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HomeMy WebLinkAboutResolution - 6128 - Authorize Notice Of Intent To Issue Revenue Bonds And Notice Of Sale - 12_10_1998Resolution No. 6128 Item No. 33 December 10, 1998 RESOLUTION NO. f;128 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 $8,860,000 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. PASSED AND APPROVED, this December 10, 1998. (City Seal) 741752.1 Resolution No. 6128 Item No. 33 December 10, 1998 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 lv:30 o'clock A M. on the 28th day of January, 1999, 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 $8,860,000 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, 2019 and bear interest at such rate or rates (not to exceed 10% per annum) as determined by the City Council. Such bonds shall be issued in conjunction with revenue refunding bonds and 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 „1752.1 Resolution No.6128 Item No. 33 December 10, 1998 Exhibit B NOTICE OF SALE City of Lubbock, Texas, Electric Light and Power System Improvement and Refunding Revenue Bonds, Series 1999 The City Council of the City of Lubbock, Texas, will convene at /V. 0 o'clock A M. on January 28, 1999 at the City Council Chambers, Municipal Complex, 162513th Street, Lubbock, Texas, to sell revenue bonds. A complete description of the Bonds being authorized and sold may 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. Kaythie Darnell City Secretary City of Lubbock, Texas 741752.1 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 as follows: 1. On the 10th day of December, 1998, 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 MAX L. INCE ) MAYOR PRO TEM ALEX "TY" COOKE ) VICTOR HERNANDEZ ) T. J. PATTERSON ) COUNCILMEMBERS DAVID NELSON ) MARC McDOUGAL ) and all of said persons were present at said meeting, except the following: Councilmember Victor Hernandez and Councilmember T. J. Patterson. 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 Councilmember Ince and seconded by Councilmember McDougal, the resolution was finally passed and adopted by the Council to be effective immediately by the following vote: 5 voted "For" 0 voted "Against" 0 abstained all as shown in the official 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 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 THEREOF, I have hereunto signed my name officially and affixed the seal of said City, this the 10th day of December, 1998. City Spfc(etary, City of Lubbock, Texas (City Seal)