HomeMy WebLinkAboutResolution - 012248C - Advertise Bids - General Obligation Bonds - Airport, City Hall, Etc. Bonds - 01/22/1948OIZZ48C
RESOLUTION of the City Commission of the Laity of Lubbock, Texas,
authorizing the publication of notice oil intention to
receive bids for the sale of 42,295,0/00.00 bonds of said
City, described as follows
(A) y445,000.00 0eneral Obligation 'Donds, the ,purpose
being:
1. x150,004.00 ' unicipal Airport 3onds;
2• S 75.(W.00 City Mall Building Bonds
3. $ 91,000-00 0.00 Park i3ora19
4. $129,000.00 treet righting Bonds,.
(ail being, a portion of an authorizers fourteen issues or
brands agVe-,ating 5,$94,OW.00, as au.Vorited by an election
hell )eceirber 11, 1945.)
W) $1,850,000.00 Flectric Light iyste..m Revenue Bonds 'being
a portion of an authorized issue of
$4,924.0W.00 as authorigad by ar election
held December 2, 1947..
oj*Z2t4%c
STATE OF TFXAS,
CITY OF LUBBOCK,
CITY OF LUBBOCK.
BS IT RFMM MM that on this the 22nd day of January, A. D.
1948, the City Commission of the City of Lubbock, Texas, convened in regular
set?$ion at the regular meeting place thereof in the City Full building in the
City of Lubbock, Texas, with the following memabern present, namelys
Honorable C. A. Hestwick
J. Ray Rickey
Fred Childress
W. B. Price
John Spikes
Lavenia +illiamss
Mayor and Presiding; Officer
Commissioner
^omaimsi.oner
'S+i)'pr ii5sioner
C o.-imia s ioner
Secretary
constituting the entire commission, whereupon this foil ooind among other business
was tra3nssacteds
Commissioner dickey introduced .a resolution and moved its adoption.
The motion was seconded by Corrraiss ioner Price. The notion, carrying pith it the
adoption of the resolution, prevailed by the following votca:
:AYES: Covinissionere J. fay Dickey, Fred Childress, , B.
Price and John Spikes and Mayor --Commissioner C. A.
Bestxick
NOE.5: Norms;
The resolution is as follows:
Tci>SULgION
AUTHORIZING THS tUBLICATVIi OF NOTICE OF TiVj> INMTICN
OF TRY CITY C I"SICN TO K`C "IYF SEALED BIDS FOR THS
SALE OF $2,295,000.00 BONDS OF THE CITY OF LUBBOCK, BEING
$445,000.00 GENERAL OBLIGATION BCMDSf AND $1,850,000.00
C RIC LIGHT FaVRAUF BONDS, PisWRISING "tom FORU OF
SUC- NOTICE, DESIONATINI THE. DATES AND PLACES OF PUB_
LICATIONs FIXING THE TIW!.' FOR AND CONDITIONS UPON (RICH
SUCV BIMS )LAY BE RM, lVtZ.
WHEREAS, the negotiable, interest bearing coupon General.
Obligation Bands of the City of Luh)bock have been authorized by election duly
held, in the amount of 05,894,000.00, bearing interest at the rate riot to
exceed 31% per centdun from Mate and :;aaturing at such time or times as Facey be
dee:-ped most expedient by the City Commission, serially not later than 23 years
from their date, for fourteen separate and distinct purposes which :Are
mors fully set forte in the Ordinance calling such election and in the
resolution heretofore adopted csanvasssin; the rAturns of such election;
and
MEREAS, the negotiable, interost bearing coupon r-Aectric
Li; ht revenue Bonds of the City of lublbnck, '-ave been aauthori gad by selection
duly held in the amount of 4,924,0X,00, bearing interest at the rate not
to exceed 3-3/4% per centum from date and maturin6; at such time or ties as
may be deemej most expedient by the City vomrssission, serially, not later
than 20 years from their date, the purpose of such issue beim; more fully
yet forth in the Ordinance calling such election: and in the resolution
heretofore adopted csnvsasing the returns of such election; and
:s'ds: r.� AS. it is now the opinion of the City ':oamis--icon that
2,295,000.00 of such bonds so authorized should be authorized and sold,
and in def erance to ,article 6, :rection 5, of the Charter of the City of
L=u'Dbock which Provides that before any bore -is of the City of Lubbock shall
be sold, notice of"the sale the=reof shall be given once each week for a
period of thirty days and that such bonds shall he sola only upon com—
petitive bids submitted in an of en session of the City Corr ission. It is
deemed and held expedient that notice now be ;riven of the intention of the,
City Commission to bell such bonds uj�on a competitive laid at its regular
meeting on Thursday. February 26, 1048, at 2rOO P. E4.
