HomeMy WebLinkAboutResolution - 2007-R0193 - Notice Of Intent To Issue Certificates Of Obligation - 05_11_2007Resolution No. 2007—RO193
May 11, 2007
Item No. 6.4
A RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE 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 fourteenth (14th) 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.
FINALLY PASSED, APPROVED AND EFFECTIVE this I lth day of May, 2007.
CITY OF LUBBOCK, TEXAS
e
DAVID A. MILLER, MAYOR
ATTEST:
Re cca Garza, City Secretary
Dallas 1248796v.1
Resolution No. 2007-R0193
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 June 14, 2007, 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
$12,000,000 principal amount of certificates of obligation for the purpose of paying contractual
obligations to be incurred for the following purposes, to wit: (i) development, acquisition,
furnishing, equipping, and construction of a conference/civic center including related parking at
the northeast corner of Avenue X and Mac Davis Lane in the North Overton Tax Increment
Financing District (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 fifteen percent (15%) per
annum and shall have a maximum maturity date of not later than forty (40) 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.
GIVEN THIS May 11, 2007.
Isl Rebecca Garza
City Secretary
City of Lubbock, Texas
A- I
Dallas 1248796v.I