HomeMy WebLinkAboutOrdinance - 2025-O0046 - General Obligation Bonds, Street Bond Projects - 03/25/2025�
MINUTES AND CERTIFICATION PERTAINING TO
PASSAGE OF AN ORDINANCE
STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
On the 25th day of March, 2025, the City Council of the City of Lubbock, Texas, convened
in a regular meeting at the regular meeting place thereof, the meeting being open to the public and
notice of said meeting, giving the date, place and subject thereof, having been posted as prescribed
by Chapter 551, Texas Government Code, as amended; and the roll was called of the duly
constituted officers and members of the City Council, which officers and members are as follows:
Mark McBrayer, Mayor
and all of said persons were present,
Whereupon, among other business, a
introduced:
Christy Martinez-Garcia
Gordon Harris
David Glasheen
Brayden Rose
Dr. Jennifer Wilson
Tim Collins
)
)
) Members of
) the Council
)
)
Mark McBrayer,
except Mav�r , thus constituting a quorum.
written Ordinance bearing the following caption was
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF CITY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, IN
ONE OR MORE SERIES; LEVYING A TAX IN PAYMENT
THEREOF; PROVIDING FOR THE AWARD OF THE SALE
THEItEOF IN ACCORDANCE WITH SPECIFIED
PARAMETERS; APPROVING AN OFFICIAL STATEMENT;
APPROVING EXECUTION OF A PURCHASE CONTRACT;
AND ENACTING OTHER PROVISIONS RELATING THERETO
The Ordinance, a full, true and correct copy of which is attached hereto, was read and
reviewed by the City Council. Thereupon, it was duly moved and seconded that the Ordinance be
passed and adopted.
The Presiding Officer put the motion to a vote of the members of the City Council, and the
Ordinance was passed and adopted by the following vote:
AYES: �
NOES: Q
ABSTENTIONS: Q
4126-5663-4966.1
MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT, and to
correctly reflect the duly constituted officers and members of the City Council of said City, and
the attached and following copy of said Ordinance is hereby certified to be a true and correct copy
of an official copy thereof on file among the official records of the City, all on this the 25th day of
March, 2025.
ity Secretary
City of Lubbock, Texas
[SEAL]
4126-5663-4966. I
Ordinance No. 2025-Ofnn4�1
ORDINANCE
relating to
CITY OF LUBBOCK, TEXAS
GENERAL OBLIGATION BONDS
Adopted: March 25, 2025
4153-1523-4134.1
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS AND OTHER PRELIMINARY MATTERS
Page
Section1.01 Definitions .............................................................................................................. 2
Section1.02 Findings .................................................................................................................. 4
Section 1.03 Table of Contents, Titles and Headings ................................................................. 5
Section1.04 Interpretation .......................................................................................................... 5
ARTICLE II
SECURITY FOR THE BONDS; INTEREST AND SINKING FUND
Section2.01 Tax Levy ................................................................................................................ 5
Section 2.02 Interest and Sinking Fund ...................................................................................... 6
, ARTICLE III
AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE BONDS
Section 3.01
Section 3.02
Section 3.03
Section 3.04
Section 3.05
Section 3.06
Section 3.07
Section 3.08
Section 3.09
Section 3.10
Section 3.11
Section 3.12
Authorization......................................................................................................... 6
Date, Denomination, Maturities and Interest ......................................................... 6
Medium, Method and Place of Payment ................................................................ 7
Execution and Registration of Bonds .................................................................... 8
Ownership.............................................................................................................. 9
Registration, Transfer and Exchange ..................................................................... 9
Cancellation......................................................................................................... 10
TemporaryBonds ................................................................................................. 10
ReplacementBonds ............................................................................................. 10
Book-Entry Only System ..................................................................................... 11
Successor Securities Depository; Transfer Outside Book Entry Only
System.................................................................................................................. 12
Paymentsto Cede & Co ....................................................................................... 12
ARTICLE IV
REDEMPTION OF BONDS BEFORE MATURITY
Section 4.01
Section 4.02
Section 4.03
Section 4.04
Section 4.05
Section 4.06
Section 4.07
Section 4.08
Limitation on Redemption ................................................................................... 13
OptionalRedemption ........................................................................................... 13
Mandatory Sinking Fund Redemption ................................................................. 13
PartialRedemption ............................................................................................... 13
Notice of Redemption to Owners ........................................................................ 14
Payment Upon Redemption ................................................................................. 14
Effectof Redemption ........................................................................................... 15
Lapseof Payment ................................................................................................. 15
ARTICLE V
PAYING AGENTIREGISTRAR
Section 5.01 Appointment of Paying Agent/Registrar
Section 5.02 Qualifcations .........................................
Section 5.03 Maintaining Paying AgentlRegistrar .....
Section 5.04 Termination ............................................
15
15
15
16
4153-1523-4134.1
TABLE OF CONTENTS
(continued)
Page
Section 5.05 Notice of Change to Owners ................................................................................ 16
Section 5.06 Agreement to Perform Duties and Functions ....................................................... 16
Section 5.07 Delivery of Records to Successor ........................................................................ 16
ARTICLE VI
FORM OF THE BONDS
Section 6.01 Form Generally .................................................................................................... 16
Section 6.02 CUSIP Registration .............................................................................................. 17
Section6.03 Legal Opinion ...................................................................................................... 17
Section 6.04 Statement of Insurance ......................................................................................... 17
ARTICLE VII
SALE AND DELIVERY OF BONDS; DEPOSIT OF PROCEEDS
Section 7.01 Sale of Bonds; Official Statement ........................................................................ 17
Section 7.02 Control and Delivery of Bonds ............................................................................ 19
Section 7.03 Deposit of Proceeds ............................................................................................. 19
ARTICLE VIII
INVESTMENTS
Section8.01 Investments .......................................................................................................... 19
Section 8.02 Investment Income ............................................................................................... 20
ARTICLE IX
PARTICULAR REPRESENTATIONS AND COVENANTS
Section 9.01 Payment of the Bonds ...................................................................
Section 9.02 Other Representations and Covenants ..........................................
Section 9.03 Covenants to Maintain Tax Exempt Status ...................................
ARTICLE X
DEFAULT AND REMEDIES
Section 10.01 Events of Default ..........................................................................
Section 10.02 Remedies for Default ....................................................................
Section 10.03 Remedies Not Exclusive ...............................................................
ARTICLE XI
DISCHARGE
Section11.01 Discharge ......................................................................................
ARTICLE XII
CONTINUING DISCLOSURE UNDERTAKING
Section 12.01 Annual Reports .............................................................................
Section 12.02 Event Notices ................................................................................
Section 12.03 Identifying Information .................................................................
Section 12.04 Limitations, Disclaimers and Amendments ..................................
.............. 20
.............. 20
.............. 21
... 23
... 24
... 24
24
24
25
26
26
ii
4153-1523-4134.1
TABLE OF CONTENTS
(continued)
Page
ARTICLE XIII
AMENDMENTS; ATTORNEY GENERAL MODIFICATION
Section13.01 Amendments ........................................................................................................ 27
Section 13.02 Attorney General Modification ............................................................................ 28
ARTICLE XIV
EFFECTIVE IMMEDIATELY
Section 14.01 Effective Immediately
............................. 29
EXHIBIT A- DESCRIPTION OF ANNUAL DISCLOSURE OF FINANCIAL
1NFORMATION ................................................................................................ A-1
EXHIBIT B- SALE PARAMETERS ...................................................................................... B-1
EXHIBIT C- FORM OF THE BONDS ......................................:............................................ C-1
�i�
4153-1523-4134.1
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF CITY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, 1N
ONE OR MORE SERiES; LEVYING A TAX IN PAYMENT
THEREOF; PROVID�IrIG FOR THE AWARD OF THE SALE
THEREOF IN ACCORDANCE WITH SPECIFIED
PARAMETERS; APPROVING AN OFFICIAL STATEMENT;
APPROVING EXECUTION OF A PURCHASE CONTRACT;
AND ENACTING OTHER PROVISIONS RELATING THERETO
WHEREAS, the City Council of the City of Lubbock, Texas (the "City") hereby fnds and
determines that it is in the best interests of the City to issue bonds to pay the costs of making
permanent public improvements authorized by the voters of the City at bond elections held on
November 8, 2022 and November 5, 2024 (collectively, the "Elections") in accordance with the
provisions of Chapter 1331, Texas Government Code, as amended;
WHEREAS, the City is an "Issuer" within the meaning of Chapter 1371, Texas
Government Code ("Chapter 1371"), as amended, and the City Council desires to delegate,
pursuant to Chapter 1371 and the parameters of this Ordinance, to the Authorized Offcer, the
authority to approve the principal amount, the interest rate(s), the date(s) of sale and the number
of series, the price and the terms of the Bonds authorized hereby and to otherwise take such actions
as are necessary and appropriate to effect the sale of the Bonds;
WHEREAS, the meeting at which this Ordinance is considered is open to the public as
required by law, and public notice of the time, place and purpose of said meeting was given as
required by Chapter 551, Texas Government Code, as amended;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
LUBBOCK:
ARTICLE I
DEFINITIONS AND OTHER PRELIMINARY MATTERS
Section 1.01 Definitions.
Unless otherwise expressly provided or unless the context clearly requires otherwise in this
Ordinance, the following terms shall have the meanings specified below:
"Authorized Offcer" means each of the Mayor, City Manager and the Chief Financial
Officer, acting individually.
"Bond" means any of the Bonds.
"Bond Date" means the date designated as the initial date of the Bonds by Section 3.02(a)
of this Ordinance.
"Bonds" means the City's bonds authorized to be issued by Section 3.01 of this Ordinance.
4153-1523-4134.1
"Business Day" means any day other than a Saturday, Sunday or legal holiday or other day
on which banking institutions in the city where the Designated Payment/Transfer Office of the
Paying AgendRegistrar is located are required or authorized by law or executive order to close.
"Chapter 1331" means Chapter 1331, Texas Government Code, as amended.
"Chapter 1371" means Chapter 1371, Texas Government Code, as amended.
"City" means the City of Lubbock, Texas.
"Closing Date" means the date of the initial delivery of and payment for the Bonds.
"Code" means the Internal Revenue Code of 1986, as amended by all legislation, if any,
enacted on or before the Issue Date.
"Designated PaymendTransfer Office" means the Designated Payment/Transfer Office, as
designated in the Paying AgendRegistrar Agreement, or such other location designated by the
Paying Agent/Registrar.
"DTC" means The Depository Trust Company of New York, New York, or any successor
securities depository.
"DTC Participant" means brokers and dealers, banks, trust companies, clearing
corporations and certain other organizations on whose behalf DTC was created to hold securities
to facilitate the clearance and settlement of securities transactions among DTC Participants.
"EMMA" means the Electronic Municipal Market Access System.
"Event of Default" means any event of default as defned in Section 10.01 of this
Ordinance.
"Financial Obligation" means a(a) debt obligation; (b) derivative instrument entered into
in connection with, or pledged as security or a source of payment for, an existing or planned debt
obligation; or (c) guarantee of a debt obligation or any such derivative instrument; provided that
"financial obligation" shall not include municipal securities (as defined in the Securities Exchange
Act of 1934, as amended) as to which a final official statement (as defined in the Rule) has been
provided to the MSRB consistent with the Rule.
"Fiscal Year" means such fiscal year as shall from time to time be set by the City Council.
"Gross Proceeds" has the meaning stated in Section 1.148-1(b) of the Regulations.
"Initial Bond" means the initial bond or bonds authorized by Section 3.04 of this
Ordinance.
"Interest and Sinking Fund" means each interest and sinking fund or accounts established
by Section 2.02 of this Ordinance.
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4153-1523-4134.1
"Interest Payment Date" means the date or dates on which interest on the Bonds is
scheduled to be paid until their respective dates of maturity or prior redemption, as set forth in the
Pricing Certificate.
"Investment" has the meaning stated in Section 1.148-1(b) of the Regulations.
"Issue Date" for each series of Bonds is the respective date on which such series of Bonds
is delivered against payment therefor.
"MSRB" means the Municipal Securities Rulemaking Board.
"Official Statement" means a document described in Section 7.01(c) prepared for
dissemination to potential investors in connection with the public offering and sale of the Bonds.
"Owner" means the person who is the registered owner of a Bond or Bonds, as shown in
the Register.
"Paying Agent/Registrar" means the bank or trust company identified in the Paying
AgendRegistrar Agreement referred to in Section 5.01 of this Ordinance, or any successor thereto
as provided in this Ordinance.
"Preliminary Official Statement" means a document described in Section 7.01(c) prepared
for dissemination to potential investors prior to the availability of the final Official Statement.
"Pricing Certificate" means a certificate or certi�cates signed by an Authorized Officer
establishing the terms and features of each series of Bonds in accordance with Section 7.01 hereof
"Purchase Contract" means any contract, agreement or investment letter pursuant to which
the Bonds of each series are sold to the Purchaser thereof.
"Purchaser" means the purchaser or purchasers of the Bonds of each series identified in the
Pricing Certificate.
"Record Date" means the date specified in the Pricing Certificate.
"Register" means the Register specified in Section 3.06(a) of this Ordinance.
"Regulations" means the final or temporary Income Tax Regulations applicable to the
Bonds issued pursuant to Sections 141 through 150 of the Code. Any reference to a section of the
Regulations shall also refer to any successor provision to such section hereafter promulgated by
the Internal Revenue Service pursuant to Sections 141 through 150 of the Code and applicable to
the Bonds.
DTC.
"Representation Letter" means the Blanket Letter of Representations between the City and
"Rule" means SEC Rule 15c2-12, as amended from time to time.
"SEC" means the United States Securities and Exchange Commission.
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4153-1523-4134. I
"Special Payment Date" means the Special Payment Date prescribed by Section 3.03(b).
"Special Record Date" means the Special Record Date prescribed by Section 3.03(b).
"Tax-Exempt Bonds" shall mean Bonds, the interest on which is excludable from gross
income for federal income tax purposes, as determined and set forth in the Pricing Certifcate
therefor.
"Taxable Bonds" shall mean Bonds the interest on which is not excludable from gross
income for federal income tax purposes, as determined and set forth in the Pricing Certificate
therefor.
"Term Bonds" has the meaning set forth in Section 4.03 hereof
"Unclaimed Payments" means money deposited with the Paying AgendRegistrar for the
payment of principal of or interest on the Bonds as the same come due and payable and remaining
unclaimed by the Owners of such Bonds after the applicable payment or redemption date.
"Yield" means the yield computed under Section 1.148-4 of the Regulations for a Bond or
issue of Bonds, and yield computed under Section 1.148-5 of the Regulations for an investment.
Section 1.02 Findin�s.
The declarations, determinations and findings declared, made and found in the preamble
to this Ordinance are hereby adopted, restated and made a part of the operative provisions hereof.
Section 1.03 Table of Contents, Titles and Headin�s.
The table of contents, titles and headings of the Articles and Sections of this Ordinance
have been inserted for convenience of reference only and are not to be considered a part hereof
and shall not in any way modify or restrict any of the terms or provisions hereof and shall never
be considered or given any effect in construing this Ordinance or any provision hereof or in
ascertaining intent, if any question of intent should arise.
Section 1.04 Interpretation.
(a) Unless the context requires otherwise, words of the masculine gender shall be
construed to include correlative words of the feminine and neuter genders and vice versa, and
words of the singular number shall be construed to include correlative words of the plural number
and vice versa.
(b) Any action required to be taken on a date which is not a Business Day shall be done
on the next succeeding Business Day and have the same effect as if done on the date so required.
(c) Any duty, responsibility, privilege, power, or authority conferred by this Ordinance
upon an officer shall extend to an individual who occupies such office in an interim, acting or
provisional capacity.
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4153-1523-4134.1
(d) This Ordinance and all the terms and provisions hereof shall be liberally construed
to effectuate the purposes set forth herein.
ARTICLE II
SECURITY FOR THE BONDS; INTERF:ST AND SINKING FUND
Section 2.01 Tax Levv.
(a) Pursuant to the authority granted by the Texas Constitution and the laws of the State
of Texas, there shall be levied and there is hereby levied for the current year and for each
succeeding year thereafter while any of the Bonds or any interest thereon is outstanding and
unpaid, an ad valorem tax on each one hundred dollars valuation of taxable property within the
City, at a rate sufficient, within the limits prescribed by law, to pay 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 two percent (2%) per annum (whichever amount is greater), when
due and payable, full allowance being made for delinquencies and costs of collection.
(b) The ad valorem tax thus levied shall be assessed and collected each year against all
property appearing on the tax rolls of the City most recently approved in accordance with law and
the money thus collected shall be deposited as collected to the Interest and Sinking Fund.
(c) Said ad valorem tax, the collections therefrom, and all amounts on deposit in or
required hereby to be deposited to the Interest and Si�icing Fund are hereby pledged and committed
irrevocably to the payment of the principal of and interest on the Bonds when and as due and
payable in accordance with their terms and this Ordinance.
(d) If the lien and provisions of this Ordinance shall be released in a manner permitted
by Article XI hereof, then the collection of such ad valorem tax may be suspended or appropriately
reduced, as the facts may permit, and further deposits to the Interest and Sinking Fund may be
suspended or appropriately reduced, as the facts may permit. In determining the aggregate
principal amount of outstanding Bonds, there shall be subtracted the amount of any Bonds that
have been duly called for redemption and for which money has been deposited with the Paying
AgendRegistrar for such redemption.
Section 2.02 Interest and Sinkin Fund.
(a) A special fund or account for each series of Bonds (each, an "Interest and Sinking
Fund") shall be and is hereby created solely for the benefit of the Bonds of such series and each
such fund or account shall be maintained at an official depository bank of the City separate and
apart from all other funds and accounts of the City.
(b) Money on deposit in or required by this Ordinance to be deposited to the Interest
and Sinking Fund established for each series of Bonds shall be used solely for the purpose of
paying the interest on and principal of the Bonds of such series when and as due and payable in
accordance with their terms and this Ordinance.
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4153-1523-4134.1
ARTICLE III
AUTHORIZATION; GENERAL TERMS AND PROVISIONS
REGARDING THE BONDS
Section 3.01 Authorization.
The City's bonds (the "Bonds") are hereby authorized to be issued and delivered in
accordance with the Constitution and laws of the State of Texas, including specifically Chapter
1331, Chapter 1371, and Article VIII of the City's Home-Rule Charter. The Bonds may be issued,
from time to time, in one or more series, on the dates and in the aggregate principal amount
designated in the Pricing Certificate therefor, for the purpose of (i) acquiring, constructing and
reconstructing street improvements, including but not limited to sidewalks, utility line relocation
and traffic signalization, necessary and related storm drainage facilities and the acquisition of land
and rights-of-way therefor and (ii) paying the costs of issuing the Bonds. The aggregate principal
amount of all Bonds issued pursuant to this Ordinance shall not exceed $54,000,000.
If the Bonds are issued in more than one series, the provisions of this Ordinance shall apply
to each such series in the manner, to the extent and subject to such terms and conditions as shall
be specified in the Pricing Certificate therefor.
Section 3.02 Date, Denomination, Maturities and Interest.
(a) The Bonds shall be dated the date set forth in the Pricing Certifcate (the "Bond
Date"). The Bonds shall be in fully registered form, without coupons, in the denomination of
$5,000 or any integral multiple thereof, and shall be numbered separately from one upward, except
the Initial Bond, which shall be numbered T-1, or in such other manner provided in the Pricing
Certificate.
(b) The Bonds shall mature on the date or dates, in the years and in the principal
amounts set forth in the Pricing Certificate.
(c) Interest shall accrue and be paid on each Bond respectively until its maturity or
prior redemption, from the later of the date set forth in the Pricing Certificate or the most recent
Interest Payment Date to which interest has been paid or provided for at the rates per annum for
each respective maturity specified in the Pricing Certificate. Such interest shall be payable on each
Interest Payment Date until maturity or prior redemption. Interest on the Bonds shall be calculated
on the basis of a three hundred sixty (360) day year composed of twelve (12) months of thirty (30)
days each, or on such other basis as set forth in the Pricing Certificate.
Section 3.03 Medium, Method and Place of Pavment.
(a) The principal of and interest on the Bonds shall be paid in lawful money of the
United States of America.
(b) Interest on the Bonds shall be payable to the Owners as shown in the Register at
the close of business on the Record Date; provided, however, in the event of nonpayment of interest
on a scheduled Interest Payment Date and for 30 days thereafter, a new record date for such interest
payment (a "Special Record Date") shall be established by the Paying Agent/Registrar, if and when
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4153-1523-4134.1
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 (the "Special Payment
Date," which shall be fifteen (15) days after the Special Record Date) shall be sent at least five
Business Days prior to the Special Record Date by first-class United States mail, postage prepaid,
to the address of each Owner of a Bond appearing on the Register at the close of business on the
last Business Day next preceding the date of mailing of such notice.
(c) Interest shall be paid by check, dated as of the Interest Payment Date, and sent by
United States mail, first class postage prepaid, by the Paying Agent/Registrar to each Owner, at
the address thereof as it appears in the Register, or by such other customary banking arrangement
acceptable to the Paying Agent/Registrar and the Owner; provided, however, that the Owner shall
bear all risk and expense of such other banking arrangement. At the option of an Owner of at least
$1,000,000 principal amount of the Bonds, interest may be paid by wire transfer to the bank
account of such Owner on file with the Paying Agent/Registrar.
(d) The principal of each Bond shall be paid to the Owner thereof on the due date
(whether at the maturity date or the date of prior redemption thereo� upon presentation and
surrender of such Bond at the Designated PaymentlTransfer Office of the Paying Agent/Registrar.
(e) If the date for the payment of the principal of or interest on the Bonds shall be a
Saturday, Sunday, legal holiday, or day on which banking institutions in the city where the
Designated Payment/Transfer Office of the Paying Agent/Registrar is located are required or
authorized by law or executive order to close, then the date for such payment shall be the next
succeeding day that is not a Saturday, Sunday, legal holiday, or day on which banking institutions
are required or 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 and no additional interest shall be due by reason
of nonpayment on the date on which such payment is otherwise stated to be due and payable.
(� Unclaimed Payments shall be segregated in a special escrow account and held in
trust, uninvested by the Paying Agent/Registrar, for the accounts of the Owners of the Bonds to
which the Unclaimed Payments pertain. Subject to Title 6 of the Texas Property Code, Unclaimed
Payments remaining unclaimed by the Owners entitled thereto for three years after the applicable
payment or redemption date shall be applied to the next payment or payments on the Bonds
thereafter coming due and, to the extent any such money remains three years after the retirement
of all outstanding Bonds, shall be paid to the City to be used for any lawful purpose. Thereafter,
neither the City, the Paying AgendRegistrar nor any other person shall be liable or responsible to
any Owners of such Bonds for any further payment of such unclaimed monies or on account of
any such Bonds, subject to Title 6 of the Texas Property Code.
Section 3.04 Execution and Re�istration of Bonds.
(a) The Bonds shall be executed on behalf of the City by the Mayor and the City
Secretary, by their manual or facsimile signatures, and the official seal of the City shall be
impressed or placed in facsimile thereon. Such facsimile signatures on the Bonds shall have the
same effect as if each of the Bonds had been signed manually and in person by each of said officers,
and such facsimile seal on the Bonds shall have the same effect as if the official seal of the City
had been manually impressed upon each of the Bonds.
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4153-1523-4134.1
(b) In the event that any officer of the City whose manual or facsimile signature appears
on the Bonds ceases to be such officer before the authentication of such Bonds or before the
delivery thereof, such manual or facsimile signature nevertheless shall be valid and sufficient for
all purposes as if such officer had remained in such offce.
(c) Except as provided below, no Bond shall be valid or obligatory for any purpose or
be entitled to any security or benefit of this Ordinance unless and until there appears thereon the
Certificate of Paying Agent/Registrar substantially in the form provided herein, duly authenticated
by manual execution by an officer or duly authorized signatory of the Paying AgendRegistrar. It
shall not be required that the same officer or authorized signatory of the Paying AgentlRegistrar
sign the Certificate of Paying AgendRegistrar on all of the Bonds. In lieu of the executed
Certificate of Paying Agent/Registrar described above, the Initial Bond delivered at the Closing
Date shall have attached thereto the Comptroller's Registration Certificate substantially in the form
provided herein, manually executed by (or, to the extent allowed by law, bearing a facsimile
signature o� the Comptroller of Public Accounts of the State of Texas, or by his duly authorized
agent, which certificate shall be evidence that the Bond has been duly approved by the Attorney
General of the State of Texas, that it is a valid and binding obligation of the City and that it has
been registered by the Comptroller of Public Accounts of the State of Texas.
