HomeMy WebLinkAboutOrdinance - 9663-1993 - Authorizing The Issuance Of City Of Lubbock Tax And Airport Surplus Revenue - 10/14/1993U C4t, 0 -C, C 19 t G'J'l
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ORDINANCE NO. 9663
AN ORDINANCE authorizing the issuance of LUBBOCK, TEXAS, TAX AND AIRPORT S"CITY OF
URPLUS REVENUE
t
CERTIFICATES OF OBLIGATION,
an ad valorem tax upon all SERIES property in the
1993"; levying
axable
City and providing for a pledge of the surplus
Revenues of the City's Airport for the Payment of
said Certificates; prescribing the terms and
details Of such certificates and resolving other
matters incident and related to the issuance, sale,
security, payment and delivery of said
Certificates, including the approl of
Agent/Registrar Agreement and thevaappa Payingroval and
distribution of an Official Statement pertaining
thereto; and providing an effective date.
WHEREAS, notice of the City Councils intention to issue
certificates of obligation in the maximum principal amoun
$3, 625, 000 for the Purpose of paying contractual obligations tot of
b
incurred for (i) taxiway and ramp for freight development area and
acquisition of a hanger at the City's airport and (ii)
professional services rendered in connection therewith, has been
duly Published in the Lubbock Avalanche -Journal, a newspaper
hereby found and determined to be a newspaper devoting not less
than twenty-five per cent (25%) Of its total column lineage to the
carrying of items of general interest, Published not less
frequently than once each week, entered as second-class Po
matter in the county where Published, and having been publistalshed
regularly and continuously for not less than twelve (12) months
prior to the making of the Publications stated in this paragraph,
and of general circulation in the City Of Lubbock, Texas, on
September 12, 1993 and September 19, 1993, the date of the first
publication Of such notice being not less than fifteen' () days
15
prior to the tentative date stated therein for the passaof
ordinance authorizing the issuance Of such certificates;ge and the
WHEREAS, no petition, protesting the issuance of such
certificates and bearing valid petition signatures of at least 5%
of the qualified voters of the City, has been filwith
Secretary, any member of the Council or any othered Officialthe City
Of the
City on or prior to the date of the passage of this ordinance; and
WHEREAS, the Council hereby finds and determines that all of
the certificates of obligation described in such notice sh
issued and sold at this time; now, therefore, ould be
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1: Authorization-Desi - �nation-Prin i al Am-11-4--
RUrp-ose. Certificates of obligation of the City shall be and are
hereby authorized to be issued in the aggregate principal amount
Of $3,625,000 to be designated and bear the title "CITY OF
LUBBOCK, TEXAS, TAX AND AIRPORT SURPLUS REVENUE CERTIFICATES OF
OBLIGATION, SERIES 199311 (the "Certificates"), for the Purpose of
paying contractual obligations to be incurred for (i) taxiway and
ramp for freight development area and acquisition of a hanger at
connection therewith
the City's airport and (ii) professional services rendered in
, pursuant to authority conferred by and in
conformity with the Constitution and laws of the State of Texas,
including V.T.C.A., Local Government Code, Subchapter C of Chapter
271.
SECTION 2: Full Reristered Obli ations Authorized
Denominations -Stated Maturities-Date.The Certificates are
issuable in fully registered form only; shall be dated October 1,
1993 (the "Certificate Date") and shall be in denominations of
$5,000 or any integral multi le thereof and the Certificates shall
become due and payable on F P
February 15 in each of the principal amounts (the "Stated Maturitiesyears and in
") ar iat
the per annum rate(s) in accordance with the and follbeowingnterest schedule:
Year of Principal
Stated Maturit Amount Interest
-_Rate
_
1995 $180 000
1996 180,000 6.25$
1997 180,000 6.25%
1998 180,000 6.25$
1999 180,000 6.25-1
2000 180,000 6.25%
2001 180,000 6.25%
2002 180,000 6.25%
2003 180,000 6.25%
2004 180,000 6.25%
2005 180,000 4.70%
2006 180,000 4.80%
2007 180,000 4.90%
2008 180,000 5.00%
2009 180,000 5.00$
2010 185,000 5.00$
2011 5.00%
2012 185,000 4.25$
2013 185,000 4.25%
2014 185,000 4.25%
185,000 4.25$
Interest on the Certificates shall accrue from the
Certificate Date at the per annum rates) shown above in this
Section, and such interest shall be calculated on the basis of a
360-day year of twelve 30-day months. Certificates shall be payable on February 15 and Au IntBrest on the
year, commencing August 15, 1994. gust 15 in each
SECTION 3: Terms of Pa ent-Pa i principal of, premium, if an ent Re istrar. The
Certificates, due and Y• and the interest on the
or otherwise, shall be payable onlyreatohe on Of maturity or redemption
� registered owners or
holders of the Certificates (hereinafter called the "Holders")
appearing on the registration and transfer books (the "Security
Register") maintained by the Paying Agent/Registrar and the
Payment thereof 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
rivatebts
exchange or collection charges to the Hol ears and shall be without
The selection and appointment of NationsBank of Texas, N.A.
Dallas, Texas to serve as Paying Agent/Registrar for the
Certificates is hereby approved
and covenants to be kept and maintained aconfirmed
the ficeagrees
the Paying Agent/Registrar books and records for the registration,
payment and transfer of the Certificates "
Se
Register"), all as provided herein, in accordance(the with thecurity
and provisions of a "Paying'
substantially in the form attached hereto/as Exhibit A andRistrarmsuch
reasonable rules and regulations as the Paying Agent/Registrar and
City may prescribe; and the Mayor and City Secretary are
authorized to execute and deliver such Agreement in connection
with the delivery of the Certificates.
maintain and provide a Pa The City covenants to
the Certificates are ying Agent/Registrar at all times until 3
Agent/Registrar shall paidanda discharged, commercial and bank, y strustsor Paying
financial institution or other entitycompany, }
serve in such capacity Qualified and authorized to
Pa in and perform the duties and services of
Y� g 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 Holder by United
States Mail, first class postage prepaid, which notice shall
give the address of the new Paying Agent/Registrar. also
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Principal of and premium, if any, on the Certificates shall
be payable at the Stated Maturities or the redemption thereof only
upon presentation and surrender of the Certificates to the Paying
Agent/Registrar at its
Certificates shall be principal office. Interest on the
Holders whose name a paid by the Paying Agent/Registrar to the
paid
in the Security Register at the close
of business on the Record Date (the last business day of the mo
next preceding each interest payment date) and nth
interest shall be (i) by check sent United States �Mail, fisuch
rst
class postage prepaid, to the address of the Holder recorded i
the Security Register or (ii) by such other method, acce tab n
the Paying Agent/Registrar, requested b P le to
expense of, the Holder. If the date for and
at the risk and
P
principal of or interest on the Certificates shall bema Saturday,
Sunday, a legal holiday, or a day when banking institutions in the
City where the Paying Agent/Registrar is located are authorized b
law or executive order to close, then the date for suchpayment
shall be the next succeeding day which is not such a Saturay
Sunday, legal holiday, or day when banking institutions are
authorized to close; and payment on such date shall have the same
force and effect as if made on the original date payment was
due.
In the event of a nonpayment of interest on a scheduled
payment date, and for thirty (30) days thereafter, a new record
date for such interest payment
(a "Special ecord Date)
established by the Paying Agent/Registrar, R f and when„fundslfor
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
Special Record Date) shall be sent at least five (5) business days
prior to the Special Record Date by United States Mail, fir t
class postage prepaid, to the address of each Holder appearing
on
the Security Register at the close of business on the last
business next preceding the date of mailing of such notice.
SECTION 4: Redemti ion. a
Certificates having Stated Maturities onandafter ,
Februa �� 11
The
tion
' 2004, shall be subject to redemption prior to maturity,5
option of the City, in whole or in part in principal mounts of
$5,000 or any integral multiple thereof (and if within a Stated
Maturity by lot by the Paying Agent/Registrar), on February15
2003 or on any date thereafter at the redemption price of a
accrued interest to the date of redemption. P Plus
(b) Exercise of Redem tion O ,ion. At least forty-five 45
days prior to a redemption date for the Certificates ( )
shorter notification period shall be satisfactory to thePay
a
ing
Agent/Registrar), the City shall notify the Paying Agent/Registrar
of the decision to redeem Certificates, the principal amount
of
each Stated Maturity to be redeemed, and the date of redemption
therefor. The decision of the City to exercise the right
to
redeem Certificates shall be entered in the minutes of the
governing body of the City.
(c) Selection of Certificates for Redem Lion.
all than
Outstanding Certificates of the same Stated Maturity are If sto be
redeemed on a redemption date, the Paying Agent/Registrar shall
treat such Certificates as representing the number of Certificates
Outstanding which is obtained by dividingthe tof
such Certificates b principal amount of
principal amount thereof, to bealredeemed l select t withhe in Certificates, or
Maturity by lot. such Stated
(d) Notice of Redem tion. Not less than thirty (30 days
prior to a redemption date for the Certificates, a notice of
redemption shall be sent by United States Mail, first class
Postage prepaid, in the name of the City and at the Cit ,s
expense, to each Holder of a Certificate to be redeemed in whole
or in part at the address of the Holder appearing
Register at the close of business on the business a day
y ext
preceding
redemption
duly given
All
be redeeme�
to be r
redeemed, (
Certificate
redeemed,
Specified,
principal a
from and of
of the rede
amount ther
Office of t
surrender t
its terms t
and notice
hereinabove
thereof to b
thereon shal
therefor; p
Certificate
the then app
such payment
SECTION
Certificates
relating to t
the Certific
City at the
provided he
agreement wi
regulations
prescribe.
maintain in t
every owner o
provisions o
thereof. An
Certificates
person or by
Certificate
accompanied b
exchange duly
agent, in fori
Upon sur
principal of
Agent/Registra
designated tra
of authorized
and of a like
Certificates s
notices
the date of mailing such notice, and any notice of
so mailed shall be conclusively presumed to have been
irrespective Of whether received by the Holder.
of redemption shall (i) specify the date of
for the Certificates, (ii) identify the Certificates to
and, in the case of a Portion of the principal amount
edeemed, the principal amount thereof to be
iii) state the redemption price, (iv) state that the
S, or the portion of the Principal amount thereof to be
shall become due and payable on the redemption'date
and the interest thereon, or on the portion of the
mount thereof to be redeemed, shall cease to accrue
ter the redemption date, and (v) specify that payment
mPtion price for the Certificates.- or the prpal
eOf to be redeemed, shall be made at the principal
he Paying Agent/Registrar only upon presentation and
hereof by the Holder. If a Certificate is subject by
D prior redemption and has been called for redemption
of redemption thereof has been duly given as
provided, such Certificate (or the principal amount
e redeemed) shall become due and payable and interest
I cease to accrue from and after the redemption date
rovided moneys sufficient for the payment Of such
(or of the principal amount thereof to be redeemed) at
licable redemption price are held for the Purpose of
by the Paying Agent/Registrar.
