HomeMy WebLinkAboutOrdinance - 8187-1981 - Auth. General Obligation Bonds, Series 1981 Dated May 1, 1981. - 04/23/1981ORDINANCE NO. 8187
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", dated
May 1, 1981, for the purpose of making permanent:
public improvements, to wit: $16,200,000 for
constructing improvements and extensions to the
City's Waterworks 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 redemp-
tion 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 within the City of
Lubbock, Texas, this 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 permanent
improvements; and
WHEREAS, this City Council now deems it advisable and to
the best interest of the City that certain of .the bonds hereto-
fore approved at such elections should now be issued. all as
reflected by the following table:
AMJUNT . /IM'.JUN1'
DATE AMJUm' HEREIOFORE BEING UNISSUED
PURPOSE AUlRORIZED AfJ'IHORIZED ISSUED ISSUED BAI.Al\'CE
Waterworks Sys. 5/21/77 $16,775,000 $11,625,000 $ -0-$5,150,000
Waterworks Sys. 8/9/80 21,000,000 -0-16,200,000 4,800,000
Sewer System 5/21/77 3,303,000 2,030,000 -0-1,273,000
Street Imp. 5/21/77 4,782,000 3,143,000 550,000 1,089,000
· Storm Sewer &
Drainage 11/9/67 1,950,000 1,715,000 -0--235,000
Storm Sewer &
Drainage 5/21/77 473,000 100,000 -0-373,000
Fire Station 5/21/77 310,000 -0--0-310,000
(for adjacent
areas, when annexed)
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF LUBBOCK, TEXAS:
SECTION 1: That the bonds of said City, to be known as
"CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1981",
be and the same 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 imJ;>rovements and
extensions to the City's Waterworks System and ~550,000 for
constructing street improvements in and for said City; under
and by virtue of the Constitution and laws of the State of Texas.
SECTION 2: Said bonds shall be numbered consecutively
from One(l) through Three Thousand Three Hundred Fifty (3,350),
shall each be in the denomination of Five Thousand Dollars ($5,000)
aggregating in principal amount SIXTEEN MILLION SEVEN HUNDRED
FIFTY THOUSAND DOLLARS ($16,750,000); shall be dated May l,
1981, and shall become due and payable serially, on February 1
in each of the years in accordance with the following schedule:
,, . ,
~-1'
BOND NUMBERS INTEREST: (All Inclusive) MATURITY AMOUNT RATE
1 to 167 1982 $835,000 ! 10 % 168 to 334 1983 835,000 ! Iii ,:;
335 to 501 1984 835,000 i 10 %; 502 to 668 1985 835,000 lll ~ 669 to 835 1986 835,000 • 10 % 836 to 1002 1987 835,000 i 10 ¾ 1003 to 1169 1988 835,000 i IO % 1170 to 1336 1989 835,000 l IO % 1337 to 1503 . 1990 835,000 IO % 1504 to 1670 1991 835,000 IO 7.; 1671 to 1838 1992 835,000 I IO % 1839 to 2006 1993 840,000 9.80% 2007 to 2174 1994 840.000 9 .407;
2175 to 2342 1995 840,000 9. 50"..(;
2343 to 2510 1996 840,000 ! 9. 2511 to 2678 1997 840,000. 9. 2679 to 2846 1998 840,000 9. set'£ 2847 to 3014 1999 840,000 I 9.95% 3015 to 3182 2000 840,000 i 8.0a'I.:
3183 to 3350 2001 840,000 8 .OID'~ ..
. ! .
PROVIDE!D, HOWEVER, that the City reserves the right to redeemfthe
bonds of this series maturing on February 1, 1992, and subsequent,
in whole or any part thereof, on February 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 aie
to be redeemed, a notice of redemption signed by the City Seci:;e-
tary (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 ASSOCIATION, i
Lubbock, Texas (the paying agents named 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 td
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.\
i SECTION 3: The bonds herein authorized to be issued shall
bear interest from date to maturity at phe per annum rates shown
in Section 2, such interest to be evideac~d by proper coupons
attached to each of said bonds, and said interest ·shall be
payable on February 1, 1982, and semiannually thereafter on
August 1 and February 1 in each year. ·
SECTION 4:. 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: 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 each of 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 deputy designated in writing to act for the Comptroller) shall
be required to be manually subscribed to such bonds in connection
with his registration certificate to appear thereon, as hereinafter
provided, all in accordance with the provisions of Article 717j-l,
V.A.T.C.S.
