HomeMy WebLinkAboutOrdinance - 9293-1989 - Certificates Of Obligation Series 1989 - 07/13/1989First Reading
July 13, 1989
Item #33
ORDINANCE NO. 9293
Second Reading
July 27, 1989
Item #12
AN ORDINANCE authorizing the issuance of •ciTY OF
LUBBOCK, TEXAS, CERTIFICATES OF OBLIGATION,
SERIES 1989"; levying an ad valorem tax upon all
taxable property in the City for the payment of
said Certificates; specifying the terms and
features of such Certificates and resolving other
matters incident and related to the issuance,
sale, security, payment and delivery of said
Certificates, including the approval of an
Official Statement relating thereto; and
providing an effective date.
WHEREAS, the City Council of the City of Lubbock, Texas has
determined that certificates of obligation should be issued to
pay contractual obligations to be incurred for (i) the purchase
of any land and rights-of-way for authorized needs and
purposes, and (ii} professional services; and
WHEREAS, notice of intention to issue such certificates of
obligation (stating the time and place the Council proposed to
authorize the issuance of such certificates, the maximum amount
proposed to be issued, the purpose thereof and the manner in
which the Council proposes to pay for such certificates) has
been published in the Lubbock Ava lanche-Journa 1, a newspaper
hereby found to be of general circulation in the City of
Lubbock, Texas, on June 27, 1989 and July 2, 1989, with the
date of the first publication being before the fourteenth
(14th) day before the tentative date stated in said notice for
the first reading of the ordinance authorizing the
certificates; and
WHEREAS, no petition protesting the issuance of such
certificates described in the aforesaid notice, signed by at
least 5\ of the qualified electors of the City, has been
presented to or filed with the City Secretary on or prior to
the date of the first reading of the ordinance authorizing the
certificates; and
WHEREAS, the City Council hereby finds and determines that
all of the certificates of obligation described in such notice
should be issued at this time; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK,
TEXAS:
SECTION 1: Authorization-Designation-Principal Amount-
Purpose. Certificates of obligation of the City shall be and
are hereby authorized to be issued in the aggregate principal
amount of $3,800,000 to be designated and bear the title •ciTY
OF LUBBOCK, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 1989"
(hereinafter referred to as the "Certificates") for the purpose
of paying contractual obligations to be incurred for ( i) the
purchase of any land and rights-of-way for authorized needs and
purposes, and (ii) professional services, pursuant to authority
conferred by and in conformity with the Constitution and laws
of the State of Texas, including the Certificate of Obligation
Act of 1971, as amended (Subchapter C of Chapter 271, Local
Government Code), and the following provisions of the City
Charter of the City of Lubbock: Article VIII Section 1 and
Article XI Section 1.
SECTION 2: Fully Registered Obligations -Authorized
Denominations-Stated Maturities-Date. The Certificates shall
be issued as fully registered obligations only, shall be dated
August 15, 1989 (the "Certificate Date"), shall be in
denominations of $5,000 or any integral multiple (within a
Stated Maturity) thereof, and the Certificates shall become due
and payable on February 15 in each of the years and in
principal amounts (the "Stated Maturities") in accordance with
the following schedule:
Year of
Stated Maturity
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Principal
Amount
190,000
190,000
190,000
190,000
190,000
190,000
190,000
190,000
190,000
190,000
190,000
190,000
190,000
190,000
190,000
190,000
190,000
190,000
190,000
190,000
The Certificates shall bear interest on the unpaid
principal amounts from the Certificate Date at the per annum
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The Bonds shall bear interest on the unpaid principal
amounts from the Bond Date at the per annum rates to be
determined and established when the same are sold (but in no
event shall the Bonds bear interest at a net effective rate in
excess of 15% per annum calculated in the manner required by
Article 717k-2, v·.A.T.c.s., as amended). The amount of
interest to be paid each payment period shall be computed on
the basis of a 360-day year of twelve 30-day months and such
interest shall be payable on February 15 and August 15 in each
year, commencing February 15, 1990.
SECTION 3: Terms of Payment-Paying Agent/Registrar.
The principal of, premium, if any, and the interest on the
Bonds, due and payable by reason of maturity, redemption or
otherwise, shall be payable only to the registered owners or
holders of the Bonds (hereinafter called the "Holders")
appearing on the registration and transfer books (the "Security
Register") maintained by the Paying Agent/Registrar and the
payment thereof shall be in any coin or currency of the United
States of America, which at the time of payment is legal tender
for the payment of public and private debts, and shall be
without exchange or collection charges to the Holders.
The selection and appointment of Texas Commerce Bank
National Association, Lubbock, Texas to serve as Paying
Agent/Registrar for the Bonds is hereby approved and
confirmed. The City covenants to maintain and provide a Paying
Agent/Registrar at all times until the Bonds are paid and
discharged, and any successor Paying Agent/Registra~ shall be a
bank, trust company, financial institution or other entity
qualified and authorized to serve in such capacity and perform
the duties and services of Paying Agent/Registrar. Upon any
change in the Paying Agent/Registrar for the Bonds, the City
agrees to promptly cause a written notice thereof to be sent to
each Holder by United States Mail, first class postage prepaid,
which notice shall also give the address of the new Paying
Agent/Registrar.
Principal of and premium, if any, on the Bonds shall be
payable at the Stated Maturities or the redemption thereof,
only upon presentation and surrender of the Bonds to the Paying
Agent/Registrar at its principal office. Interest on the Bonds
shall be paid to the Holders whose name appears in the Security
Register at the close of business on the Record Date (the last
business day of the month next preceding each interest payment
date) and shall be paid by the Paying Agent/Registrar ( i) by
check sent United States Mail, first class postage prepaid, to
the address of the Holder recorded in the Security Register or
( i i) by such other method, acceptable to the Paying
Agent/Registrar, requested by, and at the risk and expense of,
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the Holder. If the date for the payment of the principal of or
interest on the Bonds shall be a Saturday, Sunday, a legal
holiday, or a day on which banking institutions in the City
where the Paying Agent/Registrar is located are authorized by
law or executive order to close, then the date for such payment
shall be the next succeeding day which is not such a Saturday,
Sunday, legal holiday, or day on which banking institutions are
authorized to close; and payment on such date shall have the
same force and effect as if made on the original date payment
was due.
