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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