HomeMy WebLinkAboutOrdinance - 9434-1991 - General Obligation Bond Series 1991 - 04/25/1991-
ORDINANCE NO. 9434
AN ORDINANCE authorizing the issuance of "CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1991"; specifying the terms and
features of said bonds; levying a
continuing direct annual ad valorem tax for
the payment of said bonds; and resolving
other matters incident and related to the
issuance, sale, payment and delivery of
said bonds, including the approval of an
Official Statement pertaining thereto; and
providing an effective date.
WHEREAS, the City Council of the City of Lubbock, Texas,
hereby finds and determines that $2,000,000 in principal amount
of general obligation bonds approved and authorized to be
issued at an election held on October 17, 1987, should be
issued and sold at this time; a summary of the general
obligation bonds authorized at elections previously held, the
principal amount authorized, amounts heretofore issued and
being issued pursuant to this ordinance and amounts remaining
to be issued subsequent hereto being as follows:
Principal Amounts Amounts
Date Amount Heretofore Being Unissued
Purpose Authorized Authorized Issued Issued Balance
Sewer System 05/21/77 $3.303.000 $2.175.000 -0-$1,128.000
Imp. &' Ext.
Waterworks System 11/21/81 $5.226.000 $5.ooo.ooo $ -0-$ 226,000
Imp. & Ext.
Street Improvement 10/17/87 $13.275 .ooo $7.227.000 $2.000.000 $4.048.000
(Signalization.
lighting and
rights-of-way)
Waterworks System 10/17/87 $2.810.000 $ 200.000 -0-$2,610.000
Imp. & Ext.
AND WHEREAS, the City Council hereby reserves and retains
the right to issue the balance of unissued bonds approved at
said elections in one or more installments when, in the
judgment of the Council, funds are needed ·to accomplish the
purposes for which such bonds were voted; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: Authorization -Designation-Principal Amount-
Purpose. General obligation bonds 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, GENERAL OBLIGATION BONDS, SERIES 1991"
(hereinafter referred to as the "Bonds"), for the purpose of
making permanent public improvements, to wit: for constructing
street improvements in and for said City, including
signalization, lighting, and acquisition of rights-of-way, all
in accordance with authority conferred at the aforesaid
election and under and in strict conformity with the
Constitution and laws of the State of Texas, including Article
823, and Article VIII Section 1 of the City Charter of the City
of Lubbock, Texas.
SECTION 2: Fully Registered Obligations -Bond Date -
Authorized Denominations-Stated Maturities-Interest Rates. The
Bonds shall be issued as fully registered obligations only,
shall be dated May 15, 1991 (the "Bond Date"), shall be in
denominations of $5,000 or any integral multiple (within a
Stated Maturity) thereof, and shall become due and payable on
February 15 in each of the years and in principal amounts (the
"Stated Maturities") in accordance with the following schedule:
Year of Principal Interest
Stated Maturity Amount Rate
1992 $100,000 8.75\
1993 100,000 8.75\
1994 100,000 8.75\
1995 100,000 8.75\
1996 100,000 8.75\
1997 100,000 8.75\
1998 100,000 8.75\
1999 100,000 8.75\
2000 100,000 8.70\
2001 100,000 6.25\
2002 100,000 6.40\
2003 100,000 6.50\
2004 100,000 6.50\
2005 100,000 6.50\
2006 100,000 6.25\
2007 100,000 6. 25\
2008 100,000 6.25\
2009 100,000 5.75\
2010 100,000 5.75\
2011 100,000 5.75\
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The Bonds shall bear interest on the unpaid principal
amounts from the Bond Date at the per annum rates shown above
(computed on the basis of a 360-day year of twelve 30-day
months); such interest shall be payable on February 15 and
August 15 in each year, commencing February 15, 1992.
SECTION 3: Terms of Payment-Paying Agent/Registrar.
The principal of, premium, if any, and the interest on the
Bonds, due and payable by reason of maturity, redemption or
otherwise, shall be payable only to the registered owners or
holders of the Bonds (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 Texas Commerce Bank
National Association, Lubbock, Texas to serve as Paying
Agent/Registrar for the Bonds is hereby approved and confirmed
and the City agrees and covenants to be kept and maintained at
the principal office of the Paying Agent/Registrar books and
records for the registration, payment and transfer of the Bonds
(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 Bonds.
The City covenants to maintain and provide a Paying
Agent/Registrar at all times until the Bonds are paid and
discharged, and any successor Paying Agent/Registrar shall be a
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 Bonds, 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 Bonds shall be
payable at the Stated Maturities or the redemption thereof,
only upon presentation and surrender of the Bonds to the Paying
Agent/Registrar at its principal office. Interest on the Bonds
shall be paid 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 shall be paid by the Paying Agent/Registrar (i) by
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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 Bonds shall be a Saturday, Sunday, a legal
holiday, or a day on which 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 on which 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") wi 11
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.
SECTION 4: Redemption. (a) Optional Redemption. The
Bonds having Stated Maturities on and after February 15, 2002,
shall be subject to redemption prior to maturity, at the option
of the City, in whole or in part in principal amounts of $5,000
or any integral multiple thereof (and if within a Stated
Maturity by lot by the Paying Agent/Registrar), on February 15,
2001 or on any date thereafter at the redemption price of par
plus accrued interest to the date of redemption.
(b) Exercise of Redemption Option. At least forty-five
(45) days prior to a redemption date for the Bonds (unless a
shorter notification period shall be satisfactory to the Paying
Agent/Registrar), the City shall notify the Paying
Agent/Registrar of the decision to redeem Bonds, the principal
amount of each Stated Maturity to be redeemed, and the date of
redemption therefor. The decision of the City to exercise the
right to redeem Bonds shall be entered in the minutes of the
governing body of the City.
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(¢) Selection of Bonds for Redemption. If less than all
Outstanding Bonds of the same Stated Maturity are to be
redeemed on a redemption date, the Paying Agent/Registrar shall
treat I such Bonds as representing the number of Bonds
Outstanding which is obtained by dividing the principal amount
of su~h Bonds by $5,000 and shall select the Bonds, or
principal amount thereof, to be redeemed within such Stated
Maturity by lot.
(d) Notice of Redemption. Not less than thirty (30) days
prior ito a redemption date for the Bonds, a notice of
redemption shall be sent by United States Mail, first class
postage prepaid, in the name of the City and at the City's
expense, to each Holder of a Bond to be redeemed in whole or in
part a~ the address of the Holder appearing on the Security
Register at the close of business on the business day next
preced~ng the date of mailing such notice, and any notice of
redemption so mailed shall be conclusively presumed to have
been d~ly given irrespective of whether received by the Holder.
I .
All notices of redemption shall (i) specify the date of
redemp~ion for the Bonds, (ii) identify the Bonds to be
redeemed and, in the case of a portion of the principal amount
to bel redeemed, the principal amount thereof to be
redeemed, (iii) state the redemption price, (iv) state that the
Bonds, I or the portion of the principal amount thereof to be
redeemed, shall become due and payable on the redemption date
specifVed, and the interest thereon, or on the portion of the
princi~al amount thereof to be redeemed, shall cease to accrue
from a~d after the redemption date, and (v) specify that
payment; of the redemption price for the Bonds, or the principal
amount !thereof to be redeemed, shall be made at the principal
office \of the Paying Agent/Registrar only upon presentation and
surrender thereof by the Holder. If a Bond is subject by its
terms to prior redemption and has been called for redemption
and ndtice of redemption thereof has been duly given as
hereinabove provided, such Bond (or the principal amount
thereofi to be redeemed) shall become due and payable and
interes~ thereon shall cease to accrue from and after the
redemptlion date therefor; provided moneys sufficient for the
payment! of such Bond (or of the principal amount thereof to be
redeeme'd) at the then applicable redemption price are held for
the purpose of such payment by the Paying Agent/Registrar.
I SECTION 5: Registration -Transfer-Exchange of Bonds-Predece~sor Bonds. A Security Register relating to the
registr~tion, payment, and transfer or exchange of the Bonds
shall ~t all times be kept and maintained by the City at the
princip:al office of the Paying Agent/Registrar, as provided
herein land in accordance with the provisions of an agreement
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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 Bonds issued under and pursuant to the provisions
of this Ordinance, or if appropriate, the nominee thereof. Any
Bond may be transferred or exchanged for Bonds of other
authorized denominations by the Holder, in person or by his
duly authorized agent, upon surrender of such Bond 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 Bond 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 Bonds of
authorized denominations and having the same Stated Maturity
and of a like aggregate principal amount as the Bond or Bonds
surrendered for transfer.
At the option of the Holder, Bonds may be exchanged for
other Bonds of authorized denominations and having the same
Stated Maturity, bearing the same rate of interest and of like
aggregate principal amount as the Bonds surrendered for
exchange, upon surrender of the Bonds to be exchanged at the
principal office of the Paying Agent/Registrar. Whenever any
Bonds are surrendered for exchange, the Paying Agent/Registrar
shall register and deliver new Bonds to the Holder requesting
the exchange.
All Bonds issued in any transfer or exchange of Bonds
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 and delivery thereof, the same shall be the valid
obligations of the City, evidencing the same obligation to pay,
and entitled to the same benefits under this Ordinance, as the
Bonds surrendered in such transfer or exchange.
All transfers or exchanges of Bonds 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.
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Bonds cancelled by reason of an exchange or transfer
pursuant to the provisions hereof are hereby defined to be
"Predecessor Bonds," evidencing all or a portion, as the case
may be, of the same obligation to pay evidenced by the new Bond
or Bonds registered and delivered in the exchange or transfer
therefor. Additionally, the term "Predecessor Bonds" shall
include any mutilated, lost, destroyed, or stolen Bond for
which a replacement Bond has been issued, registered and
delive~ed in lieu thereof pursuant to the provisions of
Section 11 hereof and such new replacement Bond shall be deemed
to evidence the same obligation as the mutilated, lost,
destroyed, or stolen Bond.
Neither the City nor the Paying Agent/Registrar shall be
required to issue or transfer to an assignee of a Holder any
Bond called for redemption, in whole or in part, within 45 days
of the date fixed for the redemption of such Bond; provided,
however, such limitation on transferability shall not be
applicable to an exchange by the Holder of the unredeemed
balance of a Bond called for redemption in part.
SECTION 6: Book-Entry Only Transfers and
Transactions. Notwithstanding the prov1s1ons contained in
Sections 3 and 5 hereof relating to the payment, and
transfer/exchange of the Bonds, 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 Bonds.
Pursuant to the Depository Agreement and the rules of DTC,
the Bonds shall be deposited with DTC who shall hold said Bonds
for its participants (the "DTC Participants"). While the Bonds
are held by DTC under the Depository Agreement, the Holder of
the Bonds 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 Bond (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 Bonds or otherwise ceases to
provide book-entry clearance and settlement of securities
transactions in general or the City determines that DTC is
incapable of properly discharging its duties as securities
depository for the Bonds, the City covenants and agrees with
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the Holders of the Bonds to cause Bonds to be printed in
definitive form and provide for the Bonds to be issued and
delivered to DTC Participants and Beneficial Owners, as the
case may be. Thereafter, the Bonds in definitive form shall be
assigned, transferred and exchanged on the Security Register
maintained by the Paying Agent/Registrar and payment of such
Bonds shall be made in accordance with the provisions of
Sections 3 and 5 hereof.
SECTION 7: Execution -Registration. The Bonds 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 Bonds may be
manual or facsimile. Bonds bearing the manual or facsimile
signatures of individuals who are or were the proper officers
of the City on the Bond Date shall be deemed to be duly
executed on behalf of the City, notwithstanding that such
individuals or either of them shall cease to hold such offices
at the time of delivery of the Bonds to the initial
purchaser(s) and with respect to Bonds delivered in subsequent
exchanges and transfers, all as authorized and provided in the
Bond Procedures Act of 1981, as amended.
No Bond shall be entitled to any right or benefit under
this Ordinance, or be valid or obligatory for any purpose,
unless there appears on such Bond either a certificate of
registration substantially in the form 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 form provided in
Section 9D, manually executed by an authorized officer,
employee or representative of the Paying Agent/Registrar, and
either. such certificate duly signed upon any Bond shall be
conclusive evidence, and the only evidence, that such Bond has
been duly certified, registered and delivered.
SECTION 8: Initial Bond(s). The Bonds herein
authorized shall be initially issued either (i) as a single
fully registered bond 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 twenty (20) fully registered bonds, being one bond 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 Bond(s)•) and, in
either case, the Initial Bond(s) shall be registered in the
name of the initial purchaser(s) or the designee thereof. The
Initial Bond(s) shall be the Bonds submitted to the Office of
the Attorney General of the State of Texas for approval,
certified and registered by the Office of the Comptroller of
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Public Accounts of the State of Texas and delivered to the
initial purchaser(s). Any time after the delivery of the
Initial Bond(s), the Paying Agent/Registrar, pursuant to
written instructions from the initial purchaser(s), or the
designee thereof, shall cancel the Initial Bond(s) delivered
hereunder and exchange therefor definitive Bonds 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 Bonds,
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 Bonds, 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 Corrunittee on Uniform
Securities Identification Procedures of the American Bankers
Association) and such legends and endorsements (including any
reproduction of an opinion of counsel) thereon as may,
consistently herewith, be established by the City or determined
by the officers executing such Bonds as evidenced by their
execution. Any portion of the text of any Bonds may be set
forth on the reverse thereof, with an appropriate reference
thereto on the face of the Bond.
The definitive Bonds shall be printed, lithographed, or
engraved or produced in any other similar manner, all as
determined by the officers executing such Bonds as evidenced by
their execution, but the Initial Bond(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 Bond for each Stated Maturity in the aggregate
principal amount of each Stated Maturity and (ii) for
registration of such Bonds 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) a form of which is attached hereto
as Exhibit B, is approved and may be executed by the Mayor and
City Secretary on behalf. of the City. The execution of a
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Letter of Representations may occur either before or after
delivery of the Bonds to the initial purchasers but shall not
affect the City• s obligation to pay the registered owners the
principal of and interest on the Bonds as the same become due.
While any Bond is registered in the name of a securities
depository or its nominee, references herein and in the Bonds
to the holder or owner of such Bond shall mean the securities
depository or its nominee and shall not mean any other person.
REGISTERED
NO.
B. Form of Definitive Bond.
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF LUBBOCK, TEXAS,
GENERAL OBLIGATION BOND, SERIES 1991
Bond Date: Interest Rate: Stated Maturity:
May 15, 1991
Registered Owner:
Principal Amount:
REGISTERED $ ___ _
CUSIP NO:
DOLLARS
The City of Lubbock (hereinafter referred to as the
"City"), a body corporate and political subdivision in the
County of Lubbock, State of Texas, for value received,
acknowledges itself indebted to and hereby promises to pay to
the Registered Owner named above, or the registered assigns
thereof, on the Stated Maturity date specified above the
Principal Amount hereinabove stated (or so much thereof as
shall not have been paid upon prior redemption) and to pay
interest on the unpaid principal amount hereof from the Bond
Date at the per annum rate 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 in each
year, commencing February 15, 1992. Principal of this Bond 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 Bond (or one or more
Predecessor Bonds, as defined in the
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63960
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 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 Bonds shall be a Saturday,
Sunday, a legal holiday, or a day on which 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 on which 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 Bond 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.
Th!i.s Bond is one of the series specified in its title
issued in the aggregate principal amount of $2,000,000 (herein
referred to as the "Bonds") for the purpose of making permanent
public improvements, to wit: constructing street improvements
in and for said City, including signalization, lighting, and
acquisition of rights-of-way under and in strict conformity
with the Constitution and laws of the State of Texas and
pursuant to an ordinance adopted by the City Counci 1 of the
City (herein referred to as the •ordinance").
The Bonds maturing on and after February 15, 2002, may be
redeemed prior to their Stated Maturities, at the option of the
City, ib whole or in part in principal amounts of $5,000 or any
integral multiple thereof (and if within a Stated Maturity by
lot by the Paying Agent/Registrar), on February 15, 2001, or on
any date thereafter, at the redemption price of par, together
with accrued interest to the date of redemption and upon
30 days prior written notice being sent by United States Mail,
first class postage prepaid, to the registered owners of the
Bonds to be redeemed, and subject to the terms and provisions
relating thereto contained in the Ordinance. If this Bond (or
any portion of the principal sum hereof) shall have been duly
called for redemption and notice of such redemption duly given,
then upon such redemption date this Bond (or the portion of the
principal sum hereof to be redeemed) shall become due and
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payable, and interest thereon shall cease to accrue from and
after the redemption date therefor, provided moneys for the
payment of the redemption price and the interest on the
principal amount to be redeemed to the date of redemption are
held for the purpose of such payment by the Paying
Agent/Registrar.
In the event of a partial redemption of the principal
amount of this Bond, payment of the redemption price of such
principal amount shall be made to the registered owner only
upon presentation and surrender of this Bond to the Paying
Agent/Registrar at its principal office and there shall be
issued, without charge therefor to the registered owner hereof,
a new Bond or Bonds of like maturity and interest rate in any
authorized denominations provided by the Ordinance for the then
unredeemed balance of the principal sum hereof. If this Bond is
selected for redemption, in whole or in part, the City and the
Paying Agent/Registrar shall not be required to transfer this
Bond to an assignee of the registered owner within 45 days of
the redemption date therefor; provided, however, such
limitation on transferability shall not be applicable to an
exchange by the registered owner of the unredeemed balance
hereof in the event of its redemption in part.
The Bonds are payable from the proceeds of an ad valorem
tax levied, within the limitations prescribed by law, upon all
taxable property in the City. 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 of the provisions of
which the owner or holder of this Bond 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 Bonds; the terms and conditions relating to the transfer or
exchange of this Bond; the conditions upon which the Ordinance
may be amended or supplemented with or without the consent of
the Holders; the rights, duties, and obligations of the City
and the Paying Agent/Registrar; the terms and provisions upon
which this Bond may be discharged at or prior to its maturity
or redemption, and deemed to be no longer Outstanding
thereunder; and for other terms and provisions contained
therein. Capitalized terms used herein have the meanings
assigned in the Ordinance.
This Bond, 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
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authorized agent. When a transfer on the Security Register
occurs, one or more new fully registered Bonds of the same
Stated Maturity, of authorized denominations, bearing the same
rate of interest, 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, shall treat the registered owner 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 Bond as the owner entitled to payment of
principal hereof at its Stated Maturity or its redemption, in
whole or in part, 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 declared
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. Bonds is duly authorized by law; that all acts,
conditions and things required to exist and be done precedent
to and in the issuance of the Bonds 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 Bonds 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 Bonds by the levy of a tax as aforestated. In
case any provision in this Bond shall be invalid, illegal, or
unenforceable, the validity, legality, and enforceability of
the remaining provisions shall not in any way be affected or
impaired thereby. The terms and provisions of this Bond and
the Ordinance shall be construed in accordance with and shall
be governed by the laws of the State of Texas.
-13-
IN WITNESS WHEREOF, the City Council of the City has
caused this Bond to be duly executed under the official seal of
the City as of the Bond Date.
CITY OF LUBBOCK, TEXAS
COUNTERSIGNED: Mayor
City Secretary
(SEAL) c. *Form of Registration Certificate of Comptroller
of Public Accounts to appear on Initial Bond(s) only.
REGISTRATION CERTIFICATE OF
COMPTROLLER OF PUBLIC ACCOUNTS
OFFICE OF THE COMPTROLLER
OF PUBLIC ACCOUNTS
THE STATE OF TEXAS
(
(
(
(
REGISTER NO.
I HEREBY CERTIFY that this Bond 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
(SEAL)
*NOTE TO PRINTER:
6l,6D
signature and seal of office
Comptroller of Public Accounts
of the State of Texas
Do Not Print on Definitive Bonds
-14-
this
D. Form of Certificate of Paying Agent/Registrar to
appear on Bonds (other than a single fully registered
Initial Bond).
REGISTRATION CERTIFICATE OF PAYING AGENT/REGISTRAR
This Bond has been duly issued and registered under the
provisions of the within-mentioned Ordinance; the bond or bonds
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.
TEXAS COMMERCE BANK NATIONAL
ASSOCIATION
Lubbock, Texas
as Paying Agent/Registrar
Registration Date:
By
Authorized Signature
E. Form of Assignment.
ASSIGNMENT
FOR
assigns,
address,
VALUE RECEIVED
and transfers
and zip code of
the undersigned hereby sells,
unto (Print or typewrite name,
transferee:) .................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Social. Security or other identifying number: .....••......
•....•. ~ ........ ) the within Bond and all rights thereunder,
and hereby irrevocably constitutes and appoints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
attorney to transfer the within Bond on the books kept for
registration thereof, with full power of substitution in the
premises.
DATED:
Signature guaranteed:
. . . . . . . . . . . . . . . . . . . . . . . . . .
6396D
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NOTICE: The signature on this
assignment must correspond with
the name of the registered owner
as it appears on the face of the
within Bond in every particular.
-15-
F. The Initial Bond(s) shall be in the form set forth in
paragraph B of this Section, except that the form of the single
fully registered Initial Bond shall be .modified as follows:
(i) immediately under the name of the bond the
headings "Interest Rate " and "Stated
Maturity " shall both be completed "as shown
below";
(ii) Paragraph one shall read as follows:
Registered Owner:
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 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:
YEAR OF
MATURITY
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 Bond 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 in each year, commencing February 15,
1992. Principal installments of this Bond 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 of Texas Commerce Bank National Association,
Lubbock, Texas (the "Paying Agent/Registrar"). Interest is
payable to the registered owner of this Bond 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
-16-63960
interest payment date, and interest shall be paid by the Paying
Agent/Registrar by check sent United 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 Bonds shall
be a Saturday, Sunday, a legal holiday, or a day on which
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 on which 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
Bond 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: Levy of Taxes. To provide for the payment
of the "Debt Service Requirements" of the Bonds, being (i) the
interest on the Bonds and (ii) a sinking fund for their
redemption at maturity or a sinking fund of 2% (whichever
amount is the greater), there is hereby levied, and there shall
be annually assessed and collected in due time, form, and
manner, a tax on all taxable property in the City, within the
limitations prescribed by law, and such tax hereby levied on
each one hundred dollars' valuation of taxable property in the
City for the Debt Service Requirements of the Bonds shall be at
a rate from year to year as will be ample and sufficient to
provide funds each year to pay the principal of and interest on
said Bonds while Outstanding; full allowance being made for
delinquencies and costs of collection; separate books and
records relating to the receipt and disbursement of taxes
levied, assessed and collected for and on account of the Bonds
shall be kept and maintained by the City at all times while the
Bonds are Outstanding, and the taxes collected for the payment
of the Debt Service Requirements on the Bonds shall be
deposited to the credit of a "Special 1991 Bond Account" (the
"Interest and Sinking Fund") maintained on the records of the
City and deposited in a special fund maintained at an official
depository of the City's funds; and such tax hereby levied, and
to be assessed and collected annually, is hereby pledged to the
payment of the Bonds.
Proper officers of the City are hereby authorized and
directed to cause to be transferred to the Paying Agent/
Registrar for the Bonds, from funds on deposit in the Interest
-17-
and Sinking Fund, amounts sufficient to fully pay and discharge
promptly each installment of interest and principal of the
Bonds'as the same accrues or matures or comes due by reason of
redemption prior to maturity; such transfers of funds to be
made in such manner as will cause collected funds to be
deposited with the Paying Agent/Registrar on or before each
principal and interest payment date for the Bonds.
SECTION 11: Mutilated-Destroyed-Lost and Stolen Bonds.
In case any Bond shall be mutilated, or destroyed, lost or
stolen, the Paying Agent/Registrar, subject to City approval
and in its discretion, may execute and deliver a replacement
Bond of like form and tenor, and in the same denomination and
bearing a number not contemporaneously outstanding, in exchange
and substitution for such mutilated Bond, or in lieu of and in
substitution for such destroyed, lost or stolen Bond, only upon
(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 Bond,
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 Bond shall be borne by the Holder of
the Bond mutilated, or destroyed, lost or stolen.
Every replacement Bond 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 Bonds; notwithstanding the enforceability
of payment by anyone of the destroyed, lost, or stolen Bonds.
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 Bonds.
SECTION 12: Satisfaction of Obligation 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
interest on the Bonds, at the times and in the manner
stipulated in this Ordinance, then the pledge of taxes levied
under this Ordinance and a 11 covenants, agreements, and other
obligations of the City to the Holders shall thereupon cease,
terminate, and be discharged and satisfied.
Bonds or any principal amount(s) thereof shall be deemed
to have been paid within the meaning and with the effect
expres'sed above in this Section when (i) money sufficient to
-18-
pay in full such Bonds or the principa 1 amount ( s) thereof at
maturity or (if notice of redemption has been duly given or
waived. or if irrevocable arrangements therefor acceptable to
the Paying Agent/ Registrar have been made) the redemption date
thereof, 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
Bonds, or the principal amount(s) thereof, on and prior to the
Stated Maturity thereof or (if notice of redemption has been
duly given or waived or if irrevocable arrangements therefor
acceptable to the Paying Agent/ Registrar have been made) the
redemption date 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 Bonds
to be treated as "arbitrage bonds" within the meaning of
Section 148 of the Internal Revenue Code of 1986, or
regulations adopted pursuant thereto.
Any moneys so deposited with the Paying Agent/Registrar,
or an authorized escrow agent, and all income from Government
Securities held in trust by the Paying Agent/Registrar, or an
authorized escrow agent, pursuant to this Section which is not
required for the payment of the Bonds, 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 Bonds and remaining unclaimed
for a period of four ( 4) years after the Stated Maturity, or
applicable redemption date, of the Bonds 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, after a
period!of four (4) years after Stated Maturity, 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.
The term "Government Securities•, as used herein, means
direct. obligations of, or obligations the principal of and
interest on which are unconditionally guaranteed by, the United
States 1 of America, which are non-callable prior to the
respective Stated Maturities of the Bonds and may be United
States Treasury Obligations such as the State and Local
Government Series and may be in book-entry form.
-19-
'J9ftD
SECTION 13: Ordinance a Contract -Amendments -Outstanding
Bonds. This Ordinance shall constitute a contract with the
Holders from time to time, be binding on the City, and shall
not be amended or repealed by the City so long as any Bond
remains Outstanding except as permitted in this Section. The
City .may, without the consent of or notice to any Holders, from
time ·to time and at any time, amend this Ordinance in any
manner not detrimenta 1 to the interests of the Holders,
including the curing of any ambiguity, inconsistency, or formal
defect or omission herein. In addition, the City may, with the
consent of Holders holding a majority in aggregate principal
amount of the Bonds 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 Bonds, 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 Bonds, reduce the
principal amount thereof, the redemption price therefor, 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 Bonds, (2) give any preference to any Bond over any other
Bond, or (3) reduce the aggregate principal amount of Bonds
required to be held by Holders for consent to any such
amendment, addition, or rescission.
The term "Outstanding" when used in this Ordinance with
respect to Bonds means, as of the date of determination, a 11
Bonds theretofore issued and delivered under this Ordinance,
except:
13910
(1) those Bonds cancelled by the
Agent/Registrar or delivered to the
Agent/Registrar for cancellation;
Paying
Paying
(2) those Bonds deemed to be duly paid by the
City in accordance with the provisions of Section 12
hereof by the irrevocable deposit with the Paying
Agent/Registrar, or an authorized escrow agent, of
money or Government Securities, or both, in the
amount necessary to fully pay the principal of,
premium, if any, and interest thereon to maturity or
redemption, as the case may be, provided that, if
such Bonds are to be redeemed, notice of redemption
thereof shall have been duly given pursuant to this
Ordinance or irrevocably provided to be given to the
satisfaction of the Paying Agent/Registrar, or
waived; and
(3) those mutilated, destroyed, lost, or stolen
Bonds which have been replaced with Bonds r•gistered
and delivered in lieu thereof as provided in
Section 11 hereof.
-20-
SECTION 14: Covenants to Maintain Tax-Exempt Status.
(a) Definitions. When used in this Section 14, the
following terms have the following meanings:
"Code" means the Internal Revenue Code of 1986, as
amended by all legislation, if any, enacted on or before
the date of delivery of the Bonds to the initial
purchaser(s).
"Computation Date" has the meaning stated in Treas.
Reg. § 1.148-8T(b)(l).
"Gross Proceeds•• has the meaning stated in Treas.
Reg. § 1.148-8T(d).
"Investment" has the meaning stated in Treas.
Reg. § 1.148-8T(e).
"Nonpurpose Investment" means any Investment in which
Gross Proceeds of the Bonds are invested and which is not
acquired to carry out the governmental purpose of the
Bonds.
"Rebatable Arbitrage" has the meaning stated in
Treas. Reg. § 1.148-2T.
