HomeMy WebLinkAboutOrdinance - 8949-1986 - Ordinance 8949 Authorizing Issuance $4,200,000 Issuance Of Certificates - 07/18/1986•• ......
..
First Reading
July 24, 1986
Agenda Item #17
Second Reading
July 25, 1986
Agenda Item #3
Ordinance #8949
AN ORDINANCE .authorizing the issuance of $4,200,000
"CITY OF LUBBOCK, TEXAS, COMBINATION TAX AND
SEWER SYSTEM SUBORDINATE LIEN REVENUE
CERTIFICATES OF OBLIGATION, SERIES 1986";
providing for the payment of said certifi-
cates of obligation by the levy of an ad
valorem tax upon all taxable property within
the City and a pledge of the net revenues
derived from the operation of the City's
Sewer System; providing the terms and
conditions of such certificates of obliga-
tion and resolving other matters incident
and relating to the issuance, payment, and
security, of said certificates of obliga-
tion; and providing an effective date.
WHEREAS, notice of the City Council's intention to issue
certificates of obligation in the maximum .pr'incipal amount of
$4,200,000 for the purpose of paying contractual obligations to
be incurred for ( i) the construction of iinprovements to the
sanitary land fill site, and (ii) the payment of professional
services, has been duly published in Lubbock Avalanche Journal,
a newspaper hereby found and determined to be of general
circulation in City of Lubbock, Texas, on June 29, 1986, and
July 6, 1986, the date of the first publication of such notice
being not less than fourteen (14) days prior to the tentative
date stated therein for the passage of the ordinance authoriz-
ing the issuance of such certificates of obligation; and
WHEREAS, no petition protesting the issuance of the
certificates of obligation described in the aforesaid notice,
signed by at least 5% of the qualified electors of the City,
has been presented to or filed with the City Secretary on or
prior to the date of the passage of this Ordinance; and
WHEREAS, the City Council hereby finds and determines
that the certificates of obligation described in such notice
should be authorized at this time; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
LUBBOCK, TEXAS:
SECTION 1: Authorization, Designation, Principaf
Amount, Purpose. Certificates of obligation of the City shall
be and are hereby authorized to be issued in the aggregate
principal amount of $4,200,000, to be designated and bear the
title "CITY OF LUBBOCK, TEXAS, COMBINATION TAX AND SEWER SYSTEM
SUBORDINATE LIEN REVENUE CERTIFICATES OF OBLIGATION, SERIES
1986" (hereinafter referred to as the "Certificates"), for the
..
purpose of paying contractual obligations incurred with respect
to (i) the purchase of (a) land for authorized needs and
purposes, to wit: a sewer farm, and (b) materials, supplies,
and equipment, in connection therewith, and (ii) professional
services, pursuant to authority conferred by and in conformity
with the Constitution and laws of the State of Texas, including
Article 2368a.1, V.A.T.C.S., as amended.
SECTION 2: Fully Registered Obligations -Authorized
Denominations -Stated Maturities -Interest Rates -Date. The
Certificates are issuable in fully registered form only; shall
be dated July 15, 1986 (the "Certificate Date"), and shall be
in denominations of $5,000 or any integral multiple thereof
(within a Stated Maturity) and the Certificates shall become
due and payable on February 15 in each of the years and in
principal amounts (the "Stated Maturities") and bear interest
on the unpaid principal amount from the Certificate Date in
accordance.with the following schedule:
Year of
Stated Maturity
1987
1988
1989
1990
1991
Principal
Amount
$725,000
775,000
850,000
900,000
950,000
The Certificates shall bear interest at the per annum
rates to be established by resolution to be adopted by the City
Council of the City of Lubbock, Texas, at the time of the sale
of the Certificates (but in no event shall the net effective
interest rate exceed 15\ per annum) (calculated on the basis of
a 360-day year of twelve 30-day months), and interest thereon
shall be payable on February 15 and August 15 of each year,
commencing February 15, 1987.
SECTION 3: Payment of Certificates -Paying Agent/
Registrar. The principal of, premium, if any, and interest on
the Certificates shall be payable, without exchange or
collection charges to the registered owner thereof, in any coin
or currency of the United States of America which at the time
of payment is legal tender for the payment of public and
private debts.
The selection and appointment of Texas Commerce Bank,
National Association, Lubbock, Texas, to serve as Paying Agent/
Registrar for the Certificates is hereby approved and confirm-
ed, and the City agrees and covenants to cause to be kept and
maintained at the principal office of the Paying Agent/
-2-0 l I J N
. ·~
Registrar books and records {the "Security Register") for the
registration, payment, and transfer of the Certificates, all as
provided herein, in accordance with the terms and provisions of
a "Paying Agent/ Registrar Agreement" and such reasonable rules
and regulations as the Paying Agent/Registrar and the City may
prescribe. The City covenants to maintain and provide a Paying
Agent/Registrar at all times until the Certificates are paid,
and any successor Paying Agent/Registrar shall be a bank, trust
company, financial institution, or other entity duly qualified
and legally authorized to act· as and perform the duties and
services of Paying Agent/Registrar. Upon any change in the
Paying Agent/Registrar for the Certificates, the City agrees to
promptly cause a written notice thereof to be sent to each
registered owner of the Certificates by United States mai 1,
first-class postage prepaid, which notice shall also give the
address of the new Paying Agent/Registrar.
Both principal of, premium, if any, and interest on the
Certificates, due and payable by reason of maturity or
otherwise, shall be payable only to the registered owners of
the Certificates {hereinafter referred to as the "Holder" or
"Holders") appearing on the Security Register and, to the
extent permitted by law, neither the City nor the Paying Agent/
Registrar, or any agent of either, shall be affected by notice
to the contrary.
Principal of and premium, if any, on the Certificates,
shall be payable only upon presentation and surrender of the
Certificates to the Paying Agent/Registrar at its principal
office. Interest on the Certificates shall be paid to the
Holder whose name appears in the Security Register at the close
of business on the Record Date (the last business day of the
month next preceding each interest payment date) and shall be
paid by the Paying Agent/Registrar (i) by check sent by United
States Mail, first class postage prepaid, to the address of the
registered owner recorded in the Security Register or (ii) by
such other method, acceptable to the Paying Agent/Registrar,
requested by, and at the risk and expense of, the Holder.
In the event of a non-payment of interest on a scheduled
payment date, and for thirty {30) days thereafter, a new record
date for such interest payment (a "Special Record Date") will
be established by the Paying Agent/Registrar, if and when funds
for the payment of such interest have been received from the
City. Notice of the Special Record Date and of the scheduled
payment date of the past due interest (which shall be 15 days
after the Special Record Date) shall be sent at least five {5)
business days prior to the Special Record Date by United States
Mail, first class postage prepaid, to the address of each
Holder appearing on the books of the Paying Agent/Registrar at
the close of business on the last business day next preceding
the date of mailing of such notice.
-3-
0 3 1 3 N
..
SECTION 4: No Optional Redemption. The Certificates
shall not be subject .to redemption prior to maturity.
SECTION 5: Registration Transfer Exchange of
Certificates -Predecessor Certificates. A Security Register
relating to the registration, payment, and transfer or exchange
of the Certificates shall at all times be kept and maintained
by the City at the principal office of the Paying Agent/
Registrar, and the Paying Agent/Registrar shall obtain, record,
and maintain in the Security Register the na·':le and address of
each registered owner of the Certificates ssued ·under and
pursuant to the provisions of this Ordinance. Any Certificate
may, in accordance with its terms and the terms hereof, be
transferred or exchanged for Certificates of other authorized
denominations upon the Security Register by the Holder, in
person or by his duly authorized agent, upon surrender of such
Certificate to the Paying Agent/Registrar for cancellation,
accompanied by a written instrument of transfer or request for
exchange duly executed by the Holder or by his duly authorized
agent, in form satisfactory to the Paying Agent/Registrar.
Upon surrender for transfer of any Certificate at the
principal office of the Paying Agent/Registrar, the Paying
Agent/Registrar shall register and deliver, in the name of the
designated transferee or transferees, one or more new Certifi-
cates 1 executed on behalf of I and furnished by, the City I of
authorized denominations and having the same Stated Maturity
and of a like aggregate principal amount as the Certificate or
Certificates surrendered for transfer.
At the option of the Holder, Certificates may be
exchanged for other Certificates of authorized denominations
and having the same Stated Maturity 1 bearing the same rate of
interest, and of like aggregate principal amount as the
Certificates surrendered for exchange upon surrender of the
Certificates to be exchanged at the principal office of the
Paying Agent/Registrar. Whenever any Certificates are so
surrendered for exchange, the Paying Agent/Registrar shall
register and deliver new Certificates, executed on behalf of 1 and furnished by the City, to the Holder requesting the
exchange.
All Certificates issued upon any transfer or exchange of
Certificates shall be delivered at the principal office of the
Paying Agent/Registrar, or sent by United States mail, first
class postage prepaid, to the Holder and, upon the delivery
thereof, the same shall be valid obligations of the City,
evidencing the same obligation to pay, and entitled to the same
benefits under this Ordinance, as the Certificates surrendered
in such transfer or exchange.
-4-0 l I l N
. .
All transfers or exchanges of Certificates pursuant to
this Section shall b~ made without expense or service charge to
the Holder, except as otherwise herein provided, and except
that the Paying Agent/Registrar shall require payment by the
Holder requesting such transfer or exchange of any tax or other
governmental charges required to be paid with respect to such
transfer or exchange.
Certificates cancelled by reason of an exchange or
transfer pursuant to the provisions hereof are hereby defined
to be "Predecessor Certificates," evidencing all or a portion,
as the case may be, of the same obligation to pay evidenced by
the new Certificate or Certificates registered and delivered in
the exchange or transfer therefor. Additionally, the term
"Predecessor Certificates" shall include any Certificate
registered and delivered pursuant to Section 24 hereof in lieu
of a mutilated, lost, destroyed, or stolen Certificate which
shall be deemed to evidence the same obligation as the
mutilated, lost, destroyed, or stolen Certificate.
SECTION 6: Execution -Registration. The Certificates
shall be executed on behalf of the City by the Mayor under its
seal reproduced or impressed thereon and countersigned by the
City Secretary. The signature of said officers on the
Certificates may be manual or facsimile. Certificates bearing
the manual or facsimile signatures of said individuals who are
or were the proper officers of the City on the Certificate Date
shall be deemed to be duly executed on behalf of the City,
notwithstanding that such individuals or any of them shall
cease to hold such offices prior to the delivery of the
Certificates to the initial purchaser(s), and with respect to
Certificates delivered in subsequent exchanges and transfers,
all as authorized and provided in the Bond Procedures Act of
1981, as amended.
No Certificate shall be entitled to any right or benefit
under this Ordinance, or be valid or obligatory for any
purpose, unless there appears on such Certificate either a
certificate of registration substantially as set forth in the
form of the Initial Certificate provided in Section 8C,
manually executed by the Comptroller of Public Accounts of the
State of Texas or his duly authorized agent, or a certificate
of registration substantially as set forth in the form of the
definitive Certificates provided in Section 80, manually
executed by an authorized officer, employee, or representative
of the Paying Agent/Registrar, and either such certificate upon
any Certificate shall be conclusive evidence, and the only
evidence, that such Certificate has been duly certified,
registered, and delivered.
-5-0 3 I J N
. ;
..
SECTION 7: Initial Certificate. The Certificates
herein authorized shp.ll be initially issued as a single fully
registered certificate in the total principal amount of
$4,200,000 with principal installments to become due and
payable as provided in Section 2 hereof and numbered T-1 or
alternatively as one certificate for each maturity of this
series, numbered consecutively T-1 and upward (hereinafter
called the "Initial Certificate") as determined by the
officials executing such Initial Certificate and, in either
case, the Initial Certificate shall be registered in the name
of the initial purchaser(s) or the designee thereof. The
Initial Certificate shall be the Certificate submitted to the
Office of the Attorney General of the State of Texas for
approval, certified and registered by the Office of the
Comptroller of Public Accounts of the State of Texas, and
delivered to the initial purchaser(s). Any time after the
delivery of the Initial Certificate, the Paying Agent/Regi-
strar, pursuant to written instructions from the initial
purchaser(s), or the designee thereof, shall cancel the Initial
Certificate delivered hereunder and exchange therefor defini-
tive Certificates of authorized denominations, Stated Maturi-
ties, principal amounts, and bearing applicable interest rates
for transfer and delivery to the Holders named at the addresses
identified therefor; all pursuant to and in accordance with
such written instructions from the initial purchaser(s), or the
designee thereof, and such other information and documentation
as the Paying Agent/ Registrar may reasonably require.
