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HomeMy WebLinkAboutOrdinance - 8104-1980 - City Of Lubbock General Obligation Bonds, Series 198. Making Public Improvements - 11/13/1980l. PL'RPOSE Watervorks Watarworks Sewer Syst Street Imp Stom Seve Storu Sewe Fire Stat' areas, I I /I I ORDINANCE NO. 8104 AN ORDINANCE by the City Council of the City of Lubbock Texas, authorizing the issuance of "CITY OF LUBBOCK TEXAS, GENERAL ·oBLIGATION BONDS, SERIES 1981'1 , dated March l, 1981, for the purpose of making permanent · public improvements, to wit: $16,200,000 xor construct- ing improvements and extensions to the City's Water- works system and $550,000 for constructing street improvements in and for said City; prescribing the form of the bonds and the form of the interest coupons; levying a continuing direct annual ad valorem tax on all taxable property within the limits of said City to pay the interest on said bonds and to create a sinking fund for the redemption thereof and providing for the assessment and collection of such taxes; enacting provisions incident and relating to the subject and purpose of this ordinance, and providing an effective date. . WHEREAS, pursuant. to elections held withing the City of LubboCk, Texas tnis City Council has become authorized and empowered to issue general obligation bonds of the City to mature serially over a period of years not to exceed forty (40) ·years . from their date, for the purpose of making certain permanent tmpro~ents, and t-."EE3EAS, this City Cot.mcil now deems it advisable and to the best interest of the City that certain of the bonds heretofore approved at such elections should now be issued~ all as reflected by the following table: AMOUNT AMOUNT· . DATE AMOUNT HERETOFORE BEING UNISSUED AUTHORIZED AUTHORIZED ISSUED ISSUED BAI...I\J.'iCE I System 5-21-77 $16,775,000 $11,625~000 $ -Q-$ 5,150,000 System 8-9-80 21,000,000 -o-16,200,000 4,800,000 m 5-21-77 3,303,000 2,030,000 -0-1,273,000 ovement:s 5-21-77 4,782,000 3,143,000 550,000 1~089,000 and Drainage 11-9-67 1,950,C•<i0 1,715,000 -Q-235,000 and Drainage 5-21-77 473,000 · n {for adjacent 100,000 -0-373,000 en annexed) 5-21-77 3101000 -0--o-310 1000 NO\v THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF T".dE CITY OF LUBBOCK, TEXAS: SECTION l: That the bonds of said City, to be known as "CITY-OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS • SERIES 1981", be and the sam' are hereby ordered to be issued in the principal sum of SIXTEEN MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($16,750,000} for the purpose of making permanent public improve- ments, to wit: $16,200,000 for constructing improvements and extensions to the City's Waterworks system and ~550,000 for con- structing street improvements in and for said City; under and by virtue of the Constitution and laws of the State of Texas. SECTION 2: That said bonds shall be numbered consecutively from One (1) through Three Thousand Three Hundred Fifty (3,350), shall each be in the denomination of Five Thousand Dollars ($j,OOO , aggregating in principal amount SIXTEEN MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($16,750,000); shall be dated March 1, 1981, and shall become due and payable serially. on March 1 in each of the years in accordance with the following schedule: "• ., BOND NUMBERS (All Inclusive) MATURITY AMOUNT 1 to 167 1982 $ 835,000 168 to 334 1983 835,000 335 to 501 '1984 835,000 502 to 668 1985 835,000 669 to 835 1986 835,000 836 to 1002 1987 835,000 1003 to 1169 1988 835,000 1170 to 1336 1989 835,000 1337 to 1503 1990 835,000 1504 to 1670 1991 835,000 1671 to 1838 1992 840,000 1839 to 2006 1993 840,000 2007 to 2174 1994 840,000 2175 to 2342 1995 840,000 2343 to 2510 1996 840,000 2511 to 2678 1997 840,000 2679 to 2846 1998 840,000 2847 to 3014 1999 840,000 3015 to 3182 2000 840,000 3183 to 3350 2001 840,000 PROVIDED, HOWEVER, that! the City reserves the right to redeem the bonds of this series maturing on March 1, 1992, and subsequent. in whole orany part thereof, on March 1, 1991, or on any interest payment date thereafter, at the price of par and accrued interest to the date fixed for redemption; PROVIDED, FURTHER, that at least thirty· (30) days prior to a date any of said