HomeMy WebLinkAboutResolution - 3179 - Awards Sale Of General Obligation Bonds, Series 1989 - 08_10_1989Resolution # 3179
.August 10, 1989
Item #22
A RESOLUTION awarding the sale of "CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION
BONDS, SERIES 1989"; and resolving
other matters incident and related to
the sale of said Bonds.
WHEREAS, on the 13th day of July, 1989 and the 27th day
of July, 1989, the City Council of the City of Lubbock, Texas,
passed and adopted on first and second reading, respectively,
an ordinance authorizing the issuance of $7,445,000 "CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1989", dated
August 15, 1989 (the "Bonds"); and
WHEREAS, bids for the purchase of the Bonds have been
received by the Council and publicly opened, read aloud and
tabulated; and
WHEREAS, it_is hereby found and determined that the bid
Of NCNB TEXAS '& "Assncdater,
for the purchase of the Bonds was
the best bid received, that said bid was submitted in
accordance with the terms and conditions set forth in the
"Notice of Sale and Bidding Instructions" and should be
accepted and the Bonds sold to said bidder; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LUBBOCK, TEXAS:
SECTION 1: That the bid submitted by NCM TEXA.%&_"=As8oc ates
for the -
purchase of the $7,445,000 "CITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1989", at an effective interest rate
Of `' 6_-8'3a2t66 %, attached hereto as Exhibit A and incorporated
herein by reference, is hereby accepted and said Bonds are
hereby sold to said bidder at the price of par and accrued
interest to the date of delivery, plus a premium of $ _n_
SECTION 2: That, in accordance with the bid accepted by
the Council, the Bonds shall bear interest at the per annum
rates in accordance with the following schedule:
Year of
Principal
Interest
Stated Maturity
Amount
Rates)
1990
$370,000
q %
1991
370,000
9 %
1992
370,000
9 %
1993
370,000
9 %
1994
370,000
9 %
1995
370,000
9 %
1996
370,000
9 %
1997
370,000
9 %
1998
370,000
9 %
1999
370,000
9 %
2000
370,000
6.79%
2001
375,000
6.8
2002
375,000
6.1
2003
375,000
6 $
2004
375,000
6
2005
375,000
6 $
2006
375,000
6 $
2007
375,000
6
2008
375,000
6 $
2009
375,000
6 $
-2-
3948B
PASSED AND ADOPTED, this August 10, 1989,
ATTEST;
City Slacretary
(City Seal)
CITY OF LUBBOCK, TEXAS
Mayor
—3—
3948B
AFFIDAVIT OF PUBLICATION
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
BEFORE ME, the undersigned authority on
personally appeared T.J. Auflif
after being by me duly sworn, deposes and .says that
the _ACCdunt Manager of the Lubbock Avalanche
and that a true and correct copy of the "NOTICE
hereby attached, was published in said paper on the
dates:
JutY 91 169 231 301 August 61 1989
.-. ..
NOTICE OF SALE
'CM OF LUBBOCK, TEXAS
The City Council of the City of
Lubbock. Texas. will receive ,
sealed bids -at the City Council
Chambers, Municipal Complex,
1625 Uth Street, Lubbock, Texas,
until 11.00 Ant.; Central Daylight
Time, Thursday. August 10, 1989,
for the following described borws:, .;
City of Lobbock. Texas,' "1
General Obligation
Bonds, Series Hi9 y f
Dated August 1S. 19t9; priLWon't
due February 13 Of each year as
follows: WMA00 each year 1990
through 2000 and f17S,000 each year
2001 through 2009, interest paydbte
February IS.1990, and each August
1S and February 15 thereafter. The
City reserves the right, at its ap-
lion• to redeem Bonds maturing on
and #"or February is. 2a00, on
February U 1999. or any Interest
paymentdate thereafter, of the par
value thereof plus accrued Interest
to the date fixed for payment.
Further Information may W ob.
Joined
from the Division of FI•
nance. City of Lubbock, P.O. Box
2000, Lubbock• Texas 7907; Or
from First Southwest Company
SW First City Center, 1700 Pacific
Avenue. Dallas Texas. 75201, Fl.
nancial COrtevltanfs to the City.
"r Ranette Boyd
City Secretary
- Cllyof Lubbock
R-1S6 _
the date of the first of such publications being at. least
thirty (30) days prior to the date of the public sale for the
obligations referred to therein.
SWORN TO AND SUBSCRIBED
August , 1989.
