HomeMy WebLinkAboutOrdinance - 8232-1981 - Auth. $9,000,000 Electric Ligh Nad Power System Revenue Bonds, Series 1981 - 08/27/1981·'
ORDINANCE NO.' 8232
AN ORDINANCE by the City Council of the City of Lubbock,
Texas, authorizing the issuance of $9,000,000 "CITY
-OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER SYSTEM
REVENUE BONDS, SERIES 1981", for the purpose of pro-
viding funds for making improvements and extensions
to the City's Electric Light and Power System; i.e.
improvements and extensions to the transmission and.
distribution facilities, as authorized by the General
Laws of the State of Texas, particularly Article 1111,
et seq., and Article 2368a, V.A.T,C.S.; prescribing
the form of the bonds and the form of the interest ,·
coupons; pledging the net revenues of the City's
Electric Light and Power System to the payment of the
principal of and interest on said bonds; and enacting
provisions incident and relating to the subject and
purpose of this ordinance; and providing an effective
date.
WHEREAS, the City of Lubbock, Texas, has heretofore author-
ized the issuance of six series of revenue bonds (hereafter
defined as "previously issued bonds") which are payable from and
secured by the net revenues of the City's Electric Light and
Power System; and
WHEREAS, the City Council of the City cf Lubbock, Texas,
has determined that additional revenue bonds should be issued
for the purpose of providing funds for making improvements and
extensions to the City's Electric Light and Power System, i.e.
improvements and extensions to the transmission and distribution
facilities, which revenue bonds shall be "additional bonds" as
such term is defined in the ordinances authorizing the previously
issued bonds, payable from and secured by the net revenues of the
City's Electric Light and Power System in all things on a parity
with the previously issued bonds; and
WHEREAS, notice of the City's intention to issue the series
of bonds herein authorized has been given in due time, form and
manner required by applicable law· in that such notice has been
published in a newspaper, published in and of general circulation
in the City of Lubbock, Texas, once a week for two consecutive
weeks, the date of the first publication having been not less
than 14 days prior to the date set in the. notice for the passage
of this ordinance; and .
WHEREAS, no petition, signed by 10% of the qualified electors
or 10% of the qualified property taxpaying voters has been pre~
sented to the City Secretary, the City Manager or any member of the Council requesting that a referendum election be called on
the question of whether the revenue bonds, as described in the
foresaid notice should be issued and therefore this Council is
authorized to proceed with the authorization, issuance, and de~
livery of such bonds; and
•· IDIEREAS, the City Council, on the 15th da:f of May, 1981,
passed and adopted an ordinance authorizing the issuance of :
$9,000,000 in principal amount of bonds and instituted an 1action in
the_72nd District Court of Lubbock County, Texas (pursuant to
~rt1.cle 717m-1, V.A.T.C.S., th~ ordinance so adopted being identical
1.n words an~ .terms except the 1.nsertion of this and the following
paragraph, interest rates, redemption provisions, changes in the
form of bon~::and coupon and the reserve fund amount and deposits. and the addition of Section 33 and 34, and the renumbering of the last section; and ·
,.
WHEREAS, in a judgment rendered, signed and entered on
July 6, 1981, the Court entered an order to the effect that
all procedures required by law would be met and that either
before sale or to conform to the conditions of sale, including
specifically the date thereof, maturity schedule (but in no
event shall the maturity exceed forty (40) years from the
date of the bond), and options for redemption prior to maturity,
if any, could be again arranged and the City was given the
right to rearrange such details of the bonds so that the
same would be current as of the date of delivery of the bonds;
and it is now appropriate for this ordinance to be adopted
so all authorizing proceedings and those relating to the
sale and delivery of the bonds may be incorporated in a single
instrument; and
WHEREAS, this City Council finds and determines: (1)
that the Mayor and City Treasurer have certified that the City·
is not in default as to any covenant, condition or obligation
prescribed by the ordinance authorizing the issuance of the
outstanding bonds, including showings that all interest,
sinking and reserve funds provided for have been fully main-
tained in accordance with the provisions of said ordinances;
(2) that the City has secured from an independent Certified
Public Accountant his written report demonstrating that the
net revenues of the System were. during the last completed
fiscal year, or during any consecutive twelve (12) month
period of the last fifteen (15) consecutive months prior
to the month of adoption of the ordinance authorizing the
additional parity bonds, equal to at least one and one-half
(1-1/2) times the average annual principal and interest
requirements of all the bonds which will be secured by a
first lien on and pledge of the net revenues of the System
and which will be outstanding upon the issuance of the
additional parity bonds; and further demonstrating that
for the same period as is employed in arriving at the
aforementioned test said net revenues were equal to at least
one and one-fifth (1-1/5) times the maximum annual principal
and interest requirements of all such bonds as will be
outstanding upon the issuance of the additional parity bonds;
now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: Authorization -Principal Amount -Desi~ion.
That in order to borrow the said sum of NINE MILLION DOL RS
($9,000,000) for the purpose of providing funds for making
improvements and extensions to the City's Electric Light
and Power System, i.e. improvements and extensions to the
transmission and distribution facilities, pursuant to the
General Laws of the State of Texas, particularly Article 1111
et seq., and Article 2368a, V.A.T.C.S.; this Council has·
determined that there shall be issued and there is hereby
ordered to be issued a series of coupon bonds, to be designated
"CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER SYSTEM
REVENUE BONDS, SERIES 1981," aggregating in principal amount
the sum of NINE MILLION DOLLARS ($9,000,000), which said series
of bonds, together with the outstanding and unpaid previously
issued bonds (as herein defined) shall be payable as to both
principal and interest solely from and equally secured.by a
first lien on and pledge of the net revenues of the City•s
Electric Light and Power System.
SECTION 2: Date -Numbers -Maturity -Interest· Rate.
Said bonds shall be dated August 15, 1981, shall be numbered
consecutively from One (1) through Eighteen Hundred (1,800);
shall each be in the denomination of Five Thousand Dollars
($5,000), aggregating the principal sum of NINE MILLION
DOLLARS ($9,000,000); and shall bear interest and become due
and payable serially on April 15 in each of the years in
accordance with the following schedule:
,,
;., ··--~-·-' .. ,
BOND NUMBERS INTEREST
(All Inclusive) YEAR PRINCIPAL RATE
l to 90 1983 450,000 /?,-;/ %
91 to 180 1984 450.000 13,zr"/,,_
181 to 270 1985 450,000 t.2, zC.. %
271 to 360 1986 450,000 l3,7t:. %
361 to 450 1987 450,000 L21zC. %
451 to 540 1988 450,000 ,.,,-,.r %
541 to 630 1989 450,000 /J.7/ %
631 to 720 1990 450,000 13 %
721 to 810 1991 450,000 11. :Z.f"_ %
811 to 900 1992 450,000 t..:J.. %
.901 to 990 1993 450,000 ,Id.·~€!. %
991 to 1080 1994 450,000 . L2..1'L.'2. %
1081 to 1170 1995 450,000 L.,..,.,a %
1171 to 1260 1996 450,000 t_,l • tfJ:2. %
1261 to 1350 1997 450,000 IS.. %.
1351 to 1440 1998 450,000 14..t.a %
1441 to 1530 1999 450,000 . a:&a %
1531 to 1620 2000 450,000 ·,.f.,~~ %
1621 to 1710 2001 450,000 ·/,;-.~.r %
1711 to 1800 2002 ,, 450.000 . ·,2.}2.r %
... -,-~-···---"··~-·
PROVIDED, HOWEVER, that the City of Lubbock, Texas. reserves the
righ.t to redeem bonds maturing in the year 1992 and thereafter,
in whole or any part thereof, on April 15, 1991 or on any interest
payment date thereafter, at the price .of par and accrued interest
to the date fixed· for. redemption; and PROVID'ED, rtJRTHER, that at
least thirty (30) days prior to. any interest. payment date upon
which any of said bonds are to be redee~ed, notice of redemption
signed by the City Secretary of said City (specifying the serial
numbers and amount. of bonds to be redeemed) shall have been filed
with the CITIBANK, NATIONAL ASSOCIATION, New York, New York, and
with the TEXAS COMMERCE BANK, NATIONAL ASSOCIATION Lubbock, Texas (the paying ar;cnts nancd in each of said bond~). -Sti.ould any 'J.ond
or bonds not be ,resented for rede~tion pursuant to such notice.
and if by the date so fixed for redcn:ntion the Ci tv shall h;n•c
made available funds in amounts sufficient· to pay the bonds and
accrued interest thereon to the date of redemption, pursuant to
such notice, the same shall cease to bear interest from and after
the date so fixed for redemption. ·
SECTION 3: Interest. That said bonds shall bear interest
from date to maturity at the rate or rates shown in the above
schedule, such interest to be evidenced by proper coupons attached
to each of said bonds; and said interest shall be payable on
April 15, 1982, and semiannually thereafter on October 15 and
April 15 in each year.
SECTION 4: Plac.etf of Payment ... Both principal of and interest
on this issue of 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., NATIONAL ASSOCIATION;
New York, New York, or, at the option of the holder, at the TEXAS
COMMERCE BANK, NATIONAL ASSOCIATION, Lubbock, Texas, upon presen-
tation and surrender of bonds or proper coupons.
SECTION 5: Execution of Bonds and Coutons. The seal of
said City may be impressed on each of saidonds or. in the alter-
native, 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 Secre·
tary 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 for 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 con-
nection 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: Form of Bonds. 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, ELECTRIC LIGHT AND POWER
SYSTEM REVENUE BOND, SERIES 1981
$5,000
FOR VALUE RECEIVED, the City of Lubbock, a municipal corpora-
tion of the State 0£ Texas, hereby acknowledges itself indebted to
and promises to pay to bearer, as hereinafter stated. on the 15th
day of April, 19_, the sum of
FIVE THOUSAND DOLLARS
($5,000), in lawful money of the United States of America, with
interest thereon from the date hereof to maturity at the rate of
PER CENTUM ( · · · · · · · %) per annum, payable
on April 15, 1982, and semiannually thereafter on October 15 and
April 15 in each year, and interest falling due on or prior to
maturity hereof is payable only upon presenation and surrender
of the interest coupons hereto attached as they severally become due.