SECTION 8: Forms. A. Forms Generally. The
Certificates, the Registration Certificate of the Comptroller
of Public Accounts of the State of Texas, the Certificate of
Registration of the Paying Agent/Registrar, and the form of
Assignment to be printed on the Certificates, shall be
substantially in the forms set forth in this Section with such
appropriate insertions, omissions, substitutions, and other
variations as are permitted or required by this Ordinance and
may have such letters, numbers, or other marks of identifica-
tion (including identifying numbers and letters of the
Committee on Uniform Securities Identification Procedures of
the American Bankers Association) and such legends and
endorsements (including any reproduction of an op1n1on of
counsel) thereon as may, consistently herewith, be established
by the City or be determined by the officers executing such
Certificates as evidenced by their execution thereof. Any
portion of the text of any Certificates may be set forth on the
reverse thereof, with an appropriate reference thereto on the
face of the Certificate.
-6-0 J I J N
. ;
..
The definitive Certificates shall be printed, litho-
graphed, or engraved. or produced in any other similar manner,
all as determined by the officers executing such Certificates
as evidenced by their execution thereof, but the Initial
Certificate submitted to the Attorney General of Texas may be
typewritten or photocopied or otherwise reproduced.
B. Initial Certificate.
If a single Initial Certificate is delivered, as
permitted by Section 7, the form shall be as set forth in
Section 8C. If, in the alternative, multiple Initial Certifi-
cates are delivered, also as permitted by Section 7, the form
of the multiple Initial Certificates shall be the form of the
definitive certificates set forth in Section 8D which shall be
modified by utilizing the appropriate certificate numbers as
set forth in Section 7, deleting the reference to "CUSIP NO:,"
and by utilizing the Registration Certificate of the Comptrol-
ler of Public Accounts in place of the Registration Certificate
of Paying Agent/Registrar that appears in Section 8D.
c.
REGISTERED
NO. T-1
The Form of Initial Certificate.
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF LUBBOCK, TEXAS, COMBINATION TAX
AND SEWER SYSTEM SUBORDINATE LIEN REVENUE
CERTIFICATE OF OBLIGATION
SERIES 1986
Certificate Date: Interest Rate: Stated Maturity:
July 15, 1986 As shown below As shown below
Registered Owner:
REGISTERED
$4,200,000
Principal Amount: Four Million Two Hundred Thousand Dollars
The City of Lubbock (hereinafter referred to as the
"City"), a body corporate and municipal corporation in the
County of Lubbock, State of Texas, for value received,
acknowledges itself indebted to and hereby promises to pay,
-without right of prior redemption, to the order of the the
Registered Owner named above, or the registered assigns
thereof, on the 15th day of February, in each of the years and
in principal amounts and bearing interest at per annum rates in
accordance with the following schedule:
-7-
0 3 1 J N
. -
Year of
Stated Maturity
1987
1988
1989
1990
1991
Principal
Amount
$725,000
775,000
850,000
900,000
950,000
Interest
Rate
% -----.,-% ----% ----% ----% ----
and to pay interest on the unpaid principal amounts hereof from
the Certificate Date at the per annum rate(s) of interest
specified above computed on the basis of a 360-day year of
twelve 30-day months; such interest being payable on Feb-
ruary 15 and August 15 of each year, commencing February 15,
1987. Principal of this Certificate shall be payable to the
registered owner hereof, upon presentation and surrender, at
the principal office of Texas Commerce Bank, National Associa-
tion, Lubbock, Texas (the "Paying Agent/ Registrar"). Interest
shall be payable to the registered owner of this Certificate
whose name appears on the "Security Register" maintained by the
Paying Agent/Registrar at the close of business on the "Record
Date", which is the last business day of the month next
preceding each interest payment date hereof. All payments of
principal of, premium, if any, and interest on this Certificate
shall be in any coin or currency of the United States of
America which at the time of payment is legal tender for the
payment of public and private debts and interest shall be paid
by the Paying Agent/Registrar by check sent by United States
Mail, first class postage prepaid, to the address of the
registered owner recorded in the Security Register or by such
other method, acceptable to the Paying Agent/Registrar,
requested by, and at the risk and expense of, the registered
owner.
This Certificate is issued in the aggregate principal
amount of $4,200,000 (herein referred to as the "Certificates")
for the purpose of paying contractual obligations incurred with
respect to ( i) the purchase of (a) land for authorized needs
and purposes, to wit: a sewer farm, and (b) materials,
supplies, and equipment, in connection therewith, and (ii)
professional services, under and in strict conformity with the
Constitution and laws of the State of Texas, particularly
Article 2368a.1, V.A.T.C.S. and pursuant to an ordinance
adopted by the governing body of the City (hereinafter referred
to as the "Ordinance").
This Certificate is payable from the proceeds of an ad
valorem tax levied, within the limitations prescribed by law,
upon all taxable property in the City and are additionally
payable from and secured by a lien on and pledge of the Net
-8-0 l l l N
Revenues (as defined in the Ordinance) of the City's Sewer
System (the "System".), such lien and pledge being subordinate
to the lien and pledge of the Net Revenues securing the payment
of the Prior Lien Obligations (identified and defined in the
Ordinance). In the Ordinance, the City reserves and retains
the right to issue additional certificates equally and ratably
secured with the Certificates by a parity lien on and pledge of
the Net Revenues.
Reference is hereby made to the Ordinance, _a copy of
which is on file in the principal office of the Paying Agent/
Registrar, and to all of the provisions of which the registered
owner by the acceptance hereof hereby assents, for definitions
of terms; the description of and the nature and extent of the
tax levied for the payment of the Certificate; the properties
constituting the System; the Net Revenues pledged to the
payment of the principal of and interest on this Certificate;
the nature, extent, and manner of enforcement of the pledge;
the terms and conditions relating to the transfer or exchange
of this Certificate; the conditions upon which the Ordinance
may be amended or supplemented with or without the consent of
the registered owners; the rights, duties, and obligations of
the City and the Paying Agent/Registrar; the terms and
prov1s1ons upon which the tax levy and the liens, pledges,
charges, and covenants made therein may be discharged at or
prior to the maturity of this Certificate, and this Certificate
deemed to be no longer Outstanding thereunder; and for the
other terms and provisions thereof. Capitalized terms used
herein have the meanings assigned in the Ordinance.
This Certificate, subject to certain limitations
contained in the Ordinance, may be transferred on the Security
Register only upon its presentation and surrender at the
principal office of the Paying Agent/Registrar, with the
Assignment hereon duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Paying
Agent/Registrar duly executed by, the registered owner hereof,
or his duly authorized agent. When a transfer on the Security
Register occurs, one or more new fully registered Certificates
of the same Stated Maturity, of authorized denominations,
bearing the same rate of interest, and of the same aggregate
principal amount will be issued by the Paying Agent/Registrar
to the designated transferee or transferees.
The City and the Paying Agent/Registrar, and any agent
of either, may treat the registered owner hereof whose name
appears on the Security Register (i) on the Record Date as the
owner entitled to the payment of the interest hereon, (ii) on
the date of surrender of this Certificate as the owner entitled
to the payment of the principal hereof at its Stated Maturity,
and (iii) on any other date as the owner for all other
purposes,_ and neither the City nor the Paying Agent/Registrar,
or any agent of either, shall be affected by notice to the
contrary. In the event of a non-payment of interest on a
-9-0 l 1 l N
..
scheduled payment date, and for thirty (30) days thereafter, a
new record date for.. such interest payment (a "Special Record
Date") will be established by the Paying Agent/Registrar, if
and when funds for the payment of such interest have been
received from the City. Notice of the Special Record Date and
of the scheduled payment date of the past due interest (which
shall be 15 days after the Special Record Date) shall be sent
at least five (5) business days prior to the Special Record
Date by United States Mail, first class postage prepaid, to the
address of each registered owner appearing on the Security
Register at the close of business on the last business day next
preceding the date of mailing of such notice.
It is hereby certified, recited, represented, and
covenanted that the City is a duly organized and legally
existing municipal corporation under and by virtue of the
Constitution and laws of the State of Texas; that the issuance
of the Certificates is duly authorized by law; that all acts,
conditions, and things required to exist and be done precedent
to and in the issuance of the Certificates to render the same
lawful and valid obligations of the City 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; that the Certificates
do not exceed any constitutional or statutory limitation; and
that due prov1s1on has been made for the payment of the
principal of and interest on the Certificates by the levy of an
ad valorem tax and a pledge of and lien on the Net Revenues of
the System as aforestated. In case any provision in this
Certificate or any application thereof shall be invalid,
illegal, or unenforceable, the validity, legality, and
enforceability of the rema1n1ng prov1s1ons and applications
shall not in any way be affected or impaired thereby. The
terms and prov1s1ons of this Certificate and the Ordinance
shall be construed in accordance with and shall be governed by
the laws of the State of Texas.
IN WITNESS WHEREOF, the City Council of the City has
caused this Certificate to be duly executed under the official
seal of the City as of the Certificate Date.
CITY OF LUBBOCK, TEXAS
COUNTERSIGNED: Mayor
~J~ cnyecretary
(CITY SEAL)
-10-
:-;·~ .
0 3 1 3 N
REGISTRATION CERTIFICATE OF
COMP.TROLLER OF PUBLIC ACCOUNTS
OFFICE OF THE COMPTROLLER
OF PUBLIC ACCOUNTS
THE STATE OF TEXAS
§
§
§
§
§
REGISTER NO.
I HEREBY CERTIFY that this Certificate has been
examined, certified as to validity, and approved by the
Attorney General of the State of Texas, and duly registered by
the Comptroller of Public Accounts of the State of Texas.
WITNESS my signature and seal of office this
(SEAL)
Comptroller of Public Accounts
of the State of Texas
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells,
assigns, and transfers unto (Print or typewrite name, address,
and zip code of transferee:) .•••...•.....•.....•••••••.••..•. . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . ... . . . . . . . . . . . . .
(Social Security or other identifying number: .•.....••.•......
. • • • • • . . . • . • • . . • . . . • . . • ) the within Certificate of Obligation
and all rights thereunder, and hereby irrevocably constitutes
and appoints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . attorney to
transfer the within Certificate of Obligation on the books kept
for registration thereof, with full power of substitution in
the premises.
DATED:
Signature guaranteed:
. . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NOTICE: The signature on this
assignment must correspond with
the name of the registered
owner as it appears on the face
the within Certificate of
Obligation in every particular.
D. Form of Definitive Certificate.
-11-
0 J l J N
REGISTERED
NO. . .
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF LUBBOCK, TEXAS, COMBINATION TAX
AND SEWER SYSTEM SUBORDINATE LIEN REVENUE
CERTIFICATE OF OBLIGATION
SERIES 1986
Certificate Date: Interest Rate: Stated Maturity
July 15, 1986
Registered Owner:
Principal Amount:
REGISTERED
$
CUSIP NO:
Dollars
The City of Lubbock (hereinafter referred to as the
"City"), a body corporate and municipal corporation in the
County of Lubbock, State of Texas, for value received,
acknowledges itself indebted to and hereby promises to pay to
the order of the Registered Owner named above, or the register-
ed assigns thereof, on the Stated Maturity date specified
above, without right of prior redemption, the Principal Amount
stated .above and to pay interest on the unpaid Principal Amount
stated above from the Certificate Date at the per annum rate of
interest specified above computed on the basis of a 360-day
year of twelve 30-day months; such interest being payable on
February 15 and August 15 of each year, commencing February 15,
1987. Principal of this Certificate shall be payable to the
registered owner hereof upon presentation and surrender at the
principal office of the Paying Agent/Registrar executing the
registration certificate appearing hereon, or its successor.