"Yield of"
(1) any Investment shall be computed in
, accordance with Treas. Reg. §1.148-2T, and
(2) the Bonds has the meaning stated in
Treas. Reg. § 1.14 8-3T. The Yield on the Bonds
is to be computed on a joint yield basis together
with the City•s "Combination Tax and Waterworks
System Subordinate Lien Revenue Certificates of
Obligation, Series 1991," and "Combination Tax
and Solid Waste Disposal System Revenue
Certificates of Obligation, Series 1991."
(b) Not to Cause Interest to Become Taxable. 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
-21-6l96D
any Bond 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 shall have received 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 exclusion of
interest on any Bond from gross income for federal income tax
purposes pursuant to Section 103 of the Code, the City shall
comply with each of the specific covenants in this Section.
·(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 Bonds,
(1) exclusively own, operate, and possess all
property the acquisition, construction, or improvement of
which is to be financed directly or indirectly with Gross
Proceeds of the Bonds and not use or permit the use of
such Gross Proceeds or any property acquired, constructed,
or improved with such Gross Proceeds in any activity
carried on by any person or entity other than a state or
local government, unless such use is solely as a member of
the general public, or
(2) not directly or indirectly impose or accept any
charge or other payment for use of Gross Proceeds of the
Bonds or any property the acquisition, construction, or
improvement of which is to be financed 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 Bonds
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 conunitted 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.
-22-
(~) Not to Invest at Higher Yield. Except to the extent
permi t~ed by section 148 of the Code and the regulations and
rulings thereunder, the City shall not, at any time prior to
the final Stated Maturity of the Bonds, directly or indirectly
invest Gross Proceeds of the Bonds in any Investment (or use
such Gross Proceeds to replace money so invested), if as a
result of such investment the Yield of all Investments
allocated to such Gross Proceeds whether then held or
previously disposed of, exceeds the Yield of the Bonds.
(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 Bonds to be federally guaranteed
within the meaning of Section 149(b) of the Code and the
regulations and rulings thereunder.
(g) Information Report. The City shall timely file with
the Secretary of the Treasury the information required by
section 149 (e) of the Code with respect to the Bonds on such
form and in such place as such Secretary may prescribe.
(h) Payment of Rebatable Arbitrage. Except to the extent
otherwise provided in section 148(f) of the Code and the
regulations and rulings thereunder,
13910
(1) The City shall account for all Gross Proceeds of
the Bonds (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 maintain
all records of such accounting with the official
transcript of the proceedings relating to the issuance of
the Bonds until six years after the final Computation
Date. The City may, however, to the extent permitted by
law, commingle Gross Proceeds of the Bonds with other
money of the City, provided that the City separately
accounts for each receipt and expenditure of such Gross
Proceeds and the obligations acquired therewith.
(2) Not less frequently than each Computation Date,
the City shall either (i) cause to be calculated by a
nationally recognized accounting or financial advisory
firm or ( ii) calculate and cause its calculations to be
verified by a nationally recognized accounting or
financial advisory firm, in either case in accordance with
rules set forth in section 148(f) of the Code and
Treas. Reg. § 1.148-2T and rulings thereunder, the
Reba table Arbitrage with respect to the Bonds. The City
shall maintain such calculations with the official
transcript of the proceedings relating to the issuance of
the Bonds until six years after the final Computation
Date.
-23-
(3) As additional consideration for the purchase of
the Bonds by the initial purchasers thereof and the loan
of the money represented thereby, and in order to induce
such purchase by measures designed to result in 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 the
amount described in paragraph (2) above and the amount
described in paragraph (4) below, at the times, in the
installments, to the place, in the manner, and accompanied
by such forms or other information as is or may be
required by section 148(f) of the Code and
Treas. Reg. SS 1.148-1T through 1.148-9T and rulings
thereunder.
(4) The City shall exercise reasonable diligence to
assure that no errors are made in the calculations
required by paragraph (2) and, if such error is made, to
di~cover and promptly to correct such error within a
reasonable amount of time thereafter, including payment to
the United States of any Correction Amount as described in
Treas. Reg. S 1.148-1T(c)(2) and any penalty under Treas.
Reg. § 1.148-1T(c)(3)(ii)(B).
SECTION 15: Sale of the Bonds. The sale of the Bonds to
Rauscher Pierce Refsnes, Inc. and associates at the price of
par, accrued interest plus a premium of $-0-is hereby
confirmed. Delivery thereof to the purchaser(s) shall occur as
soon as possible upon payment being made therefor in accordance
with the terms of sale.
SECTION 16: Control and Custody of Bonds. 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 and supply of definitive Bonds, and
shall take and have charge and control of the Initial Bond(s)
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 relating to the City and its
financial affairs as may be necessary for the issuance of the
Bonds, the approval of the Attorney General and the
registration by the Comptroller of Public Accounts 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 Bond(s) to the Purchasers and the
initial exchange thereof for definitive Bonds.
-24-6396D
SECTION 17: Official Statement. The Official Statement
prepared in the initial offering and sale of the Bonds 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 therein, in light of the circumstances under which
they were made, not misleading. The use of such Official
Statement in the reoffering of the Bonds by the Purchasers is
hereby approved and authorized.
SECTION 18: Notices to Holders-Waiver. 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
Bonds. 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 19: Cancellation. All Bonds surrendered for
payment, redemption, transfer, exchange, or replacement, if
surrendered to the Paying Agent/Registrar, shall be promptly
cancelled by it and, if surrendered to the City, shall be
delivered to the Paying Agent/Registrar and, if not already
cancelled, shall be promptly cancelled by the Paying
Agent/Registrar. The City may at any time deliver to the
Paying Agent/Registrar for cancellation any Bonds previously
certified or registered and delivered which the City may have
acquired in any manner whatsoever, and all Bonds so delivered
shall be promptly cancelled by the Paying Agent/Registrar. All
cancelled Bonds held by the Paying Agent/Registrar shall be
returned to the City.
-25-
SECTION 20: Printed Opinion. The Purchasers' obligation
to accept delivery of the Bonds is subject to being furnished a
final opinion of Fulbright & Jaworski, Attorneys, approving the
Bonds as to their validity, said opinion to be dated and
delivered as of the date of delivery and payment for the
Bonds. Printing of a true and correct reproduction of said
opinion on the reverse side of each of the definitive Bonds is
hereby approved and authorized.
SECTION 21: CUSIP Numbers. CUSIP numbers may be
printed or typed on the definitive Bonds. It is expressly
provided, however, that the presence or absence of CUSIP
numbers on the definitive Bonds shall be of no significance or
effect as regards the legality thereof and neither the City nor
attorneys approving the Bonds as to legality are to be held
responsible for CUSIP numbers incorrectly printed or typed on
the definitive Bonds.
SECTION 22: 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 23: 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 24: 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 25: Effect of Headings. The Section headings
herein are for convenience only and shall not affect the
construction hereof.
SECTION 26: 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 theimasculine, feminine or neuter gender shall be considered
to include the other genders.
-26-63960
SECTION 27: Severability. If any prov1s1on 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 28: 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 Article 6252-17, Vernon's Texas Civil
Statutes, as amended.
SECTION 29: Effective Date. This Ordinance shall be in
force and effect from and after its passage on second and final
reading and IT IS SO ORDAINED.
PASSED AND ADOPTED ON FIRST READING, this 25th day of
Apri 1, 1991.
PASSED AND ADOPTED ON SECOND AND FINAL READING, this 26th
day of April, 1991.
CITY OF LUBBOCK, TEXAS
ATTEST:
~~
(City Stial) ---
-27-
63960
•' .,._
.. . ~
PAYING AGENT/REGISTRAR AGREEMENT
THIS AGREEMENT entered into as of April 26, 1991 {this
"Agreement''), by and between the City of Lubbock, Texas (the
"Issuer"), and Texas Commerce Bank National Association,
Lubbock, Texas, a banking association duly organized and
existing under the laws of the United States of America (the
"Bank").
RECITALS
WHEREAS, the Issuer has duly authorized and provided for
the issuance of its "City of Lubbock, Texas, General Obligation
Bonds, Series 1991" (the "Securities") in the aggregate
principal amount of $2,000,000, such Securities to be issued in
fully registered form only as to the payment of principal
thereof and interest thereon; and
WHEREAS, the Securities are scheduled to be delivered to
the initial purchasers thereof on or about May 30, 1991; and
WHEREAS, the Issuer has selected the Bank to serve as
Paying Agent/Registrar in connection with the payment of the
principal of, premium, if any, and interest on said Securities
and with respect to the registration, transfer, and exchange
thereof by the registered owners thereof; and
WHEREAS, the Bank has agreed to serve in such capacities
for and on behalf of the Issuer and has full power and
authority to perform and serve as Paying Agent/Registrar for
the Securities;
NOW, THEREFORE, it is mutually agreed as follows:
ARTICLE ONE
APPOINTMENT OF BANK AS
PAYING AGENT AND REGISTRAR
Section 1.01. Appointment.
The Issuer hereby appoints the Bank to serve as Paying
Agent with respect to the Securities, and, as such Paying
Agent, the Bank shall be responsible for paying on behalf of
the Issuer the principal of, premium (if any), and interest on
the Securities as the same become due and payable to the
registered owners thereof; all in accordance with this
Agreement and the ••Bond Resolution" (hereinafter defined). The
Issuer ·hereby appoints the Bank as Registrar with respect to
the Securities and, as Registrar for the Securities, the Bank
c .
·'
shall keep and maintain for and on behalf of the Issuer books
and records as to the ownership of said Securities and with
respect to the transfer and exchange thereof as provided herein
and in the "Bond Resolution". ·
The Bank hereby accepts its appointment, and agrees to
serve as the Paying Agent and Registrar for the Securities.
Section 1.02. Compensation.
As compensation for the Bank's services as Paying Agent/
Registrar, the Issuer hereby agrees to pay the Bank the fees
and amounts set forth in Annex A attached hereto for the first
year of this Agreement and thereafter the fees and amounts set
forth in the Bank • s current fee schedule then in effect for
services as Paying Agent/Registrar for municipalities, which
shall be supplied to the Issuer on or before 90 days prior to
the close of the Fiscal Year of the Issuer, and shall be
effective upon the first day of the following Fiscal Year.
In addition, the Issuer agrees to reimburse the Bank upon
its request for all reasonable expenses, disbursements, and
advances incurred or made by the Bank in accordance with any of
the provisions hereof (including the reasonable compensation
and the expenses and disbursements of its agents and counsel).
ARTICLE TWO
DEFINITIONS
Section 2.01. Definitions.
For all purposes of this Agreement, except as otherwise
expressly provided or unless the context otherwise requires:
' 4 S S D
"Acceleration Date" on any Security means the date
on and after which the principal or any or all
installments of interest, or both, are due and payable on
any Security which has become accelerated pursuant to the
terms of the Security.
"Bank Office" means the principal corporate trust
office of the Bank as indicated on page 12 hereof. The
Bank will notify the Issuer in writing of any change in
location of the Bank Office.
"Bond Resolution" means the resolution, order, or
ordinance of the governing body of the Issuer pursuant to
which the Securities are issued, certified by the
Secretary or any other officer of the Issuer and
delivered to the Bank~
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..
64S5D
. "Fiscal Year•• means the fiscal year of the Issuer,
ending September 30.
"Holder" and "Security Holder" each means the Person
in whose name a Security is registered in the Security
Register.
"Issuer Request" and "Issuer Order" means a written
request or order signed in the name of the Issuer by the
Mayor, City Secretary, City Manager, or Assistant City
Manager for Financial Services, any one or more of said
officials, and delivered to the Bank.
"Leg a 1 Ho 1 iday" means a day on which the Bank is
required or authorized to be closed.
"Person" means any individual, corporation,
partnership, joint venture, association, joint stock
company, trust, unincorporated organization, or
government, or any agency or political subdivision of a
government.
"Predecessor Securities" of any particular Security
means every previous Security evidencing all or a portion
of the same obligation as that evidenced by such
particular Security (and, for the purposes of this
definition, any mutilated, lost, destroyed, or stolen
Security for which a replacement Security has been
registered and delivered in lieu thereof pursuant to
Section 4.06 hereof and the Resolution}.
"Redemption Date" when used with respect to any Bond
to be redeemed means the date fixed for such redemption
pursuant to the terms of the Bond Resolution.
"Responsible Officer" when used with respect to the
Bank means the Chairman or Vice-Chairman of the Board of
Directors, the Chairman or Vice-Chairman of the Executive
Committee of the. Board of Directors, the President, any
Vice President, the Secretary, any Assistant Secretary,
the Treasurer, any Assistant Treasurer, the Cashier, any
Assistant Cashier, any Trust Officer or Assistant Trust
Officer, or any other officer of the Bank customarily
performing functions similar to those performed by any of
the above designated officers and also means, with
respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.
"Security Register" means a register maintained by
the Bank on behalf of the Issuer providing for the
registration and transfer of Securities.
-3-
..
"Stated Maturity" means the date specified in the
Bond Resolution the principal of a Security is scheduled
to be due and payable.
Section 2.02. Other Definitions.
The terms "Bank," "Issuer," and "Securities (Security)"
have the meanings assigned to them in the recital paragraphs of
this Agreement.
The term "Paying Agent/Registrar" refers to the Bank in
the performance of the duties and functions of this Agreement.
ARTICLE THREE
PAYING AGENT
Section 3.01. Duties of the Paying Agent.
As Paying Agent, the Bank shall, provided adequate
collected funds have been provided to it for such purpose by or
on behalf of the Issuer, pay on behalf of the Issuer the
principal of each Security at its Stated Maturity, Redemption
Date, or Acceleration Date, to the Holder upon surrender of the
Security to the Bank at the Bank Office.
As Paying Agent, the Bank shall, provided adequate
collected funds have been provided to it for such purpose by or
on behalf of the Issuer, pay on behalf of the Issuer the
interest on each Security when due, by computing the amount of
interest to be paid each Holder and making payment thereof to
the Holders of the Securities (or their Predecessor Securities)
on the Record Date. All payments of principal and/or interest
on the Securities to the registered owners shall be
accomplished ( 1) by the issuance of checks, payable to the
registered owners, drawn on the fidicuary account provided in
Section 5.05 hereof, sent by United States mail, first class,
postage prepaid, to the address appearing on the Security
Register or (2) by such other method, acceptable to the Bank,
requested in writing by the Holder at the Holder's risk and
expense.
Section 3.02. Payment Dates.
The Issuer hereby instructs the Bank to pay the principal
of and interest on the Securities at the dates specified in the
Bond Resolution.
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6 4 5 s 0
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ARTICLE FOUR
REGISTRAR
Section 4.01. Security Register-Transfers and Exchanges.
The Bank agrees to keep and maintain for and on behalf of
the Issuer at the Bank Office books and records (herein
sometimes referred to as the "Security Register") for recording
the names and addresses of the Holders of the Securities, the
transfer, exchange, and replacement of the Securities and the
payment of the principal of and interest on the Securities to
the Holders and containing such other information as may be
reasonably required by the Issuer and subject to such
reasonable regulations as the Issuer and the Bank may
prescribe. All transfers, exchanges, and replacements of
Securities shall be noted in the Security Register.
Every Security surrendered for transfer or exchange shall
be duly endorsed or be accompanied by a written instrument of
transfer, the signature on which has been guaranteed by an
officer of a federal or state bank or a member of the National
Association of Securities Dealers, such written instrument to
be in a form satisfactory to the Bank and duly executed by the
Holder thereof or his agent duly authorized in writing.
The Bank may request
feels necessary to effect
exchange of the Securities.
any supporting documentation
a re-registration, transfer,
it
or
To the extent possible and under reasonable
circumstances, the Bank agrees that, in relation to an exchange
or transfer of Securities, the exchange or transfer by the
Holders thereof will be completed and new Securities delivered
to the Holder or the assignee of the Holder in not more than
three (3) business days after the receipt of the Securities to
be cancelled in an exchange or transfer and the written
instrument of transfer or request for exchange duly executed by
the Holder, or his duly authorized agent, in form and manner
satisfactory to the Paying Agent/Registrar.
Section 4.02. Securities.
The Issuer shall provide an adequate inventory of printed
Securities to facilitate transfers or exchanges thereof. The
Bank covenants that the inventory of printed Securities will be
kept in safekeeping pending their use and reasonable care will
be exercised by the Bank in maintaining such Securities in
safekeeping, which shall be not less than the care maintained
by the Bank for debt securities of other governments or
corporations for which it serves as registrar, or that is
maintairted for its own securities.
-5-
64550
'·
Section 4.03. Form of the Security Register.
The Bank, as Registrar, will maintain the Security
Register relating to the registration, payment, transfer, and
exchange of the Securities in accordance with the Bank•s
general practices and procedures in effect from time to time.
The Bank shall not be obligated to maintain such Security
Register in any form other than those which the Bank has
currently available and currently utilizes at the time.
The Security Register may be maintained in written form
or in any other form capable of being converted into written
form within a reasonable time.
Section 4.04. List of Security Holders.
The Bank will provide the Issuer at any time requested by
the Issuer, upon payment of the required fee, a copy of the
information contained in the Security Register. The Issuer may
also inspect the information contained in the Security Register
at any time the Bank is customarily open for business, provided
that reasonable time is allowed the Bank to provide an
up-to-date listing or to convert the information into written
form.
The Bank will not release or disclose the contents of the
Security Register to any person other than to, or at the
written request of, an authorized officer or employee of the
Issuer, except upon receipt of a court order or as otherwise
required by law. Upon receipt of a court order and prior to
the release or disclosure of the contents of the Security
Register, the Bank will notify the Issuer so that the Issuer
may contest the court order or such release or disclosure of
the contents of the Secu~ity Register.
Section 4.05. Return of Cancelled Securities.
The Bank will, at such reasonable intervals as it
determines, surrender to the Issuer, Securities in lieu of
which or in exchange for which other Securities have been
issued, or which have been paid.
Section 4. 06. Mutilated, Destroyed,
Securities.
Lost, or Stolen
The Issuer hereby instructs the Bank, subject to the
provisions of Section 11 of the Bond Resolution, to deliver and
issue Securities in exchange for or in lieu of mutilated,
destroy~d, lost, or stolen Securities as long as the same does
not res~lt in an overissuance.
-6-
'4 s 50
...
In case any Security shall be mutilated, destroyed, lost,
or stofen, the Bank, in its discretion, may execute and deliver
a repl~cement Security of like form and tenor, and in the same
denomination and bearing a number not contemporaneously
outstanding, in exchange and substitution for such mutilated
Security, or in lieu of and in substitution for such destroyed,
lost, or stolen Security, only upon (i) the filing by the
Holder thereof with the Bank of evidence satisfactory to the
Bank of the destruction, loss, or theft of such Security, and
of the authenticity of the ownership thereof and (ii) the
furnishing to the Bank of indemnification in an amount
satisfactory to hold the Issuer and the Bank harmless. All
expenses and charges associated with such indemnity and with
the preparation, execution, and delivery of a replacement
Security shall be borne by the Holder of the Security
mutilated, destroyed, lost, or stolen.
Section 4.07. Transaction Information to the Issuer.
The Bank will, within a reasonable time after receipt of
written request from the Issuer, furnish the Issuer information
as to the Securities it has paid pursuant to Section 3.01
hereof, Securities it has delivered upon the transfer or
exchange of any Securities pursuant to Section 4.01 hereof, and
Securities it has delivered in exchange for or in lieu of
mutilated, destroyed, lost, or stolen Securities pursuant to
Section 4.06 hereof.
ARTICLE FIVE
THE BANK
Section 5.01. Duties of the Bank.
The Bank undertakes to perform the duties
herein and agrees to use reasonable care in the
thereof.
Section 5.02. Reliance on the Documents, Etc.
set forth
performance
(a) The Bank may conclusively rely, as to the truth of
the statements and correctness of the opinions expressed
therein, on certificates or opinions furnished to the Bank.
(b) The Bank shall not be liable for any error of
judgment made in good faith by a Responsible Officer, unless it
shall be proved that the Bank was negligent in ascertaining the
pertinent facts.
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6 4 S 5 D
.,
(c) No provisions of this Agreement shall require the
Bank to expend or risk its own funds or otherwise incur any
financial liability for performance of any of its duties
hereunder, or in the exercise of any of its rights or powers,
if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity satisfactory to
it against such risks or liability is not assured to it.
(d) The Bank may rely and shall be protected in acting
or refraining from acting upon any resolution, certificate,
statement, instrument, op1n1on, report, notice, request,
direction, consent, order, bond, note, security, or other paper
or document believed by it to be genuine and to have been
signed or presented by the proper party or parties. Without
limiting the generality of the foregoing statement, the Bank
need not examine the ownership of any Securities, but is
protected in acting upon receipt of Securities containing an
endorsement or instruction of transfer or power of transfer
which appears on its face to be signed by the Holder or an
agent of the Holder. The Bank shall not be bound to make any
investigation into the facts or matters stated in a resolution,
certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, note, security, or
other paper or document supplied by Issuer.
(e) The Bank may consult with counsel, and the written
advice of such counsel or any opinion of counsel shall be full
and complete authorization and protection with respect to any
action taken, suffered, or omitted by it hereunder in good
faith and in reliance thereon.
(f) The Bank may exercise any of the powers hereunder
and petform any duties hereunder either directly or by or
through agents or attorneys of the Bank.
Section 5.03. Recitals of the Issuer.
The recitals contained herein with respect to the
and in the Securities shall be taken as the statements
Issuer, and the Bank assumes no responsiblity for
correctness.
Issuer
of the
their
The Bank shall in no event be liable to the Issuer, any
Holder or Holders of any Security, or any other Person for any
amount due on any Security from its own funds.
Section 5.04. May Hold Securities.
The Bank, in .. its individual or any other capacity, may
become lthe owner or pledgee of Securi tiE!s and may ·otherwise
deal with the Issuer with the same rights it would have if it
were not the Paying Agent/Registrar, or any other agent.
-a-
645SD
Section 5.05. Moneys Held by the Bank Separate Account/Collateraliza~t~i~o~n~.~~~=-~----~~~~=---------~~~~~
A separate account shall at all times be kept and
maintained by the Bank for the receipt, safekeeping and
disbursement of moneys received from the Issuer hereunder for
the payment of the Securities, and money deposited to the
credit of such account until paid to the Holders of the
Securities shall be continuously collaterialized by securities
or obligations which qualify and are eligible under the laws of
the State of Texas to secure and be pledged as collateral for
accounts of the Issuer to the extent such money is not insured
by the Federal Deposit Insurance Corporation. Payments made
from such account shall be made by check drawn on such account
unless the owner of such Securities shall, at its own expense
and risk, request such other medium of payment.
The Bank shall be under no liability for interest on any
money received by it hereunder.
Subject to the applicable unclaimed property laws of the
State of Texas, any money deposited with the Bank for the
payment of the principal, premium {if any), or interest on any
Security and remaining unclaimed for four years after final
maturity of the Security has become due and payable will be
paid by the Bank to the Issuer, and the Holder of such
Security shall thereafter look only to the Issuer for payment
thereof, and all liability of the Bank with respect to such
moneys shall thereupon cease.
Section 5.06. Indemnification.
To the extent permitted by law, the Issuer agrees to
indemnify the Bank for, and hold it harmless against, any loss,
liability, or expense incurred without negligence or bad faith
on its part, arising out of or in connection with its
acceptance or administration of its duties hereunder, including
the cost and expense against any claim or liability in
connection with the exercise or performance of any of its
powers or duties under this Agreement.
Section 5.07. Interpleader.
The Issuer and the Bank agree that the Bank may seek
adjudication of any adverse claim, demand, or controversy over
its person as well as funds on deposit, in either a Federal or
State District Court located in the state and county where
either 1the Bank Office or the administrative office of the
Issuer .is located, and agree that service of process by
certified or registered mail, return receipt requested, to the
-9-64550
'.
address referred to in Section 6. 03 of this Agreement sha 11
constitute adequate service. The Issuer and the Bank further
agree that the Bank has the right to file a Bill of
Interpleader in ariy court of competent jurisdiction to
determine the rights of any Person claiming any interest herein.
Section 5.08. DT Services.
It is hereby represented and warranted that, in the event
the Securities are otherwise qualified and accepted for
"Depository Trust Company" services or equivalent depository
trust services by other organizations, the Bank has the
capability and, to the extent within its control, will comply
with the "Operational Arrangements", effective August 1, 1987,
which establishes requirements for securities to be eligible
for such type depository trust services, including, but not
limited to, requirements for the timeliness of payments and
funds availability, transfer turnaround time, and notification
of redemptions and calls.
ARTICLE SIX
MISCELLANEOUS PROVISIONS
Section 6.01. Amendment.
This Agreement may be amended only by an agreement in
writing signed by both of the parties hereto.
Section 6.02. Assignment!.
This Agreement may not be assigned by either party
without the prior written consent of the other.
Section 6.03. Notices.
Any request, demand, authorization, direction, notice,
consent, waiver, or other document provided or permitted hereby
to be given or furnished to the Issuer or the Bank shall be
mailed or delivered to the Issuer or the Bank, respectively, at
the addresses shown on page 12 of this Agreement.
Section 6.04. Effect of Headings.
The Article and Section headings herein are for
convenience only and shall not affect the construction hereof.
Section 6.05. Successors and Assigns.
All covenants and agreements herein by the Issuer shall
bind it~ successors and assigns, whether so expressed or not.
-10-
lo455D
...
Section 6.06. Severability.
In case any provision herein shall be invalid, illegal,
or unenforceable, the validity, legality, and enforceability of
the remaining provisions shall not in any way be affected or
impaired thereby. ··
Section 6.07. Benefits of Agreement.
Nothing herein, express or implied, shall give to any
Person, other than the parties hereto and their successors
hereunder, any benefit or any legal or equitable right, remedy,
or claim hereunder.
Section 6.08. Entire Agreement.
This Agreement and the Bond Resolution constitute the
entire agreement between the parties hereto relative to the
Bank acting as Paying Agent/Registrar and if any conflict
exists between this Agreement and the Bond Resolution, the Bond
Resolution shall govern.
Section 6.09. Counterparts.
This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original and all
of which shall constitute one and the same Agreement.
Section 6.10. Termination.
This Agreement will terminate (i) on the date of final
payment of the principal of and interest on the Securities to
the Holders thereof or (ii) may be earlier terminated by either
party upon sixty ( 60) days written notice; provided, however,
an early termination of this Agreement by either party shall
not be effective until (a) a successor Paying Agent/Registrar
has been appointed by the Issuer and such appointment accepted
and (b) notice given to the Holders of the Securities of the
appointment of a successor Paying Agent/Registrar.
Furthermore, the Bank and the Issuer mutually agree that the
effective date of an early termination of this Agreement shall
not occur at any time which would disrupt, delay, or otherwise
adversely affect the payment of the Securities.
Upon an early termination of this Agreement, the Bank
agrees to promptly transfer and deliver the Security Register
(or a copy thereof), together with other pertinent books and
records relating to the Securities, to the successor Paying
Agent/Registrar designated and appointed by the Issuer.
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6 4 s s D
. '
The provisions of Section 1.02 and of Article Five shall
survive and remain in full force and effect following the
termination of this Agreement.
Section 6.11. Governing Law.
This Agreement shall be construed in accordance with and
governed by the laws of the State of Texas.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.
(SEAL)
·ATTEST:
64550
CITY OF LUBBOCK, TEXAS
BY~. ( ./;11'~
"'Maior
Address:
P. 0. Box 2000
Lubbock, Texas 79457
TEXAS COMMERCE BANK
NATIONAL ASSOCIATION
Lubbock, Texas
Bi.~
$adi1CE PRESIDENT & TRUST OFFICER
Mailing Address:
P. o. Box 841
Lubbock, Texas 79408
Delivery Address:
1314 Avenue K
Lubbock, Texas 79401
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"B" PAYING AGENT SERVICES PROPOSAL RESPONSE FORM
FEE SCHEDULE
BOND REGISTRAR, TRANSFER AGENT, AND
PAYING AGENT-BOOK-ENTRY-ONLY
BANK NAME: TEXAS COMMERCE BANK NA LUBBOCK
OFFICIAL SUBMITIING:
OFFICIAL SIGNATURE:
TITLE OF OFFICIAL: ASSISTANT VP & TRUST OFFICER
TELEPHONE NUMBER: (806) 742-8511
ACCOUNT MAINTENANCE Per Accunt
Annual minimum
INTEREST PAYMENTS
Payment of Interest per interest payment date
Each additional ck over 50
PRINCIPAL PAYMENTS
Payment of registered bond at maturity or by call
OTHER ITEMIZED SERVICES, AS SUGGESTED BY BIDDING BANK:
Acceptance
Issuance of 1099s on taxable issue
Annual m1n1mum for up to 100
\
$ 1.00
100.00
$ 75.00
1.00
$ 5.00
$500.00
$100.00
i !
ORDINANCE NO.
