HomeMy WebLinkAboutResolution - 2005-R0419 - Call Certificates Of Obligation For Redemption - 09_08_2005Resolution No. 2005-RO419
September 8, 2005
Item 20
RESOLUTION CALLING FOR REDEMPTION THE CITY'S
OUTSTANDING TAX AND AIRPORT SURPLUS REVENUE
CERTIFICATES OF OBLIGATION, SERIES 1993, AND
AUTHORIZING THE PAYMENT THEREOF
WHEREAS, the City of Lubbock (the "City") has heretofore issued and there are
currently outstanding its Tax and Airport Surplus Revenue Certificates of Obligation, Series
1993, dated as of October 1, 1993, maturing on February 15 in each of the years 2006 through
2014, inclusive, presently outstanding in the aggregate principal amount of $1,645,000 (the
"Certificates"); and
WHEREAS, the City presently has on hand lawfully available funds sufficient in amount
to redeem the outstanding Certificates; and
WHEREAS, the City Council of the City (the "City Council") finds and determines that
it is in the best interests of the City that the Certificates should be called for redemption and such
lawfully available funds should be applied to the redemption of the Certificates as provided
herein; and
WHEREAS, the meeting at which this Order is considered is open to the public as
required by law, and the public notice of the time, place and purpose of said meeting was given
as required by Chapter 551, Texas Government Code, as amended;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY:
Section 1. Findings. The findings and determinations set forth in the preambles
hereof are hereby incorporated by reference as if repeated in full.
Section 2. Redemption of Certificates. The Certificates are hereby called for
redemption and shall be redeemed from lawfully available funds of the City on October 24, 2005
(the "Redemption Date") at a redemption price equal to the principal amount thereof plus interest
accrued thereon to the Redemption Date.
Section 3. Payment of Redemption Price. (a) Not less than two business days prior
to the Redemption Date, the City shall deposit with the Bank of New York Trust Company,
N.A., as paying agent/registrar (the "Paying Agent/Registrar") for the Certificates, from lawfully
available funds of the City, an amount sufficient to pay the principal of and accrued interest on
the Certificates on the Redemption Date.
(b) Following the giving of notice of redemption as hereinafter provided and the
deposit of the redemption price with the Paying AgentiRegistrar as required hereby, the
Certificates shall no longer be outstanding for any purpose, shall cease to accrue interest, and the
owners thereof shall be entitled to payment solely from the amounts deposited with the Paying
Agent/Registrar for such purpose.
Section 4. Notice of Redemption. (a) The City Secretary is hereby authorized and
directed to cause to be delivered to the Paying Agent/Registrar, not later than September 9, 2005,
a certified copy of this Resolution, the delivery of which shall constitute delivery of notice of
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redemption of the Certificates as required by the ordinance authorizing the issuance thereof (the
"Ordinance").
(b) The Paying Agent/Registrar is hereby authorized and directed to give notice of
redemption to the owners of the Certificates as required by and in accordance with the
Ordinance.
Section 5. Actions to Be Taken. The officers of the City are hereby authorized and
directed to take any and all actions required to be taken to effect the purposes of this Resolution
in accordance with the terms of the Ordinance and the laws of the State of Texas.
Section 6. Effective Date. This Resolution shall be effective immediately upon its
adoption.
PASSED, APPROVED AND EFFECTIVE THIS 8th
ATTEST:
Ci Secretary, City of Lubbock, exas
5.
of Lubbock, Texas
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