In the event of a nonpayment of interest on a scheduled
payment date, and for thirty (30) days thereafter, a new record
date for such interest payment (a "Special Record Date") will
be established by the Paying Agent/Registrar, if and when funds
for the payment of such interest have been received from the
City. Notice of the Special Record Date and of the scheduled
payment date of the past due interest (which shall be 15 days
after the Special Record Date) shall be sent at least five (5)
business days prior to the Special Record Date by United States
Mail, first class postage prepaid, to the address of each
Holder appearing on the Security Register at the close of
business on the last business day next preceding the date of
mailing of such notice.
SECTION 4: Redemption. (a) Optional Redemption. The
Bonds having Stated Maturities on and after February 15, 2000,
shall be subject to redemption prior to maturity, at the option
of the City, in whole or in part in principal amounts of $5,000
or any integral multiple thereof (and if within a Stated
Maturity by lot by the Paying Agent/Registrar), on February 15,
1999 or on any date thereafter at the redemption price of par
plus accrued interest to the date of redemption.
(b) Exercise of Redemption Option. At least thirty (30)
days prior to a redemption date for the Bonds (unless a shorter
notification period shall be satisfactory to the Paying
Agent/Registrar), the City shall notify the Paying
Agent/Registrar of the decision to redeem Bonds, the principal
amount of each Stated Maturity to be redeemed, and the date of
redemption therefor. The decision of the City to exercise the
right to redeem Bonds shall be entered in the minutes of the
governing body of the City.
(c) Selection of Bonds for Redemption. If less than all
Outstanding Bonds of the same Stated Maturity are to be
redeemed on a redemption date, the Paying Agent/ Registrar
shall treat such Bonds as representing the number of Bonds
Outstanding which is obtained by dividing the principal amount
of such Bonds by $5,000 and shall select the Bonds, or
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principal amount thereof, to be redeemed within such Stated
Maturity by lot.
(d) Notice of Redemption. Not less than thirty (30) days
prior to a redemption date for the Bonds, a notice of
redemption shall be sent by United States Mail, first class
postage prepaid, in the name of the City and at the City's
expense, to each Holder of a Bond to be redeemed in whole or in
part at the address of the Holder appearing on the Security
Register at the close of business on the business day next
preceding the date of mailing such notice, and any notice of
redemption so mailed shall be conclusively presumed to have
been duly given irrespective of whether received by the Holder.
All notices of redemption shall ( i) specify the date of
redemption for the Bonds, (ii) identify the Bonds to be
redeemed and, in the case of a portion of the principal amount
to be redeemed, the principal amount thereof to be
redeemed, (iii) state the redemption price, (iv) state that the
Bonds, or the portion of the principal amount thereof to be
redeemed, shall become due and payable on the redemption date
specified, and the interest thereon, or on the portion of the
principal amount thereof to be redeemed, shall cease to accrue
from and after the redemption date, and (v) specify that
payment of the redemption price for the Bonds, or the principal
amount thereof to be redeemed, shall be made at the principal
office of the Paying Agent/Registrar only upon presentation and
surrender thereof by the Holder. If a Bond is subject by its
terms to prior redemption and has been called for_ redemption
and notice of redemption thereof has been duly given as
hereinabove provided, such Bond (or the principal amount
thereof to be redeemed) shall become due and payable and
interest thereon shall cease to accrue from and after the
redemption date therefor; provided moneys sufficient for the
payment of such Bond (or of the principal amount thereof to be
redeemed) at the then applicable redemption price are held for
the purpose of such payment by the Paying Agent/Registrar.
SECTION 5: Registration -Transfer-Exchange of Bonds-
Predecessor Bonds. A Security Register relating to the
registration, payment, and transfer or exchange of the Bonds
shall at all times be kept and maintained by the City at the
principal office of the Paying Agent/Registrar, as provided
herein and in accordance with the provisions of an agreement
with the Paying Agent/Registrar and such rules and regulations
as the Paying Agent/Registrar and the City may prescribe. The
Paying Agent/Registrar shall obtain, record, and maintain in
the Security Register the name and address of each and every
owner of the Bonds issued under and pursuant to the provisions
of this Ordinance, or if appropriate, the nominee thereof. Any
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Bond may be transferred or exchanged for Bonds of other
authorized denominations by the Holder, in person or by his
duly authorized agent, upon surrender of such Bond to the
Paying Agent/Registrar for cancellation, accompanied by a
written instrument of transfer or request for exchange duly
executed by the Holder or by his duly authorized agent, in form
satisfactory to the Paying Agent/Registrar.
Upon surrender of any Bond for transfer at the principal
office of the Paying Agent/Registrar, the Paying
Agent/Registrar shall register and deliver, in the name of the
designated transferee or transferees, one or more new Bonds of
authorized denominations and having the same Stated Maturity
and of a like aggregate principal amount as the Bond or Bonds
surrendered for transfer.
At the option of the Holder, Bonds may be exchanged for
other Bonds of authorized denominations and having the same
Stated Maturity, bearing the same rate of interest and of like
aggregate principal amount as the Bonds surrendered for
exchange, upon surrender of the Bonds to be exchanged at the
principal office of the Paying Agent/Registrar. Whenever any
Bonds are surrendered for exchange, the Paying Agent/Registrar
shall register and deliver new Bonds to the Holder requesting
the exchange.
All Bonds issued in any transfer or exchange of Bonds
shall be delivered to the Holders at the principal office of
the Paying Agent/Registrar or sent by United State~ Mail, first
class, postage prepaid to the Holders, and, upon the
registration and delivery thereof, the same shall be the valid
obligations of the City, evidencing the same obligation to pay,
and entitled to the same benefits under this Ordinance, as the
Bonds surrendered in such transfer or exchange.
All transfers or exchanges of Bonds pursuant to this
Section shall be made without expense or service charge to the
Holder, except as otherwise herein provided, and except that
the Paying Agent/Registrar shall require payment by the Holder
requesting such transfer or exchange of any tax or other
governmental charges required to be paid with respect to such
transfer or exchange.
Bonds cancelled by reason of an exchange or transfer
pursuant to the provisions hereof are hereby defined to be
"Predecessor Bonds," evidencing all or a portion, as the case
may be, of the same obligation to pay evidenced by the new Bond
or Bonds registered and delivered in the exchange or transfer
therefor. Additionally, the term "Predecessor Bonds" shall
include any mutilated, lost, destroyed, or stolen Bond for
which a replacement Bond has been issued, registered and
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3914B
delivered in lieu thereof pursuant to the provisions of
Section 10 hereof and such new replacement Bond shall be deemed
to evidence the same obliqation as the mutilated, lost,
destroyed, or stolen Bond.