Interest shall be payable to the registered owner of this
Certificate (or of one or more Predecessor Certificates, as
defined in the Ordinance hereinafter referenced) whose name
appears on the "Security Register" maintained by the Paying
Agent/Registrar at the close of business on the "Record Date",
which is the last business day of the month next preceding each
interest payment date. All payments of principal of, premium,
if any, and interest on this Certificate shall be in any coin
or currency of the United States of America which at the time
of payment is legal tender for the payment of public and
private debts and interest shall be paid by the Paying Agent/
Registrar by check sent by United States Mail, first class
postage prepaid, to the address of the registered owner
recorded in the Security Register or by such other method,
acceptable to the Paying Agent/Registrar, requested by, and at
the risk and expense of, the registered owner.
-12-
0 3 I 3 N
,, .
This Certificate is one of the series specified in its
title issued in the· aggregate principal amount of $4,200,000
(herein referred to as the "Certificates") for the purpose of
paying contractual obligations incurred with respect to (i) the
purchase of (a) land for authorized needs and purposes, to
wit: a sewer farm, and (b) materials, supplies, and equipment,
in connection therewith, and ( i i) professional services, under
and in strict conformity with the Constitution and laws of the
State of Texas, particularly Article 2368a.l, V.A.T.C.S. and
pursuant to an ordinance adopted by the governing body of the
City (hereinafter referred to as the "Ordinance").
The Certificates are payable from the proceeds of an ad
valorem tax levied, within the limitations prescribed by law,
upon all taxable property in the City and are additionally
payable from and secured by a lien on and pledge of the Net
Revenues (as defined in the Ordinance) of the City's Sewer
System (the "System"), such 1 ien and pledge being subordinate
to the lien and pledge of the Net Revenues securing the payment
of the Prior Lien Obligations (identified and defined in the
Ordinance). In the Ordinance, the City reserves and retains
the right to issue additional certificates equally and ratably
secured with the Certificates by a parity lien on and pledge of
the Net Revenues.
Reference is hereby made to the Ordinance, a copy of
which is on file in the principal office of the Paying Agent/
Registrar, and to all of the provisions of which the registered
owner by the acceptance hereof hereby assents, for definitions
of terms; the description of and the nature and extent of the
tax levied for the payment of the Certificates; the properties
constituting the System; the Net Revenues pledged to the
payment of the principal of and interest on the Certificates;
the nature, extent, and manner of enforcement of the pledge;
the terms and conditions relating to the transfer or exchange
of this Certificate; the conditions upon which the Ordinance
may be amended or supplemented with or without the consent of
the registered owners; the rights, duties, and obligations of
the City and the Paying Agent/Registrar; the terms and
prov1s1ons upon which the tax levy and the liens, pledges,
charges, and covenants made therein may be discharged at or
prior to the maturity of this Certificate, and this Certificate
deemed to be no longer Outstanding thereunder; and for the
other terms and prov1s1ons thereof. Capitalized terms used
herein have the meanings assigned in the Ordinance.
This Certificate, subject to certain limitations
contained in the Ordinance, may be transferred on the Security
Register only upon its presentation and surrender at the
principal office of the Paying Agent/Registrar, with the
-13-
0 J I J N
Assignment hereon duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Paying
Agent/Registrar duly executed by, the registered owner hereof,
or his duly authorized agent. When a transfer on the Security
Register occurs, one or more new fully registered Certificates
of the same Stated Maturity, of authorized denominations,
bearing the same rate of interest, and of the same aggregate
principal amount will be issued by the Paying Agent/Registrar
to the designated transferee or transferees.
The City and the Paying Agent/Registrar, and any agent
of either, may treat the registered owner hereof whose name
appears on the Security Register (i) on the Record Date as the
owner entitled to the payment of the interest hereon, (ii) on
the date of surrender of this Certificate as the owner entitled
to the payment of the principal hereof at its Stated Maturity,
and (iii) on any other date as the owner for all other
purposes, and neither the City nor the Paying Agent/Registrar,
or any agent of either, shall be affected by notice to the
contrary. In the event of a non-payment of interest on a
scheduled payment date, and for thirty (30) days thereafter, a
new record date for such interest payment (a "Special Record
Date") will be established by the Paying Agent/Registrar, if
and when funds for the payment of such interest have been
received from the City. Notice of the Special Record Date and
of the scheduled payment date of the past due interest (which
shall be 15 days after the Special Record Date) shall be sent
at least five (5) business days prior to the Special Record
Date by United States Mail, first class postage prepaid, to the
address of each registered owner appearing on the Security
Register at the close of business on the last business day next
preceding the date of mailing of such notice.
It is hereby certified, recited, represented, and
covenanted that the City is a duly organized and legally
existing municipal corporation under and by virtue of the
Constitution and laws of the State of Texas; that the issuance
of the Certificates is duly authorized by law; that all acts,
conditions, and things required to exist and be done precedent
to and in the issuance of the Certificates to render the same
lawful and valid obligations of the City 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; that the Certificates
do not exceed any constitutional or statutory limitation; and
that due provision has been made for the payment of the
principal of and interest on the Certificates by the levy of an
ad valorem tax and a pledge of and lien on the Net Revenues of
the System as aforestated. In case any provision in this
Certificate or any application thereof shall be invalid,
-14-
0 ~ 1 l N
illegal, or unenforceable, the validity, legality, and
enforceability of the remaining prov1s1ons and applications
shall not in any way be affected or impaired thereby. The
terms and prov1s1ons of this Certificate and the Ordinance
shall be construed in accordance with and shall be governed by
the laws of the State of Texas.
IN WITNESS WHEREOF, the City Counci 1 of the City has
caused this Certificate to be duly executed under the official
seal of the City as of the Certificate Date.
CITY OF LUBBOCK, TEXAS
COUNTERSIGNED:
:~
r-(CITY SEAL)
/
REGISTRATION CERTIFICATE OF PAYING AGENT/REGISTRAR
This Certificate of Obligation has been duly issued and
registered under the provisions of the within mentioned
Ordinance; the Certificate of Obligation or Certificates of
Obligation of the above entitled and designated series
originally delivered having been approved by the Attorney
General of the State of Texas and registered by the Comptroller
of Public Accounts, as shown by the records of the Paying
Agent/Registrar.
Registered this date:
0 l 1 l N
TEXAS COMMERCE BANK,
NATIONAL ASSOCIATION,
Lubbock, Texas, as
Paying Agent/Registrar
By
Authorized Signature
-15-
ASSIGNMENT
. .
FOR VALUE RECEIVED the undersigned hereby sells,
assigns, and transfers unto (Print or typewrite name, address,
and zip code of transferee:) ...........•..................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ·~· ...
(Social Security or other identifying number: ..•..............
. . . . . • . • . . . . . . . . . . . . . . . ) the within Certificate of Obligation
and all rights thereunder, and hereby irrevocably constitutes
and appoints . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . attorney to
transfer the within Certificate of Obligation on the books kept
for registration thereof, with full power of substitution in
the premises.
DATED: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Signature guaranteed:
. . . . . . . . . . . . . . . . . . . . . . . . . .
NOTICE: The signature on this
assignment must correspond with
the name of the registered
owner as it appears on the face
the within Certificate of
Obligation in every particular.
SECTION 9: Definitions. For purposes of this
Ordinance and for clarity with respect to the issuance of the
Certificates herein authorized, and the levy of taxes and
appropriation of Net Revenues therefor, the following words or
terms, whenever the same appear herein without qualifying
language, are defined to mean as follows:
(a) The term "Additional Certificates" shall mean
combination tax and revenue certificates of obligation
hereafter issued under and pursuant to the provisions of
Article 2368a.l, V.A.T.c.s., or any similar law hereafter
enacted, and payable from ad valorem taxes and additionally
payable from and secured by a lien · on and pledge of the Net
Revenues on a parity with and of equal dignity with the lien
and pledge securing the payment of the Certificates.
(b) The term "Certificates" shall mean the $4,200,000
"City of Lubbock, Texas, Combination Tax and Sewer System
Subordinate Lien Revenue Certificates of Obligation, Series
1986" authorized by this Ordinance.
(c) The term "Certificate Fund" shall mean the
special Fund created and established under the provisions of
Section 10 of this Ordinance.
(d) The term "Collection Date" shall mean, when
reference is being made to the levy and collection of annual ad
valorem taxes, the date the annual ad valorem taxes levied each
year by the City become delinquent.
-16-0 3 1 3 N
..
(e) The term "Fiscal Year" shall mean the annual
financial accounting. period used with respect to the System now
ending on September 30th of each year; provided, however, the
City Council may change, by ordinance duly passed, such annual
financial accounting period to end on another date if such
change is found and determined to be necessary for accounting
purposes.
(f) The term "Maintenance and Operation Expenses"
shall mean all reasonable and necessary expenses directly
related and attributable to the operation and maintenance of
the System, including, but not limited to, the cost of
insurance, the purchase and carrying of stores, materials, and
supplies, the payment of salaries and labor, and other expenses
reasonably and properly charged, under generally accepted
accounting principles, to the operation and maintenance of the
System. Depreciation charges on equipment, machinery, plants,
and other facilities comprising the System and expenditures
classed under generally accepted accounting principles as
capital expenditures shall not be considered as "Maintenance
and Operation Expenses" for purposes of determining "Net
Revenues".
(g) The term "Net Revenues" shall mean , with respect
to any period, all income, revenues, and receipts received from
the operation and ownership of the System less Maintenance and
Operation expenses of the System during such period.
(h) The term "Outstanding" when used in this
Ordinance with respect to Certificates means, as of the date of
determination, all Certificates theretofore issued and
delivered under this Ordinance, except:
0 l I l N
(1) those
cancelled by the
delivered to the
cancellation;
Certificates theretofore
Paying Agent/Registrar or
Paying Agent/Registrar for
(2) those Certificates for which payment
has been duly provided by the City in accordance
with the provisions of Section 26 hereof by the
irrevocable deposit with the Paying Agent/
Registrar, or an authorized escrow agent, of money
or Government Securities, or both, in the amount
necessary to fully pay the principal of, premium,
if any, and interest thereon to maturity; and
(3) those Certificates that have been
mutilated, destroyed, lost, or stolen and for which
(i) replacement Certificates have been registered
and delivered in lieu thereof or (ii) have been
paid, all as provided in Section 24 hereof.
-17-
{i) The term "Prior Lien Obligations" shall mean
revenue bonds or other obligations hereafter issued by the City
of Lubbock which, by the ordinance authorizing the issuance
thereof, are payable from and secured by a first lien on and
pledge of the Net Revenues.
{j) The term ~system" shall mean the City's sanitary
sewer system, being all sanitary sewage collection system,
ground storage facilities, effluent disposal and treatment
facilities and/or other works and equipment.
SECTION 10: Certificate Fund. For the purpose of
paying the interest on and to provide a sinking fund for the
payment and retirement of the Certificates, there shall be and
is hereby created a special Fund to be designated "SEWER SYSTEM
DEBT SERVICE, •• which Certificates Fund shall be kept and
maintained at the City's depository bank, and moneys deposited
in said Fund shall be used for no other purpose. Authorized
officials of the City are hereby authorized and directed to
make withdrawals from said Fund sufficient to pay the principal
of and interest on the Certificates as the same become due and
payable, and, shall cause to be transferred to the Paying
Agent/Registrar from moneys on deposit in the Certificate Fund
{on or prior to a principal and/or interest payment date) an
amount sufficient to pay the amount of principal and/or
interest falling due on the Certificates.
Pending the transfer of funds to the Paying Agent/
Registrar, money in the Certificate Fund may, at the option of
the City, be placed in time deposits or certificates of deposit
secured by obligations of the type hereinafter described, or be
invested, including investments held in book-entry form, in
direct obligations of the United States of America, obligations
guaranteed or insured by the United States of America, which,
in the opinion of the Attorney General of the United States,
are backed by its full faith and credit or represent its
general obligations, or invested in indirect obligations of the
United States of America, including, but not limited to,
evidences of indebtedness issued, insured, or guaranteed by
such governmental agencies as the Federal Land Banks, Federal
Intermediate Credit Banks, Banks for Cooperatives, Federal Home
Loan Banks, Government National Mortgage Association, Farmers
Home Administration, Federal Home Loan Mortgage Association,
Sm~ll Business Administration, Federal Housing Association, or
Participation Certificates in the Federal Assets Financing
Trust; provided that all such deposits and investments shall be
made in such a manner that the money required to be expended
from said Fund will be available at the proper time or times.
All interest and income derived from deposits and investments
in said Certificate Fund shall be credited to, and any losses
debited to, the said Certificate Fund. All such investments
shall be sold promptly when necessary to prevent any default in
connection with the Certificates.
