural Gas Company, a division of Pioneer Corporation, Amarillo, Texas,
under a long term contract. Secondary fuel in the form of fuel oil is maintained in storage in
the City.
Due to transmission system limitations, some brief curtailments of natural gas supply by
Pioneer have been experienced in the past few years, and Pioneer indicates that some 50% to 70%
short duration (48 hours or less) curtailments, during peak gas usage periods, may be experi-
enced in the future. No curtailments in excess of 70% are projected by Pioneer, nor will total
annual curtailment exceed 5% of annual volume.
The City's present storage capacity of fuel oil, for standby, secondary fuel, is over 3,750,000
gallons; March, 1980 inventory was 1,600,000 gallons.
- 16 -
In the City's opinion, its fuel supply is favorably positioned due to the long term natural gas
reserves presently owned, contracted for and under development by Pioneer Natural Gas Company.
CONDENSED STATEMENT OF OPERATIONS
ELECTRIC LIGHT ANO P WEER SYSTEM
Fiscal Year Ended 9-30-79 9-30-78 9-30-77 9-30-76 9-30-75
Aerating evenues _,6_I9_,M $ff,_44T,-M9$�17428U T,_5F TIT,692=,
Non -Operating Income 826,106 624,791 945,564 944,718 805,067
Gross Income $24,445,824 $23,072,509 $20,119,844 $16,712,303 $11,887,144
Operating Expense
(excluding depreciation) 20,077,479 17,355,243 14,292,538 11,455,620 8,508,578
Net Revenue $ 4,368,345 $ 5,717,266 $ 5,827,306 $ 5,256,683 $ 3,378,566
Electric Connections 30,390 29,204 28,352 26,969 25,900
Maximum Principal and Interest Requirements, Electric System
Revenue Bonds, Fiscal Year Ending 9-30-80 ---------------=-------------------- $ 2,319,280
Coverage by Net Income, Fiscal Year Ended 9-30-79 ------------------------------ 1.88 Times
Electric Light and Power System Revenue Bonds Outstanding, 9-30-79 ------------- $17,230,000
Interest and Sinking Fund and Reserve Fund, Cash and Investments,
9-30-79---------------------------------------------------------------------- $ 4,273,711
THE WATERWORKS SYSTEM
Water Supply . Primary source of water for Lubbock is the Canadian River Municipal Water
Authority which delivers water from its Lake Meredith reservoir, located on the Canadian River
about 30 miles north of Amarillo, to member cities through an underground aqueduct system.
Lubbock is one of eleven member cities of the Authority; other members are Amarillo, Pampa,
Borger, Plainview, Slaton, Levelland, Brownfield, Tahoka, O'Donnell and Lamesa. Lubbock re-
ceived 33,541 acre feet of water from the Authority in Calendar Year 1979, approximately 89% of
the City's total consumption.
Financed through the Federal Bureau of Reclamation at a cost of $83,358,280, the Canadian River
Project will eventually yield 103,000 acre feet of water annually. Lubbock is entitled to
receive 37.058% of the available annual supply - 38,200 acre feet when yield reaches 103,000
acre feet. Cost of the Project is being repaid to the Bureau of Reclamation by the Authority
through a reimbursable loan maturing annually through 2018; debt requirements are paid from
revenues received by the Authority from sale of water to member cities. Member cities make
payments for water received from water revenues.
Other Water Supply Sources ... Part of the City's water supply is obtained from 218 water wells,
all producing from the Ogallala Formation, which underlies the High Plains of Texas. Combined
capacity of these wells is 45,400,000 galldns per day. Primary underground supply wells are
located in the "Sand Hills" tract area about 60 miles northwest of Lubbock in Lamb and Bailey
Counties, in which the City owns approximately 75,000 acres of water rights. 18,000 acres have
been developed with 108 producing wells. This water source is now used primarily for peaking
purposes.
50 Year Water Supply Study... The City of Lubbock has conducted an investigation of additional
To -ng term water supply sources. Freese and Nichols, Inc.,. Consulting Engineers, Fort Worth,
Texas, who conducted this investigation for the City, have recommended consideration of a site
on the North Fork of the Double Mountain Fork of the Brazos River (the "Post Site") and a site
on the South Fork of the Double Mountain Fork of the Brazos River (the "Justiceburg Site"),
about 35 and 50 miles southeast of Lubbock respectively, for the development of additional
surface supplies. Freese and Nichols reported to the City that the quantity and quality of
water available, particularly at the "Justiceburg Site", are suitable for development. Devel-
opment.of these supplies would provide the City with a dependable supply of approximately 29
million gallons per day. The City has submitted an application to the Texas Department of Water
Resources for rights to the Justiceburg Reservoir site. $5,250,000 of the $16,775,000 Water-
works System Bonds approved at the election on May 21, 1977, were included to finance prelimi-
nary costs of a third water source.
- 17 -
equi�The S stem .. Lubbock's Waterworks System is modern and efficient and property, plant and
valued at $34,042,397, after depreciation and including cost of construction work in
progress, at September 30, 1979. Equipment includes remote control and.communication facili-
ties with centralized operation and direction of the water supply system. The distribution
system extends throughout the City and is designed for expansion. Present pumping capacity is
165,000,000 gallons per day. Average daily water consumption was 33.8 million gallons in 1979.
Storage capacity consists of 13 ground storage reservoirs and 3 elevated steel storage tanks,
providing a total storage capacity of 49,350,000 gallons. Storage capacity is entirely ade-
quate for peak hour and fire protection requirements. A new 10,000,000 gallon storage reser-
voir and pump station will be completed during the summer of 1980.
Water Treatment Facilities ... A water treatment plant for the treatment of water received from
the Canadian River Municipal Water Authority ("CRMWA") was completed in 1967. Maximum daily
input of "CRMWA" water is 42MGD under Lubbock's contract. Present capacity of the plant is
56MGD. The plant also treats "CRMWA" water for several other members of the Authority; the City
of Lubbock is fully reimbursed for these costs.
Proceeds of the $16,200,000 Waterworks System Bonds ...
Proceeds of these Waterworks System Bonds will be used as follows:
Estimated
Allocation
Purpose of Funds
Water Treatment Plant
and Supply Expansion $ 8,285,000*
Bailey County Well Field
Expansion (25 wells and
Collection System expansion) 5,200,000
Distribution System Pump Station 585,000
Distribution System Main Lines 2,055,000
Storage Building at Bailey
County Well Field 75 000
* Water treatment plant and supply expansion consists of 3 increments:
1. Construction of a 1,200 acre foot open storage reservoir near the City's present
water treatment plant to permit the storage of surplus water received from the
Canadian River Municipal Water Authority in off-peak periods. "CRMWA" deliveries are
limited by contract to 42MGD; the reservoir will permit storage of water when demand
does not require full utilization of contract allocation.
2. Water treatment plant expansion is designed to increase the plant's treatment
capability for 56MGD to 75MGD, permitting treatment of stored surplus water as well
as delivered water during peak demand periods.
3. Construction of an additional high service pump station at the treatment plant with
associated transmission distribution mains into the distribution system to permit
expanded delivery of treated water.
Estimated Cost of Expansion Program
1,200 Acre Foot Reservoir $ 8,915,000
Treatment Plant Expansion 2,655,000
Pump Station and Lines 2,285,000
Total $13,855,000
Sources of Funds
Estimated Allocation from the Bonds $ 8,285,000
Funds on Hand 5,570,000
Total $13,855,000
-18-
(71
Waterworks Revenue Bonds ... There are no authorized but unissued Waterworks Revenue Bonds.
CONDENSED STATEMENT OF OPERATIONS
WATERWORKS SYSTEM
Fiscal Year Ended 9-30-79 9-30-78 9-30-77 9-30-76 9-30-75
Aerating Revenues 9$ $7,001,353. ,0 , $4,966,645 ,6 ,8
19
Non -Operating Income 841,414 480,397 277,718 304,751 427,944
Gross Income $7,660,112 $7,481,750 $5,293,162 $5,271,396 $5,090,779
Operating Expense
(excluding depreciation)* 5,957,631 5,1309938 4,260,222 398019437 3,498,878
Net Revenue $1,702,481 $2,350,812 $1,032,940 $1,469,959 $1,591,901
Water Meters 53,458 52,408 50,442 .48,777 47,526
* Operating expense includes construction repayment costs and operating and maintenance
charges paid to the Canadian River Municipal Water Authority.
Maximum Principal and Interest Requirements, Waterworks Revenue Bonds,
Fiscal Year Ending 9-30-80 ---------------------------------------------------- $ 470,780'
Coverage Based on Net Income, Fiscal Year Ended 9-30-79 ------------------------- 3.62 Times
Waterworks System Revenue Bonds Outstanding, 9-30-79 ---------------------------- $1,020,000
Interest and Sinking Fund and Reserve Fund, 9-30-79 ----------------------------- $1,906,665
INCREASE IN WATER RATES
Effective October 1, 1977, water rates were increased approximately 15%, and on October 1, 1978
and October 1, 1979, were again increased 10%. On June 4, 1980, monthly water rates will be
increased as follows:
Old Rates Effective 10-1-79 New Rates (Effective 6-4-80)
First — ,000 gallons $3.1200 (Min_i_m__umT First 1,000 gallons $3.75 Minimum]
Next 24,000 gallons 0.7018/M gallons Next 49,000 gallons 0.77/M gallons
Next 225,000 gallons 0.5445/M gallons Next 200,000 gallons 0.66/M gallons
All Over 250,000 gallons 0.4840/M gallons All Over 250,000 gallons 0.62/M gallons
On October 1, 1980, rates will again be increased by approximately 20%:
First 1,000 gallons $4.50(Minimum)
Next 49,000 gallons 0.93/M gallons
Next 200,000 gallons 0.80/M gallons
All Over 250,000 gallons 0.75/M gallons
AIRPORT SYSTEM
The City has owned and operated its airport since 1929, with scheduled airline service beginn-
ing in 1946. Lubbock Regional Airport is located six miles north of the central business
district and has an area of over. 2,437 acres, of which approximately 1,500 acres is used for
farming and clear zones.
