HomeMy WebLinkAboutResolution - 1017 - Sale Procedures - General Obligation Bonds, Series 1982 - 01_28_1982�I RESOLUTION 1017 - 1/28/82
CITY SECRETARY -TREASURER
JPB:js
RESOLUTION
A RESOLUTION by the City Council of the City of Lubbock, Texas, relating
to procedures to be followed in the sale of $10,950,000 City of Lubbock, Texas,
General Obligation Bonds, Series 1982, dated June 1, 1982 (being to the extent
of $235,000 thereof an installment out of bonds authorized at an election of
November 9, 1967, and being to the extent of $10,715,000 thereof an install-
ment out of bonds authorized at an election of November 21, 1981); providing
the forms of procedures and in substantial form all instruments for said Series
1982 Bonds; stating the intent and desire of the City Council to proceed with
such Series 1982 expeditiously and.as appropriate within their discretion; re-
serving the right to make corrections and insubstantial and immaterial changes
and modifications in all such Series 1982 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, 1982", dated June 1,
1982; 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
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 1982 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 1982; 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 1982 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 $10,950,000 City of Lubbock, Texas, General Obligation Bonds,
Series 1982, dated June 1, 1982.
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 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 $10,950,000 City of Lubbock, Texas, General
Obligation Bonds, Series 1982; said Ordinance being attached as Exhibit R-1
to this Resolution and to which attachment reference is here made for all pur-
poses.
SECTION 5. That the enactment of said aforesaid Ordinance shall be re-
flected 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 there shall be after enactment of said aforesaid
Ordinance, attached to each copy of said Ordinance submitted subsequently in
the bond approval process, and where required, a certificate substantially in
the form attached as Exhibit R-3 to this Resolution and to which attachment
reference is here made for all purposes. Similar certificates as appropriate
may be attached by the City Secretary to other Ordinances, resolutions,
minutes or other documents hereinafter described, as appropriate.
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 1982 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 is
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 reflected
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 Resolu-
tion as Exhibit R-13 and to which attachment reference is here made for all
purposes.
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 1982, to utilize the additional in-
struments 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 all purposes; 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 uti-
lized 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 im-
material changes and modifications in all such instruments so that each will
reflect the true facts, circumstances and dates at the time of ultimate exe-
cution.
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.
passage.
PASSED BY THE CITY C(
ATTEST:
velyn Ga fga, CityAl
APPROVED AS TO FORM:
L
oUfi C. Ross, Jr., Ci
ity of Lubbock, Texz
i
1
AN ORDINANCE by the City Council of the City of
Lubbock, Texas, authorizing the issuance of
$10,950,000 "CITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1982" dated June 1,
1982, for the purpose.of making permanent
public improvements, to wit: $812,000 for
constructing, improving and expanding the
City's Airport Terminal facilities, and
including terminal apron improvements;
$1,090,000 for constructing improvements
and extensions to the City's sanitary
sewer system; $3,280,000 for constructing
street improvements in and for said City,
including lighting; $4,283,000 for improving,
extending and equipping the City's traffic
signalization system; $250,000 for constructing,
improving, and equipping fire station buildings
in and for said City and the purchase of
necessary sites therefor; $1,000,000 for
constructing, improving or expanding
health facilities, including the purchase
of necessary sites therefor; $235,000 for
constructing, enlarging, extending and
installing storm sewers, drains and gutters,
and other improvements incidental thereto,
including acquisition of land for drainage
purposes and drainage area modifications
for mosquito control; 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 declaring an emergency and providing an
effective date.
WHEREAS, pursuant to elections held in the City of Lubbock,
Texas, on the 9th day of November, 1967, and the 21st day of
November, 1981, this City Council became 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 public improve-
ments; and
WHEREAS, this City Council now deems is advisable and to
the best interest of the City that of the bonds voted at the
elections held November 9, 1967, and November 21, 1981, the
following should now be issued, all as reflected by the following
table:
AMOUNT
AMOUNT
DATE OF
AMOUNT
PREVIOUSLY
BEING
UNISSUED
ELECTION
PURPOSE
AUTHORIZED
ISSUED
ISSUED
BALANCE
Storm sewers,
11- 9- 67
drains, gutters
$ 1,950,000
$ 1,715,000
$ 235,000
- 0 -
11-21-81
Airport Fac.
12,854,000
-0-
812,000
$12,042,000
11-21-81
SSS Imp & Ex
7,892,000
-0-
1,090,000
6,802,000
11-21-81
St Imp,Lighting
9,495,000
-0-
3,280,000
6,215,000
11-21-81
Traf Signalization 4,283,000
-0-
4,283,000
- 0 -
i1-21-81
Fire Sta Imp
877,OOU
-0-
250,000
627,000
11-21-81
Health Fac
1,U00,000
-0-
1,000,000
- 0 -
AND, WHEREAS, the City Council has found and hereby declares
that there is an urgent public necessity that it proceed with the
issuance of such bonds for the purpose of conducting the program
of improvements to which the bonds relate at the earliest possible
date and this ordinance constitutes an emergency measure for the
immediate preservation of the public peace, property, health and
safety of the City and its inhabitants; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: That the bonds of said City, to be known as
"CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1982,"
be and the same are hereby ordered to be issued under and by
virtue of the Constitution and laws of the State of Texas, including
Article 1175, R.C.S. of Texas, 1925, as amended, and pursuant
to the Charter of said City, for the purpose of making permanent
public improvements, to wit: $812,000 for constructing, improving
and expanding the City's Airport Terminal facilities, and including
terminal apron improvements; $1,090,000 for constructing improve-
ments and extensions to the City's sanitary sewer system;
$3,280,000 for constructing street improvements in and for
said City, including lighting; $4,283,000 for improving, extending,
and equipping the City's traffic signalization system; $250,000
for constructing, improving, and equipping fire station buildings
in and for said City and the purchase of necessary sites therefor;
$1,000,000 for constructing, improving or expanding health
facilities, including the purchase of necessary sites therefor;
$235,000 for constructing, enlarging, extending and installing
storm sewers, drains and gutters, and other improvements incidental
thereto, including acquisition of land for drainage purposes and
drainage area modifications for mosquito control, aggregating
altogether the principal sum of TEN MILLION NINE HUNDRED FIFTY
THOUSAND DOLLARS ($10,950,000).
SECTION 2: Said bonds shall be numbered consecutively
from One (1) through Two Thousand One Hundred Ninety (2190). shall
each be in the denomination of Five Thousand Dollars ($5,000),
aggregating in principal amount TEN MILLION NINE HUNDRED FIFTY
THOUSAND DOLLARS ($10,950,000); shall be dated June 1, 1982,
and shall become due and payable serially on February 1
in each of.the years in accordance with the following schedule:
BOND
NUMBERS
(All
Inclusive)
MATURITY
AMOUNT
1
to
105
1983
$525,000
106
to
210
1984
525,000
211
to
320
1985
550,000
321
to
430
1986
550,000
431
to
540
1987
550,000
541
to
650
1988
550,000
651
to
760
1989
550,000
'761
to
870
1990
550,000
871
to
980
1991
550,000
981
to
1090
1992
550,000
1091
to
1200
1993
550,000
1201
to
1310
1994
550,000
1311
to
1420
1995
550,000
1421
to
1530
1996
550,000
1531
to
1640
1997
550,000
1641
to
1750
1998
550,000
1751
to
1860
1999
550,000
1861
to
1970
2000
550,000
1971
to
2080
2001
550,000
2081
to
2190
2002
550,000
PROVIDED, HOWEVER, that the City reserves the right to redeem
the bonds of said series maturing on February 1, 1992, and subse-
quent, in whole or any part thereof, on February 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 any interest payment
date upon which 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, New York, and the
TEXAS COMMERCE BANK, NATIONAL ASSOCIATION, Lubbock, Texas (the
paying agents named 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 bonds 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 15% per annum), such interest to be evidenced by proper coupons
attached to each of said bonds and said interest shall be payable
on February 1, 1983, and semiannually thereafter on August 1 and
February 1 in each year.
SECTION 4: 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.
SECTION 5: The seal of said City may be impressed on each
of said bonds, or, in the alternative, a facsimile of such seal
may be printed on each of 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 manner 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•required to be manually subscribed to such bonds in
connection with his registration certificate to appear thereon,
as hereinafter provided; all in accordance with the provisions
of Article 717j-1, V.A.T.C.S.
SECTION 6: The form of said bonds shall be substantially
as follows:
NO. UNITED STATES OF AMERICA $5,000
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BOND,
SERIES 1982
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
n r'1
($5,000), in lawful money of the United States of America, on the
1st day of February, , with interest thereon from the
date hereof to maturity at the rate of PER CENTUM
( %) per annum, payable on February 1, 1983, and semiannually
thereafter on August 1 and February 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 charges
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 Two Thousand One Hundred
Ninety (2190) serial bonds, numbered consecutively from One (1)
through Two Thousand One Hundred Ninety (2190), each in denomina-
tion of Five Thousand Dollars ($5,000), aggregating TEN MILLION
NINE HUNDRED FIFTY THOUSAND DOLLARS ($10,950,000), issued for
the purpose of making permanent public improvements,•to wit:
$812,000 for constructing, improving and expanding the City's
airport terminal facilities, and including -terminal apron
improvements; $1,090,000 for constructing improvements and
extensions to the City's sanitary sewer system; $3,280,000
for construcing street improvements in and for said City,
including lighting; $4,263,000 for improving, extending and
equipping the City's traffic signalization system; $250,000
for constructing, improving and equipping fire station buildings
in and for said City and the purchase of necessary sites therefor;
$1,000,000 for constructing, improving or expanding health
facilities, including the purchase of necessary sites therefor;
$235,000 for constructing, enlarging, extending and installing
storm sewers, drains and gutters, and other improvements
incidental thereto, including acquisition of land for drainage
purposes and drainage area modifications for mosquito control,
under authority of the Constitution and laws of the State of
Texas', including Article 1175, R.C.S. of Texas, 1925, as amended,
and pursuant to the Charter of said City of Lubbock, elections
duly called and held in said City on the 9th day of November,
1967, and the 21st day of November, 1981, and an ordinance duly
adopted by the City Council of the City of Lubbock, Texas, and
recorded in the Ordinance Records of said City.
AS SPECIFIED in the ordinance hereinabove mentioned, the
City reserves the right to redeem the bonds of this series .
maturing on February 1, 1992, and subsequent, in whole or any
part thereof, on February 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 any interest payment date upon which
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, New York, and the TEXAS COMMERCE
BANK, NATIONAL ASSOCIATION, Lubbock, Texas; 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.
THE DATE of this bond, in conformity with the ordinance
above mentioned, is June 1, 1982—
e"111 (1-11
IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that all
acts, conditions and things required by the Constitution and
laws of the State of Texas, and the Charter of said City, to
be done precedent to and in the issuance of this bond and said
series of bonds, have been done, happened and been performed
in regular and due time, form and manner as required by law;
that proper provisions have been made for the•levy and collection
annually of taxes upon all taxable property in said City of
Lubbock, Texas, sufficient to pay the interest on this series
of bonds as due and to provide for the payment of each installment
of principal as same matures; that when so collected, such taxes
shall be appropriated exclusively to such purposes; and that the
total indebtedness of the City of Lubbock, Texas, including this
bond and the series of which it is one, does not exceed any
statutory or Constitutional 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.C.S.
has caused the seal of said City to be impressed or a facsimile
thereto to be printed hereon, and this bond and its appurtenant
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 June, 1982.
Mayor, City of Lubbock, Texas
COUNTERSIGNED:
City Secretary, City of Lubbock,Texas
SECTION 7: The form of the interest coupons attached to
each of said bonds shall be substantially as follows:
*(unless the bond to which this coupon pertains
has been properly called for redemption in On the 1st day of
accordance with its terms,) the CITY OF ,
LUBBOCK, a municipal corporation of the
State of Texas, hereby promises to pay
to bearer the amount shown hereon in NO. $
lawful money of the United States of
America, without exchange or collection SERIES 1982
charges to the owner or holder hereof;
upon presentation and surrender of this BOND NO.
coupon, 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,
said sum being months' interest
due that day on "CITY OF LUBBOCK, TEXAS,
GENERAL OBLIGATION BOND, SERIES 1982"
dated June 1, 1982.
City Secretary Mayor
SECTION 8: The following certificate shall be printed
on the back or each bond:
OFFICE OF COMPTROLLER
REGISTER NO.
STATE OF TEXAS
I HEREBY CERTIFY 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
*NOTE TU PRINTER: The expression in parentheses to be included
only in coupons maturing August 1, 1991, and subsequent,
pertaining to optional bonds maturing in the years 1992
through 2002.
f�
required by law, that he
with the Constitution and
it is a valid and binding
Texas, and said bond has
finds it has been issued in conformity
laws of the State of Texas, and that
obligation upon said City of Lubbock,
this day been registered by me.
WITNESS MY HAND AND SEAL OF OFFICE as of
Comptroller of Public Accounts
of the State of Texas
SECTION a: To provide for the payment of the debt service
requirements on 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 adequate
to pay such debt service requirements, full allowance being made
for delinquencies and costs of collection; said tax shall be
assessed and collected each year and applied to the payment of
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 OBLIGATION BOND FUND, SERIES 1982"
which is hereby established for the payment of the 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 inconsideration of all other
outstanding obligations.
SECTION 10: The Mayor of said City shall be and he is
hereby authorized 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: The purchasers' obligation to accept delivery
of the bonds 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 executed by facsimile
signature of the City Secretary of the City of Lubbock, Texas,
is hereby approved and authorized.
SECTION 12: The City certifies that based on facts, estimates
and circumstances expected to exist on the date of the issue of
the Series 1982 Bonds it is not reasonable to anticipate that
the proceeds thereof will be used in a manner which would cause
them to be "arbitrage bonds" within the meaning of Section 103(c)
of the Internal Revenue Code of 1954, as amended, or regulations
thereunder applicable thereto, and the officers of the City charged
with responsibilities in the issuance of bonds are authorized and
directed to make, execute and deliver certifications as to facts,
estimates and circumstances in existence as of the date of the
issue of said bonds and stating whether there are any facts,
estimates or circumstances which would materially change the
City's present expectations. The covenants herein made and the
certifications herein authorized are for the benefit of the
holders from time to time of said Series 1982 Bonds and the coupons
appertaining thereto and may be relied upon by said holders and
by bond counsel for the City.
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 significance
or effect as regards the legally 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.
SECTION 14: The public importance of this measure and the
fact that -it is to best interest of the City of Lubbock to provide
funds for the purpose of conducting the program of improvements
to which the bonds herein authorized relate at the earliest
possible date for the immediate preservation of the public peace,
property, health and safety of the citizens of said City constitute
and create an emergency and an.urgent public necessity requiring
that this ordinance be passed as an emergency measure and this
ordinance is accordingly passed as an emergency measure and shall
take effect and be in force immediately from and after its passage,
and it is so ordained.
