HomeMy WebLinkAboutResolution - 2024-R0152 - Notices Of Intention, TX Gen Obligation Bonds & Comb. Tax & Rev. Cert. Of Oblig. - 04/09/2024MINUTES AND CERTIFICATION PERTAINING TO
PASSAGE OF A RESOLUTION
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
On the 9th day of April, 2024, 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 N/A ,] thus constituting a quorum.
Whereupon, among other business, a written Resolution bearing the following caption was
introduced:
A RESOLUTION AUTHORIZING PUBLICATION AND POSTING OF
NOTICES OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS
GENERAL OBLIGATION BONDS AND COMBINATION TAX AND
REVENUE CERTIFICATES OF OBLIGATION
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: � NOES: � ABSTENTIONS: �
4159-0033-5183. I
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 9'h day of
April, 2024.
City Secretary
City of Lubbock, Texas
[SEAL]
4159-0033-5183. l
Resolution No. 2024-R0152
Item No. 6.12
Apri19, 2024
A�tESOLUTION AUT�iORIZING PUBLICATION AND POSTING OF
NOTICES OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS
GENERIAL OBLIGATION BONDS AND COMBINATION TAX AND
RFVENUE CERTIFICATES OF OBLIGATION
WHEREAS, the City of Lubbock, Texas (the "City"), pursuant to Chapter 1331, Texas
Government Code, as amended, is authorized to issue its general obligation bonds (the "Bonds")
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 the Bonds should be published in accordance with the requirements of applicable
law and the City's charter; and
WI-iEREAS, 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 B
hereto; and
WHEREAS, the City Council of the City has found and determined that a notice of
intention to issue the Certificates should be published and posted in accordance with the
requirements of applicable law;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LUBQOCK, 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 publish
a notice of intention to issue the Bonds, in substantially the form set forth in Exhibit A hereto (the
"Bond Notice") incorporated herein by reference for all purposes. The Bond Notice shall be
published once a week for a period of thirty (30) days prior to the date set forth in the Bond Notice
for passage of the ordinance authorizing the Bonds. Such Bond Notice shall be published in a
newspaper of general circulation in the area of the City.
Section 3. The City Secretary of the City is hereby authorized and directed to publish
and post a notice of intention to issue the Certificates, in substantially the form set forth in Exhibit
B hereto (the "Certificate Notice") incorporated herein by reference for all purposes.
The Certificate Notice shall be published once a week for two consecutive weeks, the date
of the first publication being not later than the forty-sixth (46`") day before the date set forth in the
Certificate Notice for passage of the ordinance authorizing issuance of the Certificates. Such
Certificate Notice shall be published in a newspaper of general circulation in the area of the City.
In addition, the Certificate Notice shall be posted continuously on the City's website for at
least forty-five (45) days before the date set forth in the Certificate Notice for passage of the
ordinance authorizing issuance of the Certifcates.
4141-8755-1823.1
Section 4. For purposes of the Certificate Notice and Section 271.049(e), Texas Local
Government Code, the City Council hereby designates the public securities identified in the
attached Exhibit C as self-supporting (collectively, the "Self-Supporting DebY'), the debt service
on which the City currently pays (and intends to continue paying) from sources other than ad
valorem tax receipts. The City expects to continue to pay debt service on the Self-Supporting Debt
from sources other than ad valorem tax receipts; however, in the event that such other sources are
not budgeted in amounts sufficient to pay debt service in respect to the Self-Supporting Debt, the
City may be required to levy and collect ad valorem taxes sufficient to offset any deficiency in the
amounts provided by s�ch other sources.
Section 5. The Mayor, the City Manager, the Chief Financial Officer, the City
Secretary and other officers and agents of the City are hereby authorized and directed to do any
and all things necessary or desirable to carry out the provisions of this resolution.
Section 6. This resolution shall take effect from and after the date of its passage.
ADOPTED THIS 9th day of Apri12024, by the City Council of the City of Lubbock, Texas.
CITY OF LUBBOCK, TEXAS
TRAY P
ATTE ST:
CO TNEY PAZ, City Secreta
APPROVED AS TO CONTENT:
D. LU STELICH, Chief Financial Officer
APPROVED AS TO FORM:
�
JERRY KYLE, JR., Bond Counsel
Signatz�re Page for Notice of Intent Resolution
Resolution No. 2024-R�2
Exhibit A
NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS
GENERAL OBLIGATION BONDS
NOTICE IS HEREBY GIVEN that on May 28, 2024, at 2:00 p.m. at a regular meeting of
the City Council of the City of Lubbock, Texas, to be held in the City Council Chambers at Citizens
Tower, 1314 Avenue K, Lubbock, Texas, the regular meeting place of the City Council, the City
Council intends to pass one or more ordinances authorizing the issuance of not to exceed
$70,000,000 total principal amount of general obligation bonds, in one or more series (collectively,
the "Bonds") to fund various public improvements. A complete description of the bonds being
authorized may be obtained from the Finance Department, City of Lubbock, 1314 Avenue K,
Lubbock, Texas 79457; or from REC Capital Markets, LLC, 200 Crescent Court, Suite 1500,
Dallas Texas, 75201, Financial Advisors to the City.