Scheduled Airline Service .. Scheduled airline transportation is furnished by Braniff Inter-
national, Continental Airlines, Texas International Airlines, and Southwest Airlines; ' all
flights are by jet aircraft. Air Midwest, a Wichita, Kansas, based regional certificated air
carrier, also serves the City. There is 1 commuter airline, Permian Airways. Non-stop service
is provided to Dallas -Fort Worth Regional Airport, Dallas Love Field, Houston, El Paso, Austin,
Amarillo, Midland -Odessa, *and Albuquerque. 1979 passenger enplanements, including feeder
airlines, totaled 490,451, up from 482,825 in 1978.
Lubbock International Airport Terminal ... The terminal building, completed in April, 1976'
contains approximately 144,OTO square feet, the terminal houses airport administrative
offices, airline offices and ticket counters, the baggage claim area, car rental offices, a
restaurant and inflight meal preparation kitchen, and meeting and press rooms, and provides 6
gates for airline use; 5 gates are jetway equipped. Parking space at the terminal has been
a 4
expanded through construction of a new 2 -level 740 space parking building, which gives the
Airport a total parking capacity of 1,820, including 140 employees. A new FAA control tower
became operational in March, 1977. The old terminal building has been converted to government
and commercial office space and houses a FAA General Aviation District Office. A FAA -operated
Flight Service Station is located adjacent to the old terminal, Federal Express services are
available.
Runway System ... The runway system consists of:
1 - 11,500' x 150', north/south, primary runway with high intensity lighting and a FAA -operated
instrument landing system and other navigational aids;
1 - 8,000' x 150', east/west, cross -wind runway, with high intensity lighting and VASI-4;
1 _ 2,800' x 150' general aviation runway; and a taxiway system connecting the runways with
aprons, the terminal and other facilities.
The airport also has a non -directional radio beacon (BOq-272).
General Aviation Facilities ... A building designed for the use of private aviation is located
on the east side of the airport. This 8,779 square foot building still houses some general
aviation services, a National Weather Service office and a U. S. Customs office. General
aviation services are mainly available from two major fixed base operators who provide hangars,
aprons, fuel sales and other services for private aviation. 100 T -Hangars house most of the
approximately 200 private aircraft that are based at the airport.
Warehouses and Land Rentals ... The airport has five 16,000 square foot warehouses and six
other warehouses for storage space rental.
CONDENSED STATEMENT OF OPERATIONS
A P T YS M
Fiscal Year Ended 9-30-79 9-30-78 9-30-77 9-30-76 9-30-75
Operating Revenues $1,863,062 $1,866,710 ,467,7 6 $1,049,010 T 837,027
Non -Operating Revenue 413,953 257,945 185,865 217,349 498,084
Gross Income $2,277,015 $2,124,655 $1,653,581 $1,266,359 $1,335,111
Operating Expense
(excluding depreciation) 1,467,720 1,191,964 1,183,939 1,004,674 712,007
Net Revenue $ 809,295 $ 932,691 $ 469,642 $__261,685 $ 623,104
Maximum Principal and Interest Requirements, Airport Revenue Bonds,
Fiscal Year Ending 9-30-80 (secured by Gross Income from System) -------------- $ 371,181
Coverage Based on Gross Income, Fiscal Year Ended 9-30-79 ----------------------- 6.13 Times
Airport Revenue Bond—s-Outstanding, 9-30-79 -------------------------------------- $2,895,000
Interest and Sinking Fund, 9-30-79 ---------------------------------------------- $ 416,963
Reserve Fund, Cash and Investments, 9-30-79 ------------------------------------ $ 300,000
- 20 -
GENERAL INFORMATION REGARDING THE CITY AND ITS ECONOMY
The City of Lubbock, County Seat of Lubbock County, Texas, is located on the South Plains of
West Texas. Lubbock is the economic, educational, cultural and medical center of this area.
POPULATION ...
Lubbock is the eighth largest City in Texas:
City of Lubbock
(Corporate -Limits)
1910 Census 1,938
1920 Census 4,051
1930 Census 20,520
1940 Census 31,853
1950 Census 71,390
1960 Census 128,691
1970 Census 149,101
1980 (Estimated) 175,250*
* Source: City of Lubbock, Texas
Standard Metropolitan Area (Lubbock County)
1970 Census 179,295
1980 (Estimated) Over 200,000
AGRICULTURE ...
I Lubbock is the center of a highly mechanized agricultural area with a majority of the crops
irrigated with water from underground sources. Principal crops are cotton, grain sorghums and
corn with livestock, sunflowers and soybeans as additional sources of agricultural income.
I The Texas Department of Agriculture and the Statistical Reporting Service, U. S. Department
of Agriculture, in 1978 Texas County Statistics, report as follows:
0 Lubbock County's 1978 cotton production was 228,000 bales, and grain sorghum production was
1,006,300 bushels, and corn production was 805,900 bushels.
• On January 1, 1979, there were an estimated 65,000 head of cattle located on farms or in feed
lots in Lubbock County. An estimated 127,000 cattle were marketed from feed lots during 1978.
0 Lubbock County Cash Receipts from farm marketings, 1975/78, were:
1975 1976 19771978*
All Crops $56,260,0a6 $ 7$,163,0
Livestock and Products 31,275,000 26,374,000 27,455,000 27,233,000
U. S. Government Payments 4,615,000 2,796,000 1,153,000 6,498,000
Total Cash Receipts $92,150,000 $104,630,000 $106,122,000 $111,914,000
* Preliminary - subject to revision.
1 1978 cotton production in a 23 county (including Lubbock County) area surrounding Lubbock
was 1,986,500 bales; 1978 grain sorghum production in this same area was 30,116,100 bushels and
grain corn production was 79,658,000 bushels; and 1978 cash receipts from farm marketings were
51,534,113,000.
Three major vegetable oil plants located in Lubbock have a combined weekly capacity of over
2,400 tons of cottonseed and soybean oil.
I Several major seed companies are headquartered in Lubbock.
0 Several major seed companies are headquartered in Lubbock.
- 21
BUSINESS AND INDUSTRY
Lubbock SMSA Labor Force Estimates
(Source: Texas Emp oymentomn�n)
May April March May April March
1980 1980 1980 1979 1979 1979
Civilian Labor Force0_0,34 101,0�6� 98-,M 102,530 TUG,37U
Total Employment 96,340 97,390 96,250 94,410 99,320 97,240
Unemployment 4,090 3,900 4,020 3,700 3,210 3,130
Percent Unemployed 4.1% 3.9% 4.0% 3.8% 3.1% 3.1%
0 -The Texas Employment Commission reported in June, 1980, that May, 1980, nonagricultural
employment in the Lubbock area totaled 89,230, up from 87,560 in May, 1979; of this total an
estimated 12,980 were employed in manufacturing compared to 12,570 in May, 1979.
Over 240 manufacturing plants in Lubbock produce such products as consumer products utiliz-
ing semi -conductor elements, vegetable oils, heavy earth -moving machinery, irrigation equip-
ment and pipe, farm equipment, electronic instruments, paperboard boxes, foodstuffs, mobile and
prefabricated homes, poultry and livestock feeds, boilers and pressure vessels, automatic
sprinkler system heads, structural steel fabrication and soft drinks.
Some larger industries in Lubbock (with more than 100 employees) are:
Estimated
Employees
January,
Company Product 1980*
Texas Instruments, Inc. Consumer Products with Semi -Conductor' 3,500+
Elements
Johnson Manufacturing Company (Division of Heavy Earth -Moving Machinery and 725+
Eagle-Picher Industries) Farm Equipment
Lubbock Avalanche -Journal Southwestern Newspaper 382+
Newspaper Corporation
Litton Data Systems, Guidance and Control Navigational Equipment; Electronic 350+
Systems Division, Litton Industries, Inc. Computer Systems
Plains Co-op Oil Mill Vegetable Oil Products, Cottonseed 350+
Products
Lubbock Manufacturing Company Pressure Vessels 322+
Frito-Lay, Inc. (Subsidiary of Potato and Corn Chips 303+
Pepsico, Inc.)
Clark Equipment Company (Hancock Heavy Road and Earth -Moving 290+
Division) Machinery
Goulds Pumps, Inc. Vertical Turbine Pumps 240+
Devro Inc. (Subsidiary of Johnson and Sausage Casings and Tannery 187+
Johnson)
Mrs. Baird's Bakeries
Coca-Cola Bottling Company
Bush Hog -Husky Company (Subsidiary of
Allied Products, Inc.)
Horn & Gladden, Inc.
Grinnell Fire Protection Systems Company
(Subsidiary of Tyco Laboratories)
Rainbo Baking Company, subdivision of
Cambell -Taggart Associated Bakeries, Inc
Bell Dairy Products, Inc.
Hall Foundries & Manufacturing, Inc.
Lubbock Cotton Oil Company .
Dr. Pepper -Seven Up Bottling Company
Farm Pac Kitchens
Nubro Corporation
* Source: Lubbock Chamber of Commerce.