BOTH PRINCIPAL OF and interest on this bond are hereby made
payable at the CITIBANK, NATIONAL ASSOCIATION, 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 the said City of Lubbock, Texas, is
hereby held and firmly bomtd to apply the pledged appropriated
net revenues of its Electric Light and Power System to the prompt
payment of principal of and interest on this bond at maturity, and·
to pay said principal and interest as they mature.
THIS BOND is one of a series of bonds aggregating in amount
NINE MILLION DOLLARS ($9,000,000), numbered consecutively from
One (1) through Eighteen Hundred (1,800). each in denomination
of Five Thousand Dollars ($5,000), issued for the purpose of
providing funds for making improvements and extensions to the
City's Electric Light and Power System, i.e. improvements and extensions to the transmission and distribution facilities, in
accordance with the Constitution and laws of the State of Texas,
particularly Article 1111 et seq.,and Article 2368a, V.A.T.C.s .•
and pursuant to the Charter of said City and an ordinance passed
by the City Council of the City of Lubbock, Texas, and duly
recorded in the Minutes of said City Council.
AS SPECIFIED in the ordinance hereinabove mentioned, the
City reserves the right to redeem the bonds of this series matur-.
ing in the years 1992 and thereafter, in whole or and part thereof,
on April 15, 1991, or on any interest payment date thereafter, at
the price of par and accrued interest to the date fixed for r~demp-
tion; and PROVIDED, HOWEVER, that at least thirty (30) days prior·
to any interest payment date upon which any of said bonds are to
be redeemed, notice of redemption signed by the City Secretary
of said City (specifying the serial numbers and amount of bonds to
be redeemed) shall have been filed with the CITIBANK, NATIONAL
ASSOCIATION, New York, New York, and with the TEXAS COMMERCE BANK,
NATIONAL ASSOCIATION, 'Lubbock, Texas. ~hould any bond or bonds
not be presented for redemption the City shall have made available
funds in amounts sufficient to pay the bonds and accrued interest
thereon to the date of redemption, pursuant to such notice, the
same shall cease to bear interest from and after the date so fixed
for redemption.
THE DATE of this bond in conformity with the ordinance above
mentioned is August 15, 1981.
·.,.
THIS BOND and the series of which it is a part con-
stitute special obligations of the City of Lubbock,"Texas,
and together with the outstanding and unpaid previously
issued bonds (as defined in the ordinance authorizing the
series of bonds of which this is one), are payable solely
from and equally secured by a first lien on and pledge of
the net revenues of the City's Electric Light and Power
System.
THE CITY, however, expressly reserves the right to
issue further and additional revenue bond obligations, in
all things on a parity with the outstanding previously
issued bonds and the bonds of this series and payable solely
from and equally secured by a first lien on and pledge of
the net revenues of the City's Electric Light and Power
System; PROVIDED, HOWEVER, that any and all such additional
parity bonds may be so issued only in accordance with and
subject to the convenants, conditions, limitations and
restrictions relating thereto which are set out and contained
in the ordinance authorizing this series and to which said
ordinance reference is· hereby made for more complete and
full particulars.
THE HOLDER hereof shall never have the right to dem~nd
payment of this obligation out of any funds raised or to be
raised by taxation.
AND IT IS HEREBY CERTIFIED AND RECITED that the
issuance of this bond, and the series of which it is a part,
is duly authorized by law; that all acts, conditions and
things required to exist and to be done precedent to and in
the issuance of this bond to render the same lawful and
valid 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 hereinabove mentioned; that this series of revenue
bonds does not exceed any constitutional or statutory
limitation; and that provision has been made for the payment
of the principal of and interest on this bond and the series
of which it is a part by irrevocably pledging the net revenues
of the Electric Light and Power System of the City of Lubbock,
Texas.
IN TESTIMONY WHEREOF, the City Counci.l of the City of
Lubbock, Texas, in accordance with the provisions of Article
717jl, 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, as of the 15th day of August, 1981
Mayor, City of Lubbock, Texas
COUNTERSIGNED:
City Secretary, City of Lubbock,
Texas
SECTION 7: Coupon Form. The form of said interest
coupons shall be substantially as follows:
NO. ----ON THE 15TH DAY OF • 19 -----
$ ___ _
*(unless the.bond 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
;exas, hereby promises to pay to bearer, out of funds specified
in the bond to which this coupon is attached (without right to
demand payment out of any funds raised or to be raised by taxa-
tion), and in lawful money of the United States of America, with-
out exchange or collection charges to the owner or holder, at the
CITIBANK., NATIONAL ASSOCIATION, New York, New York, or, at the
option of the holder, at the TEXAS COMMERCE BANK, NATIONAL ASSO-
CIATION, Lubbock, Texas, the amount shown hereon, the same .
being interest due that day on 11CITY OF LUBBOCK, TEXAS, ELECTRIC
LIGHT AND POWER SYSTEM REVENUE BONDS, SERIES 1981," dated
August 15, 1981. Bond No.
City Secretary
the
OFFICE OF COMPTROLLER
STATE OF Texas
§
§
§
Mayor
REGISTER NO_. ____ _
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 special·obligation of the City of Lubbock, Texas, payable from the revenues pledged to its payment by and
in the ordinance authorizing same, 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: Definitions. For all purposes of this
ordinance and in particular for clarity with respect to the
issuance of the bonds herein authorized and the pledge and
appropriation of revenues therefor, the following definitions
are provided:
(a) The term "System" shall mean all properties real, personal, mixed or otherwise, now owned or hereafter acquired
by the City of Lubbock through pruchase, construction or other~
wise, and used in connection with the City's Electric Light and
Power system and in anywise appertaining thereto, whether situated
within or without the limits of the City.
(b) The Term "Net revenues" shall mean the gross revenues
of the City's Electric Light and Power System less the expense
of operation and maintenance. Such expense of operation and
maintenance shall not include depreciation charges or funds
pledged for the bonds, previously issued bonds and for additional
parity bonds hereafter authorized, but shall include all salaries,
labor, materials, repairs, extensions necessary to render services;
provided, however, that in determining "net revenues ... only such
repairs and extensions as in the judgment of the City Council,
reasonably and fairly exercised are necessary to keep the system
in operation and render adequate service to the City and inhabi-
tants thereof, or defect which otherwise would impair the security
of the bonds, previously issued bonds• or additional parity bonds
permitted to be issued under Section 19 hereof, shall be deducted.
*NOTE TO PRINTER: The expression in parentheses to be included
only in coupons maturing October 15, 1991 and subsequent pertain-
ing to optional bonds maturing in the years 1992 and subsequent.
(c) The term "bonds" whenever same appears in
this ordinance without any qualifying language, shall
mean the revenue bonds authorized by this ordinance.
(d) The term "previously issued bonds" shall mean
the outstanding and unpaid bonds designated "CITY OF
LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER SYSTEM REVENUE
BONDS," further identified by Series and dates as follows:
(1)
(2)
(3)
(4)
(5)
(6)
Series 1964, dated March 15, 1964. in the original
principal amount of $4,500,000;
Series 1965. dated March 15, 1965, in the original
principal amount of $3,000,000;
Series 1973, dated July 15, .1973, in the original
principal amount of $6,000,000;
Series. 1975, dated March 15, 1975, in the original
principal amount of $6,400,000; and
Series 1975-A, dated September 15, 1975, in the
original principal amount of $2,000,000;
Series 1976, dated A~ril 15, 1976, in the original
principal amount of ~4.400,000.
(e) The term "additional bonds" or "additional
parity bonds" shall mean those bonds which the City
reserves the right to issue under the provisions of
Section 19 hereof.
(f) The term "bonds similarly secured" shall mean
the previously issue bonds, the bonds and the additional
bonds at the time outstanding.
SECTION 10: Pledge. The City of Lubbock covenants, reaf~
firms and agrees that all of the net revenues of the System are
hereby irrevocably pledged equally for the payment of principal
of and interest on the bonds, previously issued bonds and a.ddi.:.;·i,
tional parity bonds, if issued under the conditions and in the
manner specified in this ordinance, all of which shall consti-
tute a first lien on and pledge of the net revenues of the System.
SECTION 11: Rates and Charges. The City of Lubbock cove-
nants, reaffirms and agrees that so long as any of the revenue
bonds and coupons authorized herein, and any of the previously
issued bonds and coupons remain outstanding and unpaid, it shall
fix and maintain rates and collect charges for the facilities and
services afforded by its Electric Light and Power System, which will produce income and revenues sufficient at all times,·to:
(1) Pay all necessary operation, maintenance
and betterment charges and expenses of the System;
(2) Establish and fully maintain the "Bond Fund"
including the reserve portion thereof for the bonds
herein authorized, the previously issued bonds and for
any additional parity bonds hereafter issued in accord-
ance with the provisions hereof:
(3) Pay the requirements of all other lawful obli-
gations and indebtedness of the System chargeable against
the System, as and when the same shall accrue and become
due.
SECTION 12: System Fund. All receipts, revenues and in-
come of every nature in any manner derived from ownership and
operation of the System shall constitute a separate and sacred
fund which in no event shall be diverted or drawn upon except
under the provisions and for the purposes herein prescribed.
All such receipts, revenues and income shall be paid over and
deposited with City's depository within twenty-four (24) hours
after collection. The account to which said Fund shall be de-
posited shall be known as the ELECTRIC LIGHT AND POWER SYSTEM :-·
FUND (hereinafter referred to as the "System Fund") to be kept
separate and part from all other City funds or accounts. Spe-
cifically as related to the bonds herein authorized and the ·
previously issued bonds, the System Fund shall be and is hereby
pledged and shall be devoted and applied to the purposes . enumer-,;:•;
ated in Section 13 following and in the order of precedence shown.
therein.