PASSED AND APPROVED, this the day of , 1982.
Mayor, City of Lubbock, Texas
ATTEST:
City Secretary, City of Lubbock, Texas
(City Seall
APPROVED as to form:
City Attorney, City of Lubbock,Texas
e 1, 6
r^
n
MINUTES PERTAINING TO PASSAGE OF AN ORDINANCE AUTHORIZING
THE ISSUANCE OF $10,950,000 "CITY OF LUBBOCK, TEXAS,
GENERAL OBLIGATION BONDS, SERIES 1982" DATED JUNE 1, 1982
THE STATE OF TEXAS §
§
COUNTY OF LUBBOCK §
§
CITY OF LUBBOCK §
ON THIS, the day of , 1982, the City
Council of the City -oY 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
having been given as prescribed by Article 6252-17, Section 3A,
V.A.T.C.S., with all members of said Council being present and
in attendance, to wit:
BILL MC ALISTER MAYOR
ALAN HENRY COUNCILMAN
M.J. ADERTON COUNCILMAN
E. JACK BROWN COUNCILMAN
JOAN BAKER COUNCILWOMAN
and
LARRY J. CUNNINGHAM CITY MANAGER
and
EVELYN GAFFGA CITY SECRETARY
also being present; and, among other business considered at
said meeting, an ordinance was submitted for reading and passage,
such ordinance being entitled as follows:
"AN ORDINANCE by the City Council of the City of
Lubbock, Texas, authorizing the issuance of
$10,950,000 'CITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1982" dated June 1,
1982, for the purpose of making permanent
public improvements, to wit: $812,000 for
constructing, improving and expanding the
City's Airport Terminal facilities, and
including terminal apron improvements;
$1,090,000 for constructing improvements
and extensions to the City's sanitary
sewer system; $3,280,000 for constructing
street improvements in and for said City,
including lighting; $4,283,000 for improving,
extending and equipping the City's traffic
signalization system; $250,000 for constructing,
improving, and equipping fire station buildings
in and for said City and the purchase of
necessary sites therefor; $1,000,000 for
constructing, improving or expanding
health facilities, including the purchase
of necessary sites therefor; $235,000 for
constructing, enlarging, extending and
installing storm sewers, drains and gutters,
and other improvements incidental thereto,
including acquisition of land for drainage
purposes and drainage area modifications
for mosquito control; 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;
an6 declaring an emercency and providing an,.
�__`=ec-_.•e ?eye. � 7
U?pn full consideration of the ordinance, -:
moved that it be declared an emergency measure within the meaning
of Sections 16, 17 and 18 of Chapter One, Article IX, of the City's
Charter. The motion was seconded by and carried
by the following vote:
YEAS: Mayor McAlister, Councilmen Henry, Aderton, and
Brown, and Councilwoman Baker.
NAYS: None.
then moved that the ordinance
(NO. } be passed as an emergency measure to take effect
immediately from and after its passage. The motion was seconded
by and carried by the following vote:
YEAS: Mayor McAlister, Councilmen Henry, Aderton and Brown,
and Councilwoman Baker.
NAYS: None
The Mayor then announced the final passage and immediate
effect of the ordinance as an emergency measure.
APPROVED, this the day of , 1982.
Mayor, City of Lubbock, Texas
ATTEST:
City Secretary, City of Lubbock, Texas
(City Seal)
(0*1�
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 Ordinance No. providing for the
issuance of $10,950,000 "CITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1982" (and minutes pertaining to its
adoption) finally passed and adopted by the City Council of
said City on the day of , 1982, which ordinance
is duly recorded in the Minutes of said City Council.
I FURTHER CERTIFY that the said ordinance was finally
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 ,
1982.
(City Seal)
City Secretary, City of Lubbock,Texas
Fxrt�e�r- � 3
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 Time,
1982,
for the following described bonds;
$10,950,000 City of Lubbock, Texas, General
Obligation Bonds, Series 1982
Dated June 1, 1982; maturing $525,000 each
year February 1, 1983 and 1984, and $550,000
each year February 1, 1985 through 2002.
Denomination $5,000. Optional at par and
accrued interest on February 1, 1992, 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, 800 Hercantile Dallas Building, Dallas, Texas 75201,
Financial Consultants to the City.
City Secretary -Treasurer
City of Lubbock, Texas
(City Seal)
r E�F}�BtT R'-7
NOTICE OF SALE n
AND
BIDDING INSTRUCTIONS
ON
$10,950,000
CITY OF LUBBOCK, TEXAS
(Lubbock County)
GENERAL OBLIGATION BONDS, SERIES 1982
Selling 19_, at _
THE SALE
Bonds Offered for Sale at Com etit1:2 Biddin ... The City of Lubbock, Texas (the "City"), is
offering for sale its ,950, Genera bligation Bonds, Series 1982 (the "Bonds").
Address of Bids . Sealed bids, plainly marked "Bid for Bonds", should be addressed and
e ivered 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 Bi orm,
withou alteration 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 _
Award of the Bonds ... The City Council will take action to award the Bonds (or reject all bids)
promptly a ter 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 June 1, 1982, and interest coupons will be due on
e ruary , 1983, and each August 1 and February 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 February 1 in each year as
follows:
Principal Principal Principal
Year Amount Year Amount Year Amount
I§§3 $525,000 19-99 ' M5_,U66 9 6 ,000
1984 525,000 1991 550,000 1997 550,000
1985 550,000 1992 550,000 1998 550,000
1986 550,000 1993 550,000 1999 550,000
1987 550,000 1994 550,000 2000 550,000
1988 550,000 1995 550,000 2001 550,000
1989 550,000 2002 550,000
The City reserves the right, at its option, to redeem Bonds maturing February 1, 1993, through
February 1, 2002, both inclusive, in whole or any part thereof, on February 1..1992, or any
interest payment date thereafter, at the par value thereof plus accrued interest to the date
fixed for redemption.
Source of Payment . 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
T es of Bids and Interest Rates . The Bonds will be sold in one block on an "All or None"
as s, an at a price of not ess 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 1/20 of 1% and the
effective interest rate must not exceed 15%. 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 maturity 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 dollars 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
UR wi a 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 irreg9ularities except time of filing,
the Bonds will be awarded to the bidder (the "Purchaser") 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 $219.000.00, 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.
Delivery .. The Bonds will be tendered for delivery to the Purchaser at any bank in Austin,
Texas—, at 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 six 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 and ma— a payment for the Bonds by 10:00 AM, C T,
on , 19 or thereafter on the date the Bonds are tendered for delivery, up to and
inc u il—d ng , 19 If for any reason the City is unable to make delivery on or before
Y9 , tFen tFe- City shall immediately contact the Purchaser and offer to allow the
urc aser to extend his offer for an additional thirty days. If the Purchaser does not elect to
extend his offer within six 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
sou Oect to t e 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.
Le al 0 inions . The Bonds are offered when, as and if issued, subject to the unqualified
ego op pion 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 de fiver to the Purchaser a certificate in the form set forth in the
Official Statement.
Change in Tax Exempt Status . At any time before the Bonds are tendered for delivery, the
urchaser may withdraw h� Bid if 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
Financial Advisor's R1 ht to Bid . First Southwest Company, the City's Financial Advisor,
reserves the right to bi on the Bonds.
Blue_Sky Laws ... By submission of his bid, the Purchaser represents that the sale of the Bonds
n 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
on s, ut is merely 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).
Ratin s . The outstanding General Obligation Bonds of the City are rated "Aa" by Moody's
nvestors 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, 100 copies of
the official Statement (and 100 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 100 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 Co ies of Notice, Bid Form and Statement ... A limited number of additional copies
o t �s Notice o Sae ana 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, 800 Mercantile Dallas Building, Dallas, Texas
75201, Financial Advisor 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, t— i O ficiaT 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.
BILL MCALISTER
Mayor
ATTEST:
EYELYN E. GAFFGA
City Secretary
, 19
i
BOND YEARS
Accumulated
Year
Amount
Bond Years
Bond Years
Year
1983
i 525,000
350.000
350.000
1983
1984
525,000
875.000
1,225.000
1984
1985
550,000
1,466.666
2,691.666
1985
1986
550,000
2,016.666
4,708.332
1986
1987
550,000
2,566.666
7,274.998
1987
1988
550,000
3,116.666
10,391.664
1988
1989
550,000
3,666.666
14,058.330
1989
1990
550,000
4,216.666
18,274.996
1990
1991
550,000
4,766.666
23,041.662
1991
1992
550,000
5,316.666
28,358.328
1992
1993
550,000
5,866.666
34,224.994
1993
1994
550,000
6,416.666
40.641.660
1994
1995
550.000
6,966.666
47,608.326
1995
1996
550,000
7,516.666
55,124.992
1996
1997
550,000
8,066.666
63,191.658
1997
1998
550,000
8,616.666
71,808.324
1998
1999
550,000
9,166.666
80,974.990
1999
2000
550.000
9.716.666
90,691.656
2000
2001
550,000
10,266.666
100,958.322
2001
2002
550.000
10.816.666
111,774.988
2002
Average Maturity -------------------------------- 10.208 Years
- iv -
OFFICIAL BID FORM
Honorable Mayor and City Council
City of Lubbock
Lubbock, Texas
Members of the Council:
19
Reference is made to your Official Statement and Notice of Sale and Bidding Instructions, dated
19 , of $10,950,000 CITY OF LUBBOCK, TEXAS GENERAL OBLIGATION BONDS, SERIES 1982,
0 o w ich 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
2-1-1983
%
2-1-1990
%
2-1-1996
%
2-1-1984
%
2-1-1991
X
2-1-1997
%
2-1-1985
%
2-1-1992
%
2-1-1998
%
2-1-1986
%
2-1-1993
%
2-1-1999
%
2-1-1987
%
2-1-1994
%
2-1-2000
%
2-1-1988
%
2-1-1995
%
2-1-2001
X
2-1-1989
%
2-1-2002
%
Our calculation (which is
not a part of this bid) of the interest
cost from the above is:
Total Interest
Cost
$
Less Premium
NET INTEREST COST S
EFFECTIVE INTEREST RATE %
Check of the Bank,
n the amount of ,000.00, which represents our Good Faith leposit (is attache 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, not later than , C T, on , 19 , or thereafter on the date the
Bonds are tendered for delivery, pursuant to fFe terms set Wirth 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 , 19_.
Mayor
ATTEST:
City Secretary
Return of Good Faith Deposit is hereby acknowledged:
This Official Statement does not constitute an offer to 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 , 19
INTEREST EXEMPT, IN THE OPINION OF BOND COUNSEL, FROM PRESENT FEDERAL INCOME
TAXES UNDER EXISTING STATUTES, REGULATIONS AND COURT DECISIONS
$10,950,000
CITY OF LUBBOCK, TEXAS
(Lubbock County)
GENERAL OBLIGATION BONDS, SERIES 1982
Dated: June 1, 1982 Denomination: $5,000
Principal and semi-annual interest (February 1 and August 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 February 1, 1983.
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
Am5523=,
Mate Rate
Yield Am56u661f
Mat . Rate Yield
525,000
2-1-1984
550,000
2-1-1994*
550,000
2-1-1985
550,000
2-1-1995*
550,000
2-1-1986
550,000
2-1-1996*
550,000
2-1-1987
550,000
2-1-1997*
550,000
2-1-1988
550,000
2-1-1998*
550,000
2-1-1989
550,000
2-1-1999*
550,000
2-1-1990
550,000
2-1-2000*
550,000
2-1-1991
550,000
2-1-2001*
550,000
2-1-1992
550.000
2-1-2002*
* The City reserves the right, at its option, to redeem Bonds maturing February 1, 1993,
through February 1, 2002, both inclusive, in whole or any part thereof, on February 1, 1992, or
any interest payment date thereafter, at the par value thereof plus accrued interest to the
date fixed for redemption.
Payment Record: The City has never defaulted.
Le alit : Attorne General of the State of Texas, and
Messrs. umas, Hu uen�n, Boot man orrow, Attorneys, Da as Texas.
inion Printe on the Bonds; See Legal inions.
Delivery: Anticipated on or about 19 .
TABLE OF CONTENTS
Page
Official Statement:
Description of the Bonds -------------------------------------------------------
1
ElectedOfficials--------------------------------------------------------------
3
Appointed Officials------------------------------------------------------------
3
Consultantsand Advisors-------------------------------------------------------
3
Introductory Statement---------------------------------------------------------
4/5
Valuation and Debt Information -------------------------------------------------
5/6
AdValorem Taxation------------------------------------------------------------
6/7
OtherLiabilities--------------------------------------------------------------
8
FundedDebt Limitation---------------------------------------------------------
8
Valuation and Funded Debt History ----------------------------------------------
9
Taxable Assessed Valuations by Category ----------------------------------------
9
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 ---
10
Estimated Overlapping Funded Debt Payable From Ad Valorem Taxes ----------------
11
TaxData-----------------------------------------------------------------------
11
TaxRate Limitations----------------=------------------------------------------
12
1% Municipal Sales Tax ---------------------------------------------------------
12
Estimated 1981-82 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 - General Obligation Bonds ---------------------------
14
TaxAdequacy-------------------------------------------------------------------
14
PensionFunds------------------------------------------------------------------
15
Lubbock Power and Light --------------------------------------------------------
16/17
Condensed Statement of Operations - Electric Light and Power System ------------
17
The Waterworks System----------------------------------------------------------
18/19
Condensed Statement of Operations - Waterworks System --------------------------
19
Increase in Water Rates --------------------------------------------------------
19
TheSewer System---------------------------------------------------------------
19
Condensed Statement of Operations - Sewer System -------------------------------
20
Airport System-----------------------------------------------------------------
20/21
Condensed Statement of Operations --Airport System -----------------------------
21
General Information Regarding the City and Its Economy -------------------------
21/27
Ratings------------------------------------------------------------------------
28
TaxExemption------------------------------------------------------------------
28
Registration and Qualification of Bonds for Sale -------------------------------
28
Legal Investments in Texas -----------------------------------------------------
28
Legal Opinions and No -Litigation Certificate -----------------------------------
28
Authenticity of Financial Information ------------------------------------------
29
Financial Advisor--------------------------------------------------------------
29
Certification of the Official Statement ----------------------------------------
29
Audited Financial Statements, September 30, 19BO, 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 �Ex iI Occu ation
McAlister ecte Mayor Apri ; pA ril 1982 rest en an o- wner, -
served 4 years previously as
City Councilman
Alan Henry 7 Years April 1982 Partner, The Insurance Group
Mayor Pro-Tem Agency
Joan Baker 1 Year April 1984 Homemaker
Councilwoman
M. J. Aderton 3 Years April 1982 Retired Chairman of the Board,
Councilman Snook & Aderton, Inc.
