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HomeMy WebLinkAboutResolution - 2012-R0034 - Notice Of Intention To Issue Certificates - 01_26_2012Resolution No. 2012--R0034 January 26, 2012 Item No. 5.2 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, in addition to the Certificates, the City intends to issue general obligation bonds (the "Bonds") to fund various public improvements and, if determined to be in the best interests of the City, to refund outstanding obligations of the City to achieve debt service savings; 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 day before the (30th) 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 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 5. This resolution shall take effect from and after the date of its passage. US 1221208v.3 ADOPTED THIS 26th day of January, 2012, by the City Council of the City of Lubbock, Texas, CITY OF LUBBOCK, TEXAS Mayor, City of Lubbock, Texas ATTEST: City keretary, City of LubbockT xas APPROVED AS TO CONTENT: Chief Financial Officer, City of Lubbock, Texas APPROVED AS TO FORM: nsel -2- Us 1221208v.3 Resolution No. 2012—R0034 Exhibit A NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS TAX AND WATERWORKS SYSTEM SURPLUS REVENUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that on March 6, 2012, the City Council of the City of Lubbock, Texas, at 7:30 am. 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 one or more ordinances authorizing the issuance of not to exceed $81,000,000 total principal amount of one or more series of certificates of obligation for the purpose of paying contractual obligations to be incurred for the following purposes, to wit: (i) improvements and renovations to City Hall; (ii) construction of a new Land Application office; (iii) improvements and renovations to the City's Solid Waste Disposal System; (iv) improvements and renovations to the City's Municipal Drainage Utility System; (v) improvements, renovations, replacements, relocations and extensions to the City's Waterworks System including acquisition and construction of new treated water pipelines and acquisition of rights -of -way, improvements to John T. Mortford Dam and improvements to the City's storm water facilities and infrastructure; (vi) park and recreation system improvements; (vii) city fuel system upgrades; (viii) improvements and extensions to City streets including sidewalks, street lighting, traffic signals/controllers, signage, landscaping, utility improvements, extensions, relocations and acquisition of land and rights -of -way in connection therewith; (ix) renovations and improvements to the Lubbock Preston Smith International Airport facilities, including acquisition and installation of HVAC equipment in the Airport terminal; (x) improvements, relocations and extensions to the City's Wastewater System.; (collectively, with items (i)-(ix), the "Project") and (xi) payment of professional services of attorneys, financial advisors, engineers 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 21 (twenty-one) 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 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 on January 26, 2012. A-1 US 1221208v.3 Resolution No. 2012-R0034 Exhibit B NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS GENERAL OBLIGATION BONDS On the 6th day of March, 2012, during its regular meeting scheduled to begin at 7:30 a.m., the City Council of the City of Lubbock, Texas, plans to pass one or more ordinances authorizing the sale of (i) general obligation bonds in the maximum amount not to exceed S14,000,000 to fund various public improvements and (ii) general obligation bonds in a maximum amount to be determined by the City Council on such date to refund outstanding obligations of the City. The meeting will be held in the City Council Chambers at the Municipal Complex, 1625 13th Street, Lubbock, Texas. A complete description of the bonds being authorized may be obtained from the Finance Department, City of Lubbock, P.O. Box 2000, Lubbock, Texas 79457; or from RBC Capital Markets, 2711 N. Haskell Avenue Cityplace, Suite 2500, Dallas, Texas 75204, Financial Advisors to the City. THIS NOTICE is given in accordance with law and as directed by the City Council of the City of Lubbock, Texas on January 26, 2012. Im US 1221208v.3