bonds are to be redeemed, a notice of redemption signed by the City Secreta (specifying the serial numbers and amount of bonds to be redeemed) shall have been filed with the CITIBANK, N.A. New York, N.Y. and the TEXAS COMMERCE BANK, NATIONAL ASSOCIATION, Lubbock, Texas (the paying agents name in each of said bonds); and if by the date so fixed for redemption the City shall have made available funds in amounts sufficient to pay the bonds to be redeemed and accrued interest thereon, any bond or bonds not presented for redemption pursuant to such notice shall cease to bear interest from and after the date so fixed for redemption. SECTION 3: The bonds herein authorized to be issued shall bear 1.nterest from date to maturity at per annum rates to be established at the time said bonds are scld (but in no event shall any bonds of this series bear interest at a rate in excess of 10% per annum), such interest to be evidenced by proper coupons attached to each of said bonds and said interest shall be payable on March 1, 1982, and semiannually thereafter on September 1 and March 1 in each year. · SECTION 4: That both principal of and interest on said bonds shall-be payable in lawful money of the United States of America, without exchange or collection charges to the owner or holder, at the CITIBANK, N.A., New York, New York, or, at the option of the holder, at the TEXAS COMMERCE BANK, NATIONAL ASSOCIATION, Lubbock, Texas, upon presentation and surrender of bonds or proper coupons .. SECTION 5: That the seal of said City may be impressed on each of said bonds or, in the alternative, a facsimile of such seal may be printed on the said bonds. The bonds and interest coupons appurtenant thereto may be executed by the imprinted facsimile signatures of the Mayor and City Secretary of the City, and execution in such manner shall have the same effect as if such bonds and coupons had been signed by the Mayor and City Secretary in person by their manual signatures. Inasmuch as such bonds are required to be registered by the Comptroller of Public Accounts of the State of Texas, only his signature (or that of a depu,ty designated in writing to act for the Comptroller) shall be require to be manually subscribed to such bonds in connection with his registration certificate to appear thereon, as hereinafter provide • all in accordance with the provisions of Article 717j-1, V.A.T.C.S II I ~ I' I i I I I II SECTION 6: That the form of said bonds shall be substantially, as follows: NO. __ _ UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF LUBBOCK CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BOND, SERIES 1981 $5,000 The CITY OF LUBBOCK, a municipal corporation of the State of Texas, acknowledges itself indebted to and, FOR VALUE RECEIVED. hereby promises to pay to bearer the:;sum of . FIVE THOUSAND DOLLARS ($5,000), in lawful money of the United States of America, on the 1st day of March 19 , with interest thereon from the date hereo to maturity at the rate of PER CENTUM ( %) per annum, payable on March I, 1982, and semiannually thereafter on September 1 and March 1 in each year, and interest falling due on or prior to maturity hereof is payable only upon presentation and surrender of the interest coupons hereto attached as they severally become due. . BeTa PRINCIPAL OF and interest on this bond are hereby made payable at the CITIBANK, N .A., New York, New York, or, at the option of the holder, at the TEXAS COMMERCE BANK, NATIONAL ASSOCIATION, Lubbock, Texas, w.ithout exchange or col~ lection chargel to the owner or holder, and for the prompt payment of this bond and the interest thereon at maturity, the full faith, credit and resounces of the City of Lubbock, Texas, are hereby irrevocably pledged. THIS BOND is one of a series of Three Tiwusartd Three H:tmdred · Fifty (3,350) serial bonds, numbered consecutively from ~e (l) through Three Thousand Three Hundred Fifty (3,350), each in the denomination of Five Thousand Dollars ($5,000)A aggregating SIXTE MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS (~16,750,000}, issued for the purpose of making permanent public improvements, to wit: $16,200,000 for constructing improv~ments and ext'ensions to the City•s Waterworks system and $550,000 