HomeMy WebLinkAboutOrdinance - 7512-1977 - Provide For Payment Of Debt Service Requirements On Said Bonds; Series 1977 - 08/11/1977•, ' • 'J' •
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ORDINANCE NO. 7512
AN ORDINANCE by the City Council of the City of
Lubbock, Texas, authorizing the issuance of
$2,720,000 "CITY OF LUBBOCK, TEXAS, GENERAL
OBLIGATION BONDS, SERIES 1977," dated Septem-
ber 1, 1977, for the purpose of making permanent
public improvements, to wit: $400,000 for con-
structing improvements and extensions to the
City's waterworks system; $500,000 for construc-
ting improvements and extensions to the City's
sanitary sewer system; $100,000 for constructing,
enlarging, extending and installing storm sewers,
drains and gutters and other improvements inci-
dental thereto, including the acquisition of land
for drainage purposes and drainage area modifica-
tions; $1,050,000 for constructing street improve-
ments in and for said City, including lighting and
signalization; and $670,000 for constructing, im-
proving and equipping fire station buildings in
and for said City and the purchase of necessary
sites therefor; prescribing the form of the bonds
and the form of the interest coupons; levying a
continuing direct annual ad valorem tax on all
taxable property within the limits of said City
to pay the interest on said bonds and to create
a sinking fund for the redemption thereof and
providing for the assessment and collection of
such taxes; enacting provisions incident and re-
lating to the subject and purpose of this ordi-
nance; and providing an effective date.
WHEREAS, pursuant to an electi?n held in the City of Lubbock
on the 21st day of May, 1977, this City Council became authorized
and empowered to issue general obligation bonds of the City to ma-
ture serially over a period of years not to exceed forty (40) years
from their date, for the purpose of making permanent public improve-
ments, to wit:
$16,775,000 for constructing improvements and extensions
to the City's waterworks system;
$ 3,303,000 for constructing improvements and extensions
to the City's sanitary sewer system;
$ 473,000 for constructing, enlarging, extending and
installing storm sewers, drains and gutters
and other improvements incidental thereto,
including the acquisition of land for drainage
purposes and drainage area modifications;
$ 4,782,000 for constructing street improvements in and
for said City, including lighting and signali-
zation;
$ 792,000 for constructing, improving and equipping fire
stat ion buildings in and for said City and the
purchase of necessary sites therefor;
$ 310,000 for constructing, improving, and equipping
fire station buildings in areas presently
a dj oining the City and the purchase of nee~
essary sites therefor (at such time as the
areas are annexed to the City);
AND, WHEREAS, this City Council now deems it advisable and to
the best interest of the City that of the bonds voted at the election
held May 21, 1977, the following should now be issued, all as reflected
by the following table:
AMOUNT
DATE AU-AMOUNT BEING UNISSUED
THORIZED PURPOSE AUTHORIZED ISSUED BALANCE
5-21-77 ww Imp & Ext $16,775,000 $ 400,000 $16,375,000
5-21-77 ss Imp & Ext 3,303,000 500,000 2,803,000
5-21-77 Storm Sewer & Drainage 473,000 100,000 373,000
5-21-77 Str Imp, Ltng & Sigal 4,782,000 1,050,000 3,732,000
5-21-77 Fire Sta Bldgs & Sites 792,000 670,000 122,000
5-21-77 Fire Sta Bldgs & Sites
(~reas when annexed) 310,000 -0-310,000
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF LUBBOCK, TEXAS:
SECTION 1: That the bonds of said City, to be known as "Ct'IY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1977," be and the
same are hereby ordered to be issued in the principal sum of TWO
MILLION SEVEN HUNDRED TWENTY THOUSAND DOLLARS ($2,720,000) for the
purpose of making permanent public imp rovements, to wit: $400,000 ,
for constructing improvements and extensions to the City's waterworks
system; $500,000 for constructing improvements and extensions to the
City•s sanitary sewer system; $100,000 for constructing, enlaring,