ORDINANCE authorizing the issuance of "CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1991"; specifying the term~ and
features of said bonds; levying a
continuing direct annual ad valorem tax for
the payment of said bonds; and resolving
other matters incident and related to the
issuance, sale, payment and delivery of
said bonds, including the approval of an
Official Statement pertaining thereto; and
providing an effective date.
WUEREAS, the Ctty Council of the City of Lubbock, Texas,
hereby·finds and determines that $2,000,000 in principal amount
of general obligation bonds approved and authorized to be
issued I at an election held on October 17, 1987, should be
issued! and sold at this time; a summary of the general
obligatiion bonds authorized at elections previously held, the
principal amount authorized, amounts heretofore issued and
being issued pursuant to this ordinance and amounts remaining
to be ~ssued subsequent hereto being as follows:
1
Purpose j
Sewer Sy~tem
Imp. ~ Ext.
I
Waterworfs System
Imp. &. Ext.
I
Street Improvement
(Signalization,
lighting and
rights-of-way)
Principal Amounts
Date Amount Heretofore
Authorized Authorized Issued
05/21/77 $3,303,000 $2,175,000
11/21/81 $5,226,000 $5,000,000
10/17/87 $13,275,000 $7,227,000
I Waterwor~s System 10/17/87 $2,810,000 $ 200,000
Imp. & Ext.
Amounts
Being Unissued
Issued Balance
' -0-$1,128,000
$ -0-$ 226,000
$2,000,000 $4,048,000
-o-$2,610,000
· A~D WHEREAS, the City Council hereby reserves and retains
the riiJht to issue the ba la11ce of unissued bonds approved at
said ~lections in one or more installments when, in the
judgmelt of the Counci 1, funds are needed to accomplish the
purpos
1
s for which such bonds were voted; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: Authorization -Designation-Principal Amount-
Purpose. General obligation bonds 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, GENERAL OBLIGATION BONDS, SERIES 1991"
(hereinafter referred to as the ••Bonds .. ), for the purpose of
making permanent public improvements, to wit: for constructing
street improvements in and for said City, including
signalization, lighting, and acquisition of rights-of-way, all
in accordance with authority conferred at the aforesaid
election and under and in strict conformity with the
Constitution and laws of the State of Texas, including Article
823, and Article VIII Section 1 of the City Charter of the City
of Lubbock, Texas.
SECTION 2: Fully Registered Obligations -Bond Date -
Authorized Denominations-Stated Maturities-Interest Rates. The
Bonds shall be issued as fully registered obligations only,
shall be dated May 15, 1991 (the "Bond Date .. ), shall be in
denominations of $5,000 or any integral multiple (within a
Stated Maturity) thereof, and shall become due and payable on
February 15 in each of the years and in principal amounts (the
"Stated Maturities") in accordance with the following schedule:
Year of Principal Interest
Stated Maturity Amount Rate
1992 $100,000 %
1993 100,000 %
1994 100,000 %
1995 100,000 %
1996 100,000 %
1997 100,000 %
1998 100,000 %
1999 100,000 %
2000 100,000 %
2001 100,000 %
2002 100,000 %
2003 100,000 %
2004 100,000 %
2005 100,000 %
2006 100,000 %
2007 100,000 %
2008 100,000 %
2009 100,000 %
2010 100,000 %
2011 100,000 %
-2-
63960
The Bonds shall bear interest on the unpaid principal
amounts from the Bond Date at the per annum rates shown above
(computed on the basis of a 360-day year of twelve 30-day
months); such interest shall be payable on February 15 and
August 15 in each year, commencing February 15, 1992.
SECTION 3: Terms of Payment-Paying Agent/Registrar.
The principa 1 of, premium, if any, and the interest on the
Bonds, due and payable by reason of maturity, redemption or
otherwise, shall be payable only to the registered owners or
holders of the Bonds (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 Texas Commerce Bank
National Association, Lubbock, Texas to serve as Paying
Agent/Registrar for the Bonds is hereby approved and confirmed
and the City agrees and covenants to be kept and maintained at
the principal office of the Paying Agent/Registrar books and
records for the registration, payment and transfer of the Bonds
(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 deli very of the Bonds.
The City covenants to rna inta in and provide a Pci'ying
Agent/Registrar at all times until the Bonds are paid and
discharged, and any successor Paying Agent/Registrar shall be a
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/Registr:ar for the Bonds, 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 Bonds shall be
payable at the Stated Maturities or the redemption thereof,
only upon presentation and surrender of the Bonds to the Paying
Agent/Registrar at its principal office. Interest on the Bonds
shall be paid 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 shall be paid by the Paying Agent/Registrar (i) by
-3-
63t'D
•.
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 Bonds shall be a Saturday, Sunday, a legal
holiday, or a day on which 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 on which 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 the Security Register at the close of
business on the last business day next preceding the date of
mailing of such notice.
SECTION 4: Redemption. (a) Optional Redemption. The
Bonds having Stated Maturities on and after February 15, 2002,
shall be subject to redemption prior to maturity, at the option
of the City, in whole or in part in principal amounts of $5,000
or any integral multiple thereof (and if· within a Stated
Maturity by lot by the Paying Agent/Registrar), on February 15,
2001 or on any date thereafter at the redemption price of par
plus accrued interest to the date of redemption.
(b) Exercise of Redemption Option. At least forty-five
(45) days prior to a redemption date for the Bonds (unless a
shorter notification period shall be satisfactory to the Paying
Agent/Registrar), the City shall notify the Paying
Agent/Registrar of the decision to redeem Bonds, the principal
amount of each Stated Maturity to be redeemed, and the date of
redemption therefor. The decision of the City to exercise the
right to redeem Bonds shall be entered in the minutes of the
governing body of the City.
-4-
63960
'·
(c) Selection of Bonds for Redemption. If less than all
Outstabding Bonds of the same Stated Maturity are to be
redeem~~ d on a redemption date, the Paying Agent/Registrar shall
treat such Bonds as representing the number of Bonds
outsta ding which is obtained by dividing the principal amount
of su h Bonds by $5,000 and shall select the Bonds, or
princi al amount thereof, to be redeemed within such Stated
Maturi y by lot.
( ) Notice of Redemption. Not less than thirty (30) days
prior to a redemption date for the Bonds, a notice of
redemp ion shall be sent by United States Mail, first class
postag~ prepaid, in the name of the City and at the City• s
expens~, to each Holder of a Bond to be redeemed in whole or in
part at the address of the Holder appearing on the Security
Register at the close of business on the business day next
preced~ng the date of mailing such notice, and any notice of
redemp~ion so mailed shall be conclusively presumed to have
been d~ly given irrespective of whether received by the Holder.
All notices of redemption shall (i) specify the date of
redemp~ion for the Bonds, (ii) identify the Bonds to be
redeemf'd and, in the case of a portion of the principal amount
to b redeemed, the principal amount thereof to be
redeem d, (iii) state the redemption price, (iv) state that the
Bonds, or the portion of the principal amount thereof to be
redeemid, sha 11 become due and payable on the redemption date
specif'ed, and the interest thereon, or on the portion of the
princi al amount thereof to be redeemed, shall cease to accrue
from nd after the redemption date, and (v) specify that
paymen~ of the redemption price for the Bonds, or the principal
amountl thereof to be redeemed, shall be made at the principal
office
1
_of the Paying Agent/Registrar only upon presentation and
surrenper thereof by the Holder. If a Bond is subject by its
terms Ito prior redemption and has been called for redemption
and nbtice of redemption thereof has been duly given as
hereinabove provided, such Bond (or the principal amount
thereof to be redeemed) shall become due and payable and intere~t thereon shall cease to accrue from and after the
redemp~ion date therefor; provided moneys sufficient for the
payment of such Bond (or of the principal amount thereof to be
redeemed) at the then applicable redemption price are held for
·the pu~pose of such payment by the Paying Agent/Registrar.
S CTION 5: Registration -Transfer-Exchange of Bonds-
Predec ssor Bonds. A Security Register relating to the
registration, payment, and transfer or exchange of the Bonds
shall at all times be kept and maintained by the City at the
princi al office of the Paying Agent/Registrar, as provided
herein and in accordance with the provisions of an agreement
-5-139r.D
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 Bonds issued under and pursuant to the provisions
of this Ordinance, or if appropriate, the nominee thereof. Any
Bond may be transferred or exchanged for Bonds of other
authorized denominations by the Holder, in person or by his
duly authorized agent, upon surrender of such Bond 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 Bond 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 Bonds of
authorized denominations and having the same Stated Maturity
and of a like aggregate principal amount as the Bond or Bonds
surrendered for transfer.
At the option of the Holder, Bonds may be exchanged for
other Bonds of authorized denominations and having the same
Stated Maturity, bearing the same rate of interest and of like
aggregate principal amount as the Bonds surrendered for
exchange, upon surrender of the Bonds to be exchanged at the
principal office of the Paying Agent/Registrar. Whenever any
Bonds are surrendered for exchange, the Paying Agent/Registrar
shall register and deliver new Bonds to the Holder requesting
the exchange.
All Bonds issued in any transfer or exchange of Bonds
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 and delivery thereof, the same shall be the valid
obligations of the City, evidencing the same obligation to pay,
and entitled to the same benefits under this Ordinance, as the
Bonds surrendered in such transfer or exchange.
All transfers or exchanges of Bonds 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.
-6-
6l9C.D
Bonds cancelled by reason of an exchange or transfer
pursua*t to the provisions hereof are hereby defined to be
"Predecessor Bonds," evidencing all or a portion, as the case
may be~ of the same obligation to pay evidenced by the new Bond
or Bonds registered and delivered in the exchange or transfer
theref6r. Additionally, the term "Predecessor Bonds" shall
include any mutilated, lost, destroyed, or stolen Bond for
which Ia replacement Bond has been issued, registered and
deliveted in lieu thereof pursuant to the provisions of
Section 11 hereof and such new replacement Bond shall be deemed
to evidence the same obligation as the mutilated, lost,
destroyed, or stolen Bond.
I Neither the City nor the Paying Agent/Registrar shall be
required to issue or transfer to an assignee of a Holder any
Bond called for redemption, in whole or in part, within 45 days
of the date fixed for the redemption of such Bond; provided,
however, such limitation on transferability shall not be
applicable to an exchange by the Holder of the unredeemed
balanc~ of a Bond called for redemption in part.
I SECTION 6: Book-Entry Only Transfers and
Transadtions. Notwithstanding the provisions contained in
Sections 3 and 5 hereof relating to the payment, and
transfer/exchange of the Bonds, the City hereby approves and
author~zes 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 JBonds.
l
Pursuant to the Depository Agreement and the rules of DTC,
the Bonds shall be deposited with DTC who shall hold said Bonds
for it~ participants (the "DTC Participants"). While the Bonds
are held by DTC under the Depository Agreement, the Holder of
the Bo~ds on the Security Register for all purposes, including
paymen~ and notices, shall be Cede & Co., as nominee of DTC,
notwit~standing the ownership of each actual purchaser or owner
of eac~ Bond (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 Bonds or otherwise ceases to provid~ book-entry clearance and settlement of securities
transactions in general or the City determines that DTC is
incapa~le of properly discharging its duties as securities
deposit
1
ory for the Bonds, the City covenants and agrees with
!
-7-
the Holders of the Bonds to cause Bonds to be printed in
definitive form and provide for the Bonds to be issued and
delivered to DTC Participants and Beneficial Owners, as the
case may be. Thereafter, the Bonds in definitive form shall be
assigned, transferred and exchanged on the Security Register
maintained by the Paying Agent/Registrar and payment of such
Bonds shall be made in accordance with the provisions of
Sections 3 and 5 hereof.
SECTION 7: Execution -Registration. The Bonds 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 Bonds may be
manual or facsimile. Bonds bearing the manual or facsimile
signatures of individuals who are or were the proper officers
of the City on the Bond Date shall be deemed to be duly
executed on behalf of the City, notwithstanding that such
individuals or either of them shall cease to hold such offices
at the time of delivery of the Bonds to the initial
purchaser(s) and with respect to Bonds delivered in subsequent
exchanges and transfers, all as authorized and provided in the
Bond Procedures Act of 1981, as amended.
No Bond shall be entitled to any right or benefit under
this Ordinance, or be valid or obligatory for any purpose,
unless there appears on such Bond either a certificate of
registration substantially in the form 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 form 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 Bond shall be
conclusive evidence, and the only evidence, that .such Bond has
been duly certified, registered and delivered.
SECTION 8: Initial Bond(s). The Bonds herein
authorized shall be initially issued either (i) as a single
fully registered bond 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 twenty (20) fully registered bonds, being one bond 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 Bond(s)") and, in
either case, the Initial Bond(s) shall be registered in the
name of the initial purchaser(s) or the designee thereof. The
Initial Bond(s) shall be the Bonds submitted to the Office of
the Attorney General of the State of Texas for approval,
certified and registered by the Office of the Comptroller of
-8-
63960
Public Accounts of the State of Texas ·and delivered to the
initial purchaser(s). Any time after the delivery of the
Initial Bond(s), the Paying Agent/Registrar, pursuant to
written instructions from the initial purchaser(s), or the
designee thereof, shall cancel the Initial Bond(s) delivered
hereunder and exchange therefor definitive Bonds 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 Bonds,
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 Bonds, 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 any
reproduction of an opinion of counsel) thereon as may,
consistently herewith, be established by the City or determined
by the officers executing such Bonds as evidenced by their
execution. Any portion of the text of any Bonds may be set
forth on the reverse thereof, with an appropriate reference
thereto on the face of the Bond.
The definitive Bonds shall be printed, lithographed, or
engraved or produced in any other similar manner, all as
determined by the officers executing such Bonds as evidenced by
their execution, but the Initial Bond(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 Bond for each Stated Maturity in the aggregate
principal amount of each Stated Maturity and (ii) for
registration of such Bonds 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) a form of which is-attached hereto
as Exhibit B, is approved and may be executed by the Mayor and
City Secretary on behalf of the City. The execution of a
-9-
6l96D
Letter of Representations may occur either before or after
delivery of the Bonds to the initial purchasers but shall not
affect the City's obligation to pay the registered owners the
principal of and interest on the Bonds as the same become due.
While any Bond is registered in the name of a securities
depository or its nominee, references herein and in the Bonds
to the holder or owner of such Bond shall mean the securities
depository or its nominee and shall not mean any other person.
REGISTERED
NO.
B. Form of Definitive Bond.
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF LUBBOCK, TEXAS,
GENERAL OBLIGATION BONO, SERIES 1991
Bond Date: Interest Rate: Stated Maturity:
May 15, 1991
Registered Owner:
Principal Amount:
REGISTERED $ ___ _
CUSIP NO:
DOLLARS
The City of Lubbock (hereinafter referred to as the
"City"), a body corporate and political subdivision in the
County of Lubbock, State of Texas, for· value received,
acknowledges itself indebted to and hereby promises to pay to
the Registered Owner named above, or the registered assigns
thereof, on the Stated Maturity date specified above the
Principal Amount hereinabove stated (or so much thereof as
shall not have been paid upon prior redemption) and to pay
interest on the unpaid principal amount hereof from the Bond
Date at the per annum rate 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 in each
year, commencing February 15, 1992. Principal of this Bond 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 Bond (or one or more
Predecessor Bonds, as defined in the
-10-l39lD
; '
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 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 Bonds shall be a Saturday,
Sunday, a legal holiday, or a day on which 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 on which 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 Bond 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 Bond is one of the series specified in its title
issued in the aggregate principal amount of $2,000,000 (herein
referred to as the "Bonds") for the purpose of making permanent
public improvements, to wit: constructing street improvements
in and for said City 1 including signalization, lighting, and
acquisition of rights-of-way under and in strict conformity
with the Constitution and laws of the State of Texas and
pursuant to an ordinance adopted by the City Co unci 1 of the
City (herein referred to as the "Ordinance").·
The Bonds maturing on and after February 15, 2002, may be
redeemed prior to their Stated Maturities, at the option of the
City 1 in whole or in part in principal amounts of $5,000 or any
integral multiple thereof (and if within a Stated Maturity by
lot by the Paying Agent/Registrar), on February 15, 2001, or on
any date thereafter, at the redemption price of par, together
with accrued interest to the date of redemption and upon
30 days prior· written notice being sent by United States Mail,
first class postage prepaid, to the registered owners of the
Bonds· to be redeemed, and subject to the terms and provisions
relating thereto contained in the Ordinance. If this Bond (or
any portion of the principal sum hereof) shall have been duly
called for redemption and notice of such redemption duly given,
then upon such redemption date this Bond (or the portion of the
principal sum hereof to be redeemed) shall become due and
-11-6l'JID
payable, and interest thereon shall cease to accrue from and
after the redemption date therefor, provided moneys for the
payment of the redemption price and the interest on the
principal amount to be redeemed to the date of redemption are
held for the purpose of such payment by the Paying
Agent/Registrar.
In the event of a partial redemption of the principal
amount of this Bond, payment of the redemption price of such
principal amount shall be made to the registered owner only
upon presentation and surrender of this Bond to the Paying
Agent/Registrar at its principal office and there shall be
issued, without charge therefor to the registered owner hereof,
a new Bond or Bonds of like maturity and interest rate in any
authorized denominations provided by the Ordinance for the then
unredeemed balance of the principal sum hereof. If this Bond is
selected for redemption, in whole or in part, the City and the
Paying Agent/Registrar shall not be required to transfer this
Bond to an assignee of the registered owner within 45 days of
the redemption date therefor; provided, however, such
limitation on transferability shall not be applicable to an
exchange by the registered owner of the unredeemed balance
hereof in the event of its redemption in part.
The Bonds are payable from the proceeds of an ad valorem
tax levied, within the limitations prescribed by law, upon all
taxable property in the City. 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 of the provisions of
which the owner or holder of this Bond 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 Bonds; the terms and conditions relating to the transfer or
exchange of this Bond; the conditions upon which the Ordinance
may be amended or supplemented with or without the consent of
the Holders; the rights, duties, and obligations of the City
and the Paying Agent/Registrar; the terms and provisions upon
which this Bond may be discharged at or prior to its maturity
or redemption, and deemed to be no longer Outstanding
thereunder; and for other terms and provisions contained
therein. Capitalized terms used herein have the meanings
assigned in the Ordinance.
This Bond, 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 heieof, or his duly
-12-5l95D
author~zed agent. When,' a' transft:fi:"' C>n'' the Security Register
occurs~ one or more new fully registered Bonds of the same
Stated Maturity, of authorized denominations, bearing the same
rate of interest, 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, shall treat the registered owner 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 Bond as the owner entitled to payment of
principal hereof at its Stated Maturity or its redemption, in
whole or in part, 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 declared
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 Bonds is duly authorized by law; that all acts,
conditions and things required to exist and be done precedent
to and in the issuance of the Bonds 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 Bonds 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 Bonds by the levy of a tax as aforestated. In
case any provision in this Bond shall be invalid, illegal, or
unenforceable, the validity, legality, and enforceability of
the remaining provisions shall not in any way be affected or
impaired thereby. The terms and provisions of this Bond and
the Ordinance shall be construed in accordance with and shall
be governed by the laws of the State of Texas.
-13-6l!6D
IN WITNESS WHEREOF, the City Council of the City has
caused this Bond to be duly executed under the official seal of
the City as of the Bond Date.
CITY OF LUBBOCK, TEXAS
COUNTERSIGNED: Mayor
City Secretary
(SEAL) c. *Form of Registration Certificate of Comptroller
of Public Accounts to appear on Initial Bond(s) only.
REGISTRATION CERTIFICATE OF
COMPTROLLER OF PUBLIC ACCOUNTS
OFFICE OF THE COMPTROLLER
OF PUBLIC ACCOUNTS
THE STATE OF TEXAS
(
(
(
(
REGISTER NO.
I HEREBY CERTIFY that this Bond 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
(SEAL)
*NOTE TO PRINTER:
63960
signature and seal of office
Comptroller of.Public Accounts
of the State of Texas
Do Not Print on Definitive Bonds
-14-
this
D. Form of Certiticiate 6f Payi~g Agent/Registrar to
appear on Bonds (other than a single fully registered
Initial Bond).
REGISTRATION CERTIFICATE OF PAYING AGENT/REGISTRAR
This Bond has been duly issued and registered under the
provisions of the within-mentioned Ordinance; the bond or bonds
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.
TEXAS COMMERCE BANK NATIONAL
ASSOCIATION
Lubbock, Texas
as Paying Agent/Registrar
Registration Date:
By ------~~~--~~~.---~--------Authorized Signature
E. Form of Assignment.
ASSIGNMENT
FOR
assigns,
address,
VALUE RECEIVED
and transfers
and zip code of
the undersigned hereby sells,
unto (Print or typewrite name,
transferee:) .................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Social Security or other identifying number: .•....•...•..
• • • • • • • . ..• . • • • • • ) the within Bond and all rights
and herepy irrevocably constitutes and appoints
thereunder, . . . . . . . . . . . . ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
attorney to transfer the within Bond on the books kept for
registration thereof, with full power of substitution in the
premises.
DATED: . . . . . . . . . . . . . . . . . .
Signature guaranteed:
. . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NOTICE: The signature on this
assignment must correspond with
the name of the registered owner
as it appears on the face of the
within Bond in every particular.
-15-
F. The Initial Bond(s) shall be in the form set forth in
paragraph B of this Section, except that the form of the single
fully registered Initial Bond shall be modified as follows:
(i) immediately under the name of the bond the
headings "Interest Rate " and "Stated
Maturity " shall both be completed "as shown
below";
(ii) Paragraph one shall read as follows:
Registered Owner:
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 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:
YEAR OF
MATURITY
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 Bond 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 in each year, commencing February 15,
1992. Principal installments of this Bond 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 of Texas Commerce Bank National Association,
Lubbock, Texas (the "Paying Agent/Registrar"). Interest is
payable to the registered owner of this Bond 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
-16-
63960
interest payment date, and interest shall be paid by the Paying
Agent/Registrar by check sent United 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 Bonds shall
be a Saturday, Sunday, a legal holiday, or a day on which
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 on which 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
Bond 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: Levy of Taxes. To provide for the payment
of the "Debt Service Requirements" of the Bonds, being (i) the
interest on the Bonds and (ii) a sinking fund for their
redemption at maturity or a sinking fund of 2% (whichever
amount is the greater), there is hereby levied, and there shall
be annually assessed and collected in due time, form, and
manner, a tax on all taxable property in the City, within the
1 imitations prescribed by law, and such tax hereby levied on
each one hundred dollars' valuation of taxable property in the
City for the Debt Service Requirements of the Bonds shall be at
a rate from year to year as wi 11 be ample and sufficient to
provide funds each year to pay the principal of and interest on
said Bonds while Outstanding; full allowance being made for
delinquencies and costs of collection; separate books and
records relating to the receipt and disbursement of taxes
levied, assessed and collected for and on account of the Bonds
shall be kept and maintained by the City at all times while the
Bonds are Outstanding, and the taxes collected for the payment
of the Debt Service Requirements on the Bonds shall be
deposited to the credit of a "Special 1991 Bond Account" (the
"Interest and Sinking Fund") maintained on the records of the
City and deposited in a special fund maintained at an official
depository of the City's funds; and such tax hereby levied, and
to be assessed and collected annually, is hereby pledged to the
payment of the Bonds.
Proper officers of the City are hereby authorized and
directed to cause to be transferred to the Paying Agent/
Registrar for the Bonds, from funds on deposit in the Interest
-17-
•
and Sinking Fund, amounts sufficient to fully pay and discharge
promptly each installment of interest and principal of the
Bonds as the same accrues or matures or comes due by reason of
redemption prior to maturity; such transfers of funds to be
made in such manner as will cause collected funds to be
deposited with the Paying Agent/Registrar on or before each
principal and interest payment date for the Bonds.
SECTION 11: Mutilated-Destroyed-Lost and Stolen Bonds.
In case any Bond shall be mutilated, or destroyed, lost or
stolen, the Paying Agent/Registrar, subject to City approval
and in its discretion, may execute and deliver a replacement
Bond of like form and tenor, and in the same denomination and
bearing a number not contemporaneously outstanding, in exchange
and substitution for such mutilated Bond, or in lieu of and in
substitution for such destroyed, lost or stolen Bond, only upon
(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 Bond,
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 Bond shall be borne by the Holder of
the Bond mutilated, or destroyed, lost or stolen.
Every replacement Bond 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 Bonds; notwithstanding the enforceability
of payment by anyone of the destroyed, lost, or stolen Bonds.
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 Bonds.
SECTION 12: Satisfaction of Obligation 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
interest on the Bonds, at the times and in the manner
stipulated in this Ordinance, then the· pledge of taxes levied
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.
Bonds or any principal amount(s) thereof shall be deemed
to have been paid within the meaning and with the effect
expressed above in this Section when (i) money sufficient to
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6396D
pay in :full such Bonds or the principal amount(s) thereof at
maturity or (if notice of redemption has been duly given or
waived or if irrevocable arrangements therefor acceptable to
the Paying Agent/ Registrar have been made) the redemption date
thereof, 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
Bonds, or the principal amount(s) thereof, on and prior to the
Stated Maturity thereof or (if not ice of redemption has been
duly given or waived or if irrevocable arrangements therefor
acceptable to the Paying Agent/ Registrar have been made) the
redemption date 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 Bonds
to 'be treated as darbitrage bonds" within the meaning of
Section 148 of the Internal Revenue Code of 1986, or
regulations adopted pursuant thereto.
Any moneys so deposited with the Paying Agent/Registrar,
or an authorized escrow agent, and all income from Government
Securities held in trust by the Paying Agent/Registrar, or an
authorized escrow agent, pursuant to this Section which is not
required for the payment of the Bonds, 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 Bonds and remaining unclaimed
for a period of four (4) years after the Stated Maturity, or
applicable redemption date, of the Bonds 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, after a
period of four (4) years after Stated Maturity, 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.
The term "Government Securities", .. as used herein, means
direct obligations of, or obligations the principal of and
interest on which are unconditionally guaranteed by, the United
States· of America, which are non-callable prior to the
respective Stated Maturities of the Bonds and may be United
States , Treasury Obligations such as the State and Local
Government Series and may be in book-entry form.
-19-63,6D
•
SECTION 13: Ordinance a Contract -Amendments -Outstanding
Bonds. This Ordinance shall constitute a contract with the
Holders from time to time, be binding on the City, and shall
not be amended or repealed by the City so long as any Bond
remains Outstanding except as permitted in this Section. The
City may, without the consent of or notice to any Holders, from
time to time and at any time, amend this Ordinance in any
manner not detrimental to the interests of the Holders,
including the curing of any ambiguity, inconsistency, or formal
defect or omission herein. In addition, the City may, with the
consent of Holders holding a majority in aggregate principal
amount of the Bonds 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 Bonds, 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 Bonds, reduce the
principal amount thereof, the redemption price therefor, 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 Bonds, (2) give any preference to any Bond over any other
Bond, or (3) reduce the aggregate principal amount of Bonds
required to be held by Holders for consent to any such
amendment, addition, or rescission.
The term "Outstanding" when used in this Ordinance with
respect to Bonds means, as of the date of determination, all
Bonds theretofore issued and delivered under this Ordinance,
except:
63960
(1) those Bonds cancelled by the
Agent/Registrar or delivered to the
Agent/Registrar for cancellation;
Paying
Paying
(2} those Bonds deemed to be duly paid by the
City in accordance with the provisions of Section 12
hereof by the irrevocable deposit with the Paying
Agent/Registrar, or an authorized escrow agent, of
money or Government Securities, or both, in the
amount necessary to fully pay the principal of,
premium, if any, and interest thereon to maturity or
redemption, as the case may be, provided that, if
such Bonds are to be redeemed, notice of redemption
thereof shall have been duly given pursuant to this
Ordinance or irrevocably provided to be given to the
satisfaction of the Paying Agent/Registrar, or
waived; and
(3) those mutilated, destroyed, lost, or stolen
Bonds which have been replaced with Bonds registered
and delivered in lieu thereof as provided in
Section 11 hereof.
-20-
SECTION 14: Covenants to Maintain Tax-Exempt Status.
(a) Definitions. When used in this Section 14, the
following terms have the following meanings:
"Code• means the Internal Revenue Code of 1986, as
amended by all legislation, if any, enacted on or before
the date of delivery of the Bonds to the initial
purchaser(s).
"Computation Date" has the meaning stated in Treas.
Reg. § 1.148-8T(b)(l).
"Gross Proceeds" has the meaning stated in Treas.
Reg. § 1.148-8T(d).
"Investment" has the meaning stated in Treas.
Reg. § 1.148-8T(e).
"Nonpurpose Investment" means any Investment in which
Gross Proceeds of the Bonds are invested and which is not
acquired to carry out the governmental purpose of the
Bonds.
"Rebatable Arbitrage" has the meaning stated in
Treas. Reg. § 1.148-2T.