Bread Products
180+
Soft Drinks
179+
Structural Steel Fabrication, Irriga-
155+
tion Equipment, Pollution Equipment
Steel Fabrication
153+
Automatic Sprinkler Heads
150+
Bread Products
130+
Dairy Products
126+
Aluminum and Brass Castings, Wooden
125+
Foundry Patterns
Cottonseed Oil and Other Cottonseed
125+
Products, Soyean Oil
Soft Drinks
100+
Meat Processing
100+
Reground Ball Bearings, Formed Wire
100+
Coils, Starter Armatures
- 22 -
i
0 Texas Instruments, Inc., world leading developer and producer of semi -conductors and other
electronic products, commenced manufacturing operations in Lubbock in April, 1973. The company
employs over 3,000 in the manufacture of consumer products utilizing semi -conductor elements,
and the servicing of these products. The Company's Consumer Products Division headquarters is
located in Lubbock, and automated watch manufacturing has been moved to Lubbock.
0 Michelin Tire Corporation, Manufacturing Division, is constructing a tire manufacturing
plant on a 510 acre site in northeast Lubbock; completion is scheduled in 1982 and projected
employment is 800 - 1,000.
0 Wholesale distribution represents a major sector of the Lubbock eonomy, with hundreds of
outlets serving a 54 county area in West Texas and New Mexico.
0 The U. S. Bureau of the Census, Census of Business, 1972, estimated Lubbock County (Lubbock
Standard Metropolitan Area) retail trade at $481 million in 1972. Sales & Marketing
Management, Survey of Buying Power, estimates Lubbock County 1978 retail sales at $818,428,000.
0 There are ten banks in the City ... American State Bank, established 1948; Texas Commerce
Bank (formerly Citizens National Bank), established 1906; First National Bank, established
1901; Lubbock National Bank, established 1917; The Plains National Bank, established 1955;
• Security National Bank, established 1963; Bank of the West, established 1973; Texas Bank &
Trust Co., established 1973; Southwest Lubbock National Bank, established 1978; and Liberty
State Bank, established 1979. There are six savings and loan associations in the City.
Combined Bank Statistics
Year End Deposits Year End Deposits
X968 T388,630,275 1974 $� 793,915,466
1969 412,459,082 1975 878,164,171
1970 477,247,184 1976 1,013,973,289
1971 527,314,293 1977 1,104,602,863
1972 596,697,439 1978 1,104,896,188
1973 723,327,701 1979 1,220,257,982
EDUCATION ... TEXAS TECH UNIVERSITY ...
0 Established in Lubbock in 1925, Texas Tech University is the third largest State-owned
University in Texas and had a Spring, 1980 enrollment of 21,169. Accredited by the Southern
Association of Colleges and Schools, the University is a co-educational, State -supported insti-
tution offering the bachelor's degree in 75 major fields, the master's degree in 62 major
fields, the doctorate degree in 33 major fields, and the professional degree in 2 major fields
(law and medicine).
0 The University proper is situated on 451 acres of the 1,766 acre campus, and has over 90
permanent buildings with additional construction in progress. 1979-80 faculty membership is
1,467, and over 3,000 other full and part-time employees including professional and administra-
tive staff. Including the Medical School, the University's operating budget for 1979-80 is
over $106.6 million of which $82.6 million is from State appropriations; book value of physical
plant assets, including the Medical School, is $274 million.
0 In 1969, the State Legislature authorized the establishment of a medical school at the
University. Construction of Pod A of the school is complete, and construction on Pods B and C
is approximately 60% complete. The medical school opened in 1972, and had an enrollment of 220
for the Spring Semester, 1980, not including residents.
OTHER EDUCATION INFORMATION ...
0 The Lubbock Independent School District, with an area of 87 square miles, includes over 95%
of the City of Lubbock. August, 1980 opening enrollment for the 1980-81 school year was 27,613;
there were 2,021 faculty and professional personnel and 1,224 other employees. The District
operates 5 senior high schools, 8 junior high schools, 35 elementary schools and other
educational programs.
- 23 -
SCHOLASTIC MEMBERSHIP HISTORY (1)
Scholastic Refined Average
School Year Membership Daily Attendance
1968-69 2,5Ui 3I;3bB
1969-70 32,401 31,322
1970-71 32,648 31,477
1971-72 32,660 31,355
1972-73 32,063 30,716
1973-74 32,499 30,477
1974-75 32,209 30;255
1975-76 31,733 29,936
1976-77 31,502 29,683
1977-78 31,163 29,554
1978-79 29,877 28,284
1979-80 28,751 27,257
(1) Source: Superintendent's Office, Lubbock Independent School District.
0 Lubbock Christian College, a privately owned, co-educational senior college located in
Lubbock, had an enrollment of 1,188 for the Spring Semester, 1980, and offers 23 bachelor
degree programs.
0 South Plains College, Levelland, Texas (South Plains Junior College District) operates a
major off -campus learning center in a downtown Lubbock, 7 -story building owned by the College.
Course offerings cover technical/vocational subjects, and Spring, 1980, enrollment was 512.
The College also operates a major off -campus learning center at Reese Air Force Base; course
offerings are in primarily academic subjects and Spring, 1980 enrollment was 356.
0 The State of Texas School for the Mentally Retarded, located on a 220 acre site in Lubbock,
now consists of 37 buildings with accommodations for 605 students. The School's operating
budget for 1979/80 is in excess of $8.5 million. The School is operating at 100% capacity, and
has over 700 professional and other employees.
TRANSPORTATION ...
0 Scheduled airline transportation is furnished by Braniff International, Continental Air-
lines, Texas International, Southwest Airlines, Air Midwest and a commuter airline. Non-stop
service is provided to Dallas -Fort Worth Regional Airport, Dallas Love Field, Houston,
Amarillo, Austin, El Paso, Midland -Odessa and Albuquerque. 1979 passenger boardings totaled
490,451. Extensive private aviation services are located at the airport. Federal Express
services are available.
0 Rail transportation is furnished by the Atchison, Topeka and Santa Fe Railway Company and
the Burlington -Northern, Inc., with through service to Dallas, Houston, Kansas City, Chicago,
Los Angeles, and San Francisco. Texas, New Mexico and Oklahoma Bus Lines, a subsidiary of
Greyhound Corporation, provides bus service. Headquarters for T.I.M.E.-DC, Inc., a trans-
continental motor carrier, are located in Lubbock, and 14 motor freight common carriers provide
service.
0 Lubbock has a well developed highway network including 4 U. S. Highways, 1 State Highway, a
controlled -access outer loop and a county -wide system of paved farm -to -market roads. The U. S.
Department of Transportation is extending the Interstate Highway System to Lubbock through
construction of a 125 mile interstate highway (Interstate Highway 27) linking Lubbock to
Interstate 40 at Amarillo; first stage construction north of Lubbock is in progress.
GOVERNMENT AND MILITARY ...
0 Reese Air Force Base, located 5 miles west of Lubbock, is an undergraduate Jet Pilot
Training Base of the Air Training Command. The Base covers over 3,000 acres and in May, 1980,
had 2,805 military and approximately 600 civilian personnel.
0 State of Texas ... More than 25 State of Texas boards, departments, agencies and commissions
have offices in Lubbock; several of these offices have multiple units or offices.
0 Federal Government ... 11 Federal departments, a Federal District Court, and various other
administrations and agencies have offices in Lubbock; several departmental and administration
offices have more than one division.
-24-
HOSPITALS AND MEDICAL CARE
6 There are seven hospitals with a May, 1980 total of 1,279 beds. Methodist Hospital, the
largest, employs 522 of its licensed 549 beds, and also operates an accredited nursing school.
St. Mary's of the Plains Hospital utilizes 175 beds of its licensed 220 beds; West Texas
Hospital has 134 beds; Highland Hospital has 123 beds; University Hospital, Inc. has 80 beds
and Community Hospital of Lubbock has 60 beds. Lubbock County Hospital District, with
boundaries contiguous with Lubbock County, owns the Health Sciences Center Hospital which it
operates as a teaching hospital for the Texas Tech University Medical School, utilizing 185 of
its licensed 273 beds.
0 Lubbock has over 200 practicing physicians and surgeons (M.D.) plus the Texas Tech Univers-
ity Medical School Staff, and over 80 dentists. A radiology center for the treatment of
malignant diseases is located in the City.
RECREATION AND ENTERTAINMENT ...
0 Lubbock's Mackenzie State Park and 50 City parks provide recreation centers, playgrounds,
shelter buildings, a garden and art center, swimming pools, a golf course, tennis and volley
ball courts, baseball diamonds and picnic areas, including the Yellowhouse Canyon Lakes system
• of four lakes and 500 acres of adjacent parkland extending from northwest to southeast Lubbock
along the Yellowhouse Canyon. There are several privately -owned public swimming pools and golf
courses, and 2 country clubs, each with a golf course, swimming pool and tennis courts.
The City of Lubbock has developed a 36 square block area of approximately 100 acres adjacent
to downtown Lubbock under the Lubbock Memorial Civic Center program. Approximately 50 acres
contain the 300,000 square foot Lubbock Memorial Civic Center, a new convention and civic
center completed in March, 1977, and the main City library building. The west and south
periphery, about 50 acres, is being redeveloped privately with an office building, motels, a
hospital, and other facilities.
0 Available to residents are Texas Tech University programs and events, Texas Tech University
Museum, Planetarium and Ranch Heritage Center exhibits and programs, Lubbock Memorial Civic
Center and its events, Lubbock Symphony Orchestra programs, Lubbock Theatre Center, Lubbock
Civic Ballet, Municipal Auditorium and Coliseum programs and events, the library and its
branches, the annual Panhandle -South Plains Fair, college and high school football, basketball
and other sporting events; modern movie theatres.
