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HomeMy WebLinkAboutResolution - 356 - Sale Procedures - General Obligation Bonds, Series 1980 - 11/29/1979RESOLUTION RESOLUTION #356 - 11/2917 n A RESOLUTION by the City Council of the City of Lubbock, Texas, relating to procedures to be followed in the sale of $6,450,000.00 City of Lubbock, Texas, General Obligation Bonds, Series 1980 (being an installment out of bonds authorized at the election of May 21, 1977); providing the forms of procedures and in substantial form all instruments for said Series 1980 Bonds; stating the intent and desire of the City Council to proceed with such Series 1980 expeditiously and as appropriate within their discretion; reserving the right to make corrections and insubstantial and immaterial changes and modifications in all such Series 1980 instruments to reflect the true facts, circumstances and dates at time of ultimate execution, resolving other matters incident and related to the purpose, including the filing of an action under the provisions of Vernon's Ann.Civ.St., art. 717m-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 1980"; 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 materially effect the substance of the proposed instruments; and, (3) That a clear and concise declaration of the intentions and desires as to such proposed General Obligation Bond should be of record; and, (4) That form of the Ordinance to be hereafter enacted setting all terms and conditions of the Series 1980'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 necessary to the sale and. -delivery of said Series 1980; 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 1980 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 possible, subject to the Judicial procedures contemplated hereby, with the sale and delivery of $6,450,000.00 City of Lubbock, Texas, General Obligation Bonds, Series 1980. SECTION 3. That the City Attorney is directed 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 prevent the carrying out of the wishes of the electorate, all in the manner provided 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 Ordinance authorizing the issuance of $6,450,000.00 City of Lubbock, Texas, General Obligation Bonds, Series 1980; said Ordinance being attached as Exhibit R-1 to this Resolution and to which attachment reference is here made for all purposes. 4!!-:0x 68 , 7- ''Ct 1 Z SECTION 5. That the enactment of said aforesaid Ordinance 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 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-3 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 ip the City of Lubbock. That the date and time to be set in such notice for the receipt of bids would be not less than 30 days following the date of the first publication; that the time of day established for the sale shall be between the hours of -9 A.M. and 4 P.M.; that the City Council proposes to convene in open session, after notice thereof has been given in compliance with Article 6252-17, V.A.T.C.S. for the purpose.of opening and considering bids or proposals for the purchase of such bonds. SECTION 7. That additionally this Council proposes to cause to be dis- tributed an Official Statement, Notice of Sale and bidding documents in sub- stantially the form attached as Exhibit R-4 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-4, 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 1980 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-5 to this Resolution and to which attachment reference is here made for all purposes. SECTION 8. 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-6 to this Resolution and to which attachment reference is here made for all purposes. SECTION 9. 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-7 to this Resolution and to which attachment reference is here made for all purposes. SECTION 10. 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 substan- tially in the form reflected by Exhibit R-8 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). X G SECTION 11. That the minutes reflecting passage upon first reading of the ordinance immediately above described shall be substantially as reflected by Exhibit R-9 to this Resolution and to which attachment reference is here made for all purposes. SECTION 12. That the minutes reflecting passage upon second and final reading of the ordinance immediately above described shall be substantially as reflected by Exhibit R-10 to this Resolution and to which attachment reference is here made for all purposes. SECTION 13. 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-11 and to which attachment reference is here made for all purposes. SECTION 14. That the Council -authorizes and directs that at the appro- priate time a Certificate as to Official Statement by the officer named thereon substantially in the form 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 further proposes, during the procedures leading to ultimate sale and delivery of the $6,450,000 City of Lubbock, Texas, General Obligation Bonds, Series 1980, to utilize the additional instru- ments 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-13 and to which attachment reference is here made for all purposes; and, (2) Signature and No -Litigation Certificate attached to this Resolution as Exhibit R-14 and to which attachment reference is here made for all purposes. SECTION 16. That the language of each instrument proposed to be utilized 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 17. 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 18. 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 19. This Resolution shall be effective from and after its passage. PASSED BY THE CITY COUNCIL THIS 29TH DAY OF NOVEMBER, 1979. DRKWEST, MAYO ATTEST: Evelyn Ga ga, City S -Treasurer APPROVED AS TO FORM:. c'ty Attorney, City of Lubbock, Tev6s .. i THE STATE OF TEXAS COUNTY OF LUBBOCK CITY OF LUBBOCK I, EVELYN GAFFGA, City Secretary -Treasurer of the City of Lubbock, Texas hereby certify that the attached document is a true and correct copy of Resolution x'356, duly recorded in Minute Book No. 38, Page 762, Item 1304 of the Minutes of the City Council of Lubbock, Texas dated November 29, 1979• TO CERTIFY WHICH, witness my hand and seal.of the City of Lubbock, Texas this 11th day of April, 1980. EV LYN GAFMA City Secretary -Treasurer THIS RESOLUTION IS ON FILE IN BOND SALE FILES 1980 SERIES