SECTION 13: ·· Flow ,,-f S~stem Fund. All moneys paid over and
deposited in the System Fun as provided in Section 12 above shall
be pledged, appropriated and employed as follows:
(1) For the payment of those necessary and reasonable
expenses of operating and maintaining the System as are set
forth in Section 9(6) hereof relating to the definition of
"net revenues", and
(2) To the "Special Electric Light and Power System
Revenue Bond Retirement and Reserve Fund" (hereinafter re--,
£erred to as the "Bond Fund") heretofore created and hereby
reaffirmed for the bonds, previously issued bonds and such
additional parity bonds as may hereafter be issued under
the provisions of Section 19 hereof. Said Bond Fund shall
be used for no purpose other than for the payment, redemp-
tion and retirement of such bonds and the interest thereon
in accordance with the terms and provisions of the ordinances
authorizing their issuance. All funds received from the
purchasers of such bonds as accrued interest thereon shall
be placed in the Bond Fund. The City covenants. reaffirms
and agrees to provide the Bond Fund with all amounts required
to pay as due, each of the principal and interest install-
ments pertaining to all bonds, previously issued bonds and
additional parity Bonds, and that in addition thereto said
Bond Fund shall contain a Reserve Portion. Said Reserve
Portion of the Bond Fund presently contains not less than
$1,625,000 · (which amount is the sum required to be on deposit
therein by the provisions of the ordinances authorizing the
previously issued bonds).
On or before the 1st day of September, 1981, and on or be-
fore the first day of each month thereafter, the City shall
deposit into the reserve fund portion of the Bond Fund the
additional amount of $ lv,31.'7.oo aruL.-such_ monthly deposit shall continue to be made until the Reserve Portion of the Bond
Fund contains the sum of $ @J007: 000 (which includes the
amounts required to be deposited in said reserve by the
provisions of the ordinances authorizing the previously issued bonds) in cash and book value of investment securities, such
total amount being not less than the average annual principal
and interest requirements of all series of bonds which are
secured by a first lien on and pledge of the net revenues of
the System and which are to be outstanding after the issu-
ance ot the bonds herein authorized. In the event the City
elects to increase the monthly deposits to the reserve fund
portion of the Bond Fund, the amount in excess of the required
monthly deposit shall serve as a credit to the amount required
to be deposited in the next month or months.
Said Reserve Portion . shall be made available for
and reasonably employed in meeting the requirements of
the Bond Fund if need be, and if any amount thereof is
so employed, said Reserve Portion shall be supplemented
out to the first System Funds available therefor to such
extent as will, as rapidly as possible, fully restore
same to the sum of $. "'-----
The ordinances of the City Council authorizing any
series of additional parity bonds shall make due provision
for supplementing, if necessary, the Reserve Portion of the
Bond Fund so that same shall be accumulated and maintained
in an amount equal to not less than the average annual
p~incipal and interest requirements of all series of bonds.
then to be secured by a first lien on and.pledge of the net
revenues of the System and which will be outstanding upon
the issuance of any series of additional parity bonds.
SECTION 14: Method (>'f Providing Amounts for Principal
and SemiannuaI Interest Requirements of the Bonds. Immediately
following the delivery of the· bonds herein authorized and on
or before each May 1 and November l following such delivery the
City Treasurer shall calculate the amount of money which is re-
quired to pay the interest on the bonds on the next succeeding
interest payment date herein authorized and cause such amount
to be deposited in the Bond Fund in equal monthly installments.
Innnediately following the delivery of the bonds herein author-
ized and on or before the first day of each May following such
delivery the City Treasurer shall calculate the amount of money
which is required to pay any principal of the bonds herein au-
thorized which is scheduled to mature within 12 months and cause
such amount to be deposited in the Bond Fund in equal monthly
installments. Such amounts, as determined to be required, shall
be withdrawn from the System Fund on or before the first day of
each month, except that the initial deposit following the de-
livery of bonds shall be made as soon as possible following such
deli very of bonds. The depoa its required to be made {by the
provisions of this Section) are in addition to the am:>unts re-
quired to oe paid into said Bond Fund for the purpose of paying
the principal of and interest on the previously issued bonds as
prescribed by the ordinance authorizing their issuance.
In the event. the income and revenues of the System are
insufficient in any month to permit the required deposits into
the Bond Fund in accordance with the provisions hereof or if
for any other reason the City shall fail to make the required
deposits into the Bond Fund (including the Reserve Portion if
same has become depleted), the amount of such deficiencies shall
be made up as promptly as available System Funds will permit.
SECTION 15: · SU!:el us· Revenues. After all requirements of
Section .13(1) and (2,hereof have been satisfied and all similar
requirements of any additional parity bonds hereafter issued and
after all deficiencies existing in such requirements have been remedied, surplus revenues of the System may be used for any .other
proper City purposes now or hereafter permitted by General Law.
including the use thereof::for :r.:etit:i~g.:.in::_adva.nee~of~_matut:ity any
such bonds or additional parity bonds by purchase on the open
market at not exceeding the market value thereof. . Nothing herein
shall Be construed, however, as impairing the right of the City
to pay, in accordance with the provisions thereof •. any junior
lien bonds legally issued by it.
SECTION 16: Security for Electric Light and Power System
Bond Fund. All funds herein provided for the Bond Fund hereto-
fore established and herein reaffirmed shall be kept separate and
apart from all other City funds and shall be continuously secured
by a valid pledge of direct obligations of. or obligations uncon-
ditionally guaranteed by the United States of America, having a
par value, or market value when less than par, exclusive of accrued
interest, at all times at least equal to the amount of money to be
deposited in said Fund. All sums deposited in said Bond Fund shall
be held as a trust fund for the benefit of the.holders of the bonds
herein authorized and the previously issued bonds. the beneficial
interest in which shall be regarded as existing in such holders.
To the extent that money in the Reserve Portion of the Bond Fund
is invested under the provisions of Section 18 hereof. such security is not required. ·
SECTION 17: Custodian of Bond Fund. The custodian of the
Bond Fund shall be the City's official depository bank, and all
deposits prescribed shall be placed in said Fund with said
custodian bank. Prior to each interest and principal maturity
date, it shall be the duty of the City Treasurer to withdraw from
said Fund and place with the paying agent banks money in such
amounts as will be fully .sufficient to pay and at such times as
will permit prompt payment of each interest and principal install-
ment ..
SECTION 18: Investment· of Reserve Portion of Bond Fund.
The custodian bank shall, when authorized by the City Council,
invest the Reserve Portion of the Bond Fund in direct obligations
of, or obligations guaranteed by the United States of America, or
invested in direct obligations of the Federal Intermediate Credit
Banks, Federal Land Banks, Federal National Mortgage Association,
Federal Home Loan Banks or Banks for Cooperatives, and which such
investment obligations must mature or be subject to redemption. at
the option of the holder, within not to exceed ten years from the
date of making the investment. Such obligations shall be held by
the depository impressed with the same trust for the benefit of the
bondholders as the Bond Fund itself, and if at any time uninvested
funds sh.it.11 be insufficient to permit payment of principal and
interest maturities herein authorized as herein directed, the said
depository shall sell on the open market such amount of the securi-
ties as is required to pay said bonds and interest when due and
shall give notice th.ereof to the City Treasurer. All moneys re-
sulting from maturity of principal and interest of the securities
in which th.e reserve funds are invested shall be reinvested or
accumulated in said Reserve Portion of said Bond Fund and con-
sidered a part thereof and used for and only for the purposes
hereinabove 'provided with respect to said reserve, provided that
when the full amount required to be accumulated in the Reserve
Portion of the Bond Fund (bein~ the amounts required to be accumu-
lated by the ordinances authorizing the bonds similarly secured),
any interest increment may be used in the Bond Fund to reduce the
payments that would otherwise be required to pay the debt service
requirements on bonds similarly secured.
SECTION 19: . Issuanee· of Additional Paritz Bonds. In addi-·
tion to the right to issue bonds of inferior lien as authorized
by the laws of the State of Texas, the City of Lubbock reserves
the right to issue additional revenue bonds payable from the net
income and revenues of the System, and when issued in compliance
with law and the terms and conditions hereinafter appearing, such
additional bonds shall occupy a position of parity with and shall
be equally and ratably secured by a first lien on and pledge of
the net revenues of the System to the same extent as the series
of bonds authorized by this ordinance and the previously issued
bonds. The City hereby covenants, reaffirms and agrees that no
additional bonds or other obligations payable from the net reve-nues of its Electric Light and Power System shall be issued on a
parity with the series of bonds herein authorized and with the
previously issued bonds, unless and until the following conditions
have been met:
(a) That the Mayor and City Treasurer have certi-
fied that the City is not then in default as to any cove-
nant, condition or obligation prescribed by this ordinance,
the ordinances authorizing the issuance of the previously
issued bonds, or any ordinance authorizing the issuance of
additional parity bonds then outstanding. including showings
that all interest, sinking and reserve funds then provided
for have been fully maintained in accordance with the pro-
visions of said ordinances;
(b) That the applicable laws of the State of Texas in
force at the time provide permission and authoirty for the
issuance of such bonds and have been fu1i.ly complied with;
(c) That the City has secured from an independent
Certified Public Accountant his written report demostrating
that the net revenues of the System were. during the last
completed fiscal year, or during any consecutive twelve
(12) months period of the last fifteen (15) consecutive
months prior to the month of adoption of the ordinance
authorizing the additional parity bonds, equal to at
least one and one-half (1-1/2) times the average annual
principal and interest requirements of all the bonds which
will oe secured by a first lien on and pledge of the net
revenues of the System and which will.be outstanding upon
the issuance of the additional parity bonds; and further
demonstrating that for the same period as is employed in
arriving at the aforementioned test said net revenues were
equal to at least one and one-fifth (1-1/5) times the maxi-
mum annual principal and interest requirements of all such
bonds as will be outstanding upon the issuance of the addi-
tional parity bonds;
(d) That the additional parity bonds are made to
mature on April 15 or October 15, or both, in each of the
years in which they are provided to mature,
{e) As hereinabove provided the Reserve Portion of
the Bond Fund shall be accumulated and supplemented as
necessary to maintain it in a sum which shall be not less
than the average annual principal and interest requirements
of all bonds secured by a first lien on and pledge of the
net revenues of the System which will be outstanding upon,
the issuance of any series of additional parity bonds.
