HomeMy WebLinkAboutOrdinance - 7713-1978 - Ordinance 7713 Authorizing Bonds $2,420,000 Permanent Public Improvement - 08/20/1978. . ,:J \ J ... 1\
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I ORDINANCE NO , 1JJ 3 J
AN ORDINANCE by the City Council of the City of
Lubbock, Texas, authorizing the issuance of
$2,420,000 nCITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1978,11 dated Septem-
ber 1, 1978, for the purpose of making permanent
public improvements, to wit: $400,000 for con-
structing improvements and extensions to the
City's waterworks system; $500,000 for construc-
ting improvements and extensions to the City's
sanitary sewer system; $1,050,000 for construc-
ting street improvements in and for said City,
including lighting and signalization; $100,000
for constructing, enlarging, extending and instal-
ling storm sewers, drains and gutters and other
improvements incidental thereto., i_ncludirrg· ·:the
acquisition of land for drainage ~urposes and
drainage area modifications; and ~370,000 for con-
structing, improving and equipping fire station
buildings in and for said City and the purchase of
necessary sites therefor; prescribing the form of
the bonds and the form of the interest coupons;
levying a continuing direct annual ad valorem
tax on all taxable property within the limits of
said City to pay the interest on said bonds and to
create a sinking fund for the redemption thereof
and providing for the assessment and collection of
such taxes; enacting provisions incident and re-
lating to the subject and purpose of this ordi-
nance; and providing an effective date.
WHEREAS, pursuant to an election held in the City of Lubbock,
Texas,on the 21st day of May, 1977, this City Council became
authorized and empowered to issue general obligation bonds of
the City to mature serially over a period of years not to exceed
forty (40) years from their date, for the purpose of makj_ng per-
manent public improvements, to wit:
$16,775,000
$ 3,303,000
$4,782,000
$ 473,000
for constructing improvements and extensions
to the City's water works system;
for constructing improvements and extensions
to the City's sanitary sewer system;
for constructing street improvements in and
for said City, including lighting and signali-
zation;
for constructing, enlarging, extending ·and
installing storm sewers, drains and gutters
and other improvements incidental thereto,
including the acquisition of land for drain-
age purposes and drainage area modifications;
$ 792,000 for constructing, improving and equipping fire
station buildings in and for said City and the
purchase of necessary sites therefor;
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$ 310,000 for constructing, improving and equipping
fire station buildings in areas presently
adjoining the City and the purchase of nec-
essary sites therefor (at such time as the
areas are annexed to the City);
AND, WHEREAS, this City Council now deems it advisable and to
the best interest of the City that of the bonds voted at the election
held May 21, 1977, the following should now be issued, all as re-
flected by the following table:
AMOUNT
DATE AU-AMOUNT BEING lJNISSUED TifORIZED PURPOSE AUTiiORIZED ISSUED BALANCE
5-21-77 WW Imp & Ext $16,775,000 $ 400,000 $16,375,00C 5-21-77 SS Imp & Ext 3,303,000 500,000 2,803,000 5-21-77 Str Imp, Ltng & .. Signal 4,782,000 1,050,000 3,732,000 5:-21-77 Storm__:~ewer & Drainage 473,000 100,000 373,000 5-21-77 Fire Sta Bldgs & Sites 792,000 370,000 422,000
5-21-77 Fire Sta Bldgs & Sites
(Areas when annexed) 310,000 -0-310,000
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF LUB~OCK, TEXAS:
SECTION 1: That the bonds of said City, to be known as "CITY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1978," be and
the same are hereby ordered to be issued in the principal sum of TWO
MILLION FOUR HUNDRED TWENTY THOUSAND DOLLARS ($2,420,000) for the
purpose of making permanent public improvements, to wit: $400,000
for constructing improvements and extensions to the City's waterworks
system; $500,000 for constructing improvements and extensions to the
City's sanitary sewer system; $1,050,000 for constructing street
improvements in and for said City, including lighting and signaliza-
tion; $100,000 for constructing, enlarging, extending and installing
. storm sewers, drains and gutters and other improvements incidental
thereto, including the acquisition of land for drainage purposes
and drainage area modification; and $370,000 for constructing, im-
proving and equipping fire station buildings in and for said City
and the purchase of necessary sites therefor; under and by virtue
of the Constitution and laws of the State of Texas.
