HomeMy WebLinkAboutOrdinance - 9804-1995 - Incorporated With Bond Package In Ordinance 9805 File Folder - 04/27/1995lltt/L o??, 1915
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ORDINANCE NO. 9804
AN ORDINANCE authorizing the issuance of "CITY OF
LUBBOCK, TEXAS, TAX AND HOTEL OCCUPANCY TAX SURPLUS
REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995";
levying an ad valorem tax upon all taxable property
in the City and providing for a pledge of a portion
of the revenues received from the hotel occupancy
tax levied by the City for the payment of said
Certificates; prescribing the terms and details of
such Certificates and resolving other matters
incident and related to the issuance, sale,
security, payment and delivery of said
Certificates, including the approval of a Paying
Agent/Registrar Agreement and the approval and
distribution of an Official Statement pertaining
thereto; and providing an effective date.
WHEREAS, notice of the City Council's intention to issue
certificates of obligation in the maximum principal amount of
$2, ooo, ooo for the purpose of paying contractual obligations to be
incurred for (i) Civic Center improvements and (ii) professional
services rendered in connection therewith, has been duly published
in the Lubbock Avalanche-Journal, a newspaper hereby found and
determined to be a newspaper devoting not less than twenty-five
per cent (25%) of its total column lineage to the carrying of
items of general interest, published not less frequently than once
each week, entered as second-class postal matter in the county
where published, and having been published regularly and
continuously for not less than twelve (12) months prior to the
making of the publications stated in this paragraph, and of
general circulation in the City of Lubbock, Texas, on April 9,
1995 and April 16, 1995, the date of the first publication of such
notice being not less than fifteen (15) days prior to the
tentative date stated therein for the passage of the ordinance
authorizing the issuance of such certificates; and
WHEREAS, no petition, protesting the issuance of such
certificates and bearing valid petition signatures of at least 5%
·of the qualified voters of the City, has been filed with the City
Secretary, any member of the Council or any other official of the
City on or prior to the date of the passage of this ordinance; and
WHEREAS, the Council hereby finds and determines that all of
the certificates of obligation described in such notice should be
issued and sold at this time; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: Authorization-oesignation-Principal Amount-
Purpose. Certificates of obligation of the City shall be and are
hereby authorized to be issued in the aggregate principal amount
of $2, 000, 000 to be designated and bear the title "CITY OF
LUBBOCK, TEXAS, TAX AND HOTEL OCCUPANCY TAX SURPLUS REVENUE
CERTIFICATES OF OBLIGATION, SERIES 1995" (the "Certificates"), for
the purpose of paying contractual obligations to be incurred for
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(i) Civic Center improvements and (ii) professional services
rendered in connection therewith, pursuant to authority conferred
by and in conformity with the Constitution and laws of the State
of Texas, including V.T.C.A., Local Government Code, Subchapter c
of Chapter 271.
SECTION 2: fully Registered Qbligations · Authorized
Denominations-Stated Maturities-Date. The Certificates are
issuable in fully registered form only; shall be dated May 15,
1995 (the "Certificate Date") and shall be in denominations of
$5,000 or any integral multiple thereof and the Certificates shall
become due and payable on February 15 in each of the years and in
principal amounts (the "Stated Maturities") and bear interest at
the per annum rate(s) in accordance with the following schedule:
Year of Principal Interest
Stated Maturity Am.ount Rate
1996 $265,000 6.50t
1997 310,000 6.40\'
1998 330,000 4.50\'
1999 345,000 4.60t
2000 365,000 4.70\'
2001 385,000 4.50t
Interest on the Certificates shall accrue from the
Certificate Date at the per annum rate(s) shown above in this
Section, and such interest shall be calculated on the basis of a
360-day year of twelve 30-day months. Interest on the
Certificates shall be payable on February 15 and August 15 in each
year, commencing February 15, 1996.
SECTION 3 : Terms of Payment-Paying Agent /Registrar. The
principal of, premium, if any, and the interest on the
Certificates, due and payable by reason of maturity or redemption
or otherwise, shall be payable only to the registered owners or
holders of the Certificates (hereinafter called the "Holders")
appearing on the registration and transfer books (the "Security
Register•) maintained by the Paying Agent/Registrar and the ·
payment thereof shall be in any coin or currency of the United
States of America, which at the time of payment is legal tender
for the payment of public and private debts, and shall be without
exchange or collection charges to the Holders.
The selection and appointment of Norwest Bank Minnesota,
National Association, Minneapolis, Minnesota to serve as Paying
Agent/Registrar for the Certificates is hereby approved and
confirmed. The selection and appointment of Norwest Bank Texas,
National Association, Lubbock, Texas to serve as co-Registrar for
the Certificates is hereby approved. The City agrees and
covenants to be kept and maintained at the principal office of the
Paying Agent/Registrar and co-Registrar books and records for the
9S 1128 /1)240 186 -2-
registration, payment and transfer of the Certificates (the
"Security Register"), all as provided herein, in accordance with
the terms and provisions of a "Paying Agent/Registrar Agreement"
substantially in the form attached hereto as Exhibit A and such
reasonable rules and regulations as the Paying Agent/Registrar and
City may prescribe; and the Mayor and City Secretary are
authorized to execute and deliver such Agreement in connection
with the delivery of the Certificates. The City covenants to
maintain and provide a Paying Agent/Registrar at all times until
the Certificates are paid and discharged, and any successor Paying
Agent/Registrar shall be a commercial bank, trust company,
financial institution or other entity qualified and authorized to
serve in such capacity and perform the duties and services of
Paying Agent/Registrar. Upon any change in the Paying
Agent/Registrar for the Certificates, the City agrees to promptly
cause a written notice thereof to be sent to each Holder by United
States Mail, first class postage prepaid, which notice shall also
give the address of the new Paying Agent/Registrar.
Principal of and premium, if any, on the Certificates shall
be payable at the Stated Maturities or the redemption thereof only
upon presentation and surrender of the Certificates to the Paying
Agent/Registrar at its principal office. Interest on the
Certificates shall be paid by the Paying Agent/Registrar to the
Holders whose·name appears in the Security Register at the close
of business on the Record Date (the last business day of the month
next preceding each interest payment date) and payment of such
interest shall be (i) by check sent United States Mail, first
class postage prepaid, to the address of the Holder recorded in
the Security Register or (ii) by such other method, acceptable to
the Paying Agent/Registrar, requested by, and at the risk and
expense of, the Holder. If the date for the payment of the
principal of or interest on the Certificates shall be a Saturday,
Sunday, a legal holiday, or a day when banking institutions in the
City where the Paying Agent/Registrar is located are authorized by
law or executive order to close, then the date for such payment
shall be the next succeeding day which is not such a Saturday,
Sunday, legal holiday, or day when banking institutions are
authorized to close; and payment on such date shall have the same
force and effect as if made on the original date payment was due.
In the event of a nonpayment of interest on a scheduled
payment date, and for thirty (30) days thereafter, a new record
date for such interest payment (a •special Record Date") will be
established by the Paying Agent/ Registrar, if and when funds for
the payment of such interest have been received from the City.
Notice of the Special Record Date and of the scheduled payment
date of the past due interest (which shall be 15 days after the
Special Record Date) shall be sent at least five (5) business days
prior to the Special Record Date by United States Mail, first
class postage prepaid, to the address of each Holder appearing on
951121/0240116 -3-
the Security Register at the close of business on the last
business next preceding the date of mailing of such notice.
SECTION 4: No Optional Redemption. The Certificates
shall not be subject to redemption prior to maturity, at the
option of the City.
· SECTION 5: Registration Transfer · Exchange of
Certificates-Predecessor Certificates. A Security Register
relating to the registration, payment, and transfer or exchange of
the Certificates shall at all times be kept and maintained by the
City at the principal office of the Paying Agent/Registrar, as
provided herein and in accordance with the provisions of an
agreement with the Paying Agent/Registrar and such rules and
regulations as the Paying Agent/Registrar and the City may
prescribe. The Paying Agent/Registrar shall obtain, record, and
maintain in the Security Register the name and address of each and
every owner of the Certificates issued under and pursuant to the
provisions of this Ordinance, or if appropriate, the nominee
thereof. Any Certificate may be transferred or exchanged for
Certificates of other authorized denominations by the Holder, in
person or by his duly authorized agent, upon surrender of such
Certificate to the Paying Agent/Registrar for cancellation,
accompanied by a written instrument of transfer or request for
exchange duly executed by the Holder or by his duly authorized
agent, in form satisfactory to the Paying Agent/Registrar.
Upon surrender of any Certificate for transfer at the
principal office of the Paying Agent/Registrar, the Paying
Agent/Registrar shall register and deliver, in the name of the
designated transferee or transferees, one or more new Certificates
of authorized denominations and having the same Stated Maturity
and of a like aggregate principal amount as the Certificate or
Certificates surrendered for transfer.
At the option of the Holder, Certificates may be exchanged
for other Certificates of authorized denominations and having the
same Stated Maturity, bearing the same rate of interest and of
like aggregate principal amount as the Certificates surrendered
for exchange, upon surrender of the Certificates to be exchanged
at the principal office of the Paying Agent/ Registrar. Whenever
any Certificates are surrendered for exchange, the Paying
Agent/Registrar shall register and deliver new Certificates to the
Holder requesting the exchange.
All Certificates issued in any transfer or exchange of
Certificates shall be delivered to the Holders at the principal
office of the Paying Agent/Registrar or sent by United States
Mail, first class, postage prepaid to the Holders, and, upon the
registration arid delivery thereof, the same shall be tbe valid
obligations of the City, evidencing the same obligation to pay,
9S 1l28/D240 186 -4-
and entitled to the same benefits under this Ordinance, as the
Certificates surrendere~ in such transfer or exchange.
All transfers or exchanges of Certificates pursuant to this
Section shall be made without expense or service charge to the
Holder, except as otherwise herein provided, and except that the
Paying Agent/Registrar shall require payment by the Holder
requesting such transfer or exchange of any tax or other
governmental charges required to be paid with respect to such
transfer or exchange.
Certificates canceled by reason of an exchange or transfer
pursuant to the provisions hereof are hereby defined to be
"Predecessor Certificates," evidencing all or a portion, as the
case may be, of the same obligation to pay evidenced by the new
Certificate or Certificates registered and delivered in the
exchange or transfer therefor. Additionally, the term
"Predecessor Certificates" shall include any mutilated, lost,
destroyed, or stolen Certificate for which a replacement
Certificate has been issued, registered and delivered in lieu
thereof pursuant to the provisions of Section 26 hereof and such
new replacement Certificate shall be deemed to evidence the same
obligation as the mutilated, lost, destroyed, or stolen
Certificate.
SECTION 6: Book-Entry Only Transfers and Transactions.
Notwithstanding the provisions contained in Sections · 3 and 5
hereof relating to the payment, and transfer/exchange of the
Certificates, the City hereby approves and authorizes the use of
"Book-Entry Only" securities clearance, settlement and transfer
system provided by The Depository Trust Company (DTC), a limited
purpose trust company organized under the laws of the State of New
York, in accordance with the requirements and procedures
identified in the Letter of Representation, by and between the
City, the Paying Agent/Registrar and DTC (the "Depository
Agreement") relating to the Certificates.
Pursuant to the Depository Agreement and the rules of DTC,
the Certificates shall be deposited with DTC who shall hold said
Certificates for its participants (the "DTC Participants"). While
the Certificates are held by DTC under the Depository Agreement,
the Holder of the Certificates on the Security Register for all
purposes, including payment and notices, shall be Cede & Co., as
nominee of DTC, notwithstanding the ownership of each actual
purchaser or owner of each Certificate (the "Beneficial Owners")
being recorded in the records of DTC and DTC Participants.
In the event DTC determines to discontinue serving as
securities depository for the Certificates or otherwise ceases to
provide book-entry clearance and settlement of se~urities
transactions in general or the City determines that DTC is
incapable of properly discharging its duties as securities
951121 /1>240 186 -5·
depository for the Certificates, the City covenants and agrees
with the Holders of the Certificates to cause Certificates to be
printed in definitive fo~ and provide for the Certificates to be
issued and delivered to DTC Participants and Beneficial Owners, as
the case may be. Thereafter, the Certificates in definitive fo~
shall be assigned, transferred and exchanged on the Security
Register maintained by the Paying Agent/Registrar and payment of
such Certificates shall be made in accordance with the provisions
of Sections 3 and 5 hereof.
SECTION 7: Execution -Registration. The Certificates
shall be executed on behalf of the City by the Mayor under its
seal reproduced or impressed thereon and countersigned by the City
Secretary. The signature of said officers on the Certificates may
be manual or facsimile. Certificates bearing the manual or
facsimile signatures of individuals who are or were the proper
officers of the City on the Certificate Date shall be deemed to be
duly executed on behalf of the City, notwithstanding that one or
more of the individuals executing the same shall cease to be such
officer at the time of delivery of the Certificates to the initial
purchaser(s) and with respect to Certificates delivered in
subsequent exchanges and transfers, all as authorized and provided
in the Bond Procedures Act of 1981, as amended.
No Certificate shall be entitled to any right or benefit
under this Ordinance, or be valid or obligatory for any purpose,
unless there appears on such Certificate either a certificate of
registration substantially in the fo~ provided in Section 9C,
manually executed by the Comptroller of Public Accounts of the
State of Texas, or his duly authorized agent, or a certificate of
registration substantially in the fo~ provided in Section 90,
manually executed by an authorized officer, employee or
representative of the Paying Agent/Registrar, and either such
certificate duly signed upon any Certificate shall be conclusive
evidence, and the only evidence, that such Certificate has been
duly certified, registered and delivered.