CHURCHES ...
O Lubbock has approximately 200 churches representing more than 25 denominations.
UTILITY SERVICES ...
• Water and Sewer - City of Lubbock.
0 Gas - Pioneer Natural Gas Company, a subsidiary of Pioneer Corporation.
® Electric - City of Lubbock and Southwestern Public Service Company.
Telephone - Southwestern Be11,Telephone Company.
MEDIA ...
Newspapers - 1 daily; others bi-weekly, weekly or monthly.
0 Television - 3 network channels; 1 educational public service channel.
I Radio - Combined total of 16 AM and FM stations.
-25-
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- 26 -
RATINGS
Applications for contract ratings on this issue have been made to Moody's Investors Service,
Inc. and Standard & Poor's Corporation. An explanation of the significance of such ratings may
be obtained from the company furnishing the rating. The ratings reflect only the respective
views of such organizations and the City makes no representation as to the appropriateness of
the ratings. There is no assurance that such ratings will continue for any given period of time
or that they will not be revised downward or withdrawn entirely by either or both of such rating
companies, if in the judgment of either or both companies, circumstances so warrant. Any such
downward revision or withdrawal of such ratings, or either of them, may have an adverse effect
on the market price of the Bonds.
TAX EXEMPTION
The delivery of the Bonds is subject to an opinion of Messrs. Dumas, Huguenin, Boothman &
Morrow, Bond Counsel to the City ("Bond Counsel"), to the effect that interest on the Bonds is
exempt from all present Federal income taxes under existing statutes, rulings, regulations and
court decisions. The laws, regulations, court decisions and administrative regulations and
rulings upon which the conclusion stated in Bond Counsel's opinion will be based are subject to
change by the Congress, the Treasury Department and later judicial and administrative
decisions.
REGISTRATION AND QUALIFICATION OF BONDS FOR SALE
The sale of the Bonds has not been registered under the Federal Securities Act of 1933, as
amended, in reliance upon the exemption provided thereunder by Section 3(a) (2); and the Bonds
have not been qualified under the Securities Act of Texas in reliance upon various exemptions
contained therein; nor have the Bonds been qualified under the securities acts of any juris-
diction. • The City assumes no responsibility for qualification of the Bonds under the securi-
ties laws of any jurisdiction in which the Bonds may be sold, assigned, pledged, hypothecated
or.otherwise transferred. This disclaimer of responsibility for qualification for sale or
other disposition of the Bonds shall not be construed as an interpretation of any kind with
regard to the availability of any exemption from securities registration provisions.
LEGAL INVESTMENTS IN TEXAS
The Bonds are legal investments for sinking funds of Texas counties, cities and towns. They are
eligible to secure Texas state, county, city and school district funds and constitute legal
investments for insurance companies in the State of Texas. No review has been made of the laws
of states other than Texas to determine whether the Bonds are legal investments for various
institutions in those states.
LEGAL OPINIONS AND NO -LITIGATION CERTIFICATE
The City will furnish a complete transcript of proceedings had incident to the authorization
and issuance of the Bonds, including the unqualified approving legal opinion of the Attorney
General of the State of Texas, to the effect that the Bonds are valid and legally binding
obligations of the City, and based upon examination of such transcript of proceedings, the
unqualified approving legal opinion of Bond Counsel, to like effect and to the effect that the
interest on the Bonds is exempt from Federal income taxation under existing statutes, regula-
tions, rulings and court decisions. The customary closing papers, including a certificate to
the effect that no litigation of any nature has been filed or is then pending to restrain the
issuance and delivery of the Bonds, or which would affect the provision made for their payment
or security, or in any manner questioning the validity of said Bonds or the coupons appertain-
ing thereto, will also be furnished. Bond Counsel was not requested to participate, and did not
take part, in the preparation of the Notice of Sale and Bidding Instructions, the Official Bid
Form and the Official Statement, and such firm has not assumed any responsibility with respect
thereto or undertaken independently to verify any of the information contained therein, except
that, in. its capacity as Bond Counsel, such firm has reviewed the information describing the
Bonds in the Official Statement to verify that such description conforms to the provisions of
the bond resolution. The legal fees to be paid Bond Counsel for services rendered in connection
with the issuance of the Bonds are contingent on the sale and delivery of the Bonds. The legal
opinion will be printed on the Bonds.
- 27 -
(71
AUTHENTICITY OF FINANCIAL INFORMATION
The financial data and other information contained herein have been obtained from the City's
records, audited financial statements and other sources which are believed to be reliable.
There is no guarantee that any of the assumptions or estimates contained herein will be
realized. All of the summaries of the statutes, documents and resolutions contained in this
Official Statement are made subject to all of the provisions of such statutes, documents and
resolutions. These summaries do not purport to be complete statements of such provisions and
reference is made to such documents for further information. Reference is made to original
documents in all respects.
CERTIFICATION OF THE OFFICIAL STATEMENT
At the time of payment for and delivery of the Bonds, the Purchaser will be furnished a
certificate, executed by proper officers, acting in their official capacity, to the effect that
to the best of their knowledge and belief: (a) the descriptions and statements of or pertain-
ing to the City contained in its Official Statement, and any addenda, supplement or amendment
thereto, on the date of such Official Statement, on the date of sale of said Bonds and the
acceptance of the best bid therefor, and on the date of the delivery, were and are true and
correct in all material respects; (b) insofar as the City and its affairs, including its
financial affairs, are concerned, such Offici.al Statement did not and does not contain an
untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; (c) insofar as the descriptions and statements, includ-
ing financial data, of or pertaining to entities, other than the City, and their activities
contained in such Official Statement are concerned, such statements and data have been obtained
from sources which the City believes to be reliable and that the City has no reason to believe
that they are untrue in any material respect; and (d) there has been no material adverse
change in the financial condition of the City since the date of the last audited financial
statements of the City.
The City will furnish the Purchaser, as a part of the transcript of proceedings, a certified
copy of a resolution of the City Council as of the date of the sale of the Bonds which will
approve the form and content of this Official Statement, and any addenda, supplement or
amendment thereto, and authorize its further use in the reoffering of the Bonds by the Pur-
chaser.
BILL McALISTER
Mayor
ATTEST:
EVELYN E. GAFFGA
City Secretary
- 28 -
APPENDIX
The information contained in this Appendix has been reproduced
from the City of Lubbock, Texas Annual Audit Report for the
Fiscal Year Ended September 30, 1979. The information pre-
sented represents only a part of the Annual Audit Report and
does not purport to be a complete statement of the City's
financial condition. Reference is made to the complete Annual
Audit Report for further information.
AUDITED FINANCIAL STATEMENTS
GENERAL FUND AND DEBT SERVICE FUND
CITY OF LUBBOCK, TEXAS
September 30, 1979
i
CONTENTS
Accountants' Report Page 3
General Fund
Balance Sheet 4
Statement of Changes in Fund Balance 6
Statement of Revenues 7
Detail Statement of Appropriations, Expenditures
and Encumbrances 11
Debt Service Fund
Balance Sheet 13
Statement of Revenues, Expenditures and Fund Balance 14
Notes to Financial Statements 1g
MASON, NICKELS & WARNER
0 El
CHRTIFIHD PUBLIC ACCOUNTANTS
SU'TE 4601 TOWER OF T1_E PLAINS 1600 UNVERSITY AVENUE i PO. BOX 36701 LL1690CK, TEXAS 794521 g808) 797-3251
Honorable Dirk West, Mayor
Members of the City Council
City of Lubbock, Texas
We have examined the balance sheets of the General Fund and the Debt Service
Fund of the City of Lubbock, Texas as of September 30, 1979, and September 309
1978, and the related statements of changes in fund balance, revenue, and
appropriations expenditures and encumbrances for the years then ended. Our
examinations were made in accordance with generally accepted auditing standards
and accordingly included such tests of the accounting records and such other
auditing procedures as we considered necessary in the circumstances.
In our opinion, the financial statements referred to above present fairly the
financial position of the General Fund and the Debt Service Fund of the City of
Lubbock, Texas as of September 30, 1979, and September 30, 1978, and the
results of their operations and changes in fund balance for the years then
ended in conformity with generally accepted accounting principles applied on a
consistent basis.
/ I /
Lubbock, Texas
January 25, 1980
3
EAE I AMERICAN INSTITUTE OF CERTIRIEO PUBLIC ACCOUNTANT® I TE%AB aoaETV OF pRTpIEp Puwuq A �iiW'4`XF,
GENERAL FUND
The General Fund is used to account for all revenues and expenditures of the
City which are not accounted for in other City funds. It receives a greater
variety and number of taxes and other general revenues than any of the other City
Funds. The fund's resources also finance a wider range of activities than any
other funds.
GENERAL FUND
BALANCE SHEET
CITY OF LUBBOCK, TEXAS
September 30 September 30
1979 1978
ASSETS
Cash and investments - Note B $
96,844
$ 3,113,203
Delinquent taxes receivable, less estimated
uncollectible taxes (1979 - $2,817,068;
1978 - $2,359,980)
354,840
296,771
Taxes in litigation - Note C
156,244
131,463
City sales tax receivable
2,208,102
1,978,390
Hotel/motel tax receivable
141,900
112,126
Paving assessments, less estimated uncollectible
accounts (1979 - $258,612; 1978 - $257,834)
528,995
273,014
Other accounts receivable, less estimated
uncollectible accounts (1979 - $21,908;
1978 - $20,965)
188,009
2179434
Due from other funds
79420,846
5,219,103
Due from federal government - Note D
Due from
1359475
399,992
county government
3,870
Due from Cirfc Lubbock, Inc.