-18-0 ) I 3 N
SECTION 11: Tax Levy. To provide for the payment of
the "Debt Service Requirements" on the Certificates being ( i)
the interest on said Certificates and (ii) a sinking fund for
their redemption at maturity or a sinking fund of 2% (whichever
amount shall be the greater), there shall be and there is
hereby levied for the current year and each succeeding year
thereafter while said Certificates or any interest thereon
shall remain Outstanding, a sufficient tax on each one hundred
dollars • valuation of taxable property in said City, adequate
to pay such Debt Service Requirements, full allowance being
made for delinquencies and costs of collection; said tax shall
be assessed and collected each year and applied to the payment
of the Debt Service Requirements, and the same sha 11 not be
diverted to any other purpose. The taxes so levied and
collected shall be paid into the Certificate Fund. The City
Council hereby declares its purpose and intent to provide and
levy a tax legally and fully sufficient to pay the said Debt
Service Requirements, 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.
The amount of taxes to be provided annually for the
payment of the principal of and interest on the Certificates
shall be determined and accomplished in the following manner:
(a) Prior to the date the City Council establishes
the annual tax rate and passes an ordinance levying ad valorem
taxes each year, the Council shall determine:
0 J I J N
(1) The amount on deposit in the
Certificate Fund after (a) deducting therefrom the
total amount of Debt Service Requirements to become
due on Prior Lien Obligations and Certificates
prior to the Collection Date for the ad valorem
taxes to be levied and (b) adding thereto the
amount of the Net Revenues of the System appropria-
ted and allocated to pay such Debt Service
Requirements prior to the Collection Date for the
ad valorem taxes to be levied.
{2) The amount of Net Revenues of the
System, appropriated and to be set aside for the
payment of the Debt Service Requirements on the
Certificates between the Collection Date for the
taxes then to be levied and the Collection Date for
the taxes to be levied during the next succeeding
calendar year.
-19-
..
(3) The amount of Debt Service Require-
ments to become due and payable on the Certificates
between the Collection Date for the taxes then to
be levied and the Collection Date for the taxes to
be levied during the next succeeding calendar year.
(b) The amount of taxes to be levied annually each
year to pay the Debt Service Requirements on the Certificates
shall be the amount established in paragraph (3) above less the
sum total of the amounts established in paragraphs (1) and (2),
after taking into consideration delinquencies and costs of
collecting such annual taxes.
SECTION 12: Pledge of Revenues. The City hereby
covenants and agrees that all the Net Revenues of the System,
with the exception of those in excess of the amounts required
to be deposited to the Certificate Fund as hereafter provided,
are hereby irrevocably pledged to the payment of the principal
of and interest on the Prior Lien Obligations, the Certificates
and Additional Certificates if issued, and the pledge of Net
Revenues herein made for the payment of the Certificates shall
constitute a lien on the Net Revenues in accordance with the
terms and provisions hereof and be valid and binding without
any physical delivery thereof or further act by the City.
SECTION 13: System Fund. The City hereby covenants
and agrees that all revenues derived from the operation of the
System shall be kept separate and apart from all other funds,
accounts, and moneys of the City, and shall be deposited as
collected into the "City of Lubbock Sewer System Fund" hereby
created and established (hereinafter called the "System
Fund"). All moneys deposited in the System Fund shall be
pledged and appropriated to the extent required for the
following purposes and in the order of priority shown, to wit:
0 l l J N
First: To the payment of the reasonable and proper
Maintenance and.Operation Expenses of the System as
defined herein or required by statute to be a first
charge on and claim against the revenues of the
System.
Second: To the payment of the amounts required to
be deposited in the special funds and accounts
created and established for the payment and
security of the Prior Lien Obligations.
Third: For deposit into the Certificate Fund or
other fund created and established for the payment
of principal of and interest on the Certificates or
Additional Certificates.
-20-
Any Net Revenues rema1n1ng in the System Fund after
satisfying the foregoing payments, or making adequate and
sufficient provision for the payment thereof, may be appropria-
ted and used for any other City purpose now or hereafter
permitted by law.
SECTION 14: Deposits to Certificate Fund. The City
hereby covenants and agrees to cause to be deposited in the
Certificate Fund from the pledged Net Revenues in the System
Fund, an amount equal to one hundred per centum (100%) of the
amount required to fully pay the interest and principa 1 then
due and payable on the Certificates, such deposits to pay
maturing principal and accrued interest on the Certificates to
be made in monthly installments on or before the 15th day of
each February and August, beginning August 15, 1986.
The deposits to be made to the Certificate Fund, as
hereinabove provided, shall be made until such time as such
Fund contains an amount equal to pay the principal of and
interest and premium, if any, on the Certificates to maturity.
Accrued interest and premium, if any, received from the
purchaser(s) of the Certificates shall be deposited to the
Certificate Fund and ad valorem taxes levied, collected, and
deposited in the Certificate Fund for and on behalf of the
Certificates may be taken into consideration and reduce the
amount of the deposits otherwise required to be deposited in
the Certificate Fund from the Net Revenues. In addition, any
surplus proceeds from the sale of the Certificates not expended
for authorized purposes shall be deposited in the Certificate
Fund, and such amounts so deposited shall reduce the sums
otherwise required to be deposited in said Fund from ad valorem
taxes and the Net Revenues.
SECTION 15: Security of Funds. All moneys on deposit
in the Funds for which this Ordinance makes provision (except
any portion thereof as may be at any time properly invested)
shall be secured in the manner and to the fullest extent
required by the laws of Texas for the security of public funds,
and moneys on deposit in such Funds shall be used only for the
purposes permitted by this Ordinance.
SECTION 16: Maintenance of System Insurance. The
City covenants and agrees that while the Certificates remain
Outstanding, it wi 11 maintain and operate the System with a 11
possible efficiency and maintain casualty and other insurance
on the properties of the System and its operations of a kind
and in such amounts customarily carried by municipal corpora-
tions in the State of Texas engaged in a similar type business
to the extent the City may be subjected to liability; and that
it will faithfully and punctually perform all duties with
reference to the System required by the Constitution and laws
of the State of Texas; provided however, the City may also make
provision for self insurance to cover any liability of the City.
-21-
0 l I l N
SECTION 17: Rates and Charges . The City hereby
covenants and agree~ with the Holders of the Certificates that
rates and charges foi the collection and disposal of sewage and
other services afforded by the System will be established and
maintained to provide revenues sufficient at all times to pay:
(a)
System; and
all Maintenance and Operation Expenses of the
(b) The deposits (i) for the payment and security of
the Prior Lien Obligations, and (ii) to the Certificate Fund as
required by this Ordinance.
SECTION 18: Records and Accounts -Annual Audit. The
City further covenants and agrees that so long as any of the
Certificates remain Outstanding, it will keep and maintain
separate and complete records and accounts pertaining to the
operations of the System in which complete and correct entries
shall be made of all transactions relating thereto, as provided
by law. The Holders or any duly authorized agent or agents of
such Holders shall have the right to inspect the System and all
properties comprising the same. The City further agrees that
following the close of each Fiscal Year, it will cause an audit
of such books and accounts to be made by an independent firm of
Certified Public Accountants. Copies of each annual audit
shall be furnished to the Executive Director of the Municipal
Advisory Council of Texas at his or her office in Austin,
Texas, and, upon written request, to the original purchaser of
the Certificates and any subsequent Holder.
SECTION 19: Remedies in Event of Default. In
addition to all the rights and remedies provided by the laws of
the State of Texas, the City covenants and agrees particularly
that in the event the City (a) defaults in the payments to be
made to the Certificate Fund, or (b) defaults in the observance
or performance of any other of the covenants, conditions, or
obligations set forth in this Ordinance, any Holder shall be
entitled to a writ of mandamus issued by a court of proper
jurisdiction compelling and requiring the governing body of the
City and other officers of the City to observe and perform any
covenant, condition, or obligation prescribed in this Ordinance.
No delay or omission to exercise any right or power
accruing upon any default shall impair any such right or power,
. or shall be construed to be a waiver of any such default or
acquiescense therein, and every such right and power may be
exercised from time to time and as often as may be deemed
expedient. The specific remedies herein provided shall be
cumulative of all other existing remedies and the specification
of such remedies shall not be deemed to be exclusive.
-22-
0 l l 3 N
' f. __ . _________ _
SECTION 20: Special Covenants. The City hereby
further covenants as follows:
(a) That it has the lawful power to pledge
the Net Revenues supporting this issue of Certifi-
cates and has lawfully exercised said powers under
the Constitution and laws of the State of Texas.
(b) That other than for the payment of
the Certificates and the Prior Lien Obligations, as
herein provided, the Net Revenues have not in any
manner been pledged to the payment of any debt or
obligation of the City or of the System.
(c) That, as long as any Certificates or
any interest thereon remain Outstanding, the City
will not sell, lease, or encumber the System or any
substantial part thereof, provided that this
covenant shall not be construed to prohibit the
sale of such machinery, or other properties or
equipment which has become obsolete or otherwise
unsuited to the efficient operation of the System.
(d) The City recognizes that the
purchasers and owners of the Certificates will have
accepted them on, and paid therefor a price which
reflects, the understanding that interest thereon
is excludable from federal income taxation under
laws in force at the time the Certificates shall
have been delivered. In this connection the City
covenants to take no act ion or f ai 1 to take any
action, which action or failure to act may render
the interest on any of such Certificates subject to
federal income taxation, particularly pursuant to
section 103 of the Internal Revenue Code of 1954,
as amended, nor shall the City take any action or
fail to take any action, which action or failure to
act, would have the effect of causing the income
derived by the City from the System to become
subject to federal income taxation in the hands of
the City, whether or not provision shall have been
made for the payment of such Certificates.
SECTION 21: Issuance of Additional Certificates. The
City hereby expressly reserves the right to hereafter issue
Additional Certificates payable from and secured by a lien on
and pledge of the Net Revenues of equal rank and dignity, and
on a parity in all respects, with the lien thereon and pledge
thereof securing the payment of the Certificates.
-23··
0 J 1 .I N
SECTION 22: Notices to Owners -Waiver. Wherever this
Ordinance provides for notice to Holders of any event, such
notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and sent by United States
Mail, first class postage prepaid, to the address of each
Holder appearing on the Security Register at the close of
business on the business day next preceding the mailing of such
notice.
In any case where notice to Holders is given by mai 1,
neither the failure to mail such notice to any particular
Holders, nor any defect in any notice so mailed, shall affect
the sufficiency of such notice with respect to all other
Certificates. Where this Ordinance provides for notice in any
manner, such notice may be waived in writing by the Holder
entitled to receive such notice, either before or after the
event with respect to which such notice is given, and such
waiver shall be the equivalent of such notice. Waivers of
notice by Holders shall be filed with the Paying Agent/
Registrar, but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such
waiver.
SECTION 23: Cancellation. All Certificates surrender-
ed for payment, transfer, exchange, or replacement, if
surrendered to the Paying Agent/Registrar, shall be promptly
cancelled by it and, if surrendered to the City, shall be
delivered to the Paying Agent/Registrar and, if not already
cancelled, shall be p~omptly cancelled by the Paying Agent/
Registrar. The City may at any time deliver to the Paying
Agent/Registrar for cancellation any Certificates previously
certified or registered and delivered which the City may have
acquired in any manner whatsoever, and all Certificates so
delivered shall be promptly cancelled by the Paying Agent/
Registrar. All cancelled Certificates held by the Paying
Agent/Registrar shall be returned to the City.
SECTION 24: Mutilated, Destroyed, Lost, and Stolen
Certificates. If ( 1) any mutilated Certificate is surrendered
to the Paying Agent/Registrar, or the City and the Paying
Agent/Registrar receive evidence to their satisfaction of the
destruction, loss, or theft of any Certificate, and (2) there
is delivered to the City and the Paying Agent/Registrar such
security or indemnity as may be required to save each of them
harmless, then, in the absence of notice to the City or the
Paying Agent/Registrar that such Certificate has been acquired
by a bona fide purchaser, the City shall execute and, upon its
request, the Paying Agent/Registrar shall register and deliver,
in exchange for or in lieu of any such mutilated, destroyed,
lost, or stolen Certificate, a new Certificate of the same
Stated Maturity and of like tenor and principal amount, bearing
a number not contemporaneously outstanding.
