HomeMy WebLinkAboutResolution - 5707 - Approving & Authorizing Publication - Notice, Certificates Of Obligation - 11_13_1997. Y.
Item #47
November 13, 1997
RESOLUTION NO. 5707
A RESOLUTION approving and authorizing publication of
(i) notice of intention to issue revenue bonds and
(ii) notice of sale with respect to such revenue
bonds.
WHEREAS, the City Council of the City of Lubbock, Texas, has
determined that revenue bonds should be issued in accordance with
the provisions of Articles 1111 et seq. and 2368a, V.A.T.C.S. to
finance the costs of making improvements and extensions to the
City's Electric Light and Power System; and
WHEREAS, prior to the issuance of said revenue bonds, the
Council is required to give notice of its intention to issue the
same in the manner. and time provided by law and deems it
appropriate to publish a notice of sale with respect to such
revenue bonds in accordance with the procedures set forth in the
City's charter; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK,
TEXAS:
SECTION 1: The City Secretary is hereby authorized and
directed to cause notice to be published of this Council's
intention to issue revenue bonds in the principal amount not to
exceed $9,170,000 for the purpose of making improvements and
extensions to the City's Electric Light and Power System. The
notice hereby approved and authorized to be given shall read
substantially in the form and content of Exhibit A attached hereto
and incorporated herein by reference as a part of this resolution
for all purposes, and such notice shall be published in a newspaper
of general circulation in the City, once a week for two consecutive
weeks, the date of the first publication to be at least fourteen
(14) days prior to the date stated therein for the passage of the
ordinance authorizing the issuance of the revenue bonds.
SECTION 2: The City Secretary is hereby authorized and
directed to cause a notice of sale relating to the sale of revenue
bonds to be published once a week for a period of thirty (30) days;
such notice of sale to.read substantially in the form and content
of Exhibit B hereto attached and incorporated herein by reference
as a part of this resolution for all purposes.
0474"9
R
PASSED AND APPROVED, this November 13, 1997.
ATTEST:
/ IkL 4��
Cit ecretary
(City Seal)
0474M
-2-
CITY OF LUBBOCK, TEXAS
Exhibit A
NOTICE OF INTENTION TO ISSUE CITY OF
LUBBOCK, TEXAS, REVENUE BONDS
NOTICE IS HEREBY GIVEN that the City Council of the City of
Lubbock, Texas, shall convene at 8:00 o'clock A.M. on the 8th day
of January, 1998, at the City Council Chambers, Municipal
Complex, 1625 13th Street, Lubbock, Texas, and during such
meeting, the Council will consider the second reading and final
adoption of an ordinance authorizing the issuance of revenue
bonds in a principal amount not to exceed $9,170,000 for the
purpose of making improvements and extensions to the City's
Electric Light and Power System. Such revenue bonds shall mature
not later than December 31, 2018 and bear interest at such rate
or rates (not to exceed lot per annum) as determined by the City
Council. Such bonds shall be payable solely from and equally
secured by a lien on and pledge of the net revenues of the City's
Electric Light and Power System.
The holder of such bonds shall never have the right to
demand payment out of any funds raised or to be raised by
taxation.
This Notice is issued pursuant to authority and direction of
the City Council of the City of Lubbock, Texas, and in accordance
with the provisions of Article 2368a, V.A.T.C.S.
Kaythie Darnell
City Secretary
City of Lubbock, Texas
0474998
TI
Exhibit B
NOTICE OF SALE
$9,170,000
City of Lubbock, Texas, Electric Light and Power
System Revenue Bonds, Series 1998
The City Council of the City of Lubbock, Texas, will receive
sealed bids at the office of the Director of Financial Services,
Room 204, Municipal Complex, 1625 13th Street, Lubbock, Texas,
until 11:00 o'clock A.M., January 8, 1998.
A complete description of the Bonds being offered for sale,
together with the terms of sale, security for their payment and
financial information and operating data about the City appear in
an Official Notice of Sale, Bidding Instructions and an Official
Statement, which can be obtained from the Division of Finance, City
of Lubbock, P.O. Box 2000, Lubbock, Texas 79457; or from First
Southwest Company, 1700 Pacific Avenue, Suite 500, Dallas, Texas
75201, Financial Consultants to the City.
0474M
Kaythie Darnell
City Secretary
City of Lubbock, Texas
i
Piesd�t 'cur- 510 1
CERTIFICATE OF CITY SECRETARY
r
THE STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
I, the undersigned, City Secretary of the City of Lubbock,
Texas, DO HEREBY CERTIFY as follows:
1. On the 13th day of November, 1997, a regular meeting
of the City Council of the City of Lubbock, Texas, was held at a
meeting place within the City; the duly constituted members of the
Council being as follows:
WINDY SITTON ' MAYOR
ALEX "TY" COOKE ) MAYOR PRO TEM
VICTOR HERNANDEZ )
T. J. PATTERSON )
DAVID NELSON ) COUNCILMEMBERS
MAX INCE )
RANDY NEUGEBAUER )
and all of said persons were present at said meeting, except the
following: NIA Among other
business considered at said meeting, the attached resolution
entitled:
"A RESOLUTION approving and authorizing publication
of (i) notice of intention to issue revenue
bonds and (ii) notice of sale with respect
to such revenue bonds."
was introduced and submitted to the Council for passage and
adoption. After presentation and due consideration of the
resolution, and upon a motion being made by Councilman Patterson
and seconded by councilmember Nelson , the resolution was
finally passed and adopted by the Council to be effective
immediately by the following vote:
6 voted "For" 0 voted "Against" 0 abstained
1 councilmember steppe dd wa
all as shown in the offaic?al Minutes of the Council for the
meeting held on the aforesaid date.
2. The attached resolution is a true and correct copy
of the original on file in the official records of the City; the
0475680
duly qualified and acting members of the City Council of said City
on the date of the aforesaid meeting are those persons shown above
and, according to the records of my office, advance notice of the
time, place and purpose of the meeting was given to each member of
the Council; and that said meeting and the deliberation of the
aforesaid public business was open to the public and written
notice of said meeting, including the subject of the above
entitled resolution, was posted and given in advance thereof in
compliance with the provisions of V.T.C.A., Government Code,
Chapter 551, as amended.
IN WITNESS WHEREOF, I have hereunto signed my name
officially and affixed the seal of said City, this the 13th day of
November, 1997.
Cit ecretary, City of
Lubb ck, Texas
(City Seal)
047WM -`Z-