for constructing street improvements in and for said City; under authority of the Con- stitution and laws of the State of Texas, and pursuant to an ordinance duly adopted by the City Council of the City o£ Lubbock, Texas and recorded in the Minutes of said City Council. AS SPECIFIED in the ordinance hereinaC·ove mentioned, th.e. City reserves the right to redeem the bonds of said series maturing on March l, 1992, and subsequent, in whole or any part thereof, on March l, 1991, or on any interest payment date thereafter, at the price of par and accrued interest to the date fixed for redemption PROVIDED, HOWEVER, that at least thirty (30) days prior to date an of said bonds are to be redeemed, a notice of redemption, signed b the City Secretary (specifying the serial numbers and amount of bonds to be redeemed} shall have been filed with the CITIBANK, N .A • New York, New York and the TEXAS COMMERCE BANK, NATIONAL ASSOC- IATION, Lubbock, Texas; and if by the date so fixed for redemption the City shall have made available funds in amounts sufficient to pay the bonds to be redeemed and accrued interest thereon, any · bond or bonds not presented for redemption pursuant to such notice shall cease to bear interest from and after the date so fixed for redemption. . ·;' . IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the . issuance of this bond and the series· of which it is a part is duly authorized by law and by authoxity expressly conferred at elections held for that purpose within said City; that all acts c.onditions;and things required to be done precedent to and in ' the issuance of this series bf bonds and of this bond, have been properly done and performed and have happened in regular and due time, form and manner as required by law; that sufficient and proper provision has been made for the levy and collection of taxes which, when collected, shall be appropriated exclusively to the payment of this bond and the series of which it is a part, and to the payment of the interest coupons thereto annexed, as the same shall become due; and that the total indebtedness of the City of Lubbock, Texas, including the entire series of bonds of which this is one, does not exceed any constitutional or statu- tory limitation. IN TESTIMONY WHEREOF, the City Council of the City of Lubbock, Texas, in accordance with the provisions of Article 717j -1, V .A. T. C.S., has caused the seal of said City to be impressed or a fac-. simile thereof to.be printed hereon, and this bond and its appur- tenant coupons to be executed with the imprinted facsimile signatures of the Mayor and City Secretary of said City; the date of this bond, in conformity with the ordinance above referred to, being the first day of March, 1981. COUNTERSIGNED: City Secretary, City of Lubbock, Texas SECTION 7: That the form of interest coupons attached to each of said.bonds shall be substantially as follows: *(unless the bonds to which this coupon pertains has been properly called for redemption in aCcordance with its terms,} the CITY OF LUBBOCK, a municipal corporation of the State of Texas, hereoy promises to pay to bearer the amount shown hereon in lawful money of the United States of America upon presentaion and surren- der of this coupon. at the CITIBANK, N. A. , New York, New York, or, at the option of the holder, at the TEXAS COMMERCE BANK, NATIONAL ASSOCIATION, Lubbock, Texas, without exchange or collection charges,said sum being interest due that day on "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BOND, SERIES 1981," dated March l, 1981. City Secretary Mayor On the 1st day HO._$ __ _ SERIES 1981 Bond No. ___ _ SECTION 8: That the following certificate shall be printed on the back of each bond: OFFICK OF COMPTROLLER STATE OF TEXAS § § § REGISTER NO. ____ _ i: HEREB-Y CK.~TIFY that there is on file and of rec!ord in my office a certificate of the Attorney General of the State of Texas to the effect that this bond has beeri examined by him as required by law, and that he finds that it has been issued in conformity *NOTE TO PRINTER: The expression in parenthesis to be included only in coupons maturing September 1, 1991, and subsequent; pertaining o optional bonds maturing in the years 1992 and s~sequent. : •• # · • ., ! _-.