HomeMy WebLinkAboutOrdinance - 7897-1979 - Ordinance 7897 Authorizing Sum $8,820,000 General Obligation Bonds, Series 1979 - 07/26/1979/-/ '
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ORDINANCE NO. ____ 78_9...;...7 __
AN ORDINANCE by the City Council of the City of Lubbock,
Texas, authorizing the issuance of $8,820,000 "CITY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1979," dated August 1, 1979, for the purpose
of making permanent public improvements, to wit:
$6,143,000 for constructing improvements and exten-
sions to the City's waterworks system; $730,000 for
constructing improvements and extensions to the City's
sanitary sewer system; $1,525,000 for constructing
street improvements in and for said City, including
lighting and signalization; and $422,000 for construct-
ing, 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 relating to the
subject and purpose of this ordinance; and declaring an
emergency and providing an effective date. 11
WHEREAS, pursuant to an election held in the City of Lubbock, Texasr
on the 21st day of May, 1977, this City Council became authorized and em-
' powered to issue general obligation bonds of the City to mature serially over
a period of years not to exceed forty (40) years from their date, for the purpose
of making permanent public improvements, to wit:
$16,775,000 for constructing improvements and extensions to
the City's waterworks system;
3,303,000 for constructing improvements and extensions to
the City's sanitary sewer system;
4,782,000 for constructing street improvements in and for
said City, including lighting and signalization;
473,000 for constructing, enlarging, extending and install-
ing storm sewers, drains and gutters and other
improvements incidental thereto, including the
acquisition of land for drainage purposes and
drainage area modifications;
792,000 for constructing, improving and equipping fire sta-
tion buildings in and for said City and the purchase
of necessary sites therefor;
310 , 000 for constructing, improving and equipping fire sta-
tion buildings in areas presently adjoining the City
and the purchase of necessary 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 reflected by the following
table:
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AMOUNT AMOUNT
AMOUNT PREVIOUSLY BEING UNISSUED
PURPOSE AUTHORlZED ISSUED ISSUED BALANCE
WW Imp & Ext $16,775,000 $ 400,000 $6,143,000 $10,232,000
SSS Imp & Ext 3,303,000 500,000 730,000 2,073,000
St Imp, Lighting &
Signalization 4,782,000 1,050,000 1,525,000 2,207,000
Storm Sewer &
Drainage 473,000 100,000 -o-373,000
Fire Sta Bldgs & Sites 792,000 370,000 422,000 -0-
Fire Sta Bldgs & Sites
{Areas when annexed} 310,000 · -0--o-310,000
AND WHEREAS the City Council has found and hereby declares that there
is an urgent public necessity that it proceed with the issuance of such bonds
for the purpose of conducting the program of improvements to which the bonds
relate at the earliest possible date and this ordinance constitutes an emergency
mea·sure for the immediate preservation of the public peace, property, health
and safety of the City and its inhabitants; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: That the bonds of said City, to be known as "CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1979," be and same
are hereby ordered to be issued under and by virtue of the Constitution and
laws of the State of Texas, including Article 1175, R.C.S. of Texas, 1925, as
amended, and pursuant to the Charter of said City, for the purpose of making
permanent public improvements , to wit: $6,143 , 000 for constructing improve-
ments and extensions to the City's waterv,orks system; $730,000 for construct-
ing improvements and extensions to the City's sanitary sewer system;
$1,525,000 for constructing street improvements in and for said City, including
lighting and signalization; and $422,000 for constructing, improving and equip-
ping fire station buildings in and for said City and the purchase of necessary
sites therefor, aggregating altogether the principal sum of EIGHT MILLION
EIGHT HUNDRED TWENTY THOUSAND DOLLARS ($8,820,000).
SECTION 2: That said bonds shall be numbered consecutively from
One {1) through One Thousand Seven Hundred Sixty-four (17 64) , shall each be
in denomination of Five Thousand Dollars ($5,000), aggregating in principal
amount EIGHT MILLION EIGHT HUNDRED TWENTY THOUSAND DOLLARS
($8,820,000); shall be dated August 1, 1979, and shall become due and pay-
able serially on February l in each of the years and bear interest at rates in
accordance with the following schedule:
BOND NUMBERS COUPON
(811 Inclusive) MATURITY AMOUNT RATE
l to 89 1980 $445,000 5.75 %
90 to 178 1981 445,000 5,75 %
179 to 267 1982 445,000 5,75 %
268 to 356 1983 445,000 5,15 %
357 to 444 1984 440,000 5, 15 %
445 to 532 1985 440,000 5. 75 %
533 to 620 1986 440,000 5.75 %
621 to 708 1987 440,000 5.15 %
709 to 796 1988 440,000 !i,75 %
797 to 884 1989 440,000 5.15 %
885 to 972 1990 440,000 5:.15 %
973 to 1060 1991 440,000 5,Z5 %
1061 to 1148 1992 440,000 5, 15 %
1149 to 1236 1993 440,000 5.75 %
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BOND NUMBERS COUPON
(811 Inclusive} MATURITY AMOUNT RATE
1237 to 1324 1994 $440,000 5,75 %
1325 to 1412 1995 440,000 5, ZS %
1413 to 1500 1996 440,000 5.75 %
1501 to 1588 1997 440,000 5.75 %
1589 to 1676 1998 440,000 :i.Z!i %
1677 to 1764 1999 440,000 5,75 %
PROVIDED, HOWEVER, that the City reserves the right to redeem the bonds of
said series maturing on February 1, 1995, and subsequent, in whole or any
part thereof, on February 1, 1994, or on any interest payment date thereafter,
at the price of par and accrued interest to the date fixed for redemption; PRO-
VIDED, FURTHER, that at least thirty (30) days prior to any interest payment
date upon which any of said bonds are to be redeemed, a notice of redemption,
signed by the City Secretary (specifying the serial numbers and amount of
bonds to be redeemed) shall have been filed with the CITIBANK, N. A., New
York, New York, and the TEXAS COMMERCE BANK, NATIONAL ASSOCIATION,
Lubbock, Texas (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 pursuant to such notice shall
cease to bear interest from and after the date so fixed for redemption.
