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HomeMy WebLinkAboutResolution - 2006-R0154 - Resolution Authorizing Publication Of Notices Of Intention To Issue Bonds - 03_23_2006Resolution No. 2006-RO15 March 23, 2006 Item No. 6.13 A RESOLUTION AUTHORIZING PUBLICATION OF NOTICES OF INTENTION TO ISSUE GENERAL OBLIGATION BONDS AND TAX AND WATERWORKS SYSTEM SURPLUS REVENUE CERTIFICATES OF OBLIGATION WHEREAS, the City of Lubbock, Texas (the "City"), pursuant to Subchapter C, Chapter 271, Texas Local Government Code, as amended, is authorized to issue its certificates of obligation (the "Certificates") for the purpose of paying contractual obligations to be incurred for the purposes set forth in Exhibit A hereto; WHEREAS, the City Council of the City has found and determined that a notice of intention to issue certificates of obligation should be published in accordance with the requirements of applicable law; WHEREAS, the City desires to reimburse itself for the costs associated with the projects listed on Exhibit A hereto (the "Certificate Projects") from the proceeds of the Certificates to be issued subsequent to the date hereof; WHEREAS, in addition to the Certificates, the City intends to issue its general obligation bonds (the "Bonds") for the purposes of (i) constructing street improvements including drainage, curbs, gutters, landscaping, sidewalks, curb ramps, utility line relocation and traffic signalization and the acquisition of land and rights -of -way therefor and (ii) acquiring and improving land for park purposes (collectively with item (i), the "Bond Projects"); WHEREAS, the City desires to reimburse itself for the costs associated with the Bond Projects from the proceeds of the Bonds issued subsequent to the date hereof; and WHEREAS, the City Council has found and determined that a notice of intention to issue general obligation bonds should be published in accordance with the provisions of the City Charter; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS, THAT: Section 1. The findings and determinations set forth in the preambles hereto are hereby incorporated by reference for all purposes. Section 2. The City Secretary of the City is hereby authorized and directed to issue a notice of intention to issue the Certificates in substantially the form set forth in Exhibit A hereto incorporated herein by reference for all purposes. The notice as set forth in Exhibit A shall be published once a week for two consecutive weeks, the date of the first publication being not less than the fourteenth (14th) day prior to the date set forth in the notice for passage of the ordinance authorizing the Certificates. Such notice shall be published in a newspaper of general circulation in the area of the City of Lubbock, Texas. Section 3. The City Secretary of the City is hereby authorized and directed to issue a notice of intention to sell general obligation bonds in substantially the form set forth in Exhibit B hereto incorporated herein by reference for all purposes. The notice as set forth in Exhibit B shall LUB200/71005 Dallas Resolution Authorizing Publication of Notice--2006 Bonds and Cos,DOC be published once a week for a period of thirty (30) days prior to the date set forth in the notice for passage of the ordinance authorizing the Bonds. Such notice shall be published in a newspaper of general circulation in the area of the City of Lubbock, Texas. Section 4. The City reasonably expects to reimburse itself for all costs that have been or will be paid subsequent to the date that is 60 days prior to the date hereof and (i) that are to be paid in connection with the Certificate Projects, from proceeds of the Certificates and (ii) that are to be paid in connection with the Bond Projects, from proceeds of the Bonds. Section 5. The City reasonably expects that the maximum principal amount of the Certificates issued to reimburse the City for the costs associated with the Certificate Projects will not exceed $85,000,000 and the maximum principal amount of the Bonds issued to reimburse the City for the costs associated with the Bond Projects will not exceed $3,500,000. Section 6. This resolution shall take effect from and after the date of its passage. FINALLY PASSED, APPROVED AND EFFECTIVE this 23rd day of March, 2006. CITY OF LUBBOCK, ERAS TOM MARTIN, MAYOR PRO TEM ATTEST: Re ecca Garza, City Secretary LUB200/71005 Dallas Resolution Authorizing Publication of Notice--2006 Bonds and Cos.DOC -2- Resolution No. 2006-RO154 March 23, 2006 Item No. 6.13 Exhibit A NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS TAX AND WATERWORKS SYSTEM SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES 2006 NOTICE IS HEREBY GIVEN that on April 26, 2006, the City Council of the City of Lubbock, Texas, at 7:30 a.m. at a regular meeting of the City