HomeMy WebLinkAboutResolution - 2024-R0475 - 2015 General Obligation Refunding Bonds - 10/08/2024MINUTES 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 8th day of October, 2024.
City Secretary
City of Lubbock, Texas
[SEAL]
Signature Page
Certificate for Resolution Authorizing Redemption
of General Obligation Bonds, Series 2015
4149-5846-1523.1
RESOLUTION AUTHORIZING REDEMPTION OF
CERTAIN OF THE CITY'S OUTSTANDING BONDS
WHEREAS, the City of Lubbock, Texas (the "City") has heretofore issued its General
Obligation Refunding Bonds, Series 2015 (the "Outstanding Bonds"), and the City has reserved
the right to redeem the Outstanding Bonds prior to their stated maturity; and
WHEREAS, the City Council of the City (the "City Council") desires (i) to redeem a
portion of such Outstanding Bonds (the "Redeemed Bonds") prior to their stated maturity in the
amount and on the date(s) (the "Redemption Date") set forth in Schedule I and (ii) to make due
provision for the payment of the redemption price of the Redeemed Bonds by depositing with the
paying agent/registrar for the Redeemed 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 Redeemed Bonds on their Redemption Date;
NOW, THEREFORE, BE IT RESOLVED AND ORDER�D BY THE CITY COUNCIL
OF THE CITY OF LUBBOCK, TEXAS:
1. Definitions.
Capitalized terms used in this Resolution have the same meaning assigned to such terms in
the ordinance (the "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 Redeemed 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 Agent/Registrar, as required by the 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 AgendRegistrar, as required by
the 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 issue notice to the
Paying AgendRegistrar, in the form of Exhibit A attached hereto, instructing and directing the
Paying AgentlRegistrar to redeem the Redeemed Bonds and provide notice to bondholders,
information repositories and any other notice parties in accordance with the Ordinance.
4129-8984-71212
4. Deposit with Payin�A eg nt/Re is� trar•
The City shall deposit funds with the Paying Agent/Registrar in an amount sufficient to
pay the redemption price and interest accrued on the Redeemed Bonds on the Redemption Date
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
Agent/Registrar for the payment in full and discharge of the Redeemed Bonds. The City Council's
election to exercise the City's right to redeem the Redeemed Bonds and direction to provide notice
of redemption of such bonds shall be irrevocable upon the earlier of (i) the City's transfer of
lawfully available funds in an amount sufficient to redeem the Redeemed Bonds pursuant to this
section and (ii) the date on which notice of redemption of the Redeemed Bonds is disseminated to
bondholders or submitted to an information repository.
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 Redeemed Bonds, including, without limitation, (i) execution and
delivery of all instructions, notices, certificates, consents, receipts and other instruments as
may be reasonably necessary to effect the redemption of the Redeemed Bonds in
accordance with this Resolution and the Ordinance, (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, the City Manager and the 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 each such official or officer 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. Open 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.
2
►riza:i�:isr��ia
8. 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.
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
CIi�'�3i:��►li�i��
ADOPTED THIS 8'h day of October 2024, by the City Council of the City of Lubbock,
Texas.
ATTEST:
COURTNEY PAZ, City
[SEAL]
APPROVED AS TO CONTENT:
AR MCBRAYER, Mayor
By:
CHERYL OCK, Interim Chief Financial Officer
APT'ROVED AS TO FORM:
C
By:
JERRY V. Y E, JR., Bond Counsel
Schedule I— Outstanding Bonds Called for Redemption
Exhibit A— Form of Instruction Letter to Paying Agent
[Signature Page to Resolution]
4129-89R4-7121 2
SCHEDULEI
OUTSTANDING BONDS CALLED FOR REDEMPTION
Original
Dated Date
4/15/2015
4/15/2015
City of Lubbock, Texas
General Obligation Refunding Bonds, Series 2015
Original Principal Amount
Maturity Date Amount Called for
CUSIP No. �February 15) Outstandin� Redemption
549188TC4 2026 $12,295,000 $30,000
549188TD2 2027 12,380,000 30,000
Schedule I-1
Redemption Date
and
Redemption Price
2/ 15/2025 @ Par
2/15/2025 @ Par
4129-8984-7121 2
EXHIBIT A
FORM OF INSTRUCTION LETTER TO PAYING AGENT
CITY OF LUBBOCK, TEXAS
P.O. Sox 2000
Lubbock, Texas 79547
[DATE]
BOKF, NA
5956 Sherry Lane, Suite 900
Dallas, Texas 75225
Re: City of Lubbock, Texas General Obligation Refunding Bonds, Series 2015 (the
"Bonds")
Ladies and Gentlemen:
The City of Lubbock, Texas (the "City") has elected to exercise its option to redeem a
portion of the Bonds identified in Schedule I hereto (the "Redeemed Bonds") prior to their stated
maturity.
As paying agenUregistrar for the Bonds, you are instructed to provide notice of redemption
of the Redeemed Bonds in accordance with the ordinance that authorized issuance of the gonds.
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 , 20
BOKF, NA
By:_
Name:
Title:
Exhibit A-1
Schedule I
Redeemed Bonds
City of Lubbock, Texas
Original
Dated Date
4/ 15/2015
4/15/2015
General Obligation Refunding Bonds, Series 2015
Originai Principal Amount
Maturity Date Amount Called for
CUSIP No. �February 151 Outstandin� Redemption
549188TC4 2026 $12,295,000 $30,000
549188TD2 2027 12,380,000
30,000
Redemption Date
and
Redemption Price
2/15/2025 @ Par
2/15/2025 @ Par
Exhibit A-2
INCUMBENCY CERTIFICATE
The undersigned, W. Jarrett Atkinson, City Manager of the City of Lubbock, Texas (the
"City"), hereby certifies that the duly elected or appointed, qualified and acting officers of the
City on the date hereof are identified on Exhibit A attached hereto, including their specimen
signatures and titles, and each such signature opposite the respective name and title is a true
specimen of the respective individual's signature.
IN WITNESS WHEREOF, I have hereunto set my hand as of this 8`h day of October, 2024.
CITY OF LUBBOCK, TEXAS
�
�
W. rrett Atkinson, City Manager
4123-9207-1763 I
Exhibit A
Specimen Signatures of Authorized Officers
Name Title
Mark McBrayer Mayor
Courtney Paz City Secre
4123-9207-1763.1
Snecimen Si�nature