Neither the City nor the Payinq Aqent/Reqistrar shall be
required to issue or transfer to an assiqnee of a Holder any
Bond called for redemption, in whole or in part, within 30 days
of the date fixed for the redemption of such Bond; provided,
however, such limitation on transferability shall not be
applicable to an exchanqe by the Holder of the unredeemed
balance of a Bond called for redemption in part.
SECTION 6: Execution -Registration. The Bonds shall
be executed on behalf of the City by the Mayor under its seal
reproduced or impressed thereon and countersiqned by the City
Secretary. The siqnature of said officers on the Bonds may be
manual or facsimile. Bonds bearinq the manual or facsimile
siqnatures of individuals who are or were the proper officers
of the City on the Bond Date shall be deemed to be duly
executed on behalf of the City, notwithstandinq that such
individuals or either of them shall cease to hold such offices
at the time of delivery of the Bonds to the initial
purchaser(s) and with respect to Bonds delivered in subsequent
exchanqes and transfers, all as authorized and provided in the
Bond Procedures Act of 1981, as amended.
No Bond shall be entitled to any riqht or benefit under
this Ordinance, or be valid or obliqatory for e.ny purpose,
unless there appears on such Bond either a certificate of
reqistration substantially in the form provided in Section sc,
manually executed by the Comptroller of Public Accounts of the
State of Texas, or his duly authorized aqent, or a certificate
of reqistration substantially in the form provided in
Section 8D, manually executed by an authorized officer,
employee or representative of the Payinq Aqent/Reqistrar, and
either such certificate duly siqned upon any Bond shall be
conclusive evidence, and the only evidence, that such Bond has
been duly certified, reqistered and delivered.
SECTION 7: Initial Bond s . The Bonds herein
authorized shall be in1tially ssued either (i) as a sinqle
fully reqistered bond in the total principal amount of
$7,445,000 with principal installments to become due and
payable as provided in Section 2 hereof and numbered T-1, or
(ii) as twenty (20) fully reqistered bonds, beinq one bond for
each year of maturity in the applicable principal amount and
denomination and to be numbered consecutively from T-1 and
upward (hereinafter called the "Initial Bond(s)") and, in
either case, the Initial Bond(s) shall be reqistered in the
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name of the initial purchaser(s) or the designee thereof. The
Initial Bond(s) shall be the Bonds submitted to the Office of
the Attorney General of the State of Texas for approval,
certified and reqistered by the Office of the Comptroller of
Public Accounts of the State of Texas and delivered to the
initial purchaser(s). Any time after the delivery of the
Initial Bond(s), the Payinq Aqent/Reqistrar, pursuant to
written instructions from the initial purchaser(s), or the
desiqnee thereof, shall cancel the Initial Bond(s) delivered
hereunder and exchanqe therefor definitive Bonds of authorized
denominations, Stated Maturities, principal amounts and bearinq
applicable interest rates for transfer and delivery to the
Holders named at the addresses identified therefor; all
pursuant to and in accordance with such written instructions
from the initial purchaser(s), or the designee thereof, and
such other information and documentation as the Payinq
Aqent/Reqistrar may reasonably require.
SECTION 8: Forms. A. Forms Generally. The Bonds,
the Reqistration Certificate of the Comptroller of Public
Accounts of the State of Texas, the Reqistration Certificate of
Payinq Agent/Reqistrar, and the form of Assiqnment to be
printed on each of the Bonds, shall be substantially in the
forms set forth in this Section with such appropriate
insertions, omissions, substitutions~ and other variations as
are permitted or required by this Ordinance and may have such
letters, numbers, or other marks of identification ( includinq
identifyinq numbers and letters of the Cormnittee on Uniform
Securities Identification Procedures of the American Bankers
Association) and such legends and endorsements ( includinq any
reproduction of an opinion of counsel) thereon as may,
consistently herewith, be established by the City or determined
by the officers executinq such Bonds as evidenced by their
execution. Any portion of the text of any Bonds may be set
forth on the reverse thereof, with an appropriate reference
thereto on the face of the Bond.
The definitive Bonds shall be printed, lithoqraphed, or
enqraved or produced in any other similar manner, all as
determined by the officers executinq such Bonds as evidenced by
their execution, but the Initial Bond(s) submitted to the
Attorney General of Texas may be typewritten or photocopied or
otherwise reproduced.
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REGISTERED
NO.
B. Form of Definitive Bond.
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF LUBBOCK, TEXAS,
GENERAL OBLIGATION BOND, SERIES 1989
REGISTERED $ ___ _
Bond Date: Interest Rate: Stated Maturity: CUSIP NO:
August 15, 1989
Registered OWner:
Principal Amount: DOLLARS
The City of Lubbock (hereinafter referred to as the
11 City") 1 a body corporate and political subdivision in the
County of Lubbock, State of Texas, for value received,
acknowledges itself indebted to and hereby promises to pay to
the order of the Registered OWner named above, or the
registered assigns thereof, on the Stated Maturity date
specified above the Principal Amount hereinabove stated (or so
much thereof as shall not have been paid upon prior redemption)
and to pay interest on the unpaid principal amount hereof from
the Bond Date at the per annum rate of interest specified above
computed on the basis of a 360-day year of twelve 30-day
months; such interest being payable on February 15 and
August 15 in each year, conunencing February 15, 1990. Principal
of this Bond is payable at its Stated Maturity or redemption to
the registered owner hereof, upon presentation and surrender,
at the principal office of the Paying Agent/Registrar executing
the registration certificate appearing hereon, or its
successor. Interest is payable to the registered owner of this
Bond (or one or more Predecessor Bonds, as defined in the
Ordinance hereinafter referenced) whose name appears on the
.. Security Register .. maintained by the Paying Agent/Registrar at
the close of business on the 11 Record Date", which is the last
business day of the month next preceding each interest payment
date, and interest shall be paid by the Paying Agent/Registrar
by check sent United States Mail, first class postage prepaid,
to the address of the registered owner recorded in the Security
Register or by such other method, acceptable to the Paying
Agent/Registrar, requested by, and at the risk and expense of,
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39148
..
the registered owner. All payments of principal of, premium,
if any, and interest on this Bond shall be without exchange or
collection charges to the owner hereof and in any coin or
currency of the United States of America which at the time of
payment is legal tender for the payment of public and private
debts.
