HomeMy WebLinkAboutResolution - 2551 - Approve Official Statement For $7,000,000 Electric Revenue Bonds - 03_26_1987w
Resolution '2551
March 26, 1587
Item #20-A
Prepared by Bond Attorneys
A RESOLUTION by the City Council of the City of
Lubbock, Texas, relating to the issuance and
sale of $7,000,000 "City of Lubbock, Texas,
Electric Light and Power System Revenue
Bonds, Series 1987," including the approval
and distribution of Notice of Sale and an
Official Statement; and declaring an
emergency.
WHEREAS, a Notice of Sale and an Official Statement
have been prepared by First Southwest Company, the City's
financial advisor, in connection with the issuance and sale of
$7,000,000 "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER
SYSTEM REVENUE BONDS, SERIES 1987" and submitted to the Council
and staff of the City for review and comments; and
WHEREAS, the Council hereby finds and determines that
the information and data contained in such Official Statement
pertaining to the City and its financial affairs is true and
correct in all material respects and no material facts have
been omitted therefrom which are necessary to make the
statements therein, in the light of the circumstances under
which they were made, not misleading; and
WHEREAS, the Council further finds and determines that
the aforesaid documents pertaining to the sale of such revenue
bonds should be approved and authorization should be given to
the City's financial advisor to proceed with the distribution
of such documents for the purpose of soliciting bids for the
purchase of said bonds; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LUBBOCK:
SECTION 1: That the Notice of Sale and the Official
Statement prepared in connection with the issuance and sale of
$7,000,000 "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER
SYSTEM REVENUE BONDS, SERIES 1987" are hereby approved, such
documents being on file in the office of the City Secretary and
incorporated herein by reference as a part of this resolution
for all purposes.
SECTION 2: That the City's financial advisor is
hereby authorized and directed to proceed with the mailing and
distribution of said Notice of Sale and Official Statement for
purposes of soliciting bids for the purchase of said bonds.
i
SECTION 3: That the fact that it is necessary for
the immediate preservation of the public peace, property,
health, or safety of the citizens of the City of Lubbock and
the best interests of the City of Lubbock to provide funds for
the improvements to be financed by the issuance and sale of
revenue bonds at the earliest possible date constitutes and
creates an emergency and an urgent public necessity requiring
the suspension of any rules providing for ordinances and
resolutions to be read more than one time or at more than one
meeting of the City Council, and such rules and provisions are
accordingly suspended, and this Resolution is declared to be an
emergency measure, and shall take effect and be in full force
immediately from and after its passage on the date shown below.
PASSED AND APPROVED, this the 26th'day of March, 1987.
Z (!.'o ` -
Mayor_, City of Lubbock, Texas
ATTEST:
City S(kcretary,
City of Lubbock, Texas
(City Seal)
-2-
19 12 D - _
NOTICE OF SALE
CITY OF LUBBOCK, TEXAS
The City Council of the City of
'Lubbock, Texas, will receive
AFFIDAVIT OF PUBLICATION seated bids at the City council
,Chambers,- Municipal Complex,
1625,13th Street, Lubbock, Texas;
until 11:00.A.M., Central Daylight
Time. Thursday, April 23, 1987, for
THE STATE OF TEXAS
§
$7,006,000 city of Lubbock,
'Texas,-E(ectric
Light and
Power sy stem Revenue
COUNTY OF LUBBOCK
§
Bands, Series 1987
Dated April 15, 1987; principal
'due
April 15 of,each year as
follows: S350,000 each year
CITY OF LUBBOCK
§
1988 through 2007; interest
Payable October 15. 1987. and
each April 15 and Octohe? 15
-thereafter. The -City reserves
the right; at Its opfion, to re-
'
_
deem Bonds maturing onand
after April_ 15, 1988, on April 15,
BEFORE ME, the undersigned authority,
)997, oranyinterest payment
datethereafter:attheparval-
personally appeared T
fi I I who a
w i 1 a All � r
ue
eSttoteofDlefixeuedihty-
est to the date fixes for pay=
°meat.
me dulysworn deposes
P
and says that s he is the
Y ( ) �
Further informafioo- may be ob•
the Lubbock Avalanche
Journal, and that a true an
tained from the Division of Fi,
nance,CAY.OfLubbock, P.0.Box
r.
of the NOTICE OF SALE,
u -
hereto attached, was pub:
3000, Lubbock, Texas79<57;
Ompanor
from First southwest Cy,
p a p e r on the following
dates:
800 Dallas .Building, 1807 Com-
mere St., Dallas, Texas 75201, Fi-
'nanciat Consultants to the City.
Ranette Boyd.
March 22, 1987;
Secretary
.CiClCitty of Lubbock
March 29, 1987;
,
(CitySeal) {
April 5, 1987;
April 12, 1987; and
April 19, 1987;
the date of the first of such publications being at least
thirty (30) days prior to the date of the public sale for the
bonds referred to therein.
SWORN TO AND SUBSCRIBED BEFORE ME, this the 20th day
of April , 1987.
Notar ublic, State of Texas
My Cqfifiission Expires: 10/24/90
Jane Roark
(Notary Seal)
1 7 8 4 D