extending and installing storm sewers, drains and gutters and other
improvements incidental thereto, including the acquisition of land
for drainage purposes and drainage area modification; $1,050,000 for
constructing street improvements in and for said City, including
lighting and signalization; and $670,000 for constructing, improving
and equipping fire station buildings in and for said City and the
purchase of necessary sites therefor; under and by virtue of the
Constitution and laws of the State of Texas. ·
SECTION 2: That said bonds shall be numbered consecutively
from One (1) through Five Hundred Forty-Four (544), shall each be in
denomination of Five Thousand Dollars ($5,000), aggregating TWO
MILLION SEVEN HUNDRED TWENTY THOUSAND DOLLARS ($2,720,000); shall
be dated September 1, 1977, and shall become due and payable serially,
.without right of prior redemption, on March 1 in each of the.years in
accordance with the following schedule:
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BOND NUMBERS
{All Inclusive) MATURITY AMOUNT
1 to 27 1978 $ 135,000
28 to 54 1979 135,000
55 to 81 1980 135,000
82 to 108 1981 135,000
109 to 135 1982 135,000
136 to 162 1983 135,000
163 to 189 1984 135,000
190 to 216 1985 135,000
217 to 243 1986 135,000
244 to 270 1987 135,000
271 to 297 1988 135,000
298 to 324 1989 135,000
325 to 351 1990 135,000
352 to 378 1991 135,000
379 to 405 1992 135,000
406 to 432 1993 135,000
433 to 460 1994 140,000
461 to 488 1995 140,000
489 to 516 1996 140,000
517 to 544 1997 · 140,000
SECTION 3: The bonds herein authorized to be issued shall bear
interest from date to maturity at per annum rates to be established
at the time said bonds are sold (but in no event shall any bonds of
this series bear interest at a rate in excess of 10% per annum),
such interest to be evidenced by proper coupons attached t~ e1ch of
said bonds and said interest shall be payable on March 1, 1o· :, and
semiannually thereafter on September 1 and March 1 in t~ach tr.
SECTION 4: That both principal of and interest r said bonds
shall be payable in lawful money of the United State$ of America,
without exchange or.collection charges to the owner or holder, at
the CITIBANK, N.A.. New York, New York, or., at the option
of the holder, at the TEXAS COMMERCE BANK, NATIONAL ASSOCIATION,
Lubbock, Texas, upon presentation and surrender of bonds or proper
coupons.
SECTION 5: That the seal of said City may ~e impressed on
each of said bonds or, in the alternative, a facsimile of such
seal may be printed on the said bonds. The bonds and interest
coupons appurtenant thereto may be executed by the imprinted fac-
simile signatures of the Mayor and City Secretary of the City,
and execution in such manner shall have the same effect as if
such bonds and coupons had been signed by the Mayor and City
Secretary in person by their manual signatures. Inasmuch as
such bonds ~re required to b~ registered by the Comptroller of
Public Accounts for the State of Texas, only his signature (or
that of a deputy designated in writing to act for the Comptroller)
shall be required to be manually subscribed to such bonds in con-
nection with his registration certificate to appear thereon, as
hereinafter provided, all in accordance with the provisions of
Article 717j-l, V.A.T.C.S.
SECTION 6: That the form of said bonds shall be substantially
as follows:
NO. UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION
BOND, SERIES 1977
$5,000
The CITY OF LUBBOCK, a municipal corporation of the State of
Texas, acknowledges itself indebted to and, FOR VALUE RECEIVED,
hereby promises to pay to bearer, without right of prior redemp-
tion, the sum of
FIVE THOUSAND DOLLARS
($5,000), in lawful money of the United States of America, on the
1st day of March, 19 ___ , with interest thereon from the date hereof
to maturity at the rate of PER CENTUM
( %) per annum, payable on March-1, 1978, and semiannually
thereafter on September 1 and March 1 in each year, and interest
falling due on or prior to maturity hereof is payable only upon
presentation and surrender of the interest coupons hereto attached
as they severally become due.