This Bond is one of the series specified in its title
issued in the aggregate principal amount of $7,445,000 (herein
referred to as the "Bonds") for the purpose of making permanent
public improvements, to wit: $1,987,000 for constructing
improvements and extensions to the City's Waterworks System;
$2,158,000 for constructing improvements and extensions to the
City's Sanitary Sewer System; and $3,300,000 for constructing
street improvements in and for said City, including
signalization, lighting, and acquisition of rights-of-way under
and in strict conformity with the Constitution and laws of the
State of Texas and pursuant to an Ordinance adopted by the City
Council of the City (herein referred to as the "Ordinance").
The Bonds maturing on and after February 15, 2000, may be
redeemed prior to their Stated Maturities, at the option of the
City, in whole or in part in principal amounts of $5,000 or any
integral multiple thereof (and if within a Stated Maturity by
lot by the Paying Agent/Registrar), on February 15, 1999, or on
any date thereafter, at the redemption price of par, together
with accrued interest to the date of redemption and upon
30 days prior written notice being sent by United States Mail,
first class postage prepaid, to the registered owners of the
Bonds to be redeemed, and subject to the terms and provisions
relating thereto contained in the Ordinance. If this Bond (or
any portion of the principal sum hereof) shall have been duly
called for redemption and notice of such redemption duly given,
then upon such redemption date this Bond (or the portion of the
principal sum hereof to be redeemed) shall become due and
payable, and interest thereon shall cease to accrue from and
after the redemption date therefor, provided moneys for the
payment of the redemption price and the interest on the
principal amount to be redeemed to the date of redemption are
held for the purpose of such payment by the Paying
Agent/Registrar.
In the event of a partial redemption of the principal
amount of this Bond, payment of the redemption price of such
principal amount shall be made to the registered owner only
upon presentation and surrender of this Bond to the Paying
Agent/Registrar at its principal office and there shall be
issued, without charge therefor to the registered owner hereof,
a new Bond or Bonds of like maturity and interest rate in any
authorized denominations provided by the Ordinance for the then
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. '
unredeemed balance of the principal sum hereof. If this Bond is
selected for redemption, in whole or in part, the City and the
Paying Agent/Registrar shall not be required to transfer this
Bond to an assignee of the registered owner within 4:5 days of
the redemption date therefor; provided, however, such
limitation on transferability shall not be applicable to an
exchange by the registered owner of the unredeemed balance
hereof in the event of its redemption in part.
The Bonds are payable from the proceeds of an ad valorem
tax levied, within the limitations prescribed by law, upon all
taxable property in the City. Reference is hereby made to the
Ordinance, a copy of which is on file in the principal office
of the Paying Agent/Registrar, and to all of the provisions of
which the owner or holder of this Bond by the acceptance hereof
hereby assents, for definitions of terms; the description of
and the nature and extent of the tax levied for the payment of
the Bonds; the terms and conditions relating to the transfer or
exchange of this Bond; the conditions upon which the Ordinance
may be amended or supplemented with or without the consent of
the Holders; the rights, duties, and obligations of the City
and the Paying Agent/Registrar; the terms and provisions upon
which this Bond may be discharged at or prior to its maturity
or redemption, and deemed to be no longer Outstanding
thereunder; and for other terms and provisions contained
therein. Capitalized terms used herein have the meanings
assigned in the Ordinance.
This Bond, subject to certain limitations cont~ined in the
Ordinance, may be transferred on the Security Register only
upon its presentation and surrender at the principal office of
the Paying Agent/Registrar, with the Assignment hereon duly
endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Paying Agent/Registrar duly
executed by, the registered owner hereof, or his duly
authorized agent. When a transfer on the Security Register
occurs, one or more new fully registered Bonds of the same
Stated Maturity, of authorized denominations, bearing the same
rate of interest, and of the same aggregate principal amount
will be issued by the Paying Agent/Registrar to the designated
transferee or transferees.
The City and the Paying Agent/Registrar, and any agent of
either, shall treat the registered owner whose name appears on
the Security Register ( i) on the Record Date as the owner
entitled to payment of interest hereon, ( ii) on the date of
surrender of this Bond as the owner entitled to payment of
principal hereof at its Stated Maturity or its redemption, in
whole or in part, and (iii) on any other date as the owner for
all other purposes, and neither the City nor the Paying
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Agent/Registrar, or any agent of either, shall be affected by
notice to the contrary. In the event of nonpayment of interest
on a scheduled payment date and for thirty (30) days
thereafter, a new record date -for such interest payment (a
"Special Record Date") will be established by the Paying
Agent/Registrar, if and when funds for the payment of such
interest have been received from the City. Notice of the
Special Record Date and of the scheduled payment date of the
past due interest (which shall be 15 days after the Special
Record Date) shall be sent at least five (5) business days
prior to the Special Record Date by United States Mail, first
class postage prepaid, to the address of each Holder appearing
on the Security Register at the close of business on the last
business day next preceding the date of mailing of such notice.
It is hereby certified, recited, represented and declared
that the City is a body corporate and political subdivision
duly organized and legally existing under and by virtue of the
Constitution and laws of the State of Texas; that the issuance
of the Bonds is duly authorized by law; that all acts,
conditions and things required to exist and be done precedent
to and in the issuance of the Bonds to render the same lawful
and valid obligations of the City have been properly done, have
happened and have been performed in regular and due time, form
and manner as required by the Constitution and laws of the
State of Texas, and the Ordinance; that the Bonds do not exceed
any Constitutional or statutory limitation; and that due
provision has been made for the payment of the principal of and
interest on the Bonds by the levy of a tax as afo_restated. In
case any provision in this Bond shall be invalid, illegal, or
unenforceable, the valid~ty, legality, and enforceability of
the remaining provisions shall not in any way be affected or
impaired thereby. The terms and provisions of this Bond and
the Ordinance shall be construed in accordance with and shall
be governed by the laws of the State of Texas.
IN WITNESS WHEREOF, the City Council of the City has
caused this Bond to be duly executed under the official seal of
the City as of the Bond Date.
CITY OF LUBBOCK, TEXAS
d:-c~ 4~~ Mayor
(SEAL)
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39\48
,
c. *Form of Registration Certificate of Comptroller
of Public Accounts to appear on Initial Bond(s) only.
REGISTRATION CERTIFICATE OF
COMPTROLLER OF PUBLIC ACCOUNTS
OFFICE OF THE COMPTROLLER
OF PUBLIC ACCOUNTS
(
(
(
(
REGISTER NO.
THE STATE OF TEXAS
I HEREBY CERTIFY that this Bond has been examined,
certified as to validity and approved by the Attorney General
of the State of Texas, and duly registered by the Comptroller
of Public Accounts of the State of Texas.
