HomeMy WebLinkAboutResolution - 2003-R0270 - Resolution Approving Certificates Of Obligation - 07/10/2003Resolution No. 2003-RO270
July 10, 2003
Item No. 40
RESOLUTION NO.
A RESOLUTION approving and authorizing publication of (i) notice of intention to
issue certificates of obligation for improvements to the City's Electric Light and
Power System 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 (i) improvements and extensions to the City's
Electric Light and Power System and (ii) professional services rendered in connection
with 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 $13,280,000 for the purpose of paying contractual obligations to
be incurred for (i) improvements and extensions to the City's Electric Light and Power
System and (ii) professional services rendered in connection with such projects and the
financing thereof, and such certificates shall be payable from ad valorem taxes and a
pledge of the surplus net revenues of the City's Electric Light and Power System (the
"System") remaining after payment of operating and maintenance expenses of the
System and payments for "Prior Lien Obligations." 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.
,�';( UL):�) - V--U/ I U
SECTION 4: This Resolution shall be in force and effect from and after its
passage on the date shown below.
PASSED AND APPROVED, this July 10, 2003.
ATTEST:
�a
City Secretary
(City Sea[)
14
CITY OF LUBBOCK,
Resolution No. 2003-RO270
Exhibit A
NOTICE OF INTENTION TO ISSUE CITY OF
LUBBOCK, TEXAS, CERTIFICATES OF OBLIGATION
FOR IMPROVEMENTS TO THE CITY'S ELECTRIC LIGHT AND POWER SYSTEM
TAKE NOTICE that the City Council of the City of Lubbock, Texas, shall convene at
10:30 o'clock A.M. on the 28th day of August, 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 $13,280,000 for the purpose of paying contractual obligations to be
incurred for (i) improvements and extensions to the City's Electric Light and Power System and
(ii) professional services rendered in connection with such projects and the financing thereof,
and such certificates shall be payable from ad valorem taxes and a pledge of the surplus net
revenues of the City's Electric Light and Power System (the "System") remaining after payment
of operating and maintenance expenses of the System and payments for "Prior Lien
Obligations" (as defined in said ordinance). 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
45332373.1
Resolution No. 2003-RO270
Exhibit B
NOTICE OF SALE
$13,280,000
City of Lubbock, Texas, Tax and Electric Light and Power System Surplus
Revenue Certificates of Obligation, Series 2003
On the 28th day of August, 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 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.
Rebecca Garza
City Secretary
City of Lubbock, Texas
45332373.1
Resolution No. 2003-RO270
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
1, the undersigned, City Secretary of the City of Lubbock, Texas, DO HEREBY CERTIFY
as follows:
1. On the 10th day of July, 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 MAYOR
JIM GILBREATH }
FRANK W. MORRISON }
VICTOR HERNANDEZ } COUNCILMEMBERS
T. J. PATTERSON )
GARY BOREN )
TOM MARTIN )
and all of said persons were present at said meeting, except the following:
(all present) Among other business considered
attached resolution entitled:
at said meeting, the
A RESOLUTION approving and authorizing publication of (i) notice of intention to
issue certificates of obligation for improvements to the City's Electric Light
and Power System 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 Tom Martin
and seconded by Gary Boren , the resolution was finally passed and adopted
by the Council to be effective immediately by the following vote:
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.
45337502.1
IN WITNESS WHEREOF, I have hereunto signed my name officially and affixed the seal
of said City, this the 10th day of July, 2003.
/ - 0-f 0 &--c -&-� . . ........
City 8ecretary
City of Lubbock, Texas
(City Seal)
45337502.1 2