(d) On the Closing Date, one Initial Bond of each series reflecting the terms set forth
in the Pricing Certificate and representing the entire principal amount of all Bonds of such series,
payable in stated installments to the Purchaser, or its designee, executed by the Mayor and City
Secretary of the City by their manual or facsimile signatures, approved by the Attorney General,
and registered and manually signed by (or, to the extent allowed by law, bearing a facsimile
signature o fl the Comptroller of Public Accounts, will be delivered to the Purchaser or its designee.
Upon payment for the Initial Bond, the Paying AgentlRegistrar shall cancel the Initial Bond and
deliver a single registered, definitive Bond for each maturity, in the aggregate principal amount
thereof, to DTC on behalf of the Purchaser.
Section 3.05 Ownership.
(a) The City, the Paying AgendRegistrar and any other person may treat the person in
whose name any Bond is registered as the absolute owner of such Bond for the purpose of making
and receiving payment as provided herein (except interest shall be paid to the person in whose
name such Bond is registered on the Record Date or Special Record Date, as applicable), and for
all other purposes, whether or not such Bond is overdue, and neither the City nor the Paying
Agent/Registrar shall be bound by any notice or knowledge to the contrary.
(b) All payments made to the Owner of a Bond shall be valid and effectual and shall
discharge the liability of the City and the Paying AgentlRegistrar upon such Bond to the extent of
the sums paid.
Section 3.06 Re�istration, Transfer and Exchangte.
(a) So long as any Bonds remain outstanding, the City shall cause the Paying
Agent/Registrar to keep at the Designated PaymentlTransfer Office a register (the "Register") in
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which, subject to such reasonable regulations as it may prescribe, the Paying AgendRegistrar shall
provide for the registration and transfer of Bonds in accordance with this Ordinance.
(b) The ownership of a Bond may be transferred only upon the presentation and
surrender of the Bond at the Designated PaymentlTransfer Office of the Paying Agent/Registrar
with such endorsement or other evidence of transfer as is acceptable to the Paying AgendRegistrar.
No transfer of any Bond shall be effective until entered in the Register.
(c) The Bonds shall be exchangeable upon the presentation and surrender thereof at the
Designated Payment/Transfer Office of the Paying Agent/Registrar for a Bond or Bonds of the
same maturity and interest rate and in any denomination or denominations of any integral multiple
of $5,000 and in an aggregate principal amount equal to the unpaid principal amount of the Bonds
presented for exchange. The Paying Agent/Registrar is hereby authorized to authenticate and
deliver Bonds exchanged for other Bonds in accordance with this Section.
(d) Each exchange Bond delivered by the Paying Agent/ Registrar in accordance with
this Section shall constitute an original contractual obligation of the City and shall be entitled to
the benefits and security of this Ordinance to the same extent as the Bond or Bonds in lieu of which
such exchange Bond is delivered.
(e) No service charge shall be made to the Owner for the initial registration, subsequent
transfer, or exchange for any different denomination of any of the Bonds. The Paying
AgendRegistrar, however, may require the Owner to pay a sum sufficient to cover any tax or other
governmental charge that is authorized to be imposed in connection with the registration, transfer
or exchange of a Bond.
(� Neither the City nor the Paying AgentlRegistrar shall be required to issue, transfer,
or exchange any Bond called for redemption, in whole or in part, where such redemption is
scheduled to occur within forty five (45) calendar days after the transfer or exchange date;
provided, however, such limitation shall not be applicable to an exchange by the Owner of the
uncalled principal balance of a Bond.
Section 3.07 Cancellation.
All Bonds paid or redeemed before scheduled maturity in accordance with this Ordinance,
and all Bonds in lieu of which exchange Bonds or replacement Bonds are authenticated and
delivered in accordance with this Ordinance, shall be cancelled and proper records shall be made
regarding such payment, redemption, exchange or replacement. The Paying AgendRegistrar shall
then return such cancelled Bonds to the City or may in accordance with law destroy such cancelled
Bonds and periodically furnish the City with certificates of destruction of such Bonds.
Section 3.08 Temporary Bonds.
(a) Following the delivery and registration of the Initial Bond and pending the
preparation of definitive Bonds, the City may execute and, upon the City's request, the Paying
Agent/Registrar shall authenticate and deliver, one or more temporary Bonds that are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any denomination,
substantially of the tenor of the definitive Bonds in lieu of which they are delivered, without
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coupons, and with such appropriate insertions, omissions, substitutions and other variations as the
officers of the City executing such temporary Bonds may determine, as evidenced by their signing
of such temporary Bonds.
(b) Until exchanged for Bonds in definitive form, such Bonds in temporary form shall
be entitled to the benefit and security of this Ordinance.
(c) The City, without unreasonable delay, shall prepare, execute and deliver to the
Paying AgendRegistrar the Bonds in definitive form; thereupon, upon the presentation and
surrender of the Bonds in temporary form to the Paying Agent/Registrar, the Paying
Agent/Registrar shall cancel the Bonds in temporary form and shall authenticate and deliver in
exchange therefor Bonds of the same maturity and series, in definitive form, in the authorized
denomination, and in the same aggregate principal amount, as the Bonds in temporary form
surrendered. Such exchange shall be made without the making of any charge therefor to any
Owner.
Section 3.09 Replacement Bonds.
(a) Upon the presentation and surrender to the Paying Agent/Registrar of a mutilated
Bond, the Paying AgendRegistrar shall authenticate and deliver in exchange therefor a
replacement Bond of like tenor and principal amount, bearing a number not contemporaneously
outstanding. The City or the Paying Agent/Registrar may require the Owner of such Bond to pay
a sum sufficient to cover any tax or other governmental charge that is authorized to be imposed in
connection therewith and any other expenses connected therewith.
(b) In the event that any Bond is lost, apparently destroyed or wrongfully taken, the
Paying Agent/Registrar, pursuant to the applicable laws of the State of Texas and in the absence
of notice or knowledge that such Bond has been acquired by a bona fde purchaser, shall
authenticate and deliver a replacement Bond of like tenor and principal amount, bearing a number
not contemporaneously outstanding, provided that the Owner first:
(i) furnishes to the Paying AgentlRegistrar satisfactory evidence of his or
her ownership of and the circumstances of the loss, destruction or theft of such Bond;
(ii) furnishes such security or indemnity as may be required by the Paying
Agent/Registrar to save it and the City harmless;
(iii) pays all expenses and charges in connection therewith, including, but not
limited to, printing costs, legal fees, fees of the Paying Agent/Registrar and any tax or other
governmental charge that is authorized to be imposed; and
(iv) satisfes any other reasonable requirements imposed by the City and the
Paying Agent/Registrar.
(c) If, after the delivery of such replacement Bond, a bona fide purchaser of the original
Bond in lieu of which such replacement Bond was issued presents for payment such original Bond,
the City and the Paying Agent/Registrar shall be entitled to recover such replacement Bond from
the person to whom it was delivered or any person taking therefrom, except a bona fide purchaser,
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and shall be entitled to recover upon the security or indemnity provided therefor to the extent of
any loss, damage, cost or expense incurred by the City or the Paying AgendRegistrar in connection
therewith.
(d) In the event that any such mutilated, lost, apparently destroyed or wrongfully taken
Bond has become or is about to become due and payable, the Paying Agent/Registrar, in its
discretion, instead of issuing a replacement Bond, may pay such Bond if it has become due and
payable or may pay such Bond when it becomes due and payable.
(e) Each replacement Bond delivered in accordance with this Section shall constitute
an original additional contractual obligation of the City and shall be entitled to the benefits and
security of this Ordinance to the same extent as the Bond or Bonds in lieu of which such
replacement Bond is delivered.
Section 3.10 Book-Entry Onlv System.
(a) Notwithstanding any other provision hereof, upon initial issuance of the Bonds, the
Bonds shall be registered in the name of Cede & Co., as nominee of DTC. The definitive Bonds
shall be initially issued in the form of a single separate fully registered certificate for each of the
maturities thereof.
(b) With respect to Bonds registered in the name of Cede & Co., as nominee of DTC,
the City and the Paying Agent/Registrar shall have no responsibility or obligation to any DTC
Participant or to any person on behalf of whom such a DTC Participant holds an interest in the
Bonds. Without limiting the immediately preceding sentence, the City and the Paying
Agent/Registrar shall have no responsibility or obligation with respect to (i) the accuracy of the
records of DTC, Cede & Co. or any DTC Participant with respect to any ownership interest in the
Bonds, (ii) the delivery to any DTC Participant or any other person, other than an Owner, as shown
on the Register, of any notice with respect to the Bonds, including any notice of redemption, or
(iii) the payment to any DTC Participant or any other person, other than a bondholder, as shown
in the Register of any amount with respect to principal of or interest on the Bonds.
Notwithstanding any other provision of this Ordinance to the contrary, the City and the Paying
Agent/Registrar shall be entitled to treat and consider the person in whose name each Bond is
registered in the Register as the absolute owner of such Bond for the purpose of payment of
principal of and interest on such Bonds, for the purpose of giving notices of redemption and other
matters with respect to such Bond, for the purpose of registering transfer with respect to such
Bond, and for all other purposes whatsoever. The Paying Agent/Registrar shall pay all principal
of and interest on the Bonds only to or upon the order of the respective owners, as shown in the
Register as provided in this Ordinance, or their respective attorneys duly authorized in writing,
and all such payments shall be valid and effective to fully satisfy and discharge the City's
obligations with respect to payment of principal of and interest on the Bonds to the extent of the
sum or sums so paid. No person other than an Owner, as shown in the Register, shall receive a
certificate evidencing the obligation of the City to make payments of amounts due pursuant to this
Ordinance. Upon delivery by DTC to the Paying AgentlRegistrar of written notice to the effect
that DTC has determined to substitute a new nominee in place of Cede & Co., the word "Cede &
Co." in this Ordinance shall refer to such new nominee of DTC.
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(c) An Authorized Officer is authorized and directed to execute and deliver the
Representation Letter applicable to the City's obligations (including the Bonds) delivered in book-
entry-only form to DTC as securities depository.
Section 3.11 Successor Securities Depositorv; Transfer Outside Book-Entry Only
S sv tem•
In the event that the City determines that it is in the best interest of the City and the
beneficial owners of the Bonds that they be able to obtain certificated Bonds, or in the event DTC
discontinues the services described herein, the City shall (i) appoint a successor securities
depository, qualified to act as such under Section 17(a) of the Securities and Exchange Act of
1934, as amended, notify DTC and DTC Participants of the appointment of such successor
securities depository and transfer one or more separate Bonds to such successor securities
depository; or (ii) notify DTC and DTC Participants of the availability through DTC of certificated
Bonds and cause the Paying Agent/Registrar to transfer one or more separate registered Bonds to
DTC Participants having Bonds credited to their DTC accounts. In such event, the Bonds shall no
longer be restricted to being registered in the Register in the name of Cede & Co., as nominee of
DTC, but may be registered in the name of the successor securities depository, or its nominee, or
in whatever name or names Owners transferring or exchanging Bonds shall designate, in
accordance with the provisions of this Ordinance.
Section 3.12 Pavments to Cede & Co.
Notwithstanding any other provision of this Ordinance to the contrary, so long as any
Bonds are registered in the name of Cede & Co., as nominee of DTC, all payments with respect to
principal of and interest on such Bonds, and all notices with respect to such Bonds, shall be made
and given, respectively, in the manner provided in the Representation Letter.
ARTICLE IV
REDEMPTION OF BONDS BEFORE MATURITY
Section 4.01 Limitation on Redemption.
The Bonds shall be subject to redemption before scheduled maturity only as provided in
this Article IV and the Pricing Certificate.
Section 4.02 Optional Redemption.
(a) The City reserves the option to redeem Bonds in the manner provided in the Form
of Bond attached hereto as Exhibit C, with such changes as are required by the Pricing Certificate.
(b) If less than all of the Bonds are to be redeemed pursuant to an optional redemption,
the City shall determine the maturity or maturities and the amounts thereof to be redeemed and
shall direct the Paying Agent/Registrar to call by lot, or by any other customary method that results
in a random selection, the Bonds, or portions thereof, within such maturity or maturities and in
such principal amounts for redemption.
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(c) The City, at least forty-five (45) days before the redemption date, unless a shorter
period shall be satisfactory to the Paying Agent/Registrar, shall notify the Paying AgentlRegistrar
of such redemption date and of the principal amount of Bonds to be redeemed.
Section 4.03 Mandatory Sinkin� Fund Redemption.
Bonds designated as "Term Bonds," if any, in the Pricing Certificate are subject to
scheduled mandatory redemption and will be redeemed by the City, out of moneys available for
such purpose in the Interest and Sinking Fund, in the manner provided in the Form of Bond
attached hereto as Exhibit C, with such changes as are required by the Pricing Certificate. Term
Bonds shall be subject to mandatory redemption at the price, on the dates, and in the respective
principal amounts set forth in the Pricing Certificate.
Section 4.04 Partial Redemption.
(a) A portion of a single Bond of a denomination greater than $5,000 may be redeemed,
but only in a principal amount equal to $5,000 or any integral multiple thereof If such a Bond is to
be partially redeemed, the Paying Agent/Registrar shall treat each $5,000 portion of the Bond as
though it were a single Bond for purposes of selection for redemption.
(b) Upon surrender of any Bond for redemption in part, the Paying Agent/Registrar, in
accordance with Section 3.06 of this Ordinance, shall authenticate and deliver an exchange Bond
or Bonds in an aggregate principal amount equal to the unredeemed portion of the Bond so
surrendered, such exchange being without charge.
(c) The Paying Agent/Registrar shall promptly notify the City in writing of the
principal amount to be redeemed of any Bond as to which only a portion thereof is to be redeemed.
Section 4.05 Notice of Redemption to Owners.
(a) The Paying Agent/Registrar shall give notice of any redemption of Bonds by
sending notice by United States mail, frst class postage prepaid, not less than thirty (30) days
before the date fixed for redemption, to the Owner of each Bond (or part thereo� to be redeemed,
at the address shown on the Register at the close of business on the Business Day next preceding
the date of mailing such notice.
(b) The notice shall state the redemption date, the redemption price, the place at which
the Bonds are to be surrendered for payment, and, if less than all the Bonds outstanding are to be
redeemed, an identification of the Bonds or portions thereof to be redeemed.
(c) The City reserves the right to give notice of its election or direction to redeem
Bonds under Section 4.02 conditioned upon the occurrence of subsequent events. Such notice may
state (i) that the redemption is conditioned upon the deposit of moneys and/or authorized securities,
in an amount equal to the amount necessary to effect the redemption, with the Paying
Agent/Registrar, or such other entity as may be authorized by law, no later than the redemption
date or (ii) that the City retains the right to rescind such notice at any time prior to the scheduled
redemption date if the City delivers a certificate of the City to the Paying AgentlRegistrar
instructing the Paying Agent/Registrar to rescind the redemption notice, and such notice and
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redemption shall be of no effect if such moneys and/or authorized securities are not so deposited
or if the notice is rescinded. The Paying Agent/Registrar shall give prompt notice of any such
rescission of a conditional notice of redemption to the affected Owners. Any Bonds subject to
conditional redemption where redemption has been rescinded shall remain outstanding, and the
rescission shall not constitute an event of default. Further, in the case of a conditional redemption,
the failure of the City to make moneys and/or authorized securities available in part or in whole
on or before the redemption date shall not constitute an event of default.
(d) Any notice given as provided in this Section shall be conclusively presumed to have
been duly given, whether or not the Owner receives such notice.
Section 4.06 Payment Upon Redemption.
(a) Before or on each redemption date, the City shall deposit with the Paying
Agent/Registrar money sufficient to pay all amounts due on the redemption date and the Paying
Agent/Registrar shall make provision for the payment of the Bonds to be redeemed on such date
by setting aside and holding in trust such amounts as are received by the Paying Agent/Registrar
from the City and shall use such funds solely for the purpose of paying the principal of and accrued
interest on the Bonds being redeemed.
(b) Upon presentation and surrender of any Bond called for redemption at the
Designated Payment/Transfer Office on or after the date fixed for redemption, the Paying
AgendRegistrar shall pay the principal of and accrued interest on such Bond to the date of
redemption from the money set aside for such purpose.
Section 4.07 Effect of Redemption.
(a) Notice of redemption having been given as provided in Section 4.05 of this
Ordinance and subject to any conditions or rights reserved by the City under Section 4.05(c), the
Bonds or portions thereof called for redemption shall become due and payable on the date fixed
for redemption and, unless the City defaults in its obligation to make provision for the payment of
the principal thereof, or accrued interest thereon, such Bonds or portions thereof shall cease to bear
interest from and after the date fixed for redemption, whether or not such Bonds are presented and
surrendered for payment on such date.
(b) If the City shall fail to make provision for payment of all sums due on a redemption
date, then any Bond or portion thereof called for redemption shall remain outstanding and continue
to bear interest at the rate stated on the Bond until due provision is made for the payment of same
by the City.
Section 4.08 Lapse of Payment.
Money set aside for the redemption of Bonds and remaining unclaimed by the Owners of
such Bonds shall be subject to the provisions of Section 3.03(� hereof.
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ARTICLE V
PAYING AGENT/REGISTRAR
Section 5.01 A�pointment of Paving A e� nt/Re i� strar.
The form of Paying Agent/Registrar Agreement presented at the meeting at which this
Ordinance was approved and the appointment of the Paying AgentlRegistrar identified therein are
hereby approved.
The Mayor is hereby authorized and directed to execute the Paying AgentlRegistrar
Agreement with the Paying AgendRegistrar, specifying the duties and responsibilities of the City
and the Paying Agent/Registrar, in substantially the form presented at the meeting at which this
Ordinance was approved with such changes as may be approved by an Authorized Offcer. The
signature of the Mayor shall be attested by the City Secretary.
Section 5.02 Qualifcations.
Each Paying AgendRegistrar shall be a commercial bank, a trust company organized under
the laws of the State of Texas, or any other entity duly qualifed and legally authorized to serve as
and perform the duties and services of paying agent and registrar for the Bonds.
Section 5.03 Maintainin�Pa.�� e� nt/Re ig strar.
(a) At all times while any Bonds are outstanding, the City will maintain a Paying
AgendRegistrar that is qualified under Section 5.02 of this Ordinance.
(b) If the Paying Agent/Registrar resigns or otherwise ceases to serve as such, the City
will promptly appoint a replacement.
Section 5.04 Termination.
The City, upon not less than sixty (60) days' notice, reserves the right to terminate the
appointment of any Paying Agent/Registrar by delivering to the entity whose appointment is to be
terminated written notice of such termination.
Section 5.05 Notice of Change to Owners.
Promptly upon each change in the entity serving as Paying Agent/Registrar, the City will
cause notice of the change to be sent to each Owner by United States mail, first class postage
prepaid, at the address in the Register thereof, stating the effective date of the change and the name
and mailing address of the replacement Paying AgentlRegistrar.
Section 5.06 Agreement to Perform Duties and Functions.
By accepting the appointment as Paying AgendRegistrar and executing the Paying
Agent/Registrar Agreement, the Paying Agent/Registrar is deemed to have agreed to the provisions
of this Ordinance and that it will perform the duties and functions of Paying AgentlRegistrar
prescribed thereby.
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Section 5.07 Delivery of Records to Successor.
If a Paying AgendRegistrar is replaced, such Paying Agent/Registrar, promptly upon the
appointment of the successor, will deliver the Register (or a copy thereo fl and all other pertinent
books and records relating to the Bonds to the successor Paying Agent/Registrar.
ARTICLE VI
FORM OF THE BONDS
Section 6.01 Form Generallv.
(a) The Bonds, including the Registration Certificate of the Comptroller of Public
Accounts of the State of Texas, the Certificate of the Paying Agent/Registrar, and the Assignment
form to appear on each of the Bonds, (i) shall be generally in the form set forth in Exhibit C hereto,
with such appropriate insertions, omissions, substitutions, and other variations as are permitted or
required by this Ordinance and the Pricing Certificate, and (ii) 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,
consistently herewith, may be determined by the City or by the officers executing such Bonds, as
evidenced by their execution thereof.
(b) Any portion of the text of any Bonds may be set forth on the reverse side thereof,
with an appropriate reference thereto on the face of the Bonds.
(c) The definitive Bonds, if any, shall be typewritten, photocopied, printed,
lithographed, or engraved, and may be produced by any combination of these methods or produced
in any other similar manner, all as determined by the officers executing such Bonds, as evidenced
by their execution thereof
(d) The Initial Bond submitted to the Attorney General of the State of Texas may be
typewritten and photocopied or otherwise reproduced.
Section 6.02 CUSIP Re�istration.
The City or the Purchaser may secure identification numbers through CUSIP Global
Services, managed on behalf of the American Bankers Association by S&P Capital IQ, and may
authorize the printing of such numbers on the face of the Bonds. It is expressly provided, however,
that the presence or absence of CUSIP numbers on the Bonds shall be of no significance or effect
as regards the legality thereof and neither the City nor the attorneys approving said Bonds as to
legality are to be held responsible for CUSIP numbers incorrectly printed on the Bonds.
Section 6.03 Le�al Opinion.
The approving legal opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel, may
be attached to or printed on the reverse side of each Bond over the certification of the City
Secretary of the City, which may be executed in facsimile.
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Section 6.04 Statement of Insurance.
A statement relating to a municipal bond insurance policy, if any, to be issued for any Bond
or Bonds may be printed on or attached to such Bond.
ARTICLE VII
SALE AND DELIVERY OF BONDS; DEPOSIT OF PROCEEDS
Section 7.01 Sale of Bonds; Official Statement.
(a) The Bonds shall be sold to the Purchaser in accordance with the terms of this
Ordinance, including this Section 7.01(a) and Exhibit B hereto, provided that all of the conditions
set forth in Exhibit B can be satisfied. As authorized by Chapter 1371, the Authorized Officer is
authorized to act on behalf of the City, upon determining that the conditions set forth in Exhibit B
can be satisfied, in selling and delivering the Bonds, and carrying out the other procedures
specified in this Ordinance, including determining (i) the manner of sale (which may be by
private placement, negotiated or competitive sale, limited or public offering or any combination
thereo�, (ii) the total aggregate principal amount and the number of series of the Bonds
(including the aggregate principal amount of each series of Bonds issued to effect the purposes
identified in Section 3.01 of this Ordinance), (iii) the date(s) on which the Bonds of each series
will be sold and delivered, (iv) whether to acquire bond insurance for the Bonds, (v) the price at
which the Bonds will be sold, (vi) the number and title or designation for the Bonds of each series
to be issued, (vii) whether particular Bonds will be issued as Tax-Exempt Bonds or Taxable
Bonds (viii) the form in which the Bonds shall be issued, (ix) the dates on which the Bonds will
mature, the principal amount to mature in each year, the rate of interest to be borne by each such
maturity, the interest payment dates, and the initial date from which interest will accrue, (x) the
dates, prices and other terms upon and at which the Bonds shall be subject to redemption prior
to maturity (including terms for optional and mandatory sinking fund redemption), and (xi) all
other terms and provisions of the Bonds and all other matters relating to the issuance, sale and
delivery thereof, all of which shall be specified in the Pricing Certificate.
The Authorized Officer may approve modifications to this Ordinance to conform to the
terms of the Bonds, as approved by the Authorized Officer, and execute any instruments,
agreements and other documents as the Authorized Officer shall deem necessary or appropriate in
connection with the issuance, sale and delivery of Bonds pursuant to this Ordinance.
The authority granted to the Authorized Officer under this Section 7.01(a) shall expire at
11:59 p.m., on the one-year anniversary following the date of adoption of this Ordinance (the
"Expiration Date"), unless otherwise extended by the City Council by separate action. Bonds sold
pursuant to a Purchase Contract (in the case of a private placement or negotiated sale) or winning
bid (in the case of a competitive offering) executed on or before the Expiration Date may be
delivered after such date.
In satisfaction of Section 1201.022(a)(3), Texas Government Code, the City Council
hereby determines that the delegation of the authority to the Authorized Officer to approve the
final terms and conditions of each series of the Bonds as set forth in this Ordinance is, and the
decisions made by the Authorized Officer pursuant to such delegated authority and incorporated
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in a Pricing Certificate will be, in the best interests of the City and shall have the same force and
effect as if such determination were made by the City Council, and the Authorized Officer is
hereby authorized to make and include in a Pricing Certificate an appropriate finding to that effect.
Any finding or determination made by the Authorized Officer relating to the issuance and sale of
the Bonds and the execution of the Purchase Contract in connection therewith shall have the same
force and effect as a fnding or determination made by the City Council.