-24-
0 l I l N
'.
In case any such mutilated,
Certificate has become or is about
the City in its discretion may,
Certificate, pay such Certificate.
destroyed, lost, or stolen
to become due and payable,
instead of issuing a new
Upon the issuance of any new Certificate under this
Section, the City may require payment by the Holder of a sum
sufficient to cover any tax or other governmental charge
imposed in relation thereto and any other expenses (including
the fees and expenses of the Paying Agent/Registrar) connected
therewith.
Every new Certificate issued pursuant to this Section in
lieu of any mutilated, destroyed, lost, or stolen Certificate
shall constitute a replacement of the prior obligation of the
City, whether or not the mutilated, destroyed, lost, or stolen
Certificate shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Ordinance equally
and ratably with all other Outstanding Certificates.
The provisions of this Section are exclusive and shall
preclude (to the extent lawful) all other rights and remedies
with respect to the replacement and payment of mutilated,
destroyed, lost, or stolen Certificates.
SECTION 25: No Arbitrage. The City hereby certifies
and covenants that the proceeds of the Certificates are needed
at this time to finance the costs of improvements to the solid
waste disposal system; based on current facts, estimates, and
circumstances, it is reasonably expected final disbursement of
the Certificate proceeds will occur within three years from the
date of the receipt thereof by the City; it is not reasonably
expected the proceeds of the Certificates or moneys deposited
in the Certificate Fund created for the payment of the
Certificates wi 11 be used or invested in a manner that would
cause the Certificates 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 pertaining
thereto; and save and except for the Certificate Fund created
herein, no other funds or accounts have been established or
pledged for the payment of the Certificates. Proper officers
of the City charged with the responsibility in the issuance of
the Certificates 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
Certificates and stating whether there are any facts, esti-
mates, 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 and may be relied upon by the Holders and bond counsel
for the City.
-25-
SECTION 26: Satisfaction of Obligations of City. If
the City shall pay. or cause to be paid, or there shall
otherwise be paid to the Holders, the principal of, premium, if
any, and interest on the Certificates, at the times and in the
manner stipulated in this Ordinance, then the pledge of taxes
levied and the lien on and pledge of the Net Revenues of the
System under this Ordinance and all covenants, agreements, and
other obligations of the City to the Holders shall thereupon
cease, terminate, and be discharged and satisfied.
Certificates, or any principal amount(s) thereof, shall
be deemed to have been paid within the meaning and with the
effect expressed above in this Section when (i) money suffi-
cient to pay in full such Certificates or the principal
amount(s) thereof at maturity, together with all interest due
thereon, shall have been irrevocably deposited with and held in
trust by the Paying Agent/Registrar, or an authorized escrow
agent, or (ii) Government Securities shall have been irrevocab-
ly deposited in trust with the Paying Agent/Registrar, or an
authorized escrow agent, which Government Securities have been
certified by an independent accounting firm to mature as to
principa 1 and interest in such amounts and at such times as
will insure the availability, without reinvestment, of
sufficient money, together with any moneys deposited therewith,
if any, to pay when due the principal of and interest on such
Certificates, or the principal amount(s) thereof, on and prior
to the Stated Maturity thereof. The City covenants that no
deposit of moneys or Government Securities will be made under
this Section and no use made of any such deposit which would
cause the Certificates to be treated as "arbitrage bonds"
within the meaning of section 103 (c) of the Internal Revenue
Code of 1954, as amended, or regulations adopted pursuant
thereto.
Any moneys so deposited with the Paying Agent/ Regi-
strar, and all income from Government Securities held in trust
by the Paying Agent/Registrar, or an authorized escrow agent,
pursuant to this Section which is not required for the payment
of the Certificates, or any principal amount(s) thereof, or
interest thereon with respect to which such moneys have been so
deposited shall be remitted to the City or deposited as
directed by the City. Furthermore, any money held by the
Paying Agent/Registrar for the payment of the principal of and
interest on the Certificates and rema1n1ng unclaimed for a
period of four (4) years after the Stated Maturity of the
Certificates for which such moneys were deposited and are held
in trust to pay, shall upon the request of the City be remitted
to the City against a written receipt therefor.
-26-0 J I l N
The term "Government Securities", as used herein, means
direct obligations . of, or obligations the principal and
interest of which are unconditionally guaranteed by, the United
States of America, which are non-callable prior to the
respective Stated Maturities of the Certificates, and which may
be United States Treasury Obligations such as the State and
Local Government Series and which may be in book-entry form.
SECTION 27: Ordinance a Contract -Amendments. This
Ordinance shall constitute a contract with the Holders from
time to time, be binding on the City, and shall not be amended
or repealed by the City so long as any Certificate remains
Outstanding except as permitted in this Section. The City,
may, without the consent of or notice to any Holders, from time
to time and at any time, amend this Ordinance in any manner n·· t
detrimental to the interests of the Holders, including the
curing of any ambiguity, inconsistency, or formal defect or
omission herein. In addition, the City may, with the written
consent of Holders owning a majority in aggregate principal
amount of the Certificates and Additional Certificates then
Outstanding affected thereby, amend, add to, or rescind any of
the provisions of this Ordinance; provided that, without the
consent of all Holders of Outstanding Certificates, no such
amendment, addition, or rescission shall (1) extend the time or
times of payment of the principa 1 of, premium, if any, and
interest on the Certificates, reduce the principal amount
thereof, or the rate of interest thereon, or in any other way
modify the terms of payment of the principal of, premium, if
any, or interest on the Certificates, (2) give any preference
to any Certificate over any other Certificate, or (3) reduce
the aggregate principal amount of Certificates required to be
held by Holders for consent to any such amendment, addition, or
rescission.
SECTION 28: Control and Custody of Certificates. 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,
including the printing and supply of definitive Certificates,
and shall take and have charge and control of the Initial
Certificate pending the approval thereof by the Attorney
General, the registration thereof by the Comptroller of Public
Accounts, and the delivery thereof to the Purchasers.
Furthermore, the Mayor, the City Secretary, the City
Manager, and the Assistant City Manager for Financial Services,
any one or more of said officials, are hereby authorized and
directed to furnish and execute such documents relating to the
City and its financial affairs as may be necessary for the
issuance of the Certificates, the approval of the Attorney
-27-
0 3 I 3 N
..
General, and_ their registration by the Comptroller of Public
Accounts and, together with the City's financial advisor, bond
counsel, and the Paying Agent/Registrar, make the necessary
arrangements for the delivery of the Initial Certificate to the
Purchasers and the initial exchange thereof for definitive
Certificates.
SECTION 29: Bond Counsel's Opinion. The Purchasers'
obligation to accept delivery of the Certificates is subject to
being furnished a final opinion of Fulbright & Jaworski,
Attorneys, Dallas, Texas, approving such Certificates as to
their validity, said opinion to be dated and delivered as of
the date of delivery and payment for such Certificates.
Printing of a true and correct reproduction of said opinion on
the reverse side of each of the definitive Certificates is
hereby approved and authorized.
SECTION 30: CUSIP Numbers. CUSIP numbers may be
printed or typed on the definitive Certificates. It is
expressly provided, however, that the presence or absence of
CUSIP numbers on the definitive Certificates shall be of no
significance or effect as regards the legality thereof and
neither the City nor the attorneys approving said Certificates
as to legality are to be held responsible for CUSIP numbers
incorrectly printed or typed on the definitive Certificates.
SECTION 31: Benefits of Ordinance. Nothing in this
Ordinance, expressed or implied, is intended or shall be
construed to confer upon any person other than the City, the
Paying Agent/Registrar, and the Holders, any right, remedy, or
claim, legal or equitable, under or by reason of this Ordinance
or any provision hereof, this Ordinance and all its provisions
being intended to be and being for the sole and exclusive
benefit of the City, the Paying Agent/Registrar, the Holders,
and Bond Counsel.
SECTION 32: Inconsistent Provisions. All ordinances,
orders, or resolutions, or parts thereof, which are in conflict
or inconsistent with any provision of this Ordinance are hereby
repealed to the extent of such conflict and the provisions of
this Ordinance shall be and remain controlling as to the
matters contained herein.
SECTION 33: Governing Law. This Ordinance shall be
construed and enforced in accordance with the laws of the State
of Texas and the United States of America.
SECTION 34: Effect of Headings. The Section headings
herein are for convenience only and shall not affect the
construction hereof.
-28-0 3 l 3 N
SECTION 35: Severability.· If any prov1s1on of this
Ordinance or the application thereof to any circumstance shall
be held to be invalid, the remainder of this Ordinance or the
application thereof to other circumstances shall nevertheless
be valid, and this governing body hereby declares that this
Ordinance would have been enacted without such invalid
provision.
SECTION 36: Public Meeting. It is officially found,
determined, and declared that the meeting at which this
Ordinance is adopted was open to the public and public notice
of the time, place, and subject matter of the public business
to be considered at such meeting, including this Ordinance, was
given, all as required by Article 6252-17, Vernon•s Texas Civil
Statutes, as amended.
SECTION 3 7: Effective Date.
in force and effect from and after
shown below.
This Ordinance shall be
its passage on the date
PASSED AND.APPROVED ON FIRST READING, this July 24, 1986.
PASSED AND APPROVED ON SECOND AND FINAL READING, this
July 25, 1986.
CITY OF LUBBOCK, TEXAS
ATTEST:
(City Seal)
-29-
0 l 1 l N
..
FULBRIGHT & JAWORSKI
Mr. J. Robert Massengale
Assistant City Manager
for Financial Services
P.O. Box 2000
Lubbock, Texas 79457
July 18, 1986
200J 8ty11n TDW!Pr, Suits J400 Houston
Dallas, Tex11s 7520J Wsshington. D.C.
Austin
Telephone: 2141969-0022 San Antonio
Dallas
Llmdon
Zurich
RE: $4,200,000 "City of Lubbock, Texas, Combination
Tax and Sewer System Subordinate Lien Revenue
Certificates of Obligation"
Dear Robert:
We have prepared and are enclosing the proceedings for
authorization and sale of the above described certificates, to
wit:
1. Two copies of Waiver of Notice and Consent to
Special Meeting for the meeting being held July 25, 1986, to be
executed by any member(s) of the Council absent from such
meeting. If executed, return both copies to us. If there are
no absentees, you may discard.
2. Four copies of Certificate of City Secretary for
the July 24th, 1986, meeting to be completed, signed, sealed
and all copies returned to us.
3. Two copies of Ordinance authorizing issuance of
the Certificates. After passage and adoption on second
reading, one copy is for the City's records and one copy is to
be returned to us.
4. Four copies of Certificate of City Secretary for
the meeting on July 25, 1986, to be completed, signed, sealed
and all copies returned to us.
Mr. J. Robert Massengale
July 18, 1986
Page 2
5. Five copies of General Certificate to be dated,
executed and sealed. Four copies are to be returned to us and
one copy is to be retained for the City's records.
6. Five copies of Certificate as
Obligation to be dated, executed and sealed.
to be returned to us and one copy retained
records.
to Contractual
Four copies are
for the City's
7. Five copies of Signature and No-Litigation
Certificate to be executed and sealed but do not date. The
signatures of the City officials must conform ~ their
signatures on the Initial Certificate and are to be verified by
the City's depository bank with the bank's seal impressed on
each certificate. Return all copies to us.
8. Four copies of the No-Arbitrage Certificate to be
executed and sealed, but do not date. Please note that
Schedule A needs to be completed-.--Return all copies to us and
upon delivery we will furnish a copy for the City's records.
9. Four Copies of Certificate as to Official
Statement to be executed and sealed, but do not date. Return
all copies to us.
10. Two copies each of five
After execution, return one copy of
retain one copy for the City's files.
letters of instruction.
each letter to us and
11. Three copies of Treasurer's Receipt to be
executed, but not dated. The City Treasurer's signature is to
be verified bythe City's depository bank with the bank seal
impressed on each Receipt.
12. The Initial Certificate to be signed and sealed.
Return to us. _..---
13. Notice of Meeting for meeting to sell Certifi-
cates of Obligation on July 31, 1986.
14. Two copies of Waiver of Notice and Consent to
Special Meeting for meeting on July 31st and to be used if a
member(s) of the Council is absent from such meeting. If
executed by absent member(s), return both copies to us. If not
used, you may discard.