"Yield of"
(1) any Investment shall be computed in
accordance with Treas. Reg. §1.148-2T, and
(2) the Bonds has the meaning stated in
Treas. Reg. § 1.148-lT. The Yield on the Bonds
is to be computed on a joint yield basis together
with the City's "Combination Tax and Waterworks
System Subordinate Lien Revenue Certificates of
Obligation, Series 1991," and "Combination Tax
and Solid Waste Disposal System Revenue
Certificates of Obligation, Series 1991."
(b) Not to Cause Interest to Become Taxable. 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
-21-
..... · -···--..
any Bond 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 shall have received 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 exclusion of
interest on any Bond from gross income for federal income tax
purposes pursuant to Section 103 of the Code, the City shall
comply with each of the specific covenants in this Section.
(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 Bonds,
(1) exclusively own, operate, and possess all
property the acquisition, construction, or improvement of
which is to be financed directly or indirectly with Gross
Proceeds of the Bonds and not use or permit the use of
such Gross Proceeds or any property acquired, constructed,
or improved with such Gross Proceeds in any activity
carried on by any person or entity other than a state or
local government, unless such use is solely as a member of
the general public, or
(2) not directly or indirectly impose or accept any
charge or other payment for use of Gross Proceeds of the
Bonds or any property the acquisition, construction, or
improvement of which is to be financed 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 Bonds
to make or finance loans to any person or entity other than a
state o~ 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.
-22-
6 J 9 6 D
.,, ·-.J.~·
•
(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 prior to
the final Stated Maturity of the Bonds, directly or indirectly
invest Gross Proceeds of the Bonds in any Investment (or use
such Gross Proceeds to replace money so invested), if as a
result of such investment the Yield of all Investments
a !located to such Gross Proceeds whether then held or
previously disposed of, exceeds the Yield of the Bonds.
(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 Bonds to be federally guaranteed
within the meaning of Section 149(b) of the Code and the
regulations and rulings thereunder.
(g) Information Report. The City shall timely file with
the Secretary of the Treasury the information required by
section 149 (e) of the Code with respect to the Bonds on such
form and in such place as such Secretary may prescribe.
(h) Payment of Rebatable Arbitrage. Except to the extent
otherwise provided in section 148(f) of the Code and the
regulations and rulings thereunder,
6l96D
(1) The City shall account for all Gross Proceeds of
the Bonds (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 maintain
all records of such accounting with the official
transcript of the proceedings relating to the issuance of
the Bonds until six years after the final Computation
Date. The City may, however, to the extent permitted by
law, commingle Gross Proceeds of the Bonds with other
money of the City, provided that the City separately
accounts for each receipt and expenditure of such Gross
Proceeds and the obligations acquired therewith.
(2) Not less frequently than each Computation Date,
the City shcHl either (i) cause to be calculated by ·a
nationally recognized accounting or financial advisory
firm or (ii) calculate and cause its calculations to be
verified by a nationally recognized accounting or
financial advisory firm, in either case in accordance with
rules set forth in section 148(f) of the Code and
Treas. Reg. § 1.148-2T and rulings thereunder, the
Reba table Arbitrage with respect to the Bonds. The City
shall maintain such calculations with the official
transcript of the proceedings relating to the issuance of
the Bonds until six years after the final Computation
Date.
-23-
•
(3) As additional consideration for the purchase of
the Bonds by the initial purchasers thereof and the loan
of the money represented thereby, and in order to induce
such purchase by measures designed to result in 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 the
amount described in paragraph (2) above and the amount
described in paragraph (4) below, at the times, in the
installments, to the place, in the manner, and accompanied
by such forms or other information as is or may be
required by section 148(f) of the Code and
Treas. Reg. §§ 1.148-lT through 1.148-9T and rulings
thereunder.
(4) The City shall exercise reasonable diligence to
assure that no errors are made in the calculations
required by paragraph (2) and, if such error is made, to
discover and promptly to correct such error within a
reasonable amount of time thereafter, including payment to
the United States of any Correction Amount as described in
Treas. Reg. § 1.148-1T(c)(2) and any penalty under Treas.
Reg. § 1.148-1T(c)(3)(ii)(B).
SECTION 15: Sale of the Bonds. The sale of the Bonds to
at the price of par, accrued
interest plus a premium of $ is hereby confirmed.
Delivery thereof to the purchaser(s) shall occur as soon as
possible upon payment being made therefor in accordance with
the terms of sale.
SECTION 16: Control and Custody of Bonds. 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 Genera 1 of the State of Texas,
including the printing and supply of definitive Bonds, and
shall t~ke and have charge and control of the Initial Bond(s)
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 relating to the City and its
financial affairs as may be necessary for the issuance of the
Bonds, the approval of the Attorney · General and the
registration by the Comptroller of Public Accounts 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 Bond(s) to the Purchasers and the
initial exchange thereof for definitive Bonds.
-24-
63960
rr
SECTION 17: Off.icia·i Stateme~t ~ ', · The Official Statement
prepared in the initial offering and sale of the Bonds 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 Counci 1 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 therein, in light of the circumstances under which
they were made, not misleading. The use of such Official
Statement in the reoffering of the Bonds by the Purchasers is
hereby approved and authorized.
SECTION 18: Notices to Holders-Waiver. 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
Bonds. 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 19: Cancellation. All Bonds surrendered for
payment, redemption, transfer, exchange, or replacement, if
surrendered to the Paying Agent/Registrar, shall be promptly
cancelled by it and, if surrendered to the City, shall be
delivered to the Paying Agent/Registrar and, if not already
cancelled, shall be promptly cancelled by the Paying
Agent/Registrar. The City may at any time deliver to the
Paying Agent/Registrar for cancellation any Bonds previously
certified or registered and delivered which the City may have
acquired in any manner whatsoever, and all Bonds so delivered
shall be promptly cancelled by the Paying Agent/Registrar. All
cancelled Bonds held by the Paying Agent/Registrar shall be
returned to the City.
-25-
'39'0
.... ' ........ ......_ ..
SECTION 20: Printed Opinion. The Purchasers• obligation
to accept delivery of the Bonds is subject to being furnished a
final opinion of Fulbright & Jaworski, Attorneys, approving the
Bonds as to their validity, said opinion to be dated and
delivered as of the date of delivery and payment for the
Bonds. Printing of a true and correct reproduction of said
opinion on the reverse side of each of the definitive Bonds is
hereby approved and authorized.
SECTION 21: CUSIP Numbers. CUSIP numbers may be
printed or typed on the definitive Bonds. It is expressly
provided, however, that the presence or absence of CUSIP
numbers on the definitive Bonds shall be of no significance or
effect as regards the legality thereof and neither the City nor
attorneys approving the Bonds as to legality are ·to be held
responsible for CUSIP numbers incorrectly printed or typed on
the definitive Bonds.
SECTION 22: 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 23: 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 24: 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 25: Effect of Headings.
herein are for convenience only and
construction hereof.
The Section headings
shall not affect the
SECTION 26: 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.
-26-6396D
........ , .... ·
•
SECTION 27: 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 28: 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 Article 6252-17, Vernon's Texas Civil
Statutes, as amended.
SECTION 29: Effective Date. This Ordinance shall be in
force and effect from and after its passage on second and final
reading and IT IS SO ORDAINED.
PASSED AND ADOPTED ON FIRST READING, this 25th day of
April, 1991.
PASSED AND ADOPTED ON SECOND AND FINAL READING, this 26th
day of April, 1991.
CITY OF LUBBOCK, TEXAS
Mayor
ATTEST:
City Secretary
(City Seal)
-27-63,60
.. ,• _...,....._ ....
FULBRIGHT & JAWORSKI
2200 Ross AVENUE
TELEPHONE: 21./855·8000
FACSIMILE: 21./855·8200
Ms. Ranette Boyd
City Secretary
City of Lubbock, Texas
1625 13th Street
Lubbock, Texas 79401
SUITE 2800
£?ALLAS, TEXAS 75201
June 5, 1991
HOUSTON
WASHINGTON, D.C.
AUSTIN
SAN ANTONIO
DALLAS
NEW YORK
LOS ANGELES
LONDON
ZURICH
HONG KONG
RE: $16, 120,000 City of Lubbock, Texas, Combination Tax and
Waterworks System Subordinate Lien .Revenue Certificates of
Obligation, Series 1991;
$2,000,000 City of Lubbock, Texas, General Obligation
Bonds, Series 1991;
$4,030,000 City of Lubbock, Texas, Combination
Exhibition Hall/Auditorium (Limited Pledge)
. Certificates of Obligation, Series 1991;
Tax and
Revenue
$7,500,000 City of Lubbock, Texas, Electric Light and
Power System Revenue Bonds, Series 1991;
$1.-145,000 City of Lubbock, Texas, Combination Tax and
Solid Waste Disposal System Revenue Certificates of
Obligation, Series 1991;
$1,085,000 City of Lubbock, Texas, Public Property Finance
Contractual Obligations Taxable Series 1991
Dear Ranette:
Enclosed please find the transcripts of proceedings with
respect to the captioned financings.
Please call if you have any questions.
Very truly yours,
4~
Mark S. Westergard
-MSW: lc
I
Enclosures
OOOlE-"75
..
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
§
§
§
§
§
I, the undersigned, City Secretary of the City of
Lubbock, Texas, DO HEREBY CERTIFY as follows:
1. That on the 25th day of April, 1991, the City
Counci 1 of the City of Lubbock, Texas, convened in regular
session at its regular meeting place in the City Hall of said
City; the duly constituted members of the Council being as
follows:
B. C. MCMINN MAYOR
T. J. PATTERSON
BILL MALOY
GARY D. PHILLIPS
JOAN BAKER
MAGGIE TREJO
M.J. ADERTON
MAYOR PRO TEM
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
all of said persons were present at said meeting, except the
following: none. Among other business considered at said
meeting, the attached ordinance entitled:
ORDINANCE NO. 9434
AN ORDINANCE authorizing the issuance of "CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1991"; specifying the terms and
features of said bonds; levying a
continuing direct annual ad valorem tax for
the payment of said bonds; and resolving
other matters incident and related to the
issuance, sale, payment and delivery of
said bonds, including the approva 1 of an
Official Statement pertaining thereto; and
providing an effective date.
was introduced and submitted to the Counci 1 for passage and
adoption. After presentation and due consideration of the
ordinance, and upon a motion made by T.J. Patterson and
seconded by Gary D. Phillips the ordinance was duly passed and
adopted;by the Council on first reading by the following vote:
~voted "For" 0 voted "Against" 0 abstained
all as shown in the official Minutes of the Counci 1 for the
meeting held on the aforesaid date.
2. That the attached ordinance is a true and correct
copy of the original on file in the official records of the
City; the duly qualified and acting members of the City
Council of the City on the date of the aforesaid meeting are
those persons shown above and, according to the records of my
office, advance notice of the time, place and purpose of the
meeting was given to each member of the Council; and that said
meeting, including the subject of the entitled ordinance, was
posted and given in advance thereof in compliance with the
provisions of Article 6252-17, Section 3A, V.A.T.C.S.
IN WITNESS WHEREOF, I have hereunto signed my nam~
officially and affixed the seal of said City, this the 4(p-
day of April, 1991.
G.~ City~f~
(City Seal)
-2-64S60
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
§
§
§
§
§
I, the undersigned, City Secretary of the City of
Lubbock, Texas, DO HEREBY CERTIFY as follows:
1. That on the 26th day of Apri 1, 1991, the City
Council ·of the City of Lubbock, Texas, convened in special
session at its regular meeting place in the City Hall of said
City; the duly constituted members of the Council being as
follows:
B. C. MCMINN MAYOR
T. J. PATTERSON
BILL MALOY
GARY D. PHILLIPS
JOAN BAKER
MAGGIE TREJO
M.J. ADERTON
MAYOR PRO TEM
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
all of said persons were present at said meeting, except the
following: M.J. Aderton. Among other business considered at
said meeting, the attached ordinance entitled:
ORDINANCE NO. 9434
AN ORDINANCE authorizing the issuance of "CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1991"; specifying the terms and
features of said bonds; levying a
continuing direct annual ad valorem tax for
the payment of said bonds; and resolving
other matters incident and related to the
issuance, sale, payment and delivery of
said bonds, including the approval of an
Official Statement pertaining thereto; and
providing an effective date.
was introduced and submitted to the Counci 1 for passage and
adoption. After presentation and due consideration of the
ordinance, and upon a motion ·made by Gary D. Phillips and
seconded by T. J. Patterson the ordinance was duly passed and
.. ·-·
adopted by the Council on second and final reading to be
effective immediately by the following vote:
6 voted "For" _-.Jo!:o_voted "Against" o abstained
all as shown in the official Minutes of the Council for the
meeting held on the aforesaid date.
2. That the attached ordinance is a true and correct
copy of the original on file in the official records of the
City; the duly qualified and acting members of the City
Council of the City on the date of the aforesaid meeting are
those persons shown above and, according to the records of my
office, advance notice of the time, place and purpose of the
meeting was given to each member of the Council; and that said
meeting, including the subject of the entitled ordinance, was
posted and given in advance thereof in compliance with the
provisions of Article 6252-17, Section 3A, V.A.T.C.S.
IN WITNESS WHEREOF, I have hereunto signed my name
officially and affixed the seal of said City, this the 26th
day of April, 1991.
(City ~Seal)
-2-6 4 5 7 0
... EXHIBIT A
PAYING AGENT/REGISTRAR AGREEMENT
THIS AGREEMENT entered into as of April 26, 1991 (this
"Agreement"), by and between the City of Lubbock, Texas (the
"Issuer"), and Texas Commerce Bank National Association,
Lubbock, Texas, a banking association duly organized and
existing under the laws of the United States of America (the
••sank").
RECITALS
WHEREAS, the Issuer has duly authorized and provided for
the issuance of its "City of Lubbock, Texas, General Obligation
Bonds, Series 1991" (the "Securities .. ) in the aggregate
principal amount of $2,000,000, such Securities to be issued in
fully registered form only as to the payment of principal
thereof and interest thereon; and
WHEREAS, the Securities are scheduled to be delivered to
the initial purchasers thereof on or about May 30, 1991; and
WHEREAS, the Issuer has selected the Bank to serve as
Paying Agent/Registrar in connection with the payment of the
principal of, premium, if any, and interest on said Securities
and with respect to the registration, transfer, and exchange
thereof by the registered owners thereof; and
WHEREAS, the Bank has agreed to serve in such capacities
for and on behalf of the Issuer and has full power and
authority to perform and serve as Paying Agent/Registrar for
the Securities;
NOW, THEREFORE, it is mutually agreed as follows:
ARTICLE ONE
APPOINTMENT OF BANK AS
PAYING AGENT AND REGISTRAR
Section 1.01. Appointment.
The Issuer hereby appoints the Bank to serve as Paying
Agent with respect to the Securities, and, as such Paying
Agent, the Bank shall be responsible for paying on behalf of
the Issuer the principal of, premium (if any), and interest on
the Securities as the same become due and payable to the
registered owners thereof; a 11 in accordance with this
Agreement and the "Bond Resolution" (hereinafter defined). The
Issuer hereby appoints the Bank as Registrar with respect to
the Securities and, as Registrar for the Securities, . the Bank
shall keep and maintain for and on behalf of the Issuer books
and records as to the ownership of said Securities and with
respect to the transfer and exchange thereof as provided herein
and in the "Bond Resolution".
The Bank hereby accepts its appointment, and agrees to
serve as the Paying Agent and Registrar for the Securities.
Section 1.02. Compensation.
As compensation for the Bank's services as Paying Agent/
Registrar, the Issuer hereby agrees to pay the Bank the fees
and amounts set forth in Annex A attached hereto for the first
year of this Agreement and thereafter the fees and amounts set
forth in the Bank • s current fee schedule then in effect for
services as Paying Agent/Registrar for municipalities, which
shall be supplied to the Issuer on or before 90 days prior to
the close of the Fiscal Year of the Issuer, and shall be
effective upon the first day of the following Fiscal Year.
In addition, the Issuer agrees to reimburse the Bank upon
its request for all reasonable expenses, disbursements, and
advances incurred or made by the Bank in accordance with any of
the provisions hereof (including the reasonable compensation
and the expenses and disbursements of its agents and counsel).
ARTICLE TWO
DEFINITIONS
Section 2.01. Definitions.
For all purposes of this Agreement, except as otherwise
expressly provided or unless the context otherwise requires:
f> 4 $ S D
"Acceleration Date" on any Security means the date
on and after which the principal or any or all
installments of interest, or both, are due and payable on
any Security which has become accelerated pursuant to the
terms of the Security.
"Bank Office• means the principal corporate trust
office of the Bank as indicated on page 12 hereof. The
Bank will notify the Issuer in writing of any change in
location of the Bank Office.
"Bond Resolution" means the resolution, order, or
ordinance of the governing body of the Issuer pursuant to
which the Securities are issued, certified by the
Secretary or any other officer of the Issuer and
delivered to the Bank.
-2-
..
6 4 5 5 D
"Fiscal Year" means the fiscal year of the Issuer,
ending September 30.
"Holder" and "Security Holder" each means the Person
in whose name a Security is registered in the Security
Register.
"Issuer Request" and "Issuer Order" means a written
request or order signed in the name of the Issuer by the
Mayor, City Secretary, City Manager, or Assistant City
Manager for Financial Services, any one or more of said
officials, and delivered to the Bank.
"Legal Holiday" means a day on which the Bank is
required or authorized to be closed.
"Person" means any individual, corporation,
partnership, joint venture, association, joint stock
company, trust, unincorporated organization, or
government, or any agency or political subdivision of a
government.
"Predecessor Securities" of any particular Security
means every previous Security evidencing all or a portion
of the same obligation as that evidenced by such
particular Security (and, for the purposes of this
definition, any mutilated, lost, destroyed, or stolen
Security for which a replacement Security has been
registered and delivered in lieu thereof pursuant to
Section 4.06 hereof and the Resolution).
"Redemption Date" when used with respect to any Bond
to be redeemed means the date fixed for such redemption
pursuant to the terms of the Bond Resolution.
"Responsible Officer" when used with respect to the
Bank means the Chairman or Vice-Chairman of the Board of
Directors, the Chairman or Vice-Chairman of the Executive
Committee of the· Board of Directors, the President, any
Vice President 1 the Secretary, any Assistant Secretary 1
the Treasurer, any Assistant Treasurer, the Cashier, any
Assistant Cashier 1 any Trust Officer or Assistant Trust
Officer, or any other officer of the Bank customarily
performing functions similar to those performed by any of
the above designated officers and also means, with
respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.
"Security Register" means a register maintained by
the Bank on behalf of the Issuer providing for the
registration and transfer of Securities.
-3-
"Stated Maturity" means the date specified in the
Bond Resolution the principal of a Security is scheduled
to be due and payable.
Section 2.02. Other Definitions.
The terms "Bank," "Issuer," and "Securities (Security)"
have the meanings assigned to them in the recital paragraphs of
this Agreement.
The term "Paying Agent/Registrar" refers to the Bank in
the performance of the duties and functions of this Agreement.
ARTICLE THREE
PAYING AGENT
Section 3.01. Duties of the Paying Agent.
As Paying Agent, the Bank shall, provided adequate
collected funds have been provided to it for such purpose by or
on behalf of the Issuer, pay on behalf of the Issuer the
principal of each Security at its Stated Maturity, Redemption
Date, or Acceleration Date, to the Holder upon surrender of the
Security to the Bank at the Bank Office.
As Paying Agent, the Bank shall, provided adequate
collected funds have been provided to it for such purpose by or
on behalf of the Issuer, pay on behalf of the Issuer the
interest on each Security when due, by computing the amount of
interest to be paid each Holder and making payment thereof to
the Holders of the Securities (or their Predecessor Securities)
on the Record Date. All payments of principal and/or interest
on the Securities to the registered owners shall be
accomplished ( 1) by the issuance of checks, payable to the
registered owners, drawn on the fidicuary account provided in
Section 5.05 hereof, sent by United States mail, first class,
postage prepaid, to the address appearing on the Security
Register or (2) by such other method, acceptable to the Bank,
requested in writing by the Holder at the Holder's risk and
expense.
Section 3.02. Payment Dates.
The Issuer hereby instructs the Bank to pay the principal
of and interest on the Securities at the dates specified in the
Bond Resolution.
-4-6 4 55 D
ARTICLE FOUR
REGISTRAR
Section 4.01. Security Register-Transfers and Exchanges.
The Bank agrees to keep and maintain for and on behalf of
the Issuer at the Bank Office books and records (herein
sometimes referred to as the "Security Register") for recording
the names and addresses of the Holders of the Securities, the
transfer, exchange, and replacement of the Securities and the
payment of the principal of and interest on the Securities to
the Holders and containing such other information as may be
reasonably required by the Issuer and subject to such
reasonable regulations as the Issuer and the Bank may
prescribe. All transfers, exchanges, and replacements of
Securities shall be noted in the Security Register.
Every Security surrendered for transfer or exchange shall
be duly endorsed or be accompanied by a written instrument of
transfer, the signature on which has been guaranteed by an
officer of a federal or state bank or a member of the National
Association of Securities Dealers, such written instrument to
be in a form satisfactory to the Bank and duly executed by the
Holder thereof or his agent duly authorized in writing.
The Bank may request
feels necessary to effect
exchange of the Securities.
any supporting documentation
a re-registration, transfer,
it
or
To the extent possible and under reasonable
circumstances, the Bank agrees that, in relation to an exchange
or transfer of Securities, the exchange or transfer by the
Holders thereof will be completed and new Securities delivered
to the Holder or the assignee of the Holder in not more than
three (3) business days after the receipt of the Securities to
be cancelled in an exchange or transfer and the written
instrument of transfer or request for exchange duly executed by
the Holder, or his duly authorized agent, in form and manner
satisfactory to the Paying Agent/Registrar.
Section 4.02. Securities.
The Issuer shall provide an adequate inventory of printed
Securities to facilitate transfers or exchanges thereof. The
Bank covenants that the inventory of printed Securities will be
kept in safekeeping pending their use and reasonable care will
be exercised by the Bank in maintaining such Securities in
safekeeping, which shall be not less than the care maintained
by the Bank for debt securities of other governments or
corporations for which it serves as registrar, or that is
maintained for its own securities.
-5-6 4 55 D
Section 4.03. Form of the Security Register.
The Bank, as Registrar, will maintain the Security
Register relating to the registration, payment, transfer, and
exchange of the Securities in accordance with the Bank's
general practices and procedures in effect from time to time.
The Bank shall not be obligated to maintain such Security
Register in any form other than those which the Bank has
currently available and currently utilizes at the time.
The Security Register may be maintained in written form
or in any other form capable of being converted into written
form within a reasonable time.
Section 4.04. List of Security Holders.
The Bank will provide the Issuer at any time requested by
the Issuer, upon payment of the required fee, a copy of the
information contained in the Security Register. The Issuer may
also inspect the information contained in the Security Register
at any time the Bank is customarily open for business, provided
that reasonable time is allowed the Bank to provide an
up-to-date listing or to convert the information into written
form.
The Bank will not release or disclose the contents of the
Security Register to any person other than to, or at the
written request of, an authorized officer or employee of the
Issuer, except upon receipt of a court order or as otherwise
required by law. Upon receipt of a court order and prior to
the release or disclosure of the contents of the Security
Register, the Bank will notify the Issuer so that the Issuer
may contest the court order or such release or disclosure of
the contents of the Security Register.
Section 4.05. Return of Cancelled Securities.
The Bank will, at such reasonable intervals as it
determines, surrender to the Issuer, Securities in lieu of
which or in exchange for which other Securities have been
issued, or which have been paid.
Section 4.06. Mutilated, Destroyed,
Securities.
Lost, or Stolen
The Issuer hereby instructs the Bank, subject to the
provisions of Section 11 of the Bond Resolution, to deliver and
issue Securities in exchange for or in lieu of mutilated,
destroyed, lost, or stolen Securities as long as the same does
not result in an overissuance.
-6-
f>4SSD
..
In case any Security shall be mutilated, destroyed, lost,.
or stolen, the Bank, in its discretion, may execute and deliver
a replacement Security of like form and tenor, and in the same
denomination and bearing a number not contemporaneously
outstanding, in exchange and substitution for such mutilated
Security, or in lieu of and in substitution for such destroyed,
lost, or stolen Security, only upon (i) the filing by the
Holder thereof with the Bank of evidence satisfactory to the
Bank of the destruction, loss, or theft of such Security, and
of the authenticity of the ownership thereof and (ii) the
furnishing to the Bank of indemnification in an amount
satisfactory to hold the Issuer and the Bank harmless. All
expenses and charges associated with such indemnity and with
the preparation, execution, and delivery of a replacement
·Security shall be borne by the Holder of the Security
mutilated, destroyed, lost, or stolen.
Section 4.07. Transaction Information to the Issuer.
The Bank will, within a reasonable time after receipt of
written request from the Issuer, furnish the Issuer information
as to the Securities it has paid pursuant to Section 3.01
hereof, Securities it has delivered upon the transfer or
exchange of any Securities pursuant to Section 4.01 hereof, and
Securities it has delivered in exchange for or in lieu of
mutilated, destroyed, lost, or stolen Securities pursuant to
Section 4.06 hereof.
ARTICLE FIVE
THE BANK
Section 5.01. Duties of the Bank.
The Bank undertakes to perform the duties set forth
herein and agrees to use reasonable care in the performance
thereof.
Section 5.02. Reliance on the Documents, Etc.
(a) The Bank may conclusively rely, as to the truth of
the statements and correctness of the opinions expressed
therein, on certificates or opinions furnished to the Bank.
(b) The Bank shall not be liable for any error of
judgment made in good faith by a Responsible Officer, unless it
shall be proved that the Bank was negligent in ascertaining the
pertinent facts.
-7-6 4 S S D
,,
(c) No provisions of this Agreement shall require the
Bank to expend or risk its own funds or otherwise incur any
financial liability for performance of any of its duties
hereunder, or in· the exercise of any of its rights or powers,
if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity satisfactory to
it against such risks or liability is not assured to it.
(d) The Bank may rely and shall be protected in acting
or refraining from acting upon any resolution, certificate,
statement, instrument, op1n1on, report, notice, request,
direction, consent, order, bond, note, security, or other paper
or document believed by it to be genuine and to have been
signed or presented by the proper party or parties. Without
limiting the generality of the foregoing statement, the Bank
need not examine the ownership of any Securities, but is
protected in acting upon receipt of Securities containing an
endorsement or instruction of transfer or power of transfer
which appears on its face to be signed by the Holder or an
agent of the Holder. The Bank shall not be bound to make any
investigation into the facts or matters stated in a resolution,
certificate, statement, instrument, op1n1on, report, notice,
request, direction, consent, order, bond, note, security, or
other paper or document supplied by Issuer.
(e) The Bank may consu 1 t with counse 1, and the writ ten
advice of such counsel or any opinion of counsel shall be full
and complete authorization and protection with respect to any
action taken, suffered, or omitted by it hereunder in good
faith and in reliance thereon.
(f) The Bank may exercise any of the powers hereunder
and perform any duties hereunder either directly or by or
through agents or attorneys of the Bank.
Section 5.03. Recitals of the Issuer.
The recitals contained herein with respect to the Issuer
and in the Securities shall be taken as the statements of the
Issuer, and the Bank assumes no responsiblity for their
correctness.
The Bank shall in no event be liable to the Issuer, any
Holder or Holders of any Security, or any other Person for any
amount due on any Security from its own funds.
Section 5.04. May Hold Securities.
The Bank, in its individual or any other capacity, may
become the owner or pledgee of Securities and may otherwise
deal with the Issuer with the same rights it would have if it
were not the Paying Agent/Registrar, or any other agent.
-8-
6 4 S S D
''
Section 5.05. Moneys Held by the Bank Separate Account/Collateraliza~t~i~o~n~.~~~~~----~~~~~---------=~~~~
A separate account shall at all times be kept and
maintained by the Bank for the receipt, safekeeping and
disbursement of moneys received. from the Issuer hereunder for
the payment of the Securities, and money deposited to the
credit of such account until paid to the Holders of the
Securities shall be continuously collaterialized by securities
or obligations which qualify and are eligible under the laws of
the State of Texas to secure and be pledged as collateral for
accounts of the Issuer to the extent such money is not insured
by the Federal Deposit Insurance Corporation. Payments made
from such account shall be made by check drawn on such account
unless the owner of such Securities shall, at its own expense
and risk, request such other medium of payment.
The Bank shall be under no liability for interest on any
money received by it hereunder.
Subject to the applicable unclaimed property laws of the
State of Texas, any money deposited with the Bank for the
payment of the principal, premium (if any), or interest on any
Security and remaining unclaimed for four years after final
maturity of the Security has become due and payable wi 11 be
paid by the Bank to the Issuer, and the Holder of such
Security shall thereafter look only to the Issuer for payment
thereof, and all liability of the Bank with respect to such
moneys shall thereupon cease.