THIS NOTICE is given in accordance with law and as directed by the City Council of the
City of Lubbocl�, Texas on April 9, 2024.
A-1
4141-8755-1823.1
Resolution No. 2024-R��
Exhibit B
NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS
COMBINATION TAX AND Rt;VENUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that on May 28, 2024, at 2:00 p.m. at a regular meeting of
the City Council of the City of Lubbock, Texas, to be held in the City Council Chambers at Citizens
Tower, 1314 Avenue K, Lubbock, Texas, the regular meeting place of the City Council, the City
Council intends to pass one or more ordinances authorizing the issuance of not to exceed
$34,000,000 total principal amount of certificates of obligation, in one or more series (collectively,
the "Certificates"), bearing interest at any rate or rates not to exceed the maximum interest rate
authorized by law, as shall be determined within the discretion of the City Council at the time of
issuance of the Certificates, and maturing over a period of not to exceed twenty-one (21) years
from their date of issuance, for the purpose of paying contractual obligations to be incurred for the
following purposes, to wit: (i) improvements to the City's Solid Waste Disposal System, (ii)
construction, improvements, renovations, relocations and extensions to the City's storm water
facilities and infrastructure (collectively, with items (i)-(ii), the "Project"), and (iii) payment of
professional services of attorneys, financial advisors, engineers and other professionals in
connection with the Project and the issuance of the Certificates. 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 said 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 Water and Wastewater System, such pledge of surplus net
revenues being limited to $1,000. The estimated combined principal and interest required to pay
the Certificates on time and in full is $45,562,200. Such estimate is provided for illustrative
purposes only and is based on an assumed interest rate of 4.1367%. Market conditions affecting
interest rates vary based on numerous factors beyond the control of the City, and the City cannot
provide any assurance regarding the rate of interest that the Certificates will bear upon their
issuance. As of the date of this notice, the aggregate principal amount of outstanding public
securities of the City secured by and payable from ad valorem taxes (excluding public securities
secured by an ad valorem tax but designated by the City as self-supporting) is $233,309,405.30,
and based on the City's expectations, as of the date of this notice, the combined principal and
interest required to pay all of the outstanding public securities of the City secured by and payable
from ad valorem taxes (excluding public securities secured by an ad valorem tax but designated
by the City as self-supporting) on time and in full is $294,226,161.43.
THIS NOTICE is given in accordance with law and as directed by the City Council of the
City of Lubbock, Texas on Apri19, 2024.
B-1
4141-8755-1823.1
Resolution No. 2024-R�15?
Exhibit C
SELF-SUPPORTING DEBT
Self-Supporting
Public Securities Desi�nated as Self-Supporting Principal
Tax Note, Series 2023A $4,885,000.00
Tax Note, Series 2023 4,230,000.00
Tax Note, Series 2022 3,795,000.00
Tax Note, Series 2021 892,082.00
Tax Note, Series 2020 57,000.00
General Obligation Refunding Bonds, Series 2020 11,455,000.00
Combination Tax and Revenue Certificates of Obligation, Series 2020 6,150,000.00
Tax Note, Series 2019 990,000.00
General Obligation Refunding Bonds, Taxable Series 2019A 21,620,000.00
General Obligation Refunding Bonds, Series 2019 4,990,000.00
Tax and Water Wastewater System Surplus Revenue Certificates of Obligation, Series 2019 17,085,000.00
Tax Note, Series 2018 136,512.70
General Obligation Refunding Bonds, Series 2018 46,545,000.00
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2018B 11,375,000.00
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2018A 6,010,000.00
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2017A 13,275,000.00
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2017 22,750,000.00
General Obligation Refunding Bonds, Series 2016A 14,535,000.00
General Obligation Refunding Bonds, Series 2016 15,585,000.00
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2016 23,500,000.00
General Obligation Refunding Bonds, Taxable Series 2015 16,380,000.00
General Obligation Refunding Bonds, Series 2015 40,840,000.00
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2015 50,995,000.00
General Obligation Refunding Bonds, Series 2014 10,620,000.00
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2014 2,005,000.00
Total $350,700,594.70
C-1
4141-8755-1823.1