Council to be held in the City Council Chambers at the Municipal Complex, 1625 13th Street, Lubbock, Texas, the regular meeting place of the City Council, intends to pass an ordinance authorizing the issuance of not to exceed $85,000,000 principal amount of certificates of obligation for the purpose of paying contractual obligations to be incurred for the following purposes, to wit: (i) improvements and extensions to the City's Sewer System, including relocation of and renovations to existing sewer lines; (ii) in connection with the City's Solid Waste Disposal System, excavation and lining of a cell at the City's landfill, pre -engineering services relating to a biosolids composting project, gas pipeline realignment and acquisition, construction and installation of methane gas collection systems and related improvements; (iii) engineering and other professional services for: (a) wastewater treatment facility design, (b) conducting an evaluation of the City's existing water treatment plant and pumping system and studying effluent water reuse, (c) developing a master plan and study for improved stormwater drainage in Northwest Lubbock and Maxey Park, and (d) development of a Sewer System master plan; (iv) drainage improvements, including the acquisition, construction and repair of structures and equipment and facilities for the City's Municipal Drainage Utility System; (v) improvements, replacements and extensions to the City's Waterworks System, including relocation of existing water lines and security improvements to the System; (vi) renovations, improvements and equipping of the City's Municipal building, including building utility system renovations; (vii) improvements and extensions to City streets including sidewalks, street lighting, landscaping and utility improvements, extensions and relocations; (viii) improvements and extensions to the City's Electric System, including installation of distribution lines and renovations to existing distribution lines and equipment; (ix) water, sewer, electric, drainage, park and street improvements and extensions, including utility relocations, sidewalks, street lighting and landscaping, all located within the City's North Overton Tax Increment Financing Zone; (x) park and park facilities improvements and renovation, including construction of athletic fields and related parking and acquisition of land therefor (such land to be located generally at a location to be determined by the City Council in north Lubbock near the intersection of North University and Canyon Lakes Drive); (xi) construction of a mausoleum at the City cemetery; and (xii) reconstruction of the parking lot for the Lubbock Preston Smith International Airport (collectively, with items (i)-(xi), the "Project") and (xiii) payment of professional services of attorneys, financial advisors and other professionals in connection with the Project and the issuance of the Certificates. The Certificates shall bear interest at a rate not to exceed fifteen percent (15%) per annum and shall have a maximum maturity date of not later than forty (40) years after their date. Said Certificates shall be payable from the levy of a direct and continuing ad valorem tax, levied within the limits prescribed by law, against all taxable property within the City sufficient to pay the interest on this series of Certificates as due and to provide for the payment of the principal thereof as the same matures, as authorized by Subchapter C, Chapter 271, Texas Local Government Code, as LUB200/71005 Dallas Resolution Authorizing Publication of Notice--2006 Bonds and Cos _3 A-1 amended, and from all or a part of the surplus net revenues of the City's Waterworks System, such pledge of surplus net revenues being limited to $1,000. THIS NOTICE is given in accordance with law and as directed by the City Council of the City of Lubbock, Texas. GIVEN THIS March 23, 2006. /s/ Rebecca Garza City Secretary City of Lubbock, Texas LUB200/71005 Dallas Resolution Authorizing Publication of Notice--2006 Bonds and Cos _3 A-2 Resolution No. 2006-RO154 March 23, 2006 Item No. 6.13 Exhibit B NOTICE OF SALE OF CITY OF LUBBOCK, TEXAS GENERAL OBLIGATION BONDS, SERIES 2006 On the 26th day of April, 2006, the City Council of the City of Lubbock, Texas, plans to sell the above -referenced general obligation bonds in the maximum amount not to exceed $3,500,000 during its regular meeting scheduled to begin at 7:30 a.m. to be held in the City Council Chambers at the Municipal Complex, 1625 13th Street, Lubbock, Texas. 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, 1001 Main Street, Suite 802, Lubbock, Texas 79401, Financial Advisors to the City. Is/ Rebecca Garza City Secretary City of Lubbock, Texas LUB200/71005 Dallas Resolution Authorizing Publication of Notice--2006 Bonds and Cos _3 B-1