Section 5.06. Indemnification.
To the extent permitted by law, the Issuer agrees to
indemnify the Bank for, and hold it harmless against, any loss,
liability, or expense incurred without negligence or bad faith
on its part, arising out of or in connection with its
acceptance or administration of its duties hereunder, including
the cost and expense against any claim or liability in
connection with the exercise or performance of any of its
powers or duties under this Agreement.
Section 5.07. Interpleader.
The Issuer and the Bank agree that the Bank may seek
adjudication of any adverse claim, demand, or controversy over
its person as well as funds on deposit, in either a Federal or
State District Court located in the state and county where
either the Bank Office or the administrative office of the
Issuer is located, and agree that service of process by
certified or registered mail, return receipt requested, to the
-9-645SD
'.
address referred to in Section 6. 03 of this Agreement sha 11
constitute adequate service. The Issuer and the Bank further
agree that the Bank has the right to file a Bill of
Interpleader in any court of competent jurisdiction to
determine the rights of any Person claiming any interest herein.
Section 5.08. DT Services.
It is hereby represented and warranted that, in the event
the Securities are otherwise qualified and accepted for
"Depository Trust Company" services or equivalent depository
trust services by other organizations, the Bank has the
capability and, to the extent within its control, will comply
with the "Operational Arrangements", effective August 1, 1987,
which establishes requirements for securities to be eligible
for such type depository trust services, including, but not
limited to, requirements for the timeliness of payments and
funds avai lability, transfer turnaround time, and notification
of redemptions and calls.
ARTICLE SIX
MISCELLANEOUS PROVISIONS
Section 6.01. Amendment.
This Agreement may be amended only by an agreement in
writing signed by both of the parties hereto.
Section 6.02. Assignment.
This Agreement may not be assigned by either party
without the prior written consent of the other.
Section 6.03. Notices.
Any request, demand, authorization, direction, notice,
consent, waiver, or other document provided or permitted hereby
to be given or furnished to the Issuer or the Bank shall be
mailed or delivered to the Issuer or the Bank, respectively, at
the addresses shown on page 12 of this Agreement.
Section 6.04. Effect of Headings.
The Article and Section headings herein are for
convenience only and shall not affect the construction hereof.
Section 6.05. Successors and Assigns.
All covenants and agreements herein by the Issuer shall
bind its successors and assigns, whether so expressed or not.
-10-
6 4 55 D
Section 6.06. Severability.
In case any provision herein shall be invalid, illegal,
or unenforceable, the validity, legality, and enforceability of
the remaining provisions shall not in any way be affected or
impaired thereby.
Section 6.07. Benefits of Agreement.
Nothing herein, express or implied, sha 11 give to any
Person, other than the parties hereto and their successors
hereunder, any benefit or any legal or equitable right, remedy,
or claim hereunder.
Section 6.08. Entire Agreement.
This Agreement and the Bond Resolution constitute the
entire agreement between the parties hereto relative to the
Bank acting as Paying Agent/Registrar and if any conflict
exists between this Agreement and the Bond Resolution, the Bond
Resolution shall govern.
Section 6.09. Counterparts.
This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original and all
of which shall constitute one and the same Agreement.
Section 6.10. Termination.
This Agreement wi 11 terminate { i) on the date of fina 1
payment of the principal of and interest on the Securities to
the Holders thereof or {ii) may be earlier terminated by either
party upon sixty {60) days written notice; provided, however,
an early termination of this Agreement by either party shall
not be effective until {a) a successor Paying Agent/Registrar
has been appointed by the Issuer and such appointment accepted
and {b) notice given to the Holders of the Securities of the
appointment of a successor Paying Agent/Registrar.
Furthermore, the ·Bank and the Issuer mutually agree that the
effective date of an early termination of this Agreement shall
not occur at any time which would disrupt, delay, or otherwise
adversely affect the payment of the Securities.
Upon an early termination of this Agreement, the Bank
agrees to promptly transfer and deliver the Security Register
{or a copy thereof), together with other pertinent books and
records relating to the Securities, to the successor Paying
Agent/Registrar designated and appointed by the Issuer.
-11-
64SSD
'.
The provisions of Section 1.02 and of Article Five shall
survive and remain in full force and effect following the
termination of this Agreement.
Section 6.11. Governing Law.
This Agreement shall be construed in accordance with and
governed by the laws of the State of Texas.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written:
[SEAL]
Attest:
City Secretary
(SEAL)
ATTEST:
Title:
6 4 5 5 D
CITY OF LUBBOCK, TEXAS
BY ~-----------------------------Mayor
Address:
P. 0. Box 2000
Lubbock, Texas 79457
TEXAS COMMERCE BANK
NATIONAL ASSOCIATION
Lubbock, Texas
BY -------------------------------
Mailing Address:
P. 0. Box 841
Lubbock, Texas 79408
Delivery Address:
1314 Avenue K
Lubbock, Texas 79401
-12-
j'
...
. . . I BOOK-ENTRY-ONLY MUNICIPAL BONDS
Letter of Representations
TO BE COMPLETED BY ISSUER AND AGENT. IF ANY
City of Lubbock, Texas
~.sme of fnuer
Texas Commerce Bank National Association
The Depository Trust Company
55 Water Street
New York, NY 10041
Attention: General Counsel's Office
~.sme of .-\gent. if any
Re: $2,000,000 City of Lubbock, Texas, General Obligation
Bonds, Series 1991, dated May 15, 1991
Gentlemen: (Issue Oesenpt1onl
EXHIBIT 8 ·~
April 26, 1991
(Oatel
The purpose of this letter is to set out certain matters relating to the above-referenced Bonds (the "Bonds"). National Association
Texas Commerce Bank/ is acting as Trustee, Paying Agent, Fiscal Agent, .or other Agent of the Issuer \\ith
(the "Agent1
respect to the Bonds. The Bonds will be issued pursuant to a Trust Indenture, Bond Resolution, or other such document
authorizing the issuance of the Bonds dated as of __ M_a...:t.y_1..:;5...::'------' 19 91 (the "Document(s 1").
--~:--:-:-:----::----is distributing the Bonds through The Depository Trust Company ("OTC").
(the "Unc:terwnter"}
To induce DTC to accept the Bonds as eligible for deposit at DTC and act in accordance with its Rules with resf"?Ct
t.o the Bonds, the Issuer and the Agent, if any, make the following representations to DTC:
1. Subsequent to Closing on the Bonds on May 30 , 19 91 . there shall be deposited with DTC
.one Bond certificate in registered form registered in the name of DTC's nominee, Cede&: Co., for each stated maturity
of the Bonds in the face amounts set forth on Schedule A hereto, the total of which represents 100% of the principal
amount of such Bonds. If, however, the aggregate principal amount of any maturity exceeds $100,000,000, one
certificate will be issued with respect to each $100,000,000 of principal amount and an additional certificate will be
issued with respect to any remaining principal amount. Each $100,000,000 Bond certificate shall bear the follo"';ng
legend:
"Unless this certificate is presented by an authorized representative of The Depository Trust Company to the
issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name
of Cede&: Co. or such other name as requested by an authorized representative of The Depository Trust Company and
any payment is made to Cede&: Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede &: Co., has an interest
herein."
10
...
2. [n the event of any solicitation of consents from and voting by holders of the Bonds, the [ssuer or Agent, shaU
establish a record date for such purposes and give DTC notice of such record date not less than 15 calendar days in
ad vance of such record date to the extent possible.
3. In the event of a redemption or any other similar transaction resulting in retirement of all Bonds outstanding or a
reduction in aggregate principal amount of Bonds outstanding ("full or partial redemption") or an advance refunding
of all or part of the Bonds outstanding, the Issuer or Agent, shall give DTC notice of such event not less than 30 days
nor more than 60 days prior to the redemption date or, in the case of an advance refunding, the date the proceeds are
deposited in escrow.
4. In the event of a partial redemption or an advance refunding of part of the Bonds outstanding, the Issuer or Agent
shall send DTC a notice specifying: 1) the amount of the redemption or refunding; 2) in the case of a refunding, the
maturity date(s) established under the refunding; and 3) the date such notice is to be mailed to Bondholders or
published ("the Publication Date"). Such notice shall be sent to DTC by a secure means (e.g., legible fac~imile
transmission, registered or certified mail, overnight express delivery) in a timely manner designed to assure that such
notice is in DTC's possession no later than the close of business on the business day before the Publication Date. The
Issuer or Agent will forward such notice either in a separate secure transmission for each CUSlP number or in a secure
transmission for multiple CUSIP numbers which includes a manifest or list of each CUSIP submitted in that
transmission. (The Issuer or Agent sending such notice shall have a method to verify subsequently the use of such
means and timeliness of the notice.) The Publication Date shall be not less than 30 days nor more than 60 days prior to
the redemption date or, in the case of an advance refunding, the date the proceeds are deposited in escrow.
5. In the event of an invitation to tender the Bonds, notice to Bondholders by the Issuer or Agent, specifying the
terms of the tender and the date such notice is to be mailed to Bondholders or published ("the Publication Date") shall
be sent to DTC by a secure means (e.g., legible facsimile transmission, registered or certified mail, overnight express
delivery) in a timely manner designed to assure that such notice is in DTC's possession no later than the close of
business on the business day before the Publication Date. (The Issuer or Agent sending such notice shall have a
method to verify subsequently the use of such means and timeliness of the notice.)
6. All notices and payment advices sent to DTC shall contain the CUSIP number of the Bonds.
7. Notices to DTC by facsimile transmission shall be sent to DTC's Call Notification Department at (516) 227-4039 or
(516) 227-4190. The Agent shall confirm DTC's receipt of such facsimile transmission by telephoning the Call
Notification Department at (516) 227-4070. Notices to DTC by mail or any other means shall be sent to:
The Depository Trust Company
Call Notification Department
Muni Reorganization Manager
711 Stewart Avenue
Garden City, NY 11530
8. Interest payments shall be received by Cede & Co., as nominee of DTC, or its registered assigns in next-day funds
on each payment date (or the equivalent in accordance with existing arrangements between the Issuer or Agent and
OTC). Such payments shall be made payable to the order of Cede&:: Co.
9. Payments of principal shall be received by Cede & Co., as nominee of DTC, or its registered assigns in next-day
funds on each payment date. Principal payments shall be made payable to the order of Cede & Co., and shall be
addressed as follows:
11
11
The Depository Trust Company
Muni Redemption Department
55 Water Street-50th Aoor
New York, NY 10041
Attention: Collection Supervisor
10. DTC may direct the Issuer or Agent to use any other telephone number for facsimile transmission, address, or
department of DTC as the number, address or department to which payments of interest or principal or notices may be sent.
11. In the event of a redemption, acceleration or any other similar transaction (e.g., tenders made and accepted in
response to the Issuer's or Agent's invitation) necessitating a reduction in aggregate principal amount of Bonds
outstanding or an advance refunding of part of the Bonds outstanding, DTC, in its discretion, (a) may request the
Issuer or Agent to issue and authenticate a new Bond certificate or (b) shall make an appropriate notation on the Bond
certificate indicating the date and amounts of such reduction in prlncipal, except in the case of final maturity, in which
case the certificate must be presented to the Issuer or Agent prior to payment.
12. In the event the Issuer determines pursuant to the Document(s) that beneficial owners of the Bonds shall be able
to obtain certificated Bonds, the Issuer or Agent shall notify DTC of the availability of Bond certificates and shall issue,
transfer and exchange Bond certificates in appropriate amounts as required by OTC and others.
13. DTC may determine to discontinue providing its service as securities depository with respect to the Bonds at any
time by giving reasonable notice to the Issue or Agent (at which time DTC will confirm with the Issuer or Agent the
aggregate principal amount of the Bonds outstanding) and discharging its responsibilities with respect thereto under
applicable law. Under such circumstances, whenever DTC requests the Issuer and the Agent to do so, the Agent and
the Issuer will cooperate with DTC in taking appropriate action to make available one or more separate certificates
evidencing the Bonds to any DTC Participant having Bonds credited to its DTC account.
1-1. Nothing herein shall be deemed to require the Agent to advance funds on behalf of the Issuer.
Notes:
a. If there is no organization acting as Agent for the Issuer. and
all obligations in this Letter of Representations are to be assumed
solely by the Issuer. references to such Agent may be inked out.
b. Neither OTC nor (Cede & Co.) provides consents with respect
to any security. Under its usual procedures. OTC mails an
Omnibus Proxy to the Issuer as soon as possible after the record
date. The Omnibus Proxy assigns Cede & Co.'s voting rights to
those Participants having the security credited to their accounts on
the record date (identified in a listing attached to the Omnibus
Proxy). The requirement to advise OTC of the record date lor the
solicitation of consents is set forth in paragraph 2 of the Jetter.
c. Under Rules of the Municipal Securities Rulemaking Board
relating to "good delivery. • a municipal securities dealer must be
able to determine the date that a notice of partial call or of an
advance refunding of part of an issue is published (the ·Publication
Oate1. The establishment of such a Publication Date is addressed
in paragraph 4 of the letter.
Received and Accepted:
TilE DEPOSITORY TRUST COMPANY
By=---------------------------------(Authorized Officer's Signature!
cc: Underwriter
Underwriter's Counsel
Very truly yours,
Texas Commerce Bank National Association
!iiS Agent)
!Authorizl!d Officer's Signature I
ffitlel
City of Lubbock, Texas
l.as Issuer)
(Authorized Officer's Signature)
Mayor
(Title)
..
• ...... L ~
SCHEDULE A
(Describe Issue)
Year of Principal Interest
Stated Maturity Amount Rate
1992 $100,000 \
1993 100,000 \
1994 100,000 \
1995 100,000 \
1996 100,000 \
1997 100,000 \
1998 100,000 \
1999 100,000 \
2000 100,000 \
2001 100,000 \
2002 100,000 \
2003 100,000 \
2004 100,000 \
2005 100,000 \
2006 100,000 \
2007 100,000 \
2008 100,000 \
2009 100,000 \
2010 100,000 \
2011 100,000 \
13
GENERAL CERTIFICATE
THE STATE OF TEXAS §
§
COUNTY OF LUBBOCK §
§
CITY OF LUBBOCK §
WE, the undersigned, Mayor and City Secretary,
respectively, of the City of Lubbock, Texas, DO HEREBY CERTIFY
as follows:
1. That the total principal amount of indebtedness
of the City, including the proposed $2,000,000 "City of
Lubbock, Texas, General Obligation Bonds, Series 1991," dated
May 15, 1991; $16,120,000 "City of Lubbock, Texas, Combination
Tax and Waterworks System Subordinate Lien Revenue Certificates
of Obligation, Series 1991," dated May 15, 1991; $1,145,000
"City of Lubbock, Texas, Combination Tax and Solid Waste
Disposal System Revenue Certificates of Obligation, Series
1991," dated May 15, 1991; $4,030,000 "City of Lubbock, Texas,
Combination Tax and Exhibition Hall/Auditorium (Limited Pledge)
Revenue Certificates of Obligation, Series 1991," dated May 15,
1991; and $1,085,000 "City of Lubbock, Texas, Public Property
Finance Contractual Obligations, Taxable Series 1991," dated
May 15, 1991, payable from ad valorem taxes levied and
collected by the City is as follows:
OUTSTANDING INDEBTEDNESS-----------------------------$71,403,752
SERIES 1991 BONDS ----------------------------------~-$ 2,000,000
SERIES 1991 WATERWORKS CERTIFICATES ------------------$16,120,000
SERIES 1991 SOLID WASTE CERTIFICATES -----------------$ 1,145,000
SERIES 1991 EXHIBITION/HALL AUDITORIUM CERTIFICATES --$ 4,030,000
SERIES 1991 CONTRACTUAL OBLIGATIONS ------------------$ 1,085,000
TOTAL INDEBTEDNESS -------------------------$95,783,752
2. That a debt service requirement schedule for the
City's above-described outstanding indebtedness as well as the
proposed $2,000,000 "City of Lubbock, Texas, General Obligation
Bonds, Series 1991," dated May 15, 1991, is attached hereto as
Exhibit A and made a part of this certificate for all purposes.
t'
3. That certain duly qualified and acting officers
of said City are as follows:
B.C. McMINN
RANETTE BOYD
LARRY J. CUNNINGHAM
J. ROBERT MASSENGALE
MAYOR
CITY SECRETARY
CITY MANAGER
ASSISTANT CITY MANAGER
FOR FINANCIAL SERVICES -
CITY TREASURER
4. That said City is incorporated under the General
Laws of the State of Texas, and is operating under the Home
Rule Amendment to the Texas Constitution, Section 5, Article XI,
as amended in 1912; the City Charter was originally adopted at
an election held on December 27, 1917, and said Charter has not
been amended or revised in any respect since May 7, 1988, the
date of the last Charter Amendment Election.
5. That the bond election held in the City on the
17th day of October, 1987, was duly conducted and held in
compliance with the requirements of the Texas Election Code
relating to bilingual election materials, instructions,
supplies, etc., and the Federal Voting Rights Act, as amended.
6. That the assessed value of all taxable property
(net of exemptions) in the City, as shown by the tax rolls for
the year 1990, and which have been duly approved and are the
latest official assessment of taxable property in the City is
as follows:
TOTAL ASSESSED TAXABLE VALUES OF
REAL AND PERSONAL PROPERTY -----------$4,725,708,214
MaYOr~ClY OfLlibbOck, Texas
'I
(City seal)
-2-'4 59 0
PISC1L
JW
!!!MillO
9-30
1991
1992
1993
1994
lt95
1996
1997
1991
1999
2000
2001
2002
2003
2004
2005
2006
'21111
2008
2009
2010
20ll
m >< :X: -a:J --I
mmL CI!LlGATIOIIIDS
Imi!5T
PIIICIPAL mE Imi!S'1'
100,000 1.'1'5t 179,117
100,000 1.'1'5t 133,725
100,000 a.'15t. 124,975
100,000 1.'1'5t ll6,225
100,000 8.'1'5t 107,4'1'5
100,000 1.'1'5t 9t,725
100,000 8.'1'5t 1!,975
100,000 a.'l'5t 81,225
100,000 1.70\ 72,500
100,000 6.25\ 65,025
100,000 6.40\ 58,700
100,000 6.50t 52,250
100,000 6.50t 45,750
100,000 6.50t 39,250
100,000 6.25\ 32,175
100,000 6.25\ 26,625
100,000 6.25t 20,375
100,000 5.'1'5t 14,375
100,000 5.'1'5t 1,625
100(000 5.'1'5\ 211'1'5
$2,000,000 $1,370,737
OJIMIATIM !liARD Ill~
SYS!!II SOI!OIDm!! Lir:IIIM!IIl!
amriCA'I'!S Of' OI!LIGA!IOI
Imi!5T
PIIJCIPlL !Aft ImiES'1'
805,000 8.'1'5t 1,437,159
105,000 8.'1'5t 1,on,eos
105,000 a.'l'5t 1,002,369
805,000 1.'1'5t 931,931
105,000 1.'1'5t 861,494
105,000 a.'l'5t 791,056
105,000 1.'1'5\ 720,619
805,000 1.'1'5t 650,111
805,000 1,110\ 580,341
105,000 6.25\ 520,576
«15,000 6.40t 469,6110
105,000 6.50t 417,738
805,000 6,50\ 365,413
105,000 6.50t 313,081
«15,000 6.25\ 261,769
805,000 6.25\ 211,456
110,000 5.'1'5t 163,013
110,000 5.75\ 116,438
110,000 5.'1'5\ 69,163
8101000 5.'1'5t 231281
$16,120,000 $10,910,962
C I TY Of LUBBOCK. TEXAS .. REQUIREMENTS OF SERIES 1991
NEW ISSUES
Oli!BIIATIOI 1'11 All)
EJ!IB1TI(lf BALL/lODl'l'OIJl!ll alliBIIlTIOif m ·AD SOLID
(Lim'ED PllllGI I IMIIIll lllS'!'I DISlla!lAL S1'S!!II mDUI POBLIC PICfm'f fiiliiC!
CD'l'IfiCA!ES OF OBLIGATIM CD'l'IFICA'I'!S Ol' OBLIGATII!f ~AL 08LIGATIOIS
Imi!S! Imi!5T Imi!S! a!BII!D
PIIICIPAL mE Imi!S! PIIICIPAL !Aft ImiES'1' PmCIPAL IA'rl Imi!S'f IWJII!IIEIITS
200,000 S.'l'5t 360,125 n5,ooo 7.80\ 89,928 55,000 U9,t76 3,462,075
200,000 &.'1'5t 261,850 115,000 7.10\ 62,075 55,000 !10,309 2,!102,7"
200,000 1.'1'5\ 251,350 ns,ooo 7.10\ 53,105 55,000 85,153 2,791,952
200,000 8.'1'5t 233,850 115,000 s.aot 45,285 55,000 79,997 2,682,281
200,000 1.'1'5t 216,350 115,000 5.tot 38,558 55,000 9.l750t 74,141 2,573,717
200,000 1.'1'5\ 191,150 n5,ooo 6.00\ 31,715 55,000 69,114 2,US,230
200,000 1.'1'5t 111,350 115,000 6.10\ 24,'1'58 55,000 65,126 2,356,128
200,000 1.'1'5t 163,150 115,000 6.25t 17,656 55,000 110,369 2,241,211
200,000 a.sot 146,600 n5,ooo 6.25t 10,469 55,000 55,6ll 2,140,521
200,000 6.25t 1n,150 no,ooo 6.25t 3,438 55,000 1.6500\ 50,154 2,041,743
200,000 6.40t 119,200 55,000 46,000 1,853,560
200,000 6.50t 106,300 55,000 41,050 1,777,338
200,000 6.50t 93,300 55,000 36,100 1,700,563
200,000 6.50t 10,300 55,000 31,150 1,623,788
205,000 6.25\ 67,394 55,000 9.0000\ 26,200 1,553,231
205,000 6.25t 54,581 55,000 21,216 1,471,871
205,000 6.25\ 41,769 55,000 16,197 1,411,353
205,000 5.'1'5t 29,469 50,000 n,406 1,l36,6U
205,000 5.'1'5\ 17,681 50,000 6,1« 1,268,012
205!000 5.'1'5t 51194 50(000 9.1250\ 2!211 1,199,l31
$4,030,000 $2,7U,913 $1,145,000 $376,915 $1,085,000 $990,564 $40,168,161
All rates established at sale of Obligations.
CITY OF LUBBOCK, TEXAS
fiSCAL
TEAR JfEW ISSUES
EIDIIG OOTSTABDIIG DEBT <D!!Bm:D REQURDTS GRAKD TOTAL <X>!IBI!ED REQUIRDTS
9-30 PIIICIPAL IRTmST TOTAL PRIICIPAL :nrrERF.ST TOTAL PRDfCIPAL ImJtF.ST TOTAL
1991 $7,685,000 $5,519,770 $13,204,no $7,685,000 $5,519,no $13,204,no
1992 7,400,000 4,947,384 12,347,384 1,275,000 2,187,075 3,462,075 8,675,000 7,134,459 15,809,459
1993 6,910,000 4,402,888 11,312,888 1,275,000 1,627,766 2,902,766 8,185,000 6,030,654 14,215,654
1994 6,645,000 3,882,851 10,527,851 1,275,000 1,516,952 2,791,952 7,920,000 5,399,803 13,319,803
1995 6,180,000 3,385,478 9,565,478 1,275,000 1,407,288 2,682,288 7,455,000 4,792,766 12,247,766
1996 6,280,000 2,897,366 9,1n,366 1,275,000 1,298,717 2,573,717 7,555,000 4,196,083 11,751,083
1997 6,039,434 2,567,266 3,656,700 1,275,000 1,190,230 2,465,230 7,364,434 3,757,496 11,121,930
1998 6,090,076 2,110,591 8,200,667 1,275,000 1,081,828 2,356,828 7,365,076 3,192,419 10,557,495
1999 5,976,493 1,652,184 7,628,6n 1,275,000 973,281 2,248,281 7,251,493 2,625,465 9,876,958
2000 3,514,986 3,258,861 6,n3,847 1,275,000 865,528 2,140,528 4,789,986 4,124,389 8,914,375
2001 3,144,442 2,593,737 5,738,178 1,270,000 n1,743 2,041,743 4,414,442 3,365,480 7,779,921
2002 2,848,639 1,724,224 4,572,863 1,160,000 693,560 1,853,560 4,008,639 2,417,784 6,426,423
2003 2,684,682 1,083,971 3,768,653 1,160,000 617,338 1,m,338 3,844,682 1,701,309 5,545,990
2004 1,545,000 464,163 2,009,163 1,160,000 540,563 1,700,563 2,705,000 1,004,726 3,709,726
2005 1,545,000 356,700 1,901,700 1,160,000 463,788 1,623,788 2,705,000 820,488 3,525,488
2006 1,545,000 251,162 1,796,162 1,165,000 388,238 1,553,238 2,710,000 639,400 3,349,400
2r1fl 1,545,000 145,450 1,690,450 1,165,000 313,878 1,478,878. 2,710,000 459,328 3,169,328
2008 895,000 63,225 958,225 1,170,000 241,353 1,411,353 2,065,000 304,578 2,369,578
2009 565,000 16,950 581,950 1,165,000 171,688 1,336,688 1,730,000 188,638 1,918,638
2010 1,165,000 103,012 1,268,012 1,165,000 103,012 1,268,012
2011 1,165,000 34,338 1,199,338 1,165,000 34,338 1,199,338
$79,088,752 $41,324,221 $120,412,972 $24,380,000 $16,488,161 $40,868,161 $103,468,752 $57,812,382 $161,281,134
~ :r::: -OJ --i
.:r:::..
CITY OF LUBBOCK, TEXAS
DIVISION OF GENERAL OBLIGATION DEBT
LESS: LESS: LESS: LESS:
lfATERl«>RKS SEWEI SYSTEII OOLF <XXJRSE SOLID lfASTE CEliERAL
FISCAL STSTEII SISTEK SISTEK DISPOSAL SYSTEII MPOSE
JW GEmAL GEmAL GEHWL GEmAL CEliERAL
E!iDIIG COHBIIED OBLIGATIOIJ OBLIGATIOIJ OBLIGATIOIJ OBLIGATION OBLIGAfiOB
9-30 UQUIREml'l'S UQUIIEIIEHTS IEQOiiEliEHTS UQUIIEJIEHTS REQOIIEJIEITS UQOIIEIEIITS
1991 $13,204,770 $4,309,742 2,221,415 $87,167 $6,536,446
1992 15,809,459 6,235,314 2,128,357 84,018 204,928 7,156,842
1993 14,215,654 5,471,509 2,022,397 85,642 177,075 6,459,030
1994 13,319,803 5,092,255 1,977,186 82,043 168,105 6,000,214
1995 12,247,766 4,673,211 1,837,489 83,218 160,285 5,493,563
1996 11,751,083 4,449,522 1,836,264 84,224 153,558 5,227,516
1997 11,121,930 4,199,102 1,761,828 85,302 146,715 4,928,983
1998 10,557,495 3,980,574 1,690,010 81,425 139,758 4,665,728
1999 9,876,958 3,716,002 1,600,608 82,400 132,656 4,345,292
2000 8,914,375 3,342,359 1,469,966 83,025 125,469 3,893,556
2001 7,779,921 3,037,573 1,022,392 83,300 113,438 3,523,218
2002 6,426,423 2,562,599 846,406 83,225 2,934,193
2003 5,545,991 2,224,496 722,311 82,800 2,516,334
2004 3,709,726 1,639,570 624,930 1,445,226
2005 3,525,488 1,561,747 589,248 1,374,493
2006 3,349,400 1,486,568 553,442 1,309,390
2007 3,169,328 1,412,395 517,461 1,239,472
2008 2,369,578 1,118,638 138,156 1,112,785
2009 1,918,638 1,029,524 111,958 m,156
2010 1,268,012 879,863 318,150
2011 1,199,338 833,288 366,050
$161,281,133 $63,255,848 $23,671,824 $1,087,789 $1,521,985 $71,743,687
,.. .. .
Texas Commerce Bank
National Association
P. o. Box 841
Lubbock, Texas 79408
Attention: Sherry Burger
April 25, 1991
RE: $2,000,000 "City of Lubbock, Texas, Genera 1 Obligation
Bonds, Series 1991•, dated May 15, 1991
Dear Ms. Burger:
In reference to the above described series of
obligations, the delivery of the same to the initial purchasers
is to occur at your Bank with a single fully registered
obligation in the total principal amount of said series (the
"Initial Obligation"). When the Initial Obligation has been
approved by the Attorney General and registered by the
Comptroller of Public Accounts, it will be sent by the
Comptroller to the City•s Bond Counsel, Fulbright & Jaworski,
Attorneys at Law, 2200 Ross Avenue, Suite 2800, Dallas, Texas
for their examination. After the examination of the Initial
Obligation by said Firm, the same will be sent to you and
thereupon you are authorized to deliver the same to the initial
purchasers thereof, to wit: Rauscher Pierce Refsnes, Inc. and
Associates, or their order, upon payment being made therefor in
immediately available funds in accordance with the terms of the
Certificate and Receipt for Payment enclosed herewith.