(b) The Authorized Offcer is hereby authorized and directed to execute and deliver the
Purchase Contract (in the case of a private placement or negotiated sale) or the winning bid (in the
case of a competitive offering) in the form and on the terms approved by the Authorized Officer
and all other officers, agents and representatives of the City are hereby authorized to do any and
all things necessary or desirable to satisfy the conditions set out therein and to provide for the
issuance and delivery of the Bonds.
(c) The form and substance of the Preliminary Official Statement and any addenda,
supplement or amendment thereto, are hereby in all respects approved and adopted for use in
connection with the public offering and sale of each series of Bonds, with such appropriate
variations as shall be approved by the Authorized Officer, and the Preliminary Official Statement
is hereby deemed final as of its date within the meaning and for the purposes of paragraph (b)(1)
of Rule 1 Sc2-12 under the Securities Exchange Act of 1934, as amended. The Authorized Officer
is hereby authorized and directed to cause to be prepared a final Official Statement (the "Official
Statement") incorporating applicable pricing information and other terms pertaining to the Bonds,
and to execute the same by manual or facsimile signature and deliver appropriate numbers of
executed copies thereof to the Purchaser. The Of�cial Statement as thus approved, executed and
delivered, with such appropriate variations as shall be approved by the Authorized Officer and the
Purchaser, may be used by the Purchaser in the public offering and sale of the Bonds. The use and
distribution of the Preliminary Official Statement, and the preliminary public offering of the Bonds
by the Purchaser, is hereby ratified, approved and confirmed. In the event the Bonds are sold
pursuant to a competitive sale, the Authorized Officer is hereby authorized to approve the
preparation and distribution of a notice of sale.
(d) All officers of the City are authorized to execute such documents, certifcates,
receipts and other instruments as they may deem appropriate in order to consummate the delivery
of the Bonds in accordance with the terms of sale therefor including, without limitation, the
Purchase Contract.
(e) The obligation of the Purchaser to accept delivery of the Bonds is subject to the
closing conditions set forth in the Purchase Contract being satisfied, including specifically the
Purchaser being furnished with the final, approving opinion of Bond Counsel, which opinion shall
be dated as of and delivered on the Closing Date.
Section 7.02 Control and Delivery of Bonds.
(a) The Authorized Officer of the City is hereby authorized to have control of the Initial
Bonds and all necessary records and proceedings pertaining thereto pending investigation,
examination, and approval of the Attorney General of the State of Texas, registration by the
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Comptroller of Public Accounts of the State of Texas and registration with, and initial exchange
or transfer by, the Paying Agent/Registrar.
(b) After registration by the Comptroller of Public Accounts, delivery of the Bonds
shall be made to the Purchaser under and subject to the general supervision and direction of the
Authorized Offcer, against receipt by the City of all amounts due to the City under the terms of
sale.
(c) In the event the Mayor or City Secretary is absent or otherwise unable to execute
any document or take any action authorized herein, the Mayor Pro Tem and the Assistant City
Secretary, respectively, shall be authorized to execute such documents and take such actions, and
the performance of such duties by the Mayor Pro Tem and the Assistant City Secretary shall for
the purposes of this Ordinance have the same force and effect as if such duties were performed by
the Mayor and City Secretary, respectively.
Section 7.03 Deposit of Proceeds.
Proceeds from the sale of the Bonds shall be applied in accordance with the provisions set
forth in the Pricing Certificate, which may provide for the creation of any special accounts deemed
necessary or appropriate by the Authorized Officer.
ARTICLE VIII
1NVESTMENTS
Section 8.01 Investments.
(a) Money in the Interest and Sinking Fund created by this Ordinance and any special
accounts provided for in the Pricing Certificate pursuant to Section 7.03, at the City's option, may
be invested in such securities or obligations as permitted under applicable law. The Authorized
Officer, and any other officer of the City authorized to make investments on behalf of the City, are
hereby authorized and directed to execute and deliver, on behalf of the City, any and all investment
agreements, guaranteed investment contracts or repurchase agreements in connection with the
investment of moneys on deposit in the Interest and Sinking Fund and the special account provided
for in the Pricing Certifcate pursuant to Section 7.03, but only to the extent such investment
agreements, guaranteed investment contracts or repurchase agreements are authorized investments
under applicable law.
(b) Any securities or obligations in which money in the Interest and Sinking Fund is so
invested shall be kept and held in trust for the benefit of the Owners and shall be sold and the
proceeds of sale shall be timely applied to the making of all payments required to be made from
the fund from which the investment was made.
Section 8.02 Investment Income.
(a) Interest and income derived from investment of the Interest and Sinking Fund shall
be credited to such fund.
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(b) Interest and income derived from investment of other funds to be deposited
pursuant to Section 7.03 hereof shall be credited to the fund or account where deposited or shall
be transferred to the Interest and Sinking Fund as shall be determined by the City Council.
ARTICLE IX
PARTICULAR RFPRESENTATIONS AND COVENANTS
Section 9.01 Pavment of the Bonds.
On or before each Interest Payment Date for the Bonds and while any of the Bonds are
outstanding and unpaid, there shall be made available to the Paying Agent/Registrar, out of the
Interest and Sinking Fund, money sufficient to pay such interest on and principal of the Bonds as
will accrue or mature on the applicable Interest Payment Date, maturity date or date of prior
redemption.
Section 9.02 Other Representations and Covenants.
(a) The City will faithfully perform at all times any and all covenants, undertakings,
stipulations, and provisions contained in this Ordinance and in each Bond; the City will promptly
pay or cause to be paid the principal of and interest on each Bond on the dates and at the places
and manner prescribed in such Bond; and the City will, at the times and in the manner prescribed
by this Ordinance, deposit or cause to be deposited the amounts of money specified by this
Ordinance.
(b) The City is duly authorized under the laws of the State of Texas to issue the Bonds;
all action on its part for the creation and issuance of the Bonds has been duly and effectively taken;
and the Bonds in the hands of the Owners thereof are and will be valid and enforceable obligations
of the City in accordance with their terms.
Section 9.03 Federal Income Tax Exclusion for Tax-Exempt Bonds.
(a) Not to Cause Interest on Tax-Exempt Bonds to Become Taxable. The City shall
not use, permit the use of or omit to use Gross Proceeds of any Tax-Exempt Bonds 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 such Tax-Exempt Bonds 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 exemption from federal income tax of
the interest on any Tax-Exempt Bonds, the City shall comply with each of the specifc covenants
in this Section.
(b) No Private Use or Private Pa,�. Except as permitted by Section 141 of the
Code and the Regulations and rulings thereunder, the City shall, at all times after the Issue Date of
ariy Tax-Exempt Bond and prior to the last stated maturity of the Tax-Exempt Bonds
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4153-1523-4134.1
(i) 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 such Tax-Exempt 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
(ii) not directly or indirectly impose or accept any charge or other payment
for use of Gross Proceeds of such Tax-Exempt 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 and interest earned on investments
acquired with such Gross Proceeds pending application for their intended purposes.
(c) 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 such Tax-Exempt
Bonds to make or finance loans to any person or entity other than a state or local government. For
purposes of the foregoing covenant, Gross Proceeds are considered to be "loaned" to a person or
entity if (1) property acquired, constructed or improved with 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 such property are otherwise transferred in a transaction
which is the economic equivalent of a loan.
(d) 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 earlier
of the final stated maturity or final payment of such Tax-Exempt Bonds, directly or indirectly
invest Gross Proceeds of such Tax-Exempt 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
on the Tax-Exempt Bonds.
(e) 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 Tax-Exempt Bonds to be federally guaranteed within the meaning of
Section 149(b) of the Code and the Regulations and rulings thereunder.
( fl 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 Tax-Exempt Bonds on
such forms and in such place as such Secretary may prescribe.
(g) Pavment of Rebate Amount. Except to the extent otherwise provided in Section
148( fl of the Code and the Regulations and rulings thereunder, the City shall:
(i) account for all Gross Proceeds (including all receipts, expenditures and
investments thereo� on its books of account separately and apart from all other funds (and
receipts, expenditures and investments thereo� and shall retain all records of such
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4153-1523-4134.1
accounting for at least six years after the final Computation Date. The City may, however,
to the extent permitted by law, commingle Gross Proceeds of the Tax-Exempt 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,
(ii) calculate the Rebate Amount with respect to the Tax-Exempt Bonds not
less frequently than each Computation Date, in accordance with rules set forth in Section
148(� of the Code, Section 1.148-3 of the Regulations, and the rulings thereunder. The
City shall maintain a copy of such calculations for at least six years after the final
Computation Date,
(iii) as additional consideration for the purchase of the Tax-Exempt Bonds
by the initial purchaser thereof and the loan of the money represented thereby, and in order
to induce such purchase by measures designed to ensure the excludability of the interest
thereon from the gross income of the owners thereof for federal income tax purposes, pay
to the United States the amount described in paragraph (ii) above 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( fl of the Code and the Regulations
and rulings thereunder, and
(iv) exercise reasonable diligence to assure that no errors are made in the
calculations required by paragraph (ii) 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 interest and any penalty required by the Regulations.
(h) Not to Divert Arbitrage Profits. Except to the extent permitted by Section 148 of
the Code and the Regulations and rulings thereunder, the City shall not enter into any transaction
that reduces the amount required to be paid to the United States pursuant to Subsection (h) of this
Section because such transaction results in a smaller proft or a larger loss than would have resulted
if the transaction had been at arm's length and had the Yield of the Tax-Exempt Bonds, not been
relevant to either party.
Section 9.04 Disposition of Project. The City covenants that the property financed or
refinanced with the proceeds of the Tax-Exempt Bonds will not be sold or otherwise disposed in
a transaction resulting in the receipt by the City of cash or other compensation, unless the City
obtains an opinion of a nationally-recognized bond counsel substantially to the effect that such
sale or other disposition will not adversely affect the tax-exempt status of the Tax-Exempt Bonds.
For purposes of this Section, the portion of the property comprising personal property and disposed
of in the ordinary course of business shall not be treated as a transaction resulting in the receipt of
cash or other compensation. For purposes of this Section, the City shall not be obligated to comply
with this covenant if it obtains an opinion of a nationally-recognized bond counsel to the effect
that such failure to comply will not adversely affect the excludability for federal income tax
purposes from gross income of the interest.
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4153-I 523-4134.1
ARTICLE X
DEFAULT AND REMEDIES
Section 10.01 Events of Default.
Each of the following occurrences or events for the purpose of this Ordinance is hereby
declared to be an Event of Default:
(i) the failure to make payment of the principal of or interest on any of the
Bonds when the same becomes due and payable; or
(ii) default in the performance or observance of any other covenant,
agreement or obligation of the City, which default materially and adversely affects the
rights of the Owners, including but not limited to, their prospect or ability to be repaid in
accordance with this Ordinance, and the continuation thereof for a period of sixty (60) days
after notice of such default is given by any Owner to the City.
Section 10.02 Remedies for Default.
(a) Upon the happening of any Event of Default, then any Owner or an authorized
representative thereof, including but not limited to, a trustee or trustees therefor, may proceed
against the City for the purpose of protecting and enforcing the rights of the Owners under this
Ordinance, by mandamus or other suit, action or special proceeding in equity or at law, in any
court of competent jurisdiction, for any relief permitted by law, including the specific performance
of any covenant or agreement contained herein, or thereby to enjoin any act or thing that may be
unlawful or in violation of any right of the Owners hereunder or any combination of such remedies.
(b) It is provided that all such proceedings shall be instituted and maintained for the
equal benefit of all Owners of Bonds then outstanding.
Section 10.03 Remedies Not Exclusive.
(a) No remedy herein conferred or reserved is intended to be exclusive of any other
available remedy, but each and every such remedy shall be cumulative and shall be in addition to
every other remedy given hereunder or under the Bonds or now or hereafter existing at law or in
equity; provided, however, that notwithstanding any other provision of this Ordinance, the right to
accelerate the debt evidenced by the Bonds shall not be available as a remedy under this Ordinance.
(b) The exercise of any remedy herein conferred or reserved shall not be deemed a
waiver of any other available remedy.
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4153-1523-4134.1
ARTICLE XI
DISCHARGE
Section 11.01 Dischar�e.
Except as otherwise provided in the Pricing Certificate, the Bonds may be defeased,
discharged or refunded in any manner permitted by applicable law.
ARTICLE XII
CONTINUING DISCLOSURE UNDERTAKING
Section 12.01 Annual Reports.
(a) The City shall provide annually to the MSRB, (1) within six (6) months after the
end of each Fiscal year of the City, financial information and operating data with respect to the
City of the general type included in the final Official Statement authorized by Section 7.01 of this
Ordinance, being information of the type described in Exhibit A hereto, including financial
statements of the City if audited fnancial statements of the City are then available, and (2) if not
provided as part such financial information and operating data, audited financial statements of the
City, when and if available. Any financial statements to be provided shall be (i) prepared in
accordance with the accounting principles described in Exhibit A, or such other accounting
principles as the City may be required to employ from time to time pursuant to state law or
regulation, and (ii) audited, if the City commissions an audit of such financial statements and the
audit is completed within the period during which they must be provided. If the audit of such
financial statements is not complete within twelve (12) months after any such Fiscal year end, then
the City shall file unaudited financial statements within such 12-month period and audited financial
statements for the applicable Fiscal year, when and if the audit report on such financial statements
becomes available.
(b) If the City changes its Fiscal year, it will notify the MSRB of the change (and of
the date of the new Fiscal year end) prior to the next date by which the City otherwise would be
required to provide financial information and operating data pursuant to this Section.
(c) The financial information and operating data to be provided pursuant to this Section
may be set forth in full in one or more documents or may be included by specific referenced to any
document (including an official statement or other offering document, if it is available from the
MSRB) that theretofore has been provided to the MSRB or filed with the SEC.
(d) An Authorized Officer is authorized to establish and implement written procedures
to ensure compliance with the reporting requirements imposed by this Section. Such procedures
may be modified and amended by the Authorized Officer from time to time to the extent the
modification or amendment of such procedures are deemed necessary, useful or appropriate.
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4153-1523-4134.1
Section 12.02 Event Notices.
(a) The City shall notify the MSRB, in a timely manner (not in excess of ten
(10) Business Days after the occurrence of an event), of any of the following events with respect
to the Bonds:
��)
(ii)
(iii)
difficulties;
(iv)
difficulties;
(v)
principal and interest payment delinquencies;
nonpayment related defaults, if material;
unscheduled draws on debt service reserves reflecting financial
unscheduled draws on credit enhancements reflecting financial
substitution of credit or liquidity providers, or their failure to perform;
(vi) adverse tax opinions, the issuance by the Internal Revenue Service of
proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-
TEB) or other material notices or determinations with respect to the tax status of the Bonds,
or other material events affecting the tax status of the Bonds;
(vii) modifications to rights of Owners, if material;
(viii) redemption calls, if material, and tender offers;
(ix) defeasances;
(x) release, substitution, or sale of property securing repayment of the
Bonds, if material;
(xi) rating changes;
(xii) bankruptcy, insolvency, receivership or similar event of the City;
(xiii) the consummation of a merger, consolidation, or acquisition involving
the City or the sale of all or substantially all of the assets of the City, other than in the
ordinary course of business, the entry into a definitive agreement to undertake such an
action or the termination of a definitive agreement relating to any such actions, other than
pursuant to its terms, if material;
(xiv) appointment of a successor trustee or change in the name of the trustee,
if material;
(xv) Incurrence of a Financial Obligation of the City, if material, or agreement
to covenants, events of default, remedies, priority rights, or other similar terms of a
Financial Obligation of the City, any of which affect security holders, if material; and
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4153-1523-4134.1
(xvi) Default, event of acceleration, termination event, modification of terms,
or other similar events under the terms of a Financial Obligation of the City, any of which
reflect financial difficulties.
For these purposes, (a) any event described in the immediately preceding paragraph (xii) is
considered to occur when any of the following occur: the appointment of a receiver, fiscal agent,
or similar officer for the City in a proceeding under the United States Bankruptcy Code or in any
other proceeding under state or federal law in which a court or governmental authority has assumed
jurisdiction over substantially all of the assets or business of the City, or if such jurisdiction has
been assumed by leaving the existing governing body and officials or officers of the City in
possession but subject to the supervision and orders of a court or governmental authority, or the
entry of an order confirming a plan of reorganization, arrangement, or liquidation by a court or
governmental authority having supervision or jurisdiction over substantially all of the assets or
business of the City, and (b) the City intends the words used in the immediately preceding
paragraphs (xv) and (xvi) and the definition of Financial Obligation in this Section to have the
same meanings as when they are used in the Rule, as evidenced by SEC Release No. 34-83885,
dated August 20, 2018.
(b) The City shall notify the MSRB, in a timely manner, of any failure by the City to
provide financial information or operating data in accordance with Section 12.01 of this Ordinance
by the time required by such Section.
Section 12.03 Identifving Information.
All documents provided to the MSRB pursuant to this Article shall be provided in
electronic format and be accompanied by identifying information as prescribed by the MSRB.
Section 12.04 Limitations, Disclaimers and Amendments.
(a) The City shall be obligated to observe and perform the covenants specified in this
Article for so long as, but only for so long as, the City remains an "obligated person" with respect
to the Bonds within the meaning of the Rule, except that the City in any event will give notice of
any Bond calls and any defeasances that cause the City to be no longer an "obligated person."
(b) The provisions of this Article are for the sole beneft of the Owners and beneficial
owners of the Bonds, and nothing in this Article, express or implied, shall give any benefit or any
legal or equitable right, remedy, or claim hereunder to any other person. The City undertakes to
provide only the financial information, operating data, financial statements, and notices which it
has expressly agreed to provide pursuant to this Article and does not hereby undertake to provide
any other information that may be relevant or material to a complete presentation of the City's
financial results, condition, or prospects or hereby undertake to update any information provided
in accordance with this Article or otherwise, except as expressly provided herein. The City does
not make any representation or warranty concerning such information or its usefulness to a
decision to invest in or sell Bonds at any future date.
UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE OWNER
OR BENEFICIAL OWNER OF ANY BOND OR ANY OTHER PERSON, IN CONTRACT OR
TORT, FOR DAMAGES RESULTING 1N WHOLE OR 1N PART FROM ANY BREACH BY
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4153-1523-4134.1
THE CITY, WHETHER NEGLIGENT OR WITHOUT FAULT ON ITS PART, OF ANY
COVENANT SPECIFIED IN THIS ARTICLE, BUT EVERY RIGHT AND REMEDY OF ANY
SUCH PERSON, IN CONTRACT OR TORT, FOR OR ON ACCOUNT OF ANY SUCH
BREACH SHALL BE LIMITED TO AN ACTION FOR MANDAMUS OR SPECIFIC
PERFORMANCE.
(c) No default by the City in observing or performing its obligations under this Article
shall constitute a breach of or default under the Ordinance for purposes of any other provisions of
this Ordinance.
(d) Nothing in this Article is intended or shall act to disclaim, waive, or otherwise limit
the duties of the City under federal and state securities laws.
(e) The provisions of this Article may be amended by the City from time to time to
adapt to changed circumstances that arise from a change in legal requirements, a change in law, or
a change in the identity, nature, status, or type of operations of the City, but only if (i) the provisions
of this Article, as so amended, would have permitted an underwriter to purchase or sell Bonds in
the primary offering of the Bonds in compliance with the Rule, taking into account any
amendments or interpretations of the Rule to the date of such amendment, as well as such changed
circumstances, and (ii) either (A) the Owners of a majority in aggregate principal amount (or any
greater amount required by any other provisions of this Ordinance that authorizes such an
amendment) of the outstanding Bonds consent to such amendment or (B) an entity or individual
person that is unaffiliated with the City (such as nationally recognized bond counsel) determines
that such amendment will not materially impair the interests of the Owners and beneficial owners
of the Bonds. If the City so amends the provisions of this Article, it shall include with any amended
financial information or operating data next provided in accordance with Section 12.01 an
explanation, in narrative form, of the reasons for the amendment and of the impact of any change
in type of financial information or operating data so provided.
ARTICLE XIII
AMENDMENTS; ATTORNEY GENERAL MODIFICATION
Section 13.01 Amendments.
This Ordinance shall constitute a contract with the Owners, 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 consent of or notice to any Owners, from time to
time and at any time, amend this Ordinance in any manner not detrimental to the interests of the
Owners, including the curing of any ambiguity, inconsistency, or formal defect or omission herein.
In addition, the City may, with the written consent of the Owners of the Bonds holding a majority
in aggregate principal amount of the Bonds then outstanding, amend, add to, or rescind any of the
provisions of this Ordinance; provided that, without the consent of all Owners of outstanding
Bonds, no such amendment, addition, or rescission shall (i) extend the time or times of payment
of the principal of and interest on the Bonds, reduce the principal amount thereof, the redemption
price, or the rate of interest thereon, or in any other way modify the terms of payment of the
principal of, or interest on the Bonds, (ii) give any preference to any Bond over any other Bond,
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4153-1523-4134.1
or (iii) reduce the aggregate principal amount of Bonds required to be held by Owners for consent
to any such amendment, addition, or rescission.
Section 13.02 Attornev General Modification.
In order to obtain the approval of the Bonds by the Attorney General of the State of Texas,
any provision of this Ordinance may be modified, altered or amended after the date of its adoption
if required by the Attorney General in connection with the Attorney General's examination as to
the legality of the Bonds and approval thereof in accordance with the applicable law. Such
changes, if any, shall be provided to the City Secretary and the City Secretary shall insert such
changes into this Ordinance as if approved on the date hereof.
ARTICLE XIV
EFFECTIVE IMMEDIATELY
Section 14.01 Effective Immediatelv.
Notwithstanding the provisions of the City Charter, this Ordinance shall become effective
immediately upon its adoption at this meeting pursuant to Section 1201.028, Texas Government
Code.
[Signature Page Follows. ]
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4153-1523-4134.1
PRESENTED, FINALLY PASSED AND APPROVED, AND EFFECTIVE on the 25'�'
day of March, 2025, at a regular meeting of the City Council of the City of Lubbock, Texas.
�
MCBRAYER, Mayor
ATTEST:
COUR'I' . PAZ, City Secreta
[SEAL]
APPROVED AS TO CONTENT:
0
JOE JI N ,� hief Financial Officer
APPROVED AS TO FORM:
JERRY . YLE, JR., Bond Counsel
Signature Page for Ordinance
4153-1523-4134.1
EXHIBIT A
DESCRIPTION OF ANNUAL DISCLOSURE OF FINANCIAL INFORMATION*
The following information is referred to in Article XII of this Ordinance.
Annual Financial Statements and OperaNng Data
The fnancial information and operating data with respect to the City to be provided
annually in accordance with such Section are as specified (and included in the Appendix or other
headings of the Official Statement referred to) below:
1. The portions of the financial statements of the City appended to the Offcial
Statement as APPENDI� B, but for the most recently concluded Fiscal year.
2. Statistical and financial data set forth in the Official Statement in "APPENDIX A-
FINANCIAL INFORMATION REGARDING THE CITY" (Tables 1-5 and 7-17).
Accounting Principles
The accounting principles referred to in such Section are the accounting principles
described in the notes to the financial statements referred to in Paragraph 1 above.
* Subject to any changes prescribed by the Pricing Certificate.
Exhibit A-1
4153-1523-4134.1
EXHIBIT B
SALE PARAMETERS
In accordance with Section 7.01(a) of the Ordinance, the following conditions with respect
to the Bonds must be satisfied in order for the Authorized Officer to act on behalf of the City in
selling and delivering the Bonds to the Purchaser:
(a) the price to be paid for the Bonds of any series shall not be less than 90°/0 of the
aggregate principal amount of the Bonds of such series;
(b) the Bonds shall not bear interest at a rate greater than the maximum rate allowed
by Chapter 1204, Texas Government Code, as amended;
(c) no Bond shall mature later than twenty-one (21) years after the date of its delivery;
(d) the principal amount of the Bonds of each series shall produce proceeds in an
amount sufficient, as determined by the Authorized Officer, to fund the purpose(s) identified in
Section 3.01 being financed by the issuance of the Bonds of such series and such principal amount
(when combined with the aggregate principal amount of any other series of Bonds issued pursuant
to this Ordinance) shall not exceed the maximum amount authorized in Section 3.01 of this
Ordinance; and
(e) the Bonds to be issued, prior to delivery, must have been rated by a nationally
recognized rating agency for municipal securities in one of the four highest rating categories for
long term obligations.