THE_HEF(')R7- IT k'"3s" VIM BY bile CITY C 15 0? VRF CITY
OF LUBBOCK, T2EXAS s
1.
That the bonds of the said City, in the amount of 2,295,000).00
shall be offered for sale upon ,public competitive bids on February 26, 1948,
at 2:00 T. �,. and that such bidder be requested to specify the rete of in-
terest which such bonds will bear and that the lowest Inte •est cast of the
City of Lubbock shall be accepted by the City Cokmaission.
It is further resolved that notice of intention to sell such
bonds small be given by pulAication of such notice in the Avalanche -Journal,
a. newspaper regularly published in Lubbock* Texas, once a .week for a period of
30 days prior to Thursday, February 26, 1946. That such notice shall be pub-
113herd or the following dates, to -wit: January 25, 191*8; February i., 1946,
February 8, 1948, February 15, 1948, and February 22, 1948. That the City
Secretary is authorized to execute and have published the notice as above
mentioned.
Ii.
Dla4ic
That such notice shall be substantially in the following forms
NOTICE OF WALT.
2 O'CLOCK P. M., T11=5DAY, FEBRUARY 26, 1943
42,295.000 8=3
OF THE
CITY OF LUBBOCK, TEEXA3
The Cite Commission of the City of Lubbock, Texas, will receive
g,=clad bids for sale of 42,295,000 bonds, dated the last day of March, 1949; clue
serially as set out belowl parable at a Dank to be selected by the rurchaser and
approved by the City.
The bores are described by issues, as to amounts, purpose and
maturity, as follows:
(A) 4"5,0-' GENERAL CBLI sATION BONDS, authori ,ed at an election_
Yield Jacember 1l, 19453 interest payable +sami-annually Uarch Ist
and Septenber last; first interest coupon due March 1, 1949;
No option to call for payment prior to maturity; purpose and
maturity beings
1. $150,000 MUNICIPAL A.Ut'ORT S 'R0W-`,TH-NT [,,74lJW ,
maturing, 1 6,000 each year.3-1-1949/1954, inclusive,
7,000 each year 3-1=1955/1959, inclusive,
€3,000 each year 3-1-1960/1963, inclusive,
9,030 each year 3-1-1964/1966, inclusive,
10,000 each year 3-1-1967/1968, inclusive.
2. 4' 75,E CITY' HAL{ BUILDING TJONDS,
maturing, $ 3,000 each year 3-1-1949/1956, inclusivd,
4,000 each year 3-1-1157/1965, inclusive,
5,000 each year 3-1-1966/1968, inclusive.
3. a : 1,000 P dill 13'�NDS,
maturing, � 3,000 each year 3-1-1949/1950, Inclusive,
4,004 each year 3-1-1951/1158, inclusive,
5,000 each y=Dar 3-1-1959/1965, inclusive,
6,010:, each year 34-1964/1968, inclusive.
i,. 2129,000 STRUT LliTiiING BINDS,
maturing, 2, 5,000 each year 3-1-1949/1954, inclusive,
6,000 each year 3-1-1955/1958, inclusive,
7,000 each year 3-1-1959/1963, inclusive,
8,000 each year 3-1-1964/1968, inclusive.
(S) Z1,850,000 ELECTRIC LIGM aYBTJV HZVW BONDS, authorized
at an election hold December 2, 1947: Interest payable rami -annually
'Ataarch Ist and September last; First interest coupon due :;eptember 1,
1948; Bonds maturing 3-1-1959 to 3-1-1968 inclusive, may be mall ed
for payment on March 1, 1958, or on any- into -rest payment date
thereafter at par and accrued interest; I rincipal maturities%
Z 70,000
3-1-1949
70,000
3-1-1950
7 5, 000
3-1-1951
75,000
3-1-1.952
nONDO
3-1-1953
80,000
3-1-1954
SO,G`00
3-1-1955
WOW
3-1-1956
8 5, 000
3-1-1957
901000
3-1-1958
90, OCU 33-1-1959
95,000 3-1-1960
100,O00 3-1-1961
100,000 3-1-1962
105,000 3-1-1963
105,000 3-1-19A.
11O,000 3-1-1965
115,000 3-1--1966
120,000 3-1-1967
120,000 3-1-1968
olz2A9c
At the election hold an December 2, 1447, an a3Cre. ate amount
of $4.924,000.00 hevenue. bonds were authorized by the voters for the purpose
of improving, enlarging, extending and repairing the City's :electric Light,
,,.iter and 5ewe3r Systems, as follows:
Z2,185,0O0.03 .for the City's electric Light 5ystesm
2, 31,3, 0U) NO for the City's daterv,orks System
426,000.00 for the City's Tanitary Sewer System
However, the election; order atnd notice specified that if the hands
for the above three purposes ve3re approved by the voters, the brands will be is-
sued as one series to be knovn as "City of Lubbock, Texas, ilectric Light Syste.19
hevenue Bonds". and that the prIncipal ,and interest on the bonds are to be payable
"solely from the revenues of the City's blectric Light System." The bonds, so
voted, were authorizes un.ler the Oeanesral Laws of the `sate of Texan, particularly
,rt aclas 1111 et oeca. , ;revised 4ivil Statutes of 1925, as aamnded, and sill be
"an exclusive first lien on and pled, of said ravenues of the City's Electric
Light 3yatem after deduction of the reasonable expenses of operating and main-
taining said :.lesctric Light 3yetem %s said expenses are defined by statute.".