E. Jack Brown 1 Year April 1984 President, Brown McKee, Inc.
Councilman
APPOINTED OFFICIALS
Length of
Employment
Position and Length of Time With City
Name In This Position of Lubbock
Larry J. Cunningham City Manager Appointed 9- -76
J. Robert Massengale Director of Finance Appointed 2-25-80 2 Years
John C. Ross, Jr. City Attorney Appointed 8- 3-78 3 Years
Evelyn E. Gaffga Secretary -Treasurer Appointed 7- 3-78 3 Years
Samuel W. Wahl Director of Water Utilities for 12 Years 29 Years
Carroll McDonald Director of Electric Utilities Appointed 1- 8-79 3 Years
James E. Bertram Director of Planning for 10 Years 13 Years
Jimmy W. Weston Director of Community Facilities for 5 Years 15 Years
Marvin W. Coffee Director of Aviation for 10 Years 11 Years
Denzel W. Percifull Director of Public Services for 4 Years 5 Years
Rita P. Harmon Director of Personnel Appointed 5-16-81 6 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 Advisor -------------------------------------------------- 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 $10,950,000 General Obligation Bonds, Series 1982 (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 la��++nnent.. The Bonds are direct and voted general obligations payable from an annual
a vvi rem a�vied 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 unissue 07,000 General Obligation Bonds over the period 1983 through 1984. See
'Estimated General Obligation Bond Program".
Administration of the City ... The City operates under a Home Rule Charter which was approved
y tee ectorate eb ceem er 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 Concernin the Bonds . The City of Lubbock has filed an action under Vernon's
Annotated CivilStatutes, Article 717m-1 (an in rem proceeding) in the District Court
of Lubbock County, Texas, asking for a Declaratory Judgement validating and confirming the
Bonds, and the proceedings taken or proposed to be taken in connection with their author-
ization, issuance and delivery.
Petitions Affectin the Tax Rate, Assessed Valuation and Tax Lev ... On July 12, 1979, three
petitTons 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 (SB 621). The defendants appealed to the Court of Civil Appeals for the Seventh Supreme
Judicial District of Texas (Amarillo, Texas), which reversed and remanded the District Court
- 4 -
fn n
judgement. The City has filed a motion for rehearing, and, if this 1s unsuccessful, applica-
tion for writ of error will be made to the Supreme court of 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 amen ment 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.
VALUATION AND DEBT INFORMATION
1981 Market (Appraised) Valuation
Less: Local Exemptions at Market (Appraised) Value (1)
Over 65
Disabled Veterans
Disabled
1981 Taxable Assessed Valuation (100% of
1981 Net Appraised Valuation) (2)
City Funded Debt Payable From Ad Valorem Taxes
(As of 11-30-81) (See Notes 3, 4 and 5):
General Purpose Bonds
Waterworks Bonds
Sewer System Bonds
The Series 1932 Bonds
Total Funded Debt Payable from Ad Valorem Taxes
Less Self-supporting Debt:
Waterworks Bonds
Sewer System Bonds (including $1,090,000 of this issue)
$2,807,601,557
$99,248,070
2,072,270
4,720,090 106,040,430
$29,563,197
4$33.3
$2,701,561,127
S 28,879,788
29,563,197
3;267,015
10.950.000
$ 72,660,000
Total General Purpose General Obligation Debt $ 38,739,788
Interest and Sinking Fund, All General Obligation Bonds,
As of 11-30-81 S 1,466,061
Ratio Total Funded Debt to Taxable Assessed Valuation -------------------------------- 2.69%
Ratio Total General Purpose General Obligation Debt to Taxable Assessed Valuation ---- 1.44%
1982 Estimated Population - 178,282*
Per Capita 1981 Taxable Assessed Valuation - $15,153.30
Per Capita Total General Purpose General Obligation Debt - $217.30
Area - 91.1 Square Miles
* Source - City of Lubbock, Texas.
Note 1: These exemptions apply to either real or personal property assessments to a maximum
of: (1) $16,700 market value of a residence homestead for those 65 years of age or older; (2)
$3,000 Assessed Valuation for disabled veterans; and (3) $10,000 market value of a residence
homestead for the disabled. These exemptions may be declared when taxes are paid, and the
City's Tax Assessor -Collector estimates that some additional exemptions will be recorded.
- 5 -
Note 2: Assessed values of the capital shares of 10 banks, which are under litigation, are not
included in the 1981 Taxable Assessed Valuation.
Note 3: The City of Lubbock transfers to the General Fund each fiscal year:
(1) from Water Revenue Fund surplus, an amount at least equivalent to debt
service requirements on Waterworks System General Obligation Bonds, and
(2) from Sewer Revenue Fund surplus, an amount at least equivalent to debt
service requirements on Sewer System General Obligation Bonds.
Since both Waterworks and Sewer General Obligation Bonds are self-supporting, due to these
transfers, the City's General Purpose General Obligation Debt has been calculated as shown.
Note 4: As of 11-30-81 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: $140,000 Waterworks System Revenue Bonds and $23,225,000 Electric Light and
Power System Revenue Bonds. The statement also does not include the following: S2,475,000
Airport Revenue Bonds, presently outstanding, as these bonds are payable solely from the gross
revenues derived from the City of Lubbock Airport.
Note 5: The City's last General Obligation Bond sale was April 23, 1981, when $16,750,000
General Obligation Bonds, Series 1981, were offered and sold.
AD VALOREM TAXATION
The Bonds are payable from ad valorem taxes levied upon all taxable property within the City.
The "Property Tax Code" (V.T.C.A., Tax Code), adopted in 1979, is a codification of Texas law as
to ad valorem taxation and reference is hereby made thereto for identification of property
subject to taxation; property exempt from taxation and other exemptions granted and allowed, if
claimed; the appraisal of property for purposes of taxation and the procedures to be followed
and limitations applicable to the levy and collection of ad valorem taxes. Among other
features, the Property Tax Code provides for:
1. A single Appraisal District in each County of the State to appraise property for
purposes of taxation for all taxing units located wholly or partly within the County
beginning January 1, 1982.
2. All property to be assessed at 100% of its appraised value and prohibits the assess-
ment of property for taxation on the basis of a percentage of its appraised value.
3. An increase in the effective tax rate of a taxing unit to be limited to not more than
5% except by a referendum vote. In calculating the effective tax rate, taxes for
bonds or other contractual obligations are excluded.
Recent amendments (Chapter 13, Acts of the 67th Legislature, First Called Session, 1981) to the
Property Tax Code (designed to clarify and remedy technical flaws experienced in implementing
various provisions thereof) provide for:
1. Postponement of full implementation of an Appraisal District's operations, on a local
option basis, until 1983 or 1934.
2. Mandatory county participation in the Appraisal District.
3. Changes the provisions relating to an effective annual tax increase being subject to
a referendum election by:
a. Raising the amount of the annual tax increase necessary to trigger a referendum
election to 8%;
b. Reducing the number of qualified voters necessary to petition for a referendum
election to 10%;
c. Extending the period available to collect signatures on a petition for a refer-
endum election to 90 days;
d. Eliminating the requirement that a minimum of 25% of the qualified voters must
vote in a referendum election to be valid.
- 6 -
4. The State Property Tax Board to conduct an annual ratio study in each Appraisal
District to determine the degree of uniformity of appraisals and the weighted average
level of appraisals within each major kind of property (effective 1-1-84).
5. An increase in penalties for delinquent taxes. The new penalties are:
a. 6% - First month
1% - Additional penalty each month through June
12% - All delinquencies on July 1 regardless of delinquency period;
b. A taxing unit may add an additional penalty to a maximum of 15% of taxes, penalty
and interest due in order to defray costs of tax attorneys.
6. An increase in interest charged on delinquent taxes. The new interest charges are:
a. 1% - First month; and
b. An additional 1% increase each month thereafter.
7. Property within the Appraisal District to be reappraised at least once every 4 years
(effective 1-1-84).
B. The establishment and application of uniform discovery and appraisal procedures on all
types of business inventories without regard to the nature of the property comprising
the inventory.
9. An increase for the first time in the appraised value of property above its 1981
assessed value in any year from 1982 through 1985, which may be, at the option of the
local taxing unit, limited to 1 112 times the percentage of increase in the value of
all other property on the unit's tax rolls.
10. Changes in the composition and selection of board members, the allocation of Appraisal
District costs, the size of the Appraisal Review Board and the financial account-
ability of Appraisal District.
11. Local taxing units to challenge the Appraisal Review Board's appraisals and judicial
review of challenges, and authorizes local taxing units of an Appraisal District to
overturn and veto actions of the Board of Directors of the Appraisal District.
12. Changes in the procedures and requirements pertaining to tax increases by local taxing
units.
The Property Tax Code as Applied to the City of Lubbock
1. Beginning January 1, 1982, the Lubbock County Appraisal District has assumed respons-
ibility for appraising property in the City of Lubbock, as well as the other taxing units in the
Appraisal District. The Lubbock County Appraisal District is governed by a board of five
directors appointed by voters of the governing bodies of Lubbock County, the City of Lubbock,
Lubbock Independent School District and the other cities, towns and school districts in the
District with votes weighted by relative tax levy.
2. The Lubbock County Appraisal District has contracted with the City of Lubbock to collect
city ad valorem taxes, beginning in 1982.
3. The City of Lubbock does not tax personal automobiles.
4. Since a program of on -going reappraisal of real property has been maintained by the City
of Lubbock for many years, the City of Lubbock is of the opinion that major reappraisals of all
property in the City will not be necessary.
5. The City Council of the City of Lubbock has not acted to grant the exemption of up to 40%
of market value of a residence homestead from ad valorem taxation beginning in 1982 as per-
mitted under a Constitutional Amendment authorized in November, 1981.
- 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 from a 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 9-30-81 was
$260,609.20 which matures in 9 annual installments, September 1, 1982, through September 1,
1990, with interest calculated at 7%.
Note Amortization Schedule
Fiscal
Year
Ending Outstanding
9-30 Principal Interest Total Balance
-1-981— Tgu�669 L6
1982 E 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 30,515.60 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-
$260,609.20 E 99,390.80 $360,000.00
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 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 -
VALUATION AND FUNDED DEBT HISTORY
Fiscal
Period Taxable Basis Ratio Funded Debt
Ending Assessed of Funded Debt Out- to Taxable
9-30 Valuation 1 Assessment standin Year End Assessed Valuation
T976�L (2) �— —��-
1971-72 630,151,893(2) 60% 44,459,000 7.06%
1972-73 659,742,523(2) 60% 47,266,000 7.16%
1973-74 716,225,294 2) 60% 53,440,000 7.46%
1974-75 797,387,868 2) 60% 50,5469000 6.34%
1975-76 923,557,647(2) 60% 47,763,000 5.17%
1976-77 1,014,049,149(2) 60% 43,682,000 4.31%
1977-78 1,104,591,631(2) 60% 42,107,000 3.81%
1978-79 1,298,016,250(2) 60% 47,086,000 3.63%
1979-80 1,403,475,893(2) 60% 49,301.000 3.51%
1980-81 1,565,733,545(2) 60% 61,710,000 3.94%
1981-82 2,701,561,127 100% 67,900,000(3) 2.51%
(1) For all years Taxable Assessed Valuations are net of any exemptions. 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.
(2) Taxable Assessed Valuations for Fiscal Periods 1970-71 through 1980-81 have been adjusted
for supplements and corrections to the tax rolls made subsequent to certification of the rolls.
(3) Anticipated.
TAXABLE ASSESSED VALUATIONS BY CATEGORY
Property Adjustments
Assessment For (2)
As % of (1) Personal Corrections Taxable
Appraised Real Personal Property: And Assessed
Year Value Estate Prot Automobile Suu lements Valuation
TM __MC_�d 7�T€�0�6 ,er, 05 n 5� b1,0U $
(2�5 ) �61T,�64�ia5
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 1589183,100 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 9239557,647
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 2749932,421 93.108,472 (11,227,483) 1,298,016,250
1979 60% 1,105,749,615 299,1179144 10,609,830(3) (12,000,696) 1,403,475,893
1980 60% 1,195,978,655 323,734,323 9,981,770 36,038,797 1,565,733,545
1981 100% 2,106,697,370 576,327,753 18,536,004 N.A. 2,701,561,127
(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.
(2) Taxable Assessed Valuations for 1974-1980 are net after the following exemptions (in terms
of Assessed Valuation):
Over 65 Disabled
Homestead Veteran Disabled
Year Exem tions Exem tionsive NoExemptions
IM No 95,00 t ffectt Effective
1975 13,323,150 Not Effective Not Effective
1976 11,888,760 $1,307,240 Not Effective
1977 14,159,830 1,646,220 Not Effective
1978 34,991,600* 1,5499890* Not Effective
1979 49,793,340* 1,9289450* Not Effective
1980 52,926,900* 2,147,280* Not Effective
1981 99,248,070* 2,072,270 $4,720,090*
• As of 10-1 each year.
(3) Personal automobiles became exempt from ad valorem taxes in 1979.
- 9 -
n
ESTIMJITED TAXABLE ASSESSED VALUATIONS (1)
Estimated
Taxable
Fiscal Assessed
Period Valuation
T48 -M Tr28T,7gb
1983-84 3,628,248,460
1984-85 4,188,557,620
(1) All estimates are net after estimated exemptions at 100% of net appraised value.
Source: Lubbock County Appraisal District.
AUTHORIZED GENERAL OBLIGATION BONDS
Amount Amount
Date Amount Heretofore Being Unissued
PPur�
os-e Authorized Authorized Issued Issued Balance
atll erworks System 7% $16,175,000
Waterworks System 8- 9-80 21,000,000 16,200,000 -O- 4,800,000
Waterworks System 11-21-81 5,226,000 -0- -0- 5,226,000
Sewer System 5-21-77 3,303,000 2,0309000 -0- 1,273,000
Sewer System 11-21-81 7,892,000 -0- 19090,000 6,802,000
Street Improvements 5-21-77 49782,000 3,693,000 -O- 1,089,000
Street Improvements 11-21-81 9,495,000 -0- 3,280,000 6,215,000
Storm Sewer and Drainage 11- 9-67 1,950,000 1.715,000 235,000 -0-
Storm Sewer and Drainage 5-21-77 473,000 100,000 -0- 373,000
Fire Station (for adjacent
areas, when annexed) 5-21-77 3109000 -0- -0- 310,000
Health Department 11-21-81 1,000,000 -0- 1,000,000 -0-
Airport 11-21-81 129854,000 -0- 812,000 12,042,000
Traffic 11-21-81 4.283,000 -0- 4,283,000 -0-
Fire Department 11-21-81 877 000 -0- 250,000 627,000
ESTIMATED GENERAL OBLIGATION BOND PROGRAM
nticipate ssuance
1982 1983 1984 Total
Waterworks System TT6,6T6,-OM No S -0- Trg" Ebb
Sewer System 1,423,000 5,352,000 1,300,000 8,075,000
Street Improvements 3,164,000 49065,000 75,000 7,304,000
Storm Sewer and Drainage -0- 373,000 -0- 373,000
Fire Station (for adjacent
areas, when annexed) -0- 310,000 627,000 937,000
Airport 10 353 000 1 689,000 -0- 12,042,000
3f4. SbEi, 66b $Ib ; 43-9;�60 $2-,062•, 60� 666
AUTHORIZED BUT UNISSUED GENERAL OBLIGATION BONDS OF OVERLAPPING SUBDIVISIONS
The Lubbock Independent School District has $100,000 authorized but unissued School Building
Unlimited Tax Bonds; these bonds were authorized in 1959 for stadium purposes. The District
does not anticipate ever issuing these bonds.