5: Reaistration - Transfer
-Pre ecesso Certificates. - Exchan f
he registrationicat A Security Register
, payment, and transfer or exchange of
ites shall at all times be kept and maintained by the
principal office of the Paying Agent/Re istrar, as
9 1
rein and in accordance with the provisions of an
th the Paying Agent/Registrar and such rules and
as the Paying Agent/Registrar and the City may
The Paying Agent/Registrar shall obtain, record, and
e Security Register the name and address of each and
f the Certificates issued under and Pursuant to the
E this Ordinance, or if appropriate, the nominee
e Certificate may be transferred or exchanged for
Of other authorized denominations by the Holder, in
his duly authorized agent, upon surrender of such
to the Paying Agent/Registrar for cancellation,
y a written instrument of transfer or request for
executed by the Holder or by his duly authorized
satisfactory to the Paying Agent/Registrar.
render of any Certificate for transfer at the
Tice Of the Paying Agent/Registrar, the Paying
r shall register and deliver, in the name of the
nsferee or transferees, one or more new Certificates
denominations and having the same Stated Maturity
aggregate principal amount as the Certificate or
urrendered for transfer.
At the Option Of the Holder, Certificates may be exchanged
for other Certificates of authorized denominations and having the
same Stated Maturity, 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 surrendered for exchange, the Paying
Agent/Registrar shall register and deliver new Certificates
Holder requesting the exchange. to the
All Certificates issued in any transfer or exchange of
Certificates shall be delivered to the Holders at the principal
office of the Paying Agent/Registrar or sent by United States
Mail, first class, Postage prepaid to the Hold—
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and, upon the
registration and delivery thereof, the same shall be the valid
obligations of the City, evidencing the same obligation to
p
and entitled to the same benefits under this ordinance, as the
Certificates surrendered in such transfer or exchange.
All transfers or exchanges of Certificates pursuant to this
Section shall be made without expense or service charge to the
Holder, except as otherwise herein provided, and except that the
Paying Agent/Registrar shall require payment
requesting such transfer or exchange ob any axthor Holder
governmental charges required to be paid with respect
transfer or exchange. to such
Certificates canceled 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 mutilated, lost,
destroyed, or stolen Certificate for which a replacement
Certificate has been issued, registered and delivered in lieu
thereof pursuant to the provisions of Section 28 hereof and such
new replacement Certificate shall be deemed to evidence the same
obligation as the mutilated, lost, destroyed, or stolen
Certificate.
Neither the City nor the Paying Agent/Registrar shall be
required to issue or transfer to an assignee of a Holder any
Certificate called for redemption, in whole or in part, within 45
days of the date fixed for the redemption of such Certificate;
provided, however, such limitation on transferability shall not be
applicable to an exchange by the Holder of the unredeemed balance
of a Certificate called for redemption in part.
SECTION 6: Boo -Entry Only Trar�sefor�
Notwithstandingthe and AD act ons.
provisions contained in Sections 3 and 5
hereof relating to the payment, and transfer/exchange of the
Certificates, the City hereby approves and authorizes the use of
"Book -Entry Only" securities clearance, settlement and transfer
system provided by The Depository Trust Company (DTC), a limited
purpose trust company organized under the laws of the State of New
York, in accordance with the requirements and procedures
identified in the Letter of Representation, by and between the
City, the Paying Agent/Registrar and DTC (the "Depository
Agreement") relating to the Certificates.
Pursuant to the Depository Agreement and the rules of DTC,
the Certificates Certificates for is shall deposited with DTC who shall hold said
participants
nts (the 11DTC Participants"). While
the Certificates are held by DTC under the Depository Agreement,
the Holder of the Certificates on the Security Register for all
purposes, including payment and notices, shall be Cede & Co., as
nominee of DTC, notwithstanding the ownership of each actual
purchaser or owner of each Certificate (the "Beneficial Owners")
being recorded in the records of DTC and DTC Participants.
In the event DTC determines to discontinue serving as
securities depository for the Certificates or otherwise -ceases to
provide book -entry clearance and settlement of securities
transactions in general or the City determines that DTC is
incapable of properly discharging its duties as I
securities
depository for the Certificates, the City covenants and agrees
with the Holders of the Certificates to cause Certificates to be
printed in definitive form and provide for the Certificates to be
issued and delivered to DTC Participants and Beneficial Owners, as
the case may be. Thereafter, the Certificates in definitive form
shall be assigned, transferred and exchanged on the Security
Register maintained by the Paying Agent/Registrar and payment of
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such Certificates shall be made in accordance with the provisions
Of Sections 3 and 5 hereof.
SECTION 7: Execution
11 -, ... .. � X
shall be executebehalft listratio
�e City by the Mayor under its
d on of The Certificates
seal reproduced or impressed thereon and countersigned by the City
Secretary. The signature Of said Officers on the Certificates may
be manual Or facsimile.
facsimile Certificates bearing the manual or
signatures of 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 one or
more of the individuals executing the same shall cease to be such
officer at the time of delivery of the Certificates to the initial
Purchaser (s) and with respect to Certificates delivered
subsequent exchanges and transfers, all as authorized and provid in
in the Bond Procedures Act of 19814, as amended. ed
No Certificate shall be entitled to any right or benefit
under this Ordinance, or be valid or obligatory for any Purpose
unless there appears
registrat .on such Certificate either a certificate o'
Ion on
in the form provided in Section 9c,f
manually executed by the Comptroller Of Public Accounts Of the
State Of Texas, or his duly authorized agent, or a certificate
registration substantially in the form provided of in Section 9D,
manually executed by an authorized -Officer, or
representative Of the Paying Agent/Registraremployee , and either such
certificate duly signed upon any Certificate Shall be conclusive
evidence, and the only evidence that such Certificate has been
duly certified, registered and delivered.
SECTION 8: Initial
-ia
herein authorized shall 11�_J___� c_eXt:jj 4be initially
.-c-issued A t—el -s I either
The Certificates
(i) as a single
fully registered certificate in
$3,625,000 the total principal amount of
With principal installments to become due and payable
as provided in Section 2 hereof and numbered T-1, or (ii) as
twenty (20) fully registered certificates, being one certificate
for each year of maturity in the applicable yriipal ificate
denomination and to be numbered udconsecutivelfrom T-1 and upward
(hereinafter called the "Initial Certif icate (s) ") and,
case, the Initial Certificate(s) in either
Of the initial Purchaser (s) or th shall be registered in the name
Certificate(s) e designee thereof. The Initial
shall be the Certificates submitted to the office
Of the Attorney General Of the State of Texas for approval,
certified and registered by the Off ice 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
instructions Initial
Certificate(s), the Paying Agent/Registrar, Pursuant
from the initial to written
Purc aser(s), or the designee
thereof, shall cancel the Initialh Certificate(s) delivered
hereunder and exchange therefor definitive Certificates of
authorized denominations, Stated Maturities, 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
initial Purchaser(s), or the
written instructions from the
e designee thereof, and such other
information and documentation as the Paying
reasonably require. Agent Re may
SECTION 9: A. ?orms Gen
Certificates Forms.
��ger�all
Accounts ate Of the Comptroller of
Public I the Registration Certificates The
Certificate of Pay Of the State Of Texas, the Registration
ing Agent/Registrar, and the form of Assignment
to be printed on each of 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 identification (including identifying'
numbers and letters of the
Identification Procedures Of th Committee on Uniform
e American Bankers Associ Securities
such legends and endorsements (including insurance legendsation) and
in the
cr-m
event the Certificates, or any maturities thereof, are purchased
with insurance and any reproduction of an opinion of counsel)
thereon as may, consistently herewith, be established by the city
or determined by the Officers
executinsuch Certificates as
evidenced by their execution. Any pthe text of any
g
Certificates may be set forth on theortion reverseOf thereof, with an
appropriate reference thereto on the face Of the Certificate.
The definitive Certificates shall or engraved or be printed, lithographed,
Produced in any other similar mannerf all as
determined by the Officers executing such Certificates as
evidenced by their execution, but the Initial Certificate(s)
submitted to the Attorney General of Texas may be typewritten or
photocopied or otherwise reproduced.
The City may provide (i) for issuance of one fully registered
Certificate for each Stated Maturity in the aggregate principal
amount Of each Stated Maturity and (ii) for registration Of such
Certificates in the name of a securit,
ides depository, or the
nominee thereof. The Letter of Representations by and among the
City, the Paying Agent/Registrar, and the initial
depository (Depository Trust Company) a securities
form Of which is attached
hereto as Exhibit B, is approved and may be and City Secretary on behalf Of the City. executed by the Mayor
The execution of a
Letter Of Representations may Occur either before or after
delivery of the Certificates to the initial Purchasers but shall
not affect the city,s obligation to pay the registered owners the
due. While any Certificate M
principal of and interest on the Certificates as the same become
is registered in the name
of a
securities depository or its nominee
, references herein and in the
Certificates to the holder or owner Of such Certificate shall mean
the securities depository or its nominee and shall not mean any
other person.