SECTION 6:
as follows:
The form of said bonds shall be substantially
NO. UNITED STATES OF .AME.RICA
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 February,---~• with interest thereon from the date hereof to maturity at the rate of _________ PER CENTUM
( %) per annum, payable on February 1, 1982, and semiannually
thereafter on August land February l 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.
BOTH PRINCIPAL OF and interest on this bond are hereby made
payabel 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 to the owner or holder, and for the prompt payment of
this bond and the interest thereon at maturity, the full faith,
credit and resources of the City of Lubbock, Texas, are hereby
irrevocably pledged. ·
THIS BOND Is one of a series of Three Thousand Three Hundred
Fifty (3,350) serial bonds, numbered consecutively from One (1)
th~ough Three Thousand Three Hundred Fifty (3,350). each in the
denomination of Five Thousand Dollars ($5,000), aggregating
SIXTEEN MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($16,750,000).,
issued for the purpose of making permanent public improvements,
to wit: $16,200,00_() for constructing improvements and extensions
to the City1 s Waterworks System and ~550,000 for constructing
street improvements in and for said City; under authority of
the Constitution and laws of the State of Texas, and pursuant to
an ordinance duly adopted by the City Council of the City of
Lubbock, Texas, and recorded in the Minutes of said City Council..
AS SPECIFIED in the ordinance hereinabove mentioned. the
City reserves the right to redeem th.e bonds of said series maturing
on February 1, 1992, and subsequent, in whole or any part thereof~
on February 1, 1991, or any interest payment date thereafter, at
the price of par and accured interest to the date fixed for
redemption; PROVIDED, HOWEVER, that at least thirty (30} days
prior to any interest payment date upon which any of said bonds
are to be redeemed, a notice of redemption, signed by 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
ASSOCIATION, 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
•, i~
It
ii thereon, any bond or bonds not presented for redemption pursuant I: to such notice shall cease to bear interest from and after , the date so fixed for redemption.
Ii
'I
11
·1 Ii 'I !!
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 authority expressly conferred at
elections held for that purpose within said City; that all acts,
conditions and things required to be done precedent to and in
the issuance of this series of 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 thereon 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
statutory limitation. ·
IN TESTIMONY WHEREOF, the City Council of the City of
LubbocK, ::-Texas., in accordance with the provisions of Article
717j-l, V.A.T.C.S., has caused the seal of said City to be
impressed or a facsimile thereof to be printed hereon, and
this bond and its appurtenant 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 May, 1981.
Mayor, City of· L_ubbock. Texas
COUNTERSIGNED:
City Secretary, City of Lubbock,Texas
SECTION 7: . That the form of interest coupons attached co
each of said bonds shall be substantially as follows:
*(unless the bonds to which this coupons
pertains has been properly called for redemp-
tion in accordance with its terms,) the CITY
On the 1st day
OF LUBBOCK, a municipal corporation of the
State of Texas, hereby promises to pay to
bearer the amount shown hereonin lawful
money of the United States of America upon
presentation and surrender of this coupon,
at the CITIBANK, N.A., New York, New York,
or, at the option of the holder, at the
TEY.AS COMMERCE BANK, NATIONAL ASSOCIATION,
Lubbock, Texas, without exchange or collec-
tion charges, .said sum being interest due
that day on "CITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BOND, SERIES 1981" dated May 1, 1981.
City Secretary Mayor
of _______ •.
NO. $ ---
SEF.IES 1981)
BOND NO. ---
SECTION 8 That the following certificate shall be
printed on the back of each bond:
OFFICE OF COMPTROLLER
STATE OF TEXAS
§
§
§
REGISTER NO. ___ _
*NOTE TO PRINTER: The expression in parenthesis to be included
only in coupons maturing August 1, 1990, and subsequent, pertaining:
to optional bonds maturing in the years 1992 and subsequent.
