HomeMy WebLinkAboutResolution - 2003-R0203 - Notice Of Intention To Issue Tax Increment Financing Certificates - 05_22_2003Resolution No. 2003-RO203
May 22, 2003
Item No. 52
RESOLUTION NO.
A RESOLUTION approving and authorizing publication of (i) notice of intention to
issue tax increment financing certificates of obligation and (ii) 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 (a) the construction of public works in North Overton Tax
Increment Financing Reinvestment Zone, City of Lubbock, to wit: water and sewer
improvements and extensions and street improvements, including sidewalks, street lighting,
landscaping, street furniture and utility relocations and (b) professional services rendered in
relation to such projects and the financing thereof; and
WHEREAS, the City has determined to take bids for the purchase of such certificates of
obligations and 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 to
publish a notice of sale with respect thereto in accordance with the provisions of 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 certificates of obligation in the principal amount not
to exceed $3,800,000 for the purpose of paying contractual obligations to be incurred for (a) the
construction of public works in North Overton Tax Increment Financing Reinvestment Zone, City
of Lubbock, to wit: water and sewer improvements and extensions and street improvements,
including sidewalks, street lighting, landscaping, street furniture and utility relocations and (b)
professional services rendered in relation to such projects and the financing thereof, such
certificates to be payable from ad valorem taxes and from a lien on and pledge of tax increment
revenues on deposit in the tax increment fund established for North Overton Tax Increment
Financing Reinvestment Zone, City of Lubbock, Texas. The notice hereby approved and
authorized to be given shall read substantially in the form and content of Exhibit A hereto
attached 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 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
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: It is officially found, determined, and declared the meeting at which this
Resolution is adopted was open to the public and public notice of the time, place, and subject
matter of the public business to be considered at such meeting, including this Resolution, was
given, all as required by V.T.C.A., Government Code, Chapter 551, as amended.
LUBBOCK TIF C_O 2003_INTENT NOS RES.DOC
SECTION 4: This Resolution shall be in force and effect from and after its passage on
the date shown below.
PASSED AND APPROVED, this May 22, 2003.
CITY OF LUBBOCK, TEXAS
m
T. J. Patters n, Senior Council Member
ATTEST:
Cit Secretary
(City Sea[)
LUBBOCK TIF C_O 2003_INTENT NOS RES.DOC 2
Resolution No. 2003-RO203
Exhibit A
NOTICE OF INTENTION TO ISSUE CITY OF
LUBBOCK, TEXAS, CERTIFICATES OF OBLIGATION
TAKE NOTICE that the City Council of the City of Lubbock, Texas, shall convene at
10:30 o'clock A.M. on the 24th day of July, 2003, at the City Council Chambers, Municipal
Complex, 1625 13th Street, Lubbock, Texas, and, during such meeting, the City Council will
consider the adoption of an ordinance authorizing the issuance of certificates of obligation in an
amount not to exceed $3,800,000 for the purpose of paying contractual obligations to be
incurred for (a) the construction of public works in North Overton Tax Increment Financing
Reinvestment Zone, City of Lubbock, to wit: water and sewer improvements and extensions and
street improvements, including sidewalks, street lighting, landscaping, street furniture and utility
relocations and (b) professional services rendered in relation to such projects and the financing
thereof, such certificates to be payable from ad valorem taxes and from a lien on and pledge of
tax increment revenues on deposit in the tax increment fund established for North Overton Tax
Increment Financing Reinvestment Zone, City of Lubbock, Texas.. 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.
Rebecca Garza
City Secretary
City of Lubbock, Texas
LUBBOCK TIF C_O 2003_INTENT NOS RES.DOC
Resolution No. 2003-RO203
Exhibit B
NOTICE OF SALE
$3,800,000
City of Lubbock, Texas, Tax and Tax Increment
Revenue Certificates of Obligation, Series 2003
(North Overton Tax Increment Financing Reinvestment Zone)
On the 24tt' day of July, 2003, the City Council of the City of Lubbock, Texas, plans to
sell the above referenced certificates of obligation during its regular meeting scheduled to begin
at 10:30 o'clock A.M..
A complete description of the Certificates
from the Division of Finance, City of Lubbock, P.O
First Southwest Company, 1700 Pacific Avenue,
Consultants to the City.
LUBBOCK TIF C_O 2003-INTENT NOS
RESMOC
being authorized and sold may be obtained
. Box 2000, Lubbock, Texas 79457; or from
Suite 500, Dallas, Texas 75201, Financial
Rebecca Garza
City Secretary
City of Lubbock, Texas
7.
1
Resolution No. 2003-RO203
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 22"d day of May, 2003, 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:
MARC McDOUGAL
JIM GILBREATH )
FRANK W. MORRISON )
VICTOR HERNANDEZ )
T. J. PATTERSON )
GARY BOREN )
TOM MARTIN )
MAYOR
COUNCILMEMBERS
and all of said persons were present at said meeting, except the following:
Frank W. Morrison 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 for improvements in the North Overton
Tax Increment Financing Reinvestment Zone and (ii) 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 Jim Gilbreath
and seconded by Tom Martin , the resolution was finally passed and adopted
by the Council to be effective immediately by the following vote: Recused.
' 0 voted "Against" abstained
4 voted FOB Marc McDougalVictor Hernandez
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.
45316170.1
IN WITNESS WHEREOF, I have hereunto signed my name officially and affixed the seal
of said City, this the 22"d day of May, 2003.
(City Seal)
45316170.1
2
0
City Secretary
City of Lubbock, Texas