B. Form of Certificates.
REGISTERED
NO. REGISTERED
UNITED STATES OF AMERICA
STATE OF TEXAS
CITY OF LUBBOCK TEXAS,
TAX AND AIRPORT S '
URPLUS REVENUE
CERTIFICATE OF OBLIGATION,
SERIES 1993
Certificate
Date: Interest Rate: Stated Maturity:
October 1, 1993 CUSIP NO:
Registered Owner:
Principal Amount:
DOLLARS
The City of Lubbock (hereinafter referred to as the "cityn),
a body corporate and municipal
Lubbock, State corporation in the County of
ate of Texas, for value received, acknowledges its
indebted to and hereby promises to gns
egistered Owner
named above or the registered assthereof, the Principal
Amount stated above, on the Stated Maturity date specified above
(or so much thereof as shall not have been Paid upon prior
redemption) and to Pay interest
360-day year (computed on the basis of a
Of twelve 30-day months) on the unpaid Principal
Amount hereof from the Certificate Date at the per annum rate of
interest specified above; such interest being payable on February
15 and August 15 of each year, commencing August 15, 1994.
Principal Of this Certificate is payable at upon Maturity or
redemption to the registered owner hereof, upon presentation and
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surrender, at the principal Office Of the Paying Agent/Registrar
executing the registration certificate appearing hereon
successor. Interest is payable or its
to the registered owner of this
Certificate (or one or more Predecessor Certificates, as defined
in the Ordinance hereinafter referenced) whose name appears on the
"Security Register's 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 receding each interest payment
date and interest shall be paid Preceding
the Paying Agent/Registrar by
check sent United States Mail, first class Postage prepaid, to the
address Of the registered owner recorded in the Security Register
on the Record Date or by such other method, acceptable to the
Paying Agent/Registrar, requested by, and at the risk Of, the registered owner. and expense
If the date f or the payment Of the
principal of or interest on the Certcates shall be a Saturday
Sunday, a legal holiday, or a day when banking institutions in the'
City where the Paying Agent/Registrar is located are authorized by
law or executive order to close, then the date for such payment
shall be the next succeeding day which is not such a Saturday,
Sunday, legal holiday, or day when banking institutions
authorized to close; and payment on such date shall have the same
All payments Of principal of, premium, if any, and interest
force and effect as if made on the original date payment was due.
this Certificate 'shall be without exchange or collection charges
on
to the owner hereof and 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.
This Certificate is one of the series specified in its title
issued in the aggregate principal amount of $3,625,000 (herein
referred to as the "Certificates") for Purpose Of paying
( way and ramp
contractual obligations to be incurred forthe i) taxi
for freight development area and acquisition of a hanger at the
City's airport and (ii)
connection therewith, undprofessional services rendered in
er and in strict
Constitution and laws conformity with
V.T.C.A. Of the State of co the
Local Government Code, subchapte Texas, particularly
r C of Chapter 271, and
Pursuant to an Ordinance adopted by the governing body of the City
(herein referred to as the "Ordinance").
The Certificates maturing on and after February 15, 2004 may
be redeemed prior to their Stated Maturities, at the Option of the
City, in whole or in part in principal amounts of $5,0oo or any
integral multiple thereof (and if within a Stated Maturity by lot
by the Paying Agent/Registrar) , on February 15, 2003, or on any
date thereafter, at the redemption rice of par, to
with
accrued interest to the date of red P
written notice being sent emPtion and upon 30 days prior
Postage prepaid, to by United States Mail first class
the registered owners of the Mail,
to
be redeemed, and subject to the terms and provisions relating
thereto contained in the Ordinance. If this Certificate (call
any
Portion of the principal sum hereof) shall have been duly called
for redemption and notice Of such redemption duly given, then upon
such redemption date this Certificate (or the portion of the
principal sum hereof to be redeemed) shall become due and payable,
and interest thereon shall cease to accrue from and after redemption date therefor, provided moneys for the apayment Of the
the
redemption price and the interest on the principi
redeemed to the date of redemption are held for theamountpto be
Purose of
such payment by the Paying Agent/Registrar.
In the event of a partial redemption Of the principal amount
Of this Certificate, payment Of the redemption price Of such
principal amount shall be made to the registered owner only upon
presentation and surrender of this Certificate to the Paying
without charge therefor to the registered owner hereof, . a new
Agent/Registrar at its principal Office and there shall be issued,
Certificate or certificates of like maturity and interest rate eany authorized denominations provided by the Ordinance for th
then unredeemed balance Of the principal sum hereof. If this
City and the Certificate is selected for redemption, in whole
transfer this Cenor
t ngAgent/Registrar shall not be in Part, the
reired to
ificate to an assignee of the regi tered owner
within 45 days of the redemption date therefor
provided,
such limitation an transferability shall not be aplica however,
exchange by the registered owner of the part. unredeemed licable to an
in the event of its redemption in balance hereof
The Certificates are payable from valorem tax levied, within the limitations the prescribed
of an ad
all taxable property in the City and are additionally
a law, upon
and secured by a lien on and pledge of the Surplus payable Eras
defined in the Ordinance) of the City's Airport s Revenues
such lien and pledge, however, beingP {the"Airport,,),
then on and pledge of the Surplus Revenues of heand Airport
rate to the
payment of "Prior Lien Obligations Airport securing
City
hereafter issued by the city.
t� {as defined in the
Y reserves and retains the right to issueIn the Prior
the
Obligations while the Certificates are
limitation as to rior Lien
principal amount but subject to 1 an without conditions or restrictions as may be applicable thereto
or otherwise. Y terms,
o under law
Reference is hereby made to the Ordinance, a co
on file in the principal office of the Paying pY of which is
to all the provisions of which the Holder here gent/Registrar, and
hereof hereby assents, for definitions of terms;of by the acceptance
of and the nature and extent of the tax levied fo the description
the Certificates; the properties constitutingr the
Surplus Revenues pledged to the payment of
the Airport; the `
interest on the Certificates payment of the principal of and
enforcement of the.pledge; he nature and extent and manner of
the transfer of this Certificate; and conditions relatingto
Ordinance may be amended or supplemented lwiths upon pout the
consent of the Holders of the Certificates; the rights hout
and obligations of the Cityh,
terms and and the Paying Agent/Registrar; the Pledges, chaargessandsco enantuponhich the tax le
made therein may bendischarged at
or prior to the maturity of this Certificate, and and thi
deemed to be no longer Outstanding thereunder• s Certificate
terms and provisions contained therein. Ca it for the other
herein have the meanings assigned in the Ordinancezed terms used
This Certificate, subject to certain limitations con
the Ordinance, may be transferred on the Sec contained in
upon its presentation and surrender at the Security Register only
Paying Agent/Registrar, with the Assignment
office of the
by, or accompanied b z
gnment hereon duly endorsed`
satisfactor to y a Witten instrument of transfer in form
Y the Paying Agent/Registrar duly executed b
registered owner hereof, or his duly authorized a
transfer on the SecurityY� he
registered Certificates of authorize agent. When a
Register occurs, one or
same a d denominations and of fully
aggregate principal Y rinci al amount will be issued by the pa
ying
Agent/Registrar to the designated transferee or transferees.
The City and the Pa
either, ma treat Paying Agent/Registrar, and any agent of
Y the registered owner hereof whose name appears
entitled to (i) on the Record Date as the
on the Security Register owner
surrender of this Certificate rest hereon
as the (ii) on the date of
principal hereof at its Stated Maturity or titled to
whole or in s redemption, Payment
n
other Part, and (iii) on an other date as the owner for
Purposes, and neither y the all
Agent/Registrar, or any agent of either, shall hall r the Paying
notice to the contrary. In the event of nonpaymentbe affected by
an a scheduled payment date and for thirtydas h interest
a new record date for such interest (30) days thereafter,
Date") will be established b payment {a "Special Record
when funds for the Y the Paying Agent/Registrar, if and
from the Cit payment of such interest have been received
Y• Notice of the Special Record Date and of the
0122140
-9-
j
scheduled payment date of the
past days after the Special Record Date) u shall betsentlat shall
least ch be 15
(5) business days prior to the Special Record Date five
States Mail, first class g prepaid, to the addressy of
Holder appearing Postage f each
ppearin on the Security Register at the close of business
on the last business day next preceding
such notice. the date of mailing of
It is hereby certified, recited, represented and covenanted
that the City is a body corporate and political subdivision duly
du
organized and legally
Constitution and laws of y virtue of the
existing under and b ly
the State of Texas; that the issuance of
the Certificates is duly authorized b
conditions and things required to exist ndlbe�doneat all acts,
and in the issuance of the Certificates to render thesame
to
and valid obligations of the City have been me lawful
happened and have been performed in regular and due time one' have
manner as required by the Constitution and laws of the State
and
Texas, and the Ordinance; that the Certificates do not a of
constitutional or statutory limitation; and that due exceed any
been made for the payment, of the Provision has
Certificates by the le Principal of and interest on the
Revenues of the Airport as aforestated ax d Inpcase an ledge f the Surplus
this Certificate or an
Y application thereof shall be vinvalid,l
illegal, or unenforceable
enforceability of the remaining the validity, legalityprovisions and , andnot in any way be affected or impaired thereby. The terms
apPlications shall
Provisions of this Certificate and the Ordinance shall and
construed in accordance with and shall bbe
e governed by the laws
the State of Texas. of
IN WITNESS WHEREOF, the City Council of the City has c
this Certificate to be duly executed under the official aused
the City as of the Certificate Date. al of
of
CITY OF LUBBOCK, TEXAS
COUNTERSIGNED:
Mayor
City Secretary
(SEAL)
C. * Form Of Re istration Certificate of Com tro
ller
Public Accounts to A ear on Initial Certificate s onl of
REGISTRATION CERTIFICATE OF
COMPTROLLER OF PUBLIC ACCOUNTS
OFFICE OF THE COMPTROLLER §
OF PUBLIC ACCOUNTS S
THE STATE OF TEXAS S REGISTER NO.