148,554
41,366
Due from school district
147,155
Prepaid expense
Insurance deposit
480,537
380,672
Stores inventory
252,236
177,679
338,228
255,582
Advance to electric fund
3,650,635
3,532,823
Advances to other funds
378,950
16.091.921 2 16.669.117
4
-
LIABILITIES AND FUND EQUITY
LIABILITIES:
Accounts payable
Accrued liabilities
Due to other funds
Due to BCD
Due to other agencies
Revenue collected in -advance
Sculpture fund
Advance from sewer fund
FUND EQUITY
September 30 . September 30
1979 1978
$ 2,184,488 $ 2,105,771
436,065
370,913
59763,134
4,036,954
18,310
37,084
27,191
400,000
4,229
6,047
50
1,000,000 1,500,000
9,433,417 8,056,819
Reserved for encumbrances
424,891
57,177
Reserved for inventory of supplies
177,679
255,582
Reserved for long—term investment
400,000
400,000
Reserved for cemetery perpetual care
22,767
22,767
Reserved for special projects
17,269
10,141
Reserved for arts
52,308
50,708
Unreserved:
Designated for receivables
390,014
390,014
Designated for advance to electric
revenue
fund loan
300,000
1,694,000
Designated for advance to electric
revenue
fund inventory
925,823
Undesignated — Note G
4,873,576
4,806,086
Total Fund Equity
6,658,504
8,612,298
COMKITMENTS AND CONTINGENCIES —Notes C, F,
G & H
16,091,921
1_1§,,669,117
5
GENERAL FUND
STATEMENT OF CHANCES IN FUND EQUITY
CITY OF LUBBOCK, TEXAS
Fund equity at beginning of year
Excess of revenues over expenditures
and encumbrances
Revenues
Expenditures
Encumbrances
Transfers in/(out) of Fund Equity:
Reserved for inventory of supplies
Reserved for encumbrances
Reserved for advance to electric revenue
fund—loan
Reserved for advance to electric revenue
fund—inventory
Reserved for special projects
Reserved for arts
FUND EQUITY AT END OF YEAR
6
Year Ended September 30
1979 1978
$ 8,612,298 $ 8,0879723
29,785,077 26,289,374
(29,230,246) (25,320,155)
(424,891) (57,177).
129,940 912,042
(77,903)
367,714 (3870467 )
(1,394,000)
(925,825)
(3,280)
(50,442)
(2,083,734) (387.467)
3 6.658.504 $ 8.612.298
Taxes
General property taxes - current
Estimated uncollectible taxes -
general property taxes
Penalties and interest on
delinquent taxes -
general property
City sales taxes
Franchise taxes
Hotel and motel taxes
Mixed beverage taxes
Total Taxes
Business licenses and permits
Mixed alcoholic beverages
Dairy permits
Septic tank permits
Cafe permits
Swimming pool permits
Chauffeurs' licenses
Occupational taxes
Electricians' licenses
Building permits
Electrical permits
Plumbing permits
Mechanical permits
Dog licenses
Loading zone permits
Street and curb permits
Massage permits
Miscellaneous permits
Total Business Licenses
and Permits
Intergovernmental revenues
Federal grants
Civil defense
Community services act
Summer youth
Drug Enforcement Administration
Immunization
Nutrition
7
Year Ended
September 30, 1979 Prior Fiscal
Estimated Actual Year Actual
$ 99576,915 $ 9,382,942 $ 90320,602
97,836 193,301
9,576,915 9,285,106 9,127,301
73,860
1060415
105,752
7,428,286
8,160,916
7,421,615
19985,000
2,280,190
2,112,872
98,393
156,127
152,124
230,000
238,456
216,122
190392,454
20,227,210
19,135,786
12,000
149380
10,525
6,000
124
6,019
13,686
7,303
11,158
26,749
33,918
6,957
8,000
3,110
1,700
426
423
473
10,250
10,951
9,645
90000
8,806
8,505
1049456
126,410
102,210
40,746
399713
379332
47,065
43,012
55,673
29,924
28,865
31,715
35,000
23,546
20,456
2,950
2,842
1,463
4,000
5,562
3,520
1,500
4,200
5,900
245
195
380
351,997
353,360
313,631
11,102
13,467
321,050
10,260
28,846
13,395
15,000
149,001
GENERAL FUND
STATEMENT OF REVENUES - Continued
CITY OF LUBBOCK, TEXAS
Iutergovernment revenues - cont.
Federal grants - continued
Department of Transportation
Comprehensive planning
assistance
Bureau of Census
Transportation studies
Transportation assistance
State grants
Border patrol
Summer food service
FDCA Personnel Act
STEP traffic grant
Texas Program for Older Texans
Highways and streets
Traffic safety projects
Library.
County revenues
Library
Health
Civic Lubbock, Inc.
Total Intergovernmental Revenues
Charges for services
General government
Zoning fees
Zoning miscellaneous
Sale of maps and.ordinances
Blueline and xerox printing
City hall parking
8
Year Ended
_ September 30, 1979 Prior Fiscal
Estimated Actual Year Actual
$
$ 2,385
$ 52,724
1,500
613
5,123
28,977
945.957
(440)
1,158,914
- 046
21,957
24,225
29,120
27,379
18,000
153,625
19,201
6,120
28,313
4,728
_ 292 164
5 9,108
286,981
362,705
312,037
306,749
295,859
81,046
67,560
76.928
393,083
374,309
3720787
50,000
123,266
77.554
50,000
443,083
123,266
2,205,597
77,554
1,253,092
45,100
44,412
51,762
1,000
1,524
1,594
3,630
3,260
3,387
18,845
18,044
20,439
6,500
6,512
6,293
f
GENERAL FUND
STATEMENT OF REVENUES - Continued
CITY OF LUBBOCK, TEXAS
Charges for services - continued
General government - continued
Customer list service
Tax certificates
Outside work
Tax office rental
Tax office expense recovered
Other charges
Public safety
Police accident reports
Car storage and towing
Miscellaneous
Health
Vital statistics
Health certificates
Animal shelter receipts
Culture - recreation
Meadowbrook Golf Course
Tennis center
Swimming pools
Mackenzie Park
Auditorium - coliseum rent
Civic center rent
Miscellaneous recreation
Cemetery
Lot sales
Grave services
Miscellaneous
Total Charges for Services
Fines
Municipal court
Library
Total Fines
9
Year Ended
September 30, 1979 Prior Fiscal
Estimated Actual Year Actual
$ 2,200
$ 1,440
$ 2,400
13,340
13,665
19,695
66,072
22,107
10,088
10,088
451,351
479,820
398,994
60t268
612,322
9,179
6,450
643,928
543,209
190334
20,369
18,877
500
1,844
487
23,352
25,955
31,648
439186
48,168
51,012
360492
34,328
26,092
9,000
2,311
8,240
40,650
35,943
28,241
86,142
72,582
62,573
2249498
1890142
196,290
240054
16,775
22,812
61,000
56,935
509211
201410
12,533
15,629
155,000
134,137
117,901
205,000
252,160
1969349
1,000
1,274
9,903
690,962
662,956
609,095
35,000
38,224
549740
35,000
33,760
35,149
5,000
4,927
4,868
75,000
76,911
94,757
1,507,612
1,504,545
1,360,646
8989354
1,141,004
825,938
9,372
11,250
8,846
907,726
1,152,254
8342784
GENERAL FUND
STATEMENT OF REVENUES - Continued
CITY OF LUBBOCK, TEXAS
10
Year
Ended
September
30, 1979
Prior Fiscal
Estimated
Actual
Year Actual
Miscellaneous revenue
Interest earnings
Interest on investments
$ 200,000
$ 595,064
$ 429,090
Interest on accounts, notes
contracts and paving
certificates
10,000
42,236
210,000
637,300
429,090
Rents
Land, buildings and equipment
80,122
97,507
84,902
Recoveries of expenditures
Airport fire station
2490602
245,126
106,457
Insurance refunds
75,638
120,855
Other
133,150
382,752
155,256
381,410
476,020
6089722
Sale of land, equipment and
buildings
22,304
131,560
Property damage claims
70,000
86,347
69,881
Contribution from developers
6,275
Other
2,250
5,304
17,342
72,250
120,230
218,783
Total Miscellaneaous Revenue
745,124
1,331,057
1,341,497
Contributions from other funds
Capital projects funds
1729197
Revenue sharing funds
1,000,000
1,000,000
75,985
Electric revenue fund
1,421,766
1,350,738
1,796,349
Water revenue fund
197,200
Sever revenue fund
722.719
463,116
177,604
3,316,682
3,011,054
2,049,933
TOTAL REVENUE
26,664,678
1--29,785,077
2374
10
GENERAL FUND
DETAIL STATEMENT OF APPROPRIATIONS, EXPENDITURES
AND ENCUMBRANCES
CITY OF LUBBOCK, TEXAS
11
.