Exhibit B-1
4153-1523-4134.1
EXHIBIT C
FORM OF THE BONDS
The form of the Bond, including the form of the Registration Certificate of the Comptroller
of Public Accounts of the State of Texas, the form of Certificate of the Paying AgendRegistrar and
the form of Assignment appearing on the Bonds, shall be generally as follows, provided, however,
that the substantially final form of the Bonds shall be set forth in or attached to the Pricing
Certificate and shall incorporate and reflect the final terms of the Bonds set forth in the Pricing
Certificate:
(a) Form of Bonds.
REGISTERED
No.
United States of America
State of Texas
County of Lubbock
CITY OF LUBBOCK, TEXAS
GENERAL OBLIGATION BOND
[TAXABLE] SERIES 20_
INTEREST RATE
%
MATURITY DATE: BOND DATE:
i
REGISTERED
$
CUSIP NUMBER:
The City of Lubbock (the "City"), in the County of Lubbock, State of Texas, for value
received, hereby promises to pay to
or registered assigns, on the Maturity Date specified above, the sum of
DOLLARS
unless this Bond shall have been sooner called for redemption and the payment of the principal
hereof shall have been paid or provided for, and to pay interest on such principal amount from the
later of � specifed above or the most recent interest payment date to which interest
has been paid or provided for until payment of such principal amount has been paid or provided
for, at the per annum rate of interest specifed above, computed on the basis of a 360 day year of
twelve 30 day months, such interest to be paid semiannually on February 15 and August 15 of each
year, commencing 2. All capitalized terms used herein but not defined shall have the
meaning assigned to them in the Ordinance (defined below).
� Information to be inserted from Pricing Certificate.
Z Information to be inserted from Pricing Certificate.
Exhibit C-1
4153-1523-4134.1
The principal of this Bond shall be payable without exchange or collection charges in
lawful money of the United States of America upon presentation and surrender of this Bond at the
corporate trust office in Dallas, Texas (the "Designated PaymenbTransfer Office") of
3, the initial Paying Agent/Registrar or, with respect to a successor Paying
Agent/Registrar, at the Designated PaymendTransfer Office of such successor. Interest on this
Bond is payable by check dated as of the interest payment date, and will be mailed by the Paying
AgendRegistrar to the registered owner at the address shown on the registration books kept by the
Paying Agent/Registrar or by such other customary banking arrangement acceptable to the Paying
AgendRegistrar and the registered owner; provided, however, such registered owner shall bear all
risk and expenses of such customary banking arrangement. At the option of an Owner of at least
$1,000,000 principal amount of the Bonds, interest may be paid by wire transfer to the bank
account of such Owner on file with the Paying AgendRegistrar. For the purpose of the payment
of interest on this Bond, the registered owner shall be the person in whose name this Bond is
registered at the close of business on the "Record Date," which shall be the last Business Day of
the month next preceding such interest payment date; provided, however, that in the event of
nonpayment of interest on a scheduled payment date and for 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
(the "Special Payment Date," which shall be 15 days after the Special Record Date) shall be sent
at least five Business Days prior to the Special Record Date by first-class United States mail,
postage prepaid, to the address of each owner of a Bond appearing in the registration books of the
Paying Agent/Registrar at the close of business on the last Business Day next preceding the date
of mailing of such notice.
If the date for the payment of the principal of or interest on this Bond shall be a Saturday,
Sunday, legal holiday, or day on which banking institutions in the city where the Designated
PaymendTransfer Office of the Paying Agent/Registrar is located are required or authorized by
law or executive order to close, the date for such payment shall be the next succeeding day that is
not a Saturday, Sunday, legal holiday, or day on which banking institutions are required or
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 and no additional interest shall be due by reason of nonpayment
on the date on which such payment is otherwise stated to be due and payable.
This Bond is one of a series of fully registered bonds specified in the title hereof issued in
the aggregate principal amount of $ 4(herein referred to as the "Bonds"), issued
pursuant to a certain ordinance of the City (the "Ordinance") for the purposes of providing funds
with which to acquire, construct and reconstruct street improvements, including but not limited to
sidewalks, utility line relocation and traffic signalization, necessary and related storm drainage
facilities and the acquisition of land and rights-of-way therefor, and to pay the costs of issuing the
Bonds.
[The City has reserved the option to redeem the Bonds maturing on or after February 15,
20_, in whole or in part, before their respective scheduled maturity dates, on , 20_, or
3 Information to be inserted from Pricing Certificate.
4 Information to be inserted from Pricing Certificate.
Exhibit C-2
4153-1523-4134.1
on any date thereafter, at a price equal to the principal amount of the Bonds so called for
redemption plus accrued interest to the date fixed for redemption. If less than all of the Bonds are
to be redeemed, the City shall determine the maturity or maturities and the amounts thereof to be
redeemed and shall direct the Paying Agent/Registrar to call by lot or other customary method that
results in a random selection the Bonds, or portions thereof, within such maturity and in such
principal amounts, for redemption] [Bonds maturing on February 15 in each of the years
through , inclusive (the "Term Bonds"), are subject to mandatory sinking fund redemption
prior to their scheduled maturity, and will be redeemed by the City, in part at a redemption price
equal to the principal amount thereof, without premium, plus interest accrued to the redemption
date, on the dates and in the principal amounts shown in the following schedule:
Term Bonds Maturing February 15, 20
Redemption Date Principal Amount
February 15, 20_
February 15, 20�
February 15, 20_ (maturity)
The Paying Agent/Registrar will select by lot or by any other customary method that results
in a random selection the specifc Term Bonds (or with respect to Term Bonds having a
denomination in excess of $5,000, each $5,000 portion thereo fl to be redeemed by mandatory
redemption. The principal amount of Term Bonds required to be redeemed on any redemption
date pursuant to the foregoing mandatory sinking fund redemption provisions hereof shall be
reduced, at the option of the City, by the principal amount of any Bonds which, at least forty-five
(45) days prior to the mandatory sinking fund redemption date (i) shall have been acquired by the
City at a price not exceeding the principal amount of such Bonds plus accrued interest to the date
of purchase thereof, and delivered to the Paying AgentlRegistrar for cancellation, or (ii) shall have
been redeemed pursuant to the optional redemption provisions hereof and not previously credited
to a mandatory sinking fund redemption.s
Notice of such redemption or redemptions shall be given by first class mail, postage
prepaid, not less than thirty (30) days before the date fixed for redemption, to the registered owner
of each of the Bonds to be redeemed in whole or in part. In the Ordinance, the City reserves the
right in the case of an optional redemption to give notice of its election or direction to redeem
Bonds conditioned upon the occurrence of subsequent events. Such notice may state (i) that the
redemption is conditioned upon the deposit of moneys and/or authorized securities, in an amount
equal to the amount necessary to effect the redemption, with the Paying Agent/Registrar, or such
other entity as may be authorized by law, no later than the redemption date or (ii) that the City
retains the right to rescind such notice at any time prior to the scheduled redemption date if the
City delivers a certificate of the City to the Paying AgendRegistrar instructing the Paying
Agent/Registrar to rescind the redemption notice, and such notice and redemption shall be of no
effect if such moneys and/or authorized securities are not so deposited or if the notice is rescinded.
The Paying AgendRegistrar shall give prompt notice of any such rescission of a conditional notice
5 Insert mandatory sinking fund redemption provisions, if any, and revise as necessary to conform to the Pricing
Certificate.
Exhibit C-3
4153-1523-4134.1
of redemption to the affected owners. Any Bonds subject to conditional redemption where
redemption has been rescinded shall remain Outstanding, and the rescission shall not constitute an
event of default. Further, in the case of a conditional redemption, the failure of the City to make
moneys and/or authorized securities available in part or in whole on or before the redemption date
shall not constitute an event of default.]6
As provided in the Ordinance, and subject to certain limitations therein set forth, this Bond
is transferable upon surrender of this Bond for transfer at the designated office of the Paying
AgendRegistrar with such endorsement or other evidence of transfer as is acceptable to the Paying
AgendRegistrar; thereupon, one or more new fully registered Bonds of the same stated maturity,
of authorized denominations, bearing the same rate of interest, and for the same aggregate principal
amount will be issued to the designated transferee or transferees.
Neither the City nor the Paying AgentlRegistrar shall be required to issue, transfer or
exchange any Bond called for redemption where such redemption is scheduled to occur within
forty five (45) calendar days of the transfer or exchange date; provided, however, such limitation
shall not be applicable to an exchange by the registered owner of the uncalled principal balance of
a Bond.
The City, the Paying AgendRegistrar, and any other person may treat the person in whose
name this Bond is registered as the owner hereof for the purpose of receiving payment as herein
provided (except interest shall be paid to the person in whose name this Bond is registered on the
Record Date or Special Record Date, as applicable) and for all other purposes, whether or not this
Bond be overdue, and neither the City nor the Paying Agent/Registrar shall be affected by notice
to the contrary.
IT IS HEREBY CERTIFIED AND RECITED that the issuance of this Bond and the series
of which it is a part is duly authorized by law; that all acts, conditions and things required to be
done precedent to and in the issuance of the Bonds have been properly done and performed and
have happened in regular and due time, form and manner, as required by law; and that ad valorem
taxes upon all taxable property in the City have been levied for and pledged to the payment of the
debt service requirements of the Bonds, within the limit prescribed by law; and that the total
indebtedness of the City, including the Bonds, does not exceed any constitutional or statutory
limitation.
6 Insert mandatory sinking fund redemption provisions, if any, and conform as necessary to the Pricing Certificate.
Exhibit C-4
4153-1523-4134.1
IN WITNESS WHEREOF, the City has caused this Bond to be executed by the manual or
facsimile signature of the Mayor of the City and countersigned by the manual or facsimile
signature of the City Secretary, and the official seal of the City has been duly impressed or placed
in facsimile on this Bond.
City Secretary,
City of Lubbock, Texas
[SEAL]
Mayor, City of Lubbock, Texas
(b) Form of Comptroller's Registration Certificate.
The following Comptroller's Registration Certificate may be deleted from the definitive
Bonds if such certificate on the Initial Bond is fully executed.
OFFICE OF THE COMPTROLLER §
OF PUBLIC ACCOUNTS § REGISTER NO.
OF THE STATE OF TEXAS &
I hereby certify that there is on file and of record in my office an opinion of the Attorney
General of the State of Texas to the effect that this Bond has been examined by him as required by
law, that he finds that it has been issued in conformity with the Constitution and laws of the State
of Texas, and that it is a valid and binding obligation of the City of Lubbock, Texas, and that this
Bond has this day been registered by me.
Witness my hand and seal of office at Austin, Texas,
[SEAL]
Comptroller of Public Accounts of the State
of Texas
(c) Form of Certificate of Payin�A e� ndRe is�. The following Certificate of Paying
AgendRegistrar may be deleted from the Initial Bond if the Comptroller's Registration Certificate
appears thereon.
4153-1523-4134.1
Exhibit C-5
CERTIFICATE OF PAYING AGENTIREGISTRAR
The records of the Paying AgendRegistrar show that the Initial Bond of this series of Bonds
was approved by the Attorney General of the State of Texas and registered by the Comptroller of
Public Accounts of the State of Texas, and that this is one of the Bonds referred to in the within-
mentioned Ordinance.
[BANK]
as Paying Agent/Registrar
Dated:
(d)
:
ASSIGNMENT
Authorized Signatory
FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto (print or
typewrite name, address and Zip Code of transferee):
(Social Security or other identifying number: ) the within Bond and all rights
hereunder and hereby irrevocably constitutes and appoints attorney to
transfer the within Bond on the books kept for registration hereof, with full power of substitution
in the premises.
Dated:
Signature Guaranteed By:
Authorized Signatory
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 and must
be guaranteed in a manner acceptable to the
Paying Agent/Registrar.
(e) The Initial Bond shall be in the form set forth in paragraphs (a), (b) and (d) of this
Section, except for the following alterations:
(i) immediately under the name of the Bond, the headings "INTEREST
RATE" and "MATURITY DATE" shall both be completed with the words "As shown
below"; and
(ii) in the first paragraph of the Bond, the words "on the Maturity Date
specifed above" shall be deleted and the following will be inserted: "on February 15 in
Form of Assignment.
Exhibit C-6
4153-1523-4134.1
each of the years, in the principal installments and bearing interest at the per annum rates
in accordance with the following schedule:
Years Principal Installments Interest Rate
(Information to be inserted from the Pricing Certificate
pursuant to Section 3.02 of this Ordinance)
Exhibit C-7
4153-1523-4134.1
PAYING AGENT/REGISTRAR AGREEMENT
THIS PAYING AGENTIREGISTRAR AGREEMENT (the "Agreement"), dated as of
April 2, 2025, is by and between CITY OF LUBBOCK, TEXAS (the "Issuer"), and BOKF, NA,
Dallas, Texas (the "Bank"), a national banking association.
WHEREAS, the Issuer has duly authorized and provided for the issuance of its General
Obligation Bonds, Series 2025 (the "Bonds") to be issued as registered securities without coupons;
and
WHEREAS, all things necessary to make the Bonds the valid obligations of the Issuer, in
accordance with their terms, will be taken upon the issuance and delivery thereof, and
WHEREAS, the Issuer is desirous that the Bank act as the Paying Agent of the Issuer in
paying the principal, redemption premium, if any, and interest on the Bonds, in accordance with
the terms thereof, and that the Bank act as Registrar for the Bonds; and
WHEREAS, the Issuer has duly authorized the execution and delivery of this Agreement,
and all things necessary to make this Agreement the valid agreement of the Issuer, in accordance
with its terms, have been done;
NOW, THEREFORE, it is mutually agreed as follows:
ARTICLE I
APPOINTMENT OF BANK AS PAYING AGENT AND REGISTRAR
Section 1.01. Appointment.
(a) The Issuer hereby appoints the Bank to act as Paying Agent with respect to the
Bonds in paying to the Owners of the Bonds the principal, redemption premium, if any, and interest
on all or any of the Bonds.
(b) The Issuer hereby appoints the Bank as Registrar with respect to the Bonds.
(c) The Bank hereby accepts its appointment, and agrees to act as, the Paying Agent
and Registrar.
Section 1.02. Compensation.
(a) 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 Exhibit A attached hereto for the
first year of this Agreement, or such part thereof as this Agreement shall be in effect, and thereafter
while this Agreement is in effect, the fees and amounts set forth in the Bank's current fee schedule
then in effect for services as Paying AgentlRegistrar 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.
4136-9773-9862.1
(b) 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 II
DEFINITIONS
Section 2.01. Definitions. For all purposes of this Agreement, except as otherwise
expressly provided or unless the context otherwise requires, the following terms have the following
meanings when used in this Agreement:
"Bank" means BOKF, NA
"Bank Office" means the Bank's office in Dallas, Texas. The Bank will notify the Issuer
in writing of any change in location of the Bank Offce.
"Bond" or "Bonds" has the meaning assigned above.
"Bond Ordinance" means the ordinance of the City Council of the Issuer authorizing the
issuance and delivery of the Bonds.
"Business Day" means any day which is not a Saturday, Sunday or legal holiday or day on
which banking institutions in New York, New York are required or authorized by law or executive
order to close.
"Financial Advisor" means RBC Capital Markets, LLC.
"Fiscal Year" means the 12-month period ending September 30th of each year.
"Issuer" means the City of Lubbock, Texas.
"Issuer Request" and "Issuer Order" means a written request or order signed in the name
of the Issuer by the Mayor of the Issuer, or any other authorized representative of the Issuer and
delivered to the Bank.
"Legal Holiday" means a day on which the Bank is required or authorized by applicable
law to be closed.
"Owner" means the Person in whose name a Bond is registered in the Register.
"Paying Agent" means the Bank when it is performing the functions associated with the
terms in this Agreement.
"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.
-2-
4136-9773-9862.1
"Predecessor Bonds" of any particular Bond means every previous Bond evidencing all or
a portion of the same obligation as that evidenced by such particular Bond (and, for the purposes
of this definition, any Bond registered and delivered under Section 4.06 in lieu of a mutilated, lost,
destroyed or stolen Bond shall be deemed to evidence the same obligation as the mutilated, lost,
destroyed or stolen Bond).
"Record Date" means the last Business Day of the month next preceding an interest
payment date established by the Bond Ordinance.
"Register" means a register in which the Issuer shall provide for the registration and
transfer of Bonds.
"Responsible Offcer" 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 Offcer, 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 offcer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.
"Stated Maturity" means the date or dates specified in the Bond Ordinance as the fixed
date on which the principal of the Bonds is due and payable or the date fxed in accordance with
the terms of the Bond Ordinance for redemption of the Bonds, or any portion thereof, prior to the
fixed maturity date.
ARTICLE III
PAYING AGENT
Section 3.01. Duties of Pa,��ge�
(a) The Bank, as Paying Agent and on behalf of the Issuer, shall pay to the Owner, at
the Stated Maturity and upon the surrender of the Bond or Bonds so maturing at the Bank Office,
the principal amount of the Bond or Bonds then maturing, and redemption premium, if any,
provided that the Bank shall have been provided by or on behalf of the Issuer adequate funds to
make such payment.
(b) The Bank, as Paying Agent and on behalf of the Issuer, shall pay interest when due
on the Bonds to each Owner of the Bonds (or their Predecessor Bonds) as shown in the Register
at the close of business on the Record Date, provided that the Bank shall have been provided by
or on behalf of the Issuer adequate funds to make such payments; such payments shall be made by
computing the amount of interest to be paid each Owner, preparing the checks, and mailing the
checks on each interest payment date addressed to each Owner's address as it appears in the
Register on the Record Date.
-3-
4136-9773-9862. I
Section 3.02. Pavment Dates. The Issuer hereby instructs the Bank to pay the principal
of, redemption premium, if any, and interest on the Bonds at the dates specified in the Bond
Ordinance.
Section 3.03. Merg�r, Conversion, Consolidation, or Succession. Any corporation into
which the Paying Agent may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion, or consolidation to which the Paying Agent
shall be a party, or any corporation succeeding to all or substantially all of the corporate trust
business of the Paying Agent shall be the successor of the Paying Agent hereunder without the
execution or fling of any paper or any further act on the part of either of the parties hereto.
ARTICLE IV
REGISTRAR
Section 4.01. Transfer and Exchan�e.
(a) The Issuer shall keep the Register at the Bank Offce, and subject to such reasonable
written regulations as the Issuer may prescribe, which regulations shall be furnished to the Bank
herewith or subsequent hereto by Issuer Order, the Issuer shall provide for the registration and
transfer of the Bonds. The Bank is hereby appointed "Registrar" for the purpose of registering and
transferring the Bonds as herein provided. The Bank agrees to maintain the Register while it is
Registrar. The Bank agrees to at all times maintain a copy of the Register at its office located in
the State of Texas.
(b) The Bank as Registrar hereby agrees that at any time while any Bond is outstanding,
the Owner may deliver such Bond to the Registrar for transfer or exchange, accompanied by
instructions from the Owner, or the duly authorized designee of the Owner, designating the
persons, the maturities, and the principal amounts to and in which such Bond is to be transferred
and the addresses of such persons; the Registrar shall thereupon, within not more than three (3)
business days, register and deliver such Bond or Bonds as provided in such instructions. The
provisions of the Bond Ordinance shall control the procedures for transfer or exchange set forth
herein to the extent such procedures are in conflict with the provisions of the Bond Ordinance.
(c) Every Bond 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 in a
manner satisfactory to the Bank, duly executed by the Owner thereof or his attorney duly
authorized in writing.
(d) The Bank may request any supporting documentation it feels necessary to effect a
re-registration.
Section 4.02. The Bonds. The Issuer shall provide an adequate inventory of
unregistered Bonds to facilitate transfers. The Bank covenants that it will maintain the unregistered
Bonds in safekeeping and will use reasonable care in maintaining such unregistered Bonds in
safekeeping, which shall be not less than the care it maintains for debt securities of other
-�#-
4136-9773-9862.1
governments or corporations for which it serves as registrar, or which it maintains for its own
securities.
Section 4.03. Form of Re i� ster•
(a) The Bank as Registrar will maintain the records of the Register 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 Register in any form other than a form which the Bank has currently
available and currently utilizes at the time.
(b) The 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 Owners.
(a) The Bank will provide the Issuer at any time requested by the Issuer, upon payment
of the cost, if any, of reproduction, a copy of the information contained in the Register. The Issuer
may also inspect the information in the 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.
(b) The Bank will not release or disclose the content of the 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 subpoena or court order or as otherwise required by law. Upon receipt of a subpoena
or court order the Bank will notify the Issuer so that the Issuer may contest the subpoena or court
order.
Section 4.05. Cancellation of Bonds. All Bonds surrendered for payment, redemption,
transfer, exchange, or replacement, if surrendered to the Bank, shall be promptly cancelled by it
and, if surrendered to the Issuer, shall be delivered to the Bank and, if not already cancelled, shall
be promptly cancelled by the Bank. The Issuer may at any time deliver to the Bank for cancellation
any Bonds previously certified or registered and delivered which the Issuer may have acquired in
any manner whatsoever, and all Bonds so delivered shall be promptly cancelled by the Bank. All
cancelled Bonds held by the Bank shall be disposed of pursuant to the Securities Exchange Act of
1934, as amended.
Section 4.06. Mutilated, Destroyed, Lost, or Stolen Bonds.
(a) Subject to the provisions of this Section 4.06, the Issuer hereby instructs the Bank
to deliver fully registered Bonds in exchange for or in lieu of mutilated, destroyed, lost, or stolen
Bonds as long as the same does not result in an over-issuance.
(b) If (i) any mutilated Bond is surrendered to the Bank, or the Issuer and the Bank
receives evidence to their satisfaction of the destruction, loss, or theft of any Bond, and (ii) there
is delivered to the Issuer and the Bank such security or indemnity as may be required by the Bank
to save and hold each of them harmless, then in the absence of notice to the Issuer or the Bank that
such Bond has been acquired by a bona fide purchaser, the Issuer shall execute, and upon its
request the Bank shall register and deliver, in exchange for or in lieu of any such mutilated,
-5-
4136-9773-9862.1
destroyed, lost, or stolen Bond, a new Bond of the same stated maturity and of like tenor and
principal amount bearing a number not contemporaneously outstanding.
(c) Every new Bond issued pursuant to this Section in lieu of any mutilated, destroyed,
lost, or stolen Bond shall constitute a replacement of the prior obligation of the Issuer, whether or
not the mutilated, destroyed, lost, or stolen Bond shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of the Bond Ordinance equally and ratably with all other
outstanding Bonds.
(d) Upon the satisfaction of the Bank and the Issuer that a Bond has been mutilated,
destroyed, lost, or stolen, and upon receipt by the Bank and the Issuer of such indemnity or security
as they may require, the Bank shall cancel the Bond number on the Bond registered with a notation
in the Register that said Bond has been mutilated, destroyed, lost, or stolen; and a new Bond shall
be issued of the same series and of like tenor and principal amount bearing a number, according
to the Register, not contemporaneously outstanding.
(e) The Bank may charge the Owner the Bank's fees and expenses in connection with
issuing a new Bond in lieu of or exchange for a mutilated, destroyed, lost, or stolen Bond.
( fl The Issuer hereby accepts the Bank's current blanket bond for lost, stolen, or
destroyed Bonds and any future substitute blanket bond for lost, stolen, or destroyed Bonds that
the Bank may arrange, and agrees that the coverage under any such blanket bond is acceptable to
it and meets the Issuer's requirements as to security or indemnity. The Bank need not notify the
Issuer of any changes in the security or other company giving such bond or the terms of any such
bond, provided that the amount of such bond is not reduced below the amount of the bond on the
date of execution of this Agreement. The blanket bond then utilized by the Bank for lost, stolen,
or destroyed Bonds by the Bank is available for inspection by the Issuer on request.
Section 4.07. Transaction Information to Issuer. The Bank will, within a reasonable
time after receipt of written request from the Issuer, furnish the Issuer information as to the Bonds
it has paid pursuant to Section 3.01; Bonds it has delivered upon the transfer or exchange of any
Bonds pursuant to Section 4.01; and Bonds it has delivered in exchange for or in lieu of mutilated,
destroyed, lost, or stolen Bonds pursuant to Section 4.06 of this Agreement.
ARTICLE V
THE BANK
Section 5.01. Duties of Bank. The Bank undertakes to perform the duties set forth herein
and in accordance with the Bond Ordinance and agrees to use reasonable care in the performance
thereof. The Bank hereby agrees to use the funds deposited with it for payment of the principal of,
redemption premium, if any, and interest on the Bonds to pay the Bonds as the same shall become
due and further agrees to establish and maintain all accounts and funds as may be required for the
Bank to function as Paying Agent.
-fi-
4136-9773-9862.1
Section 5.02. Reliance on Documents, Etc.