Lubbock County has $500,000 unissued Unlimited Tax Road Bonds, authorized in 1961, but has no
plans to issue these bonds.
- 10 -
n
ESTIMATED OVERLAPPING FUNDED DEBT
PAYABLE FROM AD VALOREM TAXES
As o -
0-8
Estimated
Total
%
Overlapping
Taxin Jurisdiction
Funded Debt
Funded Debt
yZ`flo Lf ock
$38.739,788(1)
_Applicable
700.UMC
$38,735788
Lubbock Independent School District
17,235,000(2)
96.53%
16,636,946
Lubbock County
-0-
93.16%
-0-
Lubbock County Hospital District
620,000
93.16%
577,592
Lubbock County Water Control and
Improvement District No. 1
-0-
93.16%
-0-
Lubbock-Cooper Independent School District
1,337,000
2.34%
31,286
Frenship Independent School District
3,912,792
24.52%
959,417
Roosevelt Independent School District
553,000
0.13%
719
Idalou Independent School District
623,000
0.01%
62
TOTAL OVERLAPPING FUNDED DEBT
$56.945.810
Ratio Overlapping Funded
Debt to Taxable Assessed Valuation -------------------------- 2.11%
Per Capita Overlapping Funded
Debt - $319.41
(1) General Purpose
General Obligation Debt, including the Bonds.
(2) Includes
$11,900,000 Bonds sold 1-21-82.
TAX DATA
(Yearending 9-30)
Distribution
(1)
Tax Tax
General
Board of City Interest and
(1)
% Current
% Total
Year Rate
Fund
De�velmmen�t Sinkin Fund
Tax Levi
Collections
Collections
1TAM W09
TFWU
30.05
$ hx 6M0
-.5TP
-TFT2%-
1971-72 1.14
0.3700
0.05 0.7200
7.183,732
94.06%
97.92%
1972-73 1.29
0.3600
0.05 0.8800
8,510.678
93.72%
96.41%
1973-74 1.36
0.4600
0.05 0.8500
9,7409664
93.18%
96.39%
1974-75 1.36
0.5400
0.05 0.7700
10,844,475
93.16%
97.26%
1975-76 1.36
0.7000
0.05 0.6100
12,560,384
93.43%
97.19%
1976-77 1.41
0.7500
0.05 0.6100
14,298,093
93.09%
95.76%
1977-78 1.41
0.8600
0.05 0.5000
15,574,742
93.84%
96.41%
1978-79 1.12
0.7500
0.05 0.3200
14,537782
92.75%
95.39%
1979-80 1.12
0.6800
0.05 0.3900
15,718:930
94.50%
98.68%
1980-81 1.10
0.6800
0.05 0.3700
17,223,069
94.00%
98.51%
1981-82 0.66
0.3225
0.05 0.2875
17,830,303
In Process of
Collection
(1) "Tax Levy"
and "Percent
Current Collections" for
Tax Years 1970-71 through
1980-81 have
been adjusted to
reflect
final corrections and supplements to the tax rolls as audited
at the
end of each fiscal
year.
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.
Penalty and interest charges for late payment are:
Month
Paid lEgnalt Interest
Totes
e ruary
March 7% 2%
9%
April 8% 3%
11%
May 9% 4%
13%
June 10% 5%
15%
July 12% 6%
18%
After July penalty remains at 12%; interest increases 1% each month.
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
(Effective4-1-68)
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 for the periods shown have been:
Fiscal Net Estimated
Year Collections % of Equivalent Net
Ended Remitted Ad Valorem Ad Valorem Collections
979-37� to City
3,0Ta_ x Lem_ Tax Rate Per Capita
1972 52,98846,,1164 44.49
442.4986%% 0.490 --
1973 3,780,338 44,42% 0.573 --
1974 4,537,048 46.58% 0.634 --
1975 4,763,912 43.93% 0.597 --
1976 5,690,591 45.31% 0.616 --
1977 6,806,680 47.61% 0.671 --
1978 7,421,615 47.65% 0.672 --
1979 8,160,916 56.14% 0.629 --
1980 8,722,450 55.49% 0.621 $50.08*
1981 9,791,566 56.85% 0.625
* Based on Preliminary U.S. Census, 1980, of 174,157.
ESTIMATED 1981-82 TAX YEAR OVERLAPPING TAXES
Set forth below is an estimate of all 1981-82 Tax Year taxes levied on an average $50,000
single-family residence by the shown taxing jurisdictions, assuming appraisals are as shown.
Basis of assessment in all cases is 100% of appraisal value. Actual tax billings will vary
according to each jurisdiction's assessing procedures and the following does not purport to be
an exact computation of such tax levies: -
Estimated
Appraised 1981 Estimated
and Assessed Tax 1981 Taxes
Taxin Jurisdictionc Value Rate Levied
rty o Lu oc — 0 * $6 3M
Lubbock Independent School District 45,000** 0.99000 445.50
Lubbock County 30,000 0.31000 93.00
Lubbock County Hospital District 30,000 0.28314 84.94
High Plains Underground Water Con-
servation District No. 1 30,000 0.0100 3.00
Estimated Total 1981-82 Ad Valorem Taxes 5956.44
* Market value.
** After $5,000 market value residence homestead exemption.
- 12 -
1
TOP TEN TAXPAYERS
1981
% of 1981
Taxable
Taxable
Assessed
Assessed
Name of Taxpayer
Nature of Property
Valuation
Valuation
Texas Instruments Incorporate
ectronics anu acturer
�75;57�d2tf
�TS�
Southwestern Bell Telephone Company
Telephone Utility
65,551,390
2.42%
Southwestern Public Service Company
Electric Utility
30,603,540
1.13%
Furr's, Inc.
Retail Groceries
22,427,812
0.83%
South Plains Mall
Regional Shopping Center
20,145,810
0.74%
Energas Company (a division of
Pioneer Corporation)
Gas Utility
14,281,180
0.52%
Plains Co-op Oil Mill
Oil Mill
13,200,710
0.49%
Farmers Cc -Op Compress
Cotton Compress
129809,540
0.47%
International Business Machines
Computers, Business Machines
9,777,260
0.36%
Waples-Platter West
Wholesale Groceries
8 100,290
0.30%
I�6b%
$272;�[T�9bz
INTEREST AND SINKING FUND MANAGEMENT INDEX
General Obligation Debt Service Requirements for Fiscal Year Ending 9-30-82 ----- $8,955.282
Interest and Sinking Fund, All General Obligation Issues, 9-30-81 -- E 904,102
1981 Interest and Sinking Fund Tax Levy @ 95%
Collection------------------------------------------------------- 7,378,639
Estimated Delinquent Tax Collections, as budgeted ------------------ 261,258
Estimated Income from Other Sources, as Budgeted ------------------- 978,125 9,522,124
Estimated Surplus--------------------------------------------------------------- b 566,842
COMPUTATION OF SELF-SUPPORTING DEBT
Waterworks Sewer
System System
Net System Revenue Available for Fiscal Year
Ending 9-30-81 $6,964,101 $1,047,306
Less: Revenue Bond Requirements, 1981-82
Fiscal Year 144,760 -0-
Balance Available for Other Purposes $6,819,341 $1,047,306
System General Obligation Bond Requirements,
1981-82 Fiscal Year 4,458,926 489,031
Balance $2,360,415 $ 558,275
Percentage of System General Obligation Bonds
Self -Supporting 100.00% 100.00%
- 13 -
DEBT SERVICE REQUIREMENTS
GEM RAL OBLGA11UN B ND
Fiscal
Grand Total
Less:
Less:
Grand Total
Year
General Obli-
Waterworks
Sewer System
General Pur-
% of
Ending
Outstanding Bonds
-'Fr-incipal
The Bonds
gation Bond
Tax Bond
Tax Bond
pose Bond
Principal
9-30
Principal
Interest
Tot
Interest
Tota
Requirements
Requirements
Requirements
Reuir0em
Retired
T82
60, 0
95, 82
,9
S 8,�955,282
4458,92
,0735
1983
4,650,000
3,500.274
8,150,274
S 525,000
E 1,564,063
E 2,089,063
10,239,337
3,894,490
651,871
5,692,976
1984
4,645,000
3,234,915
7,879,915
525,000
1,270,313
1,795,313
9,675,228
3,758,663
607,203
5,309,362
1985
4,495,000
2,971,232
7,466,232
550,000
1,203,125
1,753,125
9,219,357
3,577,210
563,512
5,078,635
1986
4,410,000
2,709,337
7,119,337
550,000
1,134,375
1,684,375
8,803,712
3,406,268
528,727
4,868,717
34.56%
1987
4,260,000
2,449,752
6.709,752
550,000
1,065,625
1,615,625
8,325,377
3,219,268
508,011
4,598,098
1988
4,135,000
2,193,464
6,328,464
550,000
996,875
1,546,875
7,875,339
3,058,635
466,094
4,350,610
1989
3,945,000
1,942,122
5,887,122
550,000
928,125
1,478,125
7,365,247
2,893,223
446,955
4,025,069
1990
3,785,000
1,707,413
5,492,413
550,000
859,375
1,409,375
62901,788
2,768,416
395,937
3,737,435
1991
3,640,000
1,480,297
5,120,297
550,000
790,625
1,340,625
6,460,922
2,648,346
311,382
3,501,194
65.55%
1992
3,295,000
1,271,005
4,566,005
550,000
721,875
1,271,875
5,837,880
2,522,329
273,673
3,041,878
1993
2,695,000
1,077,799
3,772,799
550,000
653,125
1,203,125
4,975,924
2,338,080
260,966
2,376,878
1994
2,305,000
905,653
3,210,653
550,000
584,375
1,134,375
4,345,028
2,181,570
248,187
1,915,271
1995
1,810,000
756,472
2,566,472
550,000
515,625
1,065,625
3,632,097
2,050,323
236,320
1,345.454
1996
1,810,000
618,211
2,428,211
550,000
446,875
996,875
3,425,086
1,936,744
223,307
1,265,035
85.73%
1997
1,730,000
478,498
2,208,498
550,000
378,125
, 928,125
3,136,623
1,821,947
210,208
1,104,468
1998
1,730,000
344,485
2,074,485
550,000
309,375
859,375
2,933,860
1,70% 032
197,411
1,028,417
1999
1,605,000
215,444
1,820,444
550o000
240,625
790,625
2,611,069
1,575,122
159,786
876,161
2000
1.165,000
109,738
1,274,738
550,000
171,875
721,875
1,996,613
1,173,052
113,235
710,326
' 2001
840,000
33,600
873,600
550,000
103,125
653,125
1,526,725
844,946
64,986
616,793
99.24%.
A 2002
550,000
34,375
584,375
584,375
58,145
526,230
100.00%
$61,710,000
$32,194,993
$93,904,993
$10,950,000
$13,971,876
E24,921,876
$118,826,869
$51,835,590
E 7,014,947
$59,976,332
Note: Interest on the Bonds has been calculated at the rate of 12 1/2% for purposes of illustration.
TAX ADEQUACY
All General Obligation Bonds (including the Bonds) ...
Max mu nc�pal and ntere equ�remeFts, 1983------------------------------------------------------ $10,239,337
$0.40 Tax Rate @ 95% Collection Produces --------- =----------------------------------------------------- $10,265,932
PENSION FUNDS
Texas Municipal Retirement System ... All permanent, full-time City employees who are not
firemen an who were ess t an bU 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
salary. The City's contribution rate is calculated each year using actuarial techniques
applied to experience; the 1981 contribution rate is 7.51% of gross payroll and the 1982
contribution rate will be 6.73%. 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
$9,348,364; this liability is being actuarially amortized annually through 2005.
City of Lubbock assets held by the System on December 31, 1980, were $1,633,429 for prior
service liabilities and $15,321,579 for accrued current service liabilities. Unfunded accrued
current service liabilities totaled $528,348 on December 31, 1980, and are being liquidated by
a five year amortization adjustment included in normal contribution rates.
Fireman's Relief and Retirement Fund ... City of Lubbock firemen are members of the locally
administered Lubbockiremen'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 present contribution rate is 10.99%.
An actuarial evaluation as of 3-31-80 was conducted by the firm of Rudd and Wisdom, Inc.,
Austin, Texas. The valuation balance sheet estimated unfunded liabilities of $5,336,161. The
study found that the plan would be actuarially sound if a funding program is maintained which
would completely amortize this unfunded liability in approximately 25 years, and concludes
"Since your present funding period is approximately 19 years, we consider your plan, based on
present levels of benefits and contributions, to be actuarially sound".
LUBBOCK POWER AND LIGHT
4.
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.
Lubbock Power and Light generates all of its power requirements and has two generating
stations located within the City. These plants are geographically separated from one to seven
miles and deliver bulk power to substations through a 69 KV transmission loop system.
In December, 1981 the City commenced buying 10 MW of power through an interconnection with
Southwestern Public Service Company.
Generating Stations ... Total generating capacity is 216,500 KW. Gas turbines and I.C.
generators provide the system with 55,500 KW of ready reserve and quick -start generation for
emergency and peaking service. Generating units consist of the following:
Generator
Year Capacity
Manufacturer Installed Station Prime Mover Fuel in KW
Nor berg 2 DiesT ems- ua Fuel _,560
Nordberg 1947 2 Diesel Dual Fuel 2,500
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
-216,500
Since the completion of the interconnection with Southwestern Public Service Company, Station
#2 has been kept on standby and will be used in the future for peak power purposes only.
Transmission and Distribution ... A 69,000 volt (69 KV) transmission loop system, 36 miles in
length, provides bulk power to six 20 MVA-69,000/12470 volt -substations. A second 69 KV
transmission loop system insulated for operation at 115 KV is under construction.
The distribution system includes approximately 680 miles of overhead distribution lines and
approximately 110 miles of underground distribution lines. There are twelve 12,470/4160 volt
substations in the distribution system. Net system load for Fiscal Year Ending September 30,
1981 was 681,584,750 KWH with a peak demand of 149,500 KW.
