HomeMy WebLinkAboutOrdinance - 2005-O0095 - Ordinance Amending-Authorizing Issuance Of It's Tax And Airport Surplus Revenue - 08/25/2005Ordinance No. 2005-00095
August 25, 2005
Item 13
AN ORDINANCE AMENDING THE CITY'S ORDINANCE
AUTHORIZING THE ISSUANCE OF ITS TAX AND AIRPORT
SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES
1998, ISSUED IN THE AGGREGATE PRINCIPAL AMOUNT OF
$1,330,000, TO CHANGE THE PURPOSE FOR WHICH
PROCEEDS OF SUCH CERTIFICATES MAY BE SPENT
WHEREAS, the City of Lubbock, Texas (the "City"), pursuant to Subchapter C, Chapter
271, Texas Local Government Code, as amended, and an ordinance adopted November 13, 1997
(the "Ordinance"), issued its Tax and Airport Surplus Revenue Certificates of Obligation,
Series 1998 (the "Certificates") for the purpose of paying contractual obligations to be incurred
for the purpose of expanding the north/south runway at the Lubbock Preston Smith International
Airport (the "Original Project");
WHEREAS, subsequent to the issuance of the Certificates but prior to the expenditure of
any of the proceeds, the federal funds anticipated and needed to complete the Original Project
were unavailable;
WHEREAS, it was and is not economically feasible or wise for the City to construct the
Original Project without the needed federal funds;
WHEREAS, the City Council of the City (the "City Council") has found and determined
that it is in the best interest of the City to expend the unspent proceeds of the Certificates for the
purpose of paying contractual obligations to be incurred for the purposes set forth in Section 2 of
this ordinance;
WHEREAS, the City Council desires to amend the Ordinance to change the purpose for
which the Certificate proceeds may be expended to provide that the unspent proceeds may be
used for the purpose of paying contractual obligations to be incurred for the purposes set forth in
Section 2;
WHEREAS, pursuant to a resolution heretofore passed by the City Council, notice of
intention to amend the Ordinance to change the purpose for which Certificate proceeds may be
spent was published in a newspaper of general circulation in the City in accordance with
applicable law;
WHEREAS, no petition has been filed with the City Secretary, any member of the City
Council or any other official of the City, protesting amendment of the Ordinance; and
WHEREAS, the meeting at which this ordinance is considered is open to the public as
required by law, and public notice of the time, place, and purpose of said meeting was given as
required by Chapter 551, Texas Government Code, as amended; therefore,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF LUBBOCK, TEXAS, THAT:
Section 1. The findings and determinations set forth in the preambles hereto are
hereby incorporated by reference for all purposes.
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Section 2. Section 1 of the Ordinance is hereby amended to provide that the proceeds
of the Certificates may be expended for the purpose of paying contractual obligations to be
incurred to construct a parking lot for the Lubbock Preston Smith International Airport.
Section 3. This ordinance shall take effect from and after the date of its passage.
PRESENTED, FINALLY PASSED AND APPROVED, AND EFFECTIVE on the 25th
day of August, 2005, at a regular meeting of the City Council of the City of Lubbock, Texas.
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MINUTES AND CERTIFICATION PERTAINING TO
PASSAGE OF AN ORDINANCE
STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
On the 25th day of August, 2005, the City Council of the City of Lubbock, Texas,
convened in a regular meeting at the regular meeting place thereof, the meeting being open to the
public and notice of said meeting, giving the date, place and subject thereof, having been posted
as prescribed by Chapter 551, Texas Government Code, as amended; and the roll was called of
the duly constituted officers and members of the City Council, which officers and members are
as follows:
Marc McDougal, Mayor
Tom Martin, Mayor Pro Tern
Linda DeLeon
Floyd Price
Gary 0. Boren
Phyllis S. Jones
Jim Gilbreath
)
)
)
)
)
Members of
the Council
and all of said persons except were present, thus constituting
a quorum. Whereupon, among other business, a written Ordinance bearing the following caption
was introduced:
AN ORDINANCE AMENDING THE CITY'S ORDINANCE AUTHORIZING
THE ISSUANCE OF ITS TAX AND AIRPORT SURPLUS REVENUE
CERTIFICATES OF OBLIGATION, SERIES 1998, ISSUED IN THE
AGGREGATE PRINCIPAL AMOUNT OF $1,330,000, TO CHANGE THE
PURPOSE FOR WHICH PROCEEDS OF SUCH CERTIFICATES MAY BE
SPENT
The Ordinance, a full, true and correct copy of which is attached hereto, was read and
reviewed by the City Council. Thereupon, it was duly moved and seconded that the Ordinance
be passed and adopted.
The Presiding Officer put the motion to a vote of the members of the City Council, and
the Ordinance was passed and adopted by the following vote:
AYES: 1
NOES: 0
ABSTENTIONS:
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MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT, and to
correctly reflect the duly constituted officers and members of the City Council of said City~ and
the attached and following copy of said Ordinance is hereby certified to be a true and correct
copy of an official copy thereof on file among the official records of the City, all on this the 25th
day of August, 2005.
City S cretary
City of Lubbock, Texas
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