(a) The Bank may conclusively rely, as to the truth of the statements and correctness
of the opinions expressed therein, on certifcates 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.
(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 shal( 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 ordinance, resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, certificate, 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 Bonds, but
is protected in acting upon receipt of Bonds containing an endorsement or instruction of transfer
or power of transfer which appears on its face to be signed by the Owner or an attorney-in-fact of
the Owner. The Bank shall not be bound to make any investigation into the facts or matters stated
in an ordinance, resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, certificate, note, security, or other paper or document supplied by Issuer.
(e) The Bank is also authorized to transfer funds relating to the closing and initial
delivery of the Bonds in the manner disclosed in the closing memorandum as prepared by the
Issuer's Financial Advisor or other agent. The Bank may act on a facsimile or e-mail transmission
of the closing memorandum acknowledged by the Financial Advisor or the Issuer as the final
closing memorandum. The Bank shall not be liable for any losses, costs or expenses arising directly
or indirectly from the Bank's reliance upon and compliance with such instructions.
(� 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.
(g) 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 Issuer.
(a) The recitals contained herein and in the Bonds shall be taken as the statements of
the Issuer, and the Bank assumes no responsibility for their correctness.
(b) The Bank shall in no event be liable to the Issuer, any Owner or Owners, or any
other Person for any amount due on any Bond except as otherwise expressly provided herein with
respect to the liability of the Bank for its duties under this Agreement.
-7-
4136-9773-9862. I
Section 5.04. May Hold Bonds. The Bank, in its individual or any other capacity, may
become the Owner or pledgee of Bonds and may otherwise deal with the Issuer with the same
rights it would have if it were not the Paying AgendRegistrar, or any other agent.
Section 5.05. Money Held by Bank.
(a) Money held by the Bank hereunder need not be segregated from any other funds
provided appropriate accounts are maintained.
(b) The Bank shall be under no liability for interest on any money received by it
hereunder.
(c) Subject to the provisions of Title 6, Texas Property Code, as amended, any money
deposited with the Bank for the payment of the principal, redemption premium, if any, or interest
on any Bond and remaining unclaimed for three years after final maturity of the Bond has become
due and payable will be paid by the Bank to the Issuer, and the Owner of such Bond shall thereafter
look only to the Issuer for payment thereof, and all liability of the Bank with respect to such monies
shall thereupon cease.
(d) The Bank will comply with the reporting requirements of Chapter 74 of the Texas
Property Code, as amended.
(e) The Bank shall deposit any moneys received from the Issuer into a trust account to
be held in a paying agent capacity for the payment of the Bonds, with such moneys in the account
that exceed the deposit insurance, available to the Issuer, provided by the Federal Deposit
Insurance Corporation to be fully collateralized with securities or obligations that are eligible under
the laws of the State of Texas and to the extent practicable under the laws of the United States of
America to secure and be pledged as collateral for trust accounts until the principal and interest on
the Bonds have been presented for payment and paid to the owner thereof. Payments made from
such trust account shall be made by check drawn on such trust account unless the owner of such
Bonds shall, at its own expense and risk, request such other medium of payment.
Section 5.06. Indemnification. To the extent permitted by law, the Issuer agrees to
indemnify the Bank, its officers, directors, employees, and agents for, and hold them harmless
against, any loss, liability, or expense incurred without negligence or bad faith on their part arising
out of or in connection with its acceptance or administration of the Bank's duties hereunder, and
under Article V of the Bond Ordinance, including the cost and expense (including its counsel fees)
of defending itself 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, demands or controversy over its persons as well as funds on
deposit in a court of competent jurisdiction within the State of Texas; waive personal service of
any process; and agree that service of process by certified or registered mail, return receipt
requested, to the address set forth in this Agreement shall constitute adequate service. The Issuer
and the Bank further agree that the Bank has the right to fle a Bill of Interpleader in any court of
competent jurisdiction within the State of Texas to determine the rights of any person claiming
any interest herein.
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4136-9773-9862.1
Section 5.08. Statutory Verifications. The Bank makes the following representation and
covenants pursuant to Chapters 2252, 2271, 2274, and 2276, Texas Government Code, as
heretofore amended (the "Government Code"), in entering into this Agreement. As used in such
verifications, "affiliate" means an entity that controls, is controlled by, or is under common control
with the Bank within the meaning of SEC Rule 405, 17 C.F.R. § 230.405, and exists to make a
profit. Liability for breach of any such verification during the term of this Agreement shall survive
until barred by the applicable statute of limitations, and shall not be liquidated or otherwise limited
by any provision of this Agreement, notwithstanding anything in this Agreement to the contrary.
(a) The Bank represents that neither it nor any of its parent company, wholly- or
majority-owned subsidiaries, and other affiliates is a company identified on a list prepared and
maintained by the Texas Comptroller of Public Accounts under Section 2252.153 or Section
2270.0201, Texas Government Code. The foregoing representation excludes an Bank and each of
its parent company, wholly- or majority-owned subsidiaries, and other affiliates, if any, that the
United States government has affirmatively declared to be excluded from its federal sanctions
regime relating to Sudan or Iran or any federal sanctions regime relating to a foreign terrorist
organization.
(b) The Bank hereby verifies that it and its parent company, wholly- or majority-owned
subsidiaries, and other affiliates, if any, do not boycott Israel and will not boycott Israel during the
term of this Agreement. As used in the foregoing verification, "boycott Israel" has the meaning
provided in Section 2271.001, Texas Government Code.
(c) The Bank hereby verifes that it and its parent company, wholly- or majority-owned
subsidiaries, and other affiliates, if any, do not have a practice, policy, guidance, or directive that
discriminates against a firearm entity or firearm trade association and will not discriminate against
a frearm entity or frearm trade association during the term of this Agreement. As used in the
foregoing verifcation, "discriminate against a firearm entity or firearm trade association" has the
meaning provided in Section 2274.001(3), Texas Government Code.
(d) The Bank hereby verifies that it and its parent company, wholly- or majority-owned
subsidiaries, and other affiliates, if any, do not boycott energy companies and will not boycott
energy companies during the term of this Agreement. As used in the foregoing verification,
"boycott energy companies" has the meaning provided in Section 2276.001(1), Texas Government
Code.
Section 5.09. Exemption From Section 2252.908, Texas Government Code. The Bank
hereby warrants and represents to the Issuer that it is a publicly traded business entity or a wholly
owned subsidiary of such a business entity.
Section 5.10. Depository Trust Companv Services. It is hereby represented and
warranted that, in the event the Bonds 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" currently in effect, which establish requirements for securities to be eligible for
such type depository trust services, including, but not limited to, requirements for the timeliness
-9-
4136-9773-9862. I
of payments and funds availability, transfer turnaround time, and notification of redemptions and
calls.
ARTICLE VI
MISCELLANEOUS PROVISIONS
Section 6.01. Amendment. This Agreement may be amended only by an agreement in
writing signed by both of the parties hereof.
Section 6.02. Assi n�. 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
below:
(a) if to the Issuer: City of Lubbock, Texas
1314 Avenue K
Lubbock, Texas 79401
Attention: Chief Financial Officer
if to the Bank: BOKF, NA
5956 Sherry Lane, Suite 1201
Dallas, Texas 75201
Section 6.04. Effect of Headin�s. 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.
Section 6.06. Separability. If 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 A�reement. 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 A�reement. This Agreement and the Bond Ordinance 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 Ordinance, the Bond Ordinance
shall govern.
-10-
4136-9773-9862.1
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.
(a) This Agreement will terminate on the date of final payment by the Bank issuing its
checks for the final payment of principal, redemption premium, if any, and interest of the Bonds.
(b) This Agreement may be earlier terminated upon sixty (60) days written notice by
either party; provided, that, no termination shall be effective until a successor has been appointed
by the Issuer and has accepted the duties imposed by this Agreement. A resigning Paying
Agent/Registrar may petition any court of competent jurisdiction for the appointment of a
successor Paying Agent/Registrar if an instrument of acceptance by a successor Paying
Agent/Registrar has not been delivered to the resigning Paying AgendRegistrar within sixty (60)
days after the giving of notice of resignation.
(c) 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. Governin Law. This Agreement shall be construed in accordance with
and governed by the laws of the State of Texas.
[Signature Page to FollowJ
-11-
4136-9773-9862.1
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
and year first written above.
CITY OF LUBBOCK, TEXAS
�
By:
yor
A TEST:
City Secretary
[Signature page ja• Paying Agent. Registi•ar Agreement foi• Genera! Obligation Bonds]
4136-9773-9862.1
I:��7:/ ��%\
By:
Title:
[Signature page for Paying AgentlRegistrai• Agreement for Cenera! Obligation BondsJ
4136-9773-9862.1
EXHIBIT A
SCHEDULE OF FEES FOR SERVICE AS PAYING AGENT/REGISTRAR
4136-9773-9862.1
The Attorney General of Texas
Public Finance Section
William P. Clements Building,
300 West 15th Street
Austin, Texas 78701
The Comptroller of Public Accounts
Public Finance Division
�cn Floor 111 East 17th Street
Austin, Texas 78701
Re: City of Lubbock, Texas General Obligation Bonds, Series 2025 (the "Obligations")
Ladies and Gentlemen:
The captioned Obligations are being sent to the Office of the Attorney General, and it is
requested that such office examine and approve the Obligations in accordance with law. After
such approval, it is requested that the Attorney General deliver the Obligations to the Comptroller
of Public Accounts for registration.
Enclosed with the Obligations is a signed but undated copy of the GENERAL
CERTIFICATE (the "Certificate") relating to the Obligations. The Attorney General is hereby
authorized and directed to date the Certificate concurrently with the date of approval of the
Obligations. If any litigation or contest should develop pertaining to the Obligations or any other
matters covered by said Certificate, the undersigned will notify the Attorney General thereof
immediately by telephone. With this assurance the Attorney General can rely on the absence of
any such litigation or contest, and on the veracity and currency of said Certificate, at the time the
Attorney General approves the Obligations unless the Attorney General is notified otherwise as
aforesaid.
The Comptroller is hereby requested to register the Obligations as required by law and the
proceedings authorizing the Obligations. After such registration, the Comptroller is hereby
authorized and directed to deliver the Obligations, together with three copies of each of the
Attorney General's Approving Opinion and Comptroller's Certificate for the Obligations, to Taylor
Raymond, Orrick, Herrington & Sutcliffe LLP, 200 West 6`h Street, Suite 2250, Austin, TX 78701.
[Signature page followsJ
4164-8243-0038.1
CITY OF LUBBOCK, TEXAS
`
By:
Mayor
Signature Page
Attorney GeneraUComptroller Instruction Letter
4164-8243-0038.1
PRICING CERTIFICATE
City of Lubbock, Texas
General Obli�ation Sonds, Series 2025
Re: City of Lubbock, Texas General Obligation Bonds, Series 2025 (the "Bonds")
I, the undersigned City Manager for the City of Lubbock, Texas (the "City"), do hereby make
and execute this Pricing Certificate pursuant to an Ordinance adopted by the City Council of the City on
March 25, 2025 (the "Ordinance") authorizing the issuance of the Bonds. Capitalized terms used in this
Pricing Certificate shall have the meanings given such terms in the Ordinance.
1. As authorized by Section 7.01 of the Ordinance, I have acted on behalf of the City in selling the
Bonds to the Underwriters, pursuant to the terms of a purchase contract between the City and
[ �, on behalf of the Underwriters, in substantially the form accepted, approved, and
authorized pursuant to Section 7.01 of the Ordinance, for the sum of $[ ](representing the
principal amount of the Bonds, plus a premium of $[ �and less an underwriters' discount of
$[ �), and having the following terms, conditions, and provisions, all as authorized pursuant
to Section 7.01 of the Ordinance:
A. The Bonds shall be issued as Tax-Exempt Bonds in the aggregate principal amount of
$[ �, are dated [ j, 2025 (the "Bond Date"), bear interest from their date of
delivery, and shall mature on February 15 in each of the years, in the principal amounts and bear interest
payable on August 15 and February I S of each year, commencing [February 15], 2026, at the rates set
forth in the following schedule:
Year
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Principal
Installment Interest Rate
$
Year
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
Principal
Installment Interest Rate
$
B. Optional Redemption. The Bonds maturing on and after February 15, [2036] are subject
to optional redemption, in whole or from time to time, in part, in integral multiples of $5,000 on
February 15, [2035], or on any date thereafter, at a redemption price of par, plus accrued interest to the
date fixed for redemption.
4162-6714-4534.1
C. In accordance with the parameters contained in Section 7.01 and Exhibit B of the
Ordinance, the undersigned does hereby find, certify, and represent that the foregoing terms of the Bonds
satisfy the following requirements and parameters contained within such Section 7.01 and Exhibit B:
(i) the price to be paid for the Bonds is not less than 90% of the aggregate
principal amount of the Bonds;
(ii) the interest rate of the Bonds does not exceed the maximum rate allowed
by Chapter 1204, Texas Government Code, as amended;
(i) the final maturity for the Bonds is February 15, �], which does not
exceed the maximum maturity of twenty-one (21) years from their date of delivery;
(ii) the aggregate principal amount of the Bonds produces proceeds in an
amount sufficient to fund the purposes described in Section 3.01 of the Ordinance and the
aggregate principal amount of the Bonds (which are the only series of bonds issued pursuant to
the Ordinance) does not exceed $[ ], which is the maximum amount authorized in
Section 3.01 of the Ordinance; and
(iii) the Bonds have been rated by a nationally recognized rating agency for
municipal securities in one of the four highest rating categories for long term obligations.
2. The proceeds of the Bonds shall be applied as follows:
A. $[ �(consisting of premium realized on the sale of the Bonds) shall be used to
pay costs of issuance of the Bonds; and
B. $( ](consisting of the principal amount of Bonds and $[ ] of
premium realized on the sale of the Bonds) shall be used to pay costs of the public improvements
identified in Section 3.01 of the Ordinance.
3. The Bonds shall be issued substantially in the form attached hereto as Exhibit A.
4. The undersigned hereby finds that the terms and conditions of the sale of the Bonds are in the
best interest of the City and are the most advantageous reasonably available to the City.
[SIGNATURE PAGE FOLLOWS]
2
4162-6714-0534.1
Executed as of the
� �
Authori d Officer
(Sigrrature Page for Pricing Certifrcate for GO Bonds, Series 2025J
4162-6714-4534.1
EXHIBIT A
The form of the Bond, including the form of the Registration Certificate of the Comptroller
of Public Accounts of the State of Texas, the form of Certificate of the Paying AgentlRegistrar and
the form of Assignment appearing on the Bonds, shall be generally as follows:
(a) Form of Bonds.
REGISTERED
No.
United States of America
State of Texas
County of Lubbock
CITY OF LUBBOCK, TEXAS
GENERAL OBLIGATION BOND
SERIES 2025
REGISTERED
$
INTEREST RATE: MATURITY DATE: BOND DATE: CUSIP NUMBER:
% February 15, 20 [_], 2025
The City of Lubbock (the "City"), in the County of Lubbock, State of Texas, for value
received, hereby promises to pay to
or registered assigns, on the Maturity Date specified above, the sum of
DOLLARS
unless this Bond shall have been sooner called for redemption and the payment of the principal
hereof shall have been paid or provided for, and to pay interest on such principal amount from the
later of April 30, 2025 specified above or the most recent interest payment date to which interest
has been paid or provided for until payment of such principal amount has been paid or provided
for, 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 to be paid semiannually on February 15 and August 15 of each
year, commencing February 15, [2026]. All capitalized terms used herein but not defined shall
have the meaning assigned to them in the Ordinance (defned below).
The principal of this Bond shall be payable without exchange or collection charges in
lawful money of the United States of America upon presentation and surrender of this Bond at the
corporate trust office in Dallas, Texas (the "Designated Payment/Transfer Office") of BOKF, NA,
the initial Paying AgendRegistrar or, with respect to a successor Paying Agent/Registrar, at the
Designated Payment/Transfer Office of such successor. Interest on this Bond is payable by check
dated as of the interest payment date, and will be mailed by the Paying AgendRegistrar to the
registered owner at the address shown on the registration books kept by the Paying AgendRegistrar
or by such other customary banking arrangement acceptable to the Paying Agent/Registrar and the
Exhibit A-1
4162-6714-4534.1
registered owner; provided, however, such registered owner shall bear all risk and expenses of
such customary banking arrangement. At the option of an Owner of at least $1,000,000 principal
amount of the Bonds, interest may be paid by wire transfer to the bank account of such Owner on
file with the Paying AgendRegistrar. For the purpose of the payment of interest on this Bond, the
registered owner shall be the person in whose name this Bond is registered at the close of business
on the "Record Date," which shall be the last Business Day of the month next preceding such
interest payment date; provided, however, that in the event of nonpayment of interest on a
scheduled payment date and for 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 (the "Special Payment Date," which
shall be 15 days after the Special Record Date) shall be sent at least five Business Days prior to
the Special Record Date by first-class United States mail, postage prepaid, to the address of each
owner of a Bond appearing in the registration books of the Paying Agent/Registrar at the close of
business on the last Business Day next preceding the date of mailing of such notice.
If the date for the payment of the principal of or interest on this Bond shall be a Saturday,
Sunday, legal holiday, or day on which banking institutions in the city where the Designated
Payment/Transfer Offce of the Paying Agent/Registrar is located are required or authorized by
law or executive order to close, the date for such payment shall be the next succeeding day that is
not a Saturday, Sunday, legal holiday, or day on which banking institutions are required or
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 and no additional interest shall be due by reason of nonpayment
on the date on which such payment is otherwise stated to be due and payable.
This Bond is one of a series of fully-registered bonds specified in the title hereof issued in
the aggregate principal amount of $� ](herein referred to as the "Bonds"), issued
pursuant to a certain Ordinance of the City (the "Ordinance") for the purposes of providing funds
with which to acquire, construct and reconstruct street improvements, including but not limited to
sidewalks, utility line relocation and traffic signalization, necessary and related storm drainage
facilities and the acquisition of land and rights-of-way therefor, and to pay the costs of issuing the
Bonds.
The City has reserved the option to redeem the Bonds maturing on or after February 15,
[2036], in whole or in part, before their respective scheduled maturity dates, on February 15,
[2035], or on any date thereafter, at a price equal to the principal amount of the Bonds so called
for redemption plus accrued interest to the date fixed for redemption. If less than all of the Bonds
are to be redeemed, the City shall determine the maturity or maturities and the amounts thereof to
be redeemed and shall direct the Paying Agent/Registrar to call by lot or other customary method
that results in a random selection the Bonds, or portions thereof, within such maturity and in such
principal amounts, for redemption.
Notice of such redemption or redemptions shall be given by frst class mail, postage
prepaid, not less than thirty (30) days before the date fixed for redemption, to the registered owner
of each of the Bonds to be redeemed in whole or in part. In the Ordinance, the City reserves the
right in the case of an optional redemption to give notice of its election or direction to redeem
Bonds conditioned upon the occurrence of subsequent events. Such notice may state (i) that the
Exhibit A-2
4162-6714-4534.1
redemption is conditioned upon the deposit of moneys and/or authorized securities, in an amount
equal to the amount necessary to effect the redemption, with the Paying Agent/Registrar, or such
other entity as may be authorized by law, no later than the redemption date or (ii) that the City
retains the right to rescind such notice at any time prior to the scheduled redemption date if the
City delivers a certificate of the City to the Paying AgendRegistrar instructing the Paying
Agent/Registrar to rescind the redemption notice, and such notice and redemption shall be of no
effect if such moneys and/or authorized securities are not so deposited or if the notice is rescinded.
The Paying Agent/Registrar shall give prompt notice of any such rescission of a conditional notice
of redemption to the affected owners. Any Bonds subject to conditional redemption where
redemption has been rescinded shall remain Outstanding, and the rescission shall not constitute an
event of default. Further, in the case of a conditional redemption, the failure of the City to make
moneys and/or authorized securities available in part or in whole on or before the redemption date
shall not constitute an event of default.
As provided in the Ordinance, and subject to certain limitations therein set forth, this Bond
is transferable upon surrender of this Bond for transfer at the Designated PaymendTransfer Office
of the Paying Agent/Registrar with such endorsement or other evidence of transfer as is acceptable
to the Paying Agent/Registrar; thereupon, one or more new fully registered Bonds of the same
stated maturity, of authorized denominations, bearing the same rate of interest, and for the same
aggregate principal amount will be issued to the designated transferee or transferees.
Neither the City nor the Paying AgendRegistrar shall be required to issue, transfer or
exchange any Bond called for redemption where such redemption is scheduled to occur within
forty-five (45) calendar days after the transfer or exchange date; provided, however, such
limitation shall not be applicable to an exchange by the registered owner of the uncalled principal
balance of a Bond.
The City, the Paying AgendRegistrar, and any other person may treat the person in whose
name this Bond is registered as the owner hereof for the purpose of receiving payment as herein
provided (except interest shall be paid to the person in whose name this Bond is registered on the
Record Date or Special Record Date, as applicable) and for all other purposes, whether or not this
Bond be overdue, and neither the City nor the Paying Agent/Registrar shall be affected by notice
to the contrary.
IT IS HEREBY CERTIFIED AND RECITED that the issuance of this Bond and the series
of which it is a part is duly authorized by law; that all acts, conditions and things required to be
done precedent to and in the issuance of the Bonds have been properly done and performed and
have happened in regular and due time, form and manner, as required by law; and that ad valorem
taxes upon all taxable property in the City have been levied for and pledged to the payment of the
debt service requirements of the Bonds, within the limit prescribed by law; and that the total
indebtedness of the City, including the Bonds, does not exceed any constitutional or statutory
limitation.
IN WITNESS WHEREOF, the City has caused this Bond to be executed by the manual or
facsimile signature of the Mayor of the City and countersigned by the manual or facsimile
signature of the City Secretary, and the official seal of the City has been duly impressed or placed
in facsimile on this Bond.
Exhibit A-3
4162-6714-4534.1
Mayor, City of Lubbock, Texas
City Secretary,
City of Lubbock, Texas
[SEAL]
(b) Form of Comptroller's Re�istration Certificate.
The following Comptroller's Registration Certificate may be deleted from the definitive
Bonds if such certificate on the Initial Bond is fully executed.
OFFICE OF THE COMPTROLLER
OF PUBLIC ACCOUNTS § REGISTER NO.
OF THE STATE OF TEXAS §
I hereby certify that there is on file and of record in my office an opinion of the Attorney
General of the State of Texas to the effect that this Bond has been examined by him as required by
law, that he finds that it has been issued in conformity with the Constitution and laws of the State
of Texas, and that it is a valid and binding obligation of the City of Lubbock, Texas, and that this
Bond has this day been registered by me.
Witness my hand and seal of office at Austin, Texas,
[SEAL]
Comptroller of Public Accounts
of the State of Texas
Exhibit A-4
4162-6714-0534.1
(c) Form of Certificate of Pavin� eg ntlRe isg trar. The following Certifcate of Paying
AgendRegistrar may be deleted from the Initial Bond if the Comptroller's Registration Certificate
appears thereon.
CERTIFICATE OF PAYING AGENT/REGISTRAR
The records of the Paying AgentlRegistrar show that the Initial Bond of this series of Bonds
was approved by the Attorney General of the State of Texas and registered by the Comptroller of
Public Accounts of the State of Texas, and that this is one of the Bonds refened to in the within
mentioned Ordinance.
BOKF, NA,
as Paying Agent/Registrar
Dated:
:
Authorized Signatory
(d) Form of Assi n�.
ASSIGNMENT
FOR VALUE RECENED, the undersigned hereby sells, assigns, and transfers unto (print or
typewrite name, address and Zip Code of transferee):
(Social Security or other identifying number: ) the within Bond and all
rights hereunder and hereby irrevocably constitutes and appoints attorney
to transfer the within Bond on the books kept for registration hereof, with full power of substitution
in the premises.
Dated:
Signature Guaranteed By:
Authorized Signatory
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 and must be
guaranteed in a manner acceptable to the
Paying Agent/Registrar.
(e) The Initial Bond shall be in the form set forth in paragraphs (a), (b) and (d) of this
Section, except for the following alterations:
(i) immediately under the name of the Bond, the headings "INTEREST
RATE" and "MATURITY DATE" shall both be completed with the words "As shown
below" and the heading "CUSIP NUMBER" shall be deleted;
Exhibit A-5
4162-6714-4534.1
(ii) in the first paragraph of the Bond, the words "on the Maturity Date specified
above, the sum of ' DOLLARS" shall be deleted and the following will be
inserted: "on February 15 in each of the years, in the principal installments and bearing
interest at the per annum rates in accordance with the following schedule:
Year Principal Installment Interest Rate
(Information to be inserted from the Pricing Certificate
pursuant to Section 3.02 of this Ordinance)
(iii) the Initial Bond shall be numbered T-1.
