HomeMy WebLinkAboutResolution - 2023-R0536 - 2014 General Obligation Refunding Bonds - 11/07/2023Resolution No. 2023-R0536
Item No. 5.3
November 7, 2023
MINUTES AND CERTIFICATION PERTAINING TO
PASSAGE OF A RESOLUTION
STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
On the 7th day of November, 2023, the City Council of the City of Lubbock, Texas,
convened in a regular meeting at the regular meeting place thereof, the meeting being open to the
public and notice of said meeting, giving the date, place and subject thereof, having been posted
as prescribed by Chapter 551, Texas Government Code, as amended; and the roll was called of the
duly constituted officers and members of the City Council, which officers and members are as
follows:
Tray Payne, Mayor
Christy Martinez-Garcia
Shelia Patterson Harris
Mark W. Mcbrayer
Steve Massengale
Dr. Jennifer Wilson
Latrelle Joy
)
)
) Members of
) the Council
)
)
and all of said persons were present, [except NA ,] thus constituting a
quorum. Whereupon, among other business, a written Resolution bearing the following caption
was introduced:
R�:SOLUTION AUTHORIZING REDEMPTION OF CERTAIN
OF THE CITY'S OUTSTANDING BONDS
The Resolution, a full, true, and correct copy of which is attached hereto, was read and
reviewed by the City Council. Thereupon, it was duly moved and seconded that the Resolution be
passed and adopted.
The Presiding Officer put the motion to a vote of the members of the City Council, and the
Resolution was passed and adopted by the following vote:
AYES: 7
NOES: �
ABSTENTIONS: 4
4163-4398-8300.1
MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT, and to
correctly reflect the duly constituted officers and members of the City Council of said City, and
the attached and following copy of said Resolution is hereby certified to be a true and correct copy
of an official copy thereof on file among the official records of the City, all on this the 7th day of
November, 2023.
r
�ret
ity of Lubbock, Texas
[SEAL�
4163-4398-8300 I
Resolution No. 2023-R0536
RESOLUTION AUTHORIZING REDEMPTION OF
CERTAIN OF THE CITY'S OUTSTANDING BONDS
W� IEREAS, the City of Lubbock, Texas (the "City") has heretofore issued its General
Obligation Refunding Bonds, Series 2014 (the "Outstanding Bonds"), which are currently
outstanding in the aggregate principal amount of $20,905,000;
WHEREAS, the City Council of the City (the "City Council") desires (i) to redeem a
portion of such Outstanding Bonds (the "Called Bonds") prior to their stated maturity in the
amount and on the dates set forth in Schedule I and (ii) to make due provision for the payment of
the redemption price of the Called Bonds by depositing with the paying agent/registrar for the
Called Bonds (the "Paying Agent/Registrar"), current funds in an amount sufficient to provide for
the full and timely payment of all principal of, premium, if any, and interest on the Called Bonds
on the date of their redemption (the "Redemption Date"); and
W��EREAS, the City reserved the right and is authorized to redeem the Called Bonds, as
herein provided;
NOW, THEI�EFORE, BE IT RESOLVED AND OR�ERED BY THE CITY COCTNCIL
OF THE CITY OF LUBBOCK, TEXAS:
Definitions.
Capitalized terms used in this Resolution have the same meaning assigned to such terms in
the ordinance (the "Bond Ordinance") authorizing the issuance of the Outstanding Bonds, except
as otherwise indicated in this Resolution.
2. Redemption of Bonds.
The City Council hereby orders that the Called Bonds be redeemed on the Redemption
Date; and, the Mayor, City Manager and Chief Financial Officer of the City, each individually, are
hereby authorized and directed to determine the Redemption Date and take all necessary and
appropriate action to effect such redemption and to provide or cause to be provided notice of
redemption to the bondholders and the Paying AgentlRegistrar, as required by the Bond Ordinance.