Prior Fiscal
Year Ended September
30, 1979
Year
Expenditures
Expenditures
and
and
Appropriations Encumbrances
Encumbrances
General government
City Council
$ 73,983
$ 68,345
$ 51,233
City Manager
184,173
189,049
167,088
City Secretary
74,523
68,943
81,315
Microfilm
29,838
32,577
34,617
Legal
294,212
286,131
253,140
General Multipurpose
306_,107
311,284
459,161
962,836
956,329
1,046,554
Community Relations
Human relations
209003
15,799
17,087
Public information
74.139
81,288
72,527
94,142
970087
89,614
Finance
Finance
293,301
3070919
216,214
Municipal court
311,476
302,004
280,516
6049777
609,923
496,730
Tax
963,497
886,160
749,702
Management Information Systems
544,060
176,600
235,567
Administrative Services
Communications
150,894
158,519
136,171
Building maintenance
374,490
340,617
275,180
525,384
499,136
411,351
Personnel
224,367
192,814
206,786
Purchasing
96,883
92,672
94,343
Planning Division
Planning
1960991
195,777
183,055
Zoning and environment
411,772
344,267
286,931
Traffic engineering
744,241
759,219
559,479
Building inspection
�31�
301,457
242,415
1,663,866
1,60 ,720
1,271,880
11
GENERAL FUND
DETAIL STATEMENT OF APPROPRIATIONS, EXPENDITURES
AND ENCUMBRANCES - Continued
CITY OF LUBBOCK, TEXAS
j
Prior Fiscal
Year Ended September
30, 1979 Year
Expenditures
Expenditures
and
and
Appropriations
Encumbrances
Encumbrances
Community Facilities
Parks and recreation
$ 2,520,481
$ 2,580,846
$ 2,127,998
Library
1,141,231
1,085,421
1,015,630
Cemetery
163,618
165,673
126,497
Golf
2819347
221,578
198,436
Swimming pools
106,249
7,871
120,514
Civic centers
919,883
878,339
799,344
Community facilities
57,613
58,167
53,308
5,190,422
4,997,895
49441,727
Public Services
Public service administration
60,875
62,934
40,773
f Health
1,055,989
1,064,418
760,423
Property management
_ 480961
48,880
46,087
Animal shelter
2029246
201,384
195,426
Community services
306,032
Transit
_. 748,460
812,210
657,846
2,116,531
2,189,826
2,006,587
Public Works
Public works administration
529,931
472,062
613,381
Street
1,961,496
1,822,358
1,360,467
29491,427
2,294,420
1,973,848
Public Safety
Police
69306,712
6,744,408
5,450,343
Fire department
5,515,923
5,497,267
4,822,040
11,8229635
12,241,675
100272,383
Street Lighting
974,989
851,954
921,525
Transfer to Other Funds
Capital projects
325,000
Sanitation
1,493,642
1,066,982
Convention and tourism bureau
939676
91,753
Grants fund
55,608
1,967,926
1,158,735
28,275,816
$ 29.655.137
S 25,377,332
12
t
DEBT SERVICE FUND
The Debt Service Fund, also known as the Interest and Sinking
Fund, accounts for the payment of interest and prinicipal on all
general obligation debt of the City.
DEBT SERVICE FUND
BALANCE SHEET
CITY OF LUBBOCK, TEXAS
ASSETS
Cash and investments — Note B
Taxes in litigation — Note C
Delinquent taxes receivable, less allowance
for uncollectible taxes (1979 — $2,133,253;
1978 — $2,008,260)
Due from other funds
LIABILITIES AND FUND BALANCE
Due to general fund
Fund balance.
See notes to financial statements.
13
September 30 September 30
1979 1978
209,587 721,013
87,938 87,925
290,898 273,854
474,866 373.920
„1.063,289 $ 1,456,712
$ 132,133 $ 108,030
931,156 1,348,682
-1,063,289 $ 1.456,712
(71
DEBT SERVICE FUND
STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE
CITY OF LUBBOCK, TEXAS
September 30 September 30
1979 1978
Revenue
Current tax revenues
$ 4,130,468
$ 5,620,5.36
Less: estimated uncollectible taxes
106,791
1531241
Net Tax Revenues
4,023,677
5,467,295
Interest on investments
436,212
284,556
Rotel/motel tax
260,212
253,541
Interest on bond sale
2103,656
9,819
Transfer from Electric Revenue Fund
299,992
307,611
Total Revenue
5,230,34
— 6,322,822
Expenditures
Bond retirement
3,841,000
3,995,000
Interest on bonds
1,804,583
1,850,693
Fiscal agent's fees
2,692
2,019
Total Expenditures
5,648,275
5,847,712
Excess
(417,526)
475,110
Fund balance at beginning of year
1,348,682
873,572
FUND BALANCE AT END OF YEAR
$---.-931,156
$1.348,682
See notes to financial statements.
14
September 30, 1979
Note A - Summary of Significant Accounting Principles
Basis of Accounting - The accounting records of the General Fund and the Debt
Service Fund are maintained on a modified accrual basis. Revenues are recorded
on a cash basis except for taxes levied, interest on investments, paving
assessments and some miscellaneous charges for services. Expenditures are
recorded at the time liabilities are incurred.
Investments - Investments are carried at par value net of any unamortized
premium or discount. The General Fund accounts for the interest receivable and
the investment earnings of the Internal Service Fund and the Special Assessment
Fund. The Debt Service Fund accounts for the interest receivable and the
investment earnings of the Capital Projects Fund.
Inventories - Inventories are valued at cost, determined by the average cost
method.
Encumbrances - Encumbrances outstanding at year end represent the estimated
amount of the expenditures ultimately to result if unpreformed contracts in
process at year end are completed. While appropriations lapse at year end, the
City intends to honor outstanding encumbrances and has reserved the respective
fund balances accordingly. For budgetary purposes, the outstanding
encumbrances have been grouped with current year's expenditures. However, the
encumbrances outstanding at year end do not constitute expenditures or
liabilities of the current period.
Note B - Cash and Investments
Securities pledged by the depository bank to secure the City's deposits were in
excess of deposits at September 30,-1979. Certificates of Deposit bear
Interest at rates ranging from 9.00% to 10.00%. .
Note C - Contingencies
Beginning with the 1975 tax roll, certain taxpayers filed suit against the City
of Lubbock because of the assessed value placed on their property. The orginal
values as assessed by the Tax Office and adjusted by the Board of Equalization
would generate taxes in the amount of $485,287, of which the taxpayers have
agreed to pay $360,665. The difference of $124,622 is being litigated as of
September 30, 1979.
Note D - Due From Federal Government
The amount due from the federal government in the General Fund is:
Transit Grants
15
S 135.475
In the Long -Term Debt Group of Accounts during the fiscal year ended September
30, 1979, there were additional new debts of $9,397,827 with retirement of
$3,857,677, leaving a balance of $47,963,774.
The annual requirements to amortize all debts outstanding as of September 30,
1979, including interest payaments of $24,908,555 on bonds carrying interest
rates of .25% to 7.5% are as follows:
The City has a lease agreement with the Lubbock Industrial Foundation dated
June 13, 1968, providing for the lease of land to that organization and
Including an option to sell the land or a portion of such land for $495 per
acre. No land has been sold under this option.
Note G - Fund Balance Commitments
As of September 30,1979, there were several unfinished projects in the General
Fund which were approved to be carried over into the current year's budget.
The amount of the fund balance designated for these projects at September 30,
1979, was $117,962.
Note H - Pension Plans
Eligible City employees are covered be the Texas Municipal Retirement System, a
state-wide plan. Contributions by the City are based on percentages of
salaries and wages. The City's policy is to fund pension costs accrued. The
actuarially computed value of vested benefits as of December 31, 1978, exceeded
pension fund assets by approximately $5,334,862.
The General Fund contribution to.the fund was $1,131,610 during the fiscal
year.
16
General
Year Ending
Obligation
Revenue
September 30
Tax Bonds
Bonds
Total
1980
$ 6,369,186
$ 3,161,240
$ 9,530,426
1981
5,972,208
3,064,180
9,036,388
1982
5,383,898
2,666,620
8,050,518
1983
5,113,036
2,436,860
7,549,896
1984
4,950,176
2,201,510
7,151,686
1985-89
20,474,725
8,616,179
291090,904
1990-99
14,998,150
7,731,587
22,729,737
,$63,261
29,878,176
S 93.139,555
Note F - Contracts
and Commitments
The City has a lease agreement with the Lubbock Industrial Foundation dated
June 13, 1968, providing for the lease of land to that organization and
Including an option to sell the land or a portion of such land for $495 per
acre. No land has been sold under this option.
Note G - Fund Balance Commitments
As of September 30,1979, there were several unfinished projects in the General
Fund which were approved to be carried over into the current year's budget.
The amount of the fund balance designated for these projects at September 30,
1979, was $117,962.
Note H - Pension Plans
Eligible City employees are covered be the Texas Municipal Retirement System, a
state-wide plan. Contributions by the City are based on percentages of
salaries and wages. The City's policy is to fund pension costs accrued. The
actuarially computed value of vested benefits as of December 31, 1978, exceeded
pension fund assets by approximately $5,334,862.
The General Fund contribution to.the fund was $1,131,610 during the fiscal
year.
16
DrcnI IIT 1 nm
WHEREAS, the City Council of the City of Lubbock, Texas desires to
receive bids for the purchase of its $16,750,000 General Obligation Bonds,
Series 1981; and
WHEREAS, First Southwest Company, Dallas, Texas, has been authorized
and requested to prepare a Notice of Sale and Bidding Instructions, Official
Bid Form and Official Statement containing financial, economic and other
data necessary and desirable to attract bids for said bonds;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK,
TEXAS:
That the attached Notice of Sale and Bidding Instructions, Official Bid
Form and Official Statement relative to $16,750,000 City of Lubbock, Texas
General Obligation Bonds, Series 1981, are hereby approved, both as to form
and content, and said First Southwest Company is authorized to distribute said
Notice of Sale and Bidding Instructions, Official Bid Form and Official Statement
to prospective bidders for, and purchasers of, the bonds.
PASSED AND APPROVED this the day of 19 ,
by the City Council of the City of Lubbock, Texas, convened in
session with a lawful quorum present.