Exhibit A-6
4162-6714-4534.1
PURCHASE CONTRACT
RELATING TO
$
CITY OF LUBBOCK, TEXAS
GENERAL OBLIGATION BONDS, SERIES 2025
, 2025
The Honorable Mayor and Members of the City Council
City of Lubbock
1314 Avenue K
Lubbock, Texas 79401
Dear Mayor and Members of the City Council:
SAMCO CAPITAL MARKETS, INc: (the Representative), acting on behalf of itself and FHN
F/NANC/AL CAP/TAL MARKETS, and HIGLTOP SECUR/T/ES INC. (collectively, the Underwriters)
offer to enter into this Purchase Contract (the Purchase Contract) with the CITY oF LueBOCK,
TE�ts (the City) for the purchase by the Underwriters of the City's General Obligation Bonds,
Series 2025 (the Obligations). This offer is made subject to the City's acceptance of this Purchase
Contract on or before 11:00 p.m. Central Time on , 2025, and if not so accepted, will be
subject to withdrawal by the Underwriters upon written notice delivered to the City at any time
prior to the acceptance hereof by the City. Terms not otherwise defined in this Purchase Contract
shall have the same meanings set forth in the Ordinance (as defined herein) or in the Official
Statement (as defined herein).
1. Purchase and Sale of the Obligations. (a) Upon the terms and conditions and upon
the basis of the representations set forth herein, the Underwriters, jointly and severally, hereby
agree to purchase from the City, and the City hereby agrees to sell and deliver to the Underwriters
the Obligations in an aggregate principal amount of $ . The Obligations shall have the
maturities, interest rates and be subject to redemption in accordance with the provisions of Exhibit
A hereto and shall be issued and secured under the provisions of the Ordinance (as defined below).
(b) The purchase price for the Obligations shall be $ (representing the
principal amount of the Obligations, plus a[net] reoffering premium on the Obligations in
the amount of $ , and less an underwriting discount on the Obligations of
$ ), and no accrued interest.
(c) SAMCO CAPITAL MARKETS, INc., as the Representative, represents that it has
been duly authorized to execute this Purchase Contract on behalf of the Underwriters and
has been duly authorized to act hereunder as the Representative. All actions that may be
taken by the Underwriters hereunder may be taken by the Representative alone.
2. Ordinance. The Obligations shall be as described in and shall be issued and
secured under the provisions of an ordinance adopted by the City on March 25, 2025, authorizing
the issuance and sale of the Obligations (the Ordrnance). The Obligations are issued pursuant to
the Constitution and general laws of the State of Texas, particularly Chapter 1371, Texas
Government Code, as amended (Chapter 1371) and Chapter 1331, Texas Government Code, as
amended. As permitted by the provisions of Chapter 1371, the City Council of the City, in the
Ordinance, delegated the authority to each of the Mayor, the City Manager, and the Chief Financial
Officer (each, an Authorized Officer) to execute this Purchase Contract and to establish the pricing
terms for the Obligations through the execution of a pricing certificate dated the date hereof
(together with any amendment as permitted by this Purchase Contract, the Pricing Certificate),
within the parameters set forth in the Ordinance. The Obligations shall be secured and payable as
provided in the Ordinance and the Pricing Certificate.
3. Public Offering and Establishment of Issue Price. (a) Public Offering. The
Underwriters agree to make a bona fide public offering of all of the Obligations at prices not to
exceed the public offering prices (or yields not less than the reoffering yields) set forth on page ii
of the Official Statement and may, subject to the provisions of Section 3(b) hereof, subsequently
change such offering prices or yields without any requirement of prior notice. Subject to the
provisions of Section 3(b) hereof, the Underwriters also reserve the right to (1) over-allot or effect
transactions that stabilize or maintain the market price of the Obligations at levels above those that
might otherwise prevail in the open market and (2) discontinue such stabilizing, if commenced, at
any time without notice; provided, however, that no such actions shall affect the certifcation of
the original issue price of the Obligations as provided below. Subject to the provisions of Section
3(b) hereof, after the initial public offering, the Underwriters may offer and sell Obligations to
certain dealers (including dealers depositing Obligations into investment trusts) and others at
prices lower (or yields greater) than the public offering prices or yields stated on page ii of the
Offcial Statement.
(b) Establishment of Issue Price of the Obligations. (1) The Representative, on
behalf of the Underwriters, agrees to assist the City in establishing the issue price of the
Obligations and shall execute and deliver to the City on or before Closing (as hereinafter
defined) an "issue price certificate" or similar certificate, together with the supporting
pricing wires or equivalent communications, substantially in the form attached hereto as
Exhibit C, with such modifications as may be appropriate or necessary, in the reasonable
judgment of the Representative, the City, and Orrick, Herrington & Sutcliffe LLP, Austin,
Texas (Bond Counsen, to accurately reflect, as applicable, the sales price or prices or the
initial offering price or prices to the public of the Obligations. All actions to be taken by
the City under this section to establish the issue price of the Obligations may be taken on
behalf of the City by the City's financial advisor identified herein and any notice or report
to be provided to the City may be provided to the City's financial advisor.
(2) Except as otherwise set forth in Exhibit D attached hereto, the City
will treat the first price at which 10°/0 of each maturity of the Obligations (the 10%
test) is sold to the public as the issue price of that maturity (if different interest rates
apply within a maturity, each separate CUSIP number within that maturity will be
subject to the 10% test). At or promptly after the execution of this Purchase
Contract, the Representative shall report to the City the price or prices at which the
Underwriters have sold to the public each separate CUSIP Number within a
maturity of Obligations. If at that time the 10% test has not been satisfied as to any
maturity of the Obligations, the Representative agrees to promptly, but no more
than three business days, report to the City the prices at which Obligations of that
maturity have been sold by the Underwriters to the public. Unless the City and the
Representative agree to apply the hold-the-offering-price rule described below to
each such maturity, that reporting obligation shall continue, whether the Closing
has occurred, until the 10% test has been satisfied as to the Obligations of that
maturity or until all Obligations of that maturity have been sold to the public.
(3) The Representative confirms that the Underwriters have offered all
the Obligations of each maturity to the public on or before the date of this Purchase
Contract at the respective offering price (the initial offering price), or at the
corresponding yield or yields, set forth in Exhibit A attached hereto. Exhibit C sets
forth, as of the date of this Purchase Contract, the maturities, if any, of the
Obligations for which the 10% test has not been satisfied and for which the City
and the Representative, on behalf of the Underwriters, agree that the restrictions set
forth in the next sentence shall apply, which will allow the City to treat the initial
offering price to the public of each such maturity as of the sale date as the issue
price of that maturity (the "hold-the-offering-price rule"). So long as the hold-the-
offering-price rule remains applicable to any maturity of the Obligations, the
Underwriters will neither offer nor sell unsold Obligations of that maturity to any
person at a price that is higher than the initial offering price to the public during the
period starting on the sale date and ending on the earlier of the following:
(i) the close of the fifth (Sth) business day after the sale date; or
(ii) the date on which the Underwriters have sold at least 10% of
that maturity of the Obligations to the public at a price that is no higher than
the initial offering price to the public.
The Representative shall promptly advise the City when the Underwriters
have sold 10% of that maturity of the Obligations to the public at a price that is no
higher than the initial offering price to the public, if that occurs prior to the close of
the ffth (Sth) business day after the sale date.
The City acknowledges that, in making the representation set forth in this
subsection, the Representative will rely on (i) the agreement of each Underwriter
to comply with the hold-the-offering-price rule, as set forth in an agreement among
the Underwriters (the AA i� and the related pricing wire(s), (ii) in the event a selling
group has been created in connection with the initial sale of the Obligations to the
public, the agreement of each dealer who is a member of the selling group to comply
with the hold-the-offering-price rule, if applicable, as set forth in a selling group
agreement and the related pricing wires, and (iii) in the event that an Underwriter
is a party to a retail distribution agreement that was employed in connection with
the initial sale of the Obligations to the public, the agreement of each broker-dealer
that is a party to such agreement to comply with the hold-the-offering-price rule, if
applicable, as set forth in the retail distribution agreement and the related pricing
wires. The City further acknowledges that each Underwriter shall be solely liable
for its failure to comply with its agreement regarding the hold-the-offering-price
rule and that no Underwriter shall be liable for the failure of any other Underwriter,
or of any dealer who is a member of a selling group, or of any broker-dealer that is
a party to a retail distribution agreement, to comply with its corresponding
agreement regarding the hold-the-offering-price rule as applicable to the
Obligations.
(4) The Representative confirms that:
(i) any AAU, any selling group agreement, and each retail
distribution agreement (to whicli the Representative is a party) relating to
the initial sale of the Obligations to the public, together with the related
pricing wire(s), contains or will contain language obligating each
Underwriter, each dealer who is a member of the selling group, and each
broker-dealer that is a party to such retail distribution agreement, as
applicable, to (A) report the prices at which it sells to the public the unsold
Obligations of each maturity allotted to it until it is notified by the
Representative that either the 10% test has been satisfied as to the
Obligations of that maturity or all Obligations of that maturity have been
sold to the public and (B) comply with the hold-the-offering-price rule, if
applicable, in each case if and for so long as directed by the Representative
and as set forth in the related pricing wire(s), and
(ii) any AAU relating to the initial sale of the Obligations to the
public, together with the related pricing wire(s), contains or will contain
language obligating each Underwriter that is a party to a retail distribution
agreement to be employed in connection with the initial sale of the
Obligations to the public to require each broker-dealer that is a party to such
retail distribution agreement to (A) report the prices at which it sells to the
public the unsold Obligations of each maturity allotted to it until it is
notified by the Representative or the Underwriter that either the 10% test
has been satisfied as to the Obligations of that maturity or all Obligations of
that maturity have been sold to the public and (B) comply with the hold-
the-offering-price rule, if applicable, in each case if and for so long as
directed by the Representative or the Underwriter and as set forth in the
related pricing wire(s).
(5) The Representative, on behalf of itself and the Underwriters,
acknowledges that sales of any Obligations to any person that is a related party to
an Underwriter shall not constitute sales to the public for purposes of this section.
Further, for purposes of this section:
(i) "public" means any person otHer than an underwriter or a
related party,
(ii) "underwriter" means (A) any person that agrees pursuant to
a written contract with the City (or with the lead underwriter to form an
underwriting syndicate) to participate in the initial sale of the Obligations
to the public and (B) any person that agrees pursuant to a written contract
directly or indirectly with a person described in clause (A) to participate in
the initial sale of the Obligations to the public (including a member of a
selling group or a party to a retail distribution agreement participating in the
initial sale of the Obligations to the public),
(iii) a purchaser of any of the Obligations is a"related party" to
an underwriter if the underwriter and the purchaser are subject, directly or
indirectly, to (A) more than 50% common ownership of the voting power
or the total value of their stock, if both entities are corporat�ons (including
direct ownership by one corporation of another), (B) more than 50°/0
common ownership of their capital interests or profits interests, if both
entities are partnerships (including direct ownership by one partnership of
another), or (C) more than 50% common ownership of the value of the
outstanding stock of the corporation or the capital interests or profit interests
of the partnership, as applicable, if one entity is a corporation and the other
entity is a partnership (including direct ownership of the applicable stock or
interests by one entity of the other), and
(iv) "sale date" means the date of execution of this Purchase
Contract by all parties.
4. Security Deposit. The Representative has delivered to the City the Underwriters'
good faith check payable to the order of the City in the amount of $478,600.00 (the Good Faith
Check). The Good Faith Check may be applied toward any obligation of the Underwriters owing
as a result of the failure of the Underwriters to accept delivery of the Obligations as provided
herein. The City agrees to hold the Good Faith Check in escrow until the Closing to ensure the
performance by the Underwriters of their obligation to purchase, accept delivery of, and pay for
the Obligations at the Closing. Concurrently with the payment by the Underwriters of the purchase
price of the Obligations, the City shall return the Good Faith Check to the Representative as
provided in Sections 7 and 9 hereof. Should the City fail to deliver the Obligations at the Closing,
or should the City be unable to satisfy the conditions of the obligations of the Underwriters to
purchase, accept delivery of, and pay for the Obligations, as set forth in this Purchase Contract
(unless waived by the Representative), or should such obligations of the Underwriters be
terminated for any reason permitted by this Purchase Contract, the Good Faith Check shall
immediately be returned to the Representative in such manner as provided to the City by the
Representative. In the event the Underwriters fail (other than for a reason permitted hereunder) to
purchase, accept delivery of, and pay for the Obligations at the Closing as herein provided, the
Good Faith Check shall be retained by the City as and for fully liquidated damages for such failure
of the Underwriters and for any defaults hereunder on the part of the Underwriters (except with
respect to any failure relating to the representations made by the Underwriters in Section 19 hereof
(hereinafter-defined as the Covered Verifications), which damages shall not be liquidated or
otherwise limited). The Underwriters and the City understand that in such event the City's actual
damages may be greater or may be less than such amount. Accordingly, the Underwriters hereby
waive any right to claim that the City's actual damages are less than such amount, and the City's
acceptance of this offer shall constitute a waiver of any right the City may have to additional
damages from the Underwriters (except as it relates to the Covered Verifications).
5. Official Statement. The Official Statement, including the cover page and
Appendices thereto, of the City, dated , 2025, with respect to the Obligations, as further
amended only in the manner herein provided, is hereinafter called the "Official Statement". The
City hereby authorizes the Ordinance, the Offcial Statement, and the information therein
contained to be used by the Underwriters in connection with the public offering and sale of the
Obligations. The City confrms its consent to the use by the Underwriters prior to the date hereof
of the Preliminary Official Statement, relative to the Obligations, dated , 2025 (as amended
or supplemented, the Preliminary Official Statement), in connection with the preliminary public
offering and sale of the Obligations, and it is "deemed final" as of its date, within the meaning,
and for the purposes, of Rule 15c2-12 promulgated under authority granted by the federal
Securities and Exchange Act of 1934 (the Rule). The City agrees to cooperate with the
Underwriters to provide the Official Statement, within seven (7) business days of the date hereof,
in a"designated electronic format", as defned in and specified by Rule G-32 of the Municipal
Securities Rulemaking Board (the MSRB) and in sufficient quantities for the Underwriters to
satisfy the requirements of MSRB Rule G-32 obligating the Underwriters to deliver a copy of the
Offcial Statement to a purchaser of the Obligations not later than the date of Closing, as defined
herein, upon an Underwriters' receipt from the purchaser of a request therefor. The Underwriters
will use their best efforts to assist the City in the preparation of the final Official Statement in order
to ensure compliance with the aforementioned rules.
If at any time after the date of this Purchase Contract but before the first to occur of (a) the
date on which the Official Statement is available to any person from the MSRB, but in no case less
than twenty-five (25) days after the "end of the underwriting period" (as defined in the Rule) for
the Obligations or (b) the date that is ninety (90) days after the "end of the underwriting period",
any event shall occur that might or would cause the Official Statement to contain any untrue
statement of a material fact or to omit to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading, the City shall notify the Representative, and if, in the opinion of the
Representative, such event requires the preparation and publication of a supplement or amendment
to the Official Statement, the City will at its expense supplement or amend the Official Statement
(in a manner approved by the Representative) and furnish to the Underwriters such supplement or
amendment, in a"designated electronic formaY', so that the statements in the Official Statement
as so amended and supplemented will not, in light of the circumstances when the Official
Statement is delivered to a purchaser, be misleading or so that the Offcial Statement will comply
with law. Unless otherwise notified in writing by the Representative, the City can assume that the
"end of the underwriting period" for purposes of the Rule is the date of the Closing. In the event
that the City has been given notice pursuant to the preceding sentence that the "end of the
underwriting period" will not occur on the date of the Closing, the Representative agrees to provide
prompt written notice to the City upon the occurrence of the "end of the underwriting period".
To the best knowledge and belief of the City, the Preliminary Official Statement and the
Official Statement each contains information, including fnancial information or operating data, as
required by the Rule.
6. Representations, Warranties, and Agreements of the City. On the date hereof,
the City represents, warrants, and agrees as follows:
(a) The City is a home rule municipality and a political subdivision of the State
of Texas and a body politic and corporate, and has full legal right, power, and authority to
enter into this Purchase Contract, to adopt the Ordinance, to authorize an Authorized
Officer to execute the Pricing Certifcate on behalf of the City, to sell the Obligations, and
to issue and deliver the Obligations to the Underwriters as provided herein and to carry out
and consummate all other transactions contemplated by the Ordinance (including the
Undertaking defined below in Section 8(e)(2)) and the Pricing Certificate, and enter into
and execute all documents required hereunder and thereunder to be executed and delivered
by the City (this Purchase Contract, the Ordinance, the Undertaking, the Pricing Certificate,
and the other documents referred to in this clause are hereinafter referred to as the "City
Documents");
(b) By official action of the City prior to or concurrently with the acceptance
hereof, the City has duly adopted the Ordinance, has duly authorized and approved the
execution and delivery of, and the performance by the City of the obligations contained in,
the Obligations, the Pricing Certificate, and this Purchase Contract and has duly authorized
and approved the performance by the City of its obligations contained in the Ordinance,
including, without limitation, the submission of a transcript of proceedings to the Public
Finance Division of the Office of the Attorney General of Texas (the Attorney Genera� for
the approval of the Obligations; and the City Documents each constitute legal, valid, and
binding agreements of the City, enforceable in accordance with their respective terms,
subject to bankruptcy, insolvency, reorganization, moratorium, and other similar laws and
principles of equity relating to or affecting the enforcement of creditors' rights or by
general principles of equity which permit the exercise of judicial discretion;
(c) Between the date of this Purchase Contract and the Closing, the City will
not, without the prior written consent of the Representative, amend or change the Pricing
Certificate.
(d) The City is not in breach of or default under any law or administrative
regulation of the State of Texas or the United States (including regulations of their
respective agencies) applicable to the issuance of the Obligations or any applicable
judgment or decree or any loan agreement, note, order, agreement, or other instrument,
except as may be disclosed in the Preliminary Official Statement and the Official
Statement, to which the City is a party or to the knowledge of the City is otherwise subject,
that would have a material and adverse effect upon the business or fnancial condition of
the City; and the execution and delivery of the Obligations and this Purchase Contract by
the City and the adoption of the Ordinance by the City and compliance with the provisions
thereof will not violate or constitute a breach of or default under any existing law or
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administrative regulation, or any judgment, decree, or agreement or other instrument to
which the City is a party or, to the knowledge of the City, is otherwise subject;
(e) All approvals, consents, and orders of any governmental authority or agency
having jurisdiction of any matter that would constitute a condition precedent to the
performance by the City of its obligations to sell and deliver the Obligations hereunder will
have been obtained prior to the Closing, except for the approval of the Obligations by the
Attorney General and registration of the Obligations by the Office of the Comptroller of
Public Accounts of the State (the Comptroller). The City represents that a transcript of
proceedings heretofore has been or will be filed with the Attorney General in form and
substance consistent with the administrative rules of the Public Finance Division of the
Attorney General, which will permit the review of such transcript and the approval of the
Obligations by the Attorney General, and the registration of the Obligations by the
Comptroller on or before Closing, as required by Section 8(e)(5) hereof, but subject to the
discretion of the Attorney General with respect to the issuance of his approving opinion;
( fl As of its date and the date hereof, the Preliminary Official Statement did
not contain any untrue statement or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading;
(g) At the time of the City's acceptance hereof and at the time of the Closing,
and at all times subsequent hereto during the period up to and including twenty-fve (25)
days subsequent to the "end of the underwriting period", the Offcial Statement does not
and will not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading;
(h) Between the date of this Purchase Contract and the Closing, the City will
not, without the prior written consent of the Representative, sell or issue any additional
securities, notes, or other obligations for borrowed money payable in whole or in part from
ad valorem taxes, and the City will not incur any material liabilities, direct or contingent,
nor will there be any adverse change of a material nature in the financial position of the
City.
(i) Except as described in the Preliminary Official Statement and the Official
Statement, no litigation is pending or, to the knowledge of the City, threatened in any court
affecting the corporate existence of the City, the title of its offcers to their respective
offices, or seeking to restrain or enjoin the issuance or delivery of the Obligations, affecting
or seeking to prohibit, restrain, or enjoin the collection of ad valorem taxes pledged to the
payment of the principal of and interest on the Obligations, or in any way contesting or
affecting the issuance, execution, delivery, payment, security, or validity of the
Obligations, or in any way contesting or affecting the validity or enforceability of the
Ordinance, the federal tax-exempt status of the interest on the Obligations, or contesting
the powers of the City, or any authority for the Obligations or the City Documents or
contesting in any way the completeness, accuracy or fairness of the Preliminary Official
Statement or the Official Statement;
(j) The City will cooperate with the Underwriters in arranging for the
qualification of the Obligations for sale and the determination of their eligibility for
investment under the laws of such jurisdictions as the Representative designates, and will
use its best efforts to continue such qualifications in effect so long as required for
distribution of the Obligations; provided, however, that the City will not be required to
execute a consent to service of process or to qualify to do business in connection with any
such qualification in any jurisdiction;
(k) The descriptions of the Obligations and the Ordinance contained in the
Preliminary Official Statement and the Official Statement accurately summarize certain
provisions of such instruments, and the Obligations, when validly executed, authenticated,
and delivered in accordance with the Ordinance and sold to the Underwriters as provided
herein, will be validly issued and outstanding obligations of the City entitled to the benefits
of, and subject to the limitations contained in, the Ordinance;
(1) If prior to Closing an event occurs affecting the City that is materially
adverse for the purpose for which the Official Statement is to be used and is not disclosed
in the Official Statement, the City shall notify the Representative, and if in the opinion of
the City and the Representative such event requires a supplement or amendment to the
Official Statement, the City will supplement or amend the Official Statement in a form and
in a manner approved by the Representative;
(m) The financial statements contained in the Preliminary Official Statement
and the Official Statement fairly and accurately present the financial position of the City
as of the date and for the period covered thereby and are stated on a basis substantially
consistent with that of the prior year's audited fnancial statements;
(n) Any certificate signed by any ofiicial of the City and delivered to the
Underwriters shall be deemed a representation and warranty by the City to the Underwriters
as to the truth of the statements therein contained;
(o) The City will not knowingly take or omit to take any action, which action
or omission will in any way cause the proceeds from the sale of the Obligations to be
applied in a manner other than as provided in the Ordinance or that would cause the interest
on the Obligations to be includable in gross income of the holders thereof for federal
income tax purposes;
(p) The City maintains internal controls and procedures designed to ensure that
material information relating to the City is made known to the appropriate officials of the
City responsible for the City's compliance with the disclosure obligations of the City under
federal securities laws, including, without limitation, the City's compliance with the
Undertaking; and
(q) The City has complied with all of its previous continuing disclosure
obligations under the Rule during the previous five (5) years (or has disclosed its non-
compliance in the Preliminary Official Statement and the Official Statement).
7. Closing. By 10:00 A.M., Central Time, on April 30, 2025 (the Closing), the City
will deliver the initial securities certificates of the Obligations (as provided for in the Ordinance)
to the Underwriters and the City shall take appropriate steps to provide The Depository Trust
Company (DTC� with one defnitive securities certificate for each date of maturity of the
Obligations, and to provide the Underwriters with the other documents hereinafter mentioned. On
or prior to the date of Closing, the Underwriters shall make arrangements with DTC for the
Obligations to be immobilized and thereafter traded as book-entry only securities and on the date
of Closing, the Underwriters will accept such delivery and pay the purchase price of the
Obligations as set forth in Section 1 hereof in immediately available funds. Concurrently with the
payment for the certificates by the Underwriters, the City shall return to the Representative the
Good Faith Check. Delivery and payment as aforesaid shall be made at the office of the paying
agent/registrar for the Obligations, as identified in the Offcial Statement, or such other place as
shall have been mutually agreed upon by the City and the Representative.
In addition, the City and the Underwriters agree that there shall be a preliminary closing
held at such place as the City and the Underwriters shall mutually agree, commencing at least 24
hours prior to the Closing; provided, however, in lieu of this preliminary closing, Bond Counsel
may provide the counsel to the Underwriters with a complete transcript of proceedings no later
than the business day preceding the Closing. Drafts of all documents to be delivered at the Closing
shall be prepared and distributed to all parties and their counsel for review at least three (3)
business days prior to the Closing.