SECTION 3: Said bonds shall bear interest from date to maturity at the
per annum rates shown in Section 2, such interest to be evidenced by proper
coupons attached to each of said bonds, and said interest shall be payable on
February 1, 1980, and semiannually thereafter on August 1 and February 1 in
each year.
SECTION 4: Both principal of and interest an said bonds shall be pay-
able in lawful money of the United States of America, without exchange or
collection charges to the owner or holder, at the CITIBANK, N. A., New York,
New York, or, at the option of the holder, at the TEXAS COMMERCE BANK,
NATIONAL ASSOCIATION, Lubbock, Texas, upon presentation and surrender of
bonds or proper coupons.
SECTION 5: The seal of said City may be impressed on each of said
bonds or, in the alternative, a facsimile of such seal may be printed on each
of said bonds. The bonds and interest coupons appurtenant thereto may be
executed by the imprinted facsimile signatures of the Mayor and City Secretary
of the City, and execution in such manner shall have the same effect as if
such bonds and coupons had been signed by the Mayor and City Secretary in
person by their manual signatures. Inasmuch as such bonds are required to
be registered by the Comptroller of Public Accounts of the State of Texas, only
his signature (or that of a deputy designated in writing to act for the Comptrol-
ler) 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: The form of said bonds shall be substantially as follows:
!No. __ UNITED STATES or AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
$5,000
CITY OP LUBBOCK, TEXAS, GENERAL OBLIGATION BOND,
SERIES 1979
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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 THO USA ND DOLLARS
($5,000), in lawful money of the United States of America, on the 1st day of
February, 19 __ , with interest thereon from the date hereof to maturity at the
rate of-----:------------PER CENTUM (, ___ %) per annum,
payable on February 1, 1980, and semiannually thereafter on August 1 and
February 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 band 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 One Thousand Seven Hundred Sixty-
four (1764) serial bonds, numbered consecutively from One (1) through One
Thousand Seven Hundred Sixty-four {1764), each in denomination of Five Thou-
sand Dollars ($5,000), aggregating EIGHT MILLION EIGHT HUNDRED TWENTY
THOUSAND DOLLARS ($8,820,000), issued for the purpose of making permanent
public improvements, to wit: $6,143,000 for. constructing improvements and
extensions to the City's waterworks system; $730,000 for constructing improve-
ments and extensions to the City's sanitary sewer system; $1,525,000 for
constructing street improvements in and for said City, including lighting and
signalization; and $42 2 , 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,
including Article 1175, R.C.S. of Texas, 1925, as amended, and pursuant to
the Charter of said City of Lubbock, an election duly called and held in said
City on the 21st day of May, 1977, and an ordinance duly adopted by the City
Council of the City of Lubbock, Texas, and recorded in the Minutes of said
City Council.
AS SPECIFIED in the ordinance hereinabove mentioned, the City reserves
the right to redeem the bonds of this series maturing on February 1, 1995, and
subsequent, in whole or any part thereof, on February 1, 1994, 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 any interest payment date upon which any of said bonds are to be
redeemed, a notice of redemption, signed by the City Secretary (specifying the
serial numbers and amount of bonds to be redeemed) shall have been filed with
the CITIBANK, N. A., New York, New York, and the TEXAS COMMERCE BANK,
NATIONAL ASSOCIATION, Lubbock, Texas; and if by the date so fixed for re-
demption 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.
THE DATE of this bond, in conformity with the ordinance above men-
tioned, is August l, 1979.
IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that all acts,
conditions and things required by the Constitution and laws of the State of
Texas, and the Charter of said City, to be done precedent to and in the issu-
ance of this bond and said series of bonds, have been done, happened and
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been performed in regular and due time, form and manner as required by law;
that proper provisions have been made for the levy and collection annually of
taxes upon all taxable property in said City of Lubbock, Texas, sufficient to
pay the interest on this series of bonds as due and to provide for the payment
of each installment of principal as same matures; that when so collected, such
taxes shall be appropriated exclusively to such purposes; and that the total
indebtedness of the City of Lubbock, Texas, including this bond and the series
of which it is one, does not exceed any statutory or Constitutional limitation.