Accordingly, each ordinance authorizing the issuance of
any series of additional parity bonds shall provide for
any required increase in said ·Reaerve Portion,. andi.if
supplementation is necessary to meet all conditions of
said Reserve Portion, said ordinances shall make provision
that same be supplemented by the required amounts in
equal monthly installments over a period of not to exceed
sixty (60) calendar months from the dating of such addi-
tional parity bonds.
When thus issued, such additional parity bonds may be
secured by a pledge of the revenues of the City's System on a
parity in all things with the pledge securing the issuance of
the bonds herein authorized and the previously issued bonds.
SECTION 20: Maintenance and Operation. The City of Lubbock
hereby covenants, reaffirms and agrees that it will maintain the
System facilities in good condition and operate the same in an
effecient manner and at reasonable costs so long as the bonds,
previously issued bonds or the additional parity bonds are out-
standing and unpaid. The City further agrees to maintain insur-
ance for the benefit of the holder or holders of the bonds of the kinds and in the amounts which are usually carried by private com-
panies operating similar properties; and that during such time all
policies of insurance shall be maintained in force and kept current
·-
as to premilJill payments. All moneys received from losses llllder
such insurance policies other than public liability policies are
hereby pledged as security for the bonds until and unless the pro-
ceeds thereof are paid out in making good the loss or damage in
respect of which such proceeds are received, either by replacing
the property destroyed or repairing the property damages, and
adequate provisions made within ninety (90) days .after the date
of the loss for making good such loss or damage. The 'premiums
for all insurance policies required under the provisions of this
section shall be considered as maintenance and operation expenses.
SECTION 21: Records an·d Accounts. The City of Lubbock here-
by covenants, reaffirms and agrees that so long as any.of the
bonds herein authorized or the previously issued bonds, or any
interest thereon, remain outstanding and unpaid, it will keep and
maintain.a proper and complete system of books, records and ac-
counts pertaining to the operation of the System. separate and
apart from all other records and accounts in which complete and
correct entries . shall be made of all transactions relating to the
System as provided by applicable law, and that the holder or holders
of any of the bonds or any duly authorized agent or agents of such
holders shall have the right at all reasonable times to inspect
all such books, records, accounts and data relating thereto and
to inspect the System and all properties comprising same. The
appropriate City officials are hereby instructed and directed to
do any and all things necessary or covenient in reference to keep-
:i.tJg and, .maintaining of such books. records and accounts and to
make the moneys available £or payment of the bonds in the manner
provided by the .aforementioned statute. The City further agrees
that within sixty (60) days following the close of each fiscal
year it will cause an audit of its books and accounts to be matle
by an independent firm of Certified Public Accountants showing
the receipts_and disbursements for the account of the System for
the fiscal year. Each such audit shall. in addition to whatever
other matters may oe thought proper by the Accountant. particularly
include the following:
(a) A detailed statement of the income and expen-
ditures for account of the System for such fiscal year;
(b) A balance sheet as of the end of such fiscal
year;
(c) The Accountant's comments regarding the manner
in which the City has carried out the requirements of this
ordinance. and his recommendations for any change or im-
provements in the operation. records and accounts of the
System;
(d) A list of the insurance policies in force
at the end of the fiscal year on system. properties,
setting out as to each policy the amount thereof, the
risk covered, the name of the insurer and the policy's
expiration date;
(e) A statement verifying that the securities
herein specified therefor have been on deposit as security
for the money in the Electric Light and Power System Rand
Fund throughout the fiscal year, and a list of the securi-ties, if any, in which the reserve portion of such Special
Fund have been invested;
(f) The number of metered and unmetered customers.
if any, connected with any department of the System,
showing totals-at the end of the fiscal year.
,.:. .. .
Expenses incurred in making the audits above required are to
be regarded as maintenance and operation expenses and paid as such.
Copies of the aforesaid annual audit shall be promptly furnished
the original purchasers of the bonds and any subsequent holder at
his request. At the close of the first six months' period of the
fiscal year, the City Manager is directed to furnish a copy of an
operating and income statement in reasonable detail covering such
period to any bondholder upon his request therefor. received not
more than thirty days after the close of said six months' period.
Any bondholder shall have the right to discuss with Accotmtants
making the annual audit the contents thereof and to ask the City
Manager for such additional information as he may reasonably request.
SECTION 22: Remed~ in Event of Default. In addition to
all the rights and reme~ies provided by law by the State of Texas.
the City covenants and agrees particularly that in the event the
City (a) defaults in payment of principal or interest on any of
the bonds when due, (b) fails to make the payments into the Bond
Fund as required by this ordinance, or (c) defaults in the obser-
vance or performance of any other of the covenants, conditions or
obligations set forth in this ordinance, the holder or holders of
any of the bonds shall be entitled to a writ of mandamus issued by
a court of p~oper jurisdiction compelling and requiring the City
Council and other officers of the City to observe and perform any
covenants, obligations or conditions prescribed in the bond ordin-
ance. No delay or omission to exercise any right or power accruing
upon any default shall impair any such power or right or shall be
construed to be a waiver of any such default or acquiescence there-
in, and every such right and power may be exercised-from tiI!le t:o
time and as often as may be deemed expedient.
The specific remedy herein provided shall be cumulative of
all other existing remedies and the specification of such shall
not be deemed to be exclusive.
SECTION 23: Sale, Lease or Other Encumbrance of Szstem.
The City of LubbocK further covenants, reaffirms, binds and obli-
gates itself not to sell, lease or in any manner dispose of the·
System, its properties, or any part thereof, -including any and all extensions and additions that may be made thereto, and it acknowl-
edges and accepts restraint from doing so until. the bonds and
previously issued bonds shall have been paid in full as to both
principal and interest at maturity, or under the provisions hereof
relating to'their redemption prior to maturity, or unti other
arrangements have been made for continuance of payment of prin-
cipal and interest then outstanding for the full retirement
thereof; provided, however, that this covenant shall not be
construed to prevent' the disposal by the City of property which
in its judgement has become inexpedient to use in connection with
the System when other property of equal value has been substituted
therefor.
SECTION 24: Furth·er Covenants. The City further covenants,
reaffirms and agrees by and through this ordinance as follows:
(a) That it has the lawful power to pledge the
revenues supporting this issue of bonds and has law-
fully exercised said power under the Constitution and
laws of the State of Texas, including the powers
existing under Articles 1111 through 1118, and Article
2368a, V.A.T.C.S., and that the bonds, the previously
issued bonds and any additional parity bonds issued pur-
suant to the provisions hereof shall be ratably secured
in such manner that no one bond of any such issues shall
have preference over any other bond of such issues.
·~ .
(b) That the net revenues and income of the System
are pledged exclusively to the payment of the bonds. the
previously issued bonds and such addit.ional parity bonds
as may hereafter be issued pursuant to the provisions
hereof; that said net revenues and income have not
been pledged in any manner to the payment of any other
debt or obligation of the City or the System and other-
wise said System is free and clear of all encumbrances
whatsoever.
(c) That nothing in this ordinance shall require
the City-to make any expenditure except from money in the
System Fund, but nothing herein shall prohibit the City
from doing so at its election.
(d) That except under the conditions of this ordi-nance relating to parity bonds. the City will not suffer
any indebtedness on a parity or superior to the bonds of
:this .issue and the previously issued bonds to accrue to
or against the City or said System~ and that if the System
shall become liable for any other indebtedness, the City
Council will fix and maintain rates and collect charges
for the services afforded by the System entirely suffi-
cient to discha~ge any such indebtedness or obligation.
(e) The City will cause to be rendered monthly to
each customer receiving electric services a statement
therefor and will not accept payment of less than all of
any statement so rendered, using its powers under existing
ordinances and under all such ordinances to become effective
in the future to .enforce payment, to withhold service
from such delinquent customers and to enforce and author-
ize reconnection charges.
(f) That the City will faithfully and punctually
perform all duties with respect to the System required by
the Constitution and laws of the State of Texas, including
the making and collecting of reasonable and sufficient
rates for services 81lpplied by the System, and the segre-
gation and application of the revenues of the System as
required by the provisions of this ordinance. ·
(g) No free service shall be provided by the System
and to the extent the City of Lubbock or its departments·
or agencies utilize the service provided by the System.
payment shall be made therefor at rates charged to others
for similar service.
SECTION 25: Ordinance tc>" Constitute Contract. That the
provisions of this ordinance shall constitute a contract between
the City of Luboock and the holder or holders from time ta time
of the bonds herein authorized to be issued, and after the issuance•
of any of said bonds, no change, variation or alteration of
any kind of the provisions of this ordinance may be made. unless
as herein otherwise provided, until all of the bonds issued here-
under shall have beeri paid as to both principal and interest.
SECTION 26: · Ma'l'or· to Have Charge of Records· and 'Bonds.
That the Mayor of said City shall be, and he is hereby authorized
to take and have charge of all necessary records and orders pend-
ing 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. It
shall be the duty o-f the Mayor (or attorneys acting for the City)
to submit the record of said bonds and the bonds to the Attorney
General of the State of Texas for approval and thereafter to have
the bonds registered by the Comptroller of Public Accounts.
SECTION 27: Bonds are· Special Obli¥ations. The bonds are
special obligations of the City payablerom the pledged revenues,
and the holders thereof shall never have the right to demand pay-
ment thereof out of funds raised or to be raised by taxation.
SECTION 28: Bonds·as Negotiable Instruments. Each of the
bonds herein authorized shall be deemed and construed to be
a "Security," and as such a negotiable instrument, within the
meaning of Article 8 of the Uniform Commercial Code.
SECTION 29: Printed Legal Opinion on Bonds. The purcha~ers'
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 re-
verse side of each of such bonds with appropriate certificate
pertaining thereto executed by facsimile signature of the City
Secretary is herefiy approved and authorized •
. SECTION 30: · CUS!P' Nmbers. · CUSIP numbers may be printed
on the bonds herein authorized. . It is expressly provided, however.
that the presence or aosence 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
le~ality are to be held responsible for CUSIP numbers incorrectly
printed on the bonds. .