SECTION 8: Initial Certificate(s). The Certificates
herein authorized shall be initially issued either (i) as a single
fully registered certificate in the total principal amount of
$2,000,000 with principal installments to become due and payable
as provided in Section 2 hereof and numbered T-1, or (ii) as six
(6) fully registered certificates, being one certificate for each
year of maturity in the applicable principal amount and
denomination and to be numbered consecutively from T-1 and upward
(hereinafter called the •Initial Certificate(s)"} and, in either
case, the Initial Certificate(s) shall be registered in the name
of the initial purchaser(s} or the designee thereof. The Initial
Certificate(s} shall be the Certificates submitted to the Office
of the Attorney General of the State of Texas for a~proval,
certified and registered by the Office of the Comptroller of
Public Accounts of the State of Texas and delivered to the initial
tS1128/D240116 -6-
purchaser(s). Any time after the delivery of the Initial
Certificate(s), the Paying Agent/Registrar, pursuant to written
instructions from the initial purchaser(s), or the designee
thereof, shall cancel the Initial Certificate(s) delivered
hereunder and exchange therefor definitive Certificates of
authorized denominations, Stated Maturities, principal amounts and
bearing applicable interest rates for transfer and delivery to the
Holders named at the addresses identified therefor; all pursuant
to and in accordance with such written instructions from the
initial purchaser(s), or the designee thereof, and such other
information and documentation as the Paying Agent/Registrar may
reasonably require.
SECTION 9: Forms. A. Forms Generally. The
Certificates, the Registration Certificate of the Comptroller of
Public Accounts of the State of Texas, the Registration
Certificate of Paying Agent/Registrar, and the form of Assignment
to be printed on each of the Certificates, shall be substantially
in the forms set forth in this Section with such appropriate
insertions, omissions, substitutions, and other variations as are
permitted or required by this Ordinance and may have such letters,
numbers, or other marks of identification (including identifying
numbers and letters of the Committee on Uniform Securities
Identification Procedures of the American Bankers Association) and
such legends and endorsements (including insurance legends in the
event the Certificates, or any maturities thereof, are purchased
with insurance and any reproduction of an opinion of counsel)
thereon as may, consistently herewith, be established by the City
or determined by the officers executing such Certificates as
evidenced by their execution. Any portion of the text of any
Certificates may be set forth on the reverse thereof, with an
appropriate reference thereto on the face of the Certificate.
The definitive Certificates shall be printed, lithographed,
or engraved or produced in any other similar manner, all as
determined by the officers executing such Certificates as
evidenced by their execution, but the Initial Certificate (s)
submitted to the Attorney General of Texas may be typewritten or
photocopied or otherwise reproduced.
The City may provide (i) for issuance of one fully registered
Certificate for each Stated Maturity in the aggregate principal
amount of each Stated Maturity and (ii) for registration of such
Certificates in the name of a securities depository, or the
nominee thereof. The Letter of Representations by and among the
City, the Paying Agent/Registrar, and the initial securities
depository (Depository Trust Company) is approved and may be
executed by the Mayor and City Secretary on behalf of the City.
The execution of a Letter of Representations may occur either
before or after delivery of the Certificates to the, initial
purchasers but shall not affect the City's obligation to pay the
registered owners the principal of and interest on the
95 1128/D140186 -7-
,...,
Certificates as the same become due. While any Certificate is
registered in the name of a securities depository or its nominee,
references herein and in the Certificates to the holder or owner
of such Certificate shall mean the securities depository or its
nominee and shall not mean any other person.
B. Form of Certificates.
REGISTERED
NO.
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF LUBBOCK, TEXAS,
TAX AND HOTEL OCCUPANCY TAX SURPLUS REVENUE
CERTIFICATE OF OBLIGATION,
Certificate
Date:
May 15, 1995
Registered Owner:
SERIES 1995
Interest Rate: Stated Maturity: ______ t
REGISTERED $ ___ _
CUSIP NO:
Principal Amount: DOLLARS
The City of Lubbock (hereinafter referred to as the "City"),
a body corporate and municipal corporation in the County of
Lubbock, State of Texas, for value received, acknowledges itself
indebted to and hereby promises to pay, without right of optional
redemption by the City, to the Registered Owner named above, or
the registered assigns thereof, the Principal Amount stated above,
on the Stated Maturity date specified above {or so much thereof as
shall not have been paid upon prior redemption) and to pay
interest (computed on the basis of a 360-day year of twelve 30-day
months) on the unpaid Principal Amount hereof from the Certificate
Date at the per annum rate of interest specified above; such
interest being payable on February 15 and August 15 of each year,
commencing February 15, 1996. Principal of this Certificate is
payable at its Stated Maturity or redemption to the registered
owner hereof, upon presentation and surrender, at the principal
office of the Paying Agent/Registrar executing the registration
certificate appearing hereon, or its successor. Interest is
payable to the registered owner of this Certificate (or one or
more Predecessor Certificates, as defined in the Ordinance
hereinafter referenced) whose name appears on the "Security
Register" maintained by the Paying Agent/Registrar at the close of
business on the "Record Date", which is the last business day of
the month next preceding each interest payment date and interest
shall be paid by the Paying Agent/Registrar by check sent United
951128/0240186 -8-
States Mail, first class postage prepaid, to the address of the
registered owner recorded in the Security Register on the Record
Date or by such other-method, acceptable to the Paying
Agent/Registrar, requested by, and at the risk and expense of, the
registered owner. If the date for the payment of the principal of
or interest on the Certificates shall be a Saturday, Sunday, a
legal holiday, or a day when banking institutions in the City
where the Paying Agent/Registrar is located are authorized by law
or executive order to close, then the date for such payment shall
be the next succeeding day which is not such a Saturday, Sunday,
legal holiday, or day when banking institutions are authorized to
close; and payment on such date shall have the same force and
effect as if made on the original date payment was due. All
payments of principal of, premium, if any, and interest on this
Certificate shall be without exchange or collection charges to the
owner hereof and in any coin or currency of the United States of
America which at the time of payment is legal tender for the
payment of public and private debts.
This Certificate is one of the series specified in its title
issued in the aggregate principal amount of $2,000,000 (herein
referred to as the "Certificates 11 ) for the purpose of paying
contractual obligations to be incurred for (i) Civic Center
improvements and (ii) professional services rendered in connection
therewith, under and in strict conformity with the Constitution
and laws of the State of Texas, particularly V.T.C.A., Local
Government Code, Subchapter C of Chapter 271, and pursuant to an
Ordinance adopted by the governing body of the City (herein
referred to as the "Ordinance").
The Certificates are payable from the proceeds of an ad
valorem tax levied, within the limitations prescribed by law, upon
all taxable property in the City and are additionally payable from
a pledge of a portion of the revenues received from a Hotel
Occupancy Tax levied by the City, such pledge, however, being
junior and subordinate to the pledge of the Hotel Occupancy Tax
securing the payment of •Prior Lien Obligations• (as defined in
the Ordinance) hereafter issued by the City. In the Ordinance,
the City reserves and retains the right to issue Prior Lien
Obligations while the Certificates are outstanding without
limitation as to principal amount but subject to any terms,
conditions or restrictions as may be applicable thereto under law
or otherwise.
Reference is hereby made to the Ordinance, a copy of which is
on file in the principal office of the Paying Agent/Registrar, and
to all the provisions of which the Holder hereof by the acceptance
hereof hereby assents, for definitions of terms; the description
of and the nature and extent of the tax levied for the payment of
the Certificates; a description of the Hotel Occupancy Tax levied
by the City and the portion thereof pledged to the payment of the
principal of and interest on the Certificates; the nature and
95ll:Z8/D240116 -9-
extent and manner of enforcement of the pledge; the terms and
conditions relating to the transfer of this Certificate; the
conditions upon which the Ordinance may be amended or supplemented
with or without the consent of the Holders of the Certificates;
the rights, duties, and obligations of the City and the Paying
Agent/Registrar; the terms and provisions upon which the tax levy
and the liens, pledges, charges and covenants made therein may be
discharged at or prior to the maturity of this Certificate, and
this Certificate deemed to be no longer Outstanding thereunder;
and for the other terms and provisions contained therein.
Capitalized terms used herein have the meanings assigned in.the
Ordinance.
This Certificate, subject to certain limitations contained in
the Ordinance, may be transferred on the Security Register only
upon its presentation and surrender at the principal office of the
Paying Agent/Registrar, with the Assignment hereon duly endorsed
by, or accompanied by a written instrument of transfer in form
satisfactory to the Paying Agent/Registrar duly executed by, the
registered owner hereof, or his duly authorized agent. When a
transfer on the Security Register occurs, one or more fully
registered Certificates of authorized denominations and of the
same aggregate principal amount will be issued by the Paying
Agent/Registrar to the designated transferee or transferees.
The City and the Paying Agent/Registrar, and any agent of
either, may treat the registered owner hereof whose name appears
on the Security Register (i} on the Record Date as the owner
entitled to payment of interest hereon, (ii} on the date of
surrender of this Certificate as the owner entitled to payment of
principal hereof at its Stated Maturity, and (iii) on any other
date as the owner for all other purposes, and neither the City nor
the Paying Agent/Registrar, or any agent of either, shall be
affected by notice to the contrary. In the event of nonpayment
of interest on a scheduled payment date and for thirty (30) days
thereafter, a new record date for such interest payment (a
"Special Record Date") will be established by the Paying
Agent/Registrar, if and when funds for the payment of such
interest have been received from the City. Notice of the Special
Record Date and of the scheduled payment date of the past due
interest (which shall be 15 days after the Special Record Date)
shall be sent at least five (5} business days prior to the Special
Record Date by United States Mail, first class postage prepaid, to
the address of each Holder appearing on the Security Register at
the close of business on the last business day next preceding the
date of mailing of such notice.
It is hereby certified, recited, represented and covenanted
that the City is a body corporate and political subdivision duly
organized and legally existing under and by virtue, of the
Constitution and laws of the State of Texas; that the issuance of
the Certificates is duly authorized by law; that all acts,
9SU2&/D240186 -10-
conditions and things required to exist and be done precedent to
and in the issuance of the Certificates to render the same lawful
and valid obligations of the City have been properly done, have
happened and have been performed in regular and due time, form and
manner as required by the Constitution and laws of the State of ·
Texas, and the Ordinance; that the Certificates do not exceed any
constitutional or statutory limitation; and that due provision has
been made for the payment of the principal of and interest on the
Certificates by the levy of a tax and a pledge of the Hotel
Occupancy Tax as aforestated. In case any provision in this
Certificate or any application thereof shall be invalid, illegal,
or unenforceable, the validity, legality, and enforceability of
the remaining provisions and applications shall not in any way be
affected or impaired thereby. The terms and provisions of this
Certificate and the Ordinance shall be construed in accordance
with and shall be governed by the laws of the State of Texas.
IN WITNESS WHEREOF, the City Council of the City has caused
this Certificate to be duly executed under the official seal of
the City as of the Certificate Date.
CITY OF LUBBOCK, TEXAS
COUNTERSIGNED: Mayor
City Secretary
(SEAL}
c. * Form of Registration Certificate of Comptroller of
pyblic Accounts to Appear on Initial Certificate<s> only.
REGISTRATION CERTIFICATE OF
COMPTROLLER OF PUBLIC ACCOUNTS
OFFICE OF THE COMPTROLLER
OF PUBLIC ACCOUNTS
THE STATE OF TEXAS
5
5
5
5
REGISTER NO.
I HEREBY CERTIFY that this Certificate has been examined,
certified as to validity and approved by the·Attorney General of
the State of Texas, and duly registered by the Comptroller of
Public Accounts of the State of Texas.
WITNESS my signature and seal of office this -------
9S 1121/D240 lU -11-
Comptroller of Public Accounts
(SEAL) of the State of Texas
*NOTE TO PRINTER: Do not print on definitive Certificates
D. Form of Certificate of Paying Agent/Registrar to Appear
on Certificates <other than a single fully registered
Certificate}.
~. REGIStRATION CERTIFICATE OF PAYING AGENI/REGISIRAR
This Certificate has been duly issued and registered under
the provisions of the within-mentioned Ordinance; the certificate
or certificates of the above entitled and designated series
originally delivered having been approved by the Attorney General
of the State of Texas and registered by the Comptroller of Public
Accounts, as shown by the records of the Paying Agent/Registrar.
For purposes of this Bond, the principal office of the Paying
Agent/Registrar means its principal office in Minneapolis,
Minnesota.
Registration Date:
Eo FQrm of Assignment.
NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION,
Minneapolis, Minnesota
as Paying Agent/Registrar
By ----~--------~------------------------Authorized Signature
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns, and
transfers unto (Print or typewrite name, address, and zip code of
transferee:) ......................................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . o. o .•..••• (Social Security or other identifying number:
·····••o••···············••o•) the within Certificate and all
rights thereunder, and hereby irrevocably constitutes and appoints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
attorney to transfer the within Certificate on the books kept for
registration thereof, with full power of substitution in the
premises.
DATED: . . . . . . . . . . . . . . . . . .
Signature guaranteed:
951128/0240186
• • • • • • • • • • • • • • • • • • • • • • • • • • • • r • • • • • • NOTICE: The signature on this
assignment must correspond with the
name of the registered owner as it . . . . . . . . . . . . . . . . . . . . . . . . appears on the face of the within
Certificate in every particular.