BILL MC ALISTER, MAYOR
ATTEST:
Evelyn Gaffga, City Secretary -Treasurer
APPROVED AS TO FORM:
John C. Ross, Jr., City Attorney
(71
GENERAL CERTIFICATE
THE STATE OF TEXAS §
g
I COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
WE, the undersigned, Mayor and City Secretary -Treasurer,
respectively of the City of Lubbock, Texas, DO HEREBY CERTIFY
as follows:
1. This certificate is for the benefit of the Attorney
General of the State of Texas, other examining attorneys and
holders of the $16,750,000 "City of Lubbock, Texas, General
Obligation Bonds, Series 1981", dated March 1, 1981.
2. The following areth.e.'duly qualified and acting officers
of the City of Lubbock:
BULL McALISTER MAYOR
ALAN HENRY MAYOR PRO -TEM
X. J. ADERTON
E., JACK BROWN COUIICIIM14BFRS
JOAN BAKER
EVELYN GAFFGA � CITY SECRETARY
CITY TREASURER
LARRY J. CUNNINGHAM CITY MANAGER
JOHN C. ROSS, JR CITY ATTORNEY
JAMES
J. KILCHENSTIEN CITY ASSESSOR -COLLECTOR
3. The City of Lubbock, Texas, is operating under its
Rome Rule Charter, last amended at an election held January-
24,
anuary24, 1967.
4. Ordinance No. and minutes pertaining thereto
contained Herein are true -an-U—correct correct copies of such. instruments
as passed and entered by the City Council of the City of Lubbock,
Texas, on th.e day of -1980, said ordinance
being correctly recorded int e r inane. Records of said City.
5. The aforesaid ordinance was passed at two meetings,each
of which was held after written notice thereof stating the date,
hour, place and subject had been posted for more than 72 hours
preceding the day of the meeting at the,.City Hall on a bulletin
board located at a place convenient to the public, all in
compliance with the provisions of Section 3A, Article -6252-17,
V.A.T.C.S.
6. The total outstanding principal amount of tax -supported
indebtedness of the''City of Lubbock, upon issuance of the Series
1981 Bonds, -grill be -
7. The assessed.value of property for the purpose of
taxation in said City of Lubbock as shown by its offical tax
rolls for the year 1980, being its latest approved official asses
ment rolls, is �'
i
i
and the City's -Tax Assessor has duly verified the tax rolls
reflecting such amount, which does not include the amount
s of any exemptions to which property otherwise subject to taxation
was entitled pursuant to applicable provisions of the Constitution
and laws of the State of Texas.
WITNESS OUR OFFICIAL SIGNATURES AND THE SEAL OF THE CITY OF
} LUBBOCK, TEXAS, this the day of 1980. L.
Mayor, City of Lubbock, Texas
i
City Secretary - Treasurer l
City of Lubbock, Texas
(City Seal
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Amwoj
ORDINANCE NO.
AN ORDINANCE by the City Council of the City of Lubbock,
u Texas, relating to $16.750,000 "CITY OF LUBBOCK,
TEXAS, GENERAL OBLIGATION BONDS, SERIES 1981"
dated March 1, 1981, providing for the sale of
u the bonds and establishing interest rates for
said bonds, enacting provisions incident and
relating to the purpose and subject of this
ordinance and providing an effective date.
WHEREAS, on the day of 1980, on second
and final reading, th—e-City Councirl o tFi Cie p of Lubbock,
Texas, duly assed and approved an ordinance authorizing the
k issuance of V6,750,000 'CITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1981" (the "Bonds"); and
WHEREAS,'by Notice of Sale and Official Statement dated
this City Council duly offered the
Bons for sae at competitive bidding, said bids to be opened
and sale awarded on the day of 1980, at
1' o'clock .M.; and
I
WHEREAS pursuant. to said Notice of Sale, bids for the
I' purchase of the Bonds have been received by the City Council
and publicly opened, read aloud and tabulated; and
WHEREAS, it is hereby found and determined that the bid
of
for tie- purchase of the Bons waste best bid received, that
said bid was duly submitted and should be accepted and the Bonds
f sold to said bidder; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK*.
SECTION 1: That the bid of
I for the purch a of the $16,750,00V 'CITY OF LUBBOCK,
GENERAL OBLIGATION BONDS, SERIES 1981" dated March 1, 1981,
r at par plus accrued interest and a premium of $
(so as to provide an effective interest rate ofhereby
I accepted and said Bonds are hereby sold to -said iT ec-rr at such
price.
SECTION 2: That as provided in the bid accepted by the City
Council or tie purchase of the $16,750,000 "CITY OF LUBBOCK,
TEXAS, GENERAL OBLIGATION BONDS, SERIES -1981" dated March 1,
1481, the. Bonds of said series shall bear interest at the
following rates per annum, to wit:
ERS MATURITY COUPON
BOND
NUMB
(All Inclusive) March 1 AMOUNT. RATE
j 1 to 167 1982 $835,000
168 to 334 1983 835,000
335 to 501 1984 835,000 —�%
502 to 668 1985 835,000 !o
669 to 835 1986 835,000
ro
836 to 1002 1987 835,000 76
1003 to 1169 1988. 835,000 !A
1170 to 1336 1989 - 835,000 a
1337 to 1503 1990 835,000 —�
1504 to 1670 1991 835,000
1671 to 1838 1992 840,000
o i
1839 to 2006 1993 840,000
2007 to 2174 1994 840,000
2175 to 2342 1995 - 840,000 •
2343 to 2510- 1996 840,000
2511 to 2678 1997 840,000
267 to 2846 1998 840,000 !o,
9
2847 to 3014 1999 840,000
3015 to 3182 2000 840,00076
3183 to 3350 2001 840,000 _ 76 II
SECTION 3:. That, in"referenee to -the Official Statement
prepared the initial offering and =:ale of the Bonds, the
City Council ratifies and confirms its prior approval of the
form and content thereof and hereby approves the form and
content of any adddndas, supplements and amendments thereto;
the use of such Official Statement in the reoffering of the
Bonds by the above named purchasers) is hereby approved and
authorized; and the proper officials of the City are hereby
authorized to execute and deliver a certificate pertaining
to said Official Statement as prescribed therein, dated as
of the date of payment for and delivery of the Bonds.
I.
j.. SECTION 4: This ordinance shall take effect and be in
force mutely from and after its final passage, and it
is so ordained.
PASSED AND APPROVED on first reading this the day j
of 1980.
PASSED AND APPROVED on second and final reading this the
day of 1980.
�I
Mayor, City of Lubbock, Texas
ATTEST:.
"City Secretary, City o
Lubbock, Texan
(City Seal)
'i
• 1
°s i
I
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS §
;I §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
i
I, the undersigned, City Secretary of the City of Lubbock,
Texas, DO HEREBY CERTIFY that the above and foregoing is a
•d•
.true and correct copy of Ordinance N0. providing for
the sale of general obligation bonds of the City in the
aggregate amount of $16,750,000 and establishing interest
rates therefor (and Minutes pertaining -to the first and !'
i
second readings thereof) passed by the City Council of said j
City on the day of 1980, which
ordinance is duly recorded in the Minutes of said City
Council.
I FURTHER CERTIFY that the said ordinance was passed at
a meeting,open to the public and notice of said meeting was
gven in advance thereof in such manner as to be in compliance
with the provisions of Article 6252-17, Section 3A,.V.A.T.C.S.
I' IN WITNESS WHEREOF, I have hereunto signed my name
officially and affixed the seal of said City, this the
day of 1980.
1i
'City Secretary, City of Lubbock, Texas-
(CITY
exas(CITY SEAL)
{
Z a;
MINUTES PERTAINING TO PASSAGE AND ADOPTION OF AN
ORDINANCE AUTHORIZING THE SALE OF AND ESTABLISHING
INTEREST RATES FOR THE $16,750,000 "CITY OF LUBBOCK,
TEXAS, GENERAL OBLIGATION BONDS, SERIES 1981"
DATED MARCH 1, 1981
THE STATE OF TEXAS §
§
COUNTY OF LUBBOCK §
CITY.OF LUBBOCK §
ON THIS, the day of 1980, the City
Council of the City�Lubbock, Texas, convened in
session at the regular meeting place thereof in the City Ram,
the meeting being open to the public and notice of said meeting
having been given as prescribed by Article 6252-17, Section 3A,
V.A.T.C.S, with the following members present and in attendance,
to wit:
BILL McALISTER MAYOR
ALLEN HENRY MAYOR PRO -TEM I
JOAN BAKER )
M.J. ADDERTON ) COUNCILMEMBERS
E.JACK BROWN )
EVELYN GAFFGA CITY SECRETARY hi
AND
f
LARRY CUNNINGHAM CITY MANAGER
E �
also being present, and with the following absent:
yconstituting a quorum; among
other business consider at said meeting, an ordinance was
submitted for consideration and adoption, such ordinance being
entitled as follows:
.VAN ORDINANCE by the City Council. of the City of Lubbock,
4 Texas, relating to $16,750,000 `CITY OF LUBBOCK,
TEXAS, GENERAL OBLIGATION BONDS, SERIES 1981'
dated March. 1, 1981, providing for the sale of
the. bonds and establishing interest rates for
said bonds ,.enacting provisions incident and
relating to the purpose and subject of this
ordinance and providing aneffective date."
Upon consideration of the ordinance, Councilmember
moved that the ordinance be passed on -the first
rea----Zing. a motion was seconded by Councilmember
and carried by the following vote
YEA: Mayor McAlister and Councilmembers Henry, Baker,
Adderton and Brown
NAY: None.