-:,., II ,t i f with the Constitution and laws of the State of Texa~, and that it is a valid and binding obligation upon said City of Lubbock, Texas, and said bond has this day been registered by me. WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas, eomptroller of Public Accounts of th State of Texas SECTION 9: That to provide for the payment o£ the debt serv:i ~ requirements on the said bonds, being {i) the interest on said bonds ~nd (ii) a sinking fund for their redemption at maturity or a sink1ng fund of 2% (whichever amount shall be greater), there shall be and there is hereby levied for the current year and each succeeding ~ ar thereafter while said bonds or interest thereon shall remain outstanding and unpaid{ a sufficient tax on each one hundred dollars' valuation :lf taxab e property in said City, ade- quate to pay such debt· serv1..::e requirementst full allowance being made for delinquencies, shall be assessed and collected each year and applied to the payment af the said debt service requiremencs, and the same shall not be diverted. to any other purpose. The tax ! so levied shall be paid into a. fund known as nsPECIAL GENERAL OBLI-f GATION BOND FUND, SERIES 1981J" which is hereby established for th payment of obligations herein authorized. The City Council hereby declares its purpose and intent to provide and levy a tax legally and fully sufficient for such bonds, it having been determined that the existing and available taxing authority of the City for such purpose is adequate to permit a legally sufficient tax in con sideration of all other outstanding obligations. SECTION 10: That the Mayor of said City shall be and he is hereby authOrized to take and have enarge of all necessary orders and records pending investigation by the Attorney General of the State of Texas, and shall take and nave charge and control of the bonds herein authorized pending their approval by the Attorney General and their registration by the Comptroller of Public Accounts. · SECTION 11: That the purchasers' obligation to ~ccept de- livery of the bonds herein authorized is subject to their being furnished a final opinion of Messrs. Dumas, Huguenin, Boothman and Morrow, Attorneys, Dallas, Texas, approving such bonds as to. their validity, said opinio~ to be dated and delivered aa of the date of delivery and payment for such bonds, Printing of a true and correct copy of said opinion on the reverse side of each of such bonds, with appropriate certificate pertaining thereto exe- cuted by facsimile signature of the City Secretary of the Ct~Y' e·f Lubbock, Texas, is hereby approved and authorized. SECTION 12: That the City hereby covenants that the proceeds from the:sale of said bonds will be used as soon as practicable fo the purpose for which said bonds are issued; that such proceeds will not be invested in any securities or obligations except for the temporary period pending such use; and that such.. proceeds will not be used directly or indirectly so as to cause all or any part of said bonds to be or become "arbitrage. bonds" within the. ·meaning of Section 103 (c) of the Internal Revenue Code of 1954, as amended, or any regulation or rulings prescribed or made pursuant thereto. SECTION 13: CUSIP numbers may be printed on the bonds herein authorized, It is expressly provided, however, that the presence or absence of CUSIP numbers on the bonds shall be of no s·ignifican e or effect as regards to the legality thereof and neither the. City nor attorneys approving said bonds as to legality are to be held responsible for CUSIP numbers incorrectly printed on the bon~s. I l t II SECTION 14: · This ordinance shall take effect and be in force immediately from and after its final passage, and it is so ordained. PASSED AND APPROVED on first reading. this the November , 1980. 13th day of PASSED AND APPROVED on second and final reading this the 20th day of November , 1980. (City Seal} APPROVED as to form -,otT:;. ~I). hJ2~· .::-:·~ ~· =~=_:--H...,.-=· ·=· -::-:z!""". -r:~~:":·~-h__j_~~....:.