HomeMy WebLinkAboutResolution - 2012-R0389 - Redeem Outstanding Obligations - 10_11_2012Resolution NO. 2012-RO389
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LUBBOCK,
TEXAS, CALLING FOR REDEMPTION OF CERTAIN
OUTSTANDING OBLIGATIONS AND AUTHORIZING THE PAYMENT
THEREOF
WHEREAS, the City of Lubbock, Texas (the "City"), has heretofore issued and there are
currently outstanding the obligations described on Schedule I hereto (collectively, the
"Redeemed Obligations");
WHEREAS, the City presently has on hand lawfully available funds sufficient in amount
to redeem the Redeemed Obligations on the redemption date reflected on Schedule I (the
"Redemption Date") at a price of the par amount thereof plus accrued interest to the Redemption
Date (the "Redemption Price"); and
WHEREAS, the City Council of the City finds and determines that it is in the best
interests of the City that the Redeemed Obligations be called for redemption and such lawfully
available funds should be applied to the redemption of the Redeemed Obligations as provided
herein, and
WHEREAS, the meeting at which this Resolution 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
OF LUBBOCK, TEXAS:
Section 1. Findings. The findings and detenninations set forth in the preambles
hereof are hereby incorporated by reference as if repeated in full.
Section 2. Redemption of Redeemed Obligations. The City is authorized to call the
Redeemed Obligations for redemption and such Redeemed Obligations shall be redeemed from
lawfully available funds of City on the Redemption Date at the Redemption Price.
Section 3. Payment of Redemption Price. (a) The City shall deposit with the paying
agent/registrar(s) for the Redeemed Obligations, from lawfully available funds of the City, an
amount sufficient to pay the Redemption Price of the Redeemed Obligations on the Redemption
Date.
(b) Following the giving of notice of redemption as hereinafter provided and the
deposit of the Redemption Price of the Redeemed Obligations with the paying agent/registrar(s)
as required hereby, the Redeemed Obligations 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(s) for such purpose.
Section 4. Notice of Redemption. (a) The City Secretary shall cause to be delivered
to the paying agent/registrar(s) a certified copy of this Resolution.
11011:3252171
(b) The paying agent/registrar(s) shall give notice of redemption to the owners of the
Redeemed Obligations as required by and in accordance with the ordinances authorizing the
issuance of the Redeemed Obligations (the "Prior Ordinances").
Section 5. Actions to Be Taken. The officers of the City are each 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 Prior Ordinances and the laws of the State of
Texas.
Section 6. Power to Revise Form of Documents. The officers of the City are each
hereby authorized to make or approve such revisions, additions, deletions and variations to this
Resolution as, in the judgment of the Mayor and in the opinion of the City's legal counsel, may
be necessary or convenient to carry out or assist in carrying out the purposes of this Resolution.
Section 7, Effective Date. This Resolution shall be effective immediately upon its
adoption.
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2
f IOU_3?5? 171.?
PASSED, APPROVED AND EFFECTIVE this lltiday of October, 2012.
,4VI
Gle ertson, ayor
ATTEST:
Rebe ca Garza, City Secreta
APPROVED AS TO CONTENT:
Pamela Moon, Director of Finance
APPROVED AS TO FORM:
L�
Jerry le, Bond Counsel
S-1
i ux 1:32i2171.2
cruFnt 11 F 1
DESCRIPTION OF REDEEMED OBLIGATIONS
City of Lubbock, Texas, Airport General Obligation Bonds, Series 1993
Principal
Principal to be
Maturity
Outstanding
Redeemed Redemption Date
CUSIP No.
02/ 15/2013
$130,000
$130,000 11/13/2012
549186 5 D2
02/ 15/2014
130,000
130,000 11/13/2012
549186 5H3
City of Lubbock, Texas, Tax and Electric Light and Power System Surplus Revenue
Certificates
of Obligation, Series 2003
Principal
Principal to be
Maturity
Outstanding
Redeemed Redemption Date
CUSIP No.
04/15/2013
$610,000
$610,000 11/13/2012
549187 YM8
City of Lubbock, Texas, Tax and Electric Light and Power System Surplus Revenue
Refunding Bonds, Series 2003
Principal
Principal to be
Maturity
Outstanding
Redeemed
Redemption Date
CUSIP No.
04/15/2013
$410,000
$410,000
11/13/2012
549187 ZH8
04/ 15/2014
425,000
425,000
11/13/2012
549187 Z14
04/ 15/2015
445,000
445,000
11/13/2012
549187 ZK 1
04/15/2016
460,000
460,000
11/13/2012
549187 ZL9
04/ 15/2017
480,000
480,000
11/13/2012
549187 ZM7
04/ 15/2018
505,000
505,000
11/13/2012
549187 ZN 5
04/15/2019
530,000
530,000
11/13/2012
549187 ZPO
04/15/2020
555,000
555,000
11/13/2012
549187 ZQ8
04/ 15/2021
580,000
580,000
11/13/2012
549187 ZR6
04/ 15/2022
610,000
610,000
11/13/2012
549187 ZS4
04/ 15/2023
640,000
640,000
11/13/2012
549187 ZT2
I IO11:3252171.2
Resolution No. 2012-RO389
MINUTES AND CERTIFICATION PERTAINING TO
PASSAGE OF A RESOLUTION
STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
On the 11 th day of October, 2012, 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:
Glen Robertson, Mayor Victor Hernandez }
Karen Gibson, Mayor Pro Tern Todd R. Klein ) Members of
Jim Gerlt ) the Council
Floyd Price )
Latrelle Joy )
and all of said persons were present, except N. A, thus constituting a quorum.
Whereupon, among other business, a written Resolution bearing the following caption was
introduced:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LUBBOCK, TEXAS, CALLING FOR REDEMPTION OF CERTAIN
OUTSTANDING OBLIGATIONS AND AUTHORIZING THE
PAYMENT THEREOF
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: 6 NOES: 1 ABSTENTIONS: o
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 Resolution 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 I Ith
day of October, 2012.
HOU:3253982.1
-A A. 5<
Cit Secretary
City of Lubbock, Texas
[SEAL]
HOU:3253982.1