S
I HEREBY CERTIFY that this Certificate has been examined,
certified as to validity and approved by the Attorney General
o
the State of Texas, and duly registered by the Com t of
Public Accounts of the State of Texas. P roller of
WITNESS my signature and seal of office this
(SEAL) Comptroller of Public Accounts
of the State of Texas
*NOTE TO PRINTER: Do not print on definitive Certificat
es
D• Form of Certificate of Pa
Certifin A ent Re istrar to
r----tCe ifiicates other than a sin le full re istered
_cate.
REGISTRATION CERTIFICATE OF PAYING AGENT REGISTRAR
This Certificate has been duly issued and registered under
the provisions of the within -mentioned Ordinance; the certificate
or certificates of the above entitled and designateries
originally delivered having been a series
of the State of Texas and registered by he Comptroller o the Attorney General
Accounts, as shown by the records of the Paying Agent/Registrar.
r of Public
For purposes of this Bond, the principal office of the P
Agent/Registrar means its principal office in Dallas axing
, Texas.
NATIONSBANK OF TEXAS, N.A.,
Dallas, Texas
as Paying Agent/Registrar
Registration Date:
BY
Authorized Signat�e
E. Form of Assi nment.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns' and
transfers unto (Print or typewrite name, address, and zi
transferee:)
p code of
a
....(Socil
.., ........ Security or •.......
Other identifying w
............................. Y� g number.
......••••.) the within Certificate and all
rights thereunder, and hereby irrevocably constitutes
" • • • • • • es and appoints
..............
attorney to transfer the within Certificate on the books kept for
registration thereof, with full power of substitution in n the
DATED: ...........
Signature NOTICE: The signature ••on••this
g guaranteed: assignment must correspond with the
name of the registered owner as it
appears on the face of the within ° Certificate in every particular.
F. The Initial Corti f;, _4__,_.
(i) immediately under the name of
headings "Interest Rate n
._._" shall both be omitted; ' and
t
the certificate the
"Stated Maturity
(11) paragraph one shall read as follows:
Registered Owner:
Principal Amount:
Dollars
The City of Lubbock (hereinafter referred to as the 11C' i�
a body corporate and municipal corporation in the Countylty ),
Lubbock, State of Texas, for value received, acknowledges of
indebted to and herebyg itself
named above or promises to pay to the the registered assigns the eof,e the Registered
Owner
Amount hereinabove stated, on February 15 in eac
h of the Principal
years and
in princi
schedule:
YEAR
(or so mucl
to maturit
hereof fro
interest s,
Of twelve
15 and Au
Principal i
of maturit
hereof, up
Office in
Texas (the
registered
"Security R
the close o
business da
date hereo
Agent/Regisj
Postage prej
in the Secu
the Paying
expense of,
the princip
Saturday, s
institutions
located are
the date for
is not such a
institutions
shall have tj
date payment
any, and inte
collection c
of the Unite
e
legal tender
SECTION
Ordinance and
Certificates,
Revenues ther(
appear herein
follows:
(a)
combinati
hereafter
V.T.C.A.1
271, or s
ad valor
secured b
Revenues
the lien
Certifica
0122140
pal installments in accordance with
PRINCIPAL
INSTALLMENTS
the following
INTEREST
--HATB--
(Information to be inserted from
schedule in Section 2 hereof).
principal thereof as shall not have been prepaid prior
Y) and to pay interest on the unpaid Principal Amount
m the Certificate Date at the per annum rates of
ecified above computed on the basis of a 360-day year
0-day months; such interest being payable on February
Just 15 of each year, commencing August 15 nstallments of this Certificate are payable in t' 1994.
ir or on a prepaymenthe year
date to the registered owner
:in its presentation and surrender at the principal
Dallas, Texas of NationsBank Of Texas, N.A., Dallas,
"Paying Agent/Registrar"). Interest is payable to the
owner of this Certificate whose name appears on the
gister" maintained by the Paying Agent/Registrar at
f business on the "Record Date", which is the
Y of the month next last
preceding each interest payment
f and interest t shall be paid by the
rar by check sent United States Mail, Paying
aid, to the address of the registered ownerf first class
recorded
city Register Or by such other method, acceptable to
Agent/ Registrar, requested by, and at the risk and
the registered owner. If the date for the Payment of
11 of or interest on the Certificates shall be a
unday, a legal holiday, or a day when banking
in the City where' the Paying Agent/Registrar is
authorized by law or executive order to close then
such payment shall be the next succeeding day which
Saturday, Sunday, legal holiday, or day when banking
are authorized to close; and Payment on such date
e same force and effect as if made on the original
was due. All payments of principal of, premium, if
rest on this Certificate shall be without exchange or
barges to the owner hereof and in any coin or currency
States of America which at the time of payment is
for the payment Of Public and private debts.
10: Definitions.
! � * �E� J1, L t �j That for Purposes of this
for clarity with respect to the issuance of the
and the levy of taxes and appropriation of Surplus
for I the following words or terms, whenever the same
without qualifying language, are defined to mean as
The term "Additional Certificates" shall mean
on tax and revenue certificates of obligation
issued under and pursuant to the provisions of
Local Government Code, Subchapter C of Chapter
imilar law hereafter enacted and M payable from
taxes and additionally payable from and
a parity lien on and Pledge of the Surplus
of the Airport of equal rank and dignity with
and Pledge securing the payment tes. Of the
(b) The term "Airport" and the term I'municipal
airport" shall be synonymous, and shall mean all
properties, real, personal or mixed which constitute a
part of the existing municipal airport Of the city of
Lubbock, Texas, and any and all other property hereafter
acquired or operated by the City for airpori urposes,
together with any and all additions or imprPovements
-12-
thereto or changes therein made or authorized b
City. The term shall include, without limitation the
all
landing areas, runways, taxiways, ramps and apron are
improvements, all buildings as,
properties, fixtures located on airport
navigation facilities appurtenances, services, air
facilities located on land heretofore systems, r and other
acquired for airport purposes. hereafter
(c) The term "Certificates,, shall mean $3, 625, 000 "
OF LUBBOCK, TEXAS, TAX CITY
CERTIFICATES OF OBLIGATION, ERIES 199�RT SURPLUS REVENUE
Ordinance, authorized by this
(d) The term "Certificate Fund'► shall mean the s e '
Fund created and established under the p ceal
Section 11 of this Ordinance. Provisions of
(e) The term "Collection Date►'
reference is being made to the le ollection shall mean, when
ad valorem taxes, the date annual addva valorem taxes annual
each year by the City become delinquent. each
(f) The term "Fiscal Year" financial accounting period used with res shall mean a the annual
operations of the Airport now ending on September 30t #
P to the t
each year; provided, however, the City Council may change,h of
ordinance duly passed, such annual financial ac by }
Period to end on another date if such change is fou dtand
fiscal
#
determined to be necessary for budgetary or other n
Purposes.
(9) The term "Government Securities'► shall mean
obligations of the United States ofdirect
obligations the principal of and interest America, on including
are
unconditionally guaranteed b Which are
and the United States Treas Y the United States of America,
' and Local Government Series in book -entry obligations such as its State
form.
(h) The term "Gross Revenues" means the total reve
received by the City from ownership,n
the airport or air navigation facilities, °r operation oof f
proceeds from the sale of all or an including the
facilities from whatever source derived, such airport or
rentals (except for excluding any �
Which may be executed
rentals) from net rent leases
ecuted in the future wherein the lease
consideration is pledged or otherwise utilized to finance
construction of buildings or facilities for lessee-tenantthe f
the City, or acquisition of additional lands or facilities, o
but only for such time and to such extent in each case
ath
rentals reserved in the lease and any extension or re s the
thereof (other than ground rentals) are re renewal
deposited in a separate interest and redemption fund o to obe
ther
fund to provide and secure the r other
obligation to Performance of the City�s
indebtedness created to finance the improvdebt service ement
on
subject of the lease. the
Without limiting the gent which is the
foregoing, unless otherwise restricted by thee eraov seons of
of the
this ordinance, the term "gross revenues" will include
the income from the ownership and operation of the municipal°
airport including landing fees and
space rental in buildings or rentalofbuildings located
land theretofore or hereafter acquiredn
fees for parking where the for airport purposes,
Public street or thoroughfare, parking
facility
ewers not on a
made to concessionaires, receipts of the utility
serving the airport, and all fees Y systems
City on account of the operation of(limousine ooreconveya the
to and from the airport.conveyances
0122140
-13-
M The term "Operating Expenses" shall mean all
expenditures necessary for the efficiency, operation,
maintenance and utilization of the airport, including all
salaries, labor, materials and repairs necessary to render
efficient and adequate airport service to the City and its
inhabitants, or such as might be necessary to meet some
physical condition or accident which would otherwise impair
the security of bonds payable from the same source. The term
"operating expenses" shall not include any allowance for
depreciation or capital improvements to the municipal
airport. A capital improvement (as used in the foregoing
sentence) shall mean (i) real property, or (ii) personal
property which has an estimated life of more than two years.