4 The Mayor then announced the ordinance had been passed on
the first reading.
ADOPTED on the first reading, this the day of ,
1980-
Mayor, qty of Lubbock,Texas
ATTEST:
City Secretary, -City o
Lubbock, Texas
1 (City Seal)
is
I
MINUTES PERTAINING TO PASSAGE AND ADOPTION OF AN
ORDINANCE AUTHORIZING THE SALE OF AND ESTABLISHING
INTEREST RATES FOR THE $16.750,000 "CITY OF LUBBOCK,
TEXAS, GENERAL OBLIGATION BONDS, SERIES 1981"
j DA' ED MARCH 1, 1981
THE STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
ON THIS, the day of 1980, the City
Council of the City -off' -Lubbock, Texas, convened in
session at the regular meeting place thereof in the City Ha=,
the meeting being open to the public and notice of said meeting
having been given as prescribed by Article 6252-17, Section 3A,
V.A.T.C.S., with the following members being present and in
attendance, to wit:
BILL McALISTER MAYOR
ALLEN HENRY MAYOR PRO -TEM
JOAN BAKER )
M..J. ADDERTON ) COUNCILMEMBERS
E... JACK BROWN )
EVELYN GAFFGA CITY SECRETARY
AND
3
LARRY CUNNINGHAM CITY MANAGER
also being present; and with the following absent:
constituting a quorum; among of er
us ness considered at salU meeeting, an ordinance was submitted
for consideration and adoption, such ordinance being entitled
as follows:
"AN ORDINANCE by the City Council of. the City of Lubbock,
Texas, relating to $16.750,000 'CITY OF LUBBOCK,
TEXAS, GENERAL OBLIGATION BONDS, SERIES 1981'
dated March 1, 1981, providing for the sale of
the bonds and establishing -interest rates for
said bonds, enacting provisions incident and
relating to the purpose and subject of this
ordinance and providing an effective-date."i
Upon consideration of the ordinance, Councilmember
moved that the ordinance be passed on the
a secon—anTfinal reading. The motion was seconded by
Councilmemher and carried by the following vote:
YEA: Mayor McAlister and Councilmembers Henry, Baker,
Adderton and Brown.
I NAY: None,
The Magor then announced the ordinance had been passed on the
second and final reading.
ADOPTED, on the second and final reading, this the
day of 1980. f
a
Mayor, City of LubbocE,Texas
ATTEST:
s
y
fi
City Secretary, City of Lubbock,
Texas p
CITY SEALS
RESOLUTION APPROVING FORM AND CONTENT
OF OFFICIAL STATEMENT
THE STATE OF TEXAS
§
COUNTY OF LUBBOCK §
§
CITY OF LUBBOCK §
ON THIS,'the day of 1980, the
City Council of the�ity of Lubbock, Texas, convened in
session at the regular meeting place thereof in the City Hall,
the meeting being.open to the public and notice of said meeting
giving the date, hour, place and subject thereof, 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:
BILL McALISTER MAYOR
ALLEN HENRY MAYOR PRO -TEM
JOAN BAKER )
M.J. ADDERTON ) COUNCILMEMBERS`
E. JACK BROWN )
EVELYN GAFFGA CITY SECRETARY
AND
LARRY CUNNINGHAM CITY MANAGER
also being present;.and with the following absent:
constituting a quorum; among other business
considered at said meeting, a•resolution was submitted to the •
City Council for passage and adoption, such resolution being
r
as follows:
WHEREAS, it is provided in the Official Statement dated
concerning the sale of the $16,750,000 "CITY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1981"
dated March 1, 1981, the City will furnish to the Purchaser, as
a part of the transcript of proceedings, a certified copy of a
resolution of the City Council as of the date of the sale of the
bonds which will approve the form and content of the Official
Statement, and any addenda, supplement or amendment thereto, and
authorize its further use in the reoffering of the bonds by the
Purchaser; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
That the Official Statement dated ,
Prepared in connection with the issuance an sae o ,000
'CITY OF LUBBOCK, TEXAS, GENERAL.OBLIGATION BONDS, SERIES 19811'
dated March 1, 1981, is.hereby approved as to form and content
_by this Council. This governing body hereby authorizes the further
use of said Official Statement in the reoffering of the bonds by
the Purchaser
No Text
CERTIFICATE OF CITY SECRETARY
THE STATE -OF TEXAS §
COUNTY OF LUBBOCK §
§
CITY OF LUBBOCK §
I, the undersigned, City Secretary of the City of Lubbock,
Texas, DO HEREBY CERTIFY that the above and foregoing is a true
and correct copy of a resolution approving the Official Statement
as of the date of sale of $16,750,000 "CITY OF LUBBOCK, TEXAS,
GENERAL OBLIGATION BONDS, SERIES 1981" dated March 1, 1981,
(and Minutes pertaining to its adoption) passed by the City_
Council of said City on the day of ,
1980, and duly recorded in the Minutes of said City Council
I DO FURTHER CERTIFY that said resolution was passed at
a meeting open to the public and notice of such meeting was given
in advance thereof.in such manner as to be in compliance with the
provisions of Article 6252-17,. Section 3A, V.A.T.C.S.
IN WITNESS WHEREOF, I have hereunto signed my name
officially and affixed the seal of said City., this the
day of 1980.
City Secretary, City o
Lubbock, Texas
(City Seal)
f
CERTIFICATE AS TO OFFICIAL STATEMENT -
THE STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
WE, the undersigned, Mayor and City Secretary of the City
of Lubbock, Lubbock.County, Texas, DO HEREBY CERTIFY that to the
best of our knowledge and belief:
(a) The descriptions and statements of or pertaining to
the City contained -in its Official Statement dated
and any addenda, supplement or amendment thereto, for is
$16,750,000 "City of Lubbock, Texas, General Obligation Bonds,
Series 1981" on the date of such Official Statement, on the date
of said bonds and the acceptance of the best bid therefor, and
on the date of the delivery, were and are true and correct -in all
material respects;
(b) Insofar as the City and its affairs, including its
financial affairs, are concerned, such Official Statement did not
and does not- contain an untrue statement of a taterial fact or omit
- to state a material fact required to be stated therein or necessary
to .make the statements therein, in the light of the circumstances
under which they were made, not misleading;
(c) Insofar as the descriptions and statements including
financial data, of:or pertaining to entities, other than the
City,.and their activities contained in such Official Statement
are concerned, such statements and data have been obtained from
sources which the City believes to be reliable and that the City
has no reason to believe that they are untrue in any material
respect; and
l
(d) There has been no material adverse change in the
financial conditions of the City since the date of the last audited
financial statements of the City.
TO CERTIFY WHICH, witness our hands and the seal of said
City as of the day of 1980, same being the
date of delivery oT the bons herein describW
Mayor, City of Lubbock, Texas
city- ecretar3 ,-ty o _ ----
Lubbock, Texas _..._ _
CCity Seal)
TREASURER'S RECEIPT'
i
j
THF STATE OF TEXAS j
COUNTY OF LUBBOCK
i
THE UNDERSIGNED HEREBY CERTIFIES as follows:
i (l) That this certificate is executed and delivered with respect to the following described bonds:
I "CITY OF LUBBOCK, TEXAS, GENERAL'`OBLIGATION BONDS, SERIES 198111
dated March 1, 1981 in the aggregate principal amount of $ 16,750.1000
(2) That on the date shown below as the date of execution and delivery of this instrument. the said
bonds were delivered to the purchaser thereof, namely:
g (3) That all of said bonds have been paid for in full by the purchaser concurrently with the deliv-
ery.of this certificate, and the issuer of said bonds has received the agreed purchase price for the said
bonds, as follows:
i PRINCIPAL AMOUNT..................................................•--------.-- ffi
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 un-
matured coupons were attached to said bonds.
(5) Than the undersigned has executed this certificate in the capacity hereinafter shown for and on
behalf of the said issuer of bonds.
EXECUTED AND DELIVERED this......... ........_............................_ ....._.......__..._ .-.------
i.................».»--....»...__._. ........
Treasurer
The foregoing signature of the foregoing designated official of the issuer is hereby certified as
genuine.
I
..............
l
(BANK SEAL)
............................»-----..__.»._..---......._»....---_»-------.................
» (Bank)
...................»»_..---..._----»......____-........»--------._ ........ .»..».... »».......
...
LAW OFFICES
Dumas, Huguenin, Boothman and Morrow
1212 United National Bank Building
Dallas, Texas 75201
SIGNATURE AND NO -LITIGATION CERTIFICATE
THE STATE OF TEXAS
COUNTY OF LUBBOCK
WE,
the undersigned, hereby certify as follows:
(1) That this certificate is executed and delivered with reference to the following described bonds:
"CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1981"
dated March 1, 1981 in the aggregate principal amount of $ 16 , 750 , 000
(2) That the undersigned officially executed and signed or countersigned said bonds and the inter-
est 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, im-
printed 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 knowledge, threat-
ened restraining or enjoining the issuance and delivery of said bonds or the levy and collection of 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 corporate ex-
istence 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 OFFICIAL TITLE
Mayor, City of Lubbock, Texas
.............................................................................................--•---........---.............------...............-----.............----------...--------•
City Secretary, City of Lubbock,
Texas
----•.....................................................................................................................-----............------------------.....--------....----......
The signatures of the officers subscribed above
are hereby certified to be true and genuine.
(BANK SEAL) ............................................•-•----------------•-------------------......------
Bank
By-------------------------------------- -----------......
LAW OFFICES Authorized Officer
Dumas, Huguenin, Boothman and Morrow
1212 United National Bank Building
Dallas, Texas 75201