SECTION 31: No· ArBitra·~e. That the City hereby covenants
that the proceeds of the bon s are needed at this time to finance
the costs of capital improvements planned by the City; based on
current facts, estimates and circumstances, it is reasonably
expected final disbursement of the bond proceeds will occur with-
in three years from the date of the receipt thereof by the City;
it is not reasonably expected that the proceeds of the bonds or
moneys deposited in the special Funds referred to herein for
the payment and security of the bonds will be used or invested
in a manner that would cause the bonds to be "arbitrage bonds"
within the meaning of Section 103(c) of the Internal Revenue Code
of 1954, as amended, or any regulations or published rulings per-
taining thereto; and save and except for the special Funds referred
to herein, no other funds or accounts have been established or O • • ,
pledged for tlie payment of the bonds. Proper officers of the City
charged with ·the responsioility in the .issuance of the bonds are
hereby authorized and directed to make, execute and deliver
certifications as to facts, estimates and circumstances in existence
as of the date of iss·ue of the bonds and stating whether there
are any facts, estimates or circumstances which would materially
change the City's current expectations, and the covenants herein
made and certifications nerein authorized are for the benefit of
the holders of the ~onds _and coupons appertaining thereto and
may be relied upon oy the bondholders and bond counsel for the
City.
SECTION 32: The Series 1981 Bonds are being authorized
for the purpose of providing funds for making improvements and
extensions to the City's Electric Light and Power System. i.e.
improvements and extensions to the transmission and distribution
facilities and it is currently anticipated that the proceeds
thereof will be expended for certain improvements and extensions
to the transmission system and distribution system as follows:
Transmission System
1. Upgrade Cooperative, Vicksburg, and Chalker substations and
extend the 69 KV transmission along 82nd Street to serve Chalker
substation.
2. Extend the second circuit of Lubbock Power and Light's existing
115 KV transmission line from its present termination at 50th Street
and East Loop 289 to Plant #2. Construct a future substation in
Northeast Lubbock along the proposed line route to assume part of
the load when Plant #2 is retired.
3 .. Upgrade Lubbock Power and Light's present computer capabilitiea
and install remotes in all major substations to fully coordinate
relaying and line switching and to greatly improve Lubbock Power·
and Light's emergency response capabilities.
Distribution System
Extensions of and improvements to the existing distribution system
including additional distribution circuits for substations, exten-
sions from existing line terminals to new areas of service, trans~
formers, meter pedestals, poles, and crossarms, regulators.
capacitors, meters, service lines and other appurtenances.
It is currently anticipated that all of the foregoing improve-
ments may be constructed with the rroceeds to be availabl~ from
the sale of the Bonds, the City·, however, reserves the right to
utilize the proceeds of the Bonds to construct all or any part
of the proposed improvements or to construct other or additional
improvements for improvements and extensions to the transmission
and distribution systems in the event there are sufficient procee.ds
or in the event.a delay in the delivery of the Bonds requires the
utilization of current funds for such system improvements.
SLCTI0~1 33: Confirmation of Saic of the Ronda: 'i'.hc sale
of the bonds, as awarded in that certain resolution a~ontP.rl on th~
27th day of August, 1981, is hereby confirmed. · ··
SECTION 34: Effect of this Ordinance: This ordinance shall
.:supercede that certain ordinance heretofore adopted on May 15 1981
as described in the preamble.hereof. • •
SECTION 35: Effective Pate. This ordinance shali take
effect and be in force immediately from and after its passage. on second and final reading and IT IS SO ORDAINED.
PASSED AND APPROVED ON FIRST READING, this 27th'.day of . August, · 1981. ·
PASSED AND APPROVED ON SECOND READING. this 28th day of A:uguat·, 1981.
M~1§/i1. Texas
'· ' .
GENERAL CERTIFICATE .
THE STATE OF TEXAS §
§
COUNTY OF LUBBOCK §
§
CITY OF LUBBOCK §
WE, the undersigned, Mayor, City Secretary-Treasurer.
respectively, of the City of Lubbock, Texas, DO HEREB~ CERTIFY
as follows: •.
1. Certification of Bond Ordinance.
That on the 27th day of August, 1981, the City Council
of the City of Lubbock, Texas, convened in regular session
at its regular meeting place in the City Hall of said City;
the duly constituted members of the Council being as follows:
BILL MC ALISTER
AIAN HENRY
M.J. ADERTON
E. JACK BROWN
JOAN BAKER
)
)
)
)
MAYOR
COUNCILMEMBERS
and all.of said persons were present at said meeting, except
the following: None .Among other bu_s_i_n_e_s_s_c_o_n_s_i~·a~e_r_e_d...--a~t-s-a~i~d.-m_e_e_t_i_n_g-.-th~e-a-t-tached
ordinance entitled:
"ORDINANCE NO. 8232 ----
AN ORDINANCE by the City Council of the City of Lubbock, Texas, _authorizing the issuance of $9,000,000
"CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER
SYSTEM REVENUE BONDS, SERIES 1981", for the purpose
of providing funds for making improvements and
extensions to the City's Electric Light and Power
System, i.e. improvements and extensions to the
transmission facilities, as.authorized by the
General Laws of the State of Texas, particularly
Article 1111, et seq. and Article 2368a, V.A.T.C.S.;
prescribing the form of the bonds and the form of
the interest coupons; pledging the net revenues of
the City's Electric Light and Power System to the
payment of the principal of and interest on said
bonds; and enacting provisions incident and relating
to the subject and purpose of this ordinance; and
providing an effective date."
was introduced and submitted to the Council for passage and
adoption on first reading. After presentation aqd due considera-tion of the ordinance, a motion was made by Counc, !woman Joan Baker .
that the ordinance be passed on first reading. The motion
was seconded by Mayor Pro Tern and carried by the following
vote: Alan Henry
3 voted "FOR" 2 voted "AGAINST" o abstained ----
all as shown in the official Minutes of the Council for the
meeting held on the aforesaid date.
That on the 28th day of August, 1981, the City Council
of the City of Lubbock, Texas. convened in special session
at its regular meeting place in the City Hall of said City;
the duly constituted members of the Council being as follows:
BILL MC ALISTER
ALAN HENRY
M. J • ADERTON
E. JACK BROWN
JOAN BAKER
MAYOR
)
} COUNCILMEMBERS
)
O' -..!-~,------•-·•••--•-M --•·--~-•
arid all of said persons were present at said meeting, except
the followit\g: • M.J. Aderton
~~Among other business considered at said meeting._the attached
ordinance entitled:
"ORDINANCE NO. 8232
AN ORDINANCE by the City Council of the City of Lubbock,
Texas, authorizing the issuance of $9,000.000 "CITY
OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER SYSTEM
REVENUE BONDS, SERIES 1981". for the purpose ,of
providing funds for making improvements and extensions
to the City's Electric Light and Power System. i.e.
improvements and extensions to the transmission and
distribution facilities, as authorized by the General
Laws of the State of.Texas. particularly Article 1111,
et seq and Article 2368a, V.A.T.C.S.; prescribing
the form of the bonds and the form of the interest
coupons; pledging the net revenues of the City's
Electric Light and Power System to the payment of the
principal of and interest on said bonds; and enacting
provisions incident and relating tc the subject and
purpose of this ordinance; and providing an effective
date."
was introduced and submitted to the Council for passage and ··-
adoption on second and final reading. After presentation and due
consideration of the ordinance, a motion was made by Counci !woman Joan
tr..at the ordinance be passed on second and final reading. Baker The motion was seconded by Mayor ProTem Alan Henr'and carried by
the following vote:
voted "FORn -----4 O voted "AGAINST" ------
all as shown in the official Minutes of the Council for the
meeting held on the aforesaid date.
That the attached ordinance is a true and correct
copy of the original on file· i.n the official records of the
City; the duly qualified and acting members of the City Council
of said City on the date of the aforesaid meetings are these
persons shown above and, according to the records of my office,
each member of the Council was given actual notice of the time,
place and purpose of the meetings and had actual notice that the
matter would be considered; and that said meetings, and delibera-
tion of tre aforesaid public business. were open to the public
and written notice of said meetings, including the subject of
the entitled ordinance, was posted and given in advance thereof
in compliance with the provisions of Article 6252-17, Section 3A.
V.A.T-.C.S.
2. Relative to No-Default
That the City of Lubbock, Texas, is not in default as to
any covenant, condition or obligation contained in the ordinance~
authorizing the issuance of the "Cit7, of Lubbock, Texas, Electric.
Light and Power System Revenue Bonds' being Series 1964 dated
March 15, 1964; Series 1965 dated March 15, 1965; Series 1973
dated July 15, 1973; Series 1975 dated March 15, 1975; Series
1975-A dated September 15, 1975; and Series 1976 dated April 15,
1976.
WE FURTHER CERTIFY tr.at there is on hand in the "SPECIAL
ELECTRIC LIGHT AND POWER SYSTEM REVENUE BOND RETIREMENT AND
RESERVE FUND" pertaining to the above bonds the sum of-
$_-.,._.....,...----of which tr..e sum of $ ______ is the reserve
portion thereof.
3. Rel:ative to Honencumbrance of City's Electric Light
. ~..and Power System. .
That save and except for the pledge of the income and revenues
of the City's Electric Light and Power System to the payment of
the principal and interest to become due with respect to the proposed
"CITY OF LUBBOCK, TEXAS, ELEC'l'RIC LIGHT AND POWER SYSTEM REVENUE
BONDS, SERIES 1981" dated August 15, 1981, and the outstanding
and unpaid "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER
YSTEM RE\'ENUE BONDS" being Series 1964 dated March 15, ,1964;
Series 1965 dated March 15, 1965; Series 1973 dated July 15,
1973, Series 1975 dated March 15, 1975, Series 1975-A dated
September 15, 1975 and Series 1976 dated April 15, 1976, said
income and revenues of said System have not been pledge~ or
hypothecated in any other manner or for any other purpose; that
there are no liens, encumbrances or any other indebtedness
whatsoever outstanding against the City's Electric Light and
Power System or the income and revenues of such System; and
that the above bonds evidence the only lien, encumbrance or
indebtedness of said System.
4. Relative to Income and Revenues of the City's Electric
Light and Power System.