(j) 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 -
(1)
Paying
Paying
pa
pr
ir
Ag
ag
bo,
pr
th
ma
ar
th
th
gi
Ag
I ^%,=yt, :
those Certificates canceled by the
Agent/Registrar or delivered to the
Agent/Registrar for cancellation;
(2) those Certificates deemed to be duly
id by the City in accordance with the
ovisions of Section 24 hereof by the
revocable deposit with the Paying
ent/Registrar, or an authorized escrow
ent, of money or Government Securities, or
th, in the amount necessary to fully pay the
incipal of, premium, if any, and interest
ereon to maturity or redemption, as the case
y be, provided that, if such Certificates
e to be redeemed, notice of redemption
ereof shall have been duly given pursuant to
is Ordinance or irrevocably provided to be
ven to the satisfaction of the Paying
Bnt/Registrar or waived; and
(3) those Certificates that have been
mutilated, destroyed, lost, or stolen and
replacement Certificates have been registered
and delivered in lieu thereof as provided in
Section 28 hereof.
(k) The term "Prior Lien Obligations" shall mean
the City's Airport Revenue Bonds, Series 1978, and all
bonds or other similar obligations hereafter issued that
are payable in whole or in part from and secured by a
lien on and pledge of the Gross Revenues of the Airport
and such lien and pledge securing the payment thereof is
prior and superior in claim, rank and dignity to the
lien and pledge of the Surplus Revenues securing the
payment of the Certificates.
(1) The term "Surplus Revenues" shall mean Gross
Revenues, with respect to any period, after deducting
debt service requirements for the Prior Lien
Obligations, Operating Expenses, and a reserve for the
payment of Operating Expenses (to the extent required by
the Ordinance securing the Prior Lien Obligations)
during such period.
SECTION 11: Certificate Fund. That, 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
"SPECIAL 1993 CITY OF LUBBOCK, TEXAS, TAX AND AIRPORT SURPLUS
REVENUE CERTIFICATE OF OBLIGATION FUND", which Fund shall be
kept and maintained at the City 's depository bank, and moneys
0122140 -14-
deposited in said Fund shall be used for no other purpose.
Proper officers of the City are hereby authorized and
directed to cause to be transferred to the Paying Agent for
the Certificates, from funds on deposit in the Certificate
Fund, amounts sufficient to full
pay each installment of interest and and discharge promptly
Of
Certificates as the same accrues or matures norpal comes duetbe
reason of redemption prior to maturity;Y
ransfers of
funds to be made in such manner as wil causet
timmediately
available funds to be deposited with the Paying Agent for the
Certificates at the close of business on the last business
day next preceding each interest and/or principal payment
date for the Certificates.
Pending the transfer of funds to the Paying
Agent/Registrar, money in the Certificate Fund may,
option of the City, be invested in obligations identified in,
and in accordance with the provisions of the "Public Funds
Investment Act of 1987" relating to the investment of "bond
proceeds"-
provided that all such investments shall be made
in such a manner that the money required to be ex
ended from
said Fund will be available at the proper time ortimes. 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. f
ll
shall be sold promptly when necessaryto prevent any default
such investments
pr in connection with the Certificates.
SECTION 12: Tax Lev
of the Debt Service Re Y. That to provide for the payment
" A
Requirements" on the Certificates being
(i) the interest on said Certificates and ing
for their redemption at maturity or a sinkingsfund of u2%
(whichever amount shall be the greater)
here
there is hereby levied for the current
shall be and
Year and
succeeding year thereafter while said Certificates or eanh
f interest thereon shall remain outstanding, a sufficientY
on each one hundred dollars' valuation of taxable property in
--° said City, adequate to pay such Debt Service Re
full allowance being made for delinquenciescosts quirement
o
collection; said tax shall be assessed and c 1 ectedeach
year and applied to the payment of the Debt Service
Requirements, and the same shall not be diverted to any other
Purpose. The taxes so levied and collected shall be
deposited into the Certificate Fu
nd.
hereby declares its purpose and intent tohis governing body
provitax legally and fully sufficient to pay the saiddDebt Serand vice
e
Requirements, it having been determined that the existin and
available taxing authority of the City for such purpose is
adequate to permit a legally sufficient tax in consideratio
of all other outstanding indebtedness. n
The amount of taxes to be
PProvided annually for the
payment of the
principal of and interest on the Certificates
herein authorized to be issued 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 le
taxes each year, the City Council shall determine:invalorem
i
(1) The amount on deposit in the Certificate Fund
after g �
(a) deducting therefrom the total amount of Debt
Service Requirements to become due on Certificates prior
to the Collection Date for the ad valorem taxes to be
levied and (b) adding thereto the amount of Surplus
Revenues of the Airport a P
pay such Debt Service Requirements
and allocated to
r to the
Collection Date for the ad valoremetaxes ptoobe levied.
0122140
-15-
s
(2) The amount of Surplus Revenues if any,
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.
(3) The amount of Debt Service Requirements 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
into consideration delin into (1)and (2), after taking
annual taxes. paragraphs
and costs of collecting such
Provided, however, in regard to the a
P yments to become due on
the Bonds on August 15, 1994, sufficient current funds will be
available and are hereby appropriated to make such
proper officials of the City are hereby authorized and directed ayments; ato
transfer and deposit to the credit of the Interest and Sinki
Fund, such current funds which, together with thaccrued i ng
received from the purchaser, will be sufficient to namount
e
of the payments due on the Bonds on August 15P
, 1994
. the amount
. };
SECTION 13 : Pledc ,e of Surulus Revo„„en
covenants and agrees that, subject to a �es. The City hereby
of the Gross Revenues for the a Prior lien on and pledge
Obligations and the deposits requiredpayment and security of Prior Lien
the Prior Lien Obligations, the emainder after rsuch npa ce sent and
�_. deposit being the Surplus Revenues of the Airport, with he
exception of those in excess of the amounts required to be
deposited to the Certificate Fund
`-�' hereby irrevocablyas hereafter provided, are
pledged, equally and ratably, to the a
the principal of and interest on the Certificates and Additional°f
Certificates, if issued, as herein provided, and the pledge of the
Surplus Revenues of the Airport herein made for the payment of
he
Certificates shall constitute a lien on the Surplus Revenues
the Airport in accordance with the terms andhereof
of
be valid and binding without further action provisions
the City and
without any filing or recording except for the filingof and r
Ordinance in the records of the City. this
SECTION 14: Airport Fund. i
covenant and agreement that all Gross Revenues shall be ereby reaffirms its
from day to day as collected into a "City of Lubbock deposited
Airport Fund" }
(hereinafter called "Airport Fund") which Fund shall
continue to be kept and maintained at an official depository bank
of the City. All moneys deposited in the Airport Fund shall
pledged and appropriated to the extent re be
purposes and in the order of priority shown, to fwitthe following
First: To the payment of the amounts re be deposited in the special gaited ato
nd
established for the P Funds created and
Prior Lien Obligations in accordance with he security and benefit terms
of
provisions of the ordinances authorizing the issuance of
Prior Lien Obligations;
Second: To the payment of all necessary and z
reasonable Operating Expenses of the Airport as defined
herein to be a charge on and claim against the Gross
Revenues;
Third: Within thirty (30) days of the end of each
fiscal year, the City shall put aside an amount of money
0122140
-16-
equal to not less than the maintenance and operating
expenses for two calendar months (as shown by the budget
for the ensuing fiscal year), which shall be retained in
the Airport Fund as a reserve for the payment of
operating expenses; and
FP �rt : To the payment of the amounts required to
be deposited in the special funds and accounts created
and established for the payment of the Certificates and
Additional Certificates.
Any Surplus Revenues remaining in the Airport Fund after
satisfying the foregoing payments, or making ads
sufficient provision for the payment thereof, may be appropriated grate and
and used for any other City Purpose now or hereafter permitby
law. The City reserves the right to reconfigure the flow ofted funds
when all Prior Lien Obligations have been paid or provision for
payment has been made.
SECTION 15: Deposits to Certificate �Funqdd
agrees to
Covenants and a - The City hereby
cause to be deposited in the Certificate
Fund prior to each interest and principal payment date f
Surplus Revenues of the Airport, after deduction of all prayom the
ments
required to be made to special Funds or accounts created for the
payment and security of the Prior Lien Obligations, an amount
equal to one hundred per centum. (100%) of the amount required to
fully pay the accrued interest and Principal of the Certificates
then
due and payable by reason of maturity or redemption prior to
matuy, such deposits to pay accrued interest and principal on
the Certificates to be made in substantially equal monthl
installments on or before the last business day of each month
beginning the month the Certificates are delivered to the initial
purchaser.
The monthly deposits 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 on the
Certificates to maturityficate . Ad vaFundlorem for ataxsand
s nled onvied, collected and
deposited in the Certibehalf of the
Certificates may be taken into consideration and reduce the amount
of the monthly deposits otherwise required to be deposited in the
Certificate Fund from the Surplus Revenues of the Airport. In
addition, any proceeds of sale of the Certificates in excess of
the amount required to pay the contractual obligations
incurred (including change orders to be
shall be deposited to a cotruction
amount
mount cont in the Certificate Fund, ract)
shal
reduce the sums otherwise required to be deposited in said Fund
d
from ad valorem taxes and the Surplus Revenues of the Airport.
SECTION 16: Security Funds.
of F- Al the Funds for which this or-du—L �unas
l moneys on deposit in
Ordinance makes provision (except any
portion thereof as may be at any time properly insted) shall be
secured in the manner and to the fullest extent verequired ys
tlaws of Texas for the security Of public funds, and monon
deposit in such Funds shall be used only for the ur
Permitted by this Ordinance. pposes
SECTION 17: Maintenance of Ai Eort - Insurance.
While Certificates remain Outstanding, the City covenants and agreesthe
to
maintain and operate the Airport with all Possible efficiency and
to maintain casualty and other insurance on the properties of the
Airport and its operations of a kind and in such amounts
customarily carried by municipal corporations in the State of
Texas engaged in a similar type business; and that it will
faithfully and punctually perform all duties with reference to the
Airport required by the Constitution and laws of the State of
Texas.
