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HomeMy WebLinkAboutResolution - 240 - Approve Official Statement & Ratings Addendum - General Obligation Bonds - 08/21/1979RESOLUTION NO 240 . A RESOLUTION by the City Council of the City of Lubbock, Texas, approving the form and content of the -official statement and a ratings addendum employed in offer- ing for sale $8,820,000 "CITY'OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1979" and awarding the sale of said bonds. WHEREAS the City's notice. of sale, bidding instructions and official :atement approved under date July 26, 1979 and employed in offering for sale z this, the 21st day of August, 1979, $8,820,000 "CITY OF LUBBOCK, TEXAS, ENERAL OBLIGATION BONDS, SERIES 1979," dated August 1, 1979, recite that ie City will furnish the purchaser, as a part of the transcript of proceedings, certified copy of the City Council's resolution containing representations as ierein set forth; and WHEREAS, on July 26, 1979, this City Council passed and adopted its Ordinance No. 7897 authorizing issuance of the aforesaid bonds and has this day received sealed bids for the purchase thereof submitted pursuant to said notice of sale, duly published in compliance.with applicable provisions of the City Charter; and WHEREAS all bids submitted as aforesaid have been opened, read and considered, and the City Council has determined that the best bid thus submit- ted is that of the bidder hereinafter named; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: SECTION 1: There being no supplements or amendments thereto, the form and content of the official statement as approved by the City Council's resolution adopted July 26, 1979 and the addendum thereto relating to ratings with respect to the sale of $8,820,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1979" are hereby reconfirmed, ratified and approved as of the date hereof. The original purchaser of the bonds is hereby authorized to use the aforementioned official statement and addendum in the initial offering thereof for sale to others and its use in the reoffering of said bonds by others is also authorized. SECTION 2: The Mayor and City Secretary are authorized to make avail- able to the purchaser of the bonds hereinafter named on the date of their delivery certifications that on the date of said official statement, on this date of the sale of said bonds and on the date of their delivery to such original purchaser, the statements and representations contained in the official statement were and are correct in all material respects. SECTION 3: The bid submitted by FIRST NATIONAL BANK IN DALLAS and Associates relating to its offer to purchase $8,820,000 "CITY OF LUBBOCK, TEXAS, GEN- ERAL OBLIGATION BONDS, SERIES 1979," bearing interest at the rate of 5.75%,. at a price of par plus a premium of $171,210.90 plus accrued interest thereon from their date to the date of their delivery, be and same is hereby approved and accepted. `{ SECTION 4: The bonds be and they are hereby officially awarded to I said successful bidder in accordance with the foregoing, and such sale and all procedures in its accomplishment are hereby ratified and confirmed. SECTION S: A certified copy of this resolution shall be made a part of the transcript of proceedings which shall be available to the original purchaser of the bonds. PASSED AND APPROVED this the 21st day of August, 1979. Mayor, City of Lubbock, Texas ATTEST: City Secretary, City of tub , Texas (City Seal) nNM�vv�.: a� iu tui111: John C.. Ross, Jr., _p..1ty Attorney LAW OFFICES DUMAS, HUGUENIN, BOOTHMAN AND MORROW 1509 MAIN STREET W. P. DUMAS �iEGO-1947 TELEPHONE A.BRYCE HUGUENIN UNITED NATIONAL BANK BUILDING 741-3458 CLAUD O. BOOTHMAN AREA CODE 214 ELSERT M. MORROW DALLAS, TEXAS 75201 ED H.ESOUIVEL August 23, 1979 Miss Evelyn Gaffga City Secretary -Treasurer P. O. Box 2000 Lubbock, Texas 79457 In re: City of Lubbock, Texas, General Obliga- tion Bands, Series 1979 - $8,820,000 Dear Miss Gaffga: In checking the papers which were processed Tues- day at the time of sale of the above bonds, we note an error in Section 3 of the resolution (your number 240) . The figure used as the price of the bonds is actually the net interest cost. We have taken the liberty of correcting this on our copy and on the one sent to the Attorney General. The first page of the resolution as revised is enclosed and we request that you substitute it for the one you now have or correct the City's copy to conform, whichever you prefer. Thanking you and with kind regards and best wishes, ABH: mw Encl . cc: Mr, Joe W. Smith Very truly yours AUG27197/3�CzJ Wy SURETARY RESOLUTION NO. 240 A RESOLUTION by the City Council of the YCK, ock, Texas, approving the form and conteficial statement and a ratings addendum effer- ing for sale $8,$20,000 "CITY OF LXAS, GENERAL OBLIGATION BONDS, SERI awarding the sale of said bonds. WHEREAS the City's notice of sale, bidding instructions and official statement approved under date July 26, 1979 ndemployed in offering for sale on this, the 21st day of August, 1979, $8, Z0,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 197 ," dated August 1, 1979, recite that the City will furnish the purchaser, as a art of the transcript of proceedings, a certified copy of the City Council's repolution containing representations as therein set forth; and ; WHEREAS, on July 26, 1979, this City Council passed and adopted its Ordinance No. 7897 authorizing issud'nce of the aforesaid bonds and has this day received sealed bids for the purchase thereof submitted pursuant to said notice of sale, duly published in c9npliance with applicable provisions of the City Charter; and j' WHEREAS all bids submitted as aforesaid have been opened, read and considered, and the City Council/has determined that the best.bid thus submit- ted is that of the bidder hereinafter named; now, therefore, BE IT RESOLVED BY THEITY COUNCIL OF THE CITY OF LUBBOCK: SECTION 1: There bei g no supplements or amendments thereto, the form and content of the officia statement as approved by the City Council's resolution adopted July 26, 1 79 and the addendum thereto relating to ratings with respect to the sale of $8„820,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES are hereby reconfirmed, ratified and approved as of the date hereof. The iginal purchaser of the bonds is hereby authorized to use the aforementioned official statement and addendum in the initial offering thereof for sale to others and its use in the reoffering of said bonds by others is also authorized.' SECTION 2: The Mayor and City Secretary are authorized to make avail- able to the purchaser of the bonds hereinafter named on the date of their delivery certifications that on the date of said official statement, on this date of the sale of said bonds and on the date of their delivery to such original purchaser, the statements and representtions contained in the official statement were and are aterial correct in all mre1pects. SECTION 3: The' bid submitted by relating to its offer to purchase $8,820,000 "CITY OF LUBBOCK, TEXAS, GEN- ERAL OBLIGATION BON S, SERIES 1979,” bearing interest at the rate of 5.75%, at a price of S, plus accrued interest ereon from their date to the date of their delivery, be and same is hereby a proved and accepted.