WITNESS my
(SEAL)
*NOTE TO PRINTER:
signature and seal of office
Comptroller of Public Accounts
of the State of Texas
Do Not Print on Definitive Bond~
this
D. Form of Certificate of Paying Agent/Registrar to
appear on Definitive Bonds only.
REGISTRATION CERTIFICATE OF PAYING AGENT/REGISTRAR
This Bond has been duly issued and registered under the
provisions of the within-mentioned Ordinance; the bond or bonds
of the above entitled and designated series originally
delivered having been approved by the Attorney General of the
State of Texas and registered by the Comptroller of Public
Accounts, as shown by the records of the Paying Agent/Registrar.
Registration Date:
39148
Texas Commerce Bank
National Association,
Lubbock, Texas
as Paying Agent/Registrar
By ------~~--~~~.-~-------Authorized Signature
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E. Form of Assignment.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells,
assigns, and transfers unto (Print or typewrite name,
address, and zip code of transferee:) .................... .
I a t t t t t t t I I t I I I I I .-I I I I I e I I I I I I I I I I I I I I I I I I I I I I I t I I t I I I I I I I I I
I t t I t I t I t I I t I I t I I t I I I I t I t I I I I I I I I I I t t I I I I I t I I I I I t I t I t I I t I I I I
(Social security or other identifying number: ............ .
. . . . . . . . . . . . . . . . ) the within Bond and all rights thereunder,
and hereby irrevocably constitutes and appoints .......... .
t I I t I t I I t I I I I I I t I I I I I I t t I I I I I I t t I I I I t I I I • I I I I I I 1 I I t I I I I I I I I 1
attorney to transfer the within Bond on the books kept for
registration thereof, with full power of substitution in the
premises.
DATED: . . . . . . . . . . . . . . . . . . t I I I I I I I I I I I t I I I t I t t 1 1 t 1 t t t t 1 1 t •
NOTICE: The signature on this
Signature guaranteed: assignment must correspond with
I I t I I t t I I I I t t I t I I I I I t I f I I I
the name of the registered owner
as it appears on the face of the
within Bond in every particular.
F. The Initial Bond(s) shall be in the form set forth in
paragraph B of this Section, except that the form of the single
fully registered Initial Bond shall be modified as follows:
(i) immediately under the name of the bond th~
headings "Interest Rate .. and "Stated
Maturity " shall both be completed .. as shown
below";
(ii) Paragraph one shall read as follows:
Registered OWner:
Principal Amount: Dollars
The City of Lubbock (hereinafter referred to as the
"City"), a body corporate and municipal corporation in the
County of Lubbock, State of Texas, for value received,
acknowledges itself indebted to and hereby promises to pay to
the order of the Registered Owner named above, or the
registered assigns thereof, the Principal Amount hereinabove
stated on February 15 in each of the years and in principal
installments in accordance with the following schedule:
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39148
YEAR OF
MATURITY
PRINCIPAL
INSTALLMENTS
(Information to be inserted from
schedule in section 2 hereof and
Resolution establishing interest rates).
INTEREST
RATE
(or so much principal thereof as shall not have been prepaid
prior to maturity) and to pay interest on the unpaid Principal
Amount hereof from the Bond Date at the per annum rates of
interest specified above computed on the basis of a 360-day
year of twelve 30-day months; such interest being payable on
February 15 and August 15 in each year, commencing February 15,
1990. Principal installments of this Bond are payable in the
year of maturity or on a prepayment date to the registered
owner hereof, upon its presentation and surrender, at the
principal office of Texas Commerce Bank National Association,
Lubbock, Texas (the "Paying Agent/Registrar"). Interest is
payable to the registered owner of this Bond whose name appears
on the "Security Register,. maintained by the Paying
Agent/Registrar at the close of business on the "Record Date",
which is the last business day of the month next preceding each
interest payment date, and interest shall be paid by the Paying
Agent/Registrar by check sent United States Mail, first class
postage prepaid, to the address of the registered owner
recorded in the Security Register or by such other method,
acceptable to the Paying Agent/Registrar, requested by, and at
the risk and expense of, the registered owner. All payments of
principal of, premium, if any, and interest on this Bond shall
be without exchange or collection charges to the owner hereof
and in any coin or currency of the United States of America
which at the time of payment is legal tender for the payment of
public and private debts.
SECTION 9: Levy of Taxes. To provide for the payment
of the "Debt Service Requirements .. of the Bonds, being (i) the
interest on the Bonds and (ii) a sinking fund for their
redemption at maturity or a sinking fund of 2% (whichever
amount is the greater), there is hereby levied, and there shall
be annually assessed and collected in due time, form, and
manner, a tax on all taxable property in the City, within the
limitations prescribed by law, and such tax hereby levied on
each one hundred dollars' valuation of taxable property in the
City for the Debt Service Requirements of the Bonds shall be at
a rate from year to year as will be ample and sufficient to
provide funds each year to pay the principal of and interest on
said Bonds while Outstanding; full allowance being made for
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delinquencies and costs of collection; separate books and
records relating to the receipt and disbursement of taxes
levied, assessed and collected for and on account of the Bonds
shall be kept and maintained by the City at all times while the
Bonds are Outstanding, and the taxes collected for the payment
of the Debt Service Requirements on the Bonds shall be
deposited to the credit of a "Special 1989 Bond Account" (the
.. Interest and Sinking Fund") maintained on the records of the
City and deposited in a special fund maintained at an official
depository of the City's funds; and such tax hereby levied, and
to be assessed and collected annually, is hereby pledged to the
payment of the Bonds.
Proper officers of the City are hereby authorized and
directed to cause to be transferred to the Paying Agent/
Registrar for the Bonds, from funds on deposit in the Interest
and Sinking Fund, amounts sufficient to fully pay and discharge
promptly each installment of interest and principal of the
Bonds as the same accrues or matures or comes due by reason of
redemption prior to maturity; such transfers of funds to be
made in such manner as will cause collected funds to be
deposited with the Paying Agent/Registrar on or before each
principal and interest payment date for the Bonds.
SECTION 10: Mutilated-Destroyed-Lost and Stolen Bonds.