SECTION 18: Rates and The City hereby covenants
and agrees that rates and charges f'o'r services provided by the
-17-
Airport will be established and maintained, on the basis of all
available information and experience and with due allowance for
contingencies, that are reasonably expected Revenues to pay: to provide Gross
(a) Operating Expenses of the Airport;
(b) the interest on and
Obligations and the amounts required
of Prior Lien
ted
into any special Funds created and rest blishedeforlthe
payment and security of the Prior Lien Obligations;
(c) the amounts required to be deposited in the
special Funds or Accounts created for the payment of the
Certificates and Additional Certificates;
(d) any other legally incurred indebtedness payable
from the revenues of the Airport and/or secured by a
lien on the Airport or the revenues thereof.
SECTION 19: Records and Account
further covenants and a s - Anneal Audit, The City
Outstanding,agrees that while any Certificates remain
it will keep and maintain accurate and complete
records and accounts pertaining to the ownership, operation and
maintenance of the Airport. The Holders of the Certificates or
any duly authorized agent or agents of such Holders shall have the
right to inspect the Airport and all properties comprisingthe
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 office
in Austin, Texas and upon written request, Purchaser of the Certifto the initial
icates and any subsequent
more in principal amount of the CertificatOustanding. 10$ or
SECTION 20:
all the rig hts and remedies provided by the laws ofnthe�ition State oto
f
Texas, the City covenants and agrees
event the City (a) defaults in thepaymentsparticularly that in the
Certificate Fund, or (b) defaults in the obsery ncebor made r the
of any other of the covenants, conditions or obligationssetfoance
rth
in this Ordinance, the owner or owners of any of the Certificates
shall be entitled to a writ of mandamus issued by a court of
proper jurisdiction compelling and requiring
the City and other officers of the City to observe and per body of
covenant, condition or obligation prescribed in this Ordi arnce.y
No delay or omission to exercise any right or power accruin
upon any default shall impair any such right or power, or shall be
construed to be a waiver of any such default or acquiescence
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.
SECTION 21: Special Covenants.
covenants as follows:
The City hereby further
(a) It has the lawful power to pledge the Surplus
Revenues of the Airport sup
ortinCertificates and has lawfullyexercg sed thisissuepower
sue of
under the Constitution and laws of the State of Texas,
including said power existing under V.T.C.A., Local
Government Code, Subchapter C of Chapter 271.
(b) Other than for the payment of the Certificates,
the Surplus Revenues of the Airport have not in any
manner been pledged to the payment of
obligation of the City or of the Airport.
any debt or
SECTION 22: Issuance of
Additional Certificates. rior Lien Obli ations and
right to hereafter issue hy Prior hereby
expresslyObligations, reserves the
limitation as to principal amount or any othr limitation or
restriction. n or
In addition, the City reserves the right to issue Additional
Certificates, without limitation or any restriction or condition
being applicable to their issuance under the terms coondition
Ordinance, payable from and secured by a lien on and Pledge this
Surplus Revenues of the Airport of equal rank and dignity,g of the
a parity in all, respects, with the lien thereon and pedgthereon
of
securing the payment of the Certificates.
SECTION 23: Subordinate to
Covenants and A reements. Prior Lien Obli ations
body and accordingly hereby trec the intention nized and of this governing
provisions, agreements and covenants contained hestirein bearing that
tuthe
the management and operations of the Airport and the administeringg
and application of revenues derived from the operation thereof
shall to the extent possible be harmonized with like provisions,
agreements and covenants contained in ordinances authorizing the
issuance of Prior Lien Obligations, and to the extent of any
irreconcilable conflict between the provisions contained hereinand in ordinances authorizing the issuance of Prior Lien
Obligations, the provisions, agreements and covenants contained
therein shall prevail to the extent of such conflict and be
applicable to this Ordinance but in all respects subject to the
priority of rights and benefits, if any, conferred thereby to the
holders or owners of the Prior Lien Obligations. Notwithstanding
the above, any change or modification affecting the application o
revenues derived from the operation of the Airport shall not
impair the obligation of contract with re
revenues herein made for spect to the pledge of
`-' Certificates. the Payment and security of the
SECTION 24: Satisfaction of Obli ations of Cit .
City shall pay or cause to be If the
,aid to the Holders, the principal o of,here shall otherwise be
interest on the Certificates, at the times y and premium, if
then mannner
stipulated in this Ordinance, then the pledge of taxes lev'd
the lien on and pledge of the Surplus Revenues of the Aiand
rport
under this Ordinance and all covenants, agreements and of
obligations of the City to the Holders shall thereu o other
terminate, and be discharged and satisfied. p n cease,
Certificates shall be deemed to have been
within the
meaning and with the effect expressed above in th sl Section when
(i) money sufficient to pay in full such Certificates or the
principal amount s P hereof at maturity or
( if notice
redemption has been dlof
e
arrangements therefor acceptable to the Paying Agent/Registrar
or waived or irrevocable
have been made) the redemption date thereof, togetherwith
all
interest due thereon, shall have been irrevocably deposited all
and held in trust by the Paying Agent/Registrar, or an authorizedwith
escrow agent, or (ii) Government Securities shall have be
irrevocably 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
principal 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 an
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 or (if notice of redemption has been duly'
or waived or if irrevocable arrangements therefor acceptable
the Paying Agent/Registrar have been made) the redemption to
p ion date
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 148
of
the Internal Revenue Code of 1986, as amended, or regulations
adopted pursuant thereto.
Any moneys so deposited with the Paying Agent
Registrar 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 re
payment of the Certificates, or anquired for the
principal
or interest thereon with respect twhich such moneys have
been so deposited shall be remitted to the City or deposited s
o
directed by the City. Furthermore as
Paying Agent/Registrar for the any money held by the
interest on the Certificates payment
n remaining the pr uncncilaal
imed f and
period of four (4) years after the maturit for a
y
redemption date, 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 Cityit t
receipt therefor. Notwithstanding the above and nforegoi g, writany
remittance of funds from the Paying Agent/Registrar to he City
shall be subject to any applicable unclaimed property laws of y
State of Texas. he
SECTION 25: Ordinance a Contract - enThis
Ordinance shall constitute a contract with theAmHo lders from time
to time, be binding on the City, and shall not be amended o
repealed by the City so long as any Certificate remains
Outstanding except as permitted in this Section.
without the consent of or notice to an The City, may,
Certificates, from time to time and at any time,is rs amenOf
d this
Ordinance in any manner not detrimental to he interests of the
Holders of the Certificates, including rJ1 ambiguity, inconsistency, or formal defect or Omission herein. ambiguity,
the City may, with the written consent of Holders of he
Certificates holding a majority in aggregate
the Certificates then Outstand ng affected he ebyc mend,�a dttoof
,
or rescind any of the provisions of this Ordinancethat,
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 principal of,
interest on the Certificates, reduce the principal amount thereof,
the redemption price, or the rate of interest thereon, or in an
other way modify the terms ofpayment
premium, if any, or interest on he Ce tificates principal ve any
preference to any Certificate over any other Certificate f or (3)
it
reduce the aggregate principal amount of Certificates re
to
be held by Holders for consent to any such amendment, addition, i or
rescission.
SECTION 26: Notices to Holders - Waivers. Wherever this
Ordinance provides for notice to Holders of any event, such notice
shall be sufficiently given (unless otherwise herein e
xpressl
provided) if in writing and sent by United States Nail, first
class postage prepaid, to the address of each Holder a
pearinin
the Security Register at the close of business on the business d y
next preceding the mailing of such notice. ay
In any case where notice to Holders is given by mail, neither
the failure to mail such notice to an
particularHolders, nor
defect in any notice so mailed, shallaffectthe suff cienc any
such notice with respect to all other Certificates. Y of
ti
Ordinance provides for notice in any manner, such notice mayybee
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 o
such notice. Waivers of notice by Holders shall be filed with the
ONME
Paying Agent/Registrar, but such filing shall not be a condition
precedent to the validity of any action taken in reliance
such waiver.
upon
SECTION 27: Cancellation.
payment, redemption, transfer, or exchange Certificates ifsurren surrendered
surrendered for
Paying Agent/Registrar, shall be dered to the
surrendered to the city,Promptly canceled by it and, if
Agent Re shall be delivered to the Paying
/ gistrar and, if not already canceled, shall be
canceled by the Paying Agent/Registrar. Promptly
deliver to the Pa in The City may at any time
Certificates PayinAgent/Registrar for cancellation any
previously certified or registered and delivered
which the City may have acquired in any manner whatsoeve
Certificates so delivered shall be r, and all
Agent/Registrar. All canceled Certificates held canceled by the Paying
Agent/Registrar shall be returned to the City. by the Paying
SECTION 28: Mutilated
CS
ertificates. Destro ed Lost and Stole
In case any Certificate shall be mutilated, or
destroyed, lost or stolen, the Paying Agent/Registrar
and deliver a replacement Certificate of like form d to may execute
in the same denomination tenor, and
contemporaneously outstandin and bearing a number not
such mutilated Certificate, or in lieu of and in substitutn exchange and ion substitution for
such destroyed, lost or stolen Certificate, only upon the a °n for
Of the City and after pproval
ng the Paying Agent/Registrar ofevidenceby the Holder thereof with
Agent/Registrar of the destruction satisfactory theft to the Paying
Certificate, and of the authenticity of the ownershih of such
(ii) the furnishing to the Pa in P Agent/Registrar
and
indemnification in an amount satisfactory to hold the City Y� g Agent/Registrar of
Paying Agent/Registrar harmless. Y and the
associated with such indemnity and with the preparation
and delivery of a replacement expenses and charges
Holder of the Certificate Mutilated, or destroyed, lost or stolen.
Every replacement Certificate issued pursuant to
shall be a valid and binding obligation, and shall be e
all the benefits of this ordinance this Section
other Outstanding Certificates; notwithstandi equally and ratably with all
„titled to
Of payment by anyone of the destroyedg the enforceability
Certificates. Y lost or stolen
The provisions of this Section are exclusive and shall
preclude (to the extent lawful) all other rights and remedies
respect to the replacement and payment of mutilated de r with
lost, or stolen Certificates. stroyed,
SECTION 29: Covenants to Maintain Tax-Exem t Statu
s.