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SECTION 2: That said bonds shall be numbered consecutively
from One (1) through F·our Hundred Eight-Four (484), shall each be in
denomination of Five Thousand Dollars ($5,000), aggregating in prin-
cipal amount TWO MILLION FOUR HUNDRED TWENTY THOUSAND DOLLARS
($2,420,000); shall be dated September 1, 1978, and shall become due
and payable serially, on March 1 in each of the years and bear ..
interest at the per annum rates in accordance with the following
schedule: I I I I ' . i
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:. BOND·.· NUMBERS
(All Inclusive)
1 to 24
25 to 48
49 to 72
73 to 96
97 to 120
121 to 144
145 to 168
169 to 192
193 to 216
217 to 240
241 to 264
265 to 288
289 to 312
313 to 336
337 to 360
361 to 384
385 to 409
410 to 434
435 to 459
460 to 484
MATURITY AMOUNT RATE
1979 $120,000 4.20 %
1980 120,000 6.zo %
1981 120,000 6.zo %
1982 120,000 6.zo %
1983 120,000 6.20 %
1984 120,000 4.62 %
1985 120,000 4.zo %
1986 120,000 4.75 %
1987 120,000 4.80 %
1988 120,000 4.85 %
1989•· 120,000 4.90 %
1990 120,000 '.4.90 %
1991 120,000 5.00 %
1992 120,000 s.oo %
1993 120,000 5. 1 O %
1994 120,000 5 .10 %
1995 125,000 5.20 %
1996 125,000 5.30 %
1997 125,000 s.Zio %
1998 125,000 5.00 %
PROVIDED, HOWEVER, that the City reserves the right to redeem the
bonds of this series maturing on March 1, 1994, and subsequent, in
whole or any part thereof, on March 1, 1993, or on any interest pay-
ment 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 re~
deemed, 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, N.Y. and the
TEXAS COMMERCE BANK, NA.TIONAL ASSOCIATION, Lubbock, Texas (the
paying agents named in each of said bonds); and if by the date so
fixed for redemption the City shall have made available funds in
amounts sufficient to pay the bonds to be redeemed and accrued
interest thereon, any bond or bonds not presented for redemption
1, pursuant to such notice shall cease to bear interest from and
after the date so fixed for redemption.
SECTION 3: The bonds herein authorized to be issued shall bear
interest from date to maturity at 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 March 1, 1979, and
semiannually thereafter on September 1 and March 1 in each year.
SECTICN 4: That both principal of. and interest on said bonds
shall be payable in lawful money of the United States of America,
without exchange or collection charges to the owner or holder, at
the CITIBANK, N.A., New York,New York, or, at the option of the
holder, at the TEXAS COMMERCE BANK, NATIONAL ASSOCIATION, Lubbock,
Texas, upon presentation and surrender of bonds or proper coupons.
SECTION 5: That the seal of said City may be .impressed on each
of said bonds or, in the alternative, a facsimile of such seal.
may be printed on the said bonds. The bonds and interest coupons
appurtenant thereto may be executed by the imprinted facsimile
signatures of the Mayor and City Secretary of the City, and
execution in such manner shall have the same effect as if such
bonds and ·.coupons had been signed by the Mayor and City Secretary
in pers·on by their manual signatures. Inasmuch as such bonds are
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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 substantially
as follows:
NO. UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY. OF LUBBOCK, TEXAS, GENERAL OBLIGATION
BOND, SERIES 1978
$5,000
The CITY OF LUBBOCK, a municipal corporation of the State of
Texas, acknowledges itself indebted to and, FOR VALUE RECEIVED,
hereby promises to pay to bearer the sum of
FIVE THOUSAND DOLLARS
($5,000), in lawful money of the United States of America, on the
1st day of March, 19_, with interest thereon from the date hereof
to maturity at· the rate of---,,-,,-----.-----,,--..,,....,.~.------,---...--PER CENTUM ( ___ %) per annum, payable on March 1, 1979, and semiannually
thereafter on September 1 and March 1 in each year, and interest
falling due on or prior to maturity hereof is payable only upon
presentation and surrender of the interest coupons hereto attached
as they severally become due.