15. Four copies of Certificate of City Secretary for
meeting on July 31, 1986, to be completed, executed, sealed and
all copies returned to us.
Mr. J. Robert Massengale
July 18, 1986
Page 3
16. Two copies of Resolution awarding sale and
establishing interest rates to be completed, executed and
sealed. Return one copy to us and retain one copy for City's
files.
Should you have any questions, please advise.
Very truly yours,
E~rrowfo
EMM:tss
Enclosures
cc: Mr. Joe Smith
1 Z 5 Z D
J
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS §
§
§
§
§
COUNTY OF LUBBOCK
CITY OF LUBBOCK
Ordinance #8949
I, the undersigned, City Secretary of the City of
Lubbock, Texas, DO HEREBY CERTIFY as follows:
1. That on the 24th day of July, 1986, the City
Council of the City of Lubbock, Texas, convened in regular
session as its regular meeting place in the City Hall of said
City; the duly constituted members of the City Council being as
follows:
B. C. McMINN
GEORGE W. CARPENTER
MAGGIE TREJO ) .
T. J. PATTERSON )
BOB NASH )
GARY D. PHILLIPS )
JOAN BAKER )
Mayor
Mayor Pro-Tem
Councilmembers
and all of said persons were present at said meeting except the
following: ~~N~o_ne~------~~--~--~--~~--~~--~~--~~~Among other business considered at. said meeting, the attached
ordinance entitl~d:
AN ORDINANCE authorizing the issuance of $4,200,000
"CITY OF LUBBOCK, TEXAS, COMBINATION TAX AND
SEWER SYSTEM SUBORDINATE LIEN REVENUE
CERTIFICATES OF OBLIGATION, SERIES 1986";
providing for the payment of ·said certifi-
cates ·of obligation by the levy of an ad
valorem tax upon all taxable property within
the City and a pledge of the net revenues
derived from the operation of the City's
S~wer System; providing the termi and condi-
tions of such certificates of obligation and
. resolving other matters. incident and relat-
ing to the issupnce, payment, security, sale
and delivery of said certificates; and pro-
viding an effective date.
...
I ,.
was introduced and submitted to the Council for passage and
adoption. After presentation and due consideration of the
ordinance, a motion was made by Councilmember Carpenter that
the ordinance be passed and adopted on first reading. The
motion was seconded by Counci lmember Nash and the
ordinance was passed and adopted on first reading by the City
Council by the following vote:
7 voted "For" 0 ---voted "Against" 0 abstained
all as shown in the official minutes of the Council for the
meeting held on the aforesaid date.
2. That the attached ordinance 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 Counci 1 was given advance not ice of the
time, place, and purpose of the meeting; 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 ordinance, 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 offi-
cially and affixed the seal of said City, this the 24th day of
July, 1986.
City of Lubbock, Texas
(City Seal)
I '' J''
·J
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
GENERAL CERTIFICATE
§
§
§
§
§
Ordinance #8949
WE,
ively, of
follows:
the undersigned, Mayor and City Secretary, respect-
the City of Lubbock, Texas, DO HEREBY CERTIFY as
1. Relative to Tax Supported Indebtedness.
That the total principal amount of indebtedness
of the City, including the proposed $4,200,000 "CITY OF
LUBBOCK, TEXAS, COMBINATION TAX AND SEWER SYSTEM SUBORDINATE
LIEN REVENUE CERTIFICATES OF OBLIGATIONS, SERIES 1986," dated
July 15., 1986, payable in whole or in part from ad valorem
taxes levied and collected by the City is as follows:
General Obligation Bonds and
Certificates of Obligation
The Certificates
$75,689,070
4,200,000
TOTAL INDEBTEDNESS-----------$79,889,070
2. Relative to Debt Service Requirements.
That a debt service requirement schedule for the
City• s outstanding tax-supported indebtedness, as well as the
proposed "City of Lubbock, Texas, Combination Tax and Revenue
Sewer System Subordinate Lien Certificates of Obligation,
Series 1986, •• is attached hereto as Exhibit A and ma.de a part
of this Certificate for all purposes.
3. Relative to Petition.
That no petition of any kind or character, signed
by at least 5% of the qualified electors of the City, has been
filed with the Mayor, City Secretary, or any other official of
the City p-rotesting the issuance of the proposed $4,200,000
"CITY OF _LUBBOCK, TEXAS, COMBINATION TAX AND SEWER SYSTEM
SUBORDINATE LIEN REVENUE CERTIFICATES OF OBLIGATION, SERIES
1986," dated J~ly 15, 1986.
4. Relative to Taxable Values . .
That the assessed value of all taxable property
(net of exemptions) in the City, as shown by the tax rolls for
the year 1986, and which have been duly approved and are the
latest official assessment of taxable property in the City, is
as follows:
TOTAL ASSESSED TAXABLE VALUES OF
REAL AND PERSONAL PROPERTY
5. Relative to Nonencumbrance.
$4,012,901,338
That, save and except for the proposed CITY OF
LUBBOCK, TEXAS, COMBINATION TAX AND SEWER SYSTEM SUBORDINATE
LIEN REVENUE CERTIFICATES OF OBLIGATION, SERIES 1986, dated
July 15, 1986, the income and revenues of said System have not
been pledged or hypothecated in any other manner or for any
other purpose; and that the above obligations evidence the only
lien, encumbrance, or indebtedness of said System or against
the income and revenues of such System.
6. . Relative to Rates and Charges.
That the current monthly rates and charges for
services provided by the City's Sewer System are as shown in
Exhibit B attached hereto and made a part hereof for all
purposes.
7. Relative to Sewer System.
That the City has obtained all
licenses, permits, and approvals for the operation
system and, as of the date hereof, no question is
no proceedings of any nature have been instituted
the City's operation of a sewer system.
requisite
of a sewer
pending and
questioning
8. Relative to Income and Revenues.
That the following is a
revenues, operating expenses, and net
Sewer System for the years stated:
schedule of the gross
revenues of the City • s
FISCAL YEAR .GROSS OPERATING NET
ENDING REVENUES EXPENSES REVENUES
1981 $2,758,240 $1,710,934 $1,047,306
1982 2,961,655 2,041,333 920,322
1983 3,202,484 2,370,151 832,333
1984 3,652,528 2,441,555 1,210,973
1985 4,173,730 2,48;2,623 1,691,107
-2-
0 l 1 7 N
I
I
I i
9. Relative to City Officials.
That certain duly qualified and acting officials
of the City are as follows:
B. C. McMINN
RANETTE BOYD
J. ROBERT MASSENGALE
MAYOR
CITY SECRETARY -TREASURER
ASSISTANT CITY MANAGER FOR
FINANCIAL SERVICES
10. Relative to Incorporation.
That said City 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 on December 27, 1917, and said Charter has
not been amended in any respect since January 24, 1967, the
date of the last Charter Amendment election.
WITNESS OUR HAND AND THE SEAL OF THE CITY OF LUBBOCK,
TEXAS, this the 25th day of July, 1986.
MaYOr,
City of Lubbock, Texas
(_~ .. ~-i ~-~ ~
cTIYSecretai~
City of Lubbock, Texas
(City Seal)
-3-0 J I 7 N
OE8T SERVICE RE2UIREMENTS
Less:
Waterworks Less: Gener.:al
System Sewer System Purp!l:;t.; ..
Year General General Gener.:al • ..... 01
Ending Outstanding Bonds The Certificates Grand Total Obligation Obligation Oblig.Ui<)ll Princil)dl
9/lO Princieal Interest Total Prind2al Interest Total Re uirements Reguiremen ts Reguirements lte uirements llctirc•l -mr s 1,&50,000 s lf,4l9,08l s 6.289,081 s s s 6,289,083 s 2,163,095 s 57S,15l 1.550,615
1987 6,&45,000 '· 192,796 12,017,796 725,000 282,656 1,007,656 11,045,452 , ,170. "9 l,lflS,901f 7,258,979
1988 6,670,000 4,759,401 ll,429,1f01 775,000 208,406 981,406 12 ,ttt2 ,807 ,,.,7,719 l,lttl,666 6,921.1!:!1
1989 6,445,000 4,l09,tt06 10,754,406 850,000 l5l,561 1,001.561 11,757,969 1,&99,409 1,257 ,81f5 6,600,715
1990 6,275,000 . l,&56,91flt l0,111,91flt 900,000 91f,500 , •• 500 ll,126,41flf 1,671,182 I ,181, S81f 6,273,678 3&. W'\o
1991 6,110,000 1,tt05,17S 9,H51175 950,000 12,06) 9&2,061 10,517,238 1,U2,1fl5 1,10&, 520 5,956,103
1992 5.8o5,ooo 2,968,695 &,771,695 8,771,695 1,169,578 1,010,257 , , 591.860
1993 5,21f5,000 2,561 19U 7,&06,985 7,&06,985 2,805,021 873,005 lf,l23,957
199fl IJ,885 1000 2,1&2,415 7,067 ,,.., 7,067 ·" 15 2,HO,OlS 732,176 3,755,201
1995 fl,l95,000 1,827,8&1 6,222.!83 6,222,881 2,215,001 671,lfl5 1,136,517 71.87•.•;.
1996 lf,lfOO,OOO l,lfU,_,O 5,8U,If50 S,8111,tt50 2,091,188 6]), 169 3,1S6,893
1997 tt,HO,OOO 1,115,975 5,tt65,97S ,,,65,975 1,9fll,S90 581f ,230 2,940,155
1998 ",ns ,ooo 787,278 5,ll2 ,278 5,112,278 1,822,021 5fl7,11t8 2,763,109
1999 tt,21t0 1000 418 ,&90 ,,67!,&90 4,678,1190 I ,656,691 492 ,81f2 2,~29,1)5
2000 1,786,107 2,151,,42 1,917,749 1,917 ,71f9 1,180.858 l96,t,lf5 2,160,446 'J).Z4'JU
2001 1,55tt,41f2 1,791,&09 l,11f6,251 1, )lf6 ,251 1,161,710 120,897 1,86l,621f
2002 1,251,639 1,016,111 2,289,750 2,289,750 761f,&ll 178,1fl6 1,146,481
2001 110Bif 1682 508.568 11593 1250 1aS9l.250 505.563 87·77' 9991908 100.00"\o
$77 • 5l9. 070 $,.. ,a 11,106 $122,176,176 $1f,200,000 $771,188 $1f,971,188 $127. 1U. "" $If] ,750. 505 $1l,lf61,&01 $70,1 ]),258
NOTE: INTEitfST ON THE CERTIFICATES HAS BEEN CALCULATED AT THE RATE OF 6.750'16 FOR PURPOSES OF ILLUSTRATION.
IT1 X
f'f1 :r.: >< _ ...
,...,_ Ci::J •. !. -; _,
tp ~ -_,
....b.
EXHIBIT A
SEWER RATES
(Monthly}
The City plans to increase sewer rates effective August 1, 19&6a
Residential
Proposed Rates
(Effective 8-1-16)
First 3,000 gallons $3 .!3 (Minimum)
Next 7,000 gallons 0 .ll/M gallons
Over 10,000 &allons (No Char&e)
(Maximum Monthly Charge -$6.16)
Present Rates
(Effective 10-23-U)
First j, 000 gallons $2. 76 (Minimum)
Next 7,000 gallons 0.23/M gallons
Over 10,000 gallons (No Charge)
(Maximum Monthly Charge-$•.31)
CommerciallndustriaJ•
First 3,000 &allons
Over 3,000 gallons
$l.U (Minimum)*•
0.33/M &allons
First l, 000 &allons
Over 1,000 gallons
$2.70 (Minimum)*••
0. 23/M gallons
• Industrial waste that exceeds the allowable strength is admitted to the sewer only by contract with
the City; charge for treating 6.0.0. is $0.0'4'/lb. and S.S. $0.0463/lb.
** Based on '''"or 3/•" meter; higher minimums for larger meters up to $392." for a 10" meter.
••• Sased on '''"or 3/4" meter; higher minimums for larger meters up to $272.00 for a 10" meter.