A. Definitions.
teWhen used in this Section, the following
rms have the following meanings:
"Closing Date" means the date on which the
Certificates are first authenticated and delivered to
the initial purchasers against payment therefor.
"Code„ means the Internal Revenue Code of 1986 as
amended by all legislation if an
before the. Closing Date. Y, effective on or
"Computation Date" has the meaning set forth in
Section 1.148-1(b) of the Regulations.
"Gross Proceeds" means any proceeds as defined in
Section 1.148-1 b
replacement proceeds as defined sOf the Regulations, and any
the Regulations, of the in 1.148-1(c) of
"Investment" has the meaning set forth in Section
1.148-1(b) of the Regulations.
"Nonpurpose Investment" means any investment
property, as defined in section 148(b) of the Code, in
which Gross Proceeds of the Certificates are invested
and which is not acquired to carry out the governmental
purposes of the Certificates.
"Rebate Amount" has the meaning set forth in Section
1.148-1(b) of the Regulations.
"Regulations" means any proposed, temporary, or
final Income Tax Regulations issued pursuant to Sections
103 and 141 through 15o of the Code, and 103 of the
Internal Revenue Code of 1954, which are applicable to
the Certificates. Any reference to any specific
Regulation shall also mean, as appropriate, any
proposed, temporary or final Income Tax Regulation
designed to supplement, amend or replace the specific
Regulation referenced.
"Yield" of
(1) any Investment has the meaning set
forth in Section 1.148-5 of the Regulations;
and
(2) the Certificates has the meaning set
forth in Section 1.148-4 of the Regulations.
B. Not to Cause Int r st o me
not use, permit the use of, or omit to use Grol sProceeds The crhall
other amounts (or any property the acquisition,y
onstruction or
improvement of which is to be financed irectly or indirectly with
Gross Proceeds) in a manner which if made or omitted,
respectively, would cause the interest on any Bond to become
includable in the gross income, as defined in section 61 of the
Code, of the owner thereof for federal income tax purposes.
Without limiting the generality of the foregoing, unless and until
the City receives a written opinion of counsel nationally
recognized in the field of municipal bond law to the effect that
failure to comply with such covenant will not adversely affect the
exemption from federal income tax of the interest on any Bond, the
City shall comply with each of the specific covenants in this
Section.
C. Use of Surtnlu
the Certificates s Proceeds. At least 95% of the proceeds of
will be used to provide airport facilities within
the meaning of section 142(a)(1) of the Code and the regulations
and rulings thereunder. For purposes of this subsection, all f
costs of issuance financed directly or indirectly with Bond
proceeds shall not be treated as used to provide airport
facilities.
D. Ownership of Proiect. At all times prior to the final
Stated Maturity of the Certificates, the City shall own all of the
property to be financed by the proceeds of the Certificates.
E. Elections. The City hereby directs and authorizes the
Mayor, City Secretary, City Manager, and Assistant City Manager
for Financial Services., either or any combination of them, to make
elections permitted or required pursuant to the provisions of the
Code or the Regulations, as they deem necessary or appropriate in
connection with the Certificates, in the Certificate as to Tax
Exemption or similar or other appropriate certificate, form or
document.
0122140
-22-
i
F. Information Report. The City
information required by section 149(e)
Secretary of the Treasury on Form 8038 or
such place as the Secretary may prescribe.
G.
City shal
Certificat
luxur
store
alcoh
Certi
ratin
expen
proce
Certi
J. ' jj�gg�!!
weighted av-4
of the aver
being financ
as calculat
K. Nol
by section
thereunder,
which would
within the
Regulations
L. Reb
otherwise p
Regulations
(1)
(includ
thereof
from al
investm
account
the las
the ext
Gross pi
the Cit
each rec
obligat
(2)
the City
with rul
the Regu
maintain
of proc
shall timely file the
of the Code with the
such other form and in
Prohibition on 0��4-4 n Use o Ce ti f i
any proceeds of the
not use or permit the use of The
es or any income from the investment thereof:
1) to provide any airplane, skybox, or other private
y box, any facility primarily used for gambling, or any
the principal business of which is the sale of
Olic beverages for consumption off premises, or
2) To pay or otherwise finance costs of issuance of the
ficates (g_.q., underwriting compensation, trustee and
a agency fees, printing costs, Issuer fees, and fees and
ses of counsel) in an amount which exceeds 2% of the
ads (exclusive of all costs of
licates. issuance) of the
H. 2n-g�egii,jl' l�::!
W; ii----------- MM-EXP-qge4s
not use Prot'i, Uses o The City shall
or permit the use of proceeds of the Certificates to pay
or otherwise finance the costs of acquion of property (or an
interest therein) unless the first use Of such property is
pursuant to such acquisition.
0122140
I.Public Approval. The City shall timely obtain the public
approval required by section 147(f) of the Code with respect to
the Certificates.
presentationMaturity
L
_Lof Cer*4Pj--4--
rage maturity of the C- The
ertificates will not exceed 120%
age reasonable expected economic life of the facilities
ed with the Surplus Proceeds of the Certificates, both
ad in accordance with section 147(b) of the Code.
Federally Guaranteed. Except to the extent permitted
149 (b) of the Code and the Regulations and rulings
the City shall not take or omit to take any action
cause the Certificates to be federally guaranteed
meaning of section 149(b) of the Code and the
and rulings thereunder.
ate of Arbi' e Profits. Except to the extent
rovided in section 148(f) of the Code and the
and rulings thereunder:
The City shall account for all Gross Proceeds
ing all receipts, expenditures and investments
on its books of account separately and apart
other funds (and receipts, expenditures and
ants thereof) and shall retain all records of
Lng for at least six years after the day on which
t Outstanding Bond is discharged. However, to
ent permitted by law, the City may commingle
oceeds of the Certificates with other money of
, provided that the City separately accounts for
eipt and expenditure of Gross Proceeds and the
ions acquired therewith.
Not less frequently than each Computation Date,
shall calculate the Rebate Amount in accordance
es set forth in section 148(f) of the Code and
lations and rulings thereunder. The City shall
such calculations with its Official transcript
eedings relating to the issuance of the
-23-
Certificates until six years after the final Computation
Date.
the
money
purc1h
exclu
incom
purpo
the
appli
Attor
when
payme
case
1.148
(100%
the c
(90%)
the rE
instal
may Ix
Regula
accomp
inform
of the
(4
assure
paymen
error
error
in all
discov
States
intere
1-148-
:
M - Not
permitted by
rulings ther
earlier of
Certificates
required to
of this Sec
profit or
transaction
Certificates
N. Not
permitted by
rulings ther
final Stated
invest Gross
replace money
Yield from th
Proceeds (or
previously di
SECTION
Certificates
Peabody, Inc.
price of oar
premium of $-
finds that th
bid received.
0122140
13) As additional consideration for the purchase of
Certificates by the Purchasers and the loan of the
represented thereby and in order to induce such
ase by measures designed to insure the
dability of the interest thereon from the gross
e of the owners thereof for federal income tax
ses, the City shall pay to the United States out of
Bond Fund or its general fund, as permitted by
cable Texas statute, regulation or opinion of the
ney General of the State of Texas, the amount that
added to the future value of previous rebate
nts made for the Certificates equals (i) in the
of a Final Computation Date as defined in section
-3 (e) (2) of the Regulations, one hundred percent
) of the Rebate Amount on such date; and (ii) in
ise of any other Computation Date, ninety percent
of the Rebate Amount on such date. In all cases,
bate payments shall be made at the times, in the
1ments, to the place and in the manner as is or
required by section 148(f) of the Code and the
tions and rulings thereunder, and shall be
anied by Form 8038-T or such other forms and
ation as is or may be required by Section 148(f)
Code and the Regulations and rulings thereunder.
The City shall exercise reasonable diligence to
that no errors are made in the calculations and
is required by paragraphs (2) and (3), and if an
is made, to discover and promptly correct such
within a reasonable amount of time thereafter (and
events within one hundred eighty (180) days after
ary of the error), including payment to the United
of any additional Rebate Amount owed to it,
;t thereon, and any penalty imposed under Section
(h) of the Regulations.
Profits.
to Divert Arb tr ge Pro - Except to the extent
-11 -Lr- S
section 148 of the Code and the Regulations and
eunder, the City shall not, at any time prior to the
the Stated Maturity or final payment of the
enter into any transaction that reduces the amount
be paid to the United States pursuant to Subsection L
tion because such transaction results in a smaller
a larger loss than would have resulted if the
had been at arm's length and had the Yield of the
not been relevant to either party.
to Invest at her Yield. Except to the extent
section 148 of the Code and the Regulations and
eunder, the City shall not at any time prior to the
Maturity of the Certificates directly or indirectly
Proceeds in any Investment (or use Gross Proceeds to
so invested), if as a result of such investment the
e Closing Date of all Investments acquired with Gross
with money replaced thereby), whether then held or
sposed of, exceeds the Yield of the Certificates.
30: Sale of the Certificates.The sale of the
to Southwest Securities Incorporated and Kidder
(herein referred to as the "Purchasers") at the
and accrued interest to the date of delivery plus a
0- is hereby approved and confirmed. The Council
e bid of the purchaser(s) was the highest and best
Delivery of the Certificates to the Purchasers
-24-
shall occur as soon as Possible upon payment being made therefor
in accordance with the terms of sale.
SECTION 31: Proceeds of Sale. The proceeds of sale of the
Certificates, excluding the accrued interest received from the
Purchasers, shall be deposited in a construction fund maintained
at the City's depository bank. Pending expenditure for authorized
projects and purposes, such proceeds of sale may be invested in
authorized investments pursuant to the Public Funds Investment Act
Of 1987 and any investment earnings realized may be expended for
such authorized projects and purposes or deposited in the
Certificate Fund as shall be determined by the City Council. All
surplus proceeds of sale of the Certificates, including investment
earnings, remaining after completion of all authorized projects or
purposes shall be deposited to the credit of the Certificate Fund.