Delivery of the Obligations shall be made to the paying agent/registrar on behalf of DTC
pursuant to DTC's FAST system. The Obligations shall be delivered in definitive fully registered
form, bearing CUSIP numbers without coupons, with one obligation for each maturity of the
Obligations registered in the name of Cede & Co., all as provided in the Ordinance and shall be
made available to the Representative at least one (1) business day before Closing for purposes of
inspection.
8. Conditions. The Underwriters have entered into this Purchase Contract in reliance
upon the representations and warranties of the City contained herein and to be contained in the
documents and instruments to be delivered at the Closing, and upon the performance by the City
of its obligations hereunder, both as of the date hereof and as of the date of Closing. Accordingly,
the Underwriters' obligations under this Purchase Contract to purchase and pay for the Obligations
shall be subject to the performance by the City of its obligations to be performed hereunder and
under such documents and instruments at or prior to the Closing, and shall also be subject to the
following conditions:
(a) The representations and warranties of the City contained herein shall be
true, complete, and correct in all material respects on the date hereof and on and as of the
date of Closing, as if made on the date of Closing;
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(b) At the time of the Closing, (1) the Ordinance shall be in full force and effect,
neither the Ordinance nor the Pricing Certificate shall have been amended, modified, or
supplemented, and the Official Statement shall not have been amended, modified, or
supplemented, all except as may have been agreed to by the Representative; and (2) the net
proceeds of the sale of the Obligations shall be deposited and applied as described in the
Official Statement, Ordinance, and Pricing Certificate;
(c) At the time of the Closing, all official action of the City related to the
Ordinance shall be in full force and effect and shall not have been amended, modified, or
supplemented;
(d) The City shall not have failed to pay principal or interest when due on any
of its outstanding obligations for borrowed money;
(e) At or prior to the Closing, the Underwriters shall have received each of the
following documents:
(1) The Official Statement of the City executed on behalf of the City by
an Authorized Officer, or a conformed copy thereof;
(2) The Ordinance, certified by the City Secretary under the seal of the
City as having been duly adopted by the City and as being in effect, with such
changes or amendments as may have been agreed to by the Representative. The
Ordinance shall contain the agreement of the City, in form satisfactory to the
Underwriters, that is described under the caption "CONTINUING DISCLOSURE
OF INFORMATION" in the Preliminary Official Statement and the Offcial
Statement (the Undertaking);
(3) The Pricing Certificate, having been duly executed on behalf of the
City by an Authorized Offcer, with such changes or amendments as may have been
agreed to by the Representative;
(4) The Paying Agent/Registrar Agreement, having been duly executed
on behalf of the City and BOKF, NA, Dallas, Texas, as Paying Agent/Registrar;
(5) The opinion dated on or prior to the date of Closing of the Attorney
General, approving the Obligations as required by law, and the related registration
certificate of the Comptroller;
(6) The opinion pertaining to the issuance of the Obligations and the
tax-exempt status of the interest on the Obligations for federal income tax purposes,
dated the date of Closing, of Bond Counsel, in substantially the form and substance
set forth in Appendix C to the Official Statement (the "Bond Opinion");
(7) The supplemental opinion, dated the date of Closing, of Bond
Counsel, addressed to the City and the Underwriters, which provides that the
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Underwriters may rely upon the opinion of Bond Counsel delivered in accordance
with the provisions of Section 8(e)(6) hereof, and opining to the effect that: (i) the
Purchase Contract has been duly authorized, executed and delivered by the City
and (assuming due authorization by the Underwriters) constitutes a binding and
enforceable agreement of the City in accordance with its terms; (ii) in its capacity
as Bond Counsel, such firm has reviewed the information in the Preliminary
Official Statement and the Official Statement under the captions or subcaptions
"PLAN OF FINANCE" (excluding the subcaption "Sources and Uses of
Proceeds"), "THE BONDS" (excluding the subcaption "Book-Entry-Only
System"), "TAX MATTERS", "REGISTRATION AND QUALIFICATION OF
THE BONDS FOR SALE", "LEGAL 1NVESTMENTS AND ELIGIBILITY TO
SECURE PUBLIC FUNDS IN TEXAS", "LEGAL MATTERS", and
"CONTINUING DISCLOSURE OF INFORMATION" (except for the subcaption
"Compliance with Prior Undertakings") excluding any material that may be treated
as included under such captions or subcaptions by cross references or reference to
other documents or sources, and such firm is of the opinion that insofar as such
statements expressly summarize certain provisions of the Obligations, the
Ordinance and Pricing Certificate and certain matters in the Bond Opinion, such
statements are accurate in all material respects; and (iii) the Obligations are exempt
from registration pursuant to the Securities Act of 1933, as amended (the Securities
Act), and the Ordinance is exempt from qualification as an indenture pursuant to
the Trust Indenture Act of 1939, as amended (the Trust Indenture Act);
(8) The opinion of McCall, Parkhurst & Horton L.L.P., counsel to the
Underwriters, addressed to the Underwriters, and dated the date of Closing in
substantially the form attached hereto as Exhibit B;
(9) A certificate, dated the date of Closing, signed by an appropriate
officer of the City, to the effect that: (i) the representations and warranties of the
City contained herein are true and correct in all material respects on and as of the
date of Closing as if made on the date of Closing; (ii) except to the extent disclosed
in the Official Statement, no litigation is pending or, to the knowledge of such
person, threatened in any court to restrain or enjoin the issuance or delivery of the
Obligations, or the collection or application of the ad valorem taxes pledged or to
be pledged to pay the principal of and interest on the Obligations, or the pledge
thereof, or in any way contesting or affecting the validity of the Obligations or the
City Documents, or contesting the powers of the City or the authorization of the
Obligations or the City Documents, or contesting in any way the accuracy,
completeness or fairness of the Official Statement (but in lieu of or in conjunction
with such certificate, the Underwriters may, in their sole discretion, accept
certificates that, in the opinion thereof, the issues raised in any such pending or
threatened litigation are without substance or that the contentions of all plaintiffs
therein are without merit); (iii) to the best of his or her knowledge, no event
affecting the City has occurred since the date of the Official Statement that should
be disclosed in the Official Statement for the purpose for which it is to be used or
that it is necessary to disclose therein in order to make the statements and
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information therein not misleading in any material respect; and (iv) that there has
not been any material and adverse change in the affairs or financial condition of the
City since September 30, 2024, the latest date as to which audited fnancial
information is available;
(10) A certificate, dated the date of the Closing, of an appropriate officer
of the City to the effect that, on the basis of the facts, estimates, and circumstances
in effect on the date of delivery of the Obligations, it is not expected that the
proceeds of the Obligations will be used in a manner that would cause the
Obligations to be "arbitrage bonds" within the meaning of section 148 of the
Internal Revenue Code of 1986, as amended;
(11) Evidence of the rating on the Obligations, which shall be "" by
S&P Global Ratings, a division of Standard & Poor's Financial Services LLC
(S&P), and "" by Fitch Ratings (Fitch), shall be delivered in a form acceptable
to the Underwriters;
(12) An executed copy of the DTC blanket issuer letter of representations
filed with DTC by the City; and
(13) Such additional legal opinions, certificates, instruments, and other
documents as Bond Counsel or the Underwriters may reasonably request to
evidence the truth, accuracy, and completeness, as of the date hereof and as of the
date of Closing, of the City's representations and warranties contained herein and
of the statements and information contained in the Official Statement and the due
performance and satisfaction by the City at or prior to the date of Closing of all
agreements then to be performed and all conditions then to be satisfied by the City.
All of the opinions, letters, certifcates, instruments, and other documents mentioned above
or elsewhere in this Purchase Contract shall be deemed to be in compliance with the provisions
hereof if, but only if, they are satisfactory to the Underwriters.
If the City shall be unable to satisfy the conditions to the obligations of the Underwriters
to purchase, to accept delivery of, and to pay for the Obligations as set forth in this Purchase
Contract, or if the obligations of the Underwriters to purchase, to accept delivery of, and to pay for
the Obligations shall be terminated for any reason permitted by this Purchase Contract, this
Purchase Contract shall terminate, the Good Faith Check referred to in Section 4 of this Purchase
Contract shall be returned to the Representative and neither the Underwriters nor the City shall be
under further obligation hereunder (except as it relates to the Covered Verifications) and, except
that the respective obligations of the City and the Underwriters set forth in Sections 11 and 13
hereof shall continue in full force and effect.
9. Terminallon. The Underwriters may terminate their obligation to purchase at any
time before the Closing if any of the following should occur:
13
(a) An event shall occur which makes unh-ue or incorrect in any material
respect, as of the time of such event, any statement contained in the Official Statement or
which is not reflected in the Official Statement but should be reflected therein in order to
make the statements contained therein not misleading in any material respect and in either
such event the City refuses to permit the Offcial Statement to be supplemented to cure
such omission or misstatement or the effect of which is, in the judgment of the
Underwriters, to materially adversely affect the market price or marketability of the
Obligations or the ability to enforce contracts for the sale, at the contemplated offering
prices, by the Underwriters.
(b) (1) Legislation shall have been enacted by the Congress of the United States,
or recommended to the Congress for passage by the President of the United States or
favorably reported for passage to either Chamber of the Congress by any Committee of
such Chamber; or (2) a decision shall have been rendered by a court established under
Article III of the Constitution of the United States or by the United States Tax Court; or (3)
an order, ruling, regulation, or similar guidance, shall have been issued or proposed by or
on behalf of the Treasury Department of the United States or the Internal Revenue Service
or any other agency of the United States; or (4) a release or official statement shali have
been issued by the President of the United States or by the Treasury Department of the
United States or by the Internal Revenue Service, the effect of which, in any such case
described in clause (1), (2), (3), or (4), would be to impose, directly or indirectly, federal
income taxation upon interest received on obligations of the general character of the
Obligations or upon income of the general character to be derived by the City, other than
any imposition of federal income taxes upon interest received on obligations of the general
character as the Obligations on the date hereof and other than as disclosed in the Official
Statement, in such a manner as in the judgment of the Representative would materially
adversely affect the market price or marketability of the Obligations or the ability to enforce
contracts for the sale, at the contemplated offering prices, by the Underwriters.
(c) (1) Legislation shall have been introduced in or enacted (or resolution
passed) by the Congress of the United States; (2) an order, decree, ruling, regulation (final,
temporary, or proposed), press release, or other form of notice issued or made by or on
behalf of the United States Securities and Exchange Commission (the SEC�; or (3) an order
or injunction issued by any court of competent jurisdiction; the effect of which, in any such
case described in clause (1), (2), or (3) would be to require registration of any security
under the Securities Act, or qualification of any document under the Trust Indenture Act,
in connection with the public offering of the Obligations, or that the issuance, offering, or
sale of obligations of the general character of the Obligations, including any or all
underlying arrangements, as contemplated by this Purchase Contract or by the Official
Statement or otherwise, is or would be in violation of the federal securities laws as amended
and then in effect, or any proceeding for that purpose shall have been initiated or threatened
in any such court or by any such authority.
(d) (1) The Constitution of the State of Texas shall be amended or an
amendment shall be proposed, or (2) legislation shall be enacted, or (3) a decision shall
have been rendered as to matters of Texas law, or (4) any order, ruling, or regulation shall
i4
have been issued or proposed by or on behalf of the State of Texas by an official, agency
or department thereof, affecting the tax status of the City, its property or income, its
securities (including the Obligations) or the interest thereon, that in the judgment of the
Underwriters would materially adversely affect the market price or marketability of the
Obligations or the ability to enforce contracts for the sale, at the contemplated offering
prices, by the Underwriters.
(e) There shall have occurred any (1) outbreak of hostilities (including, without
limitation, a material escalation of hostilities that existed prior to the date hereof or a
material act of terrorism) or (2) any other national or international calamity or crisis, or any
material adverse change in the financial, political, or economic conditions affecting the
United States, the effect of which on U.S. financial markets would, in the reasonable
judgment of the Underwriters, materially adversely affect the market price or marketability
of the Obligations or the ability to enforce contracts for the sale, at the contemplated
offering prices, by the Underwriters.
( fl There shall have occurred a general suspension of trading, minimum or
maximum prices for trading shall have been fixed and be in force or maximum ranges or
prices for securities shall have been required on the New York Stock Exchange or other
national stock exchange whether by virtue of a determination by that Exchange or by order
of the SEC or any other governmental agency having jurisdiction or any national securities
exchange shall have: (1) imposed additional material restrictions not in force as of the date
hereof with respect to trading in securities generally, or to the Obligations or similar
obligations; or (2) materially increased restrictions now in force with respect to the
extension of credit by or the charge to the net capital requirements of underwriters or
broker-dealers such as to, in the judgment of the Underwriters, materially adversely affect
the market price or marketability of the Obligations or the ability to enforce contracts for
the sale, at the contemplated offering prices, by the Underwriters.
(g) An event described in Section 6(1) hereof occurs that, in the reasonable
judgment of the Underwriters, requires a supplement or amendment to the Official
Statement that is deemed by them, in their discretion, to materially adversely affect the
market price or marketability of the Obligations or the ability to enforce contracts for the
sale, at the contemplated offering prices, by the Underwriters.
(h) A general banking moratorium shall have been declared by authorities of
the United States, the State of New York or the State of Texas, or a major financial crisis
or a material disruption in commercial banking or securities settlement or clearances
services shall have occurred such as to, in the judgment of the Underwriters, materially
adversely affect the market price or marketability of the Obligations or the ability to enforce
contracts for the sale, at the contemplated offering prices, by the Underwriters.
(i) (1) A lowering of the ratings (without regard to credit enhancement) initially
assigned to the Obligations by S&P and Fitch, respectively, set forth in Section 8(e)(11)
hereof or by Moody's Investor Services Inc. (Moody's), S&P or Fitch, respectively, on any
debt securities issued by the City and secured in a like manner as the Obligations, including
�
on any debt securities being issued concurrently with the Obligations, shall occur prior to
the Closing, or (2) there shall have been any official declaration as to a possible
downgrading (such as being placed on "credit watch" or "negative outlook" or any similar
qualification) of any rating by Moody's, S&P or Fitch on any debt securities issued by the
City and secured in a like manner as the Obligations, including the Obligations.
10. Interested Party Disclosure Form. Unless otherwise exempt, each Underwriter
represents that it has submitted to the City an executed disclosure of interested parties form (the
Disclosure Form), which was completed and filed with the Texas Ethics Commission (the TEC�
in accordance with the provisions of Section 2252.908, Texas Government Code, as amended, and
the applicable rules adopted by the TEC (found at 1 Tex. Admin. Code § 46.1-46.5). The
Underwriters and the City understand that neither the City nor its consultants have the ability to
verify the information included in a Disclosure Form, and neither the City nor its consultants have
an obligation, nor have undertaken any responsibility, for advising the Underwriters with respect
to the proper completion of the Disclosure Form other than, with respect to the City, providing the
identification number required for the completion of the Disclosure Form by any nonexempt
Underwriter. Any Underwriter that has not previously filed with the TEC, and submitted to the
City, a Disclosure Form as set forth in this paragraph hereby represents and warrants that it is
claiming an exemption from the requirements of Section 2252.908 of the Texas Government Code,
as amended, pursuant to subsection (c)(4) thereof.
11. Expenses. (a) The City shall pay all expenses incident to the issuance of the
Obligations, including but not limited to: (1) the cost of the preparation, printing, and distribution
of the Preliminary Official Statement and the Official Statement; (2) the cost of the preparation
and printing of the Obligations; (3) the fees and expenses of Bond Counsel to the City; (4) the fees
and disbursements of the City's accountants, advisors, and of any other experts or consultants
retained by the City; (5) the fees for the bond ratings and any travel or other expenses incurred
incident thereto; and (6) the premium, if any, for municipal bond insurance policy pertaining to
the Obligations. The City shall pay any expenses (included in the expense component of the
underwriting discount) incurred by the Underwriters on behalf of the City in connection with the
marketing, issuance, and delivery of the Obligations, including, but not limited to, meals,
transportation, and lodging of the City's employees and representatives.
(b) The Underwriters shall pay from the expense component of the
underwriting discount (1) all advertising expenses in connection with the offering of the
Obligations; (2) the cost of the preparation and printing of all the underwriting documents;
(3) the fee of McCall, Parkhurst & Horton L.L.P., counsel to the Underwriters, in
consideration for such firm's opinion required by Section 8(e)(8) hereof; and (4) all other
reasonable and customary expenses incurred by the Underwriters in connection with their
public offering and distribution of the Obligations, other than the costs and items described
in the immediately preceding paragraph.
(c) The City acknowledges that the Underwriters are required to pay fees to the
Municipal Advisory Council of Texas (the MAC�, a nonproft corporation whose purpose
is to collect, maintain, and distribute information relating to issuing entities of municipal
securities, in connection with the offering of the Obligations. The City acknowledges that
the Underwriters will pay from the Underwriters' expense allocation of the underwriting
i[�
discount the applicable per bond assessment charged by the MAC. The City acknowledges
that it has had an opportunity, in consultation with such advisors as it may deem
appropriate, if any, to evaluate and consider such fees and expenses.
12. Notices. Any notice or other communication to be given to the City under this
Purchase Contract may be given by delivering the same in writing at the address for the City set
forth above, and any notice or other communication to be given to the Underwriters under this
Purchase Contract may be given by delivering the same in writing to the Representative, SAMCO
CAPITAL MARKETS, INC., 1020 NE Loop 410, Suite 640, San Antonio, Texas 78209, Attention:
Mr. Michael Seal and Mr. Nick Westerman.
13. Parties in Interest. This Purchase Contract is made solely for the beneft of the
City and the Underwriters (including the successors or assigns of any Underwriter) and no other
person shall acquire or have any right under this Purchase Contract. The City's representations,
warranties, and agreements contained in this Purchase Contract that exist as of the Closing, and
without regard to any change in fact or circumstance occurring subsequent to the Closing, shall
remain operative and in full force and effect, regardless of (a) any investigations made by or on
behalf of the Underwriters, and (b) delivery of any payment for the Obligations hereunder; and the
City's representations and warranties contained in Section 6 of this Purchase Contract shall remain
operative and in full force and effect, regardless of any termination of this Purchase Contract.
14. Status of the Underwriters. The City acknowledges and agrees that (a) the
purchase and sale of the Obligations pursuant to this Purchase Contract is an arms' length
commercial transaction between the City and the Underwriters, (b) the Underwriters have financial
and other interests that differ from those of the City, (c) the Underwriters are acting solely as principals
and are not acting as municipal advisors, financial advisors or fiduciaries to the City, (d) the
Underwriters have not assumed any advisory or fiduciary responsibility to the City with respect to the
transaction contemplated hereby and the discussions, undertakings, and procedures leading thereto
irrespective of whether the Underwriters have provided or are currently providing other services to
the City on other matters, and (e) the only obligations the Underwriters have to the City with respect
to the transaction contemplated hereby expressly are set forth in this Purchase Contract. The
Underwriters have provided to the City prior disclosures under MSRB Rule G-17, which the City
hereby acknowledges the receipt of prior to the execution of this Purchase Contract.
15. Choice of Law. This Purchase Contract shall be governed by and construed in
accordance with the laws of the State of Texas.
16. Execution in Counterparts. This Purchase Contract may be executed in any
number of counterparts, all of which taken together shall constitute one and the same instrument,
and any of the parties hereto may execute this Purchase Contract by signing any such counterpart.
This Purchase Contract may be delivered by the exchange of signed signature pages by facsimile
transmission or by electronic mail with a copy in portable document format or other replicating
image attached, or by electronic reproduction of a manual signature transmitted via electronic mail
or facsimile, and any printed or copied version of any signature page so delivered shall have the
same force and effect as an originally signed version of such signature page.
17
17. Section Headings. Section headings have been inserted in this Purchase Contract
as a matter of convenience of reference only, and it is agreed that such section headings are not a
part of this Purchase Contract and will not be used in the interpretation of any provisions of this
Purchase Contract.
18. Severability. If any provision of this Purchase Contract shall be held or deemed to
be or shall, in fact, be invalid, inoperative or unenforceable as applied in any particular case in any
jurisdiction or jurisdictions, or in all jurisdictions because it conflicts with any provisions of any
constitution, statute, rule of public policy, or any other reason, such circumstances shall not have
the effect of rendering the provision in question invalid, inoperative or unenforceable in any other
case or circumstances, or of rendering any other provision inoperative or unenforceable to any
extent whatever.
19. Covered Verifications. Each of the Underwriters make the following
representations and covenants pursuant to Chapters 2252, 2271, 2274, and 2276, Texas
Government Code, as amended (collectively, the Covered Verifications), in entering into this
Purchase Contract. As used in such verifications, "affiliate" means an entity that controls, is
controlled by, or is under common control with any Underwriter within the meaning of SEC Rule
405, 17 C.F.R. § 230.405, and exists to make a profit. Liability for breach of any such verification
during the term of this Purchase Contract shall survive until barred by the applicable statute of
limitations and shall not be liquidated or otherwise limited by any provision of this Purchase
Contract, notwithstanding anything in this Purchase Contract to the contrary.
(a) Not a Sanctioned Company. Each of the Underwriters represent that neither
it nor any of its parent company, wholly- or majority-owned subsidiaries, and other
affiliates is a company identified on a list prepared and maintained by the Texas
Comptroller under Section 2252.153 or Section 2270.0201, Texas Government
Code, as amended. The foregoing representation excludes each Underwriter and
each of its parent company, wholly- or majority-owned subsidiaries, and other
affiliates, if any, that the United States government has affrmatively declared to be
excluded from its federal sanctions' regime relating to Sudan or Iran or any federal
sanctions regime relating to a foreign terrorist organization.
(b) No Boycott oflsrael. Each of the Underwriters hereby verifes that it and its
parent company, wholly- or majority-owned subsidiaries, and other affiliates, if
any, do not boycott Israel and will not boycott Israel during the term of this
Purchase Contract. As used in the foregoing verification, "boycott Israel" has the
meaning provided in Section 2271.001, Texas Government Code, as amended.
(c) No Discrimination Against Firearm Entities. Each of the Underwriters
hereby verifies that it and its parent company, wholly- or majority-owned
subsidiaries, and other affiliates, if any, do not have a practice, policy, guidance, or
directive that discriminates against a firearm entity or firearm trade association and
will not discriminate against a firearm entity or firearm trade association during the
term of this Purchase Contract. As used in the foregoing verification, "discriminate
against a firearm entity or firearm trade association" has the meaning provided in
Section 2274.001(3), Texas Government Code, as amended.
38
(d) No Boycott of Eners�ry Companies. Each of the Underwriters hereby verifies
that it and its parent company, wholly- or majority-owned subsidiaries, and other
affiliates, if any, do not boycott energy companies and will not boycott energy
companies during the term of this Purchase Contract. As used in the foregoing
verification, "boycott energy companies" has the meaning provided in Section
2276.001(1), Texas Government Code, as amended.
The Underwriters each represent that they have on file with the Attorney General a standing
letter addressing the Covered Verifications in a form acceptable to the Attorney General.
The Underwriters further each represent and warrant that they have not received a letter (a
Request Letter) from either the Attorney General or Texas Comptroller seeking written verifcation
related to Covered Verifications. In addition, at the request of the City or Bond Counsel or if any
Underwriter or the parent company, a wholly- or majority-owned subsidiary or another affiliate of
such Underwriter receives a Request Letter from the Attorney General or the Texas Comptroller
in connection with a review of their standing letter, such Underwriter shall promptly notify the
City and Bond Counsel (if it has not already done so) and provide to the City and Bond Counsel,
at least two business days prior to the Closing and additionally upon request by the City or Bond
Counsel, written verification to the effect that its standing letter described in the preceding sentence
remains in effect and may be relied upon by the City and the Attorney General (the Bringdown
verrfrcation). The Bringdown Verification may be in the form of an e-mail.
The Representative hereby represents that neither it nor its parent company, a wholly- or
majority-owned subsidiary or any other affliate of the Representative has received a Request
Letter. If any Underwriter (other than the Representative) or the parent company, a wholly- or
majority-owned subsidiary or another affiliate of such Underwriter has heretofore received a
Request Letter, and the City gives written notice (which may be by e-mail) to such Underwriter
and the Representative that such Underwriter or the parent company, a wholly- or majority-owned
subsidiary or another affiliate of such Underwriter (i) appears on a list published by the Texas
Comptroller pursuant to Section 809.051, Texas Government Code, as amended, prior to the
Closing, or (ii) has not provided a Bringdown Verification in a form accepted by the Attorney
General for the delivery of their approving opinion at Closing, then all right, title, and interest of
such Underwriter in, to, and under this Purchase Contract (and any agreement among the
Underwriters related to the Obligations) shall be assigned to and assumed by the other
Underwriters, in proportion to the percentage participations of the remaining Underwriters
established by the agreement among the Underwriters, without any further action on the part of
the Underwriters or the City. The Representative shall give prompt notice of any such assignment
and assumption to the Underwriters.