Ordinance #8949
CERTIFICATE AS TO CONTRACTUAL OBLIGATIONS
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
§
§
§
§ ~
§
I, the undersigned, Mayor of the City of Lubbock, Texas,
DO HEREBY CERTIFY, REPRESENT, and WARRANT, in reference to the
contractual obligations to be incurred and paid with the pro-
ceeds of sale of $4,200,000 "CITY OF LUBBOCK, TEXAS,
COMBINATION TAX AND SEWER SYSTEM SUBORDINATE LIEN REVENUE
CERTIFICATES OF OBLIGATION, SERIES 1986," dated July 15, 1986
{the "Certificates"), that:
(1) the contract for the acquisition of land and
facilities (the "Project") has heretofore been approved by the
City Council;
(2) various contracts for professional services to be
funded with the proceeds of the Certificates have been approved
by the City Council;
(3) the proceeds derived from the sale of the
Certificates wi 11 be expended for_ the purpose of paying the
aforesaid contractual obligations.
TO CERTIFY WHICH, · witness my hand and the sea 1 of the
City of Lubbock, Texas, this the 25th day of July, 1986.
(City Seal)
Ordinance #8949
SIGNATURE AND NO-LITIGATION CERTIFICATE
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
§
§
§
§
§
WE, the undersigned, officials of the City of Lubbock,
Texas (the "Issuer"), do hereby certify as follows:
(1) That this Certificate is executed and delivered
with reference to the following described certificates of obli-
gation: "CITY OF LUBBOCK, TEXAS, COMBINATION TAX AND SEWER
SYSTEM SUBORDINATE LIEN REVENUE CERTIFICATES OF OBLIGATIONS,
SERIES 1986," dated July 15, 1986 (the "Certificate Date"), in
the aggregate principal amount of $4,200,000 (the
"Certificates").
(2) The Certificates have been duly and officially
executed by the undersigned with their manual or facsimile·
signatures in the same manner appearing thereon, and the under-
signed hereby adopt and ratify their respective signatures in
the manner appearing on each of the Certificates whether in
manual or facsimile form, as the case may be, as their true,
genuine, and official signatures.
(3) That on the Certificate Date and on the date
hereof; we were and are the duly qualified and acting officers
indicated therein and authorized to execute the same.
(4) The legally adopted proper and official corporate
seal of the Issuer is impressed, imprinted, or lithographed on
all of the Certificates and impressed on this certificate.
(5) No litigation of any nature is now pending before
any federal or state court, or administrative body, or to our
knowledge threatened, · seeking to restrain or enjoin the issu-
ance or delivery of the Certificates or questioning the issu-
ance or sale of the Certificates, the authority or action of
the governing body of the Iss.uer relating to the issuance or
sale of the Certificates, the levy of the tax or the assessment
and collection thereof to pay·the principal of and interest on
the Certificates, the collection of the revenues of the City's
Sewer System (the "System") or the imposition of rates arid
charges with respect to the System, pledged to pay the princi-
pal of and interest on the Certificates, or that would other-
wise adversely affect in a material manner the financial condi-
tion of'the Issuer to pay the principal of and interest on the
Certificates; and that neither the corporate existence or boun-
daries .of the Issuer. nor the right to hold office of. any member
of the governing body of the Issuer or any other elected or
appointed official of the Issuer is being contested or other-
wise questioned.
(6) That no petition or other request has been filed
with or presented to any official of the Issuer requesting any
proceeding authorizing the issuance of the Certificates adopted
by the governing body of the Issuer be submitted to a referen-
dum or other election; no authori t~" ,.. ..................... ~...:~.: --~:~ ... the issu-
ance, sale, or delivery of the Ce1 d adopted
by the governing body of the Issue! repealed,
revoked, rescinded, or otherwise date of
passage thereof, and all such proc ty relat-
ing to the issuance and sale of tt n in full
force and effect as of the date of
I EXECUTED AND DELIVERED this 00 /VCJ"T 0-4'7& r·
(Issuer's Seal)
SIGNATURE OFFICIAL TITLE
Mayor, City of
Lubbock, Texas
City Secretary, City of
Lubbock, Texas
/ The signatures of the persons subscribed above are here-
,,by certified to be true and genuine .
. '.'' ''
''.
(Bank)
By:
Authorized Officer
(Bank Seal)
l a s 2 E
-2-
Ordinance #8949
July 24, 1986
Texas Commerce Bank, National Association
Corporate Trust Department
P.O. Box 841
Lubbock, Texas 79408
Attention: Ms. Jeanelle Ward
RE: $4,200,000 City of Lubbock, Texas, Combination Tax and
Sewer System Subordinate Lien Revenue Certificates of
Obligation, Series 1986, dated July 15, 1986
Ladies and Gentlemen:
Enclosed herewith you will find four Certificates as to
Official Statement relating to the sale of the above described
certificates of obligation, executed and completed except as to
date. When the certificates of obligation have been taken up
and paid for, kindly date and release one copy of the
Certificate as to Official Statement to the purchaser(s) there-
of, and forward the remaining three copies to Messrs. Fulbright
& Jaworski, 2001 Bryan Tower, Suite 1400, Dallas, Texas 75201,
Attention: Elbert M. Morrow.
0 3 l 4 N
Thanking you in advance, we are,
Very truly yours,
ayor,
City of Lubbock, Texas
~~·---~~ ssistant City Mane:!'*
for Financial Services
City of Lubbock, Texas
Attorney General of Texas
P.O. Box 12548
Capitol Station
Austin, Texas 78711
July 24, 1986
Attention: Public Finance Division
RE: $4,200,000 City of Lubbock, Texas, Combination Tax and
Sewer System Subordinate Lien Revenue Certificates of
Obligation, Series 1986, dated July 15, 1986
Ladies and Gentlemen:
Enclosed herewith is the Initial Certificate of the
above series and a Signature and No-Litigation Certificate
relating thereto, executed and completed except as to date.
When the record of proceedings relating to the issuance
of the above referenced series of certificates of obligation
and the Initial Certificate have been approved by your office,
this will be your authority to insert that date in the
Signature and No-Litigation Certificate and deliver such
Initial Certificate to the Comptroller of Public Accounts for
registration.
Should any litigation in any way affecting the issuance
of the certificates of obligation or the security for the pay-
ment thereof develop prior to that date, we, the undersigned,
will notify you at once by telephone and by telegraph. You may
thus be assured that there is no such litigation at the time
the certificates of obligation are finally approved unless
notice to the contrary has been given in the manner
aforementioned.
Thanking you for your assistance in this matter.
Very truly yours,
ayor,
~xas.
City Se retary~
City of Lubbock, Texas
Bond Registration Division
Comptroller of Public Accounts
111 East 17th Street
Austin, Texas 78774
Ordinance #8949
July 24, 1986
RE: $4,200,000 City of Lubbock, Texas, Combination Tax and
Sewer System Subordinate Lien Revenue Certificates of
Obligation, Series 1986, dated July 15, 1986
Dear Sir:
The Initial Certificate of Obligation to be delivered of
the series of certificates of obligation described above will
be delivered to you by the Attorney General when approved by
him, and we· request that you kindly register said Initial
Certificate of Obligation on behalf of the City, and when so
registered, deliver the same to Texas Commerce Bank, National
Association, P.O. Box 841, Lubbock, Texas 79408, Attention:
Ms.· Jeanelle Ward, for further handling under our instructions
to them.
We further request that one copy of the approving opin-
ion ·of the Attorney General and Comptroller•s Registration
Certificate be enclosed with the Initial Certificate of
Obligation when .it is sent to the aforementioned Bank, and . two
additional copies of the approving opinion of the Attorney
General, together with the Comptroller's Registration
Certificate, be mailed directly to Fulbright & Jaworski, 2001
Bryan Tower, Suite 1400, Dallas, Texas 75201, Attention:
Elbert M. Morrow.
Thanking you for your assistance in this matter.
Very truly yours,
II: C.J&S ~
Mayor,
City of Lubbock, Texas
0Jl4N
' '
TO CERTIFY WHICH, witness our hands and the seal of the
City, ~his
ayor,
City of Lubbock, Texas
;J, 112...df0. ..... ~ ~ ssistant City Ma ger
for Financial Services
City of Lubbock, Texas
"' (City Seal) ·'
OlZON
-2-
:}
CERTIFICATE AS TO OFFICIAL STATEMENT
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
§
§
§
§
§
Ordinance #8949
RE: $4,200,000 City of Lubbock, Texas, Combination Tax and
Sewer System Subordinate Lien Revenue Certificates of
Obligation, Series 1986, dated July 15, 1986
.WE, THE UNDERSIGNED, officials of the City of Lubbock,
Texas (the "City"), acting in our official capacities, DO HERE-
BY CERTIFY that to the best ~f our knowledge and belief:
(a) The descriptions and statements of or
pertaining to the City contained in its Official
Statement, and any addenda, supplement, or amend-
ment thereto, on the date of such Official
Statement, on the date of sale of said Certificates
and the acceptance of the best bid therefor, and on
the date of the delivery, were and are true and
correct in all material respects;
(b) Insofar as the City and its affairs,
including its financial affairs, are concerned,
such Official Statement did not and does not con-
tain an untrue statement of a material fact or omit
to state a material fact required to be stated
therein or necessary to make the statements there-
in, in the light of the circumstances under which
they were made, not misleading;
(c) Insofar as the descriptions and state-
ments, including f inan~ia 1 data, of or pertaining
to entities, other than the City, and their activi-
ties contained· in such bfficial Statement are con-
cerned, such statements and data have been obtained
from sources which the City believes to be reliable
and that the City has no reason to believe that
they are untrue in any material respect; and
(d) There has been no material adverse
· change in the financial condition 6f the City since
the date of the last audited financial statements
of the City.
American State Bank
Trust Department
P. 0. Box 1401
Lubbock, Texas 79408
July 23, 1986
Attention: Don Hudgeons, Executive Vice President
RE: $4,200,00 City of Lubbock, Texas, Combination Tax and Sewer System
Subordinate Lien Revenue Certificates of Obligation, Series 1986,
dated July 15, 1986
Ladies and Gentlemen:
In reference to the above described series of certificates of obligation,
the payment for and delivery of the same to the initial purchasers is to
occur at your Bank. Preliminarily to the delivery of said obligations, you
will be receiving a single fully registered certificate of obligation in
the total principal amount of said series (the "Initial Certificate") from
the Comptroller of Public Accounts of the State of Texas, together with the
approving opinion of the Attorney General. When said Initial Certificate
has been received, please forward the same by overnight delivery, together
with the approving opinion of the Attorney General, to the firm of
Fulbright & Jaworski, 2001 Bryan Tower, Suite 1400, Dallas, Texas 75201,
for their examination and review. After the examination of the Initial
Certificate by said· Firm, the same will be returned to you and thereupon
you are authorized to deliver the same to the purchasers thereof, to
wit: . , or their order, upon payment
being made therefor in immediately available funds in accordance with the
terms of the Treasurer's Receipt enclosed herewith.
When payment for the obligations has occurred, please transmit the proceeds
thereof by the fastest means available in immediately available funds to
the City's depository bank, American State Bank, Trust Department, P. 0.
Box 1401, Lubbock, Texas 79408, Attention: Don Hudgeons, Executive Vice
President.
Enclosed herewith you will find four copies of the Signature and No-
Litigation Certificate and three· copies .of the Treasurer's Receipt executed
and completed except as to date. When payment for the Initial Certificate
is made, please date and release one copy of the Signature and No-
Litigation Certificate to the purchasers and forward the remaining copies
of said No-Litigation Certificate and all copies of the Treasurer's receipt
to Bond Counsel at the address shown above.
Should any litigation having any effect upon the subject certificates of
obligation develop prior to the time you have received payment for the
same, we, the undersigned will notify you at once by telephone and by
telegraph. You may thus be assured that there is no such litigation at the
time the certificates of obligation are delivered to you unless you have
been advised otherwise in the manner aforementioned.
·Mayor,
City of Lubbock, Texas
~~
City of Lubbock, Texas
Messrs. Fulbright & Jaworski
2001 Bryan Tower, Suite 1400
Dallas, Texas 75201
July 24, 1986
RE: $4,200,000 City of Lubbock, Texas, Combination Tax and
Sewer System Subordinate Lien Revenue Certificates of
Obligation, Series 1986, dated July 15, 1986
Gentlemen:
Enclosed you will find four No-Arbitrage Certificates
executed but undated.
At such time as the above described certificates of
obligation are delivered to the purchaser, you are authorized
to complete and date each of these No-Arbitrage Certificates.