When payment for the obligations has occurred, please
transmit the proceeds thereof by the fastest means available in
immediately available funds to the City's depository bank,
American State Bank, Lubbock, Texas, Attention: Selma Sedgwick.
Enclosed herewith you will find four copies of the
Signature and No-Litigation Certificate and three copies of the
Certificate and Receipt for Payment executed and completed
except as to date. When payment for the obligations is made,
please date and release one copy of the Signature and
No-Litigation Certificate to the purchasers and forward the
remaining copies of said Certificate and all executed and dated
copies of the Certificate and Receipt for Payment to Bond
Counsel at the address shown above.
64530-4
Page 2
April 25, 1991
Should any litigation having any effect upon the subject
obligations develop prior to the time you have received payment
for same, the undersigned or other official of the City will
notify you at once by telephone and by telegraph. You may thus
be assured that there is no such litigation at the time the
obligations are delivered to you unless you have been advised
otherwise in the manner aforementioned.
Texas
64530-5
Texas Commerce Bank
National Association
P. 0. Box 841
Lubbock, Texas 79408
Attention: Sherry Burger
Apr i 1 2 5, 19 91
RE: $2,000,000 "City of Lubbock, Texas, General Obligation
Bonds, Series 1991", dated May 15, 1991
Dear Ms. Burger:
Enclosed herewith you will find four Certificates as to
Official Statement relating to the sale of the above described
bonds, executed and completed except as to date. When payment
for the bonds occurs, you are authorized to date and release
one copy of this Certificate to the purchaser ( s) thereof, and
forward the rema1n1ng three copies to Messrs. Fulbright &
Jaworski, 2200 Ross Avenue, Suite 2800, Dallas, Texas 75201.
Very truly yours,
64530-6
April 25, 1991
Attorney General of Texas
411 West 13th Street -8th Floor
Austin, Texas 78701
Attention: Public Finance Division
RE: $2,000,000 "City of Lubbock, Texas, General Obligation
Bonds, Series 1991", dated May 15, 1991
Ladies and Gentlemen:
Enclosed herewith is the Initial Bond of the above
series and a Signature and No-Litigation Certificate relating
thereto, executed and completed except as to date.
When the record of proceedings relating to the issuance
of the above referenced series and the Initial Bond have been
approved by your office, this will be your authority to insert
that date in the Signature and No-Litigation Certificate and
deliver such Initial Bond to the Comptroller of Public Accounts
for registration.
Should any litigation in any way affecting the issuance
of the bonds or the security for the payment thereof develop
prior to that date, the undersigned or other official of the
City, will notify you at once by telephone and by telegraph.
You may thus be assured that there is no such litigation at the
time the bonds are finally approved unless notice to the
contrary has been given in the manner aforementioned.
Very truly yours,
6 .q 5 3 0 - 1
April.25, 1991
Ms. Arlene Chisholm
Economic Analysis Center
Comptroller of Public Accounts
P.O. Box 13528, Capitol Station
Austin, Texas 78711
RE: $2,000,000 "City of Lubbock, Texas, General Obligation
Bonds, Series 1991", dated May 15, 1991
Dear Ms. Chisholm:
When the Initial Bond of the series described above has
been received from the Attorney General, please register the
same on behalf· of the City, and when so registered, forward it
by overnight delivery to the firm of Fulbright & Jaworski, 2200
Ross Avenue, Suite 2800, Dallas, Texas 75201, Attention:
Mark S. Westergard for further handling under our instructions
to them.
It is further requested that three copies of the
approvirig opinion of the Attorney General and Comptroller's
Registration Certificate be enclosed with the Initial Bond when
it is sent to said firm.
Very truly yours,
/MiYQr, City~ck, Texas
64530-2
April 25, 1991
Messrs. Fulbright & Jaworski
2200 Ross Avenue, Suite 2800
Dallas, Texas 75201
RE: $2,000,000 "City of Lubbock, Texas, General Obligation
Bonds, Series 1991", dated May 15, 1991
Gentlemen:
Enclosed you will find four Certificates as to Tax
Exemption executed but undated.
At such time as the above described bonds are delivered
to the purchaser, you are authorized to complete and date each
of these certificates.
Very truly yours,
~~~ ssistant Cit}TMaila(Jr or
Financial Services
City of Lubbock, Texas
64SJD-3
SECTION 27: 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 28: 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 Article 6252-17, Vernon•s Texas Civil
Statutes, as amended. ·
SECTION 29: Effective Date. This Ordinance shall be in
force and effect from and after its passage on second and final·
reading and IT IS SO ORDAINED.
PASSED AND ADOPTED ON FIRST READING, this 25th day of
April, 1991.
PASSED AND ADOPTED ON SECOND AND FINAL READING, this 26th
day of April, 1991.
CITY OF LUBBOCK, TEXAS
-27-
EXHIBIT A
PAYING AGENT/REGISTRAR AGREEMENT
THIS AGREEMENT entered into as of Apri 1 26, 1991 (this
"Agreement"), by and between the City of Lubbock, Texas (the
"Issuer"), and Texas Commerce Bank National Association,
Lubbock, Texas, a banking association duly organized and
existing under the laws of the United States of America (the
"Bank•).
RECITALS
WHEREAS, the Issuer has duly authorized and provided for
the issuance of its •city of Lubbock, Texas, General Obli~ation
Bonds, Series 1991" (the "Securities") in the aggregate
principal amount of $2,000,000, such Securities to be issued in
fully registered form only as to the payment of principal
thereof and interest thereon; and
WHEREAS, the Securities are scheduled to be delivered to
the initial purchasers thereof on or about May 30, 1991; and
WHEREAS, the Issuer has selected the Bank to serve as
Paying Agent/Registrar in connect ion with the payment of the
principal of, premium, if any, and interest on said Securities
and with respect to the registration, transfer, and exchange
thereof by the registered owners thereof; and
WHEREAS, the Bank has agreed to serve in such capacities
for and on behalf of the Issuer and has full power and
authority to perform and serve as Paying Agent/Registrar for
the Securities;
NOW, THEREFORE, it is mutually agreed as follows:
ARTICLE ONE
APPOINTMENT OF BANK AS
PAYING AGENT AND REGISTRAR
Section 1.01. Appointment.
The Issuer hereby appoints the Bank to serve as Paying
Agent with respect to the Securities, and, as such Paying
Agent, the Bank shall be responsible for paying on behalf of
the Issuer the principal of, premium (if any), and interest on
the Securities as the same become due and payable to the
registered owners thereof; all in accordance with this
Agreement and the •Bond Resolution" (hereinafter defined). The
Issuer· hereby appoints the Bank as Registrar with respect to
the Securities and, as Registrar for the Securities, the Bank
•
shall keep and maintain for and on behalf of the Issuer books
and records as to the ownership of said Securities and with
respect to the transfer and exchange thereof as provided herein
and in the •Bond Resolution•.
The Bank hereby accepts its appointment, and agrees to
serve as the Paying Agent and Registrar for the Securities.
Section 1.02. Compensation.
As compensation for the Bank's services as Paying Agent/
Registrar, the Issuer hereby agrees to pay the Bank the fees
and amounts set forth in Annex A attached hereto for the first
year of this Agreement and thereafter the fees and amounts set
forth in the Bank • s current fee schedule then in effect for
services as Paying Agent/Registrar for municipalities, which
shall be supplied to the Issuer on or before 90 days prior to
the close of the Fiscal Year of the Issuer, and shall be
effective upon the first day of the following Fiscal Year.
In addition, the Issuer agrees to reimburse the Bank upon
its request for all reasonable expenses, disbursements, and
advances incurred or made by the Bank in accordance with any of
the provisions hereof (including the reasonable compensation
and the expenses and disbursements of its agents and counsel).
ARTICLE TWO
DEFINITIONS
Section 2.01. Definitions.
For all purposes of this Agreement, except as otherwise
expressly provided or unless the context otherwise requires:
64~SD
•Acceleration Date• on any Security means the date
on and after which the principal or any or all
installments of interest, or both, are due and payable on
any Security which has become accelerated pursuant to the
terms of the Security.
•sank Office• means the principal corporate trust
office of the Bank as indicated on page 12 hereof. The
Bank will notify the Issuer in writing 6f· any change ·in
location of the Bank Office.
•Bond Resolution• means the resolution, order, or
ordinance of the governing body of the Issuer pursuant to
which the Securities are issued, certified by the
Secretary or any other officer of the Issuer and
'delivered to the Bank.
-2-
"Fiscal Year• means the fiscal year of the Issuer,
ending September 30.
"Holder• and "Security Holder• each means the Person
in whose name a Security is registered in the Security
Register.
• Issuer Request" and "Issuer Order" means a written
request or order signed in the name of the Issuer by the
Mayor, City Secretary, City Manager, or Assistant City
Manager for Financial Services, any one or more of said
officials, and delivered to the Bank.
"Legal Holiday" means a day on which the Bank is
required or authorized to be closed.
"Person" means any individual, corporation,
partnership, joint venture, association, joint stock
company, trust, unincorporated organization, or
government, or any agency or political subdivision of a
government.
"Predecessor Securities• of any particular Security
means every previous Security evidencing all or a portion
of the same obligation as that evidenced by such
particular Security (and, for the purposes of this
definition, any mutilated, lost, destroyed, or stolen
Security for which a replacement Security has been
registered and delivered in lieu thereof pursuant to
Section 4.06 hereof and the Resolution).
"Redemption Date" when used with respect to any Bond
to be redeemed means the date fixed for such redemption
pursuant to the terms of the Bond Resolution.
"Responsible Officer" when used with respect to the
Bank means the Chairman or Vice-Chairman of the Board of
Directors, the Chairman or Vice-Chairman of the Executive
Committee of the Board of Directors, the President, any
· Vice President, the Secretary, any Assistant Secretary,
the Treasurer, any Assistant Treasurer, the Cashier, any
Assistant Cashier, any Trust Officer or Assistant Trust
Officer, or any other ·officer of the Bank customarily
performing functions similar to those performed by any of
the above designated officers and also means, with
respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.
•security Register" means a register maintained by
the Bank on behalf of the Issuer providing for the
registration and transfer of Securities •.
-3-
"
•stated Maturity" means the date specified in the
Bond Resolution the principal of a Security is scheduled
to be due and payable.
Section 2.02. Other Definitions.
The terms "Bank,.. • Issuer," and .. Securities (Security)"
have the meanings assigned to them in the recital paragraphs of
this Agreement.
The term "Paying Agent/Registrar" refers to the Bank in
the performance of the duties and functions of this Agreement.
ARTICLE THREE
PAYING AGENT
Section 3.01. Duties of the Paying Agent.
As Paying Agent, the Bank shall, provided adequate
collected funds have been provided to it for such purpose by or
on behalf of the Issuer, pay on behalf of the Issuer the
principal of each Security at its Stated Maturity, Redemption
Date, or Acceleration Date, to the Holder upon surrender of the
Security to the Bank at the Bank Office.
As Paying Agent, the Bank shall, provided adequate
collected funds have been provided to it for such purpose by or
on behalf of the Issuer, pay on behalf of the Issuer the
interest on each Security when due, by computing the amount of
interest to be paid each Holder and making payment thereof to
the Holders of the Securities (or their Predecessor Securities)
on the Record Date. All payments of principal and/or interest
on the Securities to the registered owners shall be
accomplished ( 1) by the issuance of checks, payable to the
registered owners, drawn on the fidicuary account provided in
Section 5.05 hereof, sent by United States mail, first class,
postage prepaid, to the address appearing on the Security
Register or (2) by such other method, acceptable to the Bank,
requested in writing by the Holder at the Holder•s risk and
expense.
Section 3.02. Payment Dates.
The Issuer hereby instructs the Bank to pay the principal
of and interest on the Securities at the dates specified in the
Bond Resolution.
-4-14SSO
ARTICLE FOUR
REGISTRAR
Section 4.01. Security Register-Transfers and Exchanges.
The.Bank agrees to keep and maintain for and on behalf of
the Issuer at the Bank Office books and records (herein
sometimes referred to as the "Security Register") for recording
the names and addresses of the Holders of the Securities, the
transfer, exchange, and replacement of the Securities and the
payment of the principal of and interest on the Securities to
the Holders and containing such other information as may be
reasonably required by the Issuer and subject to such
reasonable regulations as the Issuer and the Bank may
prescribe. All transfers, exchanges, and replacements of
Securities shall be noted in the Security Register.
Every Security surrendered for transfer or exchange shall
be duly endorsed or be accompanied by a written instrument of
transfer, the signature on which has been guaranteed by an
officer of a federal or state bank or a member of the National
Association of Securities Dealers, such written instrument to
be in a form satisfactory to the Bank and duly executed by the
Holder thereof or his agent duly authorized in writing.
The Bank may request
feels necessary to effect
exchange of the Securities.
any supporting documentation
a re-registration, transfer,
it
or
To the extent possible and under reasonable
circumstances, the Bank agrees that, in relation to an exchange
or transfer of Securities, the exchange or transfer by the
Holders thereof will be completed and new Securities delivered
to the Holder or the assignee of the Holder in not more than
three (3) business days after the receipt of the Securities to
be cancelled in an exchange or transfer and the written
instrument of transfer or request for exchange duly executed by
the Holder, or his duly authorized agent, in form and manner
satisfactory to the Paying Agent/Registrar.
Section 4.02. Securities.
The Issuer shall provide an adequate· inventory of print~d
Securities to facilitate transfers or exchanges thereof. The
Bank covenants that the inventory of printed Securities will be
kept in safekeeping pending their use and reasonable care will
be exercised by the Bank in maintaining such Securities in
safekeeping, which shall be not less than the care maintained
by the Bank for debt securities of other governments or
corporations for which it serves as registrar, or that is
maintained for its own securities.
-5-
Section 4.03. Form of the Security Register.
The Bank, as Registrar, will maintain the Security
Register relating to the registration, payment, transfer, and
exchange of the Securities in accordance with the Bank's
general practices and procedures in effect from time to time.
The Bank shall not be obligated to maintain such Security
Register in any form other than those which the Bank has
currently available and currently utilizes at the time.
The Security Register may be maintained in written form
or in any other form capable of being converted into written
form within a reasonable time.
Section 4.04. List bf Security Holders.
The Bank will provide the Issuer at any time requested by
the Issuer, upon payment of the required fee, a copy of the
information contained in the Security Register. The Issuer may
also inspect the information contained in the Security Register
at any time the Bank is customarily open for business, provided
that reasonable time is allowed the Bank to provide an
up-to-date listing or to convert the information into written
form.
The Bank will not release or disclose the contents of the
Security Register to any person other than to, or at the
written request of, an authorized officer or employee of the
Issuer, except upon receipt of a court order or as otherwise
required by law. Upon receipt of a court order and prior to
the release or disclosure of the contents of the Security
Register, the Bank will notify the Issuer so that the Issuer
may contest the court order or such release or disclosure of
the contents of the Security Register.
Section 4.05. Return of Cancelled Securities.
The Bank will, at such reasonable intervals as it
determines, surrender to the Issuer, Securities in lieu of
which or in exchange for which other Securities have been
issued, or which have been paid.
Section 4.06. Mutilated, Destroyed,
Securities.
Lost, or Stolen
The Issuer hereby instructs the Bank, subject to the
provisions of Section 11 of the Bond Resolution, to deliver and
issue Securities in exchange for or in lieu of mutilated,
destroyed, lost, or stolen Securities as long as the same does
not result in an overissuance.
-6-14SSO
In case any Security shall be mutilated, destroyed, lost,
or stolen, the Bank, in its discretion, may execute and deliver
a replacement Security of like form and tenor, and in the same
denomination and bearing a number not contemporaneously
outstanding, in exchange and substitution for such mutilated
Security, or in lieu of and in substitution for such destroyed,
lost, or stolen Security, only upon (i) the filing by the
Holder thereof with the Bank of evidence satisfactory to the
Bank of the destruction, loss, or theft of such Security, and
of the authenticity of the ownership thereof and (ii) the
furnishing to the Bank of indemnification in an amount
satisfactory to hold the Issuer and the Bank harmless. All
expenses and charges associated with such indemnity and with
the preparation, execution, and delivery of a replacement
Security shall be borne by the Holder of the Security
mutilated, destroyed, lost, or stolen.
Section 4.07. Transaction Information to the Issuer.
The Bank will, within a reasonable time after receipt of
written request from the Issuer, furnish the Issuer information
as to the Securities it has paid pursuant to Section 3.01
hereof, Securities it has delivered upon the transfer or
exchange of any Securities pursuant to Section 4.01 hereof, and
Securities it has delivered in exchange for or in lieu of
mutilated, destroyed, lost, or stolen Securities pursuant to
Section 4.06 hereof.
ARTICLE FIVE
THE BANK
Section 5.01. Duties of the Bank.
The Bank undertakes to perform the duties set forth
herein and agrees to use reasonable care in the performance
thereof.
Section 5.02. Reliance on the Documents, Etc.
(a) The Bank may conclusively rely, as to the truth of
the statements and correctness of the opinions expressed
therein, on certificates or opinions furnished to the Bank.
(b) The Bank shall not be liable for any error of
judgment made in good faith by a Responsible Officer, unless it
shall 'be proved that the Bank was negligent in ascertaining the
pertinent facts.
-7-••sso
(c) No provisions of this Agreement shall require the
Bank to expend or risk its own funds or otherwise incur any
financial liability for performance of any of its duties
hereunder, or in the exercise of any of its rights or powers,
if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity satisfactory to
it against such risks or liability is not assured to it.
(d) The Bank may rely and shall be protected in acting
or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, note, security, or other paper
or document believed by it to be genuine and to have been
signed or presented by the proper party or parties. Without
limiting the generality of the foregoing statement, the Bank
need not examine the ownership of any Securities, but is
protected in acting upon receipt of Securities containing an
endorsement or instruction of transfer or power of transfer
which appears on its face to be signed by the Holder or an
agent of the Holder. The Bank shall not be bound to make any
investigation into the facts or matters stated in a resolution,
certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, note, security, or
other paper or document supplied by Issuer.
(e) The Bank may consult with counsel, and the written
advice of such counsel or any opinion of counsel shall be full
and complete authorization and protection with respect to any
action taken, suffered, or omitted by it hereunder in good
faith and in reliance thereon.
(f) The Bank may exercise any of the powers hereunder
and perform any duties hereunder either directly or by or
through agents or attorneys of the Bank.
Section 5.03. Recitals of the Issuer.
The recitals contained herein with respect to the
and in the Securities shall be taken as the statements
Issuer, and the Bank assumes no responsiblity for
correctness.
Issuer
of the
their
The Bank shall in no event ·be liable to the Issuer, any
Holder or Holders of any Security, or any other Person for any
amount due on any Security from its own funds.
Section 5.04. May Hold Securities.
The Bank, in its individual or any other capacity, may
become the owner or pledgee of Securities and may o.therwise
deal with the Issuer with the same rights it would have if it
were not the Paying Agent/Registrar, or any other agent.
-8-14SSD
Section 5 • 0 5 • :.:M;,;;o.;;.::n:..;;::e;.,o.y...;;;:s;......;;,;H;..;;;;e;..;;;;l;.;;:;d;..,.;;:b.Y __ ...;:t:;,.;;.h:..::e=--=B:;.;::a:.;;.n:;,.;;.k;;.._ ___ _...;s;;.;e;::;.lp.._a;;;...:..r a=-t.::.e=.
Account/Collateralization.
A separate account shall at all times be kept and
maintained by the Bank for the receipt, safekeeping and
disbursement of moneys received from the Issuer hereunder for
the payment of the Securities, and money deposited to the
credit of such account until paid to the Holders of the
Securities shall be continuously collaterialized by securities
or obligations which qualify and are eligible under the laws of
the State of Texas to secure and be pledged as collateral for
accounts of the Issuer to the extent such money is not insured
by the Federal Deposit Insurance Corporation. Payments made
from such account shall be made by check drawn on such account
unless the owner of such Securities shall, at its own expense
and risk, request such other medium of payment.
The Bank shall be under no liability for interest on any
money received by it hereunder.
Subject to the applicable unclaimed property laws of the
State of Texas, any money deposited with the Bank for the
payment of the principal, premium (if any), or interest on any
Security and remaining unclaimed for four years after final
maturity of the Security has become due and payable wi 11 be
paid by the Bank to the Issuer, and the Holder of such
Security shall thereafter look only to the Issuer for payment
thereof, and all liability of the Bank with respect to such
moneys shall thereupon cease.
Section 5.06. Indemnification.
To the extent permitted by law, the Issuer agrees to
indemnify the Bank for, and hold it harmless against, any loss,
liability, or expense incurred without negligence or bad faith
on its part, arising out of or in connection with its
acceptance or administration of its duties hereunder, including
the cost and expense against any claim or liability in
connection with the exercise or performance of any of its
powers or duties under this Agreement.
Section 5.07. Interpleader •.
The Issuer and the Bank agree that the Bank may seek
adjudication of any adverse claim, demand, or controversy over
its person as well as funds on deposit, in either a Federal or
State District Court located in the state and county where
either the Bank Office or the administrative office of the
Issuer is located, and agree that service of process by
certified or registered.mail, return receipt requested, to the
-9-6CSSD
•
address referred to in Section 6.03 of this Agreement shall
constitute adequate service. The Issuer and the Bank further
agree that the Bank has the right to file a Bill of
Interpleader in any court of competent jurisdiction to
determine the rights of any Person claiming any interest herein.
Section 5.08. DT Services.
It is hereby represented and warranted that, in the event
the Securities are otherwise qualified and accepted for
'"Depository Trust Company" services or equivalent depository
trust services by other organizations, the Bank has the
capability and, to the extent within its control, will comply
with the '"Operational Arrangements•, effective August 1,-1987,
which establishes requirements for securities to be eligible
for such type depository trust services, including, but not
limited to, requirements for the timeliness of payments and
funds availability, transfer turnaround time, and notification
of redemptions and calls.
ARTICLE SIX
MISCELLANEOUS PROVISIONS
Section 6.01. Amendment.
This Agreement may be amended only by an agreement in
writing signed by both of the parties hereto.
Section 6.02. Assignment.
This Agreement may not be assigned by either party
without the prior written consent of the other.
Section 6.03. Notices.
Any request, demand, authorization, direction, notice,
consent, waiver, or other document provided or permitted hereby
to be given or furnished to the Issuer or the Bank shall be
mailed or delivered to the Issuer or the Bank, respectively, at
the addresses shown on page 12 of this Agreement.
Section 6.04. Effect of Headings.
The Article and Section headings herein are for
convenience only and shall not affect the construction hereof.
Section 6.05. Successors and Assigns.
All covenants and agreements herein by the Issuer shall
bind its successors and assigns, whether so expressed or not.
-10-
Section 6.06. Severability.
In case any provision herein shall be invalid, illegal,
or unenforceable, the validity, legality, and enforceability of
the remaining provisions shall not in any way be affected or
impaired thereby.
Section 6.07. Benefits of Agreement.
Nothing herein, express or implied, shall give to any
Person, other than the parties hereto and their successors
hereunder, any benefit or any legal or equitable right, remedy,
or claim hereunder.
Section 6.08. Entire Agreement.
This Agreement and the Bond Resolution constitute the
entire agreement between the parties hereto relative to the
Bank acting as Paying Agent/Registrar and if any conflict
exists between this Agreement and the Bond Resolution, the Bond
Resolution shall govern.
Section 6.09. Counterparts.
This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original and all
of which shall constitute one and the same Agreement.
Section 6.10. Termination.
This Agreement will terminate (i) on the date of final
payment of the principal of and interest on the Securities to
the Holders thereof or (ii) may be earlier terminated by either
party upon sixty (60) days written notice; provided, however,
an early termination of this Agreement by either party shall
not be effective unti 1 (a) a successor Paying Agent/Registrar
has been appointed by the Issuer and such appointment accepted
and (b) notice given to the Holders of the Securities of the
appointment of a successor Paying Agent/Registrar.
Furthermore, the Bank and the Issuer mutually agree that the
effective date of an early termination of this Agreement shall
not occur at any time which would disrupt, delay, or otherwise
adversely affect the payment of the Securities.
Upon an early termination of this Agreement, the Bank
agrees to promptly transfer and deliver the Security Register
(or a copy thereof), together with other pertinent books and
records relating to the Securities, to the successor Paying
Agent/Registrar designated and appointed by the Issuer.
-11-
64SSD
The provisions of Section 1.02 and of Article Five shall
survive and remain in full force and effect following the
termination of this Agreement.
Section 6.11. Governing Law.
This Agreement shall be construed in accordance with and
governed by the laws of the State of Texas.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.
[SEAL]
Attest:
City Secretary
(SEAL)
ATTEST:
Title:
64SSD
CITY OF LUBBOCK, TEXAS
BY ~----------------------------Mayor
Address:
P. 0. Box 2000
Lubbock, Texas 79457
TEXAS COMMERCE BANK
NATIONAL ASSOCIATION
Lubbock, Texas
BY -----------------------------
Mailing Address:
P. 0. Box 841
Lubbock, Texas 79408
Delivery Address:
1314 Avenue K
Lubbock, Texas 79401
-12-
Letter of Representations
TO BE COMPLETED BY ISSUER ANO AGENT. IF ANY
City of Lubbock, Texas
Texas Commerce Bank National Association
The Depository Trust Company
55 Water Street
New York, NY 100U
Attention: General Counsel's Office
Re: $2,000,000 City of Lubbock, Texas, General Obligation
Bonds, Series 1991, dated May 15, 1991
Gentlemen: (lss~AO~l
EXHIBIT B
April 26, 1
tDatel
The purpose of this letter is to set out certain matters relating to the above-referenced Bonds (the "Bonds"') National Association
Texas Commerce Bank/ is acting as Trustee, Paying Agent, Fiscal Agent, .or other Agent of the Issuer witr
(IN! • AQem1
10
respect to the Bonds. The Bonds will be issued pursuant to a Trust Indenture, Bond Resolution. or other such documc!n:
authorizing the issuance of the Bonds dated as of May 15 • 19 91 (the "Document(sn
----------is distributing the Bonds through The Depository Trust Company ("OTC").
(the "\Jndetwnter1
To induce DTC to accept the Bonds as eligible for deposit at DTC and act in accordance with its Rules ";th res~
to the Bonds, the Issuer and the Agent, if any, make the following representations to DTC:
t. Subsequent to Closing on the Bonds on May 30 • 19 91 , there shall be deposited with DTC
one Bond certificate in registered form registered in the name of DTC's nominee, Cede & Co., for each stated maturit:
of the Bonds-in.the-face-amounts set forth on Schedule A hereto, the total of which represents 100% of the prindpa
amount of such Bonds. If, however, the aggregate principal amount of any maturity exceeds 5100,000,000, ont
certificate will be issued with respect to each 5100,000,000 of principal amount and an additional certificate will bt
issued with respect to any remaining principal amount. Each 5100,000,000 Bond certificate shall bear the follot<.in~
legend:
.. Unless this certificate is presented by an authorized representative of The Depository Trust Company to tht
issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the namt
of Cede & Co. or such other name as requested by an authorized representative of The Depc!Sitory Trust Company anc
any payment is made to Cede & Co .• ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OF
OTiiERWISE BY OR TO ANY PERSON IS WRO:"'lGFUl since the registered owner hereof, Cede & Co., has an in teres
herein ...
' 2. In the event of .1ny solicitation of consents from and voting by hold~rs of the Bonds, the Issuer or Agent, shall
establish a record date for such purposes and give DTC notice of such record date not less than IS calendar days in
advance of such record date to the ~:dent possible. . .
3. In the event of a redemption or any other similar transaction resulting in retirement of all Bonds outstanding or a
reduction in aggregate principal amount of Bonds outstanding ( .. full or partial redemption") or an advance refunding
of all or part of the Bonds outstanding. the Issuer or Agent, shall give DTC notice of such event not less than 30 days
nor more than 60 days prior to the redemption date or, in the case of an advance refunding, the date the proceeds are
deposited in escrow.