IN TESTIMONY WHEREOF, the City Council of the City of Lubbock,
Texas, in accordance with the provisions of Article 717j-l, V .A. T. C. S. , has
caused the seal of said City to.be impressed or a facsimile thereof to be
printed hereon, and this bond and its appurtenant coupons to be executed with
the imprinted facsimile signatures of the Mayor and City Secretary of said
City;-the date of this bond, in conformity with the ordinance above referred to,
being the first day of August, 1979.
COUNTERSIGNED: Mayor, City of Lubbock, Texas
City Secretary, City of Lubbock, Texas
SECTION 7: The form of the interest coupons attached to each of said
1 bonds shall be substantially as follows:
* (unless the bond to which th{s coupon pertains has
been properly called for redemption in accordance
with its terms,) the CITY OF LUBBOCK, a municipal
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, without exchange or
collection charges to the owner or holder hereof, upon
presentation and surrender of this coupon, at the CITI-
BANK, N;A., New York, New York, or, at the option of
the holder, at the TEXAS COMMERCE BANK, NATIONAL
ASSOCIATION, Lubbock, Texas, said sum being six
months' interest due that day on "CITY OF LUBBOCK,
TEXAS, GENERAL OBLIGATION BOND, SERIES 1979,"
dated August 1, 1979.
City Secretary Mayor
On the 1st day of
19_
No. $ __
SERIES 1979
Bond No. __ _
SECTION 8: 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 of Texas to the effect that this
bond has been examined by him as required by law, that he finds 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.
*NOTE TO PRINTER: The expression in parentheses to be included only in
coupons maturing August 1, 1994, and subsequent, pertaining to optional
bonds maturing in the years 1995 through 1999.
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WITNESS MY HAND AND SEAL OF OFFICE as of ----------
Comptroller of Public Accounts of the
State of Texas
SECTION 9: To provide for the payment of the debt service require-
ments on said bonds, being (i) the interest on said bonds and (ii) a sinking
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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
I and each succeeding year thereafter while said bonds or interest thereon shall
.I remain outstanding and unpaid, a sufficient tax on each one hundred dollars' 'l valuation of taxable property in said City adequate to pay such debt service
i requirements, full allowance being made for delinquencies and costs of callee-
! tion; said tax shall be assessed and collected each year and applied to the I payment of said debt service requirements, and the same shall not be diverted
:I to any other purpose. The taxes so levied shall be paid into a fund known as
:) "SPECIAL GENERAL OBLIGATION BOND FUND, SERIES 1979," which is hereby
,l established for the payment of the obligations herein authorized. The City
:j 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
1i and available taxing authority of the City for such purpose is adequate to per-
1 mit a legally sufficient tax in consideration of all other outstanding obligations.
SECTION 10: The Mayor of said City shall be and he is hereby author-
ized to take and have charge of all necessary orders and records pending
::1· investigation by the Attorney General of the State of Texas, and shall take and
1 have charge and control of the bonds herein authorized pending their approval i by the Attorney General and their registration by the Comptroller of Public
'i Accounts.
,! ii SECTION 11: The purchasers' obligation to accept delivery of the ii bonds herein authorized is subject to their being furnished a final opinion of
i Messrs. Dumas, Huguenin, Boothman and Morrow, Attorneys, Dallas, Texas,
i approving such bonds as to their validity, said opinion to be dated and deliv-
. ered 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 perta.ining thereto executed by facsimile signature
of the City Secretary of the City of Lubbock, Texas, is hereby approved and
authorized.
SECTION 12: The City certifies that based on facts, estimates and
circumstances expected to exist on the date of the issue of the Series 1979
Bonds it is not reasonable to anticipate that the proceeds thereof will be used
in a manner which would cause them to be "arbitrage bonds" within the mean-
ing of Section 103(c) of the Internal Revenue Code of 1954, as amended, or
regulations thereunder applicable thereto, and the officers of the City charged
with responsibilities in the issuance of bonds are authorized and directed to
make, execute and deliver certifications as to facts, estimates and circum-
stances in existence as of the date of the issue of said bonds and stating
whether there are any facts, estimates or circumstances which would materially
change the City's present expectations. The covenants herein made and the
certifications herein authorized are for the benefit of the holders from time to
time of said Series 1979 Bonds and the coupons appertaining thereto and may
be relied upon by said holders and by bond counsel for the City.
SECTION 13: 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 responsible for CUSIP numbers incorrectly printed on
the bonds.
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SECTION 14: The public importance of this measure and the fact that
it is to the best interest of the City of Lubbock to provide funds for the purpose
of conducting the program of improvements to which the bonds herein authorized
relate at the earliest pas sible date for the immediate preservation of the public
peace, property, health and safety of the citizens of said City constitute and
create an emergency and an urgent public necessity requiring that this ordinance
be passed as an emergency measure and this ordinance is accordingly passed
as an emergency measure and shall take effect and be in force immediately from
and after its passage, !'ind it is so ordained.
PASSED AND APPROVED, this the 26th day of July, 1979.
(City Seal)
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