Very truly yours,
ayor,
City of Lubbock, Texas
/1 ... " City Manager, ~v City of Lubbock, Texas
0 J l 4 N
WAIVER OF NOTICE AND CONSENT
TO SPECIAL MEETING
That, in relation to a special meeting of the City
Council of the CITY OF LUBBOCK, TEXAS, held on the 31st day of
July, 1986, THE UNDERSIGNED MEMBER(S) OF THE COUNCIL, who was
(or were) absent therefrom, CERTIFY, REPRESENT, AND ACKNOWLEDGE
that due notice of said meeting and the business to be trans-
acted was received in advance thereof and the undersigned
HEREBY WAIVE any objection to the holding of said special
meeting and the transaction of all business at said meeting
incident and related to the sale of "CITY OF LUBBOCK, TEXAS,
COMBINATION TAX AND SEWER SYSTEM SUBORDINATE LIEN REVENUE
CERTIFICATES OF OBLIGATION, SERIES 1986", dated July 15, 1986,
including the passage and adoption of a resolution awarding the
sale of said Certificates and establishing the interest rates.
EXECUTED AND DATED, the ~ day of July, 1986.
Councilmember
l 2 5 t D
Ordinance #8949
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
TREASURER'S RECEIPT
§
§
§
§
§
THE UNDERSIGNED HEREBY CERTIFIES as follows:
(1) That this certificate is executed and delivered
with respect to the following described certificates of obliga-
tion: City of Lubbock, Texas, Combination Tax and Sewer System
Subordinate Lien Revenue Certificates of Obligation, Series
1986, dated July 15, 1986, in the aggregate principal amount of
$4,200,000. .
(2) That on the date shown below as the date of exe-
cution and delivery of this instrument, said certificates of
obligation were delivered to the purchaser, namely:
(3) That all of said certificates of obligation have
been paid for in full by the purchaser concurrently with the
delivery of this certificate, and the issuer of said certifi-
cates of obligation has received the agreed purchase price for
said certificates of obligation, as follows:
PRINCIPAL AMOUNT --------------------$ 4,200,000
ACCRUED INTEREST --------------------
PREMIUM -------------------------------------------
TOTAL AMOUNT RECEIVED ON DELI
THEREOF --
( 4) That the unders'igned
cate in the capacity· hereinafter f
said issuer of the certificates of o
EXECUTED AND DELIVERED, this Do N c r 0~7<:::..
I I
I t. f. per 1. 1.-
~half of
I
The foregoing signature of the foregoing designated
official of the issu~r is hereby certified as genuine.
(Bank Seal}
0 3 I 9 N
(Bank}
By Ti~t~1-e--------------------------
-2-
REGISTERED
$4,200,000
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF LUBBOCK,. TEXAS, COMBINATION TAX
AND SEWER SYSTEM SUBORDINATE LIEN REVENUE
CERTIFICATE OF OBLIGATION
SERIES 1986
Certificate Date: Interest Rate: Stated Maturity:
July 15, 1986 As shown below As shown below
Registered Owner:
Principal Amount: Four Million Two Hundred Thousand Dollars
The City of Lubbock (hereinafter referred to as the
"City"), a body corporate and municipal corporation in the
County of Lubbock, State of Texas, for value received,
acknowledges. itself indebted to and hereby promises to pay,
without right of prior redemption, to the order of the the
Registered Owner named above, or the registered assigns
thereof, on the 15th day of February, in each of the years
and in principal amounts and bearing interest at per annum
rates in accordance with the following schedule:
Year of
Stated Maturity
1987
1988
1989
.1990
1991
Principal
Amount
$725,000
775,000
850,000
900,000
950,000
Interest
Rate
-----%
% ----%
% -----% -----
and to pay interest on the unpaid principal amounts· hereof
from the Certificate Date at the per annum rate(s) of
interest specified above computed on the basis of a 360-day
year of twelve 30-day months; such interest being payable on
February 15 and August 15 of each year, commencing February
15, 1987. Principal of this Certificate shall be payable to
the registered owner hereof, upon presentation and surren-
der, at the principal office of Texas Commerce Bank,
....
. .
National Association, Lubbock, Texas (the "Paying Agent/
Registrar''). Interest shall be payable to the registered
owner of this Certificate whose name appears on the
"Security Register" maintained by the Paying Agent/Registrar
at the close of business on the "Record Date", which is the
last business day of the month next preceding each interest
payment date hereof. All payments of principal of, premium,
if any, and interest on this Certificate shall be in any
coin or currency of the United States of America which at
the time of payment is legal tender for the payment of
public and private debts and interest shall be paid by the
Paying Agent/Registrar by check sent by United States Mail,
first class postage prepaid, to the address of the register-
ed owner recorded in the Security Register or by such other
method, acceptable to the Paying Agent/Registrar, requested
by, and at the risk and expense of, the registered owner.
This Certificate is issued in the aggregate
principal amount of $4,200,000 (herein referred to as the
"Certificates") for the purpose of paying contractual
obligations incurred with respect to (i) the purchase of (a)
land for authorized needs and purposes, to wit: a sewer
farm, and (b) materials, supplies, and equipment, in
connection therewith, and (ii) professional services, under
and in strict conformity with the Constitution and laws of
the State of Texas, particularly Article 2368a.l, V.A.T.C.S.
and pursuant to an ordinance adopted by the governing body
of the City (hereinafter referred to as the "Ordinance").
This Certificate is payable from the proceeds of an
ad valorem tax lev.ied, within the limitations prescribed by
law, upon all taxable property in the City and are addition-
ally payable from and secured by a lien on and pledge of the
Net· Revenues (as defined in the Ordinance) of the City's
Sewer System (the "System"), such lien and pledge being
subordinate to the lien and pledge of the Net Revenues
securing the payment of the Prior Lien Obligations (identi-
fied and defined in the Ordinance). In the Ordinance, the
City reserves and retains the right to issue additional
certificates equally· and ratably secured with the Certifi-
cates by a parity lien on and pledge of the Net Revenues.
. .
. Reference is hereby made to the Ordinance,
of which is on file in the principal office of the Paying
Agent/ Registrar, and to all of the provisions of which the
registered owner by the acceptance hereof hereby assents,
for definitions of terms; the description of and the nature
and extent of the tax levied for the payment of the
Certificate; the properties constituting the System; the Net
Revenues pledged to the payment of the principal of and
interest on this Certificate; the nature, extent, and manner
of enforcement of the pledge; the terms and conditions
relating to the transfer or exchange of this Certificate;
the conditions upon which the Ordinance may be amended or
supplemented with or without the consent of the registered
owners; the rights, duties, and obligations of the City and
the Paying Agent/Registrar; the terms and provisions upon
which the tax levy and the liens, pledges, charges, and
covenants made therein may be discharged at or prior to the
maturity of this Certificate, and this Certificate deemed to
be no longer Outstanding thereunder; and for the other terms
and provisions thereof. Capitalized terms used herein have
the meanings assigned in the Ordinance.
·This Certificate, subject to certain limitations
contained in the Ordinance, may be transferred on the
Security Register only upon its presentation and surrender
at the principal office of the Paying Agent/Registrar, with
the Assignment hereon duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the
Paying Agent/Registrar duly executed by, the registered
owner hereof, or his duly authorized agent. When a transfer
on the Security Register occurs, one or more new fully
registered Certificates of the same Stated Maturity, of
authorized denorrinations, bearing the same rate of interest,
and of the same aggregate principal amount will be issued by
the Paying Agent/Registrar to the designated transferee or
transferees.
The City and. the Paying Agent/Registrar, and· any
agent of either, may treat the registered owner hereof whose
name appears on the Security Register (i) on the Record Date
as the owner entitled to the payment of the interest hereon,
(ii) on the date of surrender of this .Certificate as the
owner entitled to the payment of the principal hereof at its
Stated Maturity, and (iii) on any other date as the owner
for all other purposes, and neither. th~ City nor the Paying
Agent/Registrar 1 or any agent of either, shall be affected
by notice to the contrary. In the event of a non-payment of
interest on a scheduled payment date, and for thirty {30)
days thereafter, a new record date for such interest payment
(a "Special Record Date") will be established by the Paying
Agent/Registrar 1 if and when funds for the payment of such
interest have been received from the City. Not ice of the
Special Record Date and of the scheduled payment date of the
past due interest (which shall be 15 days after the Special
Record Date) shall be sent at least five (5) business days
prior to the Special Record Date by United States Mail,
first class postage prepaid, to the address of each
registered owner appearing on the Security Register at the
close of business on the last business day next preceding
the date of mailing of such notice.
It is hereby certified, recited, represented, and
covenanted that the City is a duly organized and legally
existing municipal corporation under and by virtue of the
constitution and laws of the State of Texas; that the
issuance of the Certificates is duly authorized by law; that
all acts, conditions, and things required to exist and be
done precedent to and in the issuance of the Certificates to
render the same lawful and valid obligations of the City
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; that the Certificates do not exceed any
constitutional or statutory limitation; and that due
provision has been made for the payment of the principal of
and interest on the Certificates by the levy of an ad
valorem tax and a pledge of and lien on the Net Revenues of
the System as aforestated. In case any provision in this
Certificate or any application thereof shall be invalid,
illegal, or unenforceable, the validity, legality, and
enforceabi 1 i ty of the remaining provisions and applications
shall not in any way be affected or impaired thereby. The
terms and provisions of this Certificate and the Ordinance
shall be construed in accordance with and shall be governed
by the laws of the State of Texas.
,
.
IN WITNESS WHEREOF, the City Counci 1 of the City
has caused this Certificate to be duly executed under the
official seal of the City as of the Certificate Date.
COUNTERSIGNED:
,, \!l#tJ,,,,,
(CITY .SEAil) > 1
'',,
,' ') I') I o ', 'l ,' '~) -.·,\.~~·1-·~,'_')
' .... ' \ ' . ,' \ . ) : . . \ '
' . .
' ';
CITY OF LUBBOCK, TEXAS
Mayor
AFFIDAVIT OF PUBLICATION
THE STATE OF TEXAS §
§
COUNTY OF LUBBOCK §
§
CITY OF LUBBOCK §
BEFORE ME, the undersigned authority,
sonally appeared B'ev'er'lr Harper I who,
duly sworn_,k depa1ses hand says that (s)he is lubbo~ ~va anc e
the Journal and that a true and correct copy of
the "NOTICE OF SALE" hereto attached, was published in said
newspaper on the following dates:
June 2 9 , 19 8 6 ;
July 6,, 1986;
July 13, 1986;
July 20, 1986; and
July 27, 1986
the date of the first of such publications being at least thir-
ty (30) days prior to the date of the public sale for the cer-
tificates of obligation referred to therein.
SWORN TO AND SUBSCRIBED BEFORE ME, this the 28thday of
----~J~u~I~Y _________ , 1986.
(Notary Seal)
1 7 3 0 E
Notary Public, State of Texas q~
My Commission Expires: 1-JD\J,q / OQ ···) ' . ~.
'GrENDA RASCO / , llotar~ Pubhc In And For The State OfTcx.r.s ,
My Commi!.~ion bpuec; Nov. 9. LdB
THE STATE OF TEXAS
COUNTY OF LUBBOCK
M2320-R252
Before me G I end a R a' co a Notary Public in and for Lubbock County. Texas on this day
personally appeared Twil a Auf il I • Ac count Manal!e r of the Southwestern 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 inser¥g'S~~~his _ .... L .... e...,f! .... a._.I.__.N_..ooo..a.t ... i..,.c .... e _________ _
--------------No. at Lubbock County, Texas and the attached print-
ed copy of the Lea! a I No:t 1 C e is a true copy of the original and was printed in the Lubbock
Avalanche-Journal.Qn the follQ:Y'tinstdates: Auerus.t 1 and August 3, 1986 104 words @ 76t = $79.u4
,.~,~~~~
Account Manal!er
LUBBOCK AVALANCHE-JOURNAL
Southwestern Newspapers Corporation
Subscribed and sworn to before me this 4th day of
FORMiS-10
GLHlDA RASCO --·
Notary Public 1~ 1\nd fGr Ili,)tate t!1 le~as
M~ Comn'.l~~ioo hplre·. Nov. 9, 1983
AUI!U& t : 19 86 --'