In case any Bond shall be mutilated, or destroyed, lost or
stolen, the Paying Agent/Registrar, subject to City approval
and in its discretion, may execute and deliver a replacement
Bond of like form and tenor, and in the same deno~ination and
bearing a number not contemporaneously outstanding, in exchange
and substitution for such mutilated Bond, or in lieu of and in
substitution for such destroyed, lost or stolen Bond, only upon
(i) the filing by the Holder thereof with the Paying
Agent/Registrar of evidence satisfactory to the Paying
Agent/Registrar of the destruction, loss or theft of such Bond,
and of the authenticity of the ownership thereof and (ii) the
furnishing to the Paying Agent/Registrar of indemnification in
an amount satisfactory to hold the City and the Paying
Agent/Registrar harmless. All expenses and charges associated
with such indemnity and with the preparation, execution and
delivery of a replacement Bond shall be borne by the Holder of
the Bond mutilated, or destroyed, lost or stolen.
Every replacement Bond issued pursuant to this Section
shall be a valid and binding obligation, and shall be entitled
to all the benefits of this Ordinance equally and ratably with
all other Outstanding Bonds; notwithstanding the enforceability
of payment by anyone of the destroyed, lost, or stolen Bonds.
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39148
The prov1s1ons of this Section are exclusive and shall
preclude (to the extent lawful) all other rights and remedies
with respect to the replacement and payment of mutilated,
destroyed, lost or stolen Bonds.
SECTION 11: Satisfaction of Obligation of City. If the
City shall pay or cause to be paid, or there shall otherwise be
paid to the Holders, the principal of, premium, if any, and
interest on the Bonds, at the times and in the manner
stipulated in this Ordinance, then the pledge of taxes levied
under this Ordinance and all covenants, agreements, and other
obligations of the City to the Holders shall thereupon cease,
terminate, and be discharged and satisfied.
Bonds or any principal amount(s) thereof shall be deemed
to have been paid within the meaning and with the effect
expressed above in this Section when ( i) money sufficient to
pay in full such Bonds or the principal amount(s) thereof at
maturity or to the redemption date therefor, together with all
interest due thereon, shall have been irrevocably deposited
with and held in trust by the Paying Agent/Registrar, or an
authorized escrow agent, or ( ii) Government Securities shall
have been irrevocably deposited in trust with the Paying
Agent/Registrar, or an authorized escrow agent, which
Government securities have been certified by an independent
accounting firm to mature as to principal and interest in such
amounts and at such times as will insure the availability,
without reinvestment, of sufficient money, together with any
moneys deposited therewith, if any, to pay wben due the
principal of and interest on such Bonds, or the principal
amount(s) thereof, on and prior to the Stated Maturity thereof
or (if notice of redemption has been duly given or waived or if
irrevocable arrangements therefor acceptable to the Paying
Agent/ Registrar have been made) the redemption date thereof.
The City covenants that no deposit of moneys or Government
Securities will be made under this Section and no use made of
any such deposit which would cause the Bonds to be treated as
"arbitrage bonds" within the meaning of Section 148 of the
Internal Revenue Code of 1986, or regulations adopted pursuant
thereto.
Any moneys so deposited with the Paying Agent/Registrar,
or an authorized escrow agent, and all income from Government
Securities held in trust by the Paying Agent/Registrar, or an
authorized escrow agent, pursuant to this Section which is not
required for the payment of the Bonds, or any principal
amount ( s) thereof, or interest thereon with respect to which
such moneys have been so deposited shall be remitted to the
City or deposited as directed by the City. Furthermore, any
money held by the Paying Agent/Registrar for the payment of the
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--------------·---~---------------------~---~--~~
by an independent accounting firm to mature as to principal and
interest in such amounts and at such times as will insure the
avai lability, without reinvestment, of sufficient money,
together with any moneys deposited therewith, if any, to pay
when due the principal of and interest on such Certificates on
and prior to the Stated Maturity thereof or (if notice of
redemption has been duly given or waived or if irrevocable
arrangements therefor acceptable to the Paying Agent/Registrar
have been made) the redemption date thereof. The City
covenants that no deposit of moneys or Government Securities
will be made under this Section and no use made of any such
deposit which would cause the Certificates to be treated as
"arbitrage bonds" within the meaning of Section 148 of the
Internal Revenue Code of 1986, as amended, or regulations
adopted pursuant thereto.
Any moneys so deposited with the Paying Agent and all
income from Government Securities held in trust by the Paying
Agent/Registrar, or an authorized escrow agent, pursuant to
this Section which is not required for the payment of the
Certificates or interest thereon with respect to which such
moneys have been so deposited shall be remitted to the City or
deposited as directed by the City. Furthermore, any money held
by the Paying Agent/Registrar for the payment of the principal
of and interest on the Certificates and remaining unclaimed for
a period of four (4) years after the Stated Maturity, or
applicable redemption date, of the Certificates such moneys
were deposited and are held in trust to pay shall upon the
request of the City be remitted to the City against a written
receipt therefor. Notwithstanding the above and foregoing,
after a eriod of four 4 ears after the Stated Maturit , any
remittance of funds from the Pay1ng Agent/Reg1strar to e City
shall be subject to any applicable unclaimed property laws of
the State of Texas.
The term "Government Securities," as used herein, means
direct obligations of, or obligations the principal of and
interest on which are unconditionally guaranteed by the United
States of America, which are non-callable prior to the
respective Stated Maturities of the Certificates and may be
United States Treasury Obligations such as the State and Local
Government Series and may be in book-entry form.
SECTION 12: Ordinance a Contract Amendments. This
Ordinance shall constitute a contract with the Holders from
time to time, be binding on the City, and shall not be amended
or repealed by the City so long as any Certificate remains
Outstanding except as permitted in this Section. The City,
may, without the consent of or notice to any Holders of the
Certificates, from time to time and at any time, amend this
Ordinance in any manner not detrimental to the interests of the
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39ZCJB
( 2) those Bonds deemed to be duly paid by the
City in accordance with the provisions of Section 11
hereof by the irrevocable deposit with the Paying
Agent/Registrar, or an authorized escrow agent, of
money or Government Securities, or both, in the
amount necessary to fully pay the principal of,
premium, if any, and interest thereon to maturity or
redemption, as the case may be, provided that, if
such Bonds are to be redeemed, notice of redemption
thereof shall have been duly given pursuant to this
Ordinance or irrevocably provided to be given to the
satisfaction of the Paying Agent/Registrar, or
waived; and
(3) those mutilated, destroyed, lost, or stolen
Bonds which have been replaced with Bonds registered
and delivered in 1 ieu thereof as provided in
Section 10 hereof.
SECTION 13: Covenants to Maintain Tax-Exempt Status.
(a) Definitions. When used in this section 13, the
following terms have the following meanings:
39148
"Code'• means the Internal Revenue Code of 1986, as
amended by all legislation, if any, enacted on or before
the Issue Date.