Construction Pro ram A major transmission system and distribution system construction and
mprovement program is under way utilizing proceeds of $9,000,000 Electric Light and Power
System Revenue Bonds sold in August, 1981.
Transmission System The transmission system program includes upgrading of 3 major sub-
stations, extension of -a 69 KV transmission line, extension of a second circuit of an existing
115 KV transmission line, construction of a major substation in Northeast Lubbock, upgrading of
computer capabilities, and installation of remotes in all major substations to fully coordinate
relay and line switching capabilities.
Distribution System . The program includes extension of and improvements to the existing
ism ution system including additional distribution circuits for substations, extensions to
new service areas, transformers, meter pedestals, poles and crossarms, regulators, capacitors,
meters, service lines and other appurtenances.
- 16 -
Interconnection An interconnection with Southwestern Public Service Company has been
completed and_tie City commenced buying power on December 1, 1981. Lubbock Power and Light has
contracted with Southwestern Public Service Company for the purchase of 10 MW of power and, in
addition, the contract calls for a total capacity of 100 MW upon proper notice. 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 generating and
distribution system.
Fuel Supply . Primary fuel supply for Lubbock's generating system is natural gas which is
supplied by Westar Transmission 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 supplies have
been experienced in the past few years, and Westar indicates that some 50% to 70% short duration
(48 hours or less) curtailments, during peak gas usage periods, may be experienced in the
future. No curtailments in excess of 70% are projected by Westar 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 1,500,000
gallons and an adequate supply of fuel oil for 10 days' operation at 50% natural gas curtailment
is maintained in inventory at all times; with expected resupply, this period would be substant-
ially extended. The newest Holly steam generator has a tri-fuel capability as it is designed to
burn natural gas, fuel oil and crude oil.
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 Westar and other divisions of
Pioneer Corporation.
Carbon Dioxide Recovery ... The Carbon -Dioxide Technology Corporation, Houston, Texas, is
constructing a carbon dioxide (CO2) recovery plant on a three acre site adjacent to the Holly
Plant. CO2 will be recovered from the Holly Plant stack gasses for use in a tertiary -level oil
recovery program in nearby Garza County fields. Estimated cost of the plan is $30,000,000;
estimated annual revenues to Lubbock Power and Light include $360,000 from sale of CO2, and
$150,000 from the sale of electric power. Completion is projected for September, 1982.
CONDENSED STATEMENT OF OPERATIONS
ELECTRIC LIGHT AND POWER SYSTEM
a Fiscal Year Ended 9-30-81 9-30-80 9-30-79 9-30-78 9-30-77
Operating Revenues TP_,GUF,_72_9 9, 9,8 ,6 9, 2,4 ,7 B 4, 80
Non -Operating Income 690,388 731,676 826,106 624,791 945,564
Gross Income $34,693,116 $29,891,540 $24,445,824 $23,072,509 $20,119,844
Operating Expense
(excluding depreciation) 30,393,827 24,870,851 20,077,479 17,355,243 14,292,538
Net Revenue $ 4,299,289 $ 5,020,689 $ 4,368,345 $ 5,717,266 $ 5,827,306
Electric Connections 33,370 32,051 30,390 29,204 28,352
Maximum Principal and Interest Requirements, Electric System
Revenue Bonds, Fiscal Year Ending 9-30-83------------------------------------ S 3,734,017
Coverage by Net Income, Fiscal Year Ended 9-30-81------------------------------ 1.15 Times
Electric Light and Power System Revenue Bonds Outstanding, 9-30-81--------=---- $23,450,000
Interest and Sinking Fund and Reserve Fund, Cash and Investments,
9-30-81---------------------------------------------------------------------- $ 3,044,158
- 17 -
THE WATERWORKS SYSTEM
Water Su 1 . Primary source of water for Lubbock is the Canadian River Municipal Water
thor,ty 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 30,536 acre feet of water from the Authority in Calendar Year 1981, approximately 84% 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 Su 1 Sources ... Part of the City's water supply is obtained from 230 water wells,
a producing from the Ogallala Formation, which underlies the High Plains of Texas. Combined
capacity of these wells is over 40,000,000 gallons 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. 19,500
acres have been developed with 120 producing wells. The City has recently contracted for the
annual purchase of a minimum of 1,350 acre feet of water from a private source adjacent to the
Sand Hills tract. This water source is now used primarily for peaking purposes.
50 Year Water Supply Stud ... The City of Lubbock has conducted an investigation of additional
long 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. '
The System . Lubbock's Waterworks System is modern and efficient and property, plant and
equipment valued at $44,355,362, after depreciation and including cost of construction work in
progress, at September 30, 1981. 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 36.0 million gallons in 1981.
Storage capacity consists of 14 ground storage reservoirs and 3 elevated steel storage tanks,
providing a total storage capacity of 59,350,000 gallons. Storage capacity is entirely ade-
quate for peak hour and fire protection requirements.
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.
Water S stem Improvement Program ... A program of water treatment and supply expansion and
istribution system improvements are in progress, including; 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 42 MGD; the reservoir will permit storage of
water when demand does not require full utilization of contract allocation . Water treatment
plant expansion designed to increase the plant's treatment capability from 56 MGD to 75 MGD,
permitting treatment of stored surplus water as well as delivered water during peak demand
- 18 -
periods ... 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 ... Development of 25 wells and collection system expansion at the
Bailey County Well Field ... Distribution System Improvements include construction of a pump
station and main lines.
Waterworks Revenue Bonds ... There are no authorized but unissued Waterworks Revenue Bonds.
CONDENSED STATEMENT OF OPERATIONS
WATERWORKS YSTE
Fiscal Year Ended 9-30-81 9-30-80 9-30-79 9-30-78 9-30-77
perating Revenues $TrT0_.M T-TT7FTj97 U-.MT. W T7,66=, 4�
Non -Operating Income 3,058,647 1,213,711 841,414 480,397 277,718
Gross Income $14,247,801 $10,042,308 $7,660,112 $7,481,750 $5,293,162
Operating Expense
(excluding depreciation)* 7,283,700 6,927,147 5,957,631 5,130,938 4,260,222
Net Revenue S 6,964,101 $ 3,115,161 $1,702,481 $2,350,812 E1,032,940
Water Meters 55,511 54,589 53,458 52,408 50,442
* 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 9-30-82 (final principal maturity 6-1-82)------------------ S 144,760
Coverage Based on Net Income, Fiscal Year Ended 9-30-81------------------------- 48.1 Times
Waterworks System Revenue Bonds Outstanding, 9-30-81---------------------------- S 140,000
Interest and Sinking Fund and Reserve Fund, 9-30-81----------------------------- $1,338,541
INCREASE IN WATER RATES
Effective October 9 1
Old Rates (Effective 10-1-80) New Rates (Effective 10-1-81)
First ,000 gal ons .5 Minimum First 9a ons .95 Minimum
Next 49,000 gallons 0.93/M gallons Next 49,000 gallons 1.03/M gallons
Next 200,000 gallons 0.80/M gallons Next 200,000 gallons 0.88/M gallons
All over 250,000 gallons 0.75/M gallons All over 250,000 gallons 0.83/M gallons
THE SEWER SYSTEM
The City owns and operates a modern sewage system, with sanitary sewage collection and treat-
ment handled separately from storm water drainage. Treatment facilities consist of the South-
east Plant, with an average daily flow capacity of 25 million gallons, and the Northwest Plant,
with an average daily flow capacity of 0.75 million gallons. Treated effluent is used to
irrigate approximately 3,000 acres of farm land, and Southwestern Public Service Company has a
contract with the City to use part of the sewage effluent for cooling purposes in Southwestern
Public Service Company's 512,000 KW Clifford B. Jones electric generating plant near Lubbock.
No effluent is discharged into streams.
The sanitary sewage collection system includes approximately 695 miles of trunk mains and
collector lines with trunk mains installed for future expansion of the collection system.
Average daily sewage flow in 1981 was 18.9 million gallons.
There are no outstanding or authorized sewer revenue bonds.
- 19 -
CONDENSED STATEMENT OF OPERATIONS
-FWFR SYSTFM
Fiscal Year Ended
9-30-81
9-30-80
9-30-79
9-30-78
9-30-77
ncome
32,75T,-M
,6 ,80T
3T, 36E.-8-6W
$2,262.644
31—,617-.W
Expense
1,710,934
1,597,031
1,395,924
1,082,772
874,305
Net Income
$12047,306
51,038,770
5 972,942
$1,179,872
3 743,193
Sewer Customers*
55,511
54,589
53,458
52,408
50,442
* Estimated.
AIRPORT SYSTEM
The City has owned and operated its airport since 1929, with scheduled airline service begin-
ning in 1946. Lubbock International Airport is located six miles north of the central business
district and has an area of over 2,632 acres, of which approximately 1,500 acres is used for
farming and clear zones.
Scheduled Airline Service . Scheduled airline transportation is furnished by American Air
Lines, Braniff International, 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. Non-stop service is provided to
Dallas -Fort Worth Regional Airport, Dallas Love Field, Houston, E1 Paso, Austin, Amarillo and
Midland -Odessa. 1981 passenger enplanements totaled 474,600, compared to 455,925 in 1980.
Lubbock International Air ort Terminal . The terminal building, completed in April, 1976,
contains approximate y 4 ,00 square feet; the terminal houses airport administrative of-
fices, airline offices and ticket counters, the baggage claim area, car rental offices, a
restaurant and inflight meal preparation kitchen, air freight tenants, meeting and press rooms,
and provides 6 gates for airline use; 5 gates are jetway equipped. Parking space at the
terminal has been 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 and
Airway Facilities Sector. A FAA -operated Flight Service Station is located adjacent to the old
terminal. Federal Express services are available.
4� The FAA -operated control tower provides 24 hour service.
Runway System ... The runway system consists of:
1 - 11,500' x 1501, 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 a FAA
operated instrument landing system;
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 west -side located 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.
Terminal and Aron Improvement Pro ram ... $12,854,000 General Obligation Bonds for airport
mprovement purposes were approve at t e election on November 21, 1981; $812,000 of these are
included in the Bonds, the proceeds to be used for architectural/engineering services and
purchase of a jetway for Gate 6 at the terminal.
- 20 -
An estimated $10,220,000 will be used to expand the present terminal with a 60,000 square foot
addition which will include two additional gates equipped with jetways, baggage handling
system, additional rent car areas and expanded airline lease space. $2,634,000 will be used
for the City's share of the cost of terminal apron expansion; total estimated cost of terminal
expansion is $11,246,040 of which the FAA's share is $8,612,040; included in the apron expan-
sion is provision for the two new gates at the terminal and four additional, second phase,
future gates.
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
AIRPORT SYSTEM
Fiscal Year Ended 9-30-81 9-30-80 9-30-79 9-30-78 9-30-77
Aerating Revenues ,270 ,9 0,7 ,86 ,06 ,8 ,7 M TrT6T,_M
Non -Operating Revenue 396,976 279,961 413,953 257,945 185,865
Gross Income $2,607,246 $2,230,677 $2,277,015 $2,124,655 $1,653,581
Operating Expense
(excluding depreciation) 1,972,780 1,732,584 1,467,720 1,191,964 1,183,939
Net Revenue $ 634,466 $498,093 $ 809,295 S 932.691 S 469,642
Maximum Principal and Interest Requirements, Airport Revenue Bonds,
Fiscal Year Ending 9-30-82 (secured by Gross Income from System) -------------- S 345,146
Coverage Based on Gross Income, Fiscal Year Ended 9-30-81----------------------- 7.55 Times
Airport Revenue Bond-s—Uutstanding, 9-30-81-------------------------------------- $2,475,000
Interest and Sinking Fund, 9-30-81---------------------------------------------- $ 760,888
Reserve Fund, Cash and Investments, 9-30-81------------------------------------- $ 300,000
GENERAL INFORMATION REGARDING THE CITY AND ITS ECONOMY
LOCATION AND AREA ...
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 the 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
Census
173,979
Standard Metropolitan
Area (Lubbock County)
1970
Census
179,295
1980
Census
211,651
- 21 -
AGRICULTURE
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.
The Texas Department of Agriculture and the Statistical Reporting Service, U.S. Department of
Agriculture report as follows:
Lubbock County's 1980 cotton production was 213,200 bales; grain sorghum production was
31,110,000 pounds; and corn production was 227,400 bushels.
On January 1, 1981, there were an estimated 56,000 head of cattle and calves located on farms or
in feed lots in Lubbock County. An estimated 108,000 cattle were marketed from feed lots during
1980.
Lubbock County Cash Receipts from farm marketings, 1978/80, were:
1978 1979 1980*
All Crops $ 72,057,0 I-74; M-,— 6 9, ,M
Livestock and Products 27,053,000 39.255,000 33,771,000
U.S. Government Payments 6,498,000 5,971,000 6,434,000
Total Cash Receipts $105,608,000 $119,927,000 $130,050,000
* Preliminary - subject to revision.
1980 cotton production in a 23 county (including Lubbock County) area surrounding Lubbock was
2,001,700 bales; 1980 grain sorghum production in this same area was 844,150,000 pounds; and
grain corn production was 66,237,400 bushels.
Three major vegetable oil plants located in Lubbock have a combined weekly capacity of over
2.400 tons of cottonseed and soybean oil.
Several major seed companies are headquartered in Lubbock.
BUSINESS AND INDUSTRY ...
Lubbock SMSA Labor Force Estimates
(Source: Texas Employment Commission)
0
November October September November October September
1981* 1981 1981 1980 1980 1980
Civilian Labor Force -TU-.W M=, —M_6 —I6b,W I0,6S6 -M ,rR-
Total Employment 97,600 98,050 97,500 96,050 96,800 97,450
Unemployment 5,200 4,200 4,500 4,350 3,850 3,660
Percent Unemployed 5.1% 4.1% 4.4% 4.3% 3.8% 3.6%
* Subject to revision.
The Texas Employment Commission reported in December, 1981, that November, 1981, nonagricul-
tural employment in the Lubbock area totaled 90,550, up from 90,150 in November, 1980; of this
total an estimated 11,700 were employed in manufacturing compared to 12,800 in November, 1980.
Over 240 manufacturing plants in Lubbock produce such products as consumer products utilizing
semi -conductor elements, vegetable oils, heavy earth -moving machinery, irr.igation equipment
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.