4. (n the event of a partial redemption or an advance refunding of part of the Bonds outstanding. the Issuer or Agent
shall send DTC a notice specifying: 1) the amount of the redemption or refunding; 2) in the case of a refunding, the
maturity date(sl established under the refunding; and 3) the date such notice is to be mailed to _Bondholders or
published ( .. the Publication Date"). Such notice shall be sent to DTC by a secure means (e.g., legible facsimile
transmission, registered or certified mail, overnight express delivery) in a timely manner designed to assure that such
notice is in DTCs possession no later than the close of business on the business day before the Publication Date. The
Issuer or Agent will for'\\.·ard such notice either in a separate secure transmission for each CUSfP number or in a secure
transmission for multiple CUSIP numbers which includes a manifest or list of each CUSIP submitted in that
transmission. (The Issuer or Agent sending such notice shall have a method to \'erify subsequently the use of such
means and timeliness of the notice.) The Publication Date shall be not less than 30 days nor more than 60 days prior to
the redemption dah!' or, in the case of an advance refunding. the date the proceeds are deposited in escrow.
5. In the event of an invitation to tender the Bonds, notice to Bondholders by the Issuer or Agent, specifying the
terms of the tender and the date such notice is to be mailed to Bondholders or published ("the Publication Date") shall
be sent to DTC by a secure means (e.g., legible facsimile transmission, registered or certified mail. overnight express
delivery) in a timely manner designed to assure that such notice is in DTC's possession no later than the close of
business on the business day before the Publication Date. (The Issuer or Agent sending such notice shall have a
method to verify subsequently the use of such means and timeliness of the notice.)
6. AU notices and payment ad vices sent to OTC shall contain the CUSIP number of the Bonds.
7. Notices to OTC by facsimile transmission shalt be ~nt to OTC's Call Notification Department at (516) 227-&039 or
(516) 227-l-190. The Agent shall confirm DTCs receipt of such facsimile transmission by telephoning the Call
Notification Department at (516) 227-&070. Notices to OTC by mail or any other means shall be sent to:
The Depository Trust Company
Call Notification Department
Muni Reorganization Manager
711 Stewart Avenue
Ga~en City, NY 11530
8. Interest payments shall be received by Cede & Co., as nominee of OTC, or its registered assigns in next-day funds
on each payment date Cor the equivalent in accordance with existing arrangements between the Issuer or Agent and
DTC). Such payments shall be made payable to the order of Cede & Co.
9. Payments of principal shall be received by Cede & Co., as nominee of DTC, or its registered assigns in next-day
funds on each payment date. Principal payments shall be made payable to the order of Cede & Co., and shall be
addressed as foltows:
11
'
f
The Depository Trust Comp~ny
~uni Redemption Department
53 Water Street-50th Floor
New York, NY 100·11
Attention: Collection Supervisor
10. DTC may direct the Issuer or Agent to use any other telephone number for facsimile transmission, address, or
department of DTC as the number. address or department to which payments of interest or principal or notices may be sent.
11. In the event of a redemption. acceleration or any other similar transaction (e.g .• tenders made and accepted in
response to the Issuer's or Agent's invitation) necessitating a reduction in aggregate principal amount of Bonds
outstanding or an advance refunding of part of the Bonds outstanding, DTC. in its discretion, (a) may request the
Issuer or Agent to issue and authenticate a new Bond certificate or (b) shall make an appropriate notation on the Bond
certificate indicating the date and amounts of such reduction in principal, except in the case of final maturity. in which
case the certificate must be presented to the Issuer or Agent prior to payment.
12. In the event the Issuer determines pursuant to the Document(s) that beneficial owners of the Bonds shall be able
to obtain certificated Bonds. the Issuer or Agent shall notify DTC of the availability of Bond certificates and shall issue.
transfer and exchange Bond certificates in appropriate amounts as required by DTC and others.
13. DTC may determine to discontinue providing its service as securities depository with respect to the Bonds at any
time by giving reasonable notice to the Issue or Agent (at which time DTC will confirm with the Issuer or Agent the
aggregate principal amount of the Bonds outstanding) and discharging its responsibilities with respect thereto under
applicable Jaw. Under such circumstances. whenever DTC requests the Issuer and the Agent to do so. the Agent and
the Issuer wiU cooperate with DTC in taking appropriate action to make available one or more separate certificates
e'tidencing the Bonds to any DTC Participant having Bonds credited to its DTC account.
14. Nothing herein shall be deemed to require the Agent to advance funds on behalf of the Issuer.
Notes:
a. If there is no organization acting as Agent for the Issuer. and
an obligabOns •n this Letter cl Representations are to be assumed
solely by the Issuer. references to such Agent may be inked cut.
b. Ne1ther DTC nor (Cede & Co.) provides consents w1th respect
to any security. Under its usual procedures. DTC mails an
OmnibuS Proxy to the Issuer as soon as poss1ble after the record
date. The Omnibus Prexy ass•gns Cede & Co.'s voting rights to
these Participants having the securrty credited to their aeeounts on
the record date (identified in a listing attached to the Omnibus
Prexy). The requirement to advise DTC or the record date fer the
soliCitation of consents is set forth in paragraph 2 or the letter.
c. Under Rules or the Municipal Securities Rulemaking Board
relat•ng to "good delivery.· a municipal securities dealer must be
able to determine the date that a notice of partial call or or an
advance refunding of part of an issue is published (the ·Publication
Date1. The establishment of such a Publication Date is addressed
in paragraph 4 of the letter.
Received and Accepted:
THE DEPOSITORY TRUST COMPANY
By: ........................................................................... .....
(Aulhonnd Officer's Sign.run:l
cc: Underwriter
Underwriter's Counsel
Very truly yours.
Texas Commerce Bank National Association
IAulhonzttl.l Officer's Sign..tu~)
City of Lubbock, Texas
l•s Issued
IAuthonz~ Officer's Sign..turd
Mayor
("
SCHEDULE A
(Oescnbe Issue)
Year of Principal Interest
Stated Maturity Amount Rate
1992 $100,000 \
1993 100,000 \
1994 100,000 \
1995 100,000 \
1996 100,000 \
1997 100,000 \
1998 100,000 \
1999 100,000 \_
2000 100,000 \
2001 100,000 \
2002 100,000 \
2003 100,000 \
2004 100,000 \
2005 100,000 \
2006 100,000 \
2007 100,000 \
2008 100,000 \
2009 100,000 \
2010 100,000 \
2011 100,000 \
13
I~'IRST 8~ COMPANY
JOEW.SMITH
SENIOR VICE PRESIDENT
Ms. Ranette Boyd
City Secretary
City of Lubbock
P. 0. Box 2000
Lubbock, Texas 79457
Dear Ranette:
INVESTMENT BANKERS
P.O. BOX 2754-79604
402 CYPRESS, SUITE 103
ABILENE, TEXAS '79601
May I, 1991 (915) 672-8432
Enclosed are five copies of a .3-page set of schedules marked "Exhibit A" covering
the general obligation issues sold on 4-25-1991. One copy should be attached to
your copy of the General Certificate covering each issue.
If you have any questions, please let me know.
JWS:gc
Enclosures
/.
Page #I CITY OF LUBBOCK, TEXAS EXHIBIT A
GENERAL OBLIGATION DEBT SERVICE.REQUIREMENTS
COMBINED REQUIREMENTS OF TAX ISSUES SOLD 4-25-1991
GIIJIIAflOI !U liD
CXIIllmOI !U liD IIAfEIImiS IDIII'1'IOI IIJ.LIAUD12011111 OlDIWtar m liD SOLIJ) nscu. Simi SI:IJIOJDW!I LIEJ IMilll (LIIInD PLID(il) IM'JIIII llml DISfOIW. SlmiiiVDUI JIV8L1C IDIIft rwa
!W c:mw. CIILlQTIQI DDS amncm:s or CIILlQTIOII cmmwr:s or OIIIJ.QTIOI Cllfiricms or OIIIJ.QTIQI CXIIDAC!UoU. c:a.mnOIS
PJI)IJC
' ' :rmu:sr l.ltEIES' liUIES'r JJRIISl' ImUSr OJDIIED
9-30 PWCIP1L .wE Illii!Sr PIIJCIPAL 1m IlrEUSI' l'lbiCIP1L 11ft ImiES! PIIJCIP1L 1m :rmu:sr PIIJCIPIJ. WI ImiE:Sf II(.lOlllliEII'lS
1991
1992 100,000 1:m· 179,117 IOS,OOO 1.75t 1,07,159 200,000 1.75t 360,US 115,000 Mot 19,92.1 55,000 W,t7& 3,462,075
199) 100,000 1.75t: ll3,'72S IOS,OOO 1.'7Sl 1,072,10i 200,000 I. '7Sl 2&1,150 115,000 ?.lot 62,0'15 55,000 90,309 2,902,7&&
19M 100,000 1.75t Uf,975 IOS,OOO a.m 1,002,369 200,000 1.7Sl 251,350 115,000 7.10& S3,10!i 55,000 15,153 2,191,9S2
1995 100,000 1.75t 116,225 IOS,OOO 1.75t 931,931 200,000 •• '7Sl 233,150 115,000 5.10& cs,zas '55,000 "·"' 2,&12,211
1996 100,000 1.75t 107,f75 IOS,OOO I. 1St W.,fH 200,000 1.15& 216,350 115,000 5.90t li,W 55,000 9.3750& 7f,Ul 2,573,717
19f7 100,000 1.75t 91,T6 IOS,OOO 1.75t 791,056 200,000 1.7Sl 191,150 115,000 6.00& 31,11S 55,000 "·"" 2,465,230
1991 100,000 1.75t 19,975 IOS,OOO 1.7Sl no,619 200,000 I. '7Sl 111,350 115,000 6.101 2f,'7SI 55,000 65,.126 2,356,121
1999 100,000 1.7Sl 11,225 IOS,OOO a.m 650,111 200,000 1.'75& 163,150 115,000 6.2Sl 17,656 55,000 60,369 2,241,211
2000 100,000 1.701 n,5Cl0 IOS,OOO 1.6ot SIO,:MI 200,000 I. sot 146,600 115,000 6.25\ 10,469 55,000 ss,w 2,140,521
2001 100,000 6.25& 65,0.15 IOS,OOO 6.2Sl 520,576 200,000 6.2Sl 131,150 110,000 6.25& 3,431 55,000 1.65Cl0& 50,1Sf 2,0&1,70
2002 100,000 6.f0l sa,100 IOS,OOO 6.f0l 469,660 200,000 6.40& 119,200 55,000 40,000 1,153,560
2003 100,000 6.sot 5.2,250 IOS,OOO 6.50l U7,7ll 200,000 6.50& 106,3()(1 55,000 U,O!iO 1,777,3:»
200C 100,000 6.50& 6,750 IOS,OOO 6.50l l65,fD 200,000 6.sot 93,3()(1 55,000 36,100 1,700,5&3
2005 100,000 6,50& )9,250 IOS,OOO 6.50& lD,OM 200,000 6.501 IO,l«< 55,000 31,150 1,62J,7U
2006 100,000 6.25\ 32,175 IOS,OOO 6.2Sl 261,769 205,000 i.2Sl 67,394 55,000 9.0000& 26,200 1,553,231
20(17 100,000 6.2Sl 26,625 IOS,OOO 6.2St 211,456 205,000 6.2St St,SI1 55,000 21,216 1,478,&71
2004 100,000 6.25\ 20,375 110,000 5.75l 16l,OD 205,000 6.2S& 41,769 55,000 16,197 1,411,353
. 2009 100,000 5.75t 1f,:J75 110,000 S.'7Sl 116,431 205,000 5.7Sl 29,469 50,000 11,406 l,ll6,6&l
2010 100,000 S.75t 1,625 110,000 S.75l i9,&6l 205,000 5.75t 17,"1 50,000 '·"' 1,261,012
2011 100,000 5.7Sl 2,175 110«000 5. '7St 23,211 :zos,ooo 5.751 5,&,. 50,000 9.U50& 2,211 1!1n1llJ
$2,000,000 $1,370,737 $16,120,000 $10,910,~ $4,0JO,GOO $2,7",9D $1,145,000 $376,915 $1,015,000 $t90,5&f $40,16&,161
All Issues dated 5 ... 15-1991; prim::lpal due 2-15 of each year as shown.
Interest rates shown are those established at sale of obligations.
Interest due 2-15-1992 and each 8-15 & 2-15 thereafter.
>' CITY OF LUBBOCK. TEXAS
FISCAL
YEA! JEW ISSUES
EIDIIG OOI'SDIDIIG DEB! CXIBIIED QlOI!EIEI'fS GWD TOJ'AL <XIlBIIED lf'.QOIIFJIEift'S
~30 PIDICIPAL lllmS'f !OfAL PIIICIPAL IJRim !OflL PIDICIPAL ImiES'l 1Vl'lL
1991 $7,615,000 $5,519,770 $13,20t,770 $7,615,000 $5,519,770 $13,20t,770
1992 7,400,000 4~M7,3M 12,347,3M 1,275,000 2,117,075 3,462,075 1,675,000 7,134,459 15,109,459
1993 6,910,000 4,402,UI 11,312,188 1,275,000 1,627,766 2,902,766 1,115,000 6,030,654 14,215,654
1994 6,645,000 3;112,&51 10,527,151 1,275,000 1,516,952 2,791,952 7,920,000 5,399,103 13,319,103
1995 6,110,000 3,315,471 9,565,471 1,275,000 1,407,211 2,612,24& 7,455,000 4,792,766 U,247,766
1996 6,210,000 2,197,3&6 9,177,3&6 1,275,000 1,291,717 2,573,717 7,555,000 4,196,083 11,751,013
1997 6,019,434 2,5li7,266 1,656,700 1,275,000 1,190,230 2,465,230 7,36C,04 3,757,496 U,l21,930
1991 6,090,076 2,110,591 1,200,667 1,275,000 1,011,121 2,356,121 7,365,076 3,192,419 10,557,495
1999 5,976,493 1,652,114 7,W,677 1,275,000 973,211 2,241,211 7,251,493 2,625,465 9,176,951
2000 3,514,9&6 3,251,161 6,773,147 1,275,000 165,521 2,140,52& 4,719,916 4,124,319 8,914,375
2001 3,144,441 2,593,737 5,731,171 1,270,000 771,743 2,0&1,743 4,414,441 3,365,410 7,779,921
200l 2,1U,639 1,724,224 4,572,&63 1,160,000 693,560 1,153,560 4,001,639 2,417,7&4 6,426,423
2003 2,614,612 1,013,971 3,761,653 1,160,000 617,331 1,m,331 3,U4,W 1,701,309 5,545,990
2004 1,SCS,OOO 46C,163 2,009,163 1,160,000 540,563 1,700,563 2,705,000 1,004,726 3,709,726
2005 1,SCS,OOO 356,700 1,901,700 1,160,000 463,711 1,623,741 2,705,000 120,411 3,525,411
2006 1,SCS,OOO 251,162 1,796,162 1,165,000 311,238 1,553,231 2,710,000 639,400 3,349,400
'JI11I 1,545,000 145,450 1,690,450 1,165,000 313,871 1,471,171· 2,710,000 459,32a 3,169,321
2001 195,000 63,225 951,225 1,170,000 241,353 1,411,353 2,065,000 30C,571 2,369,578
201» 565,000 16,950 511,950 1,165,000 171,611 1,336,611 1,730,000 14&,631 1,911,631
2010 1,165,000 103,012 1,261,012 1,165,000 103,012 1,261,012
2011 1,165,000 34,331 1,199,331 1,165,000 34,331 1,199,331
$79,041,751 $41,324,221 $120,412,972 $24,310,000 $16,411,161 $40,161,161 $103,468,751 $57,112,312 $161,2&1,133
.,
~ -....
VI
CITY OF LUBBOCK, TEXAS
DIVISION OF GENERAL OBLIGATION DEBT
LESS: LESS: LESS: LESS:
IIA'!EOORKS SEm SISTEK GOLF OOO!S£ SOLID WASTE GEmAL
fiSCAL SISTEK SYSTEII SYSTEII DISPOSAL SISTEK PURPOSE
JEA! GEmAL GEifERAL GEifElAL GElflRAL GEliERAL
DDIIG O)IBO!D OOLIGATIOI OBLIGATIO! OBLIGA!IOI OBLIGATIOI OBLIGA!IOI
9·30 IEQOIREIIDTS IEQOIIEKEIITS IEQOUEKEJITS lEQOII!DliTS IEQUWJIEI'fS IEQOiiEKEHTS
1991 $13,204,770 $4,309,742 2,221,415 $87,167 $6,586,446
1992 15,809,459 6,235,314 2,121,357 14,011 204,928 7,156,142
1993 14,215,654 5,471,509 2,022,397 15,642 177,075 6,459,030
1994 13,319,803 5,092,255 1,977,116 82,0U 161,105 6,000,214
1995 12,247,766 4,673,211 1,137,489 83,211 160,285 5,493,563
1996 11,751,013 4,449,522 1,136,264 14,224 153,558 5,227,516
1997 11,121,930 4,199,102 1,761,828 15,302 146,715 4,928,983.
199& 10,557,495 3,980,574 1,690,010 81,425 139,758 4,665,728
1999 9,176,958 3,716,002 1,600,608 82,400 132,656 4,345,292
2000 8,914,375 3,342,359 1,469,966 83,025 125,469 3,193,556
2001 7,779,921 3,037,573 1,022,392 83,300 113,431 3,523,218
2002 6,426,423 2,562,599 846,406 83,225 2,934,193
2003 5,545,991 2,224,496 722,311 82,100 2,516,314
2004 3,709,726 1,639,570 624,930 1,Ct5,226
2005 3,525,488 1,561,747 589,248 1,374,493
2006 3,349,400 1,486,568 553,442 1,309,390
2007 3,169,328 1,412,395 517,461 1,239,472
2008 2,369,571 1,111,638 131,156 1,112,785
2009 1,911,638 1,029,524 111,951 m,156
2010 1,261,012 179,163 381,150
2011 1,199,338 133,288 366,050
$161,281,133 $63,255,148 $23,671,824 $1,087,719 $1,521,985 $71,743,617
FULBRIGHT & JAWORSKI
2200 Ross AVENUE
SUITE 2SOO
DALLAS, TEXAS ?5201
HOUSTON
WASHINGTON, O. C.
TELE.PHON£:214/855·8000
TELECOPIER: 214/85!5•8200
AUSTIN
SAN ANTONIO
o.-,LLAS
NEW YORK
. LOS .-,NGELES
LONDON
ZURICH
HONG KONG
April 15, 1991
Ms. Sherry Burger
Texas Commerce Bank
National Association
1314 Avenue K
Lubbock, Texas 79401
RE: $2,000,000 "City of Lubbock, Texas, General Obligation
Bonds, Series 1991"
$7,500,000 ••city of Lubbock, Texas, Electric Light and
Power System Revenue Bonds, Series 1991"
$1,145,000 "City of Lubbock, Texas, Combination Tax
and Solid Waste Disposal System Revenue Certificates
of Obligation, Series 1991"
$4,030,000 "City of Lubbock, Texas, Combination Tax
and Exhibition Hall/Auditorium (Limited Pledge)
Revenue Certificates of Obligation, Series 1991"
$16,120,000 "City of Lubbock, Texas, Combination Tax
and Waterworks System Subordinate Lien Revenue
Certificates of Obligation, Series 1991"
$1,085,000 "City of Lubbock, Texas, Public Property
Finance Contractual Obligations, Taxable Series 1991"
Dear Ms. Burger:
Enclosed herewith are four copies each of substitute
page 9 of the Paying Agent/Registrar Agreements relating to the
above described issues. In accordance with our conversation,
please substitute these pages in the documents you presently
have.
Should you have any questions, please advise.
JS/ler
cc: ~s. Ranette Boyd (w/encls.)
Mr. Joe Smith (w/encls.)
00010-43
yours,
Slemmons
Legal Assistant
FULBRIGHT & JAWORSKI
2200 Ross AVENUE
SUITE 2800
0AL.L.AS, TEXAS 7S201
HOUSTON
WASHINGTON, D.C.
TELEPHONE: 21<4/85 5•8000
TELECOPIEF!: 214/855•8200
AUSTIN
SAN ANTONIO
DALLAS
NEW YORK
LOS ANGELES
LONDON
ZURICH
HONG KONG
April 22, 1991
Ms. Ranette Boyd
City Secretary
P. 0. Box 2000
Lubbock, Texas 79457
RE: $2,000,000 "City of Lubbock, Texas, General Obligation
Bonds, Series 1991"
$7, 500,000 "City of Lubbock, Texas, Electric Light and
Power System Revenue Bonds, Series 1991"
$1,145,000 "City of Lubbock, Texas, Combination Tax and
Solid Waste Disposal System Revenue Certificates of
Obligation, Series 1991"
$4,030,000 "City of Lubbock, Texas, Combination Tax and
Exhibition Hall/Auditorium (Limited Pledge) Revenue
Certificates of Obligation, Series 1991"
$16,120,000 "City of Lubbock, Texas, Combination Tax and
·Waterworks System Subordinate Lien Revenue Certificates
of Obligation, Series 1991"
$1,085,000 "City of Lubbock, Texas, Public Property
Finance Contractual Obligations, Taxable Series 1991"
Dear Ranette:
Enclosed herewith are two copies each of the Waiver of
Notice and Consent to Special Meeting to be executed by absent
member(s) in connection with the meeting to be held on
April 26, 1991.
. Please return one copy of each Waiver and retain one
copy of each for the City's records.
yours,
Slemmons
Legal Assistant
JS/ler
Enclosures
cc: Mr. Joe Smith (w/encls.)
0 0 0 I D -4 1
FULBRIGHT & JAWORSKI
2200 Ross AvENUE
TELEPHONE: 214/85!5•8000
TELECOPIER:214/8!5S·8200
Ms. Ranette Boyd
City Secretary
1625 13th Street
Lubbock, Texas 79457
SUITE 2SOO
DALLAS, TEXAS 7S201
April 15, 1991
RE: City of Lubbock -Notice of Meeting
Dear Ranette:
HOUSTON
WASHINGTON, D.c.
AUSTIN
SAN ANTONIO
DALLAS
NEW YORK
LOS ANGELES
LONDON
ZURICH
HONG KONG
Enclosed are Notices of Meeting for posting 'in
accordance with the attached memorandum. Said Notices relate
to the meetings of the City Council on April 25th and
April 26th and are concerned with the passage of ordinances
authorizing the issuance of bonds and obligations.
If a Notice of Meeting has already been posted and said
Notice includes the subject matter regarding the bonds and
obligations, the enclosed Notices may be discarded.
Also enclosed is a copy of each ordinance for your
perusal.
Should you have any questions, please advise.
MSW/ler
Enclosures
cc: Mr. Joe Smith
Mr. J. Robert Massengale
00010-lZ
\.
FULBRIGHT & JAWORSKI
2200 Ross AVENUE
SUITE 2800
DAI..LAS, TEXAS ?S201
HOUSTON
WIIISHlNGTON, C. C.
TELEPHONE: 214/855•8000
TELECOPIER: 214/855 •8200
IIIUSTIN
SIIIN ANTONIO
DALU.S
NEW YORK
LOS J.NGE.l.ES
LONDOIII
ZURICH
HONG KONG April 16, 1991
Ms. Sherry Burger
Texas Commerce Bank
National Association
1314 Avenue K
Lubbock, Texas 79401
RE: $2,000,000 •city of Lubbock, Texas, General Obligation
Bonds, Series 1991•
$7,500,000 •city of Lubbock, Texas, Electric Light and
Power System Revenue Bonds, Series 1991"
$1,145,000 "City of Lubbock, Texas, Combination Tax
and Solid Waste Disposal System Revenue Certificates
of Obligation, Series 1991"
$4,030,000 "City of Lubbock, Texas, Combination Tax
and Exhibition Hall/Auditorium (Limited Pledge)
Revenue Certificates of Obligation, Series 1991"
$16,120,000 "City of Lubbock, Texas, ... Combination Tax
and Waterworks System Subordinate Lien Revenue
Certificates of Obligation, Series 1991"
$1,085,000 "City of Lubbock, Texas, Public Property
Finance Contractual Obligations, Taxable Series 1991"
Dear Ms. Burger:
As Paying Agent/Registrar for the six captioned series
of obligations, Texas Commerce Bank, together with the City and
The Depository Trust Company (DTC) will need to execute a
Letter ·of Representation relating to the book-entry delivery
through DTC. In this connection, we are enclosing herewith six
sets (4 copies -each set) of the Letter of Representations,
being one set for each issue.
We would request that these Letters be executed on
behalf of the Bank, and forwarded to Ms. Ranette Boyd, City
Secretary, at City Hall. The City proposes to approve and
execute these Letters on April 25, 1991. We will furnish you a
fully executed copy for each issue as soon as possible after
the meeting on April 25th.
6 S 3 Z D
Ms. Sherry Burger
April 16, 1991
Page 2
If you
hesitate to call.
appreciated.
should have any questions, please do not
Your assistance in this matter is very much
MSW/ler
Enclosures
cc: Mr. Joe W. Smith
Ms. Ranette Boyd
Mr. J. Robert Massengale
6SlZO
Very truly yours,
Mark s. Westergard
)
f'
FULBRIGHT & -JAWORSKI
2200 Ross AVENUE
SUITE 2SOO
DALLAS, TEXAS 7S201
HOUSTON
WASHINGTON, D. C.
TELEPHON£:214/855·8000
TELECOPIER: 214/855•8200
AUSTIN
SAN ANTONIO
DALLAS
NEW YORK
LOS ANGELES
LONDON
ZURICH
HONG KONG April 15, 1991
Ms. Sherry Burger
Texas Commerce Bank
National Association
1314 Avenue K
Lubbock, Texas 79401
RE: $2,000,000 "City of Lubbock, Texas, General Obligation
Bonds, Series 1991"
$7,500,000 "City of Lubbock, Texas, Electric Light and
Power System Revenue Bonds, Series 1991"
$1,145,000 "City of Lubbock, Texas, Combination Tax
and Solid Waste Disposal System Revenue Certificates
of Obligation, Series 1991"
$4,030,000 "City of Lubbock, Texas, Combination Tax
and Exhibition Hall/Auditorium (Limited Pledge)
Revenue Certificates of Obligation, Series 1991"
$16, 120,000 "City of Lubbock, Texas, Combination Tax
and Waterworks System Subordinate Lien Revenue
Certificates of Obligation, Series 1991"
$1,085,000 "City of Lubbock, Texas, Public Property
Finance Contractual Obligations, Taxable Series 1991"
Dear Ms. Burger:
We have been advised that Texas Commerce Bank National
Association will serve as Paying Agent/Registrar for the six
captioned series of obligations. In this connection, we are
enclosing herewith six sets (4 copies -each set) of the Paying
Agent/Registrar Agreements, being one set for each issue.
We would request that these Agreements be executed on
behalf of the Bank, have attached to each copy a fee schedule
(Annex A) and forwarded to Ms. Ranette Boyd, City Secretary, at
City Ha 11. The City proposes to approve and execute these
Agreements on Apri 1 25, 1991. We wi 11 furnish you a fully
executed Agreement for each issue together with a copy of the
Ordinance passed by the City as soon as possible after the
meeting on April 25th.
6 5 I 9 0
}
I
Ms. Sherry Burger
April 15, 1991
Page 2
If you should have any questions, please do not
hesitate to call. Your assistance in this matter is very much
appreciated.
MSW/ler
Enclosures
cc: Mr. Joe w. Smith
Ms. Ranette Boyd
Mr. J. Robert Massengale
6 5 l 9 D
Very truly yours,
-rY/~4-
Mark S. Westergard
FULBRIGHT & JAWORSKI
2200 Ross AvENUE
TELEPHONE: 214/SSS-SOOO
TEI.EC:OPIER: 214/SSS•S200
VIA FEDERAL EXPRESS
Ms. Ranette Boyd
City Secretary
1625 13th Street
Lubbock, Texas 79401
SUITE 2800
DALLAS, TEXAS 75201
May 2, 1991
HOUSTON
WASHINGTON, D.c.
AUSTIN
SAN ANTONIO
DALLAS
NEW YORK
LOS ANGELES
LONDON
ZURICH
HONG KONG
RE: $2,000,000 "City of Lubbock, Texas, General Obligation
Bonds, Series 1991"
$7,500,000 "City of Lubbock, Texas, Electric Light and
Power System Revenue Bonds, Series 1991"
$1,145,000 "City of Lubbock, Texas, Combination Tax and
Solid Waste Disposal System Revenue Certificates of
Obligation, Series 1991"
$4,030,000 "City of Lubbock, Texas, Combination Tax and
Exhibition Hall/Auditorium (Limited Pledge) Revenue
Certificates of Obligation, Series 1991"
$16,120,000 "City of Lubbock, Texas, Combination Tax and
Waterworks System Subordinate Lien Revenue Certificates
of Obligation, Series 1991"
$1,085,000 "City of Lubbock, Texas, Public Property
Finance Contractual Obligations, Taxable Series 1991"
Dear Ranette:
Enclosed are the minute pages for each of
captioned ordinances and the City's copies of
documents for each issue.
the above
executed
Thanks for all
finalized. If I can
advise.