"Computation Date" has the meaning stated in Treas.
Reg. § 1.148-8T(b)(1).
.. Gross Proceeds" has the meaning stated in Treas.
Reg. S 1.148-8T(d).
"Investment" has the meaning stated in Treas.
Reg. § 1.148-8T(e).
"Nonpurpose Investment" means any Investment in which
Gross Proceeds of the certificates are invested and which
is not acquired to carry out the governmental purpose of
the Certificates.
"Rebatable Arbitrage" has the meaning stated in
Treas. Reg. S 1.148-2T.
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.. •
"Yield of"
(1) any Investment shall be computed in
accordance with Treas. Reg. §1.148-2T, and
(2) the Certificates has the meaning stated
in Treas. Reg. § 1.148-3T.
(b) Not to Cause Interest to Become Taxable. The City
shall not use, permit the use of, or omit to use Gross Proceeds
or any other amounts (or any property the acquisition,
construction, or improvement of which is to be financed
directly or indirectly with Gross Proceeds) in a manner which,
if made or omitted, respectively, would cause the interest on
any Certificate to become includable in the gross income, as
defined in section 61 of the Code, of the owner thereof for
federal income tax purposes. Without limiting the generality
of the foregoing, unless and until the City 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 Certificate, the City
shall comply with each of the specific covenants in this
Section.
(c) No Private Use or Private Payments. Except as
permitted by section 141 of the Code and the regulations and
rulings thereunder, the City shall, at all times prior to the
last Stated Maturity of Certificates,
39148
(1) exclusively own, operate, and possess all
property the acquisition, construction, or improvement of
which is to be financed directly or indirectly with Gross
Proceeds of the Certificates and not use or permit the use
of such Gross Proceeds or any property acquired,
constructed, or improved with such Gross Proceeds in any
activity carried on by any person or entity other than a
state or local government, unless such use is solely as a
member of the general public, or
(2) not directly or indirectly impose or accept any
charge or other payment for use of Gross Proceeds of the
Certificates or any property the acquisition,
construction, or improvement of which is to be financed
directly or indirectly with such Gross Proceeds, other
than taxes of general application within the City or
interest earned on investments acquired with such Gross
Proceeds pending application for their intended purposes .
•
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•
(d) No Private Loan. Except to the extent permitted by
section 141 of the Code and the regulations and rulings
thereunder, the City shall not use Gross Proceeds of the
Certificates to make or finance loans to any person or entity
other than a state or local government. For purposes of the
foregoing covenant, such Gross Proceeds are considered to be
"loaned" to a person or entity if (1) property acquired,
constructed, or improved with such Gross Proceeds is sold or
leased to such person or entity in a transaction which creates
a debt for federal income tax purposes, (2) capacity in or
service from such property is committed to such person or
entity under a take-or-pay, output, or similar contract or
arrangement, or (3) indirect benefits, or burdens and benefits
of ownership, of such Gross Proceeds or any property acquired,
constructed, or improved with such Gross Proceeds are otherwise
transferred in a transaction which is the economic equivalent
of a loan.
(e) Not to Invest at Higher Yield. Except to the extent
permitted by section 148 of the Code and the regulations and
rulings thereunder, the City shall not, at any time prior to
the final Stated Maturity of the Certificates, directly or
indirectly invest Gross Proceeds of the Certificates in any
Investment (or use such Gross Proceeds to replace money so
invested), if as a result of such investment the Yield of all
Investments allocated to such Gross Proceeds whether then held
or previously disposed ·of, exceeds the Yield of the
Certificates.
(f) Not Federally Guaranteed. Except to the extent
permitted by section 149(b) of the Code and the regulations and
rulings thereunder, the City shall not take or omit to take any
action which would cause the Certificates to be federally
guaranteed within the meaning of section 149(b) of the Code and
the regulations and rulings thereunder.
(g) Information Report. The City shall timely file with
the secretary of the Treasury the information required by
section 149(e) of the Code with respect to the Certificates on
such form and in such place as such Secretary may prescribe.
(h) Payment of Rebatable Arbitrage. Except to the extent
otherwise provided in section 148(f) of the Code and the
regulations and rulings thereunder,
39148
(1) The City shall account for all Gross Proceeds of
the certificates (including all receipts, expenditures,
and investments thereof) on its books of account
separately and apart from all other funds (and receipts,
expenditures, and investments thereof) and shall maintain
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'•
.. •
all records of such accounting with the official
transcript of the proceedings relating to the issuance of
the Certificates until six years after the final
Computation Date. The City may, however, to the extent
permitted by law, commingle Gross Proceeds of the
Certificates with other money of the City, provided that
the City separately accounts for each receipt and
expenditure of such Gross Proceeds and the obligations
acquired therewith.
(2) Not less frequently than each Computation Date,
the City shall either ( i) cause to be calculated by a
nationally recognized accounting or financial advisory
firm or ( ii) calculate and cause its calculations to be
verified by a nationally recognized accounting or
financial advisory firm, in either case in accordance with
rules set forth in section 148(f) of the Code and
Treas. Reg. § 1.148-2T and rulings thereunder, the
Rebatable Arbitrage with respect to the Certificates. The
City shall maintain such calculations with the official
transcript of the proceedings relating to the issuance of
the Certificates until six years after the final
Computation Date.
(3) As additional consideration for the purchase of
the Certificates by the initial purchasers thereof and the
loan of the money represented thereby, and in order to
induce such purchase by measures designed to result in the
excludability of the interest thereon fro~ the gross
income of the owners thereof for federal income tax
purposes, the City shall pay to the United States the
amount described in paragraph (2) above and the amount
described in paragraph (4) below, at the times, in the
installments, to the place, in the manner, and accompanied
by such forms or other information as is or may be
required by section 148(f) of the Code and
Treas. Reg. §§ 1.148-1T through 1.148-9T and rulings
thereunder.
(4) The City shall exercise reasonable diligence to
assure that no errors are made in the calculations
required by paragraph (2) and, if such error is made, to
discover and promptly to correct such error within a
reasonable amount of time thereafter, including payment to
the United States of any Correction Amount as described in
Treas. Reg. § 1.148-1T(c)(2) and any penalty under Treas.
Reg. § 1.148-1T(c)(3)(ii)(B).
SECTION 14: Sale of the Bonds. The sale of the Bonds
shall occur at a later date to be determined by the City
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.. ...
. ' . ~ . ..