That the following is a schedule of the gross receipts, __
operating expenses and net revenues of the City's
Electric Light and Power System for the years .stated:
Fiscal. Year Gross Operating Net
Ending 9/30 Receipts Expenses Revenues
1976 $16,691,079 $11,455,620 $5,235,459
1977 20,116,266 14,292,538 5,823,728
1978 . 23,072,509 17,355,243 5,717,266
1979 24,445.,824 20,077,479 4,368,345
1980 29 ,89.1,5~~ 24,870,851 5.020.6.89.
5. ·, Relative to Utilitx: Properties·.
That to our certain knowledge the City of Lubbock, Texas,
has owned and operated its Electric Light and Power System since
the acquisition. thereof by said City in the year 1916. ·
That to this date, no question has arisen and no proc~edings
of any nature have been instituted in any manner questioning
the City's right and title to said utility properties or its
·authority to operate same, and ~hat no question has arisen and
no proceedings of any nature have been instituted in any manner
questioning the City's right and title to any of the additions,
extensions or betterments to said utility properties, constructed
or acquired since the original acquisition thereof.
6. Relative to Ownership of Electric Light and Power System.
That the City of Lubbock, Texas, has as a part of its Electric
Light and Power System the following:
Station No. 1: Six Nordberg I.C. dual fuel engine driven generators
with a total installed capacity of 9,150 KW,
nameplate;
Station No. 2: Two Nordberg I.e. dual fuel engine driven generators-
2,500 KW each
One· DeLavel steam-turbo generator -7,500 Kt?;
Two Westinghouse steam-turbo generators.-11,500
KW each; and
Two Westinghouse steam-turbo generators -22,000
KW each.
Total installed nameplate capacity -79,500 KW'
Holly Avenue: One Westinghouse gas turbine generator -12,500 KW;
One Worthington gas turbine generator -18,000 KW;
One General Electric gas turbine generator -20,000KW One General Electric steam-turbo generator -44,000KW
Total installed nameplate capacity -94,500 KW
,. . ..
:_J
Total generating-capacity is 183,150 KW. Gas turbines and LC. generµtors -with 64,650 KW of ready reserve and quick.:
start generation for emergency and peaking service; together
with electrical transmission and distribution lines.
7. Relative· to Rates Prescribed ·for Electric 'Service
furnished by the City of Lubbock, Texas, Electric Light and
Power System.
That the current monthly rates and charges for•;electric
service furnished by· the City of Lubbock, Texas, Electric
Light and Power System are as follows:
Rates for service furnished in Cit ••• The following rates shall be charged for electric
service urnisheo 10 tt.l! City accor ing to c~ssifications herein set out. by all persons
firms or corporatior.s engaged in furnishing such electric power service to the public, includ:
ing electric service furnished by the City's electric light system; provided however. the net
_. 1 charge per kilowatt hour, as specifically set out hereinafter, shall be increased or decreased
0.0057 cent per K~H for each 0.5 cent increase or decrease, or major fractions thereof, in the
cost of fuel delivered at LP&l generating stations, above or below 21 cents per 1,000,000 BTU •
. The cost of fuel shall be deter.:iined as follows: . ·---:---· -·----.....-..· . .,,.._~..::r.s=-~···.·
1. ,;atural Gas: Per thousand cubic feet @ 1,000,000 BTU during the second month preceding
month of service.
2. Fuel Oil: Cost per 1,000,000 BTU based en a six month moving average through the end cf
the next prior month; by the last in first out inventory cost method.
Residential Service
Applicable: To residential customers for electric service used for domestic purposes in
private-residences and separately metered individual apartments when all service is supplied at
one point of delivery, and measured through one kilowatt hour r.eter, where facilities of adequate capacity and suitable voltage are adjacent to the premises to be served. Single phase
motors not to exceed 10 horsepower, in~ividual capacity, may be served under this rate.
Territory: Lubbock, Texas.
~ Service Availability Charge: SS.10 per month, which includes 30 IC\.IH per month;
All KWH used per month in excess of 30 KWH@ 2.62t per KWH
Fuel Cost Adjustment: As above provided.
Total Electric Living Servfce
llhen customer has in regular use 1) permanently installed space heating equfp:nent of an
aggresate rated capacity of 5 kilowatts or more, excluding bathroom heaters and 2) a permanent-
ly installed 2q0 volt, 30 gallons or greater, storage type water heeter of not greater than 5.5
kilowatts, individual rated capacity, then, billing during the winter months will be the first
500 KWH at the regular rate, and all additional KWH at 1.15¢ per KWH. Billing during the sum.Toe~
months will be.the first 500 KWH at the regular rate, the next 500 KWH at 1.15t per K~'H and all
additional KWH at the regular rate. ·
\linter Months: The billing month of November to May, inclusive.
fuel Cost Adjustment: As above provided.
Conditions and Regulations: Water heating equipment served on this rate shall be of insulated
storase type bearing the approval of the Underwriter's Laboratories, Inc., and shall have a de..znd of not greater than 5.5 kilowatts, individual capacity. Space heating equip.~ent and the
installation of the equipment shall be subject to the approval of the supplying utility. A
cust~"er raust have permanently installed and in regular use spcce heating equipment having a
total connected load of not less than 5 kilowatts, excluding bathroom heaters.
Character of Service: The voltage and characteristics of equipment applied shall meet require-
ments of the supplying utility.
Minimum: $5.10 per month.
Co11111ercitl Serv1ce
Ap~licable: To all conmercial places of .business, including stores, shops, factories, ware-
houses, hotels, lodges, churches, apartment houses on one meter, garages and filling stations.
Territory: Lubbock, Texas.
Rate: All energy used shall be billed in accordance with the following rate:
Service Availability Charge First 1,000 KWH used per month Next 4,000 KWH used per month
Next 15,000 KWH used per month
Adjitional KWH used per month
$10.000 per month
3. 70¢ per KIIH
2.91¢ per )(1,'lf
2.01¢ per Kl.'H l.21~ per Ki,:11
Discount: Where primary metering is used, 10~ will be deducted on the above base rate portion
of all bills except minimum monthly bills, provided that primary·raetered load is greater than secondary metered load. The fuel Cost Adjustment portion of a bill is not subject to the 10~
discount.
,:, .. ' .. ~-·
Fuel Cost Adjustment: The net ch~rge per kilowatt hour. as specifically set out hereinafter.
shall be increased or decreased 0.0067 cent per KWH for each 0.5 cent increase or decrease, or
major fractions thereof, 1n the cost of fuel delivered at LP&l generating stations, above or
below 21 cents per l,000,000 STU. .
Character of Ser.vice: If metered on secondary side of distribution transformers. lighting
service may be e1ther 120/140 volt, 3 wire single phase. or 120 volt, 2 ~ire single phase. If polyphase service fs required, it shall be 3 phase, 240 volts unless otherwise specified.
~here primary metering is used, service supplied will be the primary voltage serving the area.
single or polyphase. as the case may require. ·
Mini~Wll: Sl0.00 per month.
8. ·Relative to· No Petitlon.
That no petition of any kind or character has oeen filed
with the Mayor, City Secretary or any member of the City Council
or any other official of the City protesting the issuance of the
$9,000,000 "City of Lubbock, Texas, Electric Light and Power
System Revenue Bonds, Series 1981" dated August 15, 1981.
9. Relative to City Officials.
That the duly qualified and acting officials of the.City
are as follows:
BILL MC ALISTER
EVELYN GAFFGA
LARRY CUNNINGHAM
ROBERT MASSENGALE
JOHN ROSS, JR.
10. Relative to Incorporation.
MAYOR
CITY SECRETARY/TREASURER
CITY MANAGER
DIRECTOR OF FINANCE
CITY ATTORNEY
That the City of Lubbock, Texas, is incorporated under the
General Laws of the State of Texas and is operating under the
Home Rule Amendment to the Texas Constitution, Section 5,
Article XI, as amended in 1912; the City Charter was originally
adopted at an election held December 27, 1917, and said Charter
has not been amended or revised in any respect since the 24th
day of January, 1967, the date of the last Charter .Amendment
Election.
WITNESS OUR HANDS AND SEAL OF THE CITY OF LUBBOCK, TEXAS,
this the · · 28thday of August · • 1981.
Mayo~s
City of Lubbock, Texas
PREPARED av: FIRST SouTHWEST CoMPANY, 900 MERCANTILE BANK BUILDING, DALLAS, TEXAS 7520I
Account
Account
1
TABULATION OF BIOS
RECEIVED AT SALE OF
$9.000.000
City of Lubbock, Texas Electric Light and Power Syst.eni
Revenue Bonds, Series 1981
SOLO __ T_h_u_rs_d_a_y_, _A_ug_u_s_t_2_7..;..,_1_9_8_1 _____ _
Total Interest Cost $ /3. Oc/l /aJfJ, J
Maturity Rates
.
Maturit_v Rates
'
Less Premium -c-
Net Interest Cost · $ / 5 Dl)!,, &.f"tJ,
Effective Interest
Rate
Total Interest Cost$
Less Premium
Net Interest Cost $
Effective Interest
Rate
Total Interest Cost$
Less Premium
Net Interest Cost $
Effective Interest
Rate
.
Account Maturitv Rates
Total Interest Cost$
Less Premium
Net Interest Cost s·
Effective Interest
·Rate
Account Maturitv Rates
·, Total Interest Cost.$
Less Premium
Net Interest Cost $
Effective Interest
Rate
> . .
Account Maturitv Rates
'
Total Interest Cost 1
Less Premium
Net Interest Cost $
Effective Interest
Rate '
Account Maturitv Rates
Total Interest Cost$
Less Premium
Net Interest Cost $
Effective Interest Rate ' .