JS/ler
Enclosures
cc: Mr. Joe Smith
00011''1-1
your help
be of any
in getting these documents
further assistance, please
truly yours,
.
f"U!_~ ............. ~
Slemmons
Legal Assistant
FULBRIGHT & JAWORSKI
2200 Ross AVENUE
SUITE 2800
DALLAS, TEXAS 75201
HOUSTON
WASHINGTON, Q,(:,
AUSTIN
SAN ANTONIO
CALLAS TELEPHONE: 214/SSS•SOOO ~~~-m<eoPOEA,,Wess-s•oo
~J<
NEW VORl(
LOS ANGELES
LON CON
ZURIC:H
HONG MONG
May 7, 1991
Ms. Ranette Boyd
City Secretary
City of Lubbock
P. 0. Box 2000
Lubbock, Texas 79457
RE: $2,000,000 "City of Lubbock, Texas, General Obligation
Bonds, Series 1991"
$7,500,000 "City of Lubbock, Texas, Electric Light and
Power System Revenue Bonds, Series 1991"
$1,145,000 "City of Lubbock, Texas, Combination Tax and
Solid Waste Disposal System Revenue Certificates of
Obligation, Series 1991"
$4,030,000 "City of Lubbock, Texas, Combination Tax and
Exhibition Hall/Auditorium (Limited Pledge) Revenue
Certificates of Obligation, Series l991"
$16,120,000 "City of Lubbock, Texas, Combination Tax and
Waterworks System Subordinate Lien Revenue Certificates
of Obligation, Series 1991"
$1,085,000 "City of Lubbock, Texas, Public Property
Finance Contractual Obligations, Taxable Series 1991"
Dear Ranette:
Enclosed herewith is a fully executed Letter of
Representations relating to each of the above described issues
for the records of the City.
Very truly yours,
~-
Elbert M. Morrow
EMM/ler
Enclosures
cc: Mr. Joe Smith
00010-13
....
1 .
I BOOK·ENTRY·ONLY MUNICIPAL BONDS
Letter of Representations
TO BE COMPLETED BY ISSUER AND AGENT. IF ANY
City of Lubbock, Texas
~ami! ot Issul!r
Texas Commerce Bank National Association
Namt! ot Agml. if an~
The Depository Trust Company
55 Water Street
New York, NY 10041
Attention: General Counsel's Office
Re: $2,000,000 City of Lubbock, Texas, General Obligation
Bonds, Series 1991, dated May 15, 1991
Gentlemen: (Issue Descnp!lon)
April 26, 199
{Date)
The purpose of this letter is to set out certain matters relating to the above-referenced Bonds (the "Bonds''). National Association
Texas Commerce Bank/ is acting as Trustee, Paying Agent, Fiscal Agent, .or other Agent of the Issuer \~ith
(the "Agent")
respect to the Bonds. The Bonds will be issued pursuant to a Trust Indenture, Bond Resolution, or other such docum~nt
authorizing the issuance of the Bonds dated as of May 15 • 19 91 (the "Document(sn.
Rauscher Pierce Refsnesj? distributing the Bonds through The Depository Trust Company ("OTC").
(the '1.1ndetwriter1 Inc. and associates
To induce DTC to accept the Bonds as eligible for deposit at DTC and act in accordance with its Rules with respect
to the Bonds, the Issuer and the Agent, if any, make the following representations to OTC:
1. Subsequent to Closing on the Bonds on May 30 . 19 91 , there shall be deposited with DTC
one Bond certificate in registered form registered in the name of DTC's nominee, Cede & Co., for each stated maturity
of the Bonds in the face amounts set forth on Schedule A hereto, the total of which represents 100% of the prindpal
amount of such Bonds. If, however, the aggregate principal amount of any maturity exceeds $100,000,000, one
certificate will be issued with respect to each $100,000,000 of principal amount and an additional certificate will be
issued with respect to any remaining principal amount. Each $100,000,000 Bond certificate shall bear the follov.ing
legend:
"Unless. this certificate is presented by an authorized representative of The Depository Trust Company to the
issuer or its ~gent for registration of transfer, exchange or payment, and any certificate issued is registered in the name
of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and
any paymez:tt is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest
herein."
10
• • 2. In the event 1of any solicitation of consents from and voting by holders of the Bonds, the Issuer or Agent, shall
establish a record date for such purposes and give DTC notice of such record date not less than 15 calendar days in
advance of such record date to the extent possible.
3. In the event of a redemption or any other similar transaction resulting in retirement of all Bonds outstanding or a
reduction in aggregate principal amount of Bonds outstanding ("full or partial redemption") or an advance refunding
of all or part of the Bonds outstanding, the Issuer or Agent, shall give DTC notice of such event not less than 30 days
nor more than 60 days prior to the redemption date or, in the case of an advance refunding, the date the proceeds are
deposited in escrow.
4. In the event of a partial redemption or an advance refunding of part of the Bonds outstanding, the Issuer or Agent
shall send DTC a notice specifying: 1) the amount of the redemption or refunding; 2) in the case of a refunding, the
maturity date(s) established under the refunding; and 3) the date such notice is to be mailed to Bondholders or
published ("the Publication Date"). Such notice shall be sent to DTC by a secure means (e.g., legible fac~imile
transmission, registered or certified mail, overnight express delivery) in a timely manner designed to assure that such
notice is in DTC's possession no later than the dose of business on the business day before the Publication Date. The
Issuer or Agent will forward such notice either in a separate secure transmission for each CUSIP number or in a secure
transmission for multiple CUSIP numbers which includes a manifest or list of each CUSIP submitted in that
transmission. (The Issuer or Agent sending such notice shall have a method to verify subsequently the use of such
means and timeliness of the notice.) The Publication Date shall be not less than 30 days nor more than 60 days prior to
the redemption date or, in the case of an advance refunding, the date the proceeds are deposited in escrow.
5. In the event of an invitation to tender the Bonds, notice to Bondholders by the Issuer or Agent, specifying the
terms of the tender and the date such notice is to be mailed to Bondholders or published ("the Publication Date") shall
be sent to DTC by a secure means (e.g., legible facsimile transmission, registered or certified mail, overnight express
delivery) in a timely manner designed to assure that such notice is in DTC's possession no tater than the dose of
business on the business day before the Publication Date. (The Issuer or Agent sending such notice shall have a
method to verify subsequently the use of such means and timeliness of the notice.)
6. All notices and payment ad vices sent to DTC shall contain the CUSIP number of the Bonds.
7. Notices to DTC by facsimile transmission shall be sent to DTC's Call Notification Department at (516) 227-4039 or
(516) 227-4190. The Agent shall confirm DTC's receipt of such facsimile transmission by telephoning the Call
Notification Department at (516) 227-4070. Notices to DTC by mail or any other means shall be sent to:
The Depository Trust Company
Call Notification Department
Muni Reorganization Manager
711 Stewart Avenue
Garden City, NY 11530
8. Interest payments shall be received by Cede & Co., as nominee of DTC, or its registered assigns in next-day funds
on each payment date (or the equivalent in accordance with existing arrangements between the Issuer or Agent and
DTC). Such payments shall be made payable to the order of Cede & Co.
9. Payments of principal shall be received by Cede & Co., as nominee of DTC, or its registered assigns in next-day
funds on each payment date. Principal payments shall be made payable to the order of Cede & Co., and shall be
addressed as follows:
11
. .
12
The Depository Trust Company
Muni Redemption Department
55 Water Street~50th Aoor
New York, NY 10041
Attention: Collection Supervisor
10. OTC may direct the Issuer or Agent to use any other telephone number for facsimile transmission, address, or
department of DTC as the number, address or department to which payments of interest or principal or notices may be sent.
11. In the event of a redemption, acceleration or any other similar transaction (e.g., tenders made and accepted in
response to the Issuer's or Agent's invitation) necessitating a reduction in aggregate principal amount of Bonds
outstanding or an advance refunding of part of the Bonds outstanding, OTC, in its discretion, (a) may request the
Issuer or Agent to issue and authenticate a new Bond certificate or (b) shall make an appropriate notation on the Bond
certificate indicating the date and amounts of such reduction in principal, except in the case of final maturity, in which
case the certificate must be presented to the Issuer or Agent prior to payment.
12. In the event the Issuer determines pursuant to the Oocument(s) that beneficial owners of the Bonds shall be able
to obtain certificated Bonds, the Issuer or Agent shall notify OTC of the availability of Bond certificates and shall issue,
transfer and exchange Bond certificates in appropriate amounts as required by ore and others.
13. ore may determine to discontinue providing its service as securities depository with respect to the Bonds at any
time by giving reasonable notice to the Issue or Agent (at which time ore will confirm with the Issuer or Agent the
aggregate principal amount of the Bonds outstanding) and discharging its responsibilities with respect thereto under
applicable law. Under such circumstances, whenever OTC requests the Issuer and the Agent to do so, the Agent and
the Issuer will cooperate with ore in taking appropriate action to make available one or more separate certificates
evidencing the Bonds to any ore Participant having Bonds credited to its OTC account.
14. Nothing herein shall be deemed to require the Agent to advance funds on behalf of the Issuer.
Notes:
a. If there is no organization acting as Agent for the Issuer. and
all obligations in this Letter of Representations are to be assumed
solely by the Issuer, references to such Agent may be inked out.
b. Neither OTC nor (Cede & Co.) provides consents with respect
to any security. Under its usual procedures. OTC mails an
Omnibus Proxy to the Issuer as soon as possible alter the record
date. The Omnibus Proxy assigns Cede & Co.'s voting rights to
those Participants having the security credited to their accounts on
the record date (identified in a listing attached to the Omnibus
Proxy). The requirement to advise OTC of the record date for the
solicitation of consents is set forth in paragraph 2 of the letter.
c. Under Rules of the Municipal Securities Rulemaking Board
relating to "good delivery." a municipal securities dealer must be
able to determine the date that a notice of partial call or of an
advance refunding of part of an issue is published (the ·Publication
Oate1. The establishment of such a Publication Date is addressed
in paragraph 4 of the letter.
Received and Accepted:
THE DEP'' , .......... -u.
cc: Underwriter
Underwriter's Counsel
Very truly yours,
Texas Commerce Bank National Association
ffitlel
City of Lubbock, Texas
I (Authorized Officer; s Signature)
Mayor
ffitlel
' .
Year of
Stated Maturity
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
SCHEDULE A
(Describe Issue)
Principal
Amount
$100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
Interest
Rate
8 .. 75 \
8.75 \
8.75 \
81\75 \
8.75 \
8.75 \
8.75 \
8.75 \
8.70 \
6.25 \
6.40 \
6.50 \
6.50 \
6.50 \
6.25 \
6.25 \
6.25 \
5.75 \
5.75 \
5.75 \
13
FULBRIGHT & JAWORSKI
2200 Ross AvENUE
TELEPHONE: 214/855•8000
TE:LECOPIER:214/85S•820Q
Ms. Ranette Boyd
City Secretary
P. 0. Box 2000
Lubbock, Texas 79457
SUITE 2800
DALLAS, TEXAS 75201
April 16, 1991
HOUSTON
WASHINGTON, C. C.
AUSTIN
SAN ANTONIO
DALLAS
NEW YORII
LOS ANGELES
LON CON
ZURICH
HONG KONG
RE: $2,000,000 "City of Lubbock, Texas, General Obligation
Bonds, Series 1991"
Dear Ms. Boyd:
Enclosed herewith are the proceedings relating to the
issuance of the above described bonds. We are forwarding these
at this time so that you might have the opportunity to get some
of the documents signed ahead of time and hold them until the
date of final passage of the ordinance. We have forwarded the
Paying Agent/Registrar Agreement and Letter of Representations
directly to Texas Commerce Bank and requested that signed
copies be delivered to you before April 25th. The enclosures
are as follows: /
1. Two copies of the Ordinance authorizing the
issuance of the bonds. When completed (Sections 2 and 15) and
executed, one copy is for the City's records and one copy is to
be returned to us. ,..,..,
2. Five copies of the Certificate of City Secretary
relating to passage of the ordinance on first reading. When
completed and executed, one copy is for the City's records and
four copies are~ be returned to us.
3. Five copies of the Certificate of City Secretary
relating to the passage of the ordinance on second read'ing.
When completed and executed, one copy is for the City's files
and four copies are to be returned to us . .,.,.,--
4. Five copies of the General Certificate to be
dated and executed. Retain·\one copy for your files and return
four copies to us. The debt service requirement schedule
attached as Exhibit A will be furnished by First Southwest
Company. /
5. Five copies of Signature and No-Litigation
Certificate to be executed by the Mayor and City Secretary and
their signatures verified by the City's depository bank. The
6 5 Z 6 D
Ms. Ranette Boyd ·
April 16, 1991
Page 2
seal of the City and ~e seal of the bank are to be impressed
on each Certificate. DO NOT DATE these Certificates as they
will be dated at the time of delivery. Return all copies to us.
The signatures of the City officials must conform to
the signatures of those officials signing the Initial Bond. v
6. Four copies of
Statement to be signed but is
signed copies to us.
v-·
~tificate as to Official
not to be dated. Return a 11
7. Two copies each of five letters of instruction to
be signed by the appropriate City officials. Retain one copy
of each letter for your files and return one copy to us.
~
8. The Initial Bond to be signed, sealed and
returned to us. ~
9. Twenty definitive bonds, being one bond for each
year of maturity, to be signed and sealed. These are prepared
because of the book-entry delivery provisions. Return all
signed bonds to~s.
10. Three copies of Form 8038-G to be signed and
returned to us. We will complete the form and file with
Internal Revenue Service after delivery of the bonds.
Should you have any questions regarding the
enclosures, please advise. I will be attending the meetings on
April 25th · and 26th to offer any assistance in getting the
documents completed and executed.
MSW/ler
Enclosures
cc: Joe w. Smith (w/encls.)
6 52 6 0
v:;:;;:;.u;;~~
Mark S. Westergard
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
AFFIDAVIT OF PUBLICATION
§
§
§
BEFORE ME, the undersigned authority, on this day
personally appeared T .. l. Aufi 11 , who, after being
by me duly S\vorn, deposes and says that (s)he is the
Account Manae:er of the Lubbock Avalanche-Journal which is a
newspaper published and having general circulation in the City
of Lubbock, Texas, and that a true and correct copy of the
"NOTICE OF SALE," hereto attached, was published in said paper
on the follo~ing dates:
t t MARCH 24,
MARCH 31,
APRIL 7,
APRIL 14,
APRIL 21,
1991;
1991;
1991;
1991;
1991;
the date of the first publication of said notice being at least
thirty (30) days prior to the date of the public sale for the
obligations referred to therein.
SWORN TO AND SUBSCRIBED BEFORE ME, this the 22 A~ril , 1991. of
10NYA HENRY
Notary Public
STAT£ OF TEXAS
Mr CGIIW3 (lfl Hal 19 '1994
(Notary Seal)
S t I 1 E
"':~ic"••< •• , .. y.,_,,,,. .. ..,,."' •. ~
· ' ·. JIOTICt! dfo tAU! ' .·
CITY OF LUBBOCK< Tl!lCAS · '·
·" 1 ~-'
. Tile CitY c.un;:H of tlllt CitY Of Lll~boc~. Tax••• will re~alvt
aealed bldl&ttllc.Cih! C:OVncll Notary Publi Chambera, Munlcllo.al Complex. ,
K2S tltto street.~. 'faxes, I My Conun1" S S 1" 0 until J:30 P.M .. Cel!lfOI Olivlloht '
Time. APril 25. 1~1. tor tile follow·
· klo described liOn!'" , 1
U.O(Kl.OOO CltY.of LobbOcki Texas
· .General~~~~:~'
Deled May 1s; ~~~:,indpaldue !
Febnlarv 15'.0f ·elcto year as lol·
loft: SJOO,IIOI!i each year 1m
lhrwt1120U ;ln1efesl payable Feb-
ruarv 15. 1992 fllld each .AutMt 15 and :Febru•rv: ill tllereatter. Tile City rtSI!f'ft5 tile flllhl• at ~ts. OP-tion, to redeflm1Bonds maturing on
and offer Feb.:ilarv 15 •. 1002 on.Feb-ruarv ts. 2001. IN' any dale tile real· ltr. et the Pll( value lhenlof 111.us 1«rutd lnkresl to the Cla!e fidel forpayment. · ····· ·• .. · ·
Further l~lormatlon maY. lie obtained troll) the Clvfslon of Fl· nance. CIIV of LubbOCk, P ,0. Box 2000. LYI.lbOCk. Texas 19.f571 ar. trom Fln.t Southwett Company, 500 First Clly CenterdJOO Poclllc Avenue. Oallas. 'ftxas 7521l1, .Fl·. nanclel Consultants to the City.
~BWd C:IIY Secretary . C:ltv of L.llbbock ' : lt;Jil
day
Honorable Mayor and City Council
City of Lubbock, Texas . ·
Members of the City CouncU:
OFFICIAL BID FORM
Reference Is made to your Official Statement and Notice of Sale and Bidding Instructions, dated April 1, 1991, of
$2,000,000 CITY OF LUBBOCK, TEXAS CENERAL OBLICATION BONDS, SERIES 1991, both of which constitute a part hereof.
For your legally Issued Bonds, 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
$ -0 -for Bonds maturing and bearing interest as follows:
Principal Interest Principal
Maturiti Amount Rate Maturiti Amount
2-U-1992 $ 100,000 ~96 2-U-2002 $ 100,000
2-U-1993 100,000 *~ 2-U-2003 100,000.
2-1.5-199/f 100,000 2-l.S-200/f 100,000
2-U-199) 100,000 2-U-200' 100,000
2-U-1996 100,000 2-U-2006 100,000
2-U-1997 100,000 2-U-2007 100,000
2-U-199& : 100,000 2-U-200& 100,000
Z-U-1999 100,000 ~96 ·2-'u-zoo9 100,000
Z-U-2000 100,000 ~96 2-U-2010 100,000
2-U-2001 100,000 (:, .. ~96 2-U-2011 100,000
Our calculation (which is not a part oi this bid) of the interest cost from th~ above is:
Total Interest Cost $ \ .;.'JO, 1.3 'T. S 0
Less Premium
. NET INTEREST COST
EFFECTIVE INTEREST RATE
-eo-
s \ ,?i1A'1~1.5'0
lo~b<6foS;;).1J= 96
Interest
Rate ~96
~96
\ 96
t.s-o96
to~as 96
_L_96
~96
6 .:tS 96
I 96
S'!lS 96
We are having the Bonds of the following maturities ts)c:>~-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 wlll be paid bl( the Citr.
The Initial Bond shall be registered in the name of Rauscher Pierce Refsnes .• JJl&nt advise The
Depository Trust Company ("DTC") of registration Instructions at least five business days prior to the date set for
Initial Delivery. ·
A Cashier's Check of the First Ci~, T~ Bank, Aw;tin, Texas , in the amount of $40,000.00, which represents our Cood Faith Deposit UCil:iiiXamc:~iii)or 1has 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 Bonds utilizing the Book-Entry-Only System through DTC and make payment for
the Initial Bond in immediately available funds in the Corporate Trust Division, Texas Commerce Bank National
Association, Lubbock, Texas, not later than·IO:OO AM, COT, on May 30, 1991, or thereafter on the date the Bonds are
tendered for delivery, pursuant to the terms set forth in the Notice of Sale and Bidding Instructions. ·
The &ndersigned •frees to compiete, execute, and deliver to the City, at least tlx business days prior to deUvc,Y of
tbe Bonds, a certi icate relating to tbe •issue price" of tbe Bonds In the form and to the effect accompanylnl tbe
Notice of Sale and Bidding Instructions, with such changes thereto as may be accepuble to the Cltr.
We agree to provide in writing the Initial reoffering prices and other terms, 11 any, to the Financial Advisor by the
cJosc of the next busineu ~Y after. tbe award.
Respectfully submitted,
RAUSCHER PIERCE REFSNES, INC.
& ASSOCIATES
(see attached) By -~(L_>t}!:.~-~ .. ~ -'i~'='2=::;t1C:;«;::""""~-:·~-~ized Representative . •
ACCEPTANCE CLAUSE
The above and foregoing bid ls hereby in all things accepted by the City of Lubbock, Texas, subject to and In
accordance with the Notice o.f Sale and Bidding Instructions, this •the 2'th d'(!f April, 19~. · . • . ·. · · . .··. ' t/? ·~~
. . . . . . ~. 'Mayor
· City of Lubbock, Texas
·.
R-793
THE STATE OF TEXAS
COUNTY OF L~¥.~<6K Hen rr Before me · a Not(lry; Public in and for Lubbock County, Texas on this day
personallyappeated T.J. Auflllt Accounl Manatfer oftheSouthwesternNewspa-
pers Corporationj publishers of the Lubbock A valanche.Journal -Morning, and Sunday, who being by me duly
sworn did depose and say that said newspaper has been published continuously for more than fifty-two weeks pri·
or to the fll'St insertion of this I I Ill I not 1 C I · -
---------=-=-r-=~r-:;;-:::--No.822543 at Lubbock County, Texas and the attached print·
ed copy of the il It! II not lee · is a true copy of the original and was printed in the Lubbock Avalag'fj-Je'fn~~8 t9!, fi'ft'!~ates:_~A~P.!....r!!:.-1 !...I ..!!2:!..!.7..!.•~19::...;9~1:.._ __________ _
Account Manaeer
LUBBOCK AVALANCHE-JOURNAL
Southwestern Newspaper Corporation TONYA H£NRY
Notaty Public
STATE-OF TEXAS
19 !)94
Subscribed and sworn to before me thi.,..s_...:l~O=-----·day of_.....!:!~roi!fd~~~"tiii"''!....,...,....~~!IIW!III~---
L : ; OROINANCUC. fc1 . t·· ~-OQDINAN~E NO.,.,~ ' OROtNANCE NO. 943$ --t ,,., ott!)mANCe A~lliiiO --------------->A» o No _------------IAN ORDINANce AU:niORIZIHG
:: THE ISSUANCE OF "PTY OF TK ~-' THE ISSUANCE OF "ClT'f O.F ,. !..UIUIOCK, TEXAS. COMB INA· t L · LUBBOCK. TEXAS, COM81NA·
r TION TAX 'AND SOLID WASTE .• oat. ON BOJIDS, Slllll S TIOM TI<X AND WAT&RWORICS
. DISPOSAL SYSTEM REVENUE . 1ftf' t..,.ltiO TMt! TEJIMS 'SYSTEM SUI!OROINATE I.IEtl 'CERTIFICATES OF. OIILIGA· :REVENUE CERTIFICATES Qt;, TION, SERIES 1991"; LEVYING • A-.:0 f' I 0:1!' 'lf;tD OBLIGATION, SERIES 199!,:~,; AN AD VALOREM TAX UPON I ll(mO$, A C:Okfll!lu-LEVYING AN AD VALDRc;/,11 ALL TAXABLE PROPERTY IN. ! • lNG Ot AC VAl;.· TAX UPON ALL TAXABL-E· THE CITY AND PLEDGING THE ORI!M TA,X PAY,M~T PROPERTY IN T11E CITY AND
. NETREVENUESOFTHECITY'S · OF SAID BONOS: A R£$01.V; PLEDGING THE NET·REY..: ··SOLID .WASTE DISPOSAL SYS~. lNG OTHER MATTERS INC!< ENU&SOF THll CITY'S WATER·' TEM FOR tHE PAYMENT OF" DENT ANI) RELATED TO :Jijf' WORKS SYSTI!'.M FOR THE PAY'' SAID CERTIFICATES; PRE· ISSUANCE,·SALI'!, PAYM.EtH MENTOF SAID CERTIFICATES: SCRI81NtiTHETERMSANOOE· AND DELIVERY OF SAID PRE$CRIBINGTHETERM5AND TAILS OF SUCH CERTIFICATES ·BONO$, INCLUDING THE -A~· "DETAILS OF SU"CH CEI'f~.Fl' AND RESOLVING OTHER MAT·., . PROVAL OF AN OFFIC:tAt;.. CATES; PIU!SCRIBING. •,HE
-TERSINCIOENTANDRELATEC STATEMEfiiT PERTAINlNu TERMSANODETAII.SOFSUCH
TO TI-lE ISSUANCE, SALE, SECU• ·THERETO; AND PROVIDING AN CERTIFICATES AND RESOLI/•. RITY, PAYMENT AND DELIV· ~EFFECTIVEDATE.{$2,000.0001:' lNG OTHER MATTERS lNCI•
ERY OF SAID CERTIFICATES, f :,.RDINA. NCE •·o.••••. , ,., DENT AND RELATED TO THE.' ·INCLUDING THE APPROVAL , w ,. ,._ · ISSUANCE, SALE. SECURITY." AND DISTRIBUTION OF AN. OF·. I 1 · · PAYMENT AND OEI.li/ERY QP.· · FICIAL STATEMENT PERTAIN·· jAN ORDINANCE_AUTHORIZING SAID CERTIFICATES, INCLUD-: lNG THERETO; AND PROVID-j"THE ISS-UANCE OF "CITY· OF· lNG THE APPROVAL AND ora.· lNG AN EFfECTIVE DATE. fLUBBOCK, TEXAS, COMBIIJIA• TRIBUTION OF AN OFFI<;tAL'
($1,16.000) . · : ,TION TAX AND EXHIBITION STATEMENT PERTAINING ; HALL/AUOITORtiJM tLIMITEO THERETO; AND P"'OVlOING AN.'
\ ORDI.,•NCE NO 9<132 ~PLEDGE) REVENUE CERTIPI+ EFFECTIVE DATE. (116.120,000_ '. '"'" . jtATES OF OBLIGATIONi"Sli!• . '
. AN ORDINANCE AUTHORIZING lliliiES 1991"; SPECIFYING THE ORDINANCE NO. 9.W THE ISSUANCE OF $1.500,000 !TERMS AND FEATURES OF "CITY OF LUBBOCK, TEXAS.. !SAID_ CERTIFICATES; PROV.ID-ELECTRIC LIGHT AND POWER :lNG FOR THE PAYMENT OF SYSTEM RSVENUE BONOS, SE·. JIIAID CERTIFICATI!S OF 08!-J.-
RIES 1991": PRESCRIBING THE' -~GATION BY THE LEVY OF AN FORMS, TERMS, AND PROVI· AD VALOR&M TAX UPON AU. SIONS OF SAID BONOS; PI.EDG-TAXABLE PROPERTY Wtl'WN
lNG THE NET REVENUES OF ::THE CITY AND A LIMITED
THE CITY'S ELECTRIC LIGHT• :!'LEDGE OF THE filET REV· AND POWER SYSTEM TO THE ~ENUESFROMTHEOWNERSHIP PAYMENT OF THll PRINCIPAL OF THE CITY'S EXHIBI1iOt'f' OF ANO INTEREST ON SAID :HALL/AUDITORIUM; ANtU~f!;
BONO$; ENACTING PROVI• . SOLVING OTHER MATTERS. I&;
$IONS INCIDENT AND RELAT• 11•CIDENT AND RELATING :tO-
ED TO THE ISSUANCE. PAY·
1
1 THE ISSUANCE, PAYMENTclli-·
MENT, SECURITY, SAI.E AND tURIJY,.SALE AND DE&.IVt;RY DELIVERY OF SAID BONOS, IN· h·OF SAIO_CERTIFICATE$, I~· CWDINO THI! APPROVAL AND 1. CLUDING THE APPROVAL AND DISTRIBUTION OF AN OFFI< ;~_DISTRIBUTION OF AN OFFI·
CIAL STATEMENT PERTAINING , CIA!. STATEMENT PERTAINING
TI'IERiiTG. ANO PROVIDING AN THERETO AND THE EXECU~
EFFI!CTIVII OAT£. 'TI 0 N 0 I" A PAY I NO
:AGENT/REGISTRAR A(UtE. ~MENT IN CONNECTION THl!ll • ._,ITH; AND PROVIDING FOR
EFFECTIVE DATE. CU.D30.000).
' AN ORDij<tANCE APPROVING
AND AUTHORIZING THE -EXE• CUT ION ·AND DELIVERY OF
••CITY OF LUBBOCK, TEXAS.
PUBLIC PROPERTY FINANCE . CONTRACTUAL 08LIGATION$, TAXABLE $ERIES 1991"1 SPECI· FYING THE TERMS OF SUCH CONTRACTS; A\AK.ING PR0'\11•.: ~ONSFORTHEI'AYME"~ THER&DFI AND RESOLVING
OTHER MATTERS JNCIOEN>,T: AND RELA TEO TO THE EXECI;I• TION, PERF.ORMANC& AND PAYMENT OF SUCH CON• TRACTS, INCLUDING THE •AP• PROVAL AND EXECUTION OF A
SPECIAL ESCROW oePOSI\;
AGREEMeNT FOR TKE ACQI./l· SITION OF PROPERTYl 4f'Ctl PROVIDING -AM EFFECTtVl; DATE. (Sl.OU.OOOl
R·?93