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HomeMy WebLinkAboutResolution - 5708 - Approving & Authorizing Publication - Notice, COO Public Hearing - 11_13_1997I Item #48 November 13, 1997 RESOLUTION NO. S7og A RESOLUTION approving and authorizing publication of (i) notice of intention to issue certificates of obligation, (ii) notice of a public hearing and (iii) notice of sale with respect to such certificates of obligation. WHEREAS, the City Council of the City of Lubbock, Texas, has determined that certificates of obligation should be issued in accordance with the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271, for the purpose of paying contractual obligations to be incurred for (i) the purchase of land to expand the "free zone" for the north/south runway expansion at the municipal airport, and (ii) professional services rendered in connection with such project and the financing thereof; and WHEREAS, prior to the issuance of said certificates of obligation, this 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 certificates of obligation in accordance with the procedures set forth in the City's charter; and WHEREAS, in accordance with the Internal Revenue Code of 1986, as amended, a public hearing on the issuance of such certificates of obligation is required to be held prior to the sale of such obligations if a determination is made such obligations are qualified "private activity bonds" within the meaning of said Code; 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 certificates of obligation in the principal amount not to exceed $1,330,000 for the purpose of paying contractual obligations to be incurred for (i) the purchase of land to expand the "free zone" for the north/south runway expansion at the municipal airport, and (ii) professional services rendered in connection with such project and the financing thereof, such certificates to be payable from ad valorem taxes and a lien on and pledge of the net revenues derived from the ownership and operation of the City's Municipal Airport. The notice hereby approved and authorized to be given shall read substantially in the orm and content of Exhibit A hereto attached and incorporated h rein by reference as a part of this resolution for all purposes, nd 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 0474"4 yS' first publication to be at least fifteen (15) days prior to the date stated therein for the passage of the ordinance authorizing the issuance of the certificates of obligation. SECTION 2: The City Secretary is hereby authorized and directed to cause a notice of sale relating to the sale of certificates of obligation 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. SECTION 3: Additionally, a public hearing is hereby ordered to be held on December 22, 1997, and the City Secretary is hereby authorized and directed to cause a notice of such public hearing to be published one time in a newspaper of general circulation in the City, the date of publication to be at least fourteen (14) days prior to the date set for the public hearing. The notice of public hearing hereby approved and authorized to be published shall read substantially in the form and content of Exhibit C hereto attached and incorporated herein by reference as a part of this resolution for all purposes. PASSED AND APPROVED, this November 13, 1997. TY OF LUBBOCK, TEXAS ATTEST: Mayor ity ecre ary (City Seal) 0474M -2- Exhibit A NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS. CERTIFICATES OF OBLTGATTON TAKE NOTICE 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 City Council will consider the second reading and final adoption of an ordinance authorizing the issuance of certificates of obligation in an amount not to exceed $1,330,000 for the purpose of paying contractual obligations to be incurred for (i) the purchase of land to expand the "free zone" for the north/south runway expansion at the municipal airport, and (ii) professional services rendered in connection with such project and the financing thereof, such certificates to be payable from ad valorem taxes and a lien on and pledge of the net revenues derived from the ownership and operation of the City's Municipal Airport. The certificates are to be issued, and this notice is given, under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271. Kaythie Darnell City Secretary City of Lubbock, Texas 0474994 „A. Exhibit B NOTICE OF SALE $1,330,000 City of Lubbock, Texas, Tax and Airport Surplus Revenue Certificates of Obligation, 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 Certificates 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. 0474W4 Kaythie Darnell City Secretary City of Lubbock, Texas . ee Exhibit C NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that the City of Lubbock, Texas, will hold a public hearing on December 22, 1997, commencing at 10:00 o'clock A.M. in the Council Chambers, Municipal Complex, 1625 13th Street, Lubbock, Texas, to provide an opportunity for all interested persons to be heard with respect to the proposed issuance and sale of certificates of obligation in an aggregate principal amount not to exceed $1,330,000 (the "Certificates"). The proceeds of sale of the Certificates will be utilized by the City for the purpose of paying contractual obligations to be incurred for (i) the purchase of land to expand the "free zone" for the north/south runway expansion at the municipal airport, and (ii) professional services rendered in connection with such project and the financing thereof, as provided and limited by the Internal Revenue Code of 1986, as amended, and V.T.C.A., Local Government Code, Chapter 271, as amended. The land to be acquired with the proceeds of the Certificates will be owned by the City and become a part of the City's existing airport. The Certificates will be payable from ad valorem taxes and a lien on and pledge of the net revenues of the City's municipal airport. All interested persons are invited to attend the hearing to express their views with respect to the issuance of the Certificates. In lieu of attendance at the meeting, written comments may be submitted to the City addressed to the undersigned: 04749% Kaythie Darnell City Secretary City of Lubbock, Texas P. O. Box 2000 Lubbock, Texas 79457 Pesdu� u� (lo . S"I 0 $ 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 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 certificates of obligation, (ii) notice of a public hearing and (iii) notice of sale with respect to such certificates of obligation." 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 Councilmember Patterson and seconded by coumcilmemher 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 stepped away a17—as shown in the official Minutes of the Council for the meeting held on the aforesaid date. 0475M i I I I 2. The attached resolution is a true and correct copy of the original on file in the official records of the City; the 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. CitIfISecretary, City of Lub ck, Texas (City Seal) 0475M I"