F. Tbe Initial Certificate(s) shall be in the form set forth
in paragraph B of this Section, except that the form of
a single fully registered Initial Certificate shall be
modified as follows:
(i) immediately under the name of the certificate
headings "Interest Rate --------" and "Stated Maturity
" shall both be omitted;
(ii) paragraph one shall read as follows:
Registered Owner:
Principal Amount: Dollars
the
The City of Lubbock (hereinafter referred to as the "City"),
a body corporate and municipal corporation in the County of
Lubbock, State of Texas, for value received, acknowledges itself
indebted to and hereby promises to pay, without right of optional
redemption by ·the City, to the Registered Owner named above, or
the registered assigns thereof, the Principal Amount hereinabove
stated, on February 15 in each of the years and in principal
installments in accordance with the following schedule:
PRINCIPAL
INSTALLMENTS
(Information to be inserted from
schedule in Section 2 hereof).
INTEREST
RATE
(or so much principal thereof as shall not have been prepaid prior
to maturity) and to pay interest on the unpaid Principal Amount
hereof from the Certificate Date at the per annum rates of
interest specified above computed on the basis of a 360·day year
of twelve 30·day months; such interest being payable on February
15 and August 15 of each year, commencing February 15, 1996.
Principal installments of this Certificate are payable in the year
of maturity or on a prepayment date to the registered owner
hereof, upon its presentation and surrender at the principal
office in Minneapolis, Minnesota of Norwest Bank Minnesota,
National Association, Minneapolis, Minnesota (the "Paying
Agent/Registrar•) • Interest is payable to the registered owner of
this Certificate whose name appears on the •security Register"
maintained by the Paying Agent/Registrar at the close of business
on the "Record Date", which is the last business day of the month
next preceding each interest payment date hereof and interest
shall be paid by the Paying Agent/Registrar by check sent United
9SU28/D2401&6 -13-
States Mail, first class postage prepaid, to the address of the
registered owner recorded in the Security Register or by such
other method, acceptable to the Paying Agent/ Registrar, requested
by, and at the risk and expense of, the registered owner. If the
date for the payment of the principal of or interest on the
Certificates shall be a Saturday, Sunday, a legal holiday, or a
day when banking institutions in the City where the Paying
Agent/Registrar is located are authorized by law or executive
order to close, then the date for such payment shall be the next
succeeding day which is not such a Saturday, Sunday, legal
holiday, or day when banking institutions are authorized to close;
and payment on such date shall have the same force and effect as
if made on the original date payment was due. All payments of
principal of, premium, if any, and interest on this Certificate
shall be without exchange or collection charges to the owner
hereof and in any coin or currency of the United States of America
which at the time of payment is legal tender for the payment of
public and private debts.
SECTION 10: Definitions. For purposes of this Ordinance
and for clarity with respect to the issuance of the Certificates
herein authorized, and the levy of taxes and appropriation of
Hotel Occupancy Tax Revenues for the payment thereof, the
following words or terms, whenever the same appear herein without
qualifying language, are defined to mean as follows:
(a) The terms "Additional Obligations" and
"Additional Certificates• shall mean tax and revenue
obligations hereafter issued under and pursuant to the
provisions of V.T.C.A., Local Government Code,
Subchapter c of Chapter 271, or other law and payable
from ad valorem taxes and additionally payable from and
equally and ratably secured with the Certificates by a
parity lien on and pledge of the Pledged Hotel Tax
Receipts.
(b) The ter.m "Certificates" shall mean the
$2,000,000 •city of Lubbock, Texas, Tax and Hotel
Occupancy Tax Surplus Revenue Certificates of
Obligation, Series 1995", dated May 15, 1995, authorized
by this Ordinance.
(c) The ter.m •certificate Fund" shall mean the
special Fund created and established under the
provisions of Section 11 of this Ordinance.
(d) The term "Collection Date" shall mean, when
reference is being made to the levy and collection of
annual ad valorem taxes, the date the annual ad valorem
taxes levied each year by the City become delinquent.
(e) The term "Fiscal Year" shall mean the twelve
month period ending on September 30 of each year.
UlUIID240l16
(f) The term "Hotel Occupancy Tax" shall mean the
tax levied by the City upon the costs of occupancy of
any sleeping room furnished by any hotel, where the cost
of occupancy is at the rate of $2 or more per day, under
authority of V.T.C.A., Tax Code, Chapter 351, as
amended, and pursuant to ordinances passed and adopted
by the City Council of the City of Lubbock, Texas.
(g) The term "Outstanding" when used in this
Ordinance with respect to Certificates means, as of the
date of determination, all Certificates theretofore
issued and delivered under this Ordinance, except:
(1) those Certificates canceled by the
Paying Agent/Registrar or delivered to the
Paying Agent/Registrar for cancellation;
(2) those Certificates deemed to be
duly paid by the City in accordance with the
provisions of Section 22 hereof; and
(3) those Certificates that have been
mutilated, destroyed, lost, or stolen and
replacement Certificates have been registered
and delivered in lieu thereof as provided in
Section 26 hereof.
(h) The term "Pledged Hotel Tax Receipts" shall
mean the portion of the Hotel Occupancy Tax pledged to
the payment of the Certificates in Section 13 hereof.
(i) The term "Prior Lien Obligations" shall mean
revenue bonds or other similar obligations hereafter
issued that are payable from revenues and receipts other
than ad valorem taxes, including a prior lien on and
pledge of the pledged Hotel Tax Receipts.
SECTION 11: Certificate Fund. For the purpose of paying
the interest on and to provide a sinking fund for the payment,
redemption and retirement of the Certificates, there shall be and
is hereby created a special account on the books of the City to be
designated "SPECIAL 1995 TAX AND HOTEL OCCUPANCY TAX REVENUE
CERTIFICATE OF OBLIGATION FUND", and all moneys deposited to the
credit of such account shall be kept and maintained in a banking
fund maintained at the City's depository. Authorized officials of
the City are hereby authorized and directed to make withdrawals
from the Certificate Fund sufficient to pay the principal of and
interest on the Certificates as the same become due and payable,
and, shall cause to be transferred to the Paying Agent/Registrar
from moneys on deposit in the Certificate Fund an amount
sufficient to pay the amount of principal and/or interest·falling
due on the Certificates, such transfer of funds to the Paying
9Sl121/D240186 -15-
Agent/Registrar to be made in such manner as will cause
immediately available funds to be deposited with the Paying
Agent/Registrar on or b~fore the last business day next preceding
each interest and principal payment date for the Certificates.
SECTION 12: Tax Levy. To provide for the payment of the
"Debt Service Requirements" on the Certificates being (i) the
interest on said Certificates and (ii) a sinking fund for their
redemption at maturity or a sinking fund of 2t (whichever amount
shall be the greater), there shall be and there is hereby levied
for the current year and each succeeding year thereafter while
said Certificates or any interest thereon shall remain
Outstanding, a sufficient tax on each one hundred dollars'
valuation of taxable property in said City, adequate to pay such
Debt Service Requirements, full allowance being made for
delinquencies and costs of collection; said tax shall be assessed
and collected each year and applied to the payment of the Debt
Service Requirements, and the same shall not be diverted to any
other purpose. The taxes so levied and collected shall be paid
into the Certificate Fund. The City Council hereby declares its
purpose and intent to provide and levy a tax legally and fully
sufficient to pay the said Debt Service Requirements, it having
been deter.mined that the existing and available taxing authority
of the City for such purpose is adequate to per.mit a legally
sufficient tax in consideration of all other outstanding
indebtedness.
The amount of taxes to be provided annually for the payment
of the principal of and interest on the Certificates shall be
deter.mined and accomplished in the following manner:
. (a) Prior to the date the City Council establishes the
annual tax rate and passes an ordinance levying ad valorem taxes
each year, the Council shall deter.mine:
(1) The amount on deposit in the Certificate Fund
after (a) deducting therefrom the total amount of Debt
Service Requirements to become due on Certificates prior
to the Collection Date for the ad valorem taxes to be
levied and {b) adding thereto the amount of the Pledged
Hotel Tax Receipts appropriated and allocated to pay
such Debt Service Requirements prior to the Collectio~
Date for the ad valorem taxes to be levied.
(2) The amount of Pledged Hotel Tax Receipts,
appropriated and to be set aside for the payment of the
Debt Service Requirements on the Certificates between
the Collection Date for the taxes then to be levied and
the Collection Date for the taxes to be levied during
the next succeeding calendar year.
9Sll28/0240l86
( 3) The amount of Debt Service Requirements to
become due and payable on the Certificates between the
Collection Date for the taxes then to be levied and the
Collection Date for the taxes to be levied during the
next succeeding calendar year.
(b) The amount of taxes to be levied annually each year to
pay the Debt Service Requirements on the Certificates shall be the
amount established in paragraph (3) above less the sum total of
the amounts established in paragraphs (1) and (2}, after taking
into consideration delinquencies and costs of collecting such
annual taxes.
SECTION 13: Pledge of Hotel Occupancy TaX Receipts. The
City hereby covenants and agrees that, subject to the prior lien
on and pledge of the Pledged Hotel Tax Receipts to the payment and
security of Prior Lien Obligations, a portion of the receipts
received from the collection of the Hotel Occupancy Tax
(equivalent in amount to a Hotel Occupancy Tax of 2t being levied
under the law, i.e., 2t of the consideration paid by an occupant
of a sleeping room to the hotel --hereinafter called the "Pledged
Hotel Tax Receipts") shall be and are hereby irrevocably pledged
to the payment of the principal of and interest on the
Certificates, and Additional Certificates, if issued, and the
pledge of Pledged Hotel Tax Receipts herein made for the payment
of the Certificates shall constitute a lien on the Pledged Hotel
Tax Receipts in accordance with the terms and provisions hereof
and be valid and binding without further action by the City and
without any filing or recording except for the filing of this
Ordinance in the records of the City.
For purposes of satisfying the pledge of the Pledged Hotel
Tax Receipts for the payment of the Certificates, the City hereby
covenants and agrees that, during the period of time the
Certificates are Outstanding, the Pledged Hotel Tax Receipts shall
be deposited, as received and collected, into a special Fund
designated the "City of Lubbock, Texas, Pledged Hotel Occupancy
Tax Fund", hereby created and to be maintained by the City at its
depository bank, and all Pledged Hotel Tax Receipts deposited
therein shall be pledged and appropriated to the extent required
for the following purposes and in the order of priority shown, to
wit:
First: To the payment of all amounts required to be
deposited in the special Funds maintained for the
payment, security and benefit of Prior Lien Obligations
in accordance with the terms and provisions of any
ordinance authorizing the issuance of Prior Lien
Obligations.
Second: To the payment, equally and ratably, of the
amounts required to be deposited in the special funds
95ll28/D240116 -17-
and accounts created and established for the payment of
the Certificates (the Certificate Fund) as provided in
Section 14 hereof and any special fund or account
maintained for the payment of Additional Certificates.
Any Pledged Hotel Tax Receipts remaining in the "City of
Lubbock, Texas, Pledged Hotel Occupancy Tax Fund", after
satisfying the foregoing priority, or making adequate and
sufficient provision therefor, may be appropriated and expended
for any purposes now or hereafter permitted by law.
SECTION 14: Deposits to Certificate Fund. The City hereby
covenants and agrees to cause to be deposited to the credit of the
Certificate Fund prior to each principal and interest payment date
for the Certificates from the Pledged Hotel Tax Receipts, after
the deduction of all payments required to be made to the special
Funds or accounts created for the payment and security of the
Prior Lien Obligations, an amount equal to one hundred per
cent (lOOt) of the amount required to fully pay the interest and
principal then due and payable on the Certificates, and such
deposits to pay maturing principal and accrued interest on the
Certificates shall be made in substantially equal quarterly
installments on or before the last business day of each March,
June, September and December beginning the September next
following the month the Certificates are delivered to the initial
purchaser(s).
The quarterly deposits to be made to the credit of the
Certificate Fund, as hereinabove provided, shall be made until
such time as such Fund contains an amount equal to pay the
principal of and interest and premium, if any, on the Certificates
to maturity. Accrued interest and premium, if any, received from
the purchaser of the Certificates deposited to the Certificate
Fund and ad valorem taxes levied, collected and deposited in the
Certificate Fund for and on behalf of the Certificates may be
taken into consideration and reduce the amount of the deposits
otherwise required to be deposited in the Certificate Fund from
the Pledged Hotel Tax Receipts. In addition, any surplus proceeds
from the sale of the Certificates not expended for authorized
purposes shall be deposited in the Certificate Fund, and such
amounts so deposited shall reduce the sums otherwise required to
be deposited in said Fund from ad valorem taxes and the Pledged
Hotel Tax Receipts.
SECTION 15: Investment of MQney in Certificate fund.
Pending the transfer of funds to the Paying Agent/Registrar, money
in the Certificate Fund may, at the option of the City, be
invested in obligations identified in, and in accordance with the
provisions of the "Public Funds Investment Act of 1987" relating
to the investment of "bond proceeds"; provided that q.ll such
investments shall be made in such a manner that the money required
to be expended from said Fund will be available at the proper time
Ull18/D2401&6 -18-
l"
,..
or times. All interest and income derived from deposits and
investments in said Certificate Fund shall be credited to, and any
losses debited to, the said Certificate Fund. All such
investments shall be sold promptly when necessary to prevent any
default in connection with the Certificates.
SECTION 16: Security of Funds. All moneys on deposit in
the Funds for which this Ordinance makes provision (except any
portion thereof as may be at any time properly invested) shall be
secured in the manner and to the fullest extent required by the
laws of Texas for the security of public funds, and moneys on
deposit in such Funds shall be used only for the purposes
permitted by this Ordinance.