- 22 -
Some larger industries in Lubbock (with more than 100 employees) are:
Estimated
Employees
December,
Company Product 1981*
Texas Instruments, Inc. Consumer Products with Semi - on uctor 3,500+
Elements
Johnson Manufacturing Company (Division of Heavy Earth -Moving Machinery and 250+
Eagle-Picher Industries) Farm Equipment
Lubbock Avalanche -Journal Southwestern Newspaper 350+
Newspaper Corporation
Litton Data Systems, Guidance and Control Navigational Equipment; Electronic 325+
Systems Division, Litton Industries, Inc. Computer Systems
Plains Co-op Oil Mill Vegetable Oil Products, Cottonseed 325+
Products
Evans Transportation Company (Division of
Evans Products Company)
Pressure Vessels for Rail Cars
300+
Frito-Lay, Inc. (Subsidiary of
Potato and Corn Chips
300+
Pepsico, Inc.)
Goulds Pumps, Inc.
Vertical Turbine Pumps
250+
Mrs. Baird's Bakeries
Bread Products
175+
Coca-Cola Bottling Company
Soft Drinks
175+
Bush Hog -Husky Company (Subsidiary of
Structural Steel Fabrication, Irriga-
150+
Allied Products, Inc.)
tion Equipment, Pollution Equipment
Grinnell Fire Protection Systems Company
Automatic Sprinkler Heads
150+
(Subsidiary of Tyco Laboratories)
Rainbo Baking Company, subdivision of
Bread Products
130+
Cambell-Taggart Associated Bakeries, Inc.
Bell Dairy Products, Inc.
Dairy Products
100+
Hall Foundries & Manufacturing, Inc.
Aluminum and Brass Castings, Wooden
100+
Foundry Patterns
Lubbock Cotton Oil Company
Cottonseed Oil and Other Cottonseed
100+
Products, Soyean Oil
Dr. Pepper -Seven Up Bottling Company
Soft Drinks
100+
Nubro Corporation
Reground Ball Bearings, Formed Wire
100+
Coils, Starter Armatures
* Source: Lubbock Chamber of Commerce.
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.
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.
The U.S. Bureau of the Census, Census of Business, 1977, estimated Lubbock County (Lubbock
Standard Metropolitan Area) retail trade at $866 million in 1977. Sales & Market'n Mana -
ement, Survey of Buying Power, estimates Lubbock County 1980 retail sa es at ,
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
D
7 4os s
Y7976nd
De osits
1971
84
527,314,293
1977
289-
1,104,602,863
1972
596,697,439
1978
1,104,896,188
1973
723,327,701
1979
1,219,990,000
1974
793,915,466
1980
1,369,037,000
1975
878,164,171
1981
1,500,177,000
-23-
EDUCATION ... TEXAS TECH UNIVERSITY ...
Established in Lubbock in 1925, Texas Tech University is the third largest State-owned Univer-
sity in Texas and had a Fall, 1981 enrollment of 22,968. Accredited by the Southern Association
of Colleges and Schools, the University is a co-educational, State -supported institution offer-
ing the bachelor's degree in 87 major fields, the master's degree in 69 major fields, the
doctorate degree in 32 major fields, and the professional degree in 2 major fields (law and
medicine).
The University proper is situated on 451 acres of the 1,829 acre campus, and has over 90
permanent buildings with additional construction in progress. 1981-82 faculty membership is
1,517, and over 5,000 other full and part-time employees including professional and administra-
tive staff. Including the Medical School, the University's operating budget for 1981-82 is
over $153.7 million of which $110.3 million is from State appropriations; book value of
physical plant assets, including the Medical School, is $305.7 million.
In 1969, the State Legislature authorized the establishment of a medical school at the Univer-
sity. Construction of Pod A of the school is complete, and construction on Pods B and C is near
completion. The medical school opened in 1972, and had an enrollment of 336 for the Fall
Semester, 1981, not including residents. There are 46 graduate students. The School of
Nursing admitted its first class in Fall 1981 - enrollment 65. The Allied Health School will
admit its first class in Fall, 1982.
OTHER EDUCATION INFORMATION ...
The Lubbock Independent School District, with an area of 87.5 square miles, includes over 95%
of the City of Lubbock. Fall, 1981, enrollment was 28,754; there were 1,983 faculty and
professional personnel and 1,193 other employees. The District operates 5 senior high schools,
8 junior high schools, 35 elementary schools and other educational programs. The District is
planning the construction of 3 new elementary schools.
SCHOLASTIC MEMBERSHIP
HISTORY*
Refined
Average
School
Student
Daily
MembershiQ
Attenc�e
9Ya�r
6,7
1973-74
32,499
30,477
1974-75
32,209
30,255
1975-76
31,733
29,888
1976-77
31,502
29,683
1977-78
31,163
29,554
1978-79
29,877
28,284
1979-80
29,377
27,257
1980-81
28,828
27,044
1981-82
28,754**
27,331**
* Source: Superintendent's Office, Lubbock Independent School District.
** As of end of first six weeks period.
Lubbock Christian College, a privately owned, co-educational senior college located in Lubbock,
had an enrollment of 1,151 for the Fall Semester, 1981, and offers 23 bachelor degree programs.
South Plains College, Levelland, Texas (South Plains Junior College District) operates a major
off -campus learning center in a downtown Lubbock, 7-story building ownedby the College.
Course offerings cover technical/vocational subjects, and Fall, 1981, enrollment was 850. The
College also operates a major off -campus learning center at Reese Air Force Base; course
offerings are in primarily academic subjects and Fall, 1981 enrollment was 350.
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 556 students. The School's operating budget
for 1981/82 is in excess of $11.5 million. The School is operating at 100% capacity, and has
over 700 professional and other employees.
- 24 -
TRANSPORTATION ...
Scheduled airline transportation at Lubbock International Airport is furnished by American
Airlines, Braniff International, Continental Airlines, Texas International, Southwest Airlines
and Air Midwest. Non-stop service is provided to Dallas -Fort Worth Regional Airport, Dallas
Love Field, Houston, Amarillo, Austin, El Paso and Midland -Odessa. 1981 passenger boardings
totaled 474,600. Extensive private aviation services are located at the airport. Federal
Express services are available.
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 Grey-
hound Corporation, provides bus service. Headquarters for T.I.M.E.-DC, Inc., a transcon-
tinental motor carrier, are located in Lubbock, and 14 motor freight common carriers provide
service.
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; construction is in progress.
GOVERNMENT AND MILITARY ...
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 has approximately 2,800
military and 600 civilian personnel.
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.
Federal Government . Several Federal departments and various other administrations and agen-
cies have offices in Lubbock; a Federal District Court is located in the City.
HOSPITALS AND MEDICAL CARE ...
There are seven hospitals with a November, 1931 total of 1,495 licensed beds. Methodist
Hospital, the largest, employs 509 of its licensed 549 beds, and also operates an accredited
nursing school; St. Mary's of the Plains Hospital utilizes 179 beds of 'its licensed 209 beds.
Others include West Texas Hospital with 166 beds, Highland Hospital with 123 beds, University
Hospital, Inc. with 99 beds and Community Hospital of Lubbock with 76 beds. Lubbock County
Hospital District, with boundaries contiguous with Lubbock County, owns the Lubbock General
Hospital which it operates as a teaching hospital for the Texas Tech University Medical School,
utilizing 203 of its licensed 273 beds.
Lubbock has over 200 practicing physicians and surgeons (M.D.) plus the Texas Tech University
Medical School Staff, and over 80 dentists. A radiology center for the treatment of malignant
diseases is located in the City.
RECREATION AND ENTERTAINMENT
Lubbock's Mackenzie State Park and 60 City parks and playgrounds provide recreation centers,
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, the main City library building
and State Department of Public Safety Offices. The west and south periphery, about 50 acres, is
being redeveloped privately with office buildings, hotels and motels, a hospital and other
facilities.
- 25 -
n
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 ...
Lubbock has approximately 200 churches representing more than 25 denominations.
UTILITY SERVICES ...
Water and Sewer - City of Lubbock.
Gas - Energas Company (a division of Pioneer Corporation).
Electric - City of Lubbock (Lubbock Power & Light) and Southwestern Public Service Company.
Telephone - Southwestern Bell Telephone Company.
MEDIA ...
Newspapers - 1 daily (morning and evening); others semi -weekly and weekly.
Television and Radio - 3 network TV channels and 1 educational public service TV channel; cable
TV services; AM and FM radio stations.
ECONOMIC INDICES (1)
Bank Building Utility Connections Postal
Year De osits Permits ater as ectric leie�� Recei is
1 S 82 9,76�46f '£9� T2 9a$ �9ZT� 169,458- �_8 8
1970 477,247,184 40,035,768 42,460 43,456 48,966 115,047 4,043,407
1971 527,314,293 69,209,358 43,012 44,039 49,970 121,545 4,323,582
1972 596,697.439 64,278,038 44,331 45,168 50,717 128,288 5,241,799
1973 723,327,701 78,844,779 45,565 45,650 50,994 135,344 5,317,985
1974 793,915,466 118,718,253 46,745 45,971 51,739 141,942 5,737,352
1975 878,164,171 114,823,400 47,817 47,671 52,451 f49,906 6,662,348
40. 1976 1,013,973,289 91,904,380 49,933 48,809 56,008(2) 158,497 8o027,363
1977 1,104,602,863 131,951,646 50,825 50,062 60,077 161,860 10,778,787
1978 1,104,896,188 132,600,657 52,629 51,266 63,123 168,273 11,006,891
1979 1,219,990,000 104,883,750 53,705 54,878 65,294 171,609 11,758,260
1980 1,369,037,000 88.829,331 549788 55,768 66,885 174,110 12,882,061
1981(3) 1,500,177,000 106,757,064 55,511 N.A. 68,339 176,111 N.A.
Notes: (1) All data 1969-1980 as of 12-31, except Postal Receipts which are as of 6-30 for
1967-76 and as of 12-31 for 1977/80.
(2) Electric connections include those of a privately owned utility company. 12-31-76
electric connections reflect institution of metering of individual apartment
units.
(3) 1981 data as of: water, electric and telephone connections as of 10-31; bank
deposits and building permits as of 12-31-81.
- 26 -
BUILDING PERMITS BY CLASSIFICATION
(Source: City of Lubbock.Texas)
Residential Permits
Commercial,
Single
Family
Duplexes
A artmen s
Total ResidenfTa-r—Public
Total
o. Permits
No. Dwelling
and Other
Building
Year
No. Units
Value
(Units)�
Value
No. Units
Value
Units
Value
Permits
Permits
TW
�$6—
31T.T ,$�5
-ii( 2)
Ub
---=
TTT6FW
---7rT —
$PF,MTT9
,9 ,9
1969
427
10,077,800
36( 72)
754,000
52
364,000
551
11,195,800
18,568,662
29,764,462
1.970
485
10,942,391
15( 30)
429,700
633
5,966,400
1,148
17,338,491
22,697,277
40,035,768
1971
864
20,782,556
67(134)
2,297,700
894
10,079,491
1,892
33,159,747
36,049,611
69,209,358
1972
852
22,667,238
75(150)
3,008,650
1,171
11,315,898
2,173
36,991,786
27,286,253
64,278,039
1973
815
22,702,186
52(104)
2,317,050
949
9,121,400
1,868
34,140,636
44,704,143
78,844,779
1974
893
29,446,897
34( 68)
1,440,500
773
7,315,500
1,734
38,202,897
80,515,356
118,718,253
1975
1,002
37,766,603
23( 46)
1,165,450
734
5,592,000
1,782
44,524,053
70,299,347
114,823,400
1976
1,164
44,220,463
48( 96)
2,723,150
712
6,908,000
1,972
53,851,613
38,052,767
91,904,380
1977
1,713
72,055,014
72(144)
4,011,400
1,654
22,571,000
3,511
98,637,414
33.314,232
131,951,646
1978
1,276
62,785,400
80(160)
5,074,550
636
9,479,000
2,072
77,338,950
55,261,707
132,600,657
1979
935
50,207,289
16( 32)
897,000
300
5,144,680
1,267
56,248,969
48,634,781
104,883,750
1980
895
50,943,410
36( 72)
2,293,900
216
3,535,500
1,183
56,772,810
32,056,521
88,829,331
1981
655
47,760,510
13( 23)*
1,389,500
748
20,415,552
1,426
69,565,562 -
37,191,502
106,757,064
Notes: (1) Data shown under "No. Units" is for each individual apartment dwelling unit, and is not for separate buildings.
* As reported by City.
11.
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.
- 28 -
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.
FINANCIAL ADVISOR
First Southwest Company is employed as Financial Advisor to the City in connection with the
issuance of the Bonds. The Financial Advisor's fee for services rendered with respect to the
sale of the Bonds is contingent upon the issuance and delivery of the Bonds. First Southwest
Company may submit a bid for the Bonds, either independently or as a member of a syndicate
organized to submit a bid for the Bonds.
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 Official 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 District will furnish the Purchaser, as a part of the transcript of proceedings, a certi-
fied 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
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, 1980. 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, 1980
� n
CONTENTS
Accountants' Report Page 3
General Fund
Balance Sheet 4
Statement of Revenues, Expenditures and
Changes in Fund Balance — Budget and Actual 6
Debt Service Fund
Balance Sheet 7
Statement of Revenues, Expenditures and
Changes in Fund Balance g
Notes to Financial Statements 9
1
MASON. NICKELS & WARNER
CERTIFIED PUBLIC ACCOUNTANTH
SLATE 460I TOWER OF THE PLAINS 15010 UNIVERSITY AVENUE I P.O. BOX 3670I LUBBOCK, TEXAS 79452I 1BOB7 797-32N
Honorable Bill McAlister, Mayor
Members of the City Council
City of Lubbock, Texas
We have examined the financial statements of the General Fund and Debt Service
Fund of the City of Lubbock, Texas, as of and for the years ended September 30,
1980 and September 30, 1979, as listed in the table of contents. Our
examination was 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.
The financial statements presented are only for the General Fund and Debt
Service Fund and are not 'intended to present fairly the financial position of
the City of Lubbock, Texas, at September 30, 1980 and September 30, 1979, or
the results of its operations and the changes in the financial position of its
proprietary fund types for the years then ended, in conformity with generally
accepted accounting principles.
In our opinion, the financial statements referred to above present fairly the
financial position of the General Fund and Debt Service Fund of the City of
Lubbock, Texas, at September 30, 1980 and September 30, 1979, and the results,
of its operations and the changes in its fund balance for the years then ended,
in conformity with generally accepted accounting principles applied on a basis
consistent with that of the preceding year.
January 15, 1981
Lubbock, Texas
4uo't'-, I ca y- dat4�
3
MLMDKAU I AMERICAN INSTITUTE of CERTIFIED PUBLIC ACCOUNTANTS I TEXAS sOCIETY OF CERTIFIED PUOUC ACCOUNTANTS
GENERAL FUND
BALANCE SHEET
CITY OF LUBBOCK, TEXAS
September 30 September 30
1980 1979
ASSETS
Cash and investments $ 1,837,757 $ 96,844
Delinquent taxes receivable, less estimated
uncollectible taxes (1980 — $2,923,881;
1979 — $2,817,068)
368,051
354,840
Taxes in litigation — Note B
197,394
156,244
City sales tax receivable
1,899,145
2,208,102
Hotel/motel tax receivable
141,900
141,900
Paving assessments, less estimated uncollectible
accounts (1980 — $259,146; 1979 — $258,612)
437,460
528,995
Other accounts receivable, less estimated
uncollectible .accounts (1980 — $219849;
1979 — $21,908)
181,711
188,009
Due from other funds
7,340,580
7,420,846
Due from federal government
44,386
135,475
Due from county government
3,870
Due from Civic Lubbock, Inc.