20. Term of Agreement. Except for surviving representations, warranties, and
indemnities of the parties to this Agreement, the term of this Agreement terminates upon the "end
of the underwriting period" (as defined in the Rule) or, if earlier, exercise of a termination right
(which may not be based on and existing or incipient breach of a verification).
[Execution Page Follows]
l9
If you agree with the foregoing, please sign the enclosed counterpart of this Purchase
Contract and return it to the Representative. This Purchase Contract shall become a binding
agreement between you and the Underwriters when at least the counterpart of this Purchase
Contract shall have been signed by or on behalf of each of the parties hereto.
Very truly yours,
SAMCO Capital Markets, Inc.
FHN Financial Capital Markets
Hilltop Securities Inc.
By: SAMCO Capital Markets, Inc.
as the Representative of the Underwriters
By:
Name:
Title:
ACCEPTANCE
ACCEPTED at _.m., Central Time this day of
By: ��/ �
Autho ' ed Officer
City o Lubbock, Texas
City of Lub6ock, Texas
General Obligation Bonds, Series 2025
Purchase Contract Signature Page
EXHIBIT A
Schedule of Maturities, Interest Rates, Yields and Redemption Provisions
$
City of Lu6bock, Texas
General Obligation Bonds, Series 2025
Maturity
2( /15)
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
Principal Interest
Amount ($) Rate (% Yield (%)
[* Yield calculated based on the assumption that the Obligations denoted and sold at a premium will be
redeemed on the their first optional redemption date of February 15, 2035, at the price of par, plus accrued
interest to the date of redemption.]
Optional Redemption. The City reserves the right, at its option, to redeem Obligations having stated
maturities on and after February 15, 2036, in whole or in part, in principal amounts of $5,000 or any integral
multiple thereof, on February 15, 2035, or any date thereafter, at a price of par plus accrued interest to the
date of redemption.
Exhibit A - 1
EXHIBIT B
Proposed Form of Underwriters' Counsel Opinion of
McCall, Parkhurst & Horton L.L.P.
, 2025
SAMCO Capital Markets, Inc.
FHN Financial Capital Markets
Hilltop Securities Inc.
c/o SAMCO Capital Markets, Inc.
1020 NE Loop 410, Suite 640
San Antonio, Texas 78209
Re: $ City of Lubbock, General Obligation Bonds, Series 2025
Ladies and Gentlemen:
We have acted as counsel for you as the underwriters of the securities described above (the
"Obligations"), issued under and pursuant to an ordinance (the "Ordinance") of the City of
Lubbock, Texas (the "City"), authorizing the issuance of the Obligations, which Obligations you
are purchasing pursuant to a Purchase Contract, dated , 2025. All capitalized undefined
tercns used herein shall have the meaning set forth in the Purchase Contract.
In connection with this opinion letter, we have considered such matters of law and of fact,
and have relied upon such certificates and other information furnished to us, as we have deemed
appropriate as a basis for our opinion set forth below. We are not expressing any opinion or views
herein on the authorization, issuance, delivery, validity of the Obligations and we have assumed,
but not independently verified, that the signatures on all documents and Obligations that we have
examined are genuine.
Based on and subject to the foregoing, we are of the opinion that, under existing laws, the
Obligations are not subject to the registration requirements of the Securities Act of 1933, as
amended, and the Ordinance is not required to be qualified under the Trust Indenture Act of 1939,
as amended.
Because the primary purpose of our professional engagement as your counsel was not to
establish factual matters, and because of the wholly or partially non-legal character of many of the
determinations involved in the preparation of the Preliminary Offcial Statement dated , 2025
(as amended or supplemented, the "Preliminary Official Statement") and the Official Statement
dated , 2025 (the "Official Statement") and because the information in the Official
Statement under the headings "THE BONDS — Book-Entry-Only System", "TAX MATTERS",
"CONTINLTING DISCLOSURE OF INFORMATION — Compliance with Prior Undertakings",
and Appendices A, B and C thereto were prepared by others who have been engaged to review or
provide such information, we are not passing on and do not assume any responsibility for, except
as set forth in the last sentence of this paragraph, the accuracy, completeness or fairness of the
statements contained in the Preliminary Official Statement and the Official Statement (including
any appendices and exhibits thereto) and we make no representation that we have independently
Exhibit B - 1
verified the accuracy, completeness, or fairness of such statements. In the course of our review of
the Preliminary Official Statement and the Official Statement, we had discussions with
representatives of the City regarding the contents of the Preliminary Official Statement and the
Official Statement. In the course of our participation in the preparation of the Official Statement
as your counsel, we had discussions with representatives of the City, including its City Attorney,
Bond Counsel, and Financial Advisor, regarding the contents of the Preliminary Official Statement
and the Official Statement. In the course of such activities, no facts came to our attention that
would lead us to believe that the Preliminary Official Statement, as of its date, and the Official
Statement, as of its date and the date hereof (except for the financial statements and other financial
and statistical data contained therein, the information set forth under the headings "THE BONDS
— Book-Entry-Only System", "TAX MATTERS", "CONTINUING DISCLOSURE OF
INFORMATION — Compliance with Prior Undertakings", and Appendices A, B and C thereto, as
to which we express no opinion), contained or contain any untrue statement of a material fact or
omitted to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading.
Assuming the enforceability of the Ordinance, we are of the opinion that you may
reasonably conclude that the continuing disclosure undertaking by the City set forth in the
Ordinance satisfies the requirements contained in paragraph (b)(5) of Rule 15c2-12.
This opinion letter may be relied upon by only you and only in connection with the
transaction to which reference is made above and may not be used or relied upon by any other
person for any purposes whatsoever without our prior written consent.
Respectfully,
Exhibit B - 2
EXHIBIT C
FORM OF
CERTIFICATE REGARDING ISSUE PRICE
The undersigned, on behalf of SAMCO Capital Markets, Inc., which acted as the lead
underwriter (the "Representative") of the underwriting group (the "Underwriting Group"), hereby
certifies as set forth below with respect to the sale and issuance of the General Obligation Bonds,
Series 2025 (the "Obligations") by the City of Lubbock, Texas (the "City").
1. Sale of the General Rule Maturities. As of the date of this certificate, for each
Maturity of the General Rule Maturities, the first price at which at least 10% of such Maturity was
sold to the Public is the respective price listed in Schedule A(the "Initial Offering Prices"). A copy
of the pricing wire or equivalent communication for the Obligations is attached to this certificate
as Schedule B.
2. Initial Offering Price of the Hold-the-Offering-Price Maturities.
(a) The Underwriting Group offered the Hold-the-Offering-Price Maturities to the
Public for purchase at the respective initial offering prices listed in Schedule A(the "Initial
Offering Prices") on or before the Sale Date.
(b) As set forth in the Purchase Contract, the Underwriting Group agreed in writing on
or prior to the Sale Date that, (i) for each Maturity of the Hold-the-Offering-Price Maturities, they
would neither offer nor sell any of the Obligations of such Maturity to any person at a price that is
higher than the Initial Offering Price for such Maturity during the Holding Period for such Maturity
(the "Hold-the-Offering-Price Rule"), and (ii) any selling group agreement shall contain the
agreement of each dealer who is a member of the selling group, and any retail or other third-party
distribution agreement shall contain the agreement of each broker-dealer who is a party to the retail
or other third-party distribution agreement, to comply with the Hold-the-Offering-Price rule.
Pursuant to such agreement, no Underwriter (as defined below) offered or sold any Maturity of the
Hold-the-Offering-Price Maturities at a price that is higher than the respective Initial Offering
Price for that Maturity of the Obligations during the Holding Period.
3. [Insurance Premium. The present value of the interest savings expected to be
realized as a result of the insurance premium (the "Insurance Premium") paid to insure the
Obligations exceeds the present value of the Insurance Premium discounted at a rate equal to the
yield on the Obligations which results assuming recovery of the Insurance Premium. Also, the
Insurance Premium does not exceed a reasonable arms-length charge for the transfer of credit risk.]
4. Issue Price. The sum of the Initial Offering Prices is $�]. The Obligations
were issued without pre-issuance accrued interest.
Defined Terms.
(a) General Rule Maturities means those Maturities of the Obligations listed in
Schedule A hereto as the "General Rule Maturities."
Exhibit C - l
(b) Hold-the-Offering-Price Maturitres means those Maturities of the Obligations
listed in Schedule A hereto as the "Hold-the-Offering-Price Maturities."
(c) Holding Period means, with, respect to a Hold-the-Offering-Price Maturity, the
period starting on the Sale Date and ending on the earlier of (i) the close of the fifth business day
after the Sale Date, or (ii) the date on which the Underwriter sold at least 10% of such Hold-the-
Offering-Price Maturity to the Public at prices that are no higher than the Initial Offering Price for
such Hold-the-Offering-Price Maturity.
(d) Maturity means Obligations with the same credit and payment terms. Obligations
with different maturity dates, or Obligations with the same maturity date but different stated
interest rates, are treated as separate maturities.
(e) Public means any person (including an individual, trust, estate, partnership,
association, company, or corporation) other than the Underwriter or a related party to the
Underwriter. The term "related party" means any entity if an Underwriter and such entity are
subject, directly or indirectly, to (i) more than 50% common ownership of the voting power or the
total value of their stock, if both entities are corporations (including direct ownership by one
corporation of another), (ii) more than 50% common ownership of their capital interests or proft
interests, if both entities are partnerships (including direct ownership by one partnership of
another), or (iii) more than 50°Io common ownership of the value of the outstanding stock of the
corporation or the capital interests or profit interests of the partnership, as applicable, if one entity
is a corporation and the other entity is a partnership (including direct ownership of the applicable
stock or interests by one entity of the other).
( fl Sale Date means the first day on which there is a binding contract in writing for the
sale of a Maturity of the Obligations. The Sale Date of the Obligations is �__, 2025.
(g) Underwriter means (i) any person that agrees pursuant to a written contract with
the City (or with the lead underwriter to form an underwriting syndicate) to participate in the initial
sale of the Obligations to the Public, and (ii) any person that agrees pursuant to a written contract
directly or indirectly with a person described in clause (i) of this paragraph to participate in the
initial sale of the Obligations to the Public (including a member of a selling group or a party to a
third-party distribution agreement participating in the initial sale of the Obligations to the Public).
[Rest of Page Intentionally Left Blank]
Exhibit C - 2
The Representative understands that the foregoing information will be relied upon by the
City with respect to certain of the representations set forth in the Tax Certiiicate to which this
certificate is included as Exhibit A and with respect to compliance with the federal income tax
rules affecting the Obligations, and by Orrick, Herrington & Sutcliffe LLP, in connection with its
opinion as to the exclusion of interest on the Obligations from federal gross income, the preparation
of the Internal Revenue Service Form 8038-G, and other federal income tax advice that it may give
to the City from time to time relating to the Obligations. The Representative is certifying only as
to facts in existence on the date hereo£ Nothing herein represents the Representative's
interpretation of any laws; in particular the Treasury Regulations under the Internal Revenue Code
of 1986, or the application of any laws to these facts. The certifications contained herein are not
necessarily based on personal knowledge, but may instead be based on either inquiry deemed
adequate by the undersigned or institutional knowledge (or both) regarding the matters set forth
herein.
Dated:
:
SAMCO CAPITAL MARKETS, INC.
Authorized Representative
Exhibit C - 3
SCHEDULE A
SALE PRICES OF THE GENERAL RULE MATURITIES
INITIAL OFFERING PRICES OF THE HOLD-THE-OFFERING-PRICE MATURITIES
Exhibit C - 4
SCHEDULE B
PRICING WIRE
Exhibit C - 5
EXHIBIT D
"HOLD-THE-PRICE" MATURITY SCHEDULE
Exhibit D - I
GENERAL CERTIFICATE
We, the undersigned, Mayor, City Manager and City Secretary, respectively, of the City of
Lubbock, Texas (the "City"), do hereby certify the following information:
1. This certificate relates to the City of Lubbock, Texas, General Obligation Bonds,
Series 2025 (the "Bonds"). Capitalized terms used herein and not otherwise defined shall have the
meaning assigned thereto in the ordinance (the "Ordinance") of the City Council authorizing the
issuance of the Bonds.
2. The total tax-supported debt of the City, after giving effect to the issuance of the
proposed Bonds, is $[ �.
3. The assessed value of property for the purpose of taxation in the City of Lubbock,
Texas, as shown by its offcial tax rolls for the year 2025, being its latest approved official
assessment rolls is $[ ], which amount is net of the amount of any exemptions to which
property otherwise subject to taxation was entitled pursuant to applicable provisions of the
Constitution and laws of the State of Texas.
4. A true and conect copy of the debt service schedule for the Bonds and all other
outstanding indebtedness of the City payable from ad valorem taxes is set forth in the table entitled
"Table 9- General Obli�ation Debt Service Requirements" included in "APPENDIX A- Financial
Information Regarding the City" to the City's Official Statement pertaining to the Bonds (the
"Official Statement"), such debt service schedule being incorporated herein by reference for all
purposes.
5. The City of Lubbock, Texas, is a duly incorporated Home Rule City, with a
population greater than 50,000, and is operating and existing under the Constitution and laws of
the State of Texas and the duly adopted Home Rule Charter of the City. The Home Rule Charter
was last amended at an election held in the City on November 2, 2004.
6. The following are duly qualified and acting, elected or appointed officials of the
City of Lubbock, Texas:
Mark McBrayer, Mayor
Christy Martinez-Garcia
Gordon Harris
David Glasheen
Brayden Rose
Dr. Jennifer Wilson
Tim Collins
)
)
) Members of
) the Council
)
)
W. Jarrett Atkinson, City Manager
Joe Jimenez, Chief Financial Ofiicer
Courtney Paz, City Secretary
7. A summary of the general obligation bonds issued, including the date of the
elections from which such bonds were authorized, the principal amounts authorized, amounts
heretofore issued and being issued and amounts remaining to be issued subsequent hereto is set
4151-2576-9558. I
forth in the table entitled "Table 12 — Authorized but Unissued General Obligation Bonds"
included in "APPENDIX A- Financial Information Regarding the City" to the Official Statement,
such table being incorporated herein by reference for all purposes.
8. No litigation of any nature has been filed or is now pending to restrain or enjoin the
issuance or delivery of the Bonds or which would affect the provisions made for their payment or
security, or in any manner questioning the proceedings or authority concerning the issuance of the
Bonds, and so far as we know and believe, no such litigation is threatened.
9. Neither the corporate existence nor the boundaries of the City, nor the title of its
present officers to their respective offices is being contested, and so far as we know and believe,
no litigation is threatened regarding such matters, and no authority or proceedings for the issuance
of the Bonds have been repealed, revoked or rescinded.
10. There has not been filed or presented to the City Secretary or the City Council any
petition protesting, challenging or otherwise questioning the issuance of the Bonds.
11. With respect to the contracts executed in connection with the authorization and
issuance of the Bonds, all disclosure filings and acknowledgements required by Section 2252.908,
Texas Government Code, and the nzles of the Texas Ethics Commission related to said provision,
have been made.
12. The Ordinance was duly adopted by the City Council on March 25, 2025.
13. To the extent that the City uses any proceeds of the Bonds to purchase real property,
the City will comply with Section 252.051, Texas Local Government Code.
14. The City is not in default in the payment of principal and interest on its debt
obligations.
15. The descriptions and statements of or pertaining to the City contained in its Official
Statement, and any addenda, supplement or amendment with respect to such descriptions or
statements thereto, on the date of such Official Statement, on the date of sale of the Bonds and on
the date of the delivery, were and are true and correct in all material respects.
16. Insofar as the City and its affairs, including its fnancial affairs, are concerned, such
Official Statement did not and does not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading.
17. Insofar as the descriptions and statements, including financial data of or pertaining
to entities other than the City and their activities contained in such Official Statement are
concerned, such statements and data have been obtained from sources which the City believes to
be reliable and the City has no reason to believe that they are untrue in any material respect.
18. There has been no material adverse change in the financial condition and affairs of
the City since the date of the Official Statement.
.�_
4151-2576-9558.1
19. The undersigned Mayor and City Secretary offcially executed and signed the
Bonds, including the Initial Bonds delivered to the initial purchasers of the Bonds, by manually
executing the Bonds or by causing facsimiles of our manual signatures to be imprinted or copied
on each of the Bonds, and we hereby adopt said manual or facsimile signatures as our own,
respectively, and declare that said facsimile signatures constitute our signatures the same as if we
had manually signed each of the Bonds.
20. The Bonds, including the Initial Bond delivered to the initial purchasers of the
Bonds, are substantially in the form, and have been duly executed and signed in the manner,
prescribed in the Ordinance.
21. At the time the undersigned Mayor and City Secretary so executed and signed the
Bonds we were, and at the time of executing this certificate we are, the duly chosen, qualified, and
acting officers indicated therein, and authorized to execute the same.
22. We have caused the offcial seal of the City to be impressed, or printed, or copied
on each of the Bonds; and said seal on the Bonds has been duly adopted as, and is hereby declared
to be, the official seal of the City.
23. The weighted average maturity of the Bonds is �] years, which is less than
120% of the reasonably expected weighted average economic life of the improvements and
personal property anticipated to be financed with the Bonds.
[EXECUTION PAGES FOLLOW]
-3-
4151-2576-9558.I
EXECUTED AND DELNERE , 2025.
MANUAL SIGNATURE
OFFICIAL TITLE
�
Mayor, City of Lubbock, Texas
STATE OF TEXAS
COUNTY OF LUBBOCK
Before me, the undersigned authority, on this day personally appeared Mark McBrayer,
Mayor, of the City of Lubbock, Texas, known to me to be such person who signed the above and
foregoing certificate in my presence and acknowledged to me that such person executed the above
and foregoing certificate for the purposes therein stated.
GNEN UNDER MY HAND AND SEAL OF OFFICE THIS f
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4151-2576-9558.1
ry Public,
In and for the State of Texas
Signature Page for General Ce►•tificate
EXECUTED AND DELIVERED this
MANUAL SIGNATURE
. 2025.
OFFICIAL TITLE
�.«- �� City Manager, City of Lubbock, Texas
STATE OF TEXAS
COUNTY OF LUBBOCK
Before me, the undersigned authority, on this day personally appeared W. Jarrett Atkinson,
City Manager, of the City of Lubbock, Texas, known to me to be such person who signed the
above and foregoing certificate in my presence and acknowledged to me that such person executed
the above and foregoing certificate for the purposes therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE THIS � r� �5. ��
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otary Public,
In and for the State of Texas
Signahn�e Page for General Certifrcate
4151-2576-9558.1
EXECUTED AND DELIVERED this
MANUAL SIGNATURE
OFFICIAL TITLE
City Secretary, City of Lubbock, Texas
STATE OF TEXAS
COUNTY OF LUBBOCK
Before me, the undersigned authority, on this day personally appeared Courtney Paz, City
Secretary, of the City of Lubbock, Texas, known to me to be such person who signed the above
and foregoing certificate in my presence and acknowledged to me that such person executed the
above and foregoing certificate for the purposes therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE THIS �a�� �5T�j���gT.S.
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Notary Public,
In and for the State of Texas
Signature Page for General Certificate
4151-2576-9558.1
CLOSING CERTIFICATE
I, the undersigned City Manager of the City of Lubbock, Texas (the "City"), acting in my
official capacity, in connection with the issuance and delivery by the City of Lubbock, Texas, of
its General Obligation Bonds, Series 2025 (the "Bonds"), hereby certify that:
1. This certificate is delivered pursuant to the Purchase Contract relating to the Bonds,
dated April 2, 2025 (the "Purchase Contract"), between the City and the underwriters identified
therein (the "Underwriters"). Capitalized words used herein as defined terms and not otherwise
defined herein have the respective meanings assigned to them in the Purchase Contract.
2. The representations and warranties of the City contained in the Purchase Contract
are true and correct in all material respects on and as of the date hereof as though made on and as
of the date hereof.
3. Except to the extent disclosed in the Offcial Statement, no litigation is pending or,
to my knowledge, threatened in any court to restrain or enjoin the issuance or delivery of the
Bonds, or the collection or application of the ad valorem taxes pledged or to be pledged to pay the
principal of and interest on the Bonds, or the pledge thereof, or in any way contesting or affecting
the validity of the Bonds or the City Documents, or contesting the powers of the City or the
authorization of the Bonds or the City Documents, or contesting in any way the accuracy,
completeness or fairness of the Official Statement.
4. To the best of my knowledge, no event affecting the City has occurred since the
date of the Official Statement that should be disclosed in the Official Statement for the purpose for
which it is to be used or that it is necessary to disclose therein in order to make the statements and
information therein not misleading in any material respect.
5. There has no
condition of the City since
information is available.
t been any material and adverse change in the affairs or financial
September 30, 2024, the latest date as to which audited financial
[Execution Page Follows.]
4157-9639-9446. I
DATED: Apri130, 2025.
� .... .
City M ager
City o Lubbock, Texas
Signature Page for Closing Certrficate
4157-9639-9446.1
SecNon 11.4 Survival of Defeasance. Notwithstanding any provision in this Tax
Certifcate or the Bond Ordinance to the contrary, the obligation to remit the Rebate Requirement,
if any, to the United States Department of the Treasury and to comply with all other requirements
contained in this Tax Certificate shall survive defeasance of the Bonds.
Dated:
CITY OF LUBBOCK, TEXAS
By: -
W. J ett Atkinson
City Manager
S-1
Form 8038-G (Rev. 10-2021) Page 2
Miscellaneous
35
36a
b
c
37
38a
b
c
d
39
40
41a
b
c
d
42
43
44
45a
b
Enter the amount of the state volume cap allocated to the issue under section 141(b)(5) .... 35
Enter the amount of gross proceeds invested or to be invested in a guaranteed investment contract
(GIC). See instructions . . . . . . . . . . . . . . . . . . . . . . . . . 3Ba
Enter the final maturity date of the GIC ►(MM/DD/YYYI�
Enter the name of the GIC provider ►
Pooled financings: Enter the amount of the proceeds of this issue that are to be used to make loans
to other governmental units . . . . . . . . . . . . . . . . . . . . . . . . 37
If this issue is a loan made from the proceeds of another tax-exempt issue, check box ►❑ and enter the following information:
Enter the date of the master pool bond ►(MM/DD/YYYI� ._
Enter the EIN of the issuer of the master pool bond ►
Enter the name of the issuer of the master pool bond ►
If the issuer has designated the issue under section 265(b)(3)(B)(i)(III) (small issuer exception), check box .... ► ❑
If the issuer has elected to pay a penalty in lieu of arbitrage rebate, check box ............. ► ❑
If the issuer has identified a hedge, check here ►❑ and enter the following information:
Name of hedge provider ►
Type of hedge ►
Term of hedge ►
If the issuer has superintegrated the hedge, check box . . . . . . . . . . . . . . . . . . . . . ► ❑
If the issuer has established written procedures to ensure that all nonqualified bonds of this issue are remediated
according to the requirements under the Code and Regulations (see instructions), check box . ...... ► ❑
If the issuer has established written procedures to monitor the requirements of section 148 x. .... ► ❑
If some portion of the proceeds was used to reimburse expenditures, check here ► amount
of reimbursement . . . . . . . . . . . . . . ►
Enter the date the official intent was adopted ►(MM/DD/YYYY)
Under penalties of perjury, I declare that I have examined this return and accom ents, and to the best of my knowledge
SInature and belief, they are true, co ect, and complet . I further declare that I consent e issuer's return information, as necessary to
g process this retum, to t erson that I hav horized above.
and
C011S@11t , W. Jarrett Atkinson, City Manager
ignature issuer's authorized representative Date ' Type ar print name and title
Paid PrinViype preparer's name Preparer's signature Date Check ❑ if PT�N
Cathleen Chang self-employed p02005715
Preparer Firm's name ► Orrick, Herrington & Sutcliffe LLP Firm's EIN ► 94-2952627
US@ 0111y Firm�s address ► 609 Main Street, 40th Floor, Houston, Texas 77002 Pnone no. 713-658-6772
Form 8Q3S-G (Rev. 10-2021)
4125-9596-5530
CITY OF LUBBOCK
Note: PLEASE USE BLACK INK. PLEASE DO NOT LET YOUR SIGNATURE TOUCH
THE PR1NT ON THIS PAGE. DO NOT PUT THE SEAL OVER ANY PRINT ON THIS PAGE.
SIGNATURES:
Mayor � _
City Secretary —�
SEAL
�
4126-4339-4851. l