SECTION 17: Records and Accounts -Annual Audit. The City
further covenants and agrees that while any Certificates remain
OUtstanding, it will keep and maintain accurate and complete
records and accounts pertaining to the receipt and disbursement of
the Pledged Hotel Tax Receipts. The Holders of the Certificates
or any duly authorized agent or agents of such Holders shall have
the right to inspect such records and accounts. The City further
agrees that following the close of each Fiscal Year, it will cause
an audit of such books and accounts to be made by an independent
firm of Certified Public Accountants. Copies of each annual audit
shall be furnished to the Executive Director of the Municipal
Advisory Council of Texas at his office in Austin, Te·xas and upon
written request, to the initial purchaser of the Certificates and
any subsequent Holder of lOt or more in principal amount of the
Certificates Outstanding.
SECTION 18: Remedies in Event of Default. In addition to
all the rights and remedies provided by the laws of the State of
Texas, the City covenants and agrees particularly that in the
event the City (a) defaults in the payments to be made to the
Certificate Fund, or (b) defaults in the observance or performance
of any other of the covenants, conditions or obligations set forth
in this Ordinance, the owner or owners of any of the Certificates
shall be entitled to a writ of mandamus issued by a court of
proper jurisdiction compelling and requiring the governing body of
the City and other officers of the City to observe and perform any
covenant, condition or obligation prescribed in this Ordinance.
No delay or omission to exercise any right or power accruing
upon any default shall impair any such right or power, or shall be
construed to be a waiver of any such default or acquiescence
therein, and every such right and power may be exercised from time
to time and as often as may be deemed expedient. The specific
remedies herein provided shall be cumulative of all other existing
remedies and the specification of such remedies shall not be
deemed to be exclusive.
951128/0240116 -19-
SECTION 19: Special Covenants. The City hereby further
covenants as follows:
{a) It has the lawful power to pledge the Pledged
Hotel Tax Receipts supporting this issue of Certificates
and has lawfully exercised said powers under the
Constitution and laws of the State of Texas, including
said power existing under V.T.C.A., Local Government
Code 1 Subchapter c of Chapter 2 71 and V. T. c. A. I Tax
Code, Chapter 351, as amended.
(b) Other than for the payment of the Certificates,
the Pledged Hotel Tax Receipts have not in any manner
been pledged to the payment of any debt or obligation of
the City.
SECTION 20: Issuance of Prior Lien Obligations and
Additional Certificates. The City hereby expressly reserves the
right to hereafter issue Prior Lien Obligations, without
limitation as to principal amount or any other limitation or
restriction.
In addition, the City reserves the right to issue Additional
Certificates, without limitation or any restriction or condition
being applicable to their issuance under the terms of this
Ordinance, payable from and secured by a parity lien on and pledge
of the Pledged Hotel Tax Receipts.
SECTION 21: Subordinate to Prior Lien Qbligations
Covenants and Agreements. It is the intention of this governing
body and accordingly hereby recognized and stipulated that the
provisions, agreements and covenants contained herein bearing upon
the Pledged Hotel Tax Receipts and the administering and
application thereof, shall to the extent possible be harmonized
with like provisions, agreements and covenants contained in the
ordinances authorizing the issuance of the Prior Lien Obligations,
and to the extent of any irreconcilable conflict between the
provisions contained herein and in the ordinances authorizing the
issuance of the Prior Lien Obligations, the provisions, agreements
and covenants contained therein shall prevail to the extent of
such conflict and be applicable to this Ordinance but in all
respects subject to the priority of rights and benefits, if any,
conferred thereby to the holders of the Prior Lien Obligations.
Notwithstanding the above, any change or modification affecting
the application of revenues derived from the Hotel Occupancy Tax
shall not impair the obligation of contract with respect to the
pledge of Pledged Hotel Tax Receipts herein made for the payment
and security for the Certificates.
SECTION 22: Satisfaction of Obligations of City. If the
City shall pay or cause to be paid, or there shall otherwise be
paid to the Holders, the principal of, premium, if any, and
951128/0240116 -20-
interest on the Certificates, at the times and in the manner
stipulated in this Ordinance, then the pledge of taxes levied
under this Ordinance and the pledge of the Hotel Tax Receipts
under this Ordinance and all covenants, agreements, and other
obligations of the City to the Holders shall thereupon cease,
terminate, and be discharged and satisfied.
Certificates shall be deemed to have been paid within the
meaning and with the effect expressed above in this Section when
(i) money sufficient to pay in full such Certificates or the
principal amount(s) thereof at maturity, together with all
interest due thereon, shall have been irrevocably deposited with
and held in trust by the Paying Agent/Registrar, or an authorized
escrow agent, or {ii) Government Securities shall have been
irrevocably deposited in trust with the Paying Agent/Registrar, or
an authorized escrow agent, which Government Securities have been
certified by an independent accounting firm to mature as to
principal and interest in such amounts and at such times as will
insure the availability, without reinvestment, of sufficient
money, together with any moneys deposited therewith, if any, to
pay when due the principal of and interest on such Certificates,
or the principal amount(s) thereof, on and prior to the Stated
Maturity thereof. The City covenants that no deposit of moneys or
Government Securities will be made under this Section and no use
made of any such deposit which would cause the Certificates to be
treated as "arbitrage bonds" within the meaning of Section 148 of
the Internal Revenue Code of 1986, as amended, or regulations
adopted pursuant thereto.
Any moneys so deposited with the Paying Agent/
Registrar and all income from Government Securities held in
trust by the Paying Agent/Registrar I or an authorized escrow
agent, pursuant to this Section which is not required for the
payment of the Certificates, or any principal amount(s) thereof,
or interest thereon with respect to which such moneys have been
so deposited shall be remitted to the City or deposited as
directed by the City. Furthermore, any money held by the Paying
Agent/Registrar for the payment of the principal of and interest
on the Certificates and remaining unclaimed for a period of
four (4) years after the maturity of the Certificates for
which such moneys were deposited and are held in trust to pay,
shall upon the request of the City be remitted to the City against
a written receipt therefor. Notwithstanding the above and
foregoing 1 any remittance of funds from the Paying Agent/Registrar
to the City shall be subject to any applicable unclaimed property
laws of the State of Texas.
SECTION 23: Ordinance
Ordinance shall constitute a
t;o time, be binding on the
repealed by the City so
95 1128/1)240 186
a Contract Amendments. This
contract with the Holders from time
City, and shall not be amended or
long as any Certificate ' remains
-21·
,...
Outstanding except as permitted in this Section. The City, may,
without the consent of or notice to any Holders of the
Certificates, from time to time and at any time, amend this
Ordinance in any manner not detrimental to the interests of the
Holders of the Certificates, including the curing of any
ambiguity, inconsistency, or formal defect or omission herein. In
addition, the City may, with the written consent of Holders of the
Certificates holding a majority in aggregate principal amount of
the Certificates then Outstanding affected thereby, amend, add to,
or rescind any of the provisions of this Ordinance; provided that,
without the consent of all Holders of Outstanding Certificates, no
such amendment, addition, or rescission shall (1) extend the time
or times of payment of the principal of, premium, if any, and
interest on the Certificates,· reduce the principal amount thereof,
the redemption price, or the rate of interest thereon, or in any
other way modify the terms of payment of the principal of,
premium, if any, or interest on the Certificates, (2) give any
preference to any Certificate over any other Certificate, or (3)
reduce the aggregate principal amount of Certificates required to
be held by Holders for consent to any such amendment, addition, or
rescission.
SECTION 24: Notices to Holders -Waivers. Wherever this
Ordinance provides for notice to Holders of any event, such notice
shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and sent by United States Mail, first
class postage prepaid, to the address of each Holder appearing in
the Security Register at the close of business on the business day
next preceding the mailing of such notice.
In any case where notice to Holders is given by mail, neither
the failure to mail such notice to any particular Holders, nor any
defect in any notice so mailed, shall affect the sufficiency of
such notice with respect to all other Certificates. Where this
Ordinance provides for notice in any manner, such notice may be
waived in writing by the Holder entitled to receive such
notice, either before or after the event with respect to which
such notice is given, and such waiver shall be the equivalent of
such notice. Waivers of notice by Holders shall be filed with the
Paying Agent/Registrar, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon
such waiver.
SECTION 25: Cancellation. Certificates surrendered for
payment, redemption, transfer, or exchange, if surrendered to the
Paying Agent/Registrar, shall be promptly canceled by it and, if
surrendered to the City, shall be delivered to the Paying
Agent/Registrar and, if not already canceled, shall be promptly
canceled by the Paying Agent/Registrar. The City may at any time
deliver to the Paying Agent/Registrar for cancellat~on any
Certificates previously certified or registered and delivered
Ull21/DZ40l&ll -22-
which the City may have acquired in any manner whatsoever, and all
Certificates so delivered shall be promptly canceled by the Paying
Agent/Registrar. All canceled Certificates held by the Paying
Agent/Registrar shall be returned to the City.
SECTION 26: Mutilated, Destroyed. Lost and Stolen
Certificates. In case any Certificate shall be mutilated, or
destroyed, lost or stolen, the Paying Agent/Registrar may execute
and deliver a replacement Certificate of like form and tenor, and
in the same denomination and bearing a number not
contemporaneously outstanding, in exchange and substitution for
such mutilated Certificate, or in lieu of and in substitution for
such destroyed, lost or stolen Certificate, only upon the approval
of the City and after (i) the filing by the Holder thereof with
the Paying Agent/Registrar of evidence satisfactory to the Paying
Agent/Registrar of the destruction, loss or theft of such
Certificate, and of the authenticity of the ownership thereof and
(ii) the furnishing to the Paying Agent/Registrar of
indemnification in an amount satisfactory to hold the City and the
Paying Agent/Registrar harmless. All expenses and charges
associated with such indemnity and with the preparation, execution
and delivery of a replacement Certificate shall be borne by the
Holder of the Certificate mutilated, or destroyed, lost or stolen.
Every replacement Certificate issued pursuant to this Section
shall be a valid and binding obligation, and shall be entitled to
all the benefits of this Ordinance equally and ratably with all
other Outstanding Certificates; notwithstanding the enforceability
of payment by anyone of the destroyed, lost or stolen
Certificates.
The provisions of this Section are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with
respect to the replacement and payment of mutilated, destroyed,
lost, or stolen Certificates.
SECTION 27: Covenants to Maintain Tax-Exempt Status.
A. Definitions. When used in this Section, the following
terms have the following meanings:
•closing Date• means the date on which the
Certificates are first authenticated and delivered to
the initial purchasers against payment therefor.
"Code" means the Internal Revenue Code of 1986, as
amended by all legislation, if any, effective on or
before the Closing Date.
"Conputation Date" has the meaning set forth in
Section 1.148-1(b} of the Regulations.
9S 1128 /D240 186 -23-
"Gross Proceeds" means any proceeds as defined in
Section 1.148-1(b) of the Regulations, and any
replacement proceeds as defined in Section 1.148-1(c) of
the Regulations, of the Certificates.
"Investment" has the meaning set forth in Section
1.148-1(b) of the Regulations.
"Nonpurpose Investment" means any investment
property, as defined in section 148(b) of the Code, in
which Gross Proceeds of the Certificates are invested
and which is not acquired to carry out the governmental
purposes of the Certificates.
"Rebate Amount" has the meaning set forth in Section
1.148-1(b) of the Regulations.
"Regulations" means any proposed, temporary, or
final Income Tax Regulations issued pursuant to Sections
103 and 141 through 150 of the Code, and 103 of the
Internal Revenue Code of 1954, which are applicable to
the Certificates. Any reference to any specific
Regulation shall also mean, as appropriate, any
proposed, temporary or final Income Tax Regulation
designed to supplement, amend or replace the specific
Regulation referenced. ·
"Yield" of
(1) any Investment has the meaning set
forth in Section 1.148-5 of the Regulations;
and
(2) the Certificates has the meaning set
forth in Section 1.148-4 of the Regulations.
B. Not to cause Interest to Become Taxa.ble. The City shall
not use, permit the use of, or omit to use Gross Proceeds or any
other amounts (or any property the acquisition, construction or
improvement of which is to be financed directly or indirectly·with
Gross Proceeds) in a manner which if made or omitted,
respectively, would cause the interest on any Certificate to
become includable in the gross income, as defined in section 61 of
the Code, of the owner thereof for federal income tax purposes.
Without limiting the generality of the foregoing, unless and until
the City receives a written opinion of counsel nationally
recognized in the field of municipal bond law to the effect that
failure to comply with such covenant will not adversely affect the
exemption from federal income tax of the interest on any
Certificate, the City shall comply with each of the ,specific
covenants in this Section.
9511U/DZ40186 -24-
c. No Private Use or Private Payments. Except as permitted
by section 141 of the Code and the Regulations and rulings
thereunder, the City shall at all times prior to the last Stated
Maturity of Certificates:
(1) exclusively own, operate and possess all
property the acquisition, construction or improvement of
which is to be financed or refinanced directly or
indirectly with Gross Proceeds of the Certificates, and
not use or permit the use of such Gross Proceeds
(including all contractual arrangements with terms
different than those applicable to the general public) .
or any property acquired, constructed or improved with
such Gross Proceeds in any activity carried on by any
person or entity (including the United States or any
agency, department and instrumentality thereof) other
than a state or local government, unless such use is
solely as a member of the general public; and
(2) not directly or indirectly impose or accept any
charge or other payment by any person or entity who is
treated as using Gross Proceeds of the Certificates or
any property the acquisition, construction or
improvement of which is to be financed or refinanced
directly or indirectly with such Gross Proceeds, other
than taxes of general application within the City or
interest earned on investments acquired with such Gross
Proceeds pending application for their intended
purposes.