CITY BONDS
Disclosed
Dated
lr-FS"1
8-4-81
8-4-81
8-10-81
8-17-81
8-18-81
8-20-8·1
8-24-81
sales of City bonds during August, 1981
City Amount Years of Average Hoody 1s*
(T:z:ee of Bond) Maturlt:z: Maturlt:z: Ratln2
Clute $ 750,000 82-91 .NA NA
(Utl llty Sys_tem Revenue)
San Angelo 3,000,000 82-01 13.289 A
(Sewer Revenue)
Copperas Cove 500,000 82-96 9.25 Baa
(General Obi igatfon)
Mansfield 1,400,000 84-03 15.571 Baa-1
(General Obi lgatlon)
Farmers Branch 600,000 82-84 NA Aa
(Combination Tax and Revenue Certificates of Obligation)
Brenham 1,000,000 83-96 1 o. 175 A
(Utll lty System Revenue)
Galveston 5,000,000 83-01; 17.11, A
(Wharves & Terminal Revenue) 2006
Bryan 2,350,000 83-99 11.855 A
(Rural Electric System Revenue)
JOE W. SMITH
91:NIOIIII 'VICE ~fll&910ENT
FJl!ST ,Boat/uve,Jf; COMP.ANT
INVESTMENT 8AN"E,tS
01~•972•6431
103 CITIZIENB BANIC. Ill.DO.
ABILENE,. TII.XAS 79e01
*MOODY I S RATINGS
Aaa
Aa
A-1
A
Baa-1
Baa
Ba·
B
Caa
Ca
C
NR Not Rated
Effective
Rate
10.7808%
11.64%
11.26%
11.99%
9.23%
10.6914%
12.65%
12.19%
• "Bond Buyer's" Index of 20 Municipal Bonds
Basis Valuation of Par Bonds
The most important guide as to what the Municipal Bond Market has done in one time period versus another is
the "Bond Buyer's" 20 Bond Index. Published on Thursday of each week, it is the accepted guide of the Municipal Bond Industry to determine trends 1111d movements of interest rates in the market. To compute·the index each week a poll is taken of sever~l large investment banking houses on the 20 year price (expressed.in terms of an interest rate) of the outstanding bonds of certain municipalities.
~ 1970 1971 1972 !ill. 1974 1975 1976 1977 1978 1979 .12!!!1. 1981
January l 6.79 5.74 5.03 5.08 5.18 7.0B 7.29 5.78 5.64 6.58 7.32 9.49 2 6.61 5.39 4.99 5.03 5.22 6.99 7.13 5,89 5.75 6.50 7.30 9.57 3 6.53 5.13 5.17 s.oo 5.24 6.90 7.09 5.90 5.74 6.48 7.28 9.68 4 6.78 5.16 5.29 5.08 5.26 6,59 7.01 5.92 5.70 6.30 7.33 9.!ll 5 6.78 5.20 7.54 6.85 7.52.
February l 6.54 5.27 5.35 5.16 5,16 7 .34 6.86 5.93 5.63 6.22 7.71 9.90
2 6.42 5.05 5.27 5.27 5.18 6.27. 6.95 5.86 5.59 6.31 7.75 9.99 3 6.32 5.27 5.24 5.06 5.21 6.40 6.97 5.83 5,61 6.33 8.46 10.22 4 6.16 5.34 5.28 5.13 5.26 6.55 6.98 5.92 5.65 6,38 8,72 10.27 5
March 1 6.00 5.37 5.29 5.22 5,27 6.54 7.04 5.92 5.63 6.42 8.94 10.40
2 5.95 5.28 5.18 5.27 5.32 .6.6S 6.98 5..92 5.58 6.35 9.08 10.34 3 6.18 5:oo 5.32 ~.34 5.46 6.80 6.92 · 5.90 S.58 6.30 9.20 !1.81 4 5.98 5.03 !i.34 5.35 5.57 6.95 6.72 5.88 5,59 6,29 9 •. 44 10.09 5 S.40 5.26 5.85 5.69 6.28
April . 1 6;11 5.15 5.49 5.22 S.73 6.93 6.69 5.79 5.76 6.25 !1.44 10.21 2 6.33 5.21 5.54 5.07 5.75 7.03 6.65 5.70 5.74 6.33 9.07 10.'15 3 6.50 5.32 5.50 5.17 5.61 6.86 6.54 5.73 5.79 6.30 7.89 10.70 4 6,73 S.48 5.20 S.14 5.82 6.97 6.55 S.68 5.89 6.26 8.11 10.80
5 6.79 5.69 6.55 7.96 10.94
May 1 6.89 . 5.84 5.35 S.10 S.91 6,9S 6.71 5.76 5.98 6.27 7.11 10,90
2 6,96 5.96 5.39 5.10 6.00 6.86 6.83 5.82 5.99 6.30 7.44 10.83
3 7.02 5.96 5.29 5.14 6.04 6.88 6.91 5.70 5.98 6.30 7.72 10.73
4 7.12 5.86 5.19 5.20 6.05 7.09 7.03 5.71 6.16 6.21 7.73 10.64
5 5.22 6.08 7.09 6.16
June l 6.92 5.70 5.15 5~13 6.01 7.05 6.89 5.72 6.19 6.09 7.67 10.59
2 7.03 5.87 5.31 5.13 6.04 6.80 ,6.86 5.65 6.18 6.11 7.53 10.63
3 7.03 6.00 5.36 5,19 6.13 6.93 6.85 5.55 6.16 6.18 7.55 10.73
4 6.86 6.23 5,43 5.25 6.33 7.00 6.87 5.61 6.26 6.12 7.76 10.74 5 5.43 5.56 6.29
July 1 6.79 6.19 5.43 5.34 6,64 6.96 6.87 5.63 6.31 6.08 7.88 10.85
2 6.59 6.06 5.44 5.40 6.95 6.98 6,78 5.64 6.32 6.11 7.95 10.97
3 6.60 6.03 5.41 5.37 6.78 7.08 6.78 5.62 6.26 6.15 8,03 11.09 4 6.28 5.97 5.35 5.48 6.34 7.22 6.77 5.62 6.24 6,19 8.19 11.34 5 6.40 6.05 7.09 6.73 8.59 11.44
August 1 6.25 6.07 5.32 5.59 6.70 7.16 6.65 5.63 6.12 6.14 8.61 11.62 2 6.30 6,03 5.24 5.58 6.58 7.17 6,60 5.63 6.03 6.13 8.53 11.94
3 6.U 5.49 5.22 5.47 6.61 7.18 6.60 5.63 6.19 6,16 8.68 12.49
4 6.07 5.71 5.32 5.44 6.73 7.18 6.58 5.58 6.11 6.23 8.8S
5 5.38 5,34 6.91 6.16 6.36
September 1 6.16 5.39 5.39 5.18 6.88 7,34 6,52 5,54 6.13 6,47 8.78 2 6.30 5.36 5.38 5.18 6.79 7,40 6.52 5.48 6.02 6.49 8.82 3 6.26 5.38 5.37 5.05 6.76 7.49 6.50 5.51 6.12 6.57 8.98
4 6.28 5.48 5.30 5.00 6,62 7.54 6.52 5.50 6.09 6.56 9.18 s 5.24 6.47 5.51
October l 6.39 5.17 5.22 5.14 6.68 7.67 6.33 5.60 6.07 6.64 9.22
2 6.38 4.99 5.16 4.99 6.52 7.48 6.25 5.70 6.10 7,12 9.01
3 6.35 4.97 5.23 5.05 6.48 7.29 6.30 S.67 6.14 7.18 8.Bl
4 6.45 5.11 5.13 5.12 6.51 7.17 6.33 5.59 6.21 7.38 9.06 5 6.40 6.65 7.36 9.45
November 1 6.28 4.99 5,04 5.17 6.66 7.52 6.34 5.55 6.22 7.27 9.64
2 6.12 5.19 5.10 5.19 6.55 7.43 6.39 5.51 6.17 7.31 9.50 3 5.87 5.25 5.01 5.27 6.53 7.39 6.26 5.45 6.11 7.38 9.50
4 5.44 5.36 4.96 5.13 6.71 7 .39 6.16 5.45 6.16 7.26 9.61 5 4.99 5.15 6.29
December 1 5,41 5.44 4,96 5.15 6.89 7.31 6.03 5.47 6.29 7.17 9.84
2 5.33 5.23 5.03 5.06 7.15 7. 34 5.96 5.54 6.45 7.26 10.42
3 5.47 5.21 5.10 5.11 7.08 7.30 5.95 5.55 6.67 7.22 10.56
4 5.50 5.13 5.11 5.16 7.08 7.30 5.93 5.62 6.61 7.23 9.99 5 5.58 5.02 5.83 S.66 9.76
. '
REPORT OF CERTIFIED PUBLIC ACCOUNTANT
THE STATE OF TEXAS §
§
COUNTY OF LUBBOCK §
I. the undersigned, Larry Anderson of Mason I Nickels a.nd Wa_rn_e_r-=------.-c-e_r_t...,.i""'f""i-e"'"'d"""""=P,...ub~l~i-c-
Accountants, DO HEREBY MAKE the following report:
1. Tha.t the total gross revenues, operation. and maintenance
expenses and net revenues from the operation of the Electric
Light and Pcwer System of the City of Lubbock, Texas. for the
fiscal year ending September 30, 1980, as shown by the City's
books are as follows:
Fiscal Year Gross
Ending 9/30 Revenues
1980 · $29,891,540
Operating and Main-
tenance Expenses
$24,870,851
Net
Revenues
$5,020,689
2. That the net revenues. of the City's Electric Light
and Power System fer the fiscal year ending September 30, 1980,
are equal to at least one and one-half (1-1/2} times the average
annual p~incipal and interest requirements of all bonds which
will be secured by a first lien on and pledge of the net revenues
of t~e System which will be outstanding after the issuance of
the proposed "City of Lubbock, Texas, Electric Light and Power System Revenue Bonds, Series 1981", dated August 15, 1981, .and
maturing and bearing interest at the per annum rates set forth
in ordinance nrnbered 823b, nayable on April 15, 1982 and semiannually thereafter onctober 15 and April 15 in each year
and further. that said net revenues are equal to at least one
and one-fifth (1-1/5) times the maximum annual principal and
interest requirements of all such bonds as will be outstanding
upon the issuance of the aforesaid Series 1981 Bonds.·
Cert e u ~:::
BY: ~
MA.·. ·~SON NIC. KE. LS AND.. . W. ARNER.
d SWORN TO AND SUBSCRIBED BEFORE ME• this the J..q day of
............... ...,.....~---
(Notary Seal)
' .....,
, 1981. ·. .