BOTH PRINCIPAL OF and interest on this bond are hereby made
payable at the CITIBANK, N.A., New York, New York, or,
at the option of the holder, at the TEXAS COMMERCE BANK, NATIONAL
ASSOCIATION, Lubbock, Texas, without exchange or collection charges
to the owne· ... · or holder, and for the prompt payment of this bond
and the interest thereon at maturity, the full faith, credit and
resources of the City of Lubbock, Texas, are hereby irrevocably
pledged.
THIS BOND is one of a series of Five Hundred Forty-Four (544)
serial bonds, numbered consecutively from One (1) through Five Hun-
dred Forty-Four (544), each in denomination of Five Thousand Dollars
($5,000), aggregating TWO MILLION SEVEN HUNDRED TWENTY THOUSAND
DOLLARS ($2,720,000), issued for the purpose of making permanent
public improvements, to wit: $400,000 for constructing improve•
~ents and extensions to the City's waterworks system; $500,000 for
constructing improvements and extensions to the City's sanitary
sewer system; $100,000 for constructing, enlarging, extending and
installing storm sewer.s, drains and gutters and other improvements
incidental thereto, including the acquisition of land for drainage
purposes .and drainage area modifications; $1,050,000 for con~
structing street improvements in and for said City, including
lighting and signalization; and $670,000 for constructing, improv-
ing and equipping fire station buildings in and for said City and
the purchase of necessary sites therefor, under authority of the
Constitution and laws of the State of Texas, and pursuant to an
ordinance duly adopted by the City Council of the City of Lubbock,
Texas, and recorded in the Minutes of said City Council.
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IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the
issuance of this bond and the series of which it is a part is
duly authorized by law and by authority expressly conferred at an
election held for that purpose within said City; that all acts,
conditions and things re~1.uired to be done precedent to and in
the issuance of this series of bonds and of this bond, have been
properly done and performed and have happened in regular and due
time, form and manner as required by law; that sufficient and
proper provision has been made for the levy and collection of
taxes which, when collected, shall be appropriated exclusviely
to the payment of this bond and the series of which it is a part,
and to the payment of the interest coupons thereto annexed, as
the same shall become due; and that the total indebtedness of the
City of Lubbock, Texas, including the entire series of bonds of
which this is one, does not exceed any constitutional or statu-
tory limitation.
IN TESTIMONY WHEREOF, the City Council of the City of Lubbock,
Texas, in accordance with the provisions of Article 717j-l, V.A.T.
C.S., has caused the seal of said City to be impressed or a fac-
simile thereof to be printed hereon, and this bond and its appur-
tenant coupons to be executed with the lmprinted facsimile
signatures of the Mayor and City Secretary of said City; the date
of this bond, in conformity with the ordinance above referred to,
being the 1st day of September, 1977.
Mayor, City of Lubbock, Texas
COUNTERSIGNED:
City Secretary, City of Lubbock,
Texas
SECTION 7: That the form of interest coupons attached to
each of said bonds shall be substantially as follows:
The CITY OF LUBBOCK, a municipal corporation of
the State of Texas, hereby promises to pay to
bearer, at the CITIBANK, N. A. 1 ·• New
York, New York, or; at the option of the holde~.
at the TEXAS COMMERCE BANK, NATIONAL ASSOCIA-
TION, Lubbock, Texas, without exchange or col-
lection charges to the owner or holder, the sum
··of
---=---'!----"!"--DOLLARS ($ ) , in lawful money of the United States of Americ
said sum being months• interest due that
day on nciTY OF LUBBOCK, TEXAS, GENERAL OBLIGA ...
TION BOND, SERIES 1977, u dated September 1,1977.
City Secretary Mayor
on ·the 1st day of _____ ,
No. $ ___ _
SERIES 1977
Bond
No.
