HomeMy WebLinkAboutResolution - 2019-R0011 - Intent To Issue Water And Wastewater Bonds - 01/22/2019Resolution No. 2019- R 00 11
January 22, 2019
Item No. -&A
A RESOLUTION AUTHORIZING PUBLICATION OF NOTICES OF
INTENTION TO ISSUE CITY OF LUBBOCK TEXAS WATER AND
WASTEWATER SYSTEM REVENUE BONDS AND TAX AND WATER AND
WASTEWATER SYSTEM SURPLUS REVENUE CERTIFICATES OF
OBLIGATION
WHEREAS, the City of Lubbock, Texas (the "City"), pursuant to Chapter 1502, Texas
Government Code, as amended, is authorized to issue its water and wastewater system revenue
bonds (the "Bonds") for the purposes set forth in Exhibit A hereto; and
WHEREAS, the City Council of the City has found and determined that a notice of
intention to issue the Bonds should be published in accordance with the requirements of applicable
law and the City's charter; and
WHEREAS, the City, pursuant to Subchapter C, Chapter 271, Texas Local Government
Code, as amended, is authorized to issue its certificates of obligation (the "Certificates") for the
purpose of paying contractual obligations to be incurred for the purposes set forth in Exhibit B
hereto; and
WHEREAS, the City Council of the City has found and determined that a notice of
intention to issue the Certificates should be published in accordance with the requirements of
applicable law;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LUBBOCK, TEXAS, THAT:
Section 1. The findings and determinations set forth in the preambles hereto are hereby
incorporated by reference for all purposes.
Section 2. The City Secretary of the City is hereby authorized and directed to publish
a notice of intention to issue the Bonds, in substantially the form set forth in Exhibit A hereto (the
"Bond Notice") incorporated herein by reference for all purposes. The Bond Notice shall be
published once a week for a period of thirty days prior to the date set forth in the Bond Notice for
passage of the ordinance authorizing the Bonds. Such Bond Notice shall be publishedin a
newspaper of general circulation in the area of the City.
Section 3. The City Secretary of the City is hereby authorized and directed to publish
a notice of intention to issue the Certificates, in substantially the form set forth in Exhibit B hereto
(the "Certificate Notice") incorporated herein by reference for all purposes. The Certificate Notice
shall be published once a week for two consecutive weeks, the date of the first publication being
not less than the day before the thirtieth (30th) day prior to the date set forth in the Certificate
Notice for passage of the ordinance authorizing the Certificates. Such Certificate Notice shall be
published in a newspaper of general circulation in the area of the City.
Section 4. This resolution shall take effect from and after the date of its passage.
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Resolution No. 2019- R0011
Exhibit A
NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS
WATER AND WASTEWATER SYSTEM REVENUE BONDS
NOTICE IS HEREBY GIVEN that on February 25, 2019, at 4:30 p.m. at a regular meeting
of the City Council of the City of Lubbock, Texas, to be held in the City Council Chambers at the
Municipal Complex, 1625 13th Street, Lubbock, Texas, the regular meeting place of the City
Council, the City Council intends to pass one or more ordinances authorizing the issuance of not
to exceed $28,500,000 total principal amount of one or more series of water and wastewater system
revenue bonds (the "Bonds") for the following purposes, to wit: (i) paying the costs of acquiring,
purchasing, constructing, improving, renovating, enlarging and equipping property, buildings,
structures, facilities and related infrastructure for the City's water and wastewater system, (ii)
funding capitalized interest on the Bonds, (iii) funding the reserve fund requirement for the Bonds,
and (iv) paying the costs of issuing the Bonds.
THIS NOTICE is given in accordance with law and as directed by the City Council of the
City of Lubbock, Texas on January 22, 2019.