In addition, the City Council hereby ratifies and approves all action taken by the Mayor, City
Manager and Chief Financial Officer of the City to effect such redemption and to provide or cause
to be provided notice of redemption to the Owners and the Paying Agent/Registrar, as required by
the Bond Ordinance.
3. Notice of Redemption.
The Mayor, City Manager and Chief Financial Officer of the City and any other employee
or agent of the City, each individually, are hereby authorized and directed to provide or cause to
be provided notice, as described in Exhibit A attached hereto, in the name of the City to
bondholders, information repositories and any other notice parties in accordance with the Bond
Ordinance.
4157-9473-0828.2
4. Deposit with Paying A e� istrar.
The City shall deposit funds in an amount representing the redemption price and interest
accrued on the Called Bonds to be redeemed to the Redemption Date with the Paying
Agent/Registrar not later than the Business Day next preceding the Redemption Date. Upon the
deposit of such funds with the Paying Agent/Registrar, due provision shall have been made with
the Paying AgentlRegistrar for payment of the redemption price of the Called Bonds.
5. Related Matters; Power to Revise Form of Documents.
(a) The Mayor, City Manager and Chief Financial Officer of the City and all
other appropriate officers, agents and representatives of the City are hereby authorized and
directed to take all other actions determined to be reasonably necessary to effect the
redemption of the Called Bonds, including, without limitation, (i) execution and delivery
of all certificates, consents, receipts, requests and other documents as may be reasonably
necessary to satisfy the City's obligations under the Bond Ordinance and this Resolution,
(ii) approving and effecting the disbursement, transfer and application of funds of the City
consistent with the provisions of this Resolution and (iii) approving payment of expenses
incurred in connection therewith, including the fees and disbursements of the City's legal
counsel and consultants.
(b) Notwithstanding any other provision of this Resolution to the contrary, the
Mayor, City Manager and Chief Financial Officer of the City are each hereby authorized
to make or approve such revisions, additions, deletions and variations to this Resolution
and in the form of the documents attached hereto as exhibits as, in the judgment of the
Mayor and in the opinion of the City's legal counsel, may be necessary or convenient to
carry out or assist in carrying out the purposes of this Resolution.
6. �en Meetin�
It is hereby officially found and determined that the meeting at which this Resolution was
adopted was open to the public, and public notice of the time, place, and purpose of said meeting
was given, all as required by the Open Meetings Law, Chapter 551, Texas Government Code, as
amended.
7. Effective Date.
This Resolution shall be in full force and effect from and upon its adoption.
Severabilitv.
If any section. paragraph, clause, or provision of this Resolution shall for any reason be
held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph,
clause, or provision shall not affect any of the remaining provisions of this Resolution.
4 I 57-9473-0828.2
9. Repealer.
All orders, resolutions and ordinances, or parts thereof, inconsistent herewith are hereby
repealed to the extent of such inconsistency.
[Signature page follows. J
41 � 7-9473-0828.2
PR�SENTED, FINALLY PASSED AND, APPROVED AND EFFECTIVE on this 7th
day of November, 2023.
ATTEST:
TRAY P E ayor �
AZ, City Secretary
[SEAL]
APPROVED AS TO CONTENT:
By: � a .
D. B, l KO ELICH, Chief Financial Officer
APPROVED AS TO FORM:
By: �
JERRY V. YLE, JR., Bond Counsel W��
Schedule I— Outstanding Bonds Called for Redemption
Exhibit A— Form of Instruction Letter to Paying Agent
[Signature Page to Resolution]
4157-9473-0828.2
SCHEDULEI
OUTSTANDING BONDS CALLED FOR REDEMPTION
City of Lubbock, Texas
General Obligation Refunding Bonds, Series 2014
Original
Dated Date CUSIP No.