75,544
148,554
Due from school district
68,515
147,155
Prepaid expense
156,647
480,537
Insurance deposit
252,236
Stores inventory
248,732
177,679
Advance to electric fund
4,506,635
3,650,635
Advances to other funds
150,000
Advance to urban renewal
25.000
$ 17,679,457 $ 16,091,921
4
September 30 September 30
1980 1979
LIABILITIES AND FUND EQUITY
LIABILITIES:
Accounts payable
$ 931,487
$ 2,184,488
Accrued liabilities
585,507
436,065
Due to other funds
5,668,504
5,763,134
Due to BCD
18,310
Due to other agencies
1,899
27,191
Revenue collected in advance
185
4,229
Advance from other funds
4,100,000
1,000,000
11,287,582
9,433,417
FUND EQUITY
Reserved for encumbrances
191,858
424,891
Reserved for inventory of supplies
177,679
177,679
Reserved for capital improvement
400,000
Reserved for cemetery perpetual care
22,767
22,767
Reserved for special projects
17,269
Reserved for arts
52,308
Unreserved:
Designated for receivables
590,014
390,014
Designated for advance to electric
revenue" fund loan
500,000
300,000
Undesignated
4,909,557
4,873,576
Total Fund Equity
6,391,875
6,658,504
COMMITMENTS.AND CONTINGENCIES —Notes B, C & D
s ,
17,679,457
$ 16,091,921
z
See notes to financial statements.
5
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE — BUDGET AND ACTUAL
CITY OF LUBBOCK, TEXAS
Revenues:
Taxes
Licenses and permits
In to rgove rnmen to 1
Charges for services
Fines and forfeit
Miscellaneous
Total Revenues
Expenditures
General government
Community relations
Finance
Tax
Management information system
Administrative services
Personnel ,
Purchasing
Planning division
Community facilities
Public services
Public work
Public safety
Street lighting
Total Expenditures
Excess of Revenues Over
(Under) Expenditures
Other Financing Sources:
Transfers from other funds
Transfers to other funds
Year Ended September
30, 198OPrior Fiscal
Budget
Actual
Year Actual
$ 21,924,431
$ 21,554,027
$ 20,227,210
336,566
384,213
353,360
544,770
766,884
2,205,597
1,764,393
1,485,653
1,504,545
1,513,000
1,266,261
1,152,254
1,016,070
1,065,094
1,331,057
27,099,230
26,522,132
26,774,023
1,170,925
93,407
639,928
1,078,315
226,556
488,358
241,844
104,408
1,753,911
4,928,595
1,881,997
2,163,391
12,808,651
1,016,630
28,596,916
1,334,878
91,995
611,286
1,025,736
202,458
561,076
252,679
103,157
1,657,867
4,958,489
1,846,260
2,009,338
12,842,568
1,076,474
28 ,574, 261
956,329
97,087
609,923
886,160
176,600
499,136
192,814
92,672
1,600,720
4,997,895
2,189,826
2,294,420
12,241,675
851,954
27,687,211
(1,497,686) (2,052,129) (913,188)
2,598,034 3,490,137
815,686 1,279,658
1,782,348 2,210,479
EXCESS OF REVENUES AND
TRANSFERS OVER EXPENDITURES 284,662
Fund Balance At Beginning of Year 6,658,504
Changes in reserves
Prior year encumbrances
FUND BALANCE AT END OF YEAR $ 6,943,166
See notes to financial statements. 6
158,350
6,658,504
(424,979)
$ 6,391,8875
3,011,054
1,967,926
1,043,128
129,940
8,612,298
2,083,734
$ 6,658,504
DEBT SERVICE FUND
BALANCE SHEET
CITY OF LUBBOCK, TEXAS
September 30 September 30
1980 1979
ASSETS
Cash and investments - Note B $ 809,003 $ 209,587
Taxes in litigation - Note C 82,563 87,938
Delinquent taxes receivable, less allowance
for uncollectible taxes (1980 - $2,180,719;
1979 - $2,133,253) 297,371 290,898.
Due from other funds 369,524 474,866
$ 1,558,461 $ 1,063,289
LIABILITIES AND FUND BALANCE
Due to general fund
Fund balance
See notes to financial statements.
7
$ $ 132,133
.1,558,461 931,156
$ 1,558,461 $ 1,063,289
DEBT SERVICE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
CITY OF LUBBOCK, TEXAS
Revenue
Current tax revenues
Less: estimated uncollectible taxes
Net Tax Revenues
Interest on investments
Hotel/motel tax
Interest on bond sale
Transfer from Electric Revenue Fund
Transfer from Water Revenue Fund
Total Revenue
Expenditures
Bond retirement
Interest on bonds
Fiscal agent's fees
Total Expenditures
EXCESS REVENUES OVER (UNDER) EXPENDITURES
Fund balance at beginning of year
FUND BALANCE AT END OF YEAR
See notes to financial statements.
8
Year Ended September 30
1980 1979
$ 5,469,394 $ 4,130,468
59,789 106,791
5,409,605 4,023,677
673,655 436,212
260,086 260,212
53,200 210,656
291,358 299,992
311,586
6,999,490 5,230,749
4,235,000
3,841,000
2,134,196
1,804,583
2,989
2,692
6,372,185
5,648,275-
627,305
(417,526)
931,156
1,348,682
1 1,558,461
$ 931,156
NOTES TO FINANCIAL STATEMENTS
GENERAL FUND
CITY OF LUBBOCK, TEXAS
September 30, 1980
Note A — Summary of Significant Accounting Policies
Basis of Accounting — The accounting records of the General 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 fund
liabilities are incurred.
Investments — Investments are carried at par value net of any unamortized
premium or discount. Investment earnings and the related interest receivable
are recorded in the fund holding the investment, except in the cases of the
Internal Service Fund and the Special Assessment Funds, for which the General
Fund accounts for the interest receivable and investment earnings.
Inventories — Inventories are valued at cost, determined by the average cost
method.
Note B — Contingencies
The city is defendent in various lawsuits alleging damages of approximately
$585,000. The lawsuits allege damage from flooding of property caused by
improper drainage from City improvements; from fire and explosion; from
improper use of City facilities; from civil rights violations; from zoning;
employee mis—treatment and other causes. The City Legal Department has advised
that the settlement value of these cases will probably be much less than the
alleged damages. However, the actual amount of the loss was not reasonably
estimable as of September 30, 1980.
Beginning with 1975 tax roll certain taxpayers filed suit against the City of
Lubbock because of the assessed value placed on their property. The original
values as assessed.by the Tax Office and adjusted by the Board of Equalization
would generate taxes in the amount of $435,627, of which the taxpayers have
agreed to pay $358,235. The difference of $77,392 is being litigated as of
September 30, 1980.
Note C — 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.
9
NOTES TO FINANCIAL STATEMENTS - Continued
GENERAL FUND
CITY OF LUBBOCK, TEXAS
September 30, 1980
Note D - Pension Plans
Eligible City employees are covered by 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, 1979, exceeded
pension fund assets by approximately $9,997,315.
City firemen are covered by the Lubbock Firemen's Relief and Retirement Fund, a
single employer plan. The City's policy is to fund pension costs accrued. The
actuarially computed value of vested benefits as of March 31, 1980, exceeded
pension fund assets by approximately $5,336,161. The study concluded that the
plan is actuarially sound due to amortizing the unfunded liability in 20 years.
City contributions to the retirement funds, charged to operations during the
fiscal year for the General Fund were $1,265,756.
10
RESOLUTION
WHEREAS, the City Council of the City of Lubbock, Texas
desires to receive bids for the purchase of its $10,950,000
General Obligation Bonds, Series 1982; 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 $10,950,000
City of Lubbock, Texas, General Obligation Bonds, Series 1982, 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 Lubbock, Texas, convened
in session with a lawful quorum present.
MAYOR
ATTEST:
Evelyn Gaffga, City Secretary -Treasurer
APPROVED AS TO FORM:
John C. Ross, Jr., City Attorney
Ex1flgl R-6
GENERAL CERTIFICATE
THE STATE OF TEXAS §
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 $10,950,000 "City of Lubbock, Texas, General
Obligation Bonds, Series 1982", dated June 1, 1982.
2. The following are the duly qualified and acting
officers of the City of Lubbock:
BILL McALISTER
ALAN HENRY
M. J. ADERTON
E. JACK BROWN
JOAN BAKER
LARRY J. CUNNINGHAM
EVELYN GAFFGA
JOHN C. ROSS, JR.
JAMES KILCHENSTIEN
MAYOR
COUNCILMAN
COUNCILMAN
COUNCILMAN
COUNCILWOMAN
CITY MANAGER
CITY SECRETARY -CITY TREASURER
CITY ATTORNEY
TAX ASSESSOR -COLLECTOR
3. The City of Lubbock, Texas, is operating under its
Home Rule Charter, last amended at an election held January 24,
1967.
4. Ordinance No. and minutes pertaining thereto
contained herein are true and correct copies of such instruments
as adopted and entered by the City Council of the City of Lubbock,
Texas, on the day of , 1982, said ordinance
being correctly recorded in the Ordinance Records of said City.
5. The aforesaid ordinance was passed at a meeting 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 assessed value of property for the purpose of
taxation in said City of Lubbock as shown by its official tax
rolls for the year 1981, being its latest approved official
assessment rolls, is
and the City's Tax Assessor has duly verified the tax rolls
reflecting such amount, which does not include the amount of
any exemptions to which property otherwise subject to taxation
was entitled pursuant to applicable provisions of the Con-
stitution and laws of the State of Texas.
WITNESS OUR OFFICIAL SIGNATURES AND THE SEAL OF THE CITY OF
LUBBOCK, TEXAS, this the day of , 1982.
Mayor, City of Lubbock, Texas
City Secretary -Treasurer,
(City Seal) City of Lubbock, Texas
_x 1/3Ir R-7
DEBT SERVICE REQUIREMENT SCHEDULE
THE STATE OF TEXAS §
§
COUNTY OF LUBBOCK §
§
CITY OF LUBBOCK §
WE, the undersigned, Mayor and City Secretary -Treasurer,
respectively, of the City of Lubbock, Texas, DO HEREBY CERTIFY
that a "Debt Service Requirement Schedule", showing the amount
required for the payment of principal of and interest on all
presently outstanding tax obligations of the issuer which become
due and payable in the fiscal years as shown (including
current year's payments made to date), and the amount estimated
to be required in each fiscal year as shown for the payment of
principal of and interest on the proposed series of obligations,
is attached hereto.
WITNESS OUR OFFICIAL SIGNATURES AND THE SEAL OF THE CITY
OF LUBBOCK, TEXAS, this the day of , 1982.
(City Seal)
Mayor, City of Lubbock, Texas
City Secretary -Treasurer
City of Lubbock, Texas
_'1ZX4_1
DEBT SERVICE REQUIREMENTS
GENERA OBLIGATION BONDS
Fiscal
Grand Total
Less:
Less:
Grand Total
Year
General Obli-
Waterworks
Sewer System
General Pur-
% of
Ending
Outstanding Bonds
The Bonds
gation Bond
Tax Bond
Tax Bond
pose Bond
Principal
9-30
Principal
Interest
Tota
Princ__T__r
Interest
Total
Re uirements
Requirements
Re uirements
Re uirements
Retired
1982
4,760,000
4,195,282
8,955,282
,955,282
4,4 88,926
489,63
4,007,325
1983
4,650,000
3,500,274
8,150,274
$ 525,000
$ 1,564,063
$ 2,089,063
10,239,337
3,894,490
651,871
5,692,976
1984
4,645,000
3,234,915
7,879,915
525,000
1,270,313
1,795,313
9,675,228
3,758,663
607,203
5,309,362
1935
4,495,000
2,971,232
7,466,232
550,000
1,203.125
1,753,125
9,219,357
3,577,210
563.512
5,078,635
1986
4,410,000
2,709,337
7,119,337
550,000
1,134,375
1,684,375
8,803,712
3,406,268
528,727
4,868,717
34.56%
1987
4,260,000
2,449,752
6,709,752
550,000
1,065,625
1,615,625
8,325.377
3,219,268
508,011
4,598,098
1988
4,135,000
2,193.464
6,320,164
550,000
996,875
1,546,875
7,875,339
3,058,635
466,094
4,350,610
1989
3,945,000
1,942,122
5,807,122
550,000
928,125
1,478,125
7,365,247
2,893,223
446,955
4,025,069
1990
3,785,000
1,707,413
5,492,413
550,000
859,375
1,409.375
6,901,788
2,768,416
395.937
3,737,435
1991
3,640,D00
1,480,297
5,120,297
550,000
790,625
1.340,625
6.460,922
2,648,346
311,382
3,501,194
65.55%
1992
3,295,000
1,271,005
4,566,005
550,000
721,875
1,271,875
5,837,890
2,522,329
273,673
3,041,878
1993
2,695,000
1,077,799
3,772,799
550,000
653,125
1,203,125
4,975,924
2,338,080
260,966
2,376,878
1994
2,305,000
905,653
3,210,653
550,000
584,375
1,134,375
4,345,028
2,181,570
248,187
1,915,271
1995
1,810,000
756,472
2,566,472
550,000
515,625
1,065,625
3,632,097
2,050,323
236,320
1,345,454
1996
1,810,000
618,211
2,428,211
550,000
446,875
996,875
3,425,086
1,936,744
223,307
1,265,035
85.73%
1997
1,730,000
478,498
2,208,498
550,000
378,125
928,125
3,136,623
1,821,947
210,208
1,304,468
1998
1,730.000
344,485
2,074,485
550,000
309,375
859,375
2,933,860
1,708,032
197,411
1,028,417
1999
1,605,000
215,444
1,820,444
550,000
240,625
790,625
2,611,069
1,575,122
159,786
876,161
2000
1,165,000
109,738
1,274,738
550,000
171,875
721,875
1,996,613
1,173,052
113,235
710,326
2001
840,000
33,600
873,600
550,000
103,125
653,125
1,526,725
844,946
64,986
616,793
99.24%
2002
550,000
34,375
584,375
584,375
58,145
526,230
100.00%
$61,710,000 $32,194,993 $93,904,993 $10,950,000 $13,971,876 $24,921.876 $118,826,869 $51,835,590 E 7,014,947 E59,976,332
Note: Interest on the Bonds has been calculated at the rate of 12 1/2% for purposes of illustration.
