HomeMy WebLinkAboutResolution - 2010-R0347 - Authorizing Notice Of Intention To Issue Certificates Of Obligation - 08_12_2010Resolution No. 2010-RO347
August 12, 2010
Item No. 5.3
A RESOLUTION AUTHORIZING PUBLICATION OF NOTICE
OF INTENTION TO ISSUE COMBINATION 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; and
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;
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. This resolution shall take effect from and after the date of its passage.
124964v.1 LUB200/1
ADOPTED THIS 12th day of August, 2010, by the City Council of the City of Lubbock,
Texas.
CITY OF LUBBOCK, TEXAS
TOM MARTIN, MAYOR
ATTEST:
Rebe ca Garza, City Secretary
APPROVED AS TO CONTENT:
— A'katj��
Andy Burc am, Chief Financial Officer
APPROVED AS TO FORM:
Signature Page for Notice of Intent Resolution
124964v.1 LUB20011
Resolution No. 2010-RO347
Exhibit A
NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK,
TEXAS COMBINATION TAX AND WATERWORKS SYSTEM
SURPLUS REVENUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that on September 16, 2010, the City Council of the City
of Lubbock, Texas, at 7:30 a.m. 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 an ordinance authorizing the issuance of not to
exceed $41,000,000 principal amount of certificates of obligation for the purpose of paying
contractual obligations to be incurred for the following purposes, to wit: (i) construction of a raw
water transmission line and pump station and water treatment plant improvements to enable Lake
Alan Henry to serve as a water supply for the City (the "Project") and (ii) payment of
professional services of attorneys, financial advisors 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 five percent (5%) per annum and shall have a maximum maturity date of not later than
twenty-one (21) 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 the surplus
net revenues of the City's Waterworks System.
THIS NOTICE is given in accordance with law and as directed by the City Council of the
City of Lubbock, Texas on August 12, 2010.
A- I
124964v.1 LUB200/1