The aggregate amount of $4,924,000.00 ilesctric Light Syste€r, .revenues Unds wero
so voted to mature over a period of years not to exceed twenty years from their
date.
The Bands, from the sale of the $1,85O,000.00 "City of Lubbock,
Texas Electric Li ht :system RevenueBonds," being offered for sale on February
26, 1948, will be used as follows;
$65O,0O0.00 for improvement of City's iat.eraeorks System
300,000 -OO for improvement of City's unitary Ower System
90O,000.0O for improvement of City's Ilectric Light System
The additional bonds of this series, in the amount of Z3,074,OOO
will be isnue d in an orderly runner over a period of years as the funds may be
needed. The bones will he ssued so that the net revenue from the Nectri.c
.Light JystAm will at all tins show at least one and one-half tineas coverage
after deducting the principal and intere ~t requirements of the bonds, the R out-
standing.
0122"Ce
CONDITICNS OF SALE
Bawled bids should be addressed to Miss Lavenia tfill.iams, City
: ecretary of the City of Lubbock, 'texas, and must be in the hands of the City
`secretary not later than 2:00 o1clock F. :A. on Februsry 26, 1948.
The bonds will be sold in one block, requiring the bids sub -
:pitted to be for all or none of the bonds.
Adders are requeeted to specify the rate of interest Ui-n bonds
will bear, but split rate Ul'"Is, involving more than two coupon rates on either
one of the issues of bonds described above Ni' -1 not be considered. ",ou-,50n rates
rust be in multiples of 1/4 of 1%.
No bid involving to coupon rate of more than 3j on the
G*neral Obligation Bonds will "t+es considered, and no bid involving a coupon
rate of more than 3-3/4% on the %1.850,000 issue of-lectric light s`ystem
tevenae F:tonds will. be considered. The above rates are the maximima set out
in the election order.
All bits must be suhmitted -yn a form provided by the City, which
fora may be obtained in the ,fxice of the CitySecretary; "d each bid must be
accompanied by a. Certified or ,aashies,rss Chock on a "Texas 3an_1s, payable to the
City of Lubbock, Texas, In the anaunt of 545,900.00. This check will be con-
sidered as a kpod Faith deposit and the check off. this successful bidder will he
retained by the City pending delivery of the bands.
They bidder roust agree to accept, delivery of and .wake payjrnt for
the bonds at the Anwrican National bank of Austin, 'Texas.
The City will furnish the successful bidder a compl4te certified
copy of the entird proceedings had in connection with the issuance of the bonds,
together with the final, unqualified, approving legal opinion of Juana► and Huguenin,
Attorneys of Dallas, Texas. Any other opinion dwftirad by the purchaser will be
obtained and paid for by him.
The City reserves the right to reject a ty and all bids.
i_:�irtnesi3 .�.ayet la .ij,.in�na
City `;-.#cret:ary, wity of Lubbock, Texas.
III.
That the farm of proposal which will be printad and distributed
by the City of Lubbock and which roust we used by 9,,ch hitdder shall be sub-
stantially as follows:
lD
3disa Lavenia ' it ! iw. a, City Secretary,
City of Lubbock, Texas.
Near Hadaml
0122A%G
iei.th refdrence to the ':ity of Lubbock, "texas, bonds in the principal
amount of 4'�2,295,000.00 as described, by issues, as to amount, purpose, an, mat -
rarity in your Notice of Salle, copy of which is hereto attached:
.e Kill pay tsar and accrued interest to date of deLivery to us,
plus a prerdum of said bonds to bear nterest fron their
dates and mature as follows:
(A) $445,033.00 11NERAL COLIGATION BONDS - Dated 3-1-1946
y1-J0U!'1'r*
MATURI,
AM.M%T*
MATURITY
RATS PE ANNIA! MR ALLY MA11 1RUG
$17,000
3-1-1949
t 23, CO
3-1-1959
(8) $1, 85), WQ-. U0 SUCTRIC
17,000
3-1-1950
24,00- .1
3-1-196;
MA UR TY 611E KKR AN14UM PTM:':t
18,0013
3-1-1951
24,000
3-1-1961
18.000
;-1-1952
24, ►
3-1-1962
March 1, l9__/19._._
181"
3-1-1953
24,000
3-1-1963
YnClus i.ves
ii '=
3-1-1954
26,000
3-1-1964
March 1, 1919
110,000
.3-1-1955
2u, 000
3-1-1965
� March 1, 19 19
20,000
3-1-1956
28,030-
3-1-1966
�/
inclusive
21,000
3-1-1957
29,E
3-1-1967
:Aarch 1, 19.,_/19
21,000
3-1-1958
29,000
3-1-1968
Inclusive.