D. No Private Loan. Except to the extent permitted by
section 141 of the Code and the Regulations and rulings
thereunder, the City shall not use Gross Proceeds of the
Certificates to make or finance loans to any person or entity
other than a state or local government. For purposes of the
foregoing covenant, such Gross Proceeds are considered to be
"loaned" to a person or entity if: (1) property acquired,
constructed or improved with such Gross Proceeds is sold or leased
to such person or entity in a transaction which creates a debt for
federal income tax purposes; (2) capacity in or service from such
property is committed to such person or entity under a
take-or-pay, output or similar contract or arrangement; or (3}
indirect benefits, or burdens and benefits of ownership, of such
Gross Proceeds or any property acquired, constructed or improved
with such Gross Proceeds are otherwise transferred in a
transaction which is the economic equivalent of a loan.
E. Not to Invest at Higher Yield. Except to the extent
permitted by section 148 of the Code and the ·Regulations and
rulings thereunder, the City shall not at any time priof to the
final Stated Maturity of the Certificates directly or indirectly
f5112a /D240 186
invest Gross Proceeds in any Investment (or use Gross Proceeds to
replace money so invested), if as a result of such investment the
Yield from the Closing Date of all Investments acquired with Gross
Proceeds (or with money replaced thereby), whether then held or
previously disposed of, exceeds the Yield of the Certificates.
F. Not Federally Guaranteed. Except to the extent permitted
by section 149 (b) of the Code and the Regulations and rulings
thereunder, the City shall not take or omit to take any action
which would cause the Certificates to be federally guaranteed
within the meaning of section 149(b) of the Code and the
Regulat~ons and rulings thereunder.
G. Information Report. The City shall timely file the
information required by section 149 (e) of the Code with the
Secretary of the Treasury on Form 8038-G or such other form and in
such place as the Secretary may prescribe.
H. Rebate of Arbitrage Profits. Except to the extent
otherwise provided in section 148(f) of the Code and the
Regulations and rulings thereunder:
(1) The City shall account for all Gross Proceeds
(including all receipts, expenditures and investments
thereof) on its books of account separately and apart
from all other funds (and receipts, expenditures and
investments thereof) and shall retain all records of
accounting for at least six years after the day on which
the last OUtstanding Certificate is discharged.
However, to the extent permitted by law, the City may
commingle Gross Proceeds of the Certificates with other
money of the City, provided that the City separately
accounts for each receipt and expenditure of Gross
Proceeds and the obligations acquired therewith.
(2) Not less frequently than each .Computation Date,
the City shall calculate the Rebate Amount in accordance
with rules set forth in section 148(f) of the Code and
the Regulations and rulings thereunder. The City shall
maintain such calculations with its official transcript
of proceedings relating to the issuance of the
Certificates until six years after the final Computation
Date.
(3) As additional consideration for the purchase of
the Certificates by the Purchasers and the loan of the
money represented thereby and in order to induce such
purchase by measures designed to insure the
excludability of the interest thereon from the gross
income of the owners thereof for federal income tax
purposes, the City shall pay to the United States out of
'Sll28/D240186 -26-
the certificate Fund or its general fund, as permitted
by appli~able Texas statute, regulation or opinion of
the Attorney General of the State of Texas, the amount
that when added to the future value of previous rebate
payments made for the certificates equals (i) in the
case of a Final Computation Date as defined in Section
1.148-3(e)(2) of the Regulations, one hundred percent
(100%) of the Rebate Amount on such date; and (ii) in
the case of any other Computation Date, ninety percent
(90%) of the Rebate Amount on such date. In all cases,
the rebate payments shall be made at the times, in the
installments, to the place and in the manner as is or
may be required by section 148(f) of the Code and the
Regulations and rulings thereunder, and shall be
accompanied by Form 8038-T or such other forms and
information as is or may be required by Section 148(f)
of the Code and the Regulations and rulings thereunder.
(4) The City shall exercise reasonable diligence to
assure that no errors are made in the calculations and
payments required by paragraphs (2) and (3), and if an
error is made, to discover and promptly correct such
error within a reasonable amount of time thereafter (and
in all events within one hundred eighty (180) days after
discovery of the error), including payment to the United
states of any additional Rebate Amount owed to it,
interest thereon, and any penalty imposed under Section
1.148-3(h) of the Regulations.
. I. Not to Divert Arbitrage Profits. Except to the extent
permitted by section 148 of the Code and the Regulations and
rulings thereunder, the city shall not, at any time prior to the
earlier of the Stated Maturity or final payment of the
Certificates, enter into any transaction that reduces the amount
required to be paid to the United States pursuant to Subsection H
of this Section because such transaction results in a smaller
profit or a larger loss than would have resulted if the
transaction had been at arm's lenqth and had the Yield of the
Certificates not been relevant to either party.
J. Elections. The City hereby directs and authorizes the
Mayor, City Secretary, City Manager, and Assistant City Manager
for Financial Services, either or any combination of them, to make
elections permitted or required pursuant to the provisions of the
Code or the Regulations, as they deem necessary or appropriate_in
connection with the certificates, in the certificate as to Tax
Exemption or similar or other appropriate certificate, form or
document.
SECTION 28: Sale of the Certificates. The sale of the
Certificates to First Southwest Company (herein referred to as the
951128/0240186 -27-
"Purchasers") at the price of par and accrued interest to the date
of delivery plus a premium of $21.25 is hereby approved and
confirmed. The Council finds that the bid of the purchaser (s) was
the highest and best bid received. Delivery of the Certificates
to the Purchasers shall occur as soon as possible upon payment
being made therefor in accordance with the terms of sale.
SECTION 29: Proceeds of Sale. The proceeds of sale of the
Certificates, excluding the accrued interest and premium received
from the Purchasers, shall be deposited in a construction fund
maintained at the City's depository bank. Pending expenditure for
authorized projects and purposes, such proceeds of sale may be
invested in authorized investments pursuant to the Public Funds
Investment Act of 1987 and any investment earnings realized may be
expended for such authorized projects and purposes or deposited in
the Certificate Fund as shall be determined by the City Council.
All surplus proceeds of sale of the Certificates, including
investment earnings, remaining after completion of all authorized
projects or purposes shall be deposited to the credit of the
Certificate Fund.
SECTION 30: Control and CUstody of Certificates. The Mayor
of the City shall be and is hereby authorized to take and have
charge of all necessary orders and records pending investigation
by the Attorney General of the State of Texas, including the
printing of the Certificates, and shall take and have charge and
control of the Certificates pending the approval thereof by the
Attorney General, the registration thereof by the Comptroller of
Public Accounts and the delivery thereof to the Purchasers.
. Furthermore, the Mayor, City Secretary, City Manager, and
Assistant City Manager for Financial Services, any one or more of
said officials, are hereby authorized and directed to furnish and
execute such documents and certifications relating to the City and
the issuance of the Certificates, including a certification as to
facts, estimates, circumstances and reasonable expectations
pertaining to the use and expenditure and investment of the
proceeds of the Certificates as may be necessary for the approval
of the Attorney General, registration by the Comptroller of Public
Accounts and delivery of the Certificates to the purchasers
thereof and, together with the City's financial advisor, bond
counsel and the Paying Agent/ Registrar, make the necessary
arrangements for the delivery of the Initial Certificate to the
purchasers.
SECTION 31: Official Statement. The Official Statement
prepared in the initial offering and sale of the Certificates by
the City, together with all addendas, supplements and amendments
thereto issued on behalf of the City, is hereby approved as to
form and content, and the City Council hereby finds that the
information and data contained in said 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
t51UI/D240 186 -28-
therein, in light of the circumstances under which they were made,
not misleading. The use of such Official Statement in the
reoffering of the Certificates by the Purchasers is hereby
approved and authorized.
SECTION 32: Printed Opinion. The Purchaser's obligation to
accept delivery of the Certificates is subject to being furnished
a final opinion of Fulbright & Jaworski L.L.P., Attorneys,
approving such Certificates as to their validity, said opinion to
be dated and delivered as of the date of delivery and payment for
the Certificates. Printing of a true and correct reproduction of
said opinion on the reverse side of each of the definitive
Certificates is hereby approved and authorized.
SECTION 3 3: CUSIP Numbers. That CUSIP numbers may be
printed or typed on the definitive Certificates. It is expressly
provided, however, that the presence or absence of CUSIP numbers
on the definitive Certificates shall be of no significance or
effect as regards the legality thereof and neither the City nor
attorneys approving said Certificates as to legality are to be
held responsible for CUSIP numbers incorrectly printed or typed on
the definitive Certificates.
SECTION 34: Benefits of Ordinance. Nothing in this
Ordinance, expressed or implied, is intended or shall be construed
to confer upon any person other than the City, the Paying
Agent/Registrar and the Holders, any right, remedy, or claim,
legal or equitable, under or by reason of this Ordinance or any
provision hereof, this Ordinance and all its provisions being
intended to be and being for the sole and exclusive benefit of the
City, the Paying Agent/Registrar and the Holders.
SECTION 35: Inconsistent Provisions. All ordinances,
orders or resolutions, or parts thereof, which are in conflict or
inconsistent with any provision of this Ordinance are hereby
repealed to the extent of such conflict and the provisions of this
Ordinance shall be and remain controlling as to the matters
contained herein.
SECTION 36: Governing Law. This Ordinance shall. be
construed and enforced in accordance with the laws of the State of
Texas and the United states of America.
SECTION 37: severability. If any provision of this
Ordinance or the application thereof to any circumstance shall be
held to be invalid, the remainder of this Ordinance and the
application thereof to other circumstances shall nevertheless be
valid, and the City council hereby declares that this Ordinance
would have been enacted without such invalid provision.
SECTION 38: Effect of Headings. The Section headings herein
are for convenience only and shall not affect the construction
hereof.
951128/0240186 -29-
SECTION 39: Construction of Terms. If appropriate in the
context of this Ordinance, words of the singular number shall be
considered to include the plural, words of the plural number shall
be considered to include the singular, and words of the masculine,
feminine or neuter gender shall be considered to include the other
genders.
SECTION 40: Public Meeting. It is officially found,
determined, and declared that the meeting at which this Ordinance
is adopted was open to the public and public notice of the time,
place, and subject matter of the public business to be considered
at such meeting, including this Ordinance, was given, all as
required by Chapter 551 of the Texas Government Code, as amended.
SECTION 43: Effective Date. This Ordinance &;hall take
effect and be in force immediately from and after its passage on
second and final reading, and IT IS so ORDAINED.
95112810240186 -30-
-
PASSED AND ADOPTED ON FIRST READING, this 27th day of April,
1995.
PASSED AND ADOPTED ON SECOND AND FINAL READING, this 11th day
of May, 1995.
ATTEST:
{City Seal)
9Sll21/D240116 -31·
TELEPHONE: 214/855•$000 I'"ACSIMILE: 214/855·8200
MARK S WESTERGARD
PARTNER
DIRECT DIAL: 214/855--8002
FULBRIGHT & JAWORSKI
L. L. P.
A REGISTERED LIMITED LIABILITY PARTNERSHIP
2200 ROSS AVENUE
SUITE 2800
DALLAS, TEXAS 7S201
June 5, 1995
VIA FEDERAL EXPRESS
Ms. Betty Johnson
City of Lubbock
1625 13th Street
Lubbock, Texas 79401
HOUSTON
WASHINGTON. D.C.
AUSTIN
SAN ANTONIO
DALLAS
NEW YORK
. . LOS ANGELES
LONDON
HONG KONG
RE: $4,690,000 •City of Lubbock, Te:ms, General Obligation. Bonds, Series 199s-and
$2,000,000 •City of Lubbock, Texas, Ta% and Hotel Occupa:ru:y Ta% Burplua Revenue
Certificates of Obligation., Series 1999' and $900,000 •City of Lubbock, Texas, Ta% and
airport Surplus Revenue Certificates of Obligation., Series 1999'
Dear Betty:
Enclosed please find five {5) copies of the Certificate of City Secretary relating to the
resolution authorizing publication of notice of intention to issue the certificates of obligation.
Please complete, sign, and seal each copy where indicated. Please forward one fully executed
original via federal express to:
Ms. Lynn Stuck
Office of the Attorney General
of Texas
William P. Clements Bldg.
300 W. 15th Street, lOth Floor
Austin, Texas 78701
for her receipt on Wednesday, June 7, 1995.
me.
The remaining originals should be returned to
fv!t ?
¥/ Please call if you have any questions.
MSW:da
Enclosures
Very truly yours, lQ
Mark S. Westergard
RECEIVEd
JUN 06 1995
CRY SECRETAfN
lUieOCK. ltXAS
: I l ·~ l lj ~
No Text
Honorable Mayor and City Council
City of Lubbock, Texas
Members of the City Council:
OFnCIAL BID FORM
May 11, 1995
Reference is made to your Official Statement and Notice of Sale and Bidding Instructions, dated April 20, 1995, of$2,000,000CITY OF LUBBOCK.
TEXAS TAX AND HOTEL OCCUPANCY TAX SURPLUS REVENUE CER.TJFJCATBS OF OBLIGATION, SERIES 1995, both of which
constitute a part hereof.
For your legally issued Certificates, 11 described in 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 $ -6 -for Certificates maturing and bearing interest
as follows:
Maturity
2-15-1996
2-15-1997
2-15-1998
2-15-1999
2-15-2000
2-15-2001
Principal Interest
Amount Rate
$265,rm£~1J~
310,fm ~dl£.,
330,000 ..V,9f' '*'
345,000 71 ;:?".,
365,000 ~~~
3&5,000 'f, 7J~
Our calculation (which is not a part of this bid) of the interest cost from the above is:
$ 3.3;(, :z 76~ ..r6
-o-Total Interest Cost
Less Premium
NET INTEREST COST
EFFECTIVE INTEREST RATE
$ ...7;;,;;] ~ c:l 76 ,...r-6
-¥.J'Z.2ftl:l '*'
We are having the Certificates of the following maturities--------::-:,...---:----,---:---:-:-::"'.....,.,,......,::--~ insured
by at a premium of $:......---:-,..,..---,...-..,.,..--• said premium to lle paid lly the Purchaser. Any
fees to be paid to the rating agencies as a result of said insurance rillle paid lly the City,
The Initial Certificate shall be registered in the name of Na t1 onsBanc Cipftail . Ma'rkets .1 lim . We will advise The Depository Trust
Company ("DTC") of registration instructions at least five business days prior to the date. set for lnitial Delivery.
