HomeMy WebLinkAboutOrdinance - 8430-1983 - Ord. By City Council Of Lubbock Auth. Issuance Of $18,775,000. - 04/28/1983ORDINANCE NO. 8430
AN ORDINANCE by the City Council of the City of
Lubbock, Texas, authorizing the issuance of
$18,775,000 "CITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 198311 , dated May 15,
1983; prescribing the form of the bonds and
the form of the interest coupons; levying a
continuing direct annual ad valorem tax on
all taxable property within the limits of
said City to pay the interest on said bonds
and to create a sinking fund for the redemption
thereof and providing for the assessment and
collection of taxes; and enacting provisions
incident and.related to issuance, sale and
delivery of said bonds.
WHEREAS, the City council of the City of· Lubbock,. Texas
hereby finds and determines that general obligation bonds of
the City, approved to be issued at elections held May 21,
1977, August 9, 1980 and November 21, 1981 and totaling in
principal amount $18,775,000, should be issued and sold at
this time; a summary of the unissued general obligation
bonds approved at the aforesaid elections, the respective
authorized purposes and amounts authorized to be issued
therefor, amounts previously issued and being issued pursuant
to this ordinance and amounts remaining to be issued subsequent
to the date hereof being as follows:
Election Authorized
Date Purpose
5•21-77 Waterworks
System Imp.
Amounts
Amount Previously
Authorized Issued
Amounts
Being Unissued
Issued Balance
& Ext. $16,775,000 $11,625,000 $ 400,000 $4,750,000
•' Sewer System
Imp. & Ext. 3,303,000
Street
Improvements 4,782,000
Storm Sewer &
Drainage 473,000
Fire Station
(adjacent
areas when
annexed) 310,000
8-9-80 Waterworks
System Imp.
2,030,000
3,693,000
100,000
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& Ext. 21,000,000 16,200,000
11-21-81 Waterworks
System Imp.
& Ext. 5,226,000 -o-
Sewer System
Imp. & Ext. 1,090,000
-o-1,273,000
-o-1,089,000
-o-373,000
-o-310,000
4,800,000 -o-
-o-5,226,000
-o-6,802,000
Amounts Amounts
Election Authorized Amount Previously Being Unissued
Date Pureose Authorized Issued Issued Balance
11-21-81 Street
Improvements 9,495,000 3,280,000 2,025,000 4,190,000
Airport 12,854,000 812,000 11,550,000 492,000
Fire
Department 877 1000 2so1000 -o-627 1000
AND WHEREAS, the City Council hereby reserves the right to issue the balance of unissued general obligation bonds
approved at the May 21, 1977 and November 21, 1981 elections in one or more installments or series and at such time or
times as the Council in its sole discretion shall determine;
now, therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
LUBBOCK, TEXAS:
SECTION l: That the bonds of said City, to be known as
11CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES
198311 , be and the same are hereby ordered to be issued in
the principal sum of EIGHTEEN MILLION SEVEN HUNDRED SEVENTY-FIVE
THOUSAND DOLLARS ($18,775,000) for the purpose of making
permanent public improvements, to wit: $5,200,000 for constructin
improvements and extensions to the City's waterworks system:
$2,025,000 for constructing street improvements, including
lighting; and $11,550,000 for constructing, improving and
expanding the City's Airport Terminal facilities, and including
terminal apron improvements; under and by virtue of the
Constitution and laws of the State of Texas.
SECTION 2: That said bonds shall be dated May 15,
1983; shall be numbered consecutively from One (1) through
Three Thousand Seven Hundred Fifty-Five (3,755); shall each be in the denomination of Five Thousand Dollars ($5,000),
and shall become due and payable serially on February 15 in
each of the years and bear interest at per annum rates in
accordance with the following schedule:
Bond Numbers Year of Principal Interest
(All Inclusive} Maturit:I Amount Rate
1 to 185 1984 $925,000 /() %
186 to 370 1985 925,000 /(} %
371 to 555 1986 925,000 L.O %
556 to 740 1987 925,000 /0 %
741 to 925 1988 925,000 /I) %
926 to 1,110 1989 925,000 t..l!. %
1,111 to 1,295 1990 925,000 /0 %
1,296 to 1,480 1991 925,000 9.~ % 1,481 to 1,665 1992 925,000 Z. 7 %
1,666 to 1,855 1993 950,000 z~7.l" %
1,856 to 2,045 1994 950,000 zz.r %
2,046 to 2,235 1995 950,000 z f,) %
2,236 to 2,425 1996 950,000 ,p %
2,426 to 2,615 1997 950,000 i. %
2,616 to 2,805 1998 950,000 J:. %
2,806 to 2,995 1999 950,000 p %
2,996 to 3,185 2000 950,000 z %
3,186 to 3,375 2001 950,000 '2. %
3,376 to 3,565 2002 950,000 .., %
3,566 to 3,755 2003 950,000 2 %
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PROVIDED, HOWEVER, the City reserves the right to
redeem the bonds of this series maturing on and after February 15
1994, in whole or any part thereof, on February 15, 1993, or
on any interest payment date thereafter, at the price of par
and accrued interest to the date fixed for redemption;
PROVIDED, FURTHER, that at least thirty (30) days prior to a
date any of said bonds are to be redeemed, a notice of
redemption, signed by the City 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 (the paying agents named in each of said bonds); and
if the City shall have made available by the redemption date
funds sufficient to pay the bonds to be redeemed and accrued
interest thereon, any bond or bonds not presented for redemption
pursuant to such notice shall cease to bear interest from
and after the date so fixed for redemption.