Council, such sale to be in accordance with the prov1s1ons of
Article 717k-2, V.A.T.c.s., as amended, with respect to the
interest rate or rates the Bonds are to bear and the purchase
price therefor. Upon the sale of the Bonds, delivery thereof
to the purchaser(s) shall occur as soon as possible upon
payment being made therefor in accordance with the terms of
sale.
SECTION 15: Control and Custody of Bonds. The Mayor of
the City shall be and is hereby authorized to take and have
charge of all necessary orders and records pending
investigation by the Attorney General of the State of Texas,
including the printing and supply of definitive Bonds, and
shall take and have charge and control of the Initial Bond(s)
pending the approval thereof by the Attorney General, the
registration thereof by the Comptroller of Public Accounts and
the delivery thereof to the Purchasers.
Furthermore, the Mayor, City Secretary, City Treasurer,
City Manager, and Assistant City Manager for Financial
Services, any one or more of said officials, are hereby
authorized and directed to furnish and execute such documents
relating to the City and its financial affairs as may be
necessary for the issuance of the Bonds, the approval of the
Attorney General and the registration by the Comptroller of
Public Accounts and, together with the City•s financial
advisor, bond counsel and the Paying Agent/Registrar, make the
necessary arrangements for the delivery of the Initial Bond(s)
to the Purchasers and the initial exchange ~hereof for
definitive Bonds.
SECTION 16: Official Statement. The Official Statement
prepared in the initial offering and sale of the Bonds by the
City, together with all addendas, supplements and amendments
thereto issued on behalf of the City, is hereby approved as to
form and content, and the City Council hereby finds that the
information and data contained in said Official Statement
pertaining to the City and its financial affairs is true and
correct in all material respects and no material facts have
been omitted therefrom which are necessary to make the
statements therein, in light of the circumstances under which
they were made, not misleading. The use of such Official
Statement in the reoffering of the Bonds by the Purchasers is
hereby approved and authorized.
SECTION 17: Notices to Holders-Waiver. Wherever this
Ordinance provides for notice to Holders of any event, such
notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and sent by United States
Mail, first class postage prepaid, to the address of each
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3914B
.. • • . ... _. .. ~ • ...
Holder appearing in the Security Register at the close of
business on the business day next preceding the mailing of such
notice.
In any case where notice to Holders is given by mail,
neither the failure to mail such notice to any particular
Holders, nor any defect in any notice so mailed, shall affect
the sufficiency of such notice with respect to all other
Bonds. Where this Ordinance provides for notice in any manner,
such notice may be waived in writing by the Holder entitled
to receive such notice, either before or after the event with
respect to which such notice is given, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Paying Agent/Registrar, but such filing
shall not be a condition precedent to the validity of any
action taken in reliance upon such waiver.
SECTION 18: Cancellation. All Bonds surrendered for
payment, redemption, transfer, exchange, or replacement, if
surrendered to the Paying Agent/Registrar, shall be promptly
cancelled by it and, if surrendered to the City, shall be
delivered to the Paying Agent/Registrar and, if not already
cancelled, shall be promptly cancelled by the Paying
Agent/Registrar. The City may at any time deliver to the
Paying Agent/Registrar for cancellation any Bonds previously
certified or registered and delivered which the City may have
acquired in any manner whatsoever, and all Bonds so delivered
shall be promptly cancelled by the Paying Agent/Registrar. All
cancelled Bonds held by the Paying Agent/Registrar shall be
returned to the City.
SECTION 19: Printed Opinion. The Purchasers' obligation
to accept delivery of the Bonds is subject to being furnished a
final opinion of Fulbright & Jaworski, Attorneys, Dallas,
Texas, approving the Bonds as to their validity, said opinion
to be dated and delivered as of the date of delivery and
payment for the Bonds. Printing of a true and correct
reproduction of said opiniQn on the reverse side of each of the
definitive Bonds is hereby approved and authorized.
SECTION 20: CUSIP Numbers. CUSIP numbers may be
printed or typed on the definitive Bonds. It is expressly
provided, however, that the presence or absence of CUSIP
numbers on the definitive Bonds shall be of no significance or
effect as regards the legality thereof and neither the City nor
attorneys approving the Bonds as to legality are to be held
responsible for CUSIP numbers incorrectly printed or typed on
the definitive Bonds.
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39148
.. ..
SECTION 21: Benefits of Ordinance. Nothing in this
Ordinance, expressed or implied, is intended or shall be
construed to confer upon any person other than the City, the
Paying Agent/Registrar and the Holders, any right, remedy, or
claim, legal or equitable, under or by reason of this Ordinance
or any provision hereof, this Ordinance and all its provisions
being intended to be and being for the sole and exclusive
benefit of the City, the Paying Agent/Registrar and the Holders.
SECTION 22: Inconsistent Provisions. All ordinances,
orders or resolutions, or parts thereof, which are in conflict
or inconsistent with any provision of this Ordinance are hereby
repealed to the extent of such conflict, and the provisions of
this Ordinance shall be and remain controlling as to the
matters contained herein.
. SECTION 23: Governing Law. This Ordinance shall be
construed and enforced in accordance with the laws of the State
of Texas and the United States of America.
SECTION 24: Effect of Headings. The Section headings
herein are for convenience only and shall not affect the
construction hereof.
SECTION 25: Construction of Terms.
the context of this Ordinance, words of
shall be considered to include the plural,
number shall be considered to include the
of the masculine, feminine or neuter gender
to include the other genders.
If appropriate in
the singular number
words of the plural
singular, and words
shall Qe considered
SECTION 26: Severability. If any prov1s1on of this
Ordinance or the application thereof to any circumstance shall
be held to be invalid, the remainder of this Ordinance and the
application thereof to other circumstances shall nevertheless
be valid, and the City Council hereby declares that this
Ordinance would have been enacted without such invalid
provision.
SECTION 27: Public Meeting. It is officially found,
determined, and declared that the meeting at which this
Ordinance is adopted was open to the public and public notice
of the time, place, and subject matter of the public business
to be considered at such meeting, including this Ordinance, was
given, all as required by Article 6252-17, Vernon's Texas Civil
Statutes, as amended.
SECTION 28: Effective Date. This Ordinance shall be in
force and effect from and after its passage on second and final
reading and IT IS SO ORDAINED.
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39148
PASSED AND ADOPTED ON FIRST READING, this 13th day of
July, 1989.
PASSED AND ADOPTED ON SECOND AND FINAL READING, this 27th
day of July, 1989.
CITY OF LUBBOCK, TEXAS
ATTEST:
c~
(City Seal)
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39148
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