A bank: cashier's check or certified check: of the The Frost National Bank Bank:, Austin, Texas , in the
amount of $40,000.00, which represent& our Good Faith Deposit OOt•KttXk~l(l) or (has been made available to you prior to the opening of this
bid), and is submitted in accordance with the tenns as set forth in the Official Statement and Notice of Sale and Bidding Instructions.
We agree to accept delivery of the Certificates utilizing the Book-Entry-Only System through DTC and make payment for the Initial Certificate in
immediately available funds in the Corporate Trust Division, Norwest Bank: Minnesota, National Association, Minneaplis, Minnesota, not later than
10:00 AM, CDT, on June 15, 1995, or theresfteron the date the Certificates are tendered for delivery, pursuant to the tenns 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 Certificates, a certificate
relating to the •issue price" of the Certificates 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.
We agree to provide in writing the initial reoffering prices aDd other terms, if any, to the Ymancial Advisor lly the dose of the next llnsiness
day after the award.
Respectfully submitted,
NationsBanc Capital Markets, Inc.
By fua,lilf.t P.;~ Au rized presentative Cheryl Y. Barnes, Investment Officer
ACCEPI'ANCE CLAUSE
The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas, subject to and in accordance with the Notice of Sale and
Bidding Instructions, this the lith day of May, 1995.
ArrEST: Mayor
City of Lubbock, Texas
Honorable Mayor and City Council
City of Lubbock, Texas
Members of the City Council:
OmCIAL BID FORM
May 11, 1995
Reference is made to your Official Statementand Notice of Sale and Bidding Instructions, dated April20, 1995, of$2,000,000ClrY OF LUBBOCK,
TEXAS TAX AND HOTEL OCCUPANCY TAX SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, both of which
constitute a part hereof.
For your legally issued Certificates, as described in ~aid Notice of Sale and Bidding Instructions and Official Statement, we will pay you par and
accrued interest from date of issue to date of delivery to us, plus a cash premium of$ 0 for Certificates maturing and bearing interest
as follows:
Principal Interest
;Maturi!): Amount B.!te
2-15-1996 $265,000 ~,;
2-15-1997 310,000 ~%
2-15-1998 330,000 't"{,) __ %
2-15-1999 345,000 ~,.o%
2-15-2000 365,000 "'10 __ %
2-15-2001 385,000 ~,;
Our calculation (which is not a part of this bid) of the interest cost from the above is:
Total Interest Cost
Leas Premium
NET INTEREST COST
EFFECI'IVE INTEREST RATE
$ ..33'=:1, Z 71· s-o
If, fJBOblp %
We are having the Certificates of the following maturities----------::-:----:---:--:---:-::-::--:-:--::---::-insured
by at a premium of$~--:--:-:---::--=--' said premium to be paid by the Purchaser. Any
fees to be paid to the rating agencies as a result of ssid insurance will be paid by the City.
The Iaitial Certificate shall be registered in theoameof Dean Witter Reyno 1 ds' Inc. . WewilladviseTheDepositoryTrust
Company ("DTC") of registration instructions at least five business days prior to the date set for Iaitial Delivery.
Nationsbank Dallas . A bank cashier's check or certified check of the Bank, , m the
amount of $40,000.00, which represents our Good Faith Deposit (is attached hereto) or (bas been made available to you prior to the opening of this
bid), and is submitted in accordance with the terma as set forth in the Official Statement and Notice of Sale and Bidding Instructions.
We agree to accept delivery of the Certificates utilizing the Book-Entry..Qnly System through DTC and make payment for the Iaitial Certificate in
immediately available funds in the Corporate Trust Division, Norwest Bank Minnesota, National Association, Minneaplis, Minnesota, not later than
10:00 AM, CDT, on June 15, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terma 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 Certificates, a certificate
relating to the "issue price" of the Certificates 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.
We agree to provide in writing the initial reoffering prices and other terms, if any, to the Financial Advisor by the dose of the next business
day after the award.
Respectfully submitted,
Dean Witter Reynolds, Inc. Stephen J. Young
Senior Vice President
ACCEPTANCE CLAUSE
The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas, subject to and in accordance with the Notice of Sale and
Bidding Instructions, this the 11th day of May, 1995.
ATTEST: Mayor
City of Lubbock, Texas
Honorable Mayor and City Council
City of Lubbock, Texas
Members of the City Council:
OFFICIAL BID FORM
May 11, 1995
Reference is made to your Official Statement and Notice of Sale and Bidding Insttuctions, dated April20, 1995, of $2,000,000CrrY OF LUBBOCK,
TEXAS TAX AND HOTEL OCCUPANCY TAX SURPLUS REVENUE CERTIFICATES OF OBUGATION, SERIES 199S, both of which
constitute a part hereof.
For your legally issued Certificates, as described in said Notice of Sale and Bidding Insttuctions and Official Statement, we will pay you par and
accrued interest from date of issue to date of delivery to us, plus a cash premium of$ 13~-· 'I.O for Certificates maturing and bearing interest
as follows:
Principal Interest
Maturiii Amount Rate
2-15-1996 $265,000 (&,.S"o,;
2-15-1997 310,000 ~,;
2-IS-1998 330,000 $"'.zS'%
2-15-1999 345,000 &.t-(t,O,;
2-15-2000 365,000 '{.~
2-15-2001 385,000 ~"
Our calculation (which is not a part of this bid) of the interest cost from the above is:
Total Interest Cost
Less Premium
NET INTEREST COST
EFFECTIVE INTEREST RATE
We are having the Certificates of the following maturities JV'. yc..-insured
by at a premium of$'-----:-':"":"~=--=--' said premium to be paid by the Purdlaser, Any
fees to be paid to the rating agencies as a result of said insurance '!rill be paid by the City.
The Initial Certificate shall be registered in the name of Southwest Securities' Inc • . WewilladviseTheDepositoryTrust
Company ("DTC") of registration instructions at least five business days prior to the date let for Initial Delivery.
A bank cashier's check or certified check of the Frost Bank, , in the
amount of $40,000.00, which represents our Good Faith Deposit (is attached hereto) or (has been made available to you prior to the opening of this
bid), and is submitted in accordance with the tenns as let forth in the Official Statement and Notice of Sale and Bidding Instructions.
We agree to accept delivery of the Certificates utilizing the Book-Entry-Only System through DTC and make payment for the Initial Certificate in
immediately available funds in the Corporate Trust Division, Norwest Bank Minnesota, National Association, Minneaplis, Minnesota, not later than
10:00 AM, CDT, on June 15, 1995, or thereafter on the date the Certificates are tendered for delivery, punruant to the tenns let 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 Certificates, a certificate
relating to the "issue price" of the Certificates in the form and to the effect accompanying the Notice of Sale and Bidding Insttuctions, with such
changes thereto as may be acceptable to the City.
We agree to provide in writing the initial reoffering prices and other terms, if any, to the Financial Advisor by the dose of the oext business
day after the award,
Respectfully submitted,
ACCEPI'ANCE CLAUSE
The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas, subject to and in accotdance with the Notice of Sale and
Bidding Instructions, this the lith day of May, 1995.
A TrEST: Mayor
City of Lubbock, Texas
Honorable Mayor and City Council
City of Lubbock, Texas
Members of the City Council:
OmCIAL BID FORM
May 11, 1995
Reference is made to your Official Statement and Notice of Sale and Bidding Instructions, dated April 20, 1995, of $2,000,000CITY OF LUBBOCK.
TEXAS TAX AND HOTEL OCCUPANCY TAX SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, both of which
constitute a part hereof.
For your legally issued Certificates, aa described in 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 $ '""' (!) -for Certificates maturing and bearing interest
as follows:
Principal Interest
Maturitt Amount Rate
2-15-1996 $265,000 l'f.fi%
2-15-1997 310,000 M __ %
2-15-1998 330,000 ~Jo%
2-15-1999 345,000 4,J'O%
2-15-2000 365,000 (/,J1)%
2-15-2001 385,000 ~fd%
Our calculation (which is not a part of this bid) of the interest cost from the above is:
Total Interest Cost $
Less Premium
NET INTEREST COST
EFFECTIVE INTEREST RATE
We are having the Certificates of the foUowing maturities --------:-:~--:---:-::---:c:-:--:::--:::---:-insured
by at a premium of$~--:':""!"--:::--=-~-· said premium to be paid by the Pun:baser. Any
fees to be paid to the rating agencies as a result of said insurance will be paid by the City,
The Initial Certificate shaD be registered in the name of Cede & Co. . We wiD advise The Depository Trust
Company ("DTC") of registration instructions at least five business days prior to the date set for Initial Delivery.
A bank cashier's check or certified check of the Nations Bank, Dallas r Texas , in the
amount of $40,000.00, which represents our Good Faith Deposit (is attached hereto) or (has 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 the Certificates utilizing the Book-Entry-Only System through DTC and make payment for the Initial Certificate in
immediately available funds in the Corporate Trust Division, Norwest Bank Minnesota, National Association, Minneaplis, Minnesota, not later than
10:00 AM, COT, on June 15, 1995, or thereafter on the date the Certificates 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 Certificates, a certificate
relating to the "issue price" of the Certificates 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.
We agree to provide in writing the initial reoffering prices and other terms, if any. to the Financial Admor by the close of the next business
day af'ter the award.
Respectfully submitted,
PaineWebber, Inc.
I.egg Ma.son WOOd walkei", Inc.
'Rauschcl: Pierce Refsnes, Ine.
Snith Barney, Inc. By~~k-• A.u~ Rtp_nsentative I.ewl.S W. POl.l.oK,~~I
ACCEPTANCE CLAUSE Vice President
The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas, aubject to and in accordance with the Notice of Sale and
Bidding Instructions, this the 11th day of May, 1995.
ATTEST: Mayor
City of Lubbock, Texas
OJililCIAL BID FORM
Honorable Mayor and City Council
City of Lubbock, Texas
Memben of the City Council:
May IJ, 1995
Reference is made to your Official Statement and Notice of Sale and Bidding Instructions, dated April20, 1995, of $2,000,000CITY OF LUBBOCK,
TEXAS TAX AND HOTEL OCCUPANCY TAX SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERlE'S 1995, both of which
constitute a part hereof.
For your legally iasued Certificates, as described in said Notice of Sale and Bidding Instructions and Official Statement, we will pay you par and
accrued interest from date of issue to date of delivery to us, plus a cash premium of$ tj. Z. 0 for Certificates maturing and bearing interest
as follows:
Principal Interest
Maturill: Amount Rate
2-15-1996 $265,000 ~.e>-(4
2-15-1997 310,000 "·~~
2-15-1998 330,000 y.S@
2-15-1999 345,000 'L1o~
2-15-2000 365,000 ~~
2-IS-2001 385,000 'f·'i'~7"
Our calculation (which is not a part of this bid) of the interest cost from the above is:
Total Interest Cost
Less Premium
NET INTEREST COST
EFFECI'IVE INTEREST RATE
$ e.s s s-4~-. 0 .;;
I c./ • t.O
$ ?, 3, 9. !2-c..J 0. 1J.:>
4 . ~ Z.4ffoZ3 ~
We are having the Certificates of the following maturities ~,;e insured
by at a premium of$'---:-:-:-~--:;:---' said premium to be paid by the Purchaser. Any
fees to be paid to the rating agencies as a result of said insurance will be paid by the City.
The Initial Certificateshallberegisteredin the name of PRINCIPAL FINANCIAL SECURITIES . We will advise The Depository Trust
Company ("DTC") of registration instructions at least five business days prior to the date set for Initial Delivery. ....-,-,
A bank cashier's check or certified check of the lfost National Bank, CltJLiliai /)( , in the
amount of $40,000.00, which represents our Good Faith Deposit (is attached hereto) or (has 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 delivety of the Certificates utilizing the Book-Entty-Only System through DTC and make payment for the Initial Certificate in
immediately available funds in the Corporate Trust Division, Norwest Bank Minnesota, National Association, Minnesplis, Minneaota, not later than
10:00 AM, COT, on June IS, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Notice
of Sale and Bidding Instructions.
The undenigned agrees to complete, execute, and deliver to the City, at least six business days prior to delivery of the Certificates, a certificate
relating to the "issue price" of the Certificates 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.
We agree to provide in writing tbe initial reofreriog prices and otber terms, if any, to tbe Financial Ad'risor by the dose of the next business
day after the award.
Respectfully submitted,
PRfNCIPAL FINANCIAL SECURtTIES
Sally Richanis
By ___ ___,........,..-..,..__,..,,-----!Vwicoo~~oeu.P..:.:res~id'"""en=-t
Authorized Representative
ACCEPTANCE CLAUSE
The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas, subject to and in accordance with the Notice of Sale and
Bidding Instructions, this the 11th day of May, 1995.
ATTEST; Mayor
City of Lubbock, Texas
Honorable Mayor and City Council
City of Lubbock, Tens
Members of the City Council:
OmCIAL BID FORM
May II, 1995
Reference is made to your Official Statement and Notice of Sale and Bidding Instructions, dated April20, 1995, of$2,000,000ClTY OF LUBBOCK,
TEXAS TAX AND HOTEL OCCUPANCY TAX SURPLUS REVENUE CERTJFICATES OF OBUGATION, SERIES 1995, both of which
constitute a part hereof.
