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HomeMy WebLinkAboutResolution - 2005-R0346 - Amend Resolution Authorize- Notice Of Intent To Issue Certificates Of Obligation - 07_28_2005Resolution No. 2005-RO346 July 28, 2005 Item 16 A RESOLUTION AMENDING THE RESOLUTION AUTHORIZING REIMBURSEMENT OF PRELIMINARY EXPENDITURES FROM THE PROCEEDS OF TAX AND WATERWORKS SYSTEM REVENUE CERTIFICATES OF OBLIGATION AND AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE AND SELL SUCH CERTIFICATES OF OBLIGATION WHEREAS, on June 23, 2005, the City Council (the "City Council") of the City of Lubbock, Texas (the "City"), adopted a resolution (the "Prior Resolution") determining that a notice of intention to issue certificates of obligation (the "Certificates") should be published in accordance with the requirements of applicable law; WHEREAS, the City Council now desires to amend the notice (the "Prior Notice") previously authorized to revise the description of the projects to be paid for with the proceeds of the Certificates and to change the date of sale of the Certificates; WHEREAS, the City Council desires that the notice attached as Exhibit A hereto be published in accordance with applicable law in lieu of the Prior Notice; and 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; 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 Prior Resolution is hereby amended to provide that 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 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 that are to be paid in connection with the Certificate Projects, from proceeds of the Certificates. Section 4, 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 $49,000,000. Section 5. This resolution shall take effect from and after the date of its passage. LUB200/71003 Dallas ws33 PRESENTED, FINALLY PASSED AND APPROVED, AND EFFECTIVE on the 28th day of July, 2005, at a regular meeting of the City Council of the City of Lubbocj, Texas. ATTEST: REBIECCA GARZA, City Secretary [SEAL] LUB200n 1003 Dallas ws33 GAL, Mayor -2- Resolution No. 2005-RO346 Exhibit A NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS TAX AND WATERWORKS SYSTEM REVENUE CERTIFICATES OF OBLIGATION, SERIES 2005 NOTICE IS HEREBY GIVEN that on August 25, 2005, the City Council of the City of Lubbock, Texas, at 9:00 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 $49,000,000 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 existing sewer lines; (ii) engineering and other professional services for developing a water resources plan to determine the most efficient and effective use of treated effluent; (iii) improvements and extensions to the City's Waterworks System, including relocation of existing water lines; (iv) 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; (v) park improvements, including construction of athletic fields; (vi) improvements and extensions to City streets including sidewalks, street lighting, landscaping and utility improvements, extensions and relocations; (vii) improvements to Lubbock International Airport, including construction of a parking lot; (viii) improvements and extensions to the City's Electric Light and Power System (collectively with items (i)-(vii), the "Project") and (ix) 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 Iaw, 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 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 $500. THIS NOTICE is given in accordance with law and as directed by the City Council of the City of Lubbock, Texas. GIVEN THIS July 28, 2005. LUB200/71003 Dallas ws33 Is/ Rebecca Garza City Secretary City of Lubbock, Texas A-1 MINUTES AND CERTIFICATION PERTAINING TO PASSAGE OF A RESOLUTION STATE OF TEXAS COUNTY OF LUBBOCK CITY OF LUBBOCK On the 28th day of July, 2005, the City Council of the City of Lubbock, Texas, convened in a regular meeting at the regular meeting place thereof, the meeting being open to the public and notice of said meeting, giving the date, place and subject thereof, having been posted as prescribed by Chapter 551, Texas Government Code, as amended; and the roll was called of the duly constituted officers and members of the City Council, which officers and members are as follows: Marc McDougal, Mayor Linda DeLeon ) Tom Martin, Mayor Pro Tem Floyd Price ) Gary O. Boren ) Members of Phyllis S. Jones ) the Council Jim Gilbreath ) and all of said persons except were present, thus constituting a quorum. Whereupon, among other business, a written Resolution bearing the following caption was introduced: A RESOLUTION AMENDING THE RESOLUTION AUTHORIZING REIMBURSEMENT OF PRELIMINARY EXPENDITURES FROM THE PROCEEDS OF TAX AND WATERWORKS SYSTEM REVENUE CERTIFICATES OF OBLIGATION AND AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE AND SELL SUCH CERTIFICATES OF OBLIGATION The Resolution, a full, true and correct copy of which is attached hereto, was read and reviewed by the City Council. Thereupon, it was duly moved and seconded that the Resolution be passed and adopted. The Presiding Officer put the motion to a vote of the members of the City Council, and the Resolution was passed and adopted by the following vote: AYES: b NOES: 0 ABSTENTIONS: LUB200/71002 Dallas 982454_I.DOC MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT, and to correctly reflect the duly constituted officers and members of the City Council of said City, and the attached and following copy of said Ordinance is hereby certified to be a true and correct copy of an official copy thereof on file among the official records of the City, all on this the 28th day of July, 2005. [SEAL] LU B200171002 Dallas 996692_I.DOC City gecretary City of Lubbock, Texas -2- A RESOLUTION AMENDING THE RESOLUTION AUTHORIZING REIMBURSEMENT OF PRELIMINARY EXPENDITURES FROM THE PROCEEDS OF TAX AND WATERWORKS SYSTEM REVENUE CERTIFICATES OF OBLIGATION AND AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE AND SELL SUCH CERTIFICATES OF OBLIGATION WHEREAS, on June 23, 2005, the City Council (the "City Council") of the City of Lubbock, Texas (the "City"), adopted a resolution (the "Prior Resolution") determining that a notice of intention to issue certificates of obligation (the "Certificates") should be published in accordance with the requirements of applicable law; WHEREAS, the City Council now desires to amend the notice (the "Prior Notice") previously authorized to revise the description of the projects to be paid for with the proceeds of the Certificates and to change the date of sale of the Certificates; WHEREAS, the City Council desires that the notice attached as Exhibit A hereto be published in accordance with applicable law in lieu of the Prior Notice; and 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, 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 Prior Resolution is hereby amended to provide that 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 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 that are to be paid in connection with the Certificate Projects, from proceeds of the Certificates. Section 4. 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 $49,000,000. Section 5. This resolution shall take effect from and after the date of its passage. LUB200/71003 Dallas 991297_1.DOC PRESENTED, FINALLY PASSED AND APPROVED, AND EFFECTIVE on the 28th day of July, 2005, at a regular meeting of the City Council of the City of Iphbock, Texas. ATTEST: REBE CA GARZA, City Secretary [SEAL] GAL, Mayor LUB200/71003 Dallas 991297_1.DOC -2- Contract is viewable in the Office of the City Secretary