SECTION 32: 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 of the Certificates, and shall take and have charge and
control of the Certificates 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, City Secretary, City Manager, and
Assistant City Manager for Financial Services, any one or more of
said officials, are hereby authorized and directed to furnish and
execute such documents and certifications relating to the City and
the issuance of the Certificates, including a certification as to
facts, estimates, circumstances and reasonable expectations
pertaining to the use and expenditure and investment of the
proceeds of the Certificates as may be necessary for the approval
of the Attorney General, registration by the Comptroller of Public
Accounts and delivery of the Certificates to the purchasers
thereof 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.
SECTION 33: Official Statement. The Official Statement
prepared in the initial offering and sale of the Certificates by
the City, together with all addendas, supplements and amendments
thereto issued on behalf of the City, is hereby approved as to
form and content, and the City Council hereby finds that the
information and data contained in said Official Statement
pertaining to the City and its financial affairs is true and
correct in all material respects and no material facts have been
omitted therefrom which are necessary to make the statements
therein, in light of the circumstances under which they were made,
not misleading. The use of such Official Statement in the
reoffering of the Certificates by the Purchasers is hereby
approved and authorized.
SECTION 34: Printed o� n. The Purchaser's obligation to
Opinion.
accept delivery of the Certificates is subject to being furnished
a final opinion of Fulbright & Jaworski L.L.P., Attorneys,
approving such Certificates as to their validity, said opinion to
be dated and delivered as of the date of delivery and payment for
the 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 35: CUSIP Numbers. That 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
attorneys approving said Certificates as to legality are to be
h I A
responsible for CUSIP numbers incorrectly printed or typed on
the definitive Certificates.
SECTION 36: Benefits 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 , legal or equitable, under or by reason of this ordinance orclaimany
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 and the Holders.
SECTION 37: 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 38: 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 39: If any provision of this
Ordinance or the application thereof to any circumstance shall be
held to be invalid, the remainder of this Ordinance and the
application thereof to other circumstances shall nevertheless be
valid, and the City Council hereby declares that this Ordinance
would have been enacted without such invalid provision.
SECTION 40: Effect The Section headings herein
are for convenience only and shall not affect the construction
hereof.
SECTION 41: Construction of Terms. If appropriate in the
context of this ordinance, words of the singular number shall be
considered to include the plural, words of the plural number shall
be considered to include the singular, and words of the masculine,
feminine or neuter gender shall be considered to include the other
genders.
SECTION 42: 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 43: Effective Date. This ordinance shall take
effect and be in force immediately from and after its passage on
second and final reading, and IT IS SO ORDAINED.
PASSED AND ADOPTED ON FIRST READING, this 14th day of
October, 1993.
MMTA
TEFRA PUBLIC HEARING
It's 8:30 a.m. on September 30, 1993. Uh, I am Larry Hoffman, the City
Director of Transportation and, uh, at this time I will open the public
hearing for the purpose of gaining public comment on the proposed
issuance and sale of the City's tax and airport surplus revenue
certificates of obligation. For the record I would like to read that
the purpose of this hearing is to provide an opportunity for all
interested persons to be heard with respect to the proposed issuance and
sale in 1993 of the City's tax and airport surplus revenue certificates
of obligation in one or more series in an aggregate principal amount not
to exceed $3,625,000. The proceeds of the certificates will be utilized
by the City for the purpose of paying contractual obligations to be
incurred for, first of all, a taxiway and ramp for freight development
area and acquisition of a hangar at the City's airport. And secondly,
professional services rendered in connection therewith as provided and
limited by the Internal Revenue Code of 1986, as amended, and subchapter
C of Chapter 271 of the Texas Local Government Code, as amended. The
improvements to be constructed with the proceeds of the certificates
will be owned by the City and will be located at the City's existing
City airport. The certificates would be payable from ad valorem taxes
and the lien on and a pledge of the surplus revenues of the City's
airport. The sign-up sheets indicate that there are no citizens here to
speak for or against the proposed issuance and sale of these
certificates of obligation. Is there anyone that has come in, in the
audience, that would wish to speak on this issue? Seeing or hearing
none, I would then close the public hearing at 8:34 a.m.
A ZON!',' CHANGE FROM IHC
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p IHC SPECIFIC USE AND IHC DE-
SIGN HISTORIC SPECIFIC USE
,.
is
FOR ALL OR PART OF BLOCKS
-_ C
8' 214. 21S, 216. Z30, 231, 232, AND 233,
ORIGINAL TOWN ADDITION;
CL
OTT 6-10. BLOCK 1, HART ADDI-
• TION; AND ALL OR PART OF
�.
__BLOCKS 1 AND 43. MERRILL AD
a
~ ~�r`�-:-
DLTION, LUBBOCK, TEXAS;
y
p SUBJECT TO CONDITION; PRO-
�'aS'
•��.
i-440ING A PENALTY; PROVID
0-MG A SAVINGS CLAUSE AND
";�
v'PROVIOING FOR PUBLICA-
TION.
S C
ORDINANCE NO.9649 1
C�
j
., .API ORDINANCE ENO
o , RRai
'.,1Nr.ZONING ORDINANCE NO..
AND THE OFFICIAL MAP
,-7084
OF -THE CITY OF LUBBOCK
5:
M AKJNG THE FOLLOWING,
h (D
CHANGES: ZONE CASE NO.2710;
A ZONING CHANGE FROM T TO
��Y
O-
C-4 SPECIFIC USE ZONING FOR
c ;
MINI WAREHOUSES, RV STOR-
n
AGE,'AND PORTABLE BUILD-'
ING SALES ON A PARCEL IN
1 BLOCK " SECTION 2, TRACTS
y K-2 AND K-IA, LUBBOCK, TEX-
TO CONDITIONS;
rn
_797*SUBJECT
PROVIDING A PENALTY; PRO -
,
I, VIOLNG A SAVINGS CLAUSE
F AND PROVIDING FOR PUBLICA-
. T40N,
ORDINANCE NO.9650
AN ORDINANCE AMEND-
ING"ZONING ORDINANCE NO.
:7084 AND THE OFFICIAL MAPOjqE
O
CITY OF LUBBOCK
II
`
:MAKING THE FOLLOWING
. CHANGES: ZONE CASE NO.2711;
A ZONING CHANGE FROM R-1
SPECIFIC USE FOR MULTI-
FAMILY TO R-1 SPECIFIC USE
• ION41NG FOR GARDEN HOMES
,..ONE A-4.8 ACRE TRACT OUT OF
-SECTION IS, BLOCK E-2, LUB.
-BOCKr TEXAS; PROVIDING A
- PEN#iTY;PROVIDING A SAV-
INOS CLAUSE AND PROVIDING
n'POWPUBLICATION.
RDINANCE NO.9651
"" IN ORDINANCE AMEND-
...,4NZ.ZONING ORDINANCE NO
...7084.AND THE OFFICIAL MAP
_.OF THE CITY OF LUBBOCK
':'MAKING THE FOLLOWING
.-CHANGES: ZONE CASE NO.2712;
-A "NING CHANGE FROM C-3
TO C4 ZONING, LIMITED TO ,
TRAILER/TRUCK RENTALS
AND ALL PERMITTED C-3 USES G
ON TRACT B, SOUTH UNIVERSI-
TY ADDITION, LUBBOCK, TEX-
AS; PROVIDING A PENALTY;
- PROVIDING A SAVINGS CLAUSE
AND PROVIDING FOR PUBLICA-
TION, A
7 • ORDINANCE NO.9652 •
- L
.---Ali ORDINANCE AMEND- °I
+NG ZONING ORDINANCE NO., It
7084 AND THE OFFICIAL MAP
OF THE CITY OF LUBBOCK,
1 MAKING THE FOLLOWING 2
CHARGES; ZONE CASE NO.2713; -
..A ZONING CHANGE FROM R-1
TD..R-1 SPECIFIC USE ZONINGI_
' FOR GARDEN HOMES ON LOTS'
'.S..6. AND 7, CLYDE TATUM AD-
DITION, LUBBOCK, TEXAS,
SUBJECT TO CONDITIONS;
PROVIDING A PENALTY; PRO- -�
VIDING A SAVINGS CLAUSE M
AND PROVIDING FOR PUBLICA- of
TION.
ORDINANCE NO.9653 U
ax
AN ORDINANCE AMEND it
ING ZONING ORDINANCE NO At
7084 AND THE OFFICIAL MA
OF THE CITY OF LUBBOC
..MAKING THE FOLLOWIN
CHANGES: ZONE CASE NO.2714
A ZONING CHANGE FROM C-
TO C-3 ZONING ON TRACT N
RUSHLAND PARK ADDITIONBid$
LUBBOCK, TEXAS; SUBJECT Q
CONDITIONS; PROVIDING
PENALTY; PROVIDING A SAV
INGS CLAUSE AND PROVIDIN '
FOR PUBLICATION.
^n ORDINANCE NO.9654 ¢
AN ORDINANCE AMEND-P�
-ING ZONING ORDINANCE NOX
7084 AND THE OFFICIAL MAP -
OF THE CITY OF LUBBOCKt
MAKING THE FOLLOWING~
CHANGES: ZONE CASE NO. 18S6.3
A; A ZONING CHANGE FROM A-t
,,),TO A-2 ZONING, LIMITED TOI
„,CHURCH AND CHURCH RELAT-'
.,.ED.USES ON TRACT A, RAIN-
_TPE.E ADDITION, LUBBOCK,
TEXAS; SUBJECT TO CONDI-
TIONS; PROVIDING A PENAL-
TY; PROVIDING A SAVINGS
CLAUