HomeMy WebLinkAboutResolution - 1209 - Create Real Estate Purchase & Improvement Fund, Old Sears Building Purchase - 09_09_1982RESOLUTION 1209 - 9/9/82
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RESOLUTION
A RESOLUTION CREATING AND ESTABLISHING THE CITY OF LUBBOCK REAL ESTATE
PURCHASE AND IMPROVEMENT FUND AND PROVIDING FOR THE CONTROL OF SUCH FUND.
WHEREAS, the City Council of the City of Lubbock finds that it would be
wise and expedient to establish a fund to be known as the City of Lubbock Real
Estate Purchase and Improvement Fund, and
WHEREAS, the City Council finds that it would be in the best interest of
the City to create and establish the fund above referred to in order to have a
designated fund within the immediate control of the City, and
WHEREAS, the existence of the fund herein,established shall be used to
purchase real estate or make repairs or improvements to existing real property
owned by the City, and
WHEREAS, the City Council finds that it is often necessary to have funds
for use as above -mentioned immediately on hand for the purpose of financing sa
activities, and
WHEREAS, the City Council finds that it is in the best interest of the Ci
to establish controls for the use of said fund, and
WHEREAS, the City has the power to control and manage the finances of the
City by virtue of Art. 1175 §10, V.A.C.S., and its Charter.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
1. That there is hereby created a fund within the City to be known as
City of Lubbock Real Estate Purchase and Improvement Fund.
2. That upon approval of the City Council, said fund herein created sh
be used to finance, secure financing or arrange financing for the purchase of
real estate for the City or the repair, renovation, or remodeling of real
estate owned by the City.
3. That the City Manager shall make recommendations to the City Council
for the use of said fund by the City.
4. That no purchase of real estate or repairs, remodeling or renovation
to real estate owned by the City shall be made or financed with monies from the
fund herein created except to the extent that there exists unencumbered monies
in said fund to be used for said activity.
5. That the following money be and is hereby transferred to the fund in
accordance with the following schedule:
DATE OF TRANSFER AMOUNT
Oct. 15, 1982 $1,073,000
Apr. 15, 1983 475,000
DATE OF TRANSFER AMOUNT
Jul.
15,
1983
$475,000
Oct.
15,
1983
525,000
Jan.
15,
1984
575,000
Jan.
15,
1985
125,000
Oct.
15,
1988
25,000
TOTAL
$3,273,000
6. That the Finance Director of the City of Lubbock shall be required to
see that the monies transferred in paragraph 5 of this Resolution are taken froE
any one of the following sources:
(a) Revenue Sharing
(b) Community Development
(c) Bond Funds
(d) Capital Reserves
7. That fund monies hereinabove transferred to the fund shall be invest
in lawful securities authorized for investment by cities and the interest earn
shall be retained by the fund and used for the purposes for which this fund is
created.
8. That the securities purchased as hereinabove provided may be used in
any of the following ways to discharge any obligation undertaken herein:
(a) To be placed in escrow to secure the payment from earned interest of
any obligation undertaken in accordance with the purposes of this resolu-
tion.
(b) To be pledged as collateral to secure the payment from earned i
of any obligation undertaken in accordance with the purposes of this
resolution.
(c) To be sold or surrendered by the City to pay any obligation
in accordance with the purposes of this resolution.
9. That it is hereby declared to be the intent of the City Council that
no obligation shall be incurred by the City under this resolution which shall
not be fully payable out of the principal or earned interest of the fund herein
created and that the satisfaction of such obligations be reasonably certain in
the due course of business.
10. That the City Council may by resolution add additional monies to this
fund to be used as herein set forth.
Passed by the City Council this 9th day of Septeq_4oTn1 2.
r-
BILL MCAL STER, MAYOR
ATTEST:
t_
E elyn Gaf ga, City S a Treasurer
APPROVED AS TO FORM:
J n C. Ross, Jr., City Attorney
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
I, EVELYN GAFFGA, City Secretary -Treasurer of theCity
of Lubbock, Texas hereby certify that the attached document is
a true and correct copy of RESOLUTION 1209, being duly recorded
in Minute Book No. 41-A, Page Item of the
Minutes of the City Council dated September 9, 19'82.
TO CERTIFY WHICH, witness my hand and seal
of the City of Lubbock, Texas this
16th day of September, 1982.
(Seal)
EVELYN GAFFGA
City Secretary -Treasurer