"Ceprescents
the combined maturities of the 1445,C30U.00
General Obligation Bonds,
described
as Series
1, 2, 3, & 4
on Notice of 3ale to
Bidders.
(8) $1, 85), WQ-. U0 SUCTRIC
LIa T S Ydi: i REVENUE UE BONDS - late3d 3-1-1948
ii$��,(Ji?iPidl
[T I Y
A�li_UNT
MA UR TY 611E KKR AN14UM PTM:':t
$70,(*)
3-1-1949
$9,000
3-1-1959
70,C*3
3-1-1950
95,E
3-1-1960
7 5, 000
3-1-1951
100,000
3-1-1961
75,000
3-1-1952
100,000
3-1-1902
March 1, 1919
80, ow
3-1-1953
105,000
3-1-1963
Inclusive
8O,' }
3-1-1954
105,000
3-1-196
80,000
3-1-1955
110,000
3-1-1965
:Aarch 1, 19.,_/19
85,000
3-1-1356
115,000
3-1-1966
Inclusive.
85,000
3-1-1957
120,O(Y)
3-1-1967
90,000
3-1-1953
120,000
3-1-1968
Both the
principal and
interest on etch of
the ^hove .issues will be
made p area} 1e at the
of
The 2�ross interest Cost on the 2,2`?5,00�o.00 principal amount of bonds,
on the above bid, ca.lcc:lated from the date of the bonds, will be 4._
and, deducting the premium, the not. inter-st cost will be . The
average net inters..; t rate on the above bid is
�e hereby agree to accept delivery of anti auke payment for the above
bortls at the American National 3axnk of Austin. 'texas.
It is agreed, we are to be furnished a complete certified cony* of
OIZZ148G
all proceedings had in connection with the issuarce of said bonds, together
with the final and unqualified approving opinion. of Dumas and Huguenin, of
Dallas, Texas.
„e are submitting this bid on the basis of securing the unqualified
approving opinion of _, Of
which we agree to procure and
for which me will pay.
As evidence of our good faith in Deakins; this bid, we enclose herewith
Cashier's or Certified Check on bank
of , Texas, in the amount of 445,900.00 amdo
payable to the City of Lubbock, Texan, which check is to be retained by the City
in the event wee are the successful bidder, pending delivery of the bonla to us
and payment being made by urs as above set out; or, in the event we fail or re-
fuse to carry out the terms of this a4reement, said check shall be cashed by
the Gity as full and comnleto liquidated =damages. The Good Faith Check is to
be returned to us by the City, when and as the above bonds hove been delivered
to and paid for by us.
Aespectfully submitted, this the 26th day of February, 1948.
,e, the authorized officials of the City of Lubbock, Texas, hereby
accept the above aSTsament by order of the Commission in session on this, the
26th day of February, 194.
AT S'T s
Mayor, City of Lubbock, Texas
City Secretayy, City of Lubbock., Texas
(seal)
IV.
That the City AGretary shall procure a newspaper ropy of such
advertisement, to;•et'ner with the proposals and affidavit of the rubli.c-=tion
thereof and shall present s8mea to the City Commission on K ehru4ry 26, 1943.
prior to the time such ON are received as evidence of the publication of such
notice.
01224gic
PA33ID9 APPROVED AND ADOPTED this 22nd day of January, 1948.
al C. A. 500wio
ftyor, City of Lubbock, T,3xas
ATTISTs
in/ kmb
City Seentary. City of labbook, Taxaas.
(CORFORATti='. SEAL)
THE ST n-. Of T� AS. �
COUNTY OF LU£1HOCK,
Cray or LtMBoCK.
I, Laeenia �aUliws, City 'ecretary of the City of LW*ock, Texas,
do ;,er9by certify that the above and foregoing instrnseent is a true, full and
correct executed copy of a Rasulution duly introduced. paoiod and ap oved and
adopted by the City Commisaion of the City of Lubbock, Texas, on the 22nd day
of January, A. D.. 1948 at 200 o{olock i,. X., as the same now appears of record
in the minutes of said Consissiont arA that said resolution has not been altered,
awaded or changed in any manner and is now in full force and offset.
'=Y HAND AND :-.':AL ' ' F4 } CITY, this the day of
19480
y +e
pitysarota-v, C ty of Lubboek.
Texas
(CORPORATE SUL)