(Notary Seal)
JC Apr h�6
FRANCES HERN.ANDEZ
!`lotdry public - State of i r_r as
'e s My Commissowl Exolr;s 7-6-91
�Acccunt Manager
BEFORE ME, this the 7th day of
Notary Public, State of Texas
My Commission Expires: 7-6-91
3 9 9 3 B
OFFICIAL BID FORM
Honorable Mayor and City Council
August 10, 1989
City of Lubbock, Texas
Members of the City Council:
Reference is made to your Official Statement and Notice
of Sale and
Bidding Instructions, dated
3uly 13, 1989, of $7,445,000 CITY OF LUBBOCK, TEXAS GENERAL OBLIGATION BONDS, SERIES 1989,
both of which constitute a part
hereof.
For your legally issued Bonds,
as described ir, said Notice of
Sale and Bidding Instructions
and Official
Statement, we will pay you par
and accrued interest from date
of issue to date of delivery
to us, plus a
cash premium of $ — D `~ for Bonds maturing and bearing
interest as follows:
Principal
Interest
Principal
Interest
Maturity Amount
Rate
Maturity
Amount
Rate
2-15-1990 $370,000
2-13-2000
$370,000
&,75 %
_%
6
2-15-1991 370,000
2-15-2001
375,000
, V %
2-15-1992 370,000
Q�_%
7 %
2-15-2002
375,000
(el %
(0
2-15-1993 370,000
%
2-13-2003
373,000
%
2-15-1994 370,000
1—%
2-13-2004
375,000
2-13-1995 370,000
d-!%
2-13-2005
373,000
2-15-1996 370,000
1—%
2-15-2006
375,000
�_%
L�_%
2-15-1997 370,000
2-15-2007
375,000
v %
4
2-15-1998 370,000
--%
2-15-2008
375,000
%
2-15-1999 370,000
_1 ___%
2-13-2009
375,000
1_%
Our calculation (which is not a part of this bid) of the Interest cost from the above is:
Total Interest Cost 5 _?� 7 O
Less Premium
NET INTEREST COST $ O f S 4)
EFFECTIVE INTEREST RATE . 7S3 4 b� %
We are having the Bonds of the following maturities N e)'62 Q— insured by
at a premium of $ l(excluding any fees to be paid by
the Purchaser to rating agencies).
The Initial Bond shall be registered in the name of NCNB TEXAS NATIONAL BANL will advise
Ms. Sherry Burger, Trust Operations Officer, Corporate Trust Division, Texas Commerce Bank National
Association, P.O. Box 341, Lubbock, Texas 79408 (806 763-3471 Ext. 511), the Paying Agent/Registrar,
our registration instructions at least five business days prior to the date set for Initial Delivery.
A Cashier's Check of the NCNB TEXAS Bank, DALLAS TEXAS in the amount
of $148,900.00, which represents our Good Faith Deposit as attached hereto or Chas been made available
to you prior to the opening of this bid), and is submitted in accordance with the terms as set forth in the
Official Statement and Notice of Sale and Bidding Instructions.
We agree to accept delivery of and make payment for the Bonds in immediately available funds in the
Corporate Trust Division, Texas Commerce Bank National Association, Lubbock, Texas, not later than
10:00 AM, CDT, on August 30, 1989, or thereafter on the date the Bonds are tendered for delivery,
pursuant to the terms set forth in the Notice of Sale and Bidding Instructions.
The undersigned agrees to complete, execute, and deliver to the City, at least six business days prior to
delivery of the Bonds, a certificate relating to the "issue price" of the Bonds In the form and to the effect
accompanying the Notice of Sale and Bidding Instructions, with such changes thereto as may be
acceptable to the City.
Respectfully submitted,
NCNB TEXAS
& Associates
"see list attached" B
Au�por ri
Leslie Fesegi ce President
. F`arrS�i`,
ACCEPTANCE CLAUSE
The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas, this the loth
day of August, 1989.
mayor
City of Lubbock, Texas
—� i y ecre ay
'��
�C�3
Texas
NCNB Texas
901 Main Street, 22nd Floor
P.O. Box 830306
Dallas, Texas 75283-M
$11,245,000
CITY OF LUBBOCK, TEXAS
$ 7,445 GENERAL OBLIGATION
$ 3,800 CERTIFICATES OF OBLIGATION
SELLING: AUGUST 10, 1989
NCNB TEXAS ) JT.
TEXAS COMMERCE BANK )
TEXAS AMERICAN BANK )
THE NORTHERN TRUST CO. )
SOUTHWEST SECURITIES )
SOUTHEAST BANK, N.A. )
BNE CAPITAL MKTS. ) MGRS.
BANCTEXAS DALLAS, N.A.
BOATMEN'S NATIONAL BANK OF ST. LOUIS
CREWS & ASSOCIATES, INC.
FIRST TENNESSEE BANK OF MEMPHIS
NORWEST INVESTMENT SERVICES
OPPENHEIMER & CO.
STEPHENS, INC.
Funds Management Group