--t ~rney, City of LUbboc~/~ · ---r--'--------~---_.;_---'------- THE STATE OF TEXAS COUNTY OF LUBBOCK Before me Bonnie McKee a Notary Public in and for Lubbock County. Texas on this day personallyappearedTW11e Folsom,:eus1ness· Office Manaeer oftheSouthwesternNewspa· pers Corporation. publishers of the Lubbock Avalanche-Journal -Morning. Evening and Sunday, who being by me duly sworn did depose and say that said newspaper has. heen publi~hed continuous!@ rcgdiore than fifty-twq weeks prior to the first inlf6'~YJ2§f this L4U!I!II NOtlte-1625 woras Per word-$61Z.50 No. at Lubbock County, Texas and the attached print· ed copy of the Notice is a true copy of the original and was printed in the Lubbock Avalanche-Journalonthefollowingdates: November 27 & December 4t 1980. 404 Business Office Mana~er LUBBOCK AVALANCHE-JOURNAL Southwestern Newspapers Corporation ·· · · · / 10th. December Su .. b b~sc ··e edd a anndd. _ss~v.~'Orn to be:o/..., me ~his __ 'llay of ;~·/J;S1p._u BO:;NIE Uc;{f,£, NOTA~Y FUBI.IC IN AND f·::lTh:Z STi1TE OF TEXAS f,~Y CO~:It;;SSIOI'' EJ(PIRES NOV. 10, 1984 FORMii8-10 ,19~ No Text ( ~·.··~ Bu&1ne•• Office Manaeer LUBBOCK AVALA:"'CHE-JOURN AL Southwestern Newspapers Corporation Subscribed and sworn to before me this 15thdav of December ~'-lh~k . ( . 19_!Q_ I :.,~:·~tor~~~~~m'be ..... , fiOTIC:~I~ HE REilY GIVEN TO: . : ;AH IIMP'IYirs. property owner1. Jnd residents,.· If any. of the City of Lubbodt,. ·Texas. e ~blic •gencv, · •!'ld •n t\Qnres.Jdents, if fmy, owninoo~ .property thertin, and/or all othe" tlaving or.C:Ialming any rj9ht, title, or· interest in any t:~roperty or funds. to be •Hec.tt=d by the proceedtngs lnd/or t~e hslJanc::e .of uld above· described 116.750.000 ·nciTY .OF' LUBBBOCK, TEXA~. GENERAL OBLIGATI<W ·BOmlS. SERIES· 1981, ·~ dated Marth I, .1981• or In; ter~ted or affe,ted In. anV way, thereby, or bv the proceedings, In•. c)1.1dln9 all actions and expendi· ·tu_re,.·· af. funds. taker'! or made eild.or. -prQPOad :to .tie' tak~ orl made in (.onnection with or a fect-~!"'g the securities, in oenerol t~rms. and Without n"ming them, all $VCh 1 persons and tbe A.ttorntoY General of the '$tate of leu~ are herebY" comm11nded. to awear lor l'lee~~rlng and k'lal If 10:00 o'cloclvA.M., an tht fitst ~tinday after the •:~~:pJr•· ticJI of twenty C20) days frQm the dale of ls.sve .of thiS Qrder,-and ~~u~ ~~ '2~t:r·~~~= l aboft~'crltled. ·should not be ~=n~:u:~~~n'h;,~:~:r~~s· c'o"n~ fir-me-d IS therelnpraye~.. ·. · e.y thl' Order be further on notice th1t. the date-.of 'hearlf19 1bove de· ~~~~~~'~~~~~:~~Of dD~~:~be~~ 19fO,·at tO:OO o•ctoek A.M .• in fl'le t:outt-fil!iom ~f· the 237th District tourt of Lubbock County, Tn15. In . tne _LubbOCk ·count; ·tourtl'louse, =~tf~~~k ~o~~~y:1~e:!,~u:e further on notice that et such tfme, pl11te and' ~afe. tht Court will .pro·' :teed t.I~B. tun .. tl'ld final hearing . upon. lh~ merits -of au matrers. end' bra'ten ~ltl'lln tM·Perltlon,ol the tHy of .lub"bQclt. T1xas. rtlen stfll' •endiflg.· 4n!S all 'either relevant , ~~e;~.~:,:~~dv:!'11~Wv ~~,~~ of. then befOr• the CO\JI ·.by Wl'f of t.onsoJidatlon. . intervention _qr ofh· arlt'lse..ihn'f.~:-,..._~, ' ·' The Clerk of th"e Court 1J'"'I'It"teby, ordtrtd ~cause a copy oi ·this Or· -er tO-~ ~ubllsh'tO.In .the Lt1bbotl\ At~.alanct'le-Journal. 1 :which· Is • ~paoer of 9tner•t circulation In ."'!e.cC?!Jnty wti-t!re the ~lty ol .Lub· bOck,. T.en1. Is Jt~f'H)tly locat~td to, t~ extent Qf itS defl~ted corporate· limits •nd In whk:t\11 main-tains Its pr~~~~~~~~;~Jr~~~:;~~ r,411'lS Co'unty, Texis. Thls. I'!Otlce s.l\811 bt published In_ both such ne~spapet~1 of 'tu:neral· tlrculetian I:Jrlor,to the date setior hearing and tr"'ra.bove, onee In each of two c:on· secu~IYe calendar weeks. with the d&te of the flrs.t publlctHon In each suth news.pa~r of general clrcula· t!On to b.e not l"s than 1~ days prier ,to I he -date set fer helrfn; and trial ebove:. . . ·A copy l:lf the-Pt1rtl~n. tog•ther with IllY, •:~enlblts attached, and 1 cOpy Gf this. Order, shalt b• served :On ·the Attorney. General of the ,::;· J:~ ~~~~~ ~~~·:~ ~,~·tt~::;. !llbovt 'or f\earlno a net trial; ptQVId· that the Attorney General rnav Waive the ten• lee when he has.been urnis.hed AI certlited copy of the Pe-itlen. Ordt>r. and • trarttcrlpt of all t~=t~:rf~;;'i~! ,;:~;:~.0 Ali p ri'l•s dt1ocrlbed •bovt In thiS: (lr rt gener•l terl'l\t •nd without Gen,;..n:f ~· s:.t: of~.:.~~:;:Tt bf: ceMfdered as and •re hereby