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SECTION 8: That the following certificate ~hall be printed
on the back of each bond:
OFFICE OF COMPTROLLER
STATE OF TEXAS
§
§
§
REGISTER NO.
I HEREBY CERTIFY that there is on file and of record in my
office a certificate of the Attorney General of the ~tate of Texas
to the effect that this bond has been examined by him as required
by law, and that he finds that it has be en issued in conformity
with the Constitution and laws of the State of Texas, and that
it is a valid and binding obligation upon said City of Lubbock,
Texas, and said bond has this day b een registered by me.
WITNESS MY HAND AND SEAL OF OFFICE at Austin, Texas,
Comptroller of Public Accounts
of the State of Texas
SECTION 9: That to provide for ·the payment of the debt serv-
ice requirements on the said bonds, being (i) ths interest on said
bonds and (ii) a sinking fund for their redemption at maturity or
a sinking fund of 2% (whichever amount shall be greater), there
shall be and there is hereby levied for the ~urrent year and each
succeeding year thereafter while said bonds or interest thereon
shall remain outstanding and unpaid, a sufficient tax on each one
hundred dollars' valuation of taxable property in said City, ade-
quate to pay such debt service requirements, full allowance being
made for delinquencies and costs of collection; said tax shall be
assessed and collected each year and applied to the payment of the
said debt service requirements, and the same shall not be diverted
to any other purpose. The taxes so levied shall be paid into a
fund known as "SPECIAL GENERAL OBLIGATION BOND FUND, SERIES 1977,11
which is hereby established for the payment of the obligations herein
authorized. The City Council hereby declares its purpose and intent
to provide and levy a tax legally and fully sufficient for such bonds,
it having been determined that the existing and available taxing
authority of the City for such purpose is adequate to permit a
legally sufficient tax in consideration of all other outstanding
obligations.
SECTION 10: That the Mayor of said City shall be and he is
hereby authorized to take and have charge of all necessary orders
and records pending investigation by the Attorney General of the
State of Texas, and shall take and have charge and control of the
bonds herein authorized pending their approval by the Attorney
General and their registration by the Comptroller of Public Accounts.
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SECTION 11: That the purchasers' obligation to accept de-
livery of the bonds herein authorized is subject to their being
furnished a final opinion of Messrs. Dumas, Huguenin, Boothman
and Morrow, Attorneys, Dallas, Texas, approving such bonds as to
their validity, said opinion to be dated and delivered as of the
date of delivery and payment for such bonds. Printing of a true
and correct copy of said opinion ~n the reverse side of each of
such bonds, with appropriate certificate pertaining thereto exe-
cuted by facsimile s ignature of the City Secre tary of the City of
Lubbock, Texas, is hereby approved and authorized.
SECTION 12: Tha t the City hereby covenants that the proceeds
from the sale of said bonds will be used as soon as practicable for
the purpose for which said bonds are issued; that such proceeds
will not be invested in any securities or obligations except for
the temporary period pending such use; and that such proceeds will
not be used di rectly or indirectly so as to cause all or any part
of said bondb to be or become "arbitrage bonds" within the meaning
of Section 103(c) of the Internal Revenue Code of 1954, as amended,
or any regulations or rulings prescribed or made pursuant thereto.
SECTION 13: CUSIP numbers may be printed on the bonds herein
authorized. It is expressly provided, however, that the presence or
absence of CUSIP numbers on the bonds shall be of no significance
or effect as regards the legality thereof and neither the City nor
attorneys approving said bonds as to legality are to be held re-
sponsible for CUSIP numbers incorrectly printed on the bonds.
SECTION 14: This ordinance shall take effect and be in force
immediately from and after its final passage, and it is so ordained.
PASSED AND APPROVED on first reading this the ~ day of
August , 1977.
PASSED AND APPROVED on second and final reading this the
12th day of August , 1977.
Lubbock,
(City Seal)