BOTH PRINCIPAL OF and interest on this bond are hereby made
payable at the CITIBANK, N.A., New York, New York, or, at the option
of the holder, at the TEXAS COMMERCE BANK, NATIONAL ASSOCIATION,
Lubbock, Texas, without exchange or collection charges to the owner
or holder, and for the prompt payment of this bond and the interest
thereon at maturity, the full faith, credit and resources of the City
of Lubbock, Texas, are hereby irrevocably. pledged.
THIS BOND is one of a series of Four Hundred Eighty-Four (484)
serial bonds, numbered consecutively from One (1) through Four
Hundred Eighty-Four (484), each in denomination of Five Thousand
Dollars ($5,000), aggregating TWO MILLION FOUR HUNDRED TWENTY
THOUSAND DOLLARS ($2,420,000), issued for the purpose of making
permanent public improvements, to wit: $400,000 for constructing
improvements and extensions to ·the City's waterworks system;
$500,000 for constructing improvements and extensions to the City's
sanitary sewer system; $1,050,000 for constructing street improve-
ments in and for said City, including lighting and signalization;
$100,000 for constructing, enlarging, extending and installing
storm sewers, drains and gutters and other improvements incidental
thereto, including acquisition of land for drainage purposes and
drainage area modifications; and $370,000 for constructing, improving
and equipping fire station buildings in and for said City and the
purchase of necessary sites therefor; under authority of the
Constitution and laws of the State of Texas, and pursuant to ·an
ordinance duly adopted by the City Council of the City of Lubbock,
Texas, and recorded in the Minutes of said.City Council.
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AS SPECIFIED in · the ordinan·ce hereinabove mentioned, the City
reserves the right to redeem the bonds of said series maturing on
March 1, 1994, and subsequent, in whole or any.part thereof, on
March 1, 1993, or on any interest payment date thereafter, at the
price of par and accrued interest to the date fixed for redemption;
PROVIDED, HO'WEVER, that at least thirty (30) <lays prior to 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 CO:MMERCE BANK, NATIONAL ASSOCIATION,
Lubbock, Texas;: and if by the date so fixed for redemption the
City shall have made available funds in amounts sufficient to pay the
bonds to be redeemed and accrued interest 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 authority expressly conferred at an
election held for that purpose within said City; that all acts,
conditions and things required to be done precedent to and in
the issuance of this series of bonds and of this bond, have been
properly done and performed and have happened in regular and due
time, form and manner as required by law; that sufficient and
proper provision has been made for the levy and collection of
taxes which, when collected, shall be appropriated exclusively
to the payment of this bond and the series of'which it is a part,
and to the payment of the interest coupons thereto annexed, as
the· same shall become due; and that the total indebtedness of the
City of Lubbock, Texas, including the entire series of bonds of
•which this is one, does not exceed any constitutional or statu-
tory limitation. ·
IN TESTIMONY WHEREOF, the City Council of the City of Lubbock,
Texas, in accordance with the provisions of Article 717j-l, V.A.T.
C.S., has caused the seal of said City to be impressed or a fac-
simile thereof to be printed hereon, and this bond and its appur-
tenant coupons to be executed with the imprinted facsimile
signatures of the Mayor and City Secretary of said City; the date
of this bond, in conformity with the ordinance above referred to,
being the first day of.September, 1978.
Mayor, City of Lubbock, Texas
COUNTERSIGNED:
City Secretary, City of Lubbock,
· Texas
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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 properly called for redemption in
accordance with its terms,) the CITY OF LUBBOCK,
a nnmicipal corporation of the State of Texas,
hereby promises to pay to bearer the amount
shown hereon in lawful money of the United
States of America upon presentation and surren-
der of thjs coupon. at the CITIBANK, N.A ..
New York, New York, or, at the option of the
holder, at the ~XAS COMMERCE_ BANK, NATIONAL
ASSOCIATION, Lubbock, Texas, without exchange
or collect·ion charges on 11CITY OF LUBBOCK,
TEXAS, GENERAL OBLIGATION BOND, SERIES 1978,"
dated September 1, 1978.