A-1
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Resolution No. 2019- goo 11
Exhibit B
NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS
TAX AND WATER AND WASTEWATER SYSTEM SURPLUS REVENUE
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that on February 25, 2019, at 4:30 p.m. at a regular meeting
of the City Council of the City of Lubbock, Texas, to be held in the City Council Chambers at the
Municipal Complex, 1625 13th Street, Lubbock, Texas, the regular meeting place of the City
Council, the City Council intends to pass one or more ordinances authorizing the issuance of not
to exceed $80,000,000 total principal amount of one or more series of certificates of obligation
(the "Certificates") for the purpose of paying contractual obligations to be incurred for the
following purposes, to wit: (i) acquisition, construction, renovation, improvement and equipment
of land, buildings and other facilities related to a Public Safety Improvements Project, consisting
of police facilities and municipal court facilities, including parking, infrastructure and other costs
related thereto; (ii) city fuel system upgrades; (iii) acquisition, construction, renovation,
improvement and equipment of land, buildings and other facilities related to a car wash for city -
owned vehicles; (iv) renovations and improvements to the Lubbock Preston Smith International
Airport facilities, including terminal building remodeling (collectively, with items (i) - (iii), the
"Project"); and (v) payment of professional services of attorneys, financial advisors, engineers and
other professionals in connection with the Project and the issuance of the Certificates. The
Certificates shall bear interest at a rate not to exceed fifteen percent (15%) per annum and shall
have a maximum maturity date of not. later than 21 (twenty-one) years after their date. Said
Certificates shall be payable from the levy of a direct and continuing ad valorem tax, levied within
the limits prescribed by law, against all taxable property within the City sufficient to pay the
interest on said Certificates as due and to provide for the payment of the principal thereof as the
same matures, as authorized by Subchapter C, Chapter 271, Texas Local Government Code, as
amended, and from all or a part of the surplus net revenues of the City's Water and Wastewater
System, such pledge of surplus net revenues being limited to $1,000.
THIS NOTICE is given in accordance with law and as directed by the City Council of the
City of Lubbock, Texas on January 22, 2019.
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Resolution No. 2019- unn> >
January 22, 2019
Item No. _4
ADOPTED THIS 22" d day of January, 2019, by the City Council of the City of Lubbock,
Texas.
CITY OF LUBBOCK, TEXAS
- (.,A-
DANIEL M. POPE, MAYOR
ATTEST:
Reb cca Garza, City Secre ry
APPROVED AS TO CONTENT:
D. B u Kostel' h, Chief Financial Officer
APPROVED AS TO FORM:
(�7 -
,Terry V. Vcyle, Jr., Bond Counsel
Signature Page for Notice of Intent Resolution
4157-2069-9417.2
MINUTES AND CERTIFICATION PERTAINING TO
PASSAGE OF A RESOLUTION
STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
On the 22nd day of January, 2019, the City Council of the City of Lubbock, Texas,
convened in a regular meeting at the regular meeting place thereof, the meeting being open to the
public and notice of said meeting, giving the date, place and subject thereof, having been posted
as prescribed by Chapter 551, Texas Government Code, as amended; and the roll was called of
the duly constituted officers and members of the City Council, which officers and members are
as follows:
Daniel M. Pope, Mayor Juan A. Chadis )
Jeff Griffith, Mayor Pro Tern Shelia Patterson Harris ) Members of
Steve Massengale ) the Council
Randy Christian )
Latrelle Joy )
and all of said persons were present, except Steve Massengale, thus constituting a quorum.
Whereupon, among other business, a written Resolution bearing the following caption was
introduced:
A RESOLUTION AUTHORIZING PUBLICATION OF NOTICES OF
INTENTION TO ISSUE CITY OF LUBBOCK TEXAS WATER AND
WASTEWATER SYSTEM REVENUE BONDS AND TAX AND WATER
AND WASTEWATER SYSTEM SURPLUS REVENUE CERTIFICATES OF
OBLIGATION
The Resolution, a full, true and correct copy of which is attached hereto, was read and
reviewed by the City Council. Thereupon, it was duly moved and seconded that the Resolution
be passed and adopted.
The Presiding Officer put the motion to a vote of the members of the City Council, and
the Resolution was passed and adopted by the following vote:
AYES: 0 NOES: 0 ABSTENTIONS: 0
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MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT, and to
correctly reflect the duly constituted officers and members of the City Council of said City, and
the attached and following copy of said Resolution is hereby certified to be a true and correct
copy of an official copy thereof on file among the official records of the City, all on this the 22nd
day of January, 2019.
Re cca Garza, City Secret ry
City f Lubbock, Texas
[SEAL]
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