I, ,, '
" ',.,.,,
I HEREBY CERTIFY that there is on file and of record in my
office a. certificate of the Attorney General of the State of
Texas to the effect that this bond has been examined by him as
required by law, and 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 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,
Comptroller of Public Accounts
of the State of Texas
SECTION 9: That to provide for the payment of the debt
service requirements on the said bonds, being (i) the interest
on said bonds and (ii) a sinking fund for their redemption at
maturity or a sinking fund of.2% (whichever amount shall be
greater), there shall be and there is hereby levied for the
current year and each succeeding year therea£ter while said
bonds or interest thereon shall remain outstanding and unpaid,
a sufficient tax on each one hundred dollars' valuation of
taxable property in said City, adequate to pay such debt service
requirements, full allowance being made for delinquencies and
costs of collection; said tax shall be assessed and collected
each year and applied to the payment of said debt service
requirements, and the same shall not be diverted to any other
purr,ose. The taxes so levied shall be paid into a fund known
as 'SPECIAL GENERAL OBLIGATION BOND FUND, SERIES 1981", which
is hereby established for the payment of the 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 consideration
of all other outstanding obligations.
SECTION 10: Having duly received and considered bids for
the purpose of the $16,750,000 "City of Lubbock~ Texas, General
Obligation Bonds, Series 1981" herein authorized, the City Council
has found and determined that the bid of
-FIRST NATIONAL BANK IN DALLAS, . 'l'EXAS AND ASSOCIATES
offer.ing to purchase said bonds bearing interest at the rates
shown in Section 2 hereo,f produces the lowest effective interest
cost to the City, resulting in an effective interest rate of
9.4641 %, and is therefore, the 9est bid received. Accordingly,.
said bid is hereby accepted and said bonds_are hereby sold and
awarded to the above named purchaser.
SECTION 11: The Official Statement dated March 26,
1981, with respect to the sale of the bonds is hereby approved
and the purchaser thereof is authorized to use such Official
Statement and any addendum, supplement or amendment relating
thereto in reoffering such bonds. The City Manager is hereby
authorized and directed to provide such purchaser with fifty (50)
copies of the Official Statement (and a like number of copies
of any addendum, supplement or amendment thereto), complete
except as to interest rates and other terms relative to a
reoffering of the bonds.
SECTION 12: The Mayor of said City shall. be and he 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, and shall take and have 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 13: The purchaser's obligation to accept delivery
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 opinion to be dated and delivered as 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 executed by fac.simile
signature of the City Secretary of the City of Lubbock. Texas,
is hereby approved and authorized.
SECTION 14: The City certifies that based on facts~
estimates and circumstances.expected to exist on the date of
the issue of the Series 1981 Bonds it is not reasonable to
anticipate that the proceeds thereof will be used in a manner
which would cause them to be "arbitrage bonds0 within the meaning
of Section 103(c) of the Internal Revenue Code of 1954~ as
amended, or regulations thereunder applicable thereto, and the
officers of the City charged with responsibilities in the issuance
of bonds are authorized and directed to make, execute and deliver
certifications as to facts, estimates and circumstances in
existence as of the date of the issue of said bonds and stating
whether there are any facts, estimates or circumstances which
would materially change the City's present expectations. The
covenants herein made and the certifications herein authorized
are for the benefit of the holders from time to time of said
Series 1981 Bonds and the coupons appertaining thereto and may
be relied upon by said holders and by bond counsel for the City.
SECTION 15: CUSIP numbers may be printed on the bonds herein
authorized. It is· expressly provided, however~ that the presence i
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 '
attorneys approving said bonds as to legality are to be held
responsible for CUSIP Numbers incorrectly printed on the bonds.
SECTION 16: This ordinance shall stand in lieu of
Ordinance No. 8104 passed by the City Cotmcil on November 13,
1980, and this ordinance and bonds herein contemplated shall
enjoy all benefits of validation afforded said previous
ordinance and bonds under the judgment of December 15, 1980,
in Cause No. 101,039 in the 237th District Court of Lubbock
County, Texas.
SECTION 17: 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 the 23rd day of April,1981.
PASSED AND APPROVED on second reading the. 24th day of April,1981.
The State of Texas
County of Lubbock
Before me, Gilberto P. Ortiz, a Notary Public in and for Lubbock
County, Texas on this day personally appeared Bidal Aguero of
Amigo Publications, publishers of El Editor, weekly newspaper,
who being by me. duly sworn did depose and say that said news-
paper has been published continuously for more .than fifty-two
weekstrior to.the first insertion of this City Ordinance
No. } Z:Z at Lubbock County, Texas and the attached
printe copy of the City Ordinance is a true copy of the or~ ,/
ginal and was printed in El Editor on the following dates: ,@Y.,
4-S:..;_1-5?1 . .
itor
Amigo Publications
Subscribed and sworn to before me this 12±/J__day of tYJIJ:Jj , 1981.