For your legally iasued Certificates, as described in said Notice of Sale and Bidding Instructions and Official Statement, we will pay you par and
accrued interest from date of issue to date of delivery to us, plus a cash premium of$ .,... t:!J -for Certificates maturing and bearing interest
as follows:
Maturity
2-15-1996
2-15-1997
2-15-1998
2-15-1999
2-15-2000
2-15-2001
Principal Interest
AmOUnt ~
$265,000 ~ 1'1.1,{ ~
310 000 ("'];{) ~
330:000 'fJ'~~
345,000 J!t-~, 0 ~
365,000 l}, '1 0 ~
3as,ooo Y.J'u ~
Our calculation (which is not a part of this bid) of the interest cost from the above is:
Total Interest Cost
Less Premium
NET INTEREST COST
EFFECTIVE INTEREST RATE
We are having the Certificates of the following maturities --------:-:~--:----:--:--~;-;--::--::::---;-insured
by at a premium of$._--:-":":"~=--=~-· said premium to be paid by the Purchaser. Any
fees to be paid to the rating agencies as a result of said insurance will be paid by the City.
The Initial Certificate shall be registered in the name of . We will advise The Depository Trust
Company (•DTc ") of registration instructions at least five business days prior to the date set for Initial Delivery.
A bank: cashier's check or certified check of the Frost National Bank, Austin, Texas , in the
amount of $40,000.00, which represents our Good Faith Deposit (is attached hereto) or (has 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 the Certificates utilizing the Book-Entry-Only System through DTC and make payment for the Initial Certificate in
immediately available funds in the Corporate Trust Division, Norwest Bank: Minnesota, National Association, Minneaplis, Minnesota, not later thsn
10:00 AM, CDT, on June IS, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms aet forth in the Notice
of Sale and Bidding Instructions.
The underaigned agrees to complete, execute, and deliver to the City, at least six busineas days prior to delivery of the Certificates, a certificate
relating to the "issue price• of the Certificates 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.
We agree to proride in writing the initial reofferiug prices and other terms, if any, to the F'mancial Advisor by the dose of the next business
day after the award.
Respectfully submitted,
Fidelity Capital Markets William Haracz
ACCEPTANCE CLAUSE
The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas, mbject to and in accordance with the Notice of Sale and
Bidding Instructions, thia the 11th day of May, 1995.
ATTEST: Mayor
City of Lubbock, Tens
Honorable Mayor and City Council
City of Lubbock, Texas
Members of the City Council:
OFOCIAL BID FORM
May 11, 1995
Reference is made to your Official Statement and Notice of Sale and Bidding Instructions, dated April 20, 1995, of $2,000,000 crry OF LUBBOCK,
TEXAS TAX AND HOTEL OCCUPANCY TAX SURPLUS REVENUE CERTIFICATES OF OBUGATION, SERIES 1995, both of which
constitute a part hereof.
For your legally issued Certificates, a11 dei!ICribed in IIBid 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 $ -1!:> -for Certificates maturing and bearing interest
as follows:
Principal Interest
Maturitt Amount Rate
2-15-1996 s26sooo~-?'s" ' ---
2-15-1997 310,000 ~' 7J.--;
2-15-1998 330,000 ~, '1/;
2-15-1999 345,000 47-:t;,
2-15-2000 365,000 '" 7?;
2-15-2001 385,000 ¥ .. 7:?;
Our calculation (which is not a part of this bid) of the interest cost from the above is:
Total Interest Cost
Lelili Premium
NET INTEREST COST
BFFECI'IVB INTBRBST RATE
$ 3 L/ ;r, / tJt'J ~ 157 tJ
-¥. ?J;;r / "
We are having the Certificates of the following maturities --------:-::---:---:--:---:-;-;---::~::--::-insured
by at a premium of$'----:-:-::---::::--=--' said premium to be plrld by the Purc:haser, Any
fees to be psid to the rating agencies as a result of IIBid insurance will be vaid by the City,
ThelnitialCertificatesballberegisteredinthenameotierrill Lynch, Pierce, Fenner & .~!tacilMbeDepOI!IitoryTrust
Company ("DTC") of registration instructions at least five business days prior to the date set for Initial Delivery.
A bank cashier's check or certified check of the Frost Bank, Austin, Tx. , in the
amount of $40,000.00, which represents our Good Faith Deposit (is attached hereto) or (has been made available to you prior to the opening of this
bid), and is submitted in accordance with the tenns as set forth in the Official Statement and Notice of Sale and Bidding Instructions.
We agree to accept delivery of the Certificates utilizing the Book-Entry-Only System through DTC and make payment for the Initial Certificate in
immediately availsble funds in the Corporate Trust Division, Norwest Bank Minnesota, National Association, Minneaplis, Minnesota, not lster than
10:00 AM, CDT, on June IS, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the tenns 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 Certificates, a certificate
relsting to the "issue price• of the Certificates 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.
We agree to provide in writing the initial reoffering prices and other terms, if any, to the Financial Advisor by the close of the nen business
day after the award.
Respectfully submitted,
Merrill Lynch & Co.
(See Attached List of Members)
By;( ;
ACCEPTANCE CLAUSE
The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas, subject to and in accordance with the Notice of Sale and
Bidding Instructions, this the 11th day of May, 1995.
ATTEST: Mayor
City of Lubbock, Texas
Honot"able Mayor and City Council
City of Lubbock:, Texas
Members of the City Council:
OFnCIAL BID FORM
May 11, 1995
Reference is made to your Official Statement and Notice of Sale and Bidding lnlltructions, dated April 20, 1995, of $2,000,000 CITY OF LUBBOCK,
TEXAS TAX AND HOTEL OCCUPANCY TAX SURPLUS REVENUE CERTIFICATES OF OBUGATION, SERIES 1995, both of which
constitute a part hereof.
For your legally issued Certificates, as described in said Notice of Sale and Bidding ~ons and Official Statement, we will pay you par and
accrued interest &om date of issue to date of delivery to us, plus a cash premium of $ -t2-1-for Certificates maturing and bearing interest
as follows:
Principal Interest
Maturi!Y: Amount Rate
2-15-1996 $265,000 a . .J-'V~
2-15-1997 310000 t!,.ro ~ . ---
2-15-1998 330,000 ~, JD ~
2-15-1999 345,000 ?/,9t' ~
2-15-2000 365,000 ~.JCJ~
2-15-2001 385,000 ¥,Jl)~
Our calculation (which is not a part of this bid) of the interest cost &om the above is:
Total Interest Cost
Less Premium
NET INTEREST COST
EFFECTIVE INTEREST RATE
$ d LJ r:P , :2.& tJ , t!if)
-a 1 __
S ..?~1 :l&J()rOfJ
£t!?f37 ~
We are having the Certificates of the following maturities---------:~---:--:--:--"":":"-;--::---:;:---:-insured
by at 1 premium of$'----:-:-::-~-=~--· said premium to be paid by the Purchaser. Any
fees to be paid to the rating agencies 1s a result of said insurance will be paid by the City.
The Initial Certificate shall be registered in the name of • We will advise The Depository Trust
Company (•DTc ") of registration instructions at least five business days prior to the date set for Initial Delivery.
A bank: cashier's cheek: or certified cheek: of the Bank:, , in the
amount of $40,000.00, which represents our Good Faith Deposit (is attached hereto) or (bas 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 Ststement and Notice of Sale and Bidding lnlltructions.
We agree to accept delivery of the Certificates utilizing the Book-Entry-Only System through DTC and make pqment for the Initial Certificate in
immediately available funds in the Corporate Trust Division, Norwest Bank: Minnesota, National Association, Minneaplis, Minnesots, not later than
10:00 AM, CDT, on June 15, 1995, or theresfteron the date the Certificates 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 Certificates, a certificate
relating to the "issue price" of the Certificates in the form and to the effect accompanying the Notice of Sale and Bidding Instructions, with auch
changes thereto as may be acceptable to the City.
We agree to provide in writing the ioitial reoffering prices and other terms, if any, to the Financial Advisor by the dose of the next business
day after the award.
Respectfully submitted,
GR1mN, KUBIK, STEPHENS & THOMPSON. INC.
By ~c~,
'Authorized Rep~-
ACCEPTANCE CLAUSE
The above and foregoing bid is hereby in all things accepted by the City of Lubbock:, Texas, subject to and in accordance with the Notice of Sale and
Bidding Instructions, this the 11th day of May, 1995.
ATTEST: Mayor
City of Lubbock:, Texas
Honorable Mayor and City Council
City of Lubbock, Texas
Members of the City Council:
OFJilCIAL BID FORM
May 11, 1995
Reference is made to your Official Statement and Notice of Sale and Bidding Instructions, dated April 20, 1995, of $2,000,000 CITY OF LUBBOCK,
TEXAS TAX AND HOTEL OCCUPANCY TAX SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, both of which
constitute a part hereof.
For your legally issued Certificates, as described in aaid Notice of Sale and Bidding Instructions and Official Statement, we will pay you par and
accrued interest from date of issue to date of delivery to us, plus a cash premium of$ -0 -for Certificates maturing and bearing interest
u follows:
Principal Interest
Matu!!!I Amount R!te
2-15-1996 $265,000 s.so~
2-15-1997 310,000 s.oo~
2-15-1998 330,000 5.oo~
2-15-1999 345,000 4~,5$
2-15-2000 365,000 q.;~~
2-15-2001 385,000 ~
Our calculation (which is not a part of this bid) of the interest cost from the above is:
Total Interest Cost
Less Premium
NET INTEREST COST
EFFECTIVE INTEREST RATE
-o-
We are having the Certificates of the following maturities ____ ;..AI...;;....;;D_,v..;.,..,e;.."_.....,.._..,....,.--,..,..,,....-.,..--=---:-insured
by at I premium of$~_,,_,...,-,-="--' pid pl'fl!D.iUDl tO be paid by the Purchaser, Any
fees to be paid to the rating agencies as a result of 1111id insurance will be paid. by the City,
The Initial Certificate shall be registered in the name of U() :S/E C . We will advise The Depository Trust
Company ("DTC") of registration instructions at least five business days prior to the date set for Initial Delivery.
A bank cashier's check or certified check of the Bank, , in the
amount of $40,000.00, which represents our Good Faith Deposit (is attached hereto) or (has 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 the Certificates utilizing the Book-Entry-Only System through DTC and make payment for the Initial Certificate in
immediately available funds in the Corporate Trust Division, Norwest Bank Minnesota, National Association, Minneaplis, Minnesota, not later than
10:00 AM, CDT, on 1une 15, 1995, or thereafter on the date the Certificates 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 Certificates, a certificate
relating to the "issue price" of the Certificates 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.
We agree to provide in writing lhe initial reoffering prices and other terms, if any, to lhe Fmancial Advisor by the close of the llext business
day after the award.
Respectfully submitted,
ACCEPTANCE CLAUSE
The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas, subject to and in accordance with the Notice of Sale and
Bidding Instructions, this the 11th day of May, 1995.
ATTEST: Mayor
City of Lubbock, Texas
.;:.
-FIRST SOU1HWEST COMPANY
JoeW. Smith
Director
Ms. Joyce McElroy
First Southwest Company
1700 Pacific Avenue, Suite 500
Dallas, Texas 75201
June 6, 1995
RE: $2,000,000 CITY OF LUBBOCK, TEXAS
TAX AND HOTEL OCCUPANCY TAX SURPLUS
REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995
Dear Joyce:
This will confirm our telephone conversation when I advised that subject Certificates will be ready for delivery to
your account on June 15, 1995. Payment, as set forth in the Notice, is to be made by 10:00 AM, COT, in
immediately available funds, wired to Norwest Bank Minnesota, N.A., ABA #091000019, Trust Clearing Account:
#10-38-377, Attention: Paula Hecht, Account #13148300 for the account of the City of Lubbock, Texas.
Our calculation of payment figures is shown on the attached. Would you please indicate on the enclosed duplicate
of this letter, returning it to us, if our figures are in agreement.
By copy of this letter we are advising the City that, upon receipt of funds, the Good Faith Deposit should be
properly endorsed to your finn and returned (Federal Express) to your attention.
cc via fax:
Mr. Mark Hindman
Ms. Betsy Wood
Ms. Betty M. Johnson
Mr. Jimmy Rodriguez
City of Lubbock, Texas
Ms. Nancy S. Sampair
Norwest Bank, Minnesota, N.A.
Minneapolis, Minnesota
Mr. MarkS. Westergard
Fulbright & Jaworski L.L.P.
Dallas, Texas
OUR FIGURES ARE IN AGREEMENT
FIRST SOUTHWEST COMPANY
BY: ______ __... ____________ __...__......,._
INVESTMENT BANKERS
402 Cypress Street, Suite 103 • Abilene, Texas 79601• 915-672-8432 • FAX 915-675-6218
cc via mail:
Mr. Terry Burke
Mr. Dick Long
Mr. Jeff Walter
First Southwest Company, Dallas
/""
PRINCIPAL AMOUNT
PLUS PREMIUM
PLUS ACCRUED INTEREST (TO 6-15-95)
NET AMOUNT DUE
$ 2,000,000.00
21.25
$ 2,000,021.25
8.522.08
$ 2,008,543.33
THE GOOD FAITH CHECK WILL BE RETURNED TO ISSUER ON SETTLEMENT DATE
9156756218 FIRST SOUTHWEST CO F-146 T-632 P-003/006 JUN 06 '95 13:32
.;.
