HomeMy WebLinkAboutResolution - 2004-R0471 - Resolution Providing Prepayment For Outstanding Obligations - 09_28_2004Resolution No. 2004-RO471
September 28, 2004
Item No. 35
A RESOLUTION providing for the prepayment of certain outstanding obligations
of the City; and resolving other matters incident and related to the
prepayment of such obligations.
WHEREAS, pursuant to an ordinance passed and adopted by the City Council of the
City of Lubbock, Texas, the following described obligations were duly authorized and are
currently outstanding, to wit: City of Lubbock, Texas, Public Property Finance Contractual
Obligations, Taxable Series 1991, dated May 15, 1991, maturing on February 15 in each of the
years 2006 and 2011, and aggregating in installment contract amount $370,000; and
WHEREAS, the above identified obligations were authorized, issued, sold and delivered
subject to the right and authority of the City to prepay the same prior to maturity, as provided in
the authorizing ordinance and in said obligations; and
WHEREAS, the City Council hereby finds and determines that obligations of the such
series should be prepaid prior to their maturities on the date and in the manner hereinafter
provided and in accordance with the requirements prescribed therefor and notice of prepayment
of such obligations should be approved and authorized to be given at this time by the Council;
now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS:
SECTION 1: The obligations of that series known as "City of Lubbock, Texas, Public
Property Finance Contractual Obligations, Taxable Series 1991", dated May 15, 1991, maturing
in the years 2006 and 2011, and aggregating in amount $370,000, shall be prepaid and the
same are hereby called for redemption on November 1, 2004, at the price of par and accrued
interest to the date of prepayment. The City Secretary is hereby authorized and directed to file
a copy of this resolution, together with a suggested form of notice of prepayment to be sent to
contracting parties, with JPMorgan Chase Bank, Dallas, Texas (successor paying
agent/registrar to Texas Commerce Bank, National Association), in accordance with the
prepayment provisions applicable to such obligations; such suggested form of notice of
prepayment being attached hereto as Exhibit A and incorporated herein by reference as a part
of this resolution for all purposes.
SECTION 2: The City Manager and City Secretary are hereby authorized and directed to
make all arrangements necessary to notify the contracting parties of the City's decision to
prepay such obligations on the date and in the manner herein provided and in accordance with
the ordinance authorizing the issuance of the obligations.
PASSED AND ADOPTED, this September 28, 2004.
CITY OF LUBBOCK, TEXAS
ATTEST:
City Secretary
(City Seal)
d
Resolution No. 2004-RO471
September 28, 2004
Item No. 35
EXHIBIT A
NOTICE OF PREPAYMENT
CITY OF LUBBOCK, TEXAS
PUBLIC PROPERTY FINANCE CONTRACTUAL OBLIGATIONS
TAXABLE SERIES 1991
DATED MAY 15, 1991
NOTICE IS HEREBY GIVEN that all obligations of the above series maturing on and
after February 15, 2006 and aggregating in installment amount $370,000 have been called for
prepayment on November 1, 2004 at the prepayment price of par and accrued interest to the
date of prepayment, such obligations being identified as follows:
Year of Maturity Amount
2006 $110,000
2011 $260,000
ALL SUCH OBLIGATIONS shall become due and payable on November 1, 2004, and
interest thereon shall cease to accrue from and after said prepayment date and payment of the
prepayment price of said obligations shall be paid to the contracting parties of the obligations
only upon presentation and surrender of such obligations to JPMorgan Chase Bank, Dallas,
Texas (successor paying agent/registrar to Texas Commerce Bank, National Association) at its
designated offices at the following addresses:
First Class/
Registered/Certified
JPMorgan Chase Bank
Institutional Trust Services
P. O. Box 2320
Dallas, Texas 75221-2320
Express Delivery/Courier
JPMorgan Chase Bank
Institutional Trust Services
2001 Bryan Street, 9th Floor
Dallas, Texas 75201
By Hand Only
JPMorgan Chase Bank
Room 234-North Building
Institutional Trust Securities Window
55 Water Street
New York, New York 10041
THIS NOTICE is issued and given pursuant to the terms and conditions prescribed for
the prepayment of said obligations and pursuant to a resolution by the City Council of the City of
Lubbock, Texas.
JPMORGAN CHASE BANK
Address: 2001 Bryan Street, 8'h Floor
Dallas, Texas 75201