5/1/2014 549188RQ5
5/1/2014 549188RR3
Original Maturity
�Februar�151
2025
2026
Principal
Amount
Outstandin�
$9,650,000
$5,920,000
Amount
Called for
Redemption
$385,000
$180,000
Schedule I-1
Redemption Date
and
Redemption Price
2/ 15/2024 @ Par
2/ 15/2024 @ Par
41�7-9473-08282
CITY OF LUBBOCK, TEXAS
P.O. Box 2000
Lubbock, Texas 79547
November 7, 2023
The Bank of New York Mellon Trust Company, N.A.
2001 Bryan Street, 11 th Floor
Dallas, Texas 75201
Re: City of Lubbock, Texas General Obligation Refunding Bonds, Series 2014 (the
"Bonds")
Ladies and Gentlemen:
The City of Lubbock, Texas (the ``City") has elected to exercise its option to redeem certain
of their outstanding Bonds (the "Called Bonds") prior to their stated maturity. In connection with
such redemption, the ordinance authorizing the issuance of the Bonds (the "Ordinance") requires
that written notice be sent in the name of the City not less than 30 days prior to a redemption date.
As paying agentlregistrar for the Bonds,
N.A., is instructed to provide notice in conne�
accordance with the Ordinance.
The Bank of New York Mellon Trust Company,
tion with each Called Bond to be redeemed in
Please sign and return the enclosed counterpart of this letter to acknowledge your receipt
of this letter.
CITY OF LUBBOCK TEXAS
By:
Name: Tra Pa ne
Title: November 7, 2023
Receipt Acknowledged this day of , 2023:
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
By:
Name:
Title:
4146-278�-0316 I
CALLED BONDS
City of Lubbock, Texas
General Obligation Refunding Bonds, Series 2014
Original
Dated Date CUSIP No.
5/1/2014 549188RQ5
5/ 1 /2014 549188RR3
Original Maturity
�February 15)
i�ly.�
2026
Principal
Amount
Outstandin�
$9,650,000
$5,920,000
Amount
Called for
Redemption
$385,000
$180,000
Redemption Date
and
Redemption Price
2/ 1512024 @ Par
2/15/2024 @ Par
2
4146-2785-0316. I
EXHIBIT A
FORM OF INSTRUCTION LETTER TO PAYING AGENT
CITY OF LUBBOCK, TEXAS
P.O. Box 2000
Lubbock, Texas 79547
November 7, 2023
The Bank of New York Mellon Trust Company, N.A.
2001 Bryan Street, l lth Floor
Dallas, Texas 75201
Re: City of Lubbock, Texas General Obligation Refunding Bonds, Series 2014 (the
"Bonds")
Ladies and Gentlemen:
The City of Lubbock, Texas (the "City") has elected to exercise its option to redeem certain
of their outstanding Bonds (the "Called Bonds") prior to their stated maturity. In connection with
such redemption, the ordinance authorizing the issuance of the Bonds (the "Ordinance") requires
that written notice be sent in the name of the City not less than 30 days prior to a redemption date.
As paying agent/registrar for the Bonds, The Bank of New York Mellon Trust Company,
N.A., is instructed to provide notice in connection with each Called Bond to be redeemed in
accordance with the Ordinance.
Please sign and return the enclosed counterpart of this letter to acknowledge your receipt
of this letter.
CITY OF LUBBOCK TEXAS
By:_
Name:
Title:
Receipt Acknowledged this day of , 2023:
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
By:_
Name:
Title:
Exhibit A-1
a i s�-9a�3-oazs z
CALLED BONDS
City of Lubbock, Texas
General Obligation Refunding Bonds, Series 2014
Original
Dated Date CUSIP No.
5/1/2014 549188RQ5
5/1/2014 549188RR3
Original Maturity
�February 15�
2025
2026
Principal
Amount
Outstandin�
$9,650,000
$5,920,000
Amount
Called for
Redemption
$385,000
Exhibit A-2
$180,000
Redemption Date
and
Redemption Price
2/15/2024 @ Par
2/15/2024 @ Par
a is�-9a�3-os2g z