SECTION 3: That said bonds shall bear interest from
date to maturity, or the redemption thereof in accordance
with the terms prescribed therefor, at the per annum rates
shown above, such interest to be evidenced by proper coupons
attached to each of said bonds and said interest shall be
payable on February 15, 1984, and semiannually thereafter on
August 15 and February 15 in each year.
SECTION 4: That 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, N. A., New
York, New York, or, at the option of the holder, the Texas
Commerce Bank, National Association, Lubbock, Texas upon
presentation and surrender of bonds or proper coupons.
SECTION 5: That the seal of said City may be impressed
on each of said bonds, or in the alternative, a facsimile of
such seal may be printed on 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 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 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: That the form of said bonds shall be substantial
as follows:
NO. UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK, TEXAS,
GENERAL OBLIGATION BOND, SERIES 1983
$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 the bearer
hereof, the principal sum of
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FIVE THOUSAND DOLLARS
($5,000), in lawful money of the United States of America, on the 15TH DAY OF FEBRUARY,.,..,.. ___ , with interest thereon
from the date hereof to maturity, or the redemption hereof
in accordance with the terms prescribed therefor, at the
rate of.-,--------..-...--,---,.-,,--.----... PER CENT <..,,..,...___,%) per annum, such interest being payable on February 15,
1984, and semiannually thereafter on August 15 and February
15 in each year and evidenced by interest coupons attached
hereto.
BOTH PRINCIPAL AND "INTEREST are payable only upon
presentation and surrender of this bond and the interest
coupons hereto attached as the same severally become due at
the Citibank, N. A., New York, New York, or, at the option
of the holder, the Texas Commerce Bank, National Association
Lubbock, Texas, without exchange or collection charges to
the owner or holder, and the bearer of this bond and its
appurtenant interest coupons shall be deemed the owner
thereof for purposes of receiving payment and all other
purposes, and neither the City nor the aforementioned places
of payment shall be affected by any notice to the contrary.
THIS BOND is one of a series of bonds, dated May 15,
1983, numbered consecutively from One (1) through Three
Thousand Seven Hundred Fifty-Five (3,755), each in the
denomination of Five Thousand Dollars ($5,000), aggregating
in principal amount EIGHTEEN MILLION SEVEN HUNDRED SEVENTY-FIVE
THOUSAND DOLLARS ($18,775,000), issued for the purpose of
making permanent public improvements, to wit: $5,200,000
for constructing improvements and extensions to the City's
waterworks system; $2,025,000 for constructing street
improvements, including lighting; and $11,550,000 for
constructing, improving and expanding the City's Airport
Terminal facilities, and including terminal apron improvements;
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 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 said
series maturing on and after February 15, 1994, in whole or
any part thereof, on February 15, 1993, or on any interest
payment date thereafter, at the price of par and accrued
interest to the date fixed for redemption; PROVIDED, HOWEVER,
that at least thirty (30) days prior to a date 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 the City
shall have made available by the redemption date funds
sufficient to pay the bonds to be redeemed and accrued
interest thereon, any bond or bonds not presented for redemption
pursuant to such notice shall cease to bear interest from
and after the date so fixed for redemption.
IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that
the issuance of this bond and the series of which it is a
part is duly authorized by law and by elections held for
that purpose in 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
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and proper provision has been made for the levying and
collection of taxes, which, when collected, shall be
appropriated exclusively to the payment of this bond and the
series of which it is a part, and to the payment of the
interest coupons thereto annexed, as the same shall become
due; and that the total indebtedness of the City of Lubbock,
Texas, including the entire series of bonds of which this
bond 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 th.e seal of the City to be
impressed or a facsimile thereof to be printed hereon, and
this bond and its appurtenant coupons to be executed by the
imprinted facsimile signatures of the Mayor and City
secretary of said City.