Notary Public in and for
Lubbock County, Texas
.,
RESOLUTION 898 -8/27/81
A RESOLUTION by the.City Council of th~·
City of Lubbock, Texas, awarding the
sale of $9,000,000 "City ·of Lubbock,
Texas, Electric Light and Power
System Revenue Bonds, Series 1981",
dated August 15, 1981 and making
certain findings in connection
therewith.
WHEREAS, this City Council has heretofore determined that
it is to the best interest of the City and it inhabitants to
provide for the sale of the revenue bonds, notice of said sale
having been duly published; therefore.
llE IT RESOLVED B¥ THE CITY COUNCIL OF THE CITY OF LUBBOCK,
TEXAS:
SECTION l: That the $9,000,000 "CITY OF LUBBOCK, TEXAS,
ELECTRIC LIGHT AND POWER SYSTEM REVENUE BONDS, SERIES i98ltl dated
August 15, 1981, heretofore authorized to be issued be and the
s:w.r A~ftci1!tJ°t~Y_ s_o;d_ ~o-}:r:i ~I_ L:n:h_ W~ I :e ~e ~d _ t:p~ t: 1 _ H:r~e~s _ c:o~p
for cash for the par value thereof and accrued interest thereon
to date of delivery, ?lus a premium of-$ -o-. Delivery.
of said bonds shall be made to said purchasers as soon as may be
after the adoption of this resolution, upon payment therefor in
accordance with the terms of sale._ _
SECTION 2: The form and content of the Official Notice of
Sale with respect to said Bonds, and any addenda,,supplement or
amendment thereto are hereby approved and the further use thereof
by the purchaser of said Bonds is hereby authorized.
PASSED AND APPROVED to take effect immediately, this the
27th_day of August, 1981 .
ATTEST:
C:,.S. 'T~~ Cityecre ii ~ityo
Lubbock, Texas ·
(City Seal)
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS §
§
COUNT~ OF LUBBOCK §
§
CITY OF LUBBOCK § I. J
I, the undersigned, City Secretary of the City of
Lubbock, Te~..as, DO HEREBY CERTIFY as follows:
1. That on the 27th day of August , 1981,
the City Council of the City of Lubbock. Texas, convened in
re~ular session at its regular meeting place in the
City Hal.I of said City; the duly constituted members of the
Council being as follows:
BILL McALISTER
ALAN HENRY
M.J. ADERTON
E. JACK BROWN
JOAN BAKER l
MAYOR
COUNCILMEMBERS
and all of said persons were present_ at said meeting. except
the following: None • Among other business _c_o_n_s-.i~d~e~r-e-a.--a~t,--s~a-1r•a-.-m-e-e~t7i~n~g-.-::t~h~e'.""""":a~t~t~a:-:"ched
resolution entitled:
.. ARESOLUTIOU by the City Council of the City
of Lubbock, Texas, awarding the sale of
No. 898 $9,000.000 "City of Lubbock, Texas, Electric
Light and Power System Revenue Bonds, Series
1981," dated August 15, 1981, and making
certain findings in connection therewith."
was introduced and submitted to the Council for passage and
adoption. After presentation and due consideration of the
resolution, a motion was made by Councilwoman Joan Baker that
the resolution be finally passed and adopted. The motion was seconded by Mayor Pro Tern Alan Henry and carried by the
following vote~
3 voted "For" 2 voted "Against" O abstained
· all as shown in the official Minutes of the Council for the
meeting held on the aforesaid date.
2. That the attached resolution is a true and correct
copy of the original on file in the official records of the
City; the duly qualified and acting members of the City
Council of said City on the date of the aforesaid meeting
are those persons shown above and, according to the records
of my office, each member of the Council was given actual
notice of the time, place and purpose of the meeting and had
actual notice that the matter would be considered; and that
said meeting, and deliberation of the aforesaid public
business, was open to the public and written notice of said
meeting, including the subject of the entitled resolution,
was posted and given in advance thereof in compliance with
the provisions of Article 6252-17, Section 3A, V.A.T.C.S.
IN WITNESS WHEREOF, I have hereunto signed my name
~f'.ficiaUy and affixed the seal of said City, this the
-·~ day of · August • 1981.
!ft~~ Lubbock, Texas .
(City Seal)
..
REPORT OF CERTIFIED PUBLIC ACCOUNTANT
THE STATE OF TEXAS §
§
COUNTY OF LUBBOCK §
I, the undersigned, _L_a_r_ry~_An_d_e_r_s_o_n_---=----.-~---of .I Mason, Nickels and Warner , Certified Public
Accountants, DO HEREBY MAKE the following report:
1. That the total gross reveil.ues. operation and maintenance
expenses and net revenues from the operation of the Electric
Light and Pcwer System of the City of Lubbock, Texas, for the
fiscal year ending September 30, 1980, as shown by the City's
books are a.s follows:
Fiscal Year Gross
Ending 9/30 Revenues
1980 ·$29,891,540
Operating and Main-
tenance Expenses
$24,870,851
Net
Revenues
$5,020,689
2. That the net revenues of the City•s Electric Light
and Power System fer the fiscal year ending September 30, 1980,
are equal to at least one and one-half (1-1/2) times the average
annual principal and interest requirements of all bonds which
will be secured by a first lien on and pledge of the net revenues
of the System which will be outstanding after the issuance of
the proposed "City of Lubbock, Texas. Electric Light and Power System Revenue Bonds, Series 1981", dated August 15, 1981, and
maturing and bearing interest at the per annum rates set forth
in ordinance numbered 8232 , payable on April 15, 1982 and
semiannually thereafter on October 15 and April 15 in each year
and further, that said net revenues are equal to at least one
and one-fifth (1-1/5) times the maximum annual principal and
interest requirements of all such bonds as will be outstanding
upon the issuanc.e of the aforesaid Series 1981 Bonds.
a~Pf TO AND SUBSCRIBED BEFORE ME. this the L-day of
-~ , 1981.
(NotarY::Seal)
Notary Public in and for
Lubbock County. Texas
THE ST A TE OF TEXAS
COUNTY OF LUBBOCK
Before meBonnie McKee a Notary Public in and for Lubbock Countv, Texas on this day
personally appeared Twi I a Fo I ,om,Busine,r. Office Manaf!er of the S~uthwestern Newspa-
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 been published continuously for more
than fifty-two weeks prior to the first insertion _qf 1his Lef!a I Nctice-129 words<8$1.25
Per word-$161.25 No. 950737 at Lubbock County. Texas and the attached print-
ed copy of the N 0 t 1 ce is a true copy of the original and was printed in the Lubbock
Avalanche-Journal on the following dates: Ju IY 26, Auf!us t 2, 9, 16, 23, 1981.
Business Office Manaf!er
LUBBOCK AVALANCHE-JOURNAL
Southwestern Newspapers Corporation
Subscribed and swornlo before me this li.1h. day of Auf!us t
FORM51!-lt
Bomiir MdiF.E, ~JOTARV FUSI.IC
IN AND F'Of: THf. STt.TE: Or TEX'-$
MY COMM:S:.'iON EX?iF!tS NOV. 10, Ul:!4
THE STATE OF TEXAS
COUNTY OF LUfiB~~
Before mc'!onn e C 11 a Notary P.JJbli'i in_ alj for Lubbock Countv. Texas on this day
personally appeared Twila Folr.om,IJur.lne&& Uff ce anaeer of the S~uthwestern Newspa-
pers Corporation. publishers of the Lubbock Avalanche-Journal Morning. Evening and Sunday, who
being by me duly sworn did depose and say that said newspap.er1ha;,. beep pubLished conli_I!UU,flV w5 more
than fiftY:t'\Yf.l w~e.ks.nr~ to the first inseffl~This &eee NO'U.Cl•J.29 vora&V' :r.:.z
Per word•v:Z.C'>2..~;;, No. ___ J_;j __ at Lubbock County, Texas and the attached print·
ed copy of the Notice it'; q. true. £:OPY .. or the Qriinal~ind r,;s Pi~ed f.tiil Lubbock Avalanche-Journal on the following dates: "'11,H ~ 11:C> f 11,Uf!U&'t t • 1 • •
Buatne&G Office Manaier
LUBBOCK AVALANCHE-JOURNAL
Southwestern Newspapers Corporation
Subscribed ·;md sworrt·ti:r before me this 24th day of Aul!U& t ~,-s-· .. · ·. ~ .
. .. ~
BONNI£ McKEE, l!OT.M!'I' PI.IBL!C
IN ANO f'OR iHE $TATE •i' rrus ,:::ISS,-::::k ...
THE STATE OF TEXAS
COUNTY Q.F LU~B~~
Befor/ m~onn e C II a .Notary P.Jiblir;. in a~ foi._ltubjock County. Texas on this day
personally appeared TWIii Fol&om,DUllftl&I Uff&Ce an e of the Southwestern Newspa-
pers Corporation, publishers of the Lubbock Avalanche-Journa 1 -Morning. Evening and Sunday. who
being by me duly sworn _did depose _and ~ay th_at said n_ew!ti]ap_er .ha~. bc:e11.Jlu2lished contillUJjlli ui5more
than f1fty~two wee.k!l.Jlrwi;. to the first 1nser:.twll..lJ,[..lh1s Ul!GI NOl&C'e 2.29 VOraa :I.a~
Der word•Ul.OJ.e~ No. _"IP_::>_'U_T_~_T __ at Lubbock County, Texas and the attached print-
ed copy of the Not lee ~a.true.copy ,pf the arirlnal;;1nd w1,s pr.ii.led ltil Lubbock
Avalanche-Journal on the following dates: 4'UU' -'b" AUi!'.Ul'I ~• Yt "' • ~Jilr •
1u11n11a Office Manauer
LUBBOCK AVALANCHE-JOURNAL
Southwestern Newspapers Corporation
Subscribed,ind sw~rn t~:before me this24th day of Aullu&t ... '~ ,.,
FORM58-10
BONNIE Mcl(EE, NOTAf!'r' PUBLIC
ll'l ANO m~ THE ST ATF.. OF TEl!AS
MY CCMM!SS10N OPIRES Nov. lO, 1984
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