~,ll,eAt p (big ierto P. Ortiz Notary Public
:ii ' . 0'\l)Mn~187
~, , An Ort11i11inct1 · by -Ille Cny
; Council (!!·the City 01 Lubbock r• T_, •JJ-Ing 1t1t:r,uance f'• :· _of "(llty ...• Lu_· bbdcll, Te><U, · ., General ob l!lon bonds, Serl•· t • ~uier, datacl.M41):1198t,. for the , jj\,rpQIUI OI mal( p,l!manent
,. public; · lmp(C!vem ,,__ lo wit: t $16.200.0!)0 ·. for \collltructlng
•· lmprovenJ8[11a and extensions lo the City's Waterworks Stystem
I · ·. jll1C;( -.ooo for constructing l .,, mprQvalnents In and for
I. : lblng Ille form 01
ftd Ille lorin of the r coupons; levying a
.II direct annual ad l · tax on · all _ wable J' .. I Within the llmlta ollald
'
' .. City tct·i,ay the lnterat on aald
· .. · bonds and lo create 1 •inking
•. ,_·, fund 10..-the redemption thereof
L,r ··and providing lorthe~asaeument
I'. and colloctlan DI IUCh w•;
. · enacting P,ovlalona Incident and t. · relallng lo the •ubjed · ~d . purpose 01 lhla Qrdlnance; ar,d ;r, providing an effec:l('le date. '
':
:,,• Section 17. TbJt Orcllna)jee 1hall take effect flfal>e In loice Immediately from. tnd alte,, ·Ila i flnal passage, ~Hi ;,Is, 'iai, _ • .. ordained. , _ _ "< _ .. ,;.,-,
•I P-•d and' appr6vect' <!n''.111'11 ~'.ng the 23rd dfl'/ Of ~I,
Paned and approved_ on1· nd readlnjJ Ille 24th day of ~~ . ,e,,.,, ·. -. .'! ·
. , /a/BUI Mc:Allater,-m r . ii' _Aaa.ted: . .:.\ ',.: · ' '/IJEvelyn Gaffga, City SeQtt~ ,r : City of Lubboclt, Texas ::, I' (Qty Beal) , ) ,~ ' l Approved Al To Form: , • •'
'i II/John C. Roaa, Jr., Olty" .·.
Attorney, City of Lub~k;.t_911as __
CORRECTED NOTICE OF REDEMPTION
TO: CITIBANK, N.A., New York, New York and TEXAS COMMERCE
NATIONAL ASSOCIATION, Lubbock, Texas, and ALL OTHER
INTERESTED PARTIES:
NOTICE IS HEREBY GIVEN that the City of Lubbock, Texas (the "City) has called for redemption certain outstanding bonds of that
series of bonds of the City described as follows:
]iicfry···or: l.UBBOCK~···Tws.··sENERAL· OBLlGATl0N .jioNDS·~ SERIES, l 1981", dated May 1;·1981~! each in denomination of $5,000
maturing on February 1 ·· in" each of the years 1992 through
1999, being bond numbers 1671 through 3014 inclusive and in the principal amount of $6,720,000.
THE FIRST DAY OF FEBRUARY, 1991, is the date fixed for
redemption of said bonds, as prescribed in the aforesaid resolution, and you are hereby notified that such bonds should be presented for
redemption at CITIBANK, N.A., New York, New York, or TEXAS COMMERCE BANK
NATIONAL ASSOCIATION, Lubbock, Texas, on or immediately before that date, that interest on al 1 such bonds shall cease to accrue from and
after such redemption date, and that on said date such interest will
become due and payable on each of such bonds together with the
redemption price of par thereof and accrued interest, if any, thereon.
THIS NOTICE is issued and given pursuant to the option of
redemption reserved to the City in the proceedings authorizing the
issuance of such bonds and in accordance with recitals and provisions of each of said bonds.
WITNESS MY OFFICIAL SIGNATURE, THIS THE~ day of January , 1991.
~.o~ City eiretary
City of Lubbock, Texas