City Secretary Mayor
On the 1st day of
No. $ -----
SERIES 1978
Bond
No.
SECTION 8: That the following certificate shall be printed
on the back of each bond:
OFFICE OF CO:MPTROLLER
STATE OF TEXAS
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§
REGISTER NO.
i . I HEREBY CERTIFY that there is on file and of record in my
office a certificate of the Attorney General of the State of Texas
to the effect that this bond has been examined by him as required
by law, and that he finds that it has been issued in conformity
with the Constitution and laws of the State of Texas, and that
it is a valid and binding obligation upon said City of Lubbock,
Texas, and said bond has this day been registered by me.
WITNESS MY HAND AND SEAL OF OFFICE at Austin> Texas,
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Comptroller of Public Accounts of the
State of Texas
SECTION 9: That to provide for the payment of the debt serv-
ice requirements on the said bonds, being (i) the interest on said
bonds and (ii) a sinking fund for their redemption at maturity or
a sinking fund of 2% (whichever amount shall be greater), there
shall be and there is hereby levied for the current year and each
succeeding year thereafter while said bonds or interest thereon
shall remain outstanding and unpaid, a sufficient tax on each one
hundred dollars' valuation of taxable property in said City, ade-
quate 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 the
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 "SPECIAL GENERAL OBLIGATION BOND FUND, SERIES 1978,11
which is hereby established for the payment of the obligations herein
*NOTE TO PRINTER: The expression in parentheses to be included
only i~ coupons maturing September 1, 1993, and subsequent, pertaining
to optional bonds maturing in the years 1994 through 1998.
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authorized. The City Council hereby declares it~ purpose and intent
to provide and levy a tax legally and fully sufficient for such
bonds, it having been determined that the existing and available
taxing authority of the City for such purpose is adequate to permit
a legally sufficient tax in consideration of all other outstanding
obligations.
ii SECTION 10: The sale of the bonds herein authorized to
First National Bank .in Dallas, Dallas, Tx. & Forth Worth Nat.ional Bank, Ft. Worth, Tx.
at the price of par and accrued interest to date of delivery, plus
a cash premium of $ 2 7~. I 3 • is hereby conf irrne d . Deli very ci f
the bonds shall be ma e to such purchaser 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 Mayor of said City shall be and he is
hereby authorized to take and have charge of all necessary orders
and records pending investigation by the Attorney General of the
State of Texas, and shall take and have charge and control of the.
bonds herein authorized pending their approval by the Attorney
General and their registration by the Comptroller of Public Account.s.
SECTION 12: That the purchasers' obligation to accept d~-
livery of the bonds herein authorized is subject to their being
furnished a final opinion of Messrs. Dumas, Huguenin, Boothman
and Morrow, Attorneys, Dallas, Texas, approving such bonds as to
their validity, said opinion to be dated and delivered as of the
date of delivery and payment for such bonds. Printing of a true
and correct copy of said opinion on the reverse side of each of
such bonds, with appropriate certificate pertaining thereto exe-
cuted by facsimile signature of the City Secretary of the City of
Lubbock, Texas, is hereby approved and a uthorized.
SECTION. 13: That the City hereby covenants that the proceeds
from the sale of said bonds will be used as soon as practicable for
the purpose for which said bonds are issued; that such proceeds
will not be invested in any securit.ies or obligations except for
the temporary period pending such use; and that such proceeds will
not be used directly or indirectly so as to ca.use all or any part
of said bonds to be or become 11arbitrage bonds11 within the meaning
of Section 103(c) of the Internal Revenue Code of 1954, as amended,
or any regulations or rulings prescribed or made pursuant thereto.
SECTION 14: 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 re-
sponsible for CUSIP numbers incorrectly printed on the bonds.
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SECTION 15: This ordinance· shall take effect and be in force
immediately from and after its final passage, and it is so ordained.
PASSED AND APPROVED on first reading this the 24th day of
August, 1978.
PASSED AND fil>PROVED on second and final reading th±s the
25th day of August • 1978.
~~bock, Texas
ATTEST:
(CITY SEAL)
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