:=7IRST SOU'IHWFST COMPANY
JoeW. Smith
Dine tor
Ms. Joyce McElroy
First Southwest Company
1700 Pacific Avenue, Suite SOU
Dallas, Tcxa.c; 75201
June 6, 1995
RE: $2,000,000 CITY OF LUBBOCK, TEXAS
TAX AND HOTEL OCCUPANCY TAX SURPLUS
REVENUE CERt'lFICAiES OF OBUGA'fiON, SERI£S 1995
Dear Joyce:
This wiU confirm our telepboue conversatioo when I advised that subject Certificates will be ready for delivery to
your account on June 15, 1995. Payment, as set forth in the Notiee, is to be made by 10:00 AM, COT, in
immediately available funds, wired to Norwest Bank Minnesota, N.A., ABA #091000019, Trust Clearing Account:
#10-38-377, Attention: Paula Hecbt. Account #13148300 for tbe account of the City of Lubboclc. Texas.
Our calculation of payment figures is shown an the attached. Would you please indicate on the enclosed duplicate
of this letter, returning it to us, if our figures are in agreement.
By copy or this letter we are advising the City tbat, upon receipt of funds, the Good Faith Deposit should be
properly endorsed to your finn and returned (Federal Express) to your attention.
Thanks very much for your cooperation ln effecting timely delivery of these Certi
cc via fax:
Mr. Mark Hindman
Ms. Betc;y Wood
Ms. Betty M. Johnson
Mr. Jimmy Rodriguez
City of Lubbock, Texas
Ms. Nancy S. Saropair
Norwest Bank, Minnesota, N .A.
Minneapolis. Minnesota
Mr. Mark S. Westergard
Fulbright & Jaworski L.L.P.
Dallas, Texas
OUR FlGURES ARE IN AGREEMENT
FIRST SOUmWEST COMPANY
BY: ~-----~-----·----
L\IVESTMENT BANKERS
402 Cypress Street, Suite 103 • Abilene, Ttxas 79601• 915-67:Z-84J2 • .fAX 915--675-62!8
9156756218 FIRST SOUTHlJEST CO
PRINClP AL A..\IIOUNT
PLUS PREMIUM
PLUS ACCRUED INTEREST (TO 6-l5-9S)
NET AMOUNT DUE
"''r'·
F-146 T-632 P-004/006 JUN 06 '95 13:33
$ 2,000,000.00
21.25
$ 2.000,021.25
8,522.08
$ 2,008,543.33
THE GOOD FAITH CHECK WILL BE RETURNED TO ISSUER ON SETTLEMENT DATE
Honorable Mayor and City Council
City of Lubbock, Texas
Members of the City Council:
omCIAL BID FORM
May II, 1995
Reference is made to your Official Statement and Notice of Sale and Bidding Instructions, dated April 20, 1995, of $2,000,000 CITY OF LUBBOCK.
TEXAS TAX AND HOTEL OCCUPANCY TAX SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, both of which
constitute a part hereof.
For your legally issued Certificates, as described in said Notice of Sale and Bidding Instructiqps and Official Statement, we will pay you par and
accrued interest from date of issue to date of delivery to us, plus a cash premium of S OJ, 1. L:> for Certificates maturing and bearing interest
as follows:
Principal Interest
Maturitt &!!ount J!ate
2-1S..1996 s 265,000 ,,5o$-
2-JS-1997 310,000 ~"
2-IS-1998 330,000 4.5 " 2-15-1999 345,ooo~ "f./p "
2-15-2000 365,000 '-f,; "
2-15-2001 3~,000 :t&_s
Our calculation (which is not a part of this bid) of the interest cost from the above is:
.;.19) ocr&.l5
,.2. 1.;1.5
Total Interest Cost
Less Premium
NET INTEREST COST
EFFECTIVE INTEREST RATE
s
s 3J.9, o1a . .so
..... '1'l"P5.\
We are having the Certificates of the following maturities -------~:---:----:--::--:-':"":"'--:::~=-~ insured
by at a premium of$._--::"!"':"---:::--=~-· said premium to be paid bv the Purchaser. Any
fees to be paid to the rating agencies as a result of said insurance will be oaid by the City,
The Initisl Certificate shall be registered in the name of First Southwest Company . We will advise The Depository Trust
Company ("DTC") of registration instructions at least five business days prior to the date set for Initial Delivery.
A bank cashier'• check or certified check of the Nationsbanc Bank, Dallas , in the
amount of $40,000.00, which represents our Good Faith Deposit (is attached hereto) or (bas been made &VIilable 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 the Certificates utilizing the Book-Entry-Only System through DTC and make payment for the Initial Certificate in
immediately available funds in the Corporate Trust Division, Norwest Bank Minnesota, National Association, Minnesplis, Minnesota, not later than
10:00 AM, CDT, on lune IS, 1995, or thereafter on the date the Certificates are tendered for delivery, purauant 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 aix business days prior to delivery of the Certificates, a certificate
relating to the "issue price" of the Certificates 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.
We agree to provide in 'IVI'idng the iDidal reofferiug prices aud other terms. if 11JJ1, Co the F'awmdal Advisor by the dose of the aext business
day after the award.
Respectfully submitted,
First Southwest Comany -Mgr
Stephens Inc. -Jt Mgr
The above and foregoing bid is hereby in all things accepted by the City of Lubboc:
Bidding Instructions, this the llthiCy ofM , 1995.
ATTEST: ~}A
City Secreta y .
J
NationsBank Fax 214 508-2163
" Corporate Trust (TXl-492-18-02)
901 Main Street, 18th Floor (75202-3783)
P. 0. Box 831402 (75283-1402)
Dallas, TX
Nations Bank
May4, 1995
Ms. Glenda Carter
First Southwest Company
402 Cypress
Suite 103
Abilene, TX 79601
Re: City of Lubbock Tax & Hot Occ Tax Surp Rev C/0, Series 1995
Dear Glenda:
Enclosed, you will find NationsBank cashier's check number 0995-000134 in the
amount of $40,000.00. This Check is being submitted for the Good Faith Escrow
on the captioned financing. Please apply the check to the bidders listed below:
Dean Witter Reynolds, Inc.
Dillion Read & Co., Inc.
First Southwest Company
Morgan Keegan & Co., Inc.
PaineWebber, Inc.
Prudential Securities, Inc.
Rauscher Pierce Refsnes, Inc.
Stephens Inc.
Should the winning bidder not be listed above, please return the check to me.
I will contact your office shortly after the sale date to find out who won the bid.
If you have any questions you can contact me at (214)508-1798 or Reanne Barber
at (214)508-1705.
Kay Tennant
Trust Associate
enclosure
Member FDIC
THE STATE OF TEXAS
COUNTY B
Before me~.-...l.t.l-¥-~~-r-..,.,....----.---.....--.....--::r"'! I' c in and for Lubbock County, Texas on this day
personally appeared . ...:f;,(~f:il!l.l~l'U'./AJ.":z..,..CJQ.JIS"Q~!!ti~-M.fl .. llutc41<::'L-'of the Southwestern Newspa~
pers Corporation, publishers of the Lubbock Avalanche~Journal -Morni , and Sunday, who being by me duly
sworn did depose and say that said newsP,a r. has been published continuously for more than fifty~two weeks pri-
or to the first insertion of this .,&..:~~L:!1~~·~~~;----:-::-:-:--:--=--:--=----::-::---:-:--:--::--:-:....,_'-'~~-1t-L---at Lubbock County, Texas and the attached print~
~'!fo!:~~J!J.QIJ£~----r-r-__,.._i' s a true co of the original and was printed in the Lubbock
NOTARY PUBLIC in and for the State of Texas
My Commission Expires .............•.... ___ _
Morris Communication Corporation
Subscribed and sworn to before me this.,_ __ <i ..... · ... --;-;;~d~a~y~o~f~~;;;;;· ~-:·' ::,;·~ritmiiiiiaiii~--19 9ft,
FORM 58-10
1 ORDINANCE NO. H03
An Or!llnonco aull'lorl&lno the
ltsuonco of "CITY OF LUBBOCK. T I!' 11:AI, TAX AHD AIIIII'OII.T SURPLUS FU!VENUI! CI!FITIFI·
CA!I!S ~!'OBLIGATION, SE· RII,S 199S • levying an oc1 valorem
Ia• UPOn Ofl ID><oble PI'OP<!I'h In the
Cflv ond orcvldlnv far a llled!le of lh~ Svrotus RevenuM at the City's
PATTI TATE Notary Public, State of Texas
My Commission Expires
7.QSo2000
Jllrrorl lor th• payment al sold C~H"tlflcales; prescribing llwt forms 1---...... ----~"'"""··-=-=-;.;·c:;-;;;:-~::.:~:;;:·-..-·...,;;;.,;;;=~~,.,.;..~~:=''::':':.::::::::::,.;;;;:;;,..::;:..::;;:::=:;:.::.=:.:.::::.:.~-_ ond lletolls of such Cerllllcates1 orescrlblno t•rmt and delolls "'
·'·;,.;,·,_::-_.
· , : O'IDII'IANCIIIIIO. 17110 ;_; : · <: ·-. " .. · --/---~-~ -~~>:sn.~;~ ::.-:·--r::--·
:. ,"AN ORDINI\NCI!' :oABANDON-' lNG AND CLOSING A I"'RTION
su~h C.,.lfllcaii!S oncl resolvlftll olh· er matters lnclclent and refotecl Ia
lhe lssuanct~, sole. securlly, pay. ht~l """' delivery of told C•rtfll. en los. lncludln9 the approval of a
Povfno Ag~nllflevlslror ACiroe-m~t ond tiM aoarovof and cllslrl·
UF ORLANOO AYENUI!' AlfD /QUI STREET IN THE CITY OF .
bullm of an OIIICkll Slolemtnl per. lniPinq H•erero; ond PI'OV!dlng on rHccll .. dole.
~g~!~~:N~uA~~ .. ~~~~~ (_ORj)INANCj!'No.!~.:
.• An Or(lfnonce authorltlnv the IUuc~nco of "CITY OF LUBBOCK
TEXAS. TAX ANO HOTEL OCCU:
F'ANCY TI\X SURPLUS R!V·
I!NUI! CERTIFICATES OF OIU.I· ' ctATION, SERIES 199!", fevylnv M rrcl vnlorom lax ....,on olllox:able
! r'"""''" In lhe Cllv and Providing
LARLY DI!SCRIBI!D IN THE,
BOOY OF THE ORDINANClh 01·
REC 11'10. THE CITY ENGINEER 1' TO Mill!~': TIIF. OFFICIAL MAP$
(lf' IIH-. CITY TO RI!PlECT I '::~.10 IIDANDONMENT AND ':LCISIN<l; f'ROVIOIIlG A SAV· Ill!)~ Cli'I.ISF.; AND PROVIDING
' l1i~ PUilLICII TION.
ORUINJ\NCE NO. t79S
Atl OI!OIIIIAPICE ADANOOtl· lim MIO CLOSIIIIG PORTIONS ftF A IS FOOT ALLEY LOCATED
Ill, IILOCK SO, ROBERTS AND M<"WHORTI!R ADDITION TO . HIE CITY OF LUBBOCK, LUB· llQCK COUNTY, TEXAS, AND
MORE PARTICULARLY DE· SCRIIIEOIN THE BODY OF THIS ORDINANCI!'t DI!U!'CTING THE CITY ENGINEER TO MARIC THE
OFFICIAL MAPS OF THE CITY TO REFlECT SAID ABANDON· MENT ANO CLOSING; PROVIO.
lNG A SAVINGS CUUSEt AND
PROVIDING FOR PUBLICA· liON.
ORDIIIIANCE NO. 9801
AN ORD,INANCE ANIENO.
I>IG SECTION 76•22, Sti8SI!C•
TI0/1 lbll21 OF THE CODE OF OROINANCES OF THE CITY OF LUBBOCK, TEXAS, WITH RE·
GJUID TO ALI..OCATION OF HQ.
ti!'L OCCUPANCY TAX IIlEY·
I!Hlii!S: PROVIDING A SAVINGll
Cl.AUSE: ANO PROVIDING FOR
"'1S,LICA TION.
'"" 0 oled9<1 of a onrllon of liM rev. e'IUU r~lved lrom the h<*IO<CU•
t•dtttY Ia• lrvfed by llllt City for lhe 1'0 •'""'"' of sold Ctrllflco!es; Pl't· M:rlbln" lh~ tormt and dololfs of
'""" Certlllcales and resolving alh· •r ""'""" lnc:ldl>nr o11d relalnd Ia fhe ltsuonce, so'-• s~curlty, PO\'· r~enl ond delivery of sold Cerllll· <ntes, lr>cludln9 the approval of 0 Pavlntt Alttrti/Reolstror Allret• m~l and the aoorovat and dlstrl· bull on of an Ofllclol Slolemenl .,.,. !~:;~~{!,i~:;:~o: and orovlcllng an
ORDINAIIICE NO. 91105
·;.·.·An Ordinance aulhorldl19 the
IS>tJonet> oi"CITY OF LUBBOCI< TF.XAS. GENERAL OBLIGATION BONOS, SERIES l\195", •oecllyl,.9 "'"terms and leolur .. of solei
bnncls: '"""'no o conllnutno direct onnuof oct valorem tax few-the pay.
menl ol sold bonds; and resolvln~J other mauers lncldenl and nlofed IO~ he Issuance. sole, DOymenf and dellv•rv of sold bonds, lnclullfnil ,.,,l•••••w•l•l• PoYIA• All""''lil"lstrOf' Avr•..,enl end
-'*'DN>val and lfl.lfrlbullon et on fllfl<!lot Stal•'"•nl toerlalftln• fh'»''lto; ond orovldln• en "''•clive df'lt~.
wsf TJf 1-0
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