TAX ADEQUACY
All General Obligation Bonds (including the Bonds) ...
Maximum Principa amend-fntereSt Requirements, 19B3--------r--------------------------------------------- $10,239,337
$0.40 Tax Rate @ 95% Collection Produces--------------------------------------------------------------- $10,265,932
ORDINANCE NO.
AN ORDINANCE by the City Council of the City of
Lubbock, Texas, relating to $10,950,000 "CITY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1982", dated June 1, 1982, providing
for the sale of the bonds and establishing
interest rates for said bonds, enacting pro-
visions incident and related to the purpose
and subject of this ordinance and providing
an effective date.
WHEREAS, on the day of , 1982, the
City Council of the City of Lubbock, Texas, duly passed and
adopted an Ordinance authorizing the issuance of $10,950,000
"CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES
1982" (the "Bonds"); and
WHEREAS, by Notice of Sale and Official Statement dated
, this City Council duly offered
the Bonds for sale at Competitive Bidding, said bids to be
opened and sale awarded on the day of
1928, at o'clock ,M.; and
WHEREAS, pursuant to said Notice of Sale, bids for the
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 the purchase of the Bonds was the best bid received,
that said bid was duly submitted and should be accepted and
the Bonds sold to said bidder; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: That the bid of
for the purchase of the $10,950,000 "CITY OF LUBBOCK, TEXAS,
GENERAL OBLIGATION BONDS, SERIES 1982", dated June 1, 1982,
at par plus accrued interest and a premium of $
(so as to provide an effective interest rate of $)
is hereby accepted and said Bonds are hereby sold t— o d
bidder at such price.
.SECTION 2: That as provided in the bid accepted by
the City'— Council for the purchase of the $10,950,000 "CITY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1982",
dated June 1, 19.82, the bonds of said series shall bear interest
at the following rates per annum, to wit:
BOND
NUMBERS
MATURITY
COUPON
(All
Inclusive)
February l
AMOUNT
RATE
1
to
105
1983
$525,000
%
106
to
210
1984
525,000
%
211
to
320
1985
550,000
%
321
to
430
1986
550,000
%
431
to
540
1987
550,000
%
541
to
650
1988
550,000
%
651
to
760
1989
550,000
%
761
to
870
1990
550,000
%
871
to
980
1991
550,000
%
981
to
1090
1992
550,000
%
1091
to
1200
1993
550,000
%
1201
to
1310
1994
550,000
%
1311
to
1420
1995
550,000
%
1421
to
1530
1996
550,000
%
1531
to
1640
.1997
550,000
%
1641
to
1750
1998
550,000
%
1751
to
1860
1999
550,000
%
1861
to
1970
2000
550,000
%
1971
to
2080
2001
550,000
%
2081
to
2190
2002
550,000
%
SECTION 3: 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 the day
of , 1982.
PASSED AND APPROVED on second and final reading this the
_ day of , 1982.
Mayor, City of Lubbock, Texas
ATTEST:
City Secretary, City of
Lubbock, Texas
(City Seal)
MINUTES PERTAINING TO PASSAGE AND ADOPTION OF AN
ORDINANCE AUTHORIZING THE SALE OF AND ESTABLISHING
INTEREST RATES FOR THE $10,950,000 "CITY OF LUBBOCK,
TEXAS, GENERAL OBLIGATION BONDS, SERIES 1982",
DATED JUNE 1, 1982
THE STATE OF TEXAS §
§
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
ON THIS, the day of , 1982, the City
Council of the City 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
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
ALAN HENRY
COUNCILMAN
M. J. ADERTON
COUNCILMAN
E. JACK BROWN
COUNCILMAN
JOAN BAKER
COUNCILWOMAN'
and
LARRY CUNNINGHAM
CITY MANAGER
and
EVELYN GAFFGA
CITY SECRETARY
also being present; and with the following absent:
, constituting a quorum; and among other
business considered at said meeting, an ordinance was submitted
for reading and passage, such ordinance being entitled as follows
"AN ORDINANCE by the City Council of the City of
Lubbock, Texas, relating to $10,950,000 "CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES
1982', dated June 1, 1982, 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.
Councilmember then moved that the ordinance
be passed on its first reading to take effect immediately from
and after its final passage. The motion was seconded by
Councilmember and carried by the following
vote:
YEAS: Mayor McAlister and Councilmembers Henry, Aderton,
Brown and Baker.
NAYS: None.
The Presiding Officer then announced the passage of the
ordinance on first reading.
MINUTES APPROVED, this the day of , 1982.
Mayor, City of Lubbock, Texas
ATTEST:
City Secretary, City of Lubbock, Texas
(City Seal)
c eIT P-10
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 the Minutes pertaining to the
first reading of Ordinance No. providing for the sale
of $10,950,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION
BONDS, SERIES 1982" and establishing interest rates therefor,
passed on first reading by the City Council of said City on
the day of , 1982, which ordinance is
duly recorded in the Minutes of said City Council.
I FURTHER CERTIFY that the meeting at which said ordinance
was passed on first reading was 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 , 1982.
City Secretary, City of
Lubbock, Texas
(City Seal)
MINUTES PERTAINING TO PASSAGE AND ADOPTION OF AN
ORDINANCE AUTHORIZING THE SALE OF AND ESTABLISHING
INTEREST RATES FOR THE $10,950,000 "CITY OF LUBBOCK,
TEXAS, GENERAL OBLIGATION BONDS, SERIES 1982",
DATED JUNE 1, 1982
THE STATE OF TEXAS §
§
COUNTY OF LUBBOCK §
§
CITY OF LUBBOCK §
ON THIS, the day of , 1982, the City
Council of the City 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
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
ALAN HENRY
COUNCILMAN
M. J. ADERTON
COUNCILMAN
E. JACK BROWN
COUNCILMAN
JOAN BAKER
COUNCILWOMAN
and
LARRY CUNNINGHAM
CITY MANAGER
and
EVELYN GAFFGA
CITY SECRETARY
also being present; and with the following absent:
, constituting a quorum; and among other
business considered at said meeting, an ordinance was submitted
for second reading and final passage, such ordinance being
entitled as follows:
"AN ORDINANCE by the City Council of the City of
Lubbock, Texas, relating to $10,950,000 "CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES
1982', dated June 1, 1982, 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."
Councilmember then moved that the ordinance
be passed on its second and final reading to take effect
immediately from and after its final passage. The motion
was seconded by Councilmember and carried
by the following vote:
YEAS:- Mayor McAlister and Councilmembers Henry, Aderton,
Brown and Baker.
NAYS: None.
The Presiding Officer then announced that the above
ordinance had been passed on first reading on the day
of , 1982,-and-has been passed now on i— t -second
and final reading on the date shown below.
MINUTES APPROVED, this the day of , 1982.
Mayor, City of Lubbock, Texas
ATTEST:
City Secretary, City of Lubbock, Texas
(City Seal)
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 Ordinance No. providing
for the sale of $10,950,000 "CITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1982" and establishing the interest
rates therefor (and Minutes pertaining to its second and final
reading), finally passed and adopted by the City Council of said
City on the day of , 1982, which ordinance
is duly recorded in the Minutes of said City Council.
I FURTHER CERTIFY that the said ordinance was finally
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 1982.
City Secretary, City of
Lubbock, Texas
(City Seal)
RESOLUTION APPROVING FORM AND CONTENT OF OFFICIAL STATEMENT
THE STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
ON THIS, the day of , 1982, the City
Council of the City 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
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
ALAN HENRY
COUNCILMAN
M. J. ADERTON
COUNCILMAN
E. JACK BROWN
COUNCILMAN
JOAN BAKER
COUNCILWOMAN
and
LARRY CUNNINGHAM
CITY MANAGER
and
EVELYN GAFFGA
CITY SECRETARY
also being present; and with the. following absent:
, constituting a quorum; and among
other business considered at said meeting, a resolution was
submitted to the City Council for passage and adoption, such
resolution being as follows:
WHEREAS, it is provided in the Official Statement dated
1982, concerning the sale of $10,950,000
CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1982",
dated June 1, 1982, 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 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 , 1982,
prepared in connection with the issuance and sale of $10,950,000
"CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1982%
dated June 1, 1982, is hereby approved as to form and content_
by this Council and this governing body hereby authorizes the
further use of said Official Statement in the reoffering of the
bonds by the Purchaser.
Councilmember the made a motion that the
resolution be finally passed and adopted. The motion was
seconded by Councilmember and carried by the
following vote:
YEAS: Mayor McAlister and Councilmembers Henry, Aderton,
Brown and Baker.
NAYS: None.
Cix� (?- 1
1
The Presiding Officer then announced that the resolution
had been finally passed and adopted.
PASSED AND APPROVED, this the day of 1982.
Mayor, City of Lubbock, Texas
ATTEST:
City Secretary, City of Lubbock,
Texas
(City Seal)
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 prepared in connection with the issuance and
sale of $10,950,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION
BONDS, SERIES 1982" (and Minutes pertaining to its adoption),
passed by the City.Council of said City on the day of
1982, and duly recorded in the Minutes of
said City Council.
I FURTHER CERTIFY that said resolution was passed at
a meeting open to the public and notice of said 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 _ 1982.
City Secretary, City of
Lubbock, Texas
(City Seal)
(`` (01
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 ,
1982, and any addenda, supplement or amendment thereto, for its
$10,950,000 General Obligation Bonds, Series 1982, on the date
of such Official Statement, on the date of sale ct 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 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 mis-
leading;
(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
(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.
TO CERTIFY WHICH, witness our hands and the seal of said
City as of the day of , 1982, same being
the date of delivery of the bonds herein described.
(City Seal)
Mayor, City of Lubbock, Texas
City Secretary, City of Lubbock,
Texas
�Xtf 161T �3
TREASURER'S RECEIPT
THE STATE OF TEXAS
COUNTY OF LUBBOCK
THE UNDERSIGNED HEREBY CERTIFIES as follows:
(1) That this certificate is executed and delivered Lvith respect to the following described bonds:
"CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1982"
dated June 1, 1982 in the aggregate principal amount of $ 10, 950, 000
(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:
(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:
PRINCIPAL AMOUNT...............................................................$ 10,950,000.00
ACCRUED INTEREST..............................................................8
PLUSPREMIUM........................................................................$
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) That the undersigned has executed this certificate in the capacity hereinafter shown for and on
behalf of the said issuer of bonds.
EXECUTEDAND DELIVERED this ............ ........................................................................... .......
City Treasurer
City of Lubbock, Texas
The foregoing signature of the foregoing designated official of the issuer is hereby certified as
genuine.
(BANK SEAL)
(Bank)
LAW OFFICES
D�unas, liugu—iu, Boothman and Dior
1212 l'nited National 11ank Building
Dallas, Texas 75201
(0*?
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 refezence to the following described bonds:
"CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1982"
dated June 1, 1982 in the aggregate principal amount of $ 10,950, 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 salve 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
(BANK SEAL)
By
LAW OFFICES
Dumas. Enguenin, Boothman and Morrow
1212 United National Bank Building
Dallas, Texas 752o1
OFFICIAL TITLE
Mayor.,_.. C ty.,of _Lubbq k,._._T.-as__._.,_...
City Secretary, City of
Lubbock, Texas
..............._...._........._.....................................................
The signatures of the officers subscribed above
are hereby certified to be true and genuine.
Bank
Authorized Officer
�TQ
�1 /017
THE STATE OF TEXAS
COUNTY OF LUBBOCK
Before me _-8ie-64GCee a Notary Public in and for Lubbock County, Texas on this day
personally appeared —T-"4-4 Fo. em laof the Southwestern Newspa-
Sail
pers Corporation, publishers of the Lubbock Avanche- ournal — Morning, Evening and Sunday, who
being by me duly sworn did depose and say that said newspaper has been published continuously for more
than fifty-two weeks prior to the first insertion of this
VOVA-,$818•Q4 No: 526145 at Lubbock County, Texas and the attached print-
ed copy of the Notice is a true copy of the original and was printed in the Lubbock
Avalanche -Journal on the following dates: F-hrO■r" 45—& 22t 4982.
K225
Y`
`/gP�GIl1 nf/ ny mu Order be further on notice
CCOYiit Nanage '4g and IlMalhng ^^ xWan, that the date of hearing above de•
drains and apfters, and other im-
wovements Incidental thereto, fit. fined
Is specifically decreed to be
LUBBOCK AVALANCHE -JOURNAL coding acquisition of land for of tp &0m of p oI1k the 99,hq M n tDistrict he Courrt f-
dralnag! WrpOxs end drainage
arm modific°tions for mosquito Lubbock County, Texas In theLub-
Southwestern Newspapers Cor oration
P control; the eing
more ParPetition
;hock' County Courthouse,. v01
described in fie Lubbock,Petlllon of the Broatlway, In the City of Lubbock,
said City o1 ock'Texas, on file Lubbock County, Texas. Be further
M the aforemenlloned caux. This on nOti[e that al such time. place
Wbeeedinv is flied ai a class action and tlate the Court WIII proceetl
Subscribed •apd, sworn ll& before me this—22nday of against the taxpayers, pro If" uoon full arW final hearing upon the
owners, and residersls. i1 any, of the merih W all matters and prayers
eaitl public a9enCY, antl ail rN)nre5f- within /he Petlllon of the City of
J dents. If any, owninv property Lubbock,.Texas, then still gentling.
• `t` therein, and/or all others having or and all other relevant matters as to
's Claiming any right, title, or interest the validity of the bond vrocedures
v - AMA a an any Properly or funds to be al. an validhy thereof then before the
W1$ C, W)TAI PUBLIC fected by the proceedings a tl/o' court by way at consolitletion, in.
�f I y Alstj n).R ,; i•ic_ r� r v ; 2 —;r a �y,ys the issuance of me securities. or in- teryentloh orotherwix, if any.
tt}} far ssfetl or afteaed in any way The Clerk oP this Crt is hereby
Rt•f! CQ�J' Gil �f� e�e etYerw�ent /b�thls 1' clue�e' Offor ecrioniandr.e exgpenci- ear b eetn eitinedin the Of this
tibo Ic
FORM SSIe c " aroceediry ara hereby WrMer nmf• I Nrts of /untls, taken or made - Avalanche-Jgurnah which is a
fBleadil that at the date. time antl elate annin. .,.., _ -
r�r
I`'— CITATI01
THE
TO: All 1
ars and
ty of L
agm Y,
and. 0
and/o ' inenv
or affected in any Way i
y, or by the Proceedings.
rro an actionc end exPentli-
of funds, takenor made
propoxtl to be Taken or
in Connection with or affeci-
1e securities. in general
and without narrdng them,
e Attorney Cederal of Tax -
after the
the date
Court se