COUNTERSIGNED:
City Secretary, City of
Lubbock, Texas
Mayor, City of Lubbock, Texas
SECTION 7: That the form of interest coupons attached
to each of said bonds shall be substantially as follows:
unless the bond to which this
coupon pertains has been
redeemed in accordance with
the terms prescribed,
therefor, CITY OF LUBBOCK, a
municipal corporation in
the County of Lubbock, the
State of Texas, hereby
promises to pay to bearer the
amount shown hereon in lawful
money of the United States of
America, without exchange or
collection charges to the
owner or holder hereof, upon
presentation and surrender of
this coupon, at the CITIBANK,
N.A., New York, New York, or
at the option of the holder,
the TEXAS COMMERCE BANK,
NATIONAL ASSOCIATION, Lubbock,
Texas, said sum being interest
due that day on 11CITY OF
LUBBOCK, TEXAS, GENERAL OBLI-
GATION BOND, SERIES 198311
dated May 15, 1983.
city Secretary Mayor
On the 15th day of
NO. $ ____ _
SERIES 1983
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.
I HEREBY CERTIFY that there is on file and of record in
my office a certificate of the Attorney General of the State
-s-
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
of the 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 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 thereafter while
said bonds or interest thereon shall remain outstanding and
unpaid, a sufficient t~x 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 purpose. The taxes so levied shall be paid into a
fund known as 11SPECIAL SERIES 1983 GENERAL OBLIGATION BOND
FUND", which is hereby established for the payment of the
obligations herein authorized. The 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 indebtedness.
SECTION 10: That the sale of the ~ends h~rein authorized
to ~k/..9L 1c.B1N {. D,#. (._-, s,, .,4,~ .,9, 4A/ ✓ n ss CC.1;9 TE:r
at the price of par and accrued interest to the date of
delivery, plus a premium of$ -a -is hereby confirmed.
Delivery of said bonds shall be made to said purchasers as
soon as may be after the adoption of this ordinance, upon
payment therefor in accordance with the terms of sale.
SECTION 11: That the purchasers' obligation to accept
delivery of the bonds herein authorized is subject to their
being furnished a final opinion of 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 said bonds, with appropriate
certificate pertaining thereto executed by facsimile
signature of the City Secretary of the City of Lubbock,
Texas, is hereby approved and authorized.
SECTION 12: That the City hereby certifies and covenants
that the prpceeds of the bonds 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 within three years from the date of the
receipt thereof by the City; it is not reasonably expected
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that the proceeds of the bonds or moneys deposited in the
interest and sinking fund created for the payment of the
bonds will be used or invested in a manner that would cause
the.m to be or become II arbitrage bonds II within the meaning of
Section 103(c) of the Internal Revenue Code of 1954, as
amended, or any regulations or published rulings pertaining
thereto; and save and except for the interest and sinking
fund created herein no other funds or accounts have been
established or pledged to the payment of the bonds. Proper
officers of the City charged with the responsibility 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 the issue
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 herein authorized are for the benefit of the
holders of the bonds and coupons appertaining thereto and
may be relied upon by the bondholders and bond counsel for the City.
SECTION 13 That the Mayor of the City shall be and is
hereby authorized to take and have charge of all necessary
orders and records pending investigation by the Attorney
General of the state of Texas, 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 14: That CUSIP numbers may be printed on the
bonds herein authorized. It is expressly provided, however,
that the presence or absence of CUSIP numbers on the bonds
shall be of no significance or effect as regards the legality
thereof and neither the City nor attorneys approving said
bonds as to legality are to be held responsiple for CUSIP
numbers incorrectly printed on the bonds.
SECTION 15: That, in reference to the Official Statement
prepared 1n the initial offering and sale of the bonds
herein authorized by the City, the City Council ratifies and
confirms its prior approval of the form and content thereof
and hereby approves the form and content of any addenda,
supplement or amendment thereto; the use of such Official
Statement in the reoffering of the bonds by the above named
purchaser(s) is hereby approved and authorized; and the
proper officials of the City are hereby authorized to execute
and deliver a certificate pertaining to said Official Statement
as prescribed therein, dated as of the date of payment for
and delivery of the bonds.
PASSED on first reading the 28th day of April, 1983.
PASSED AND ADOPTED on second reading the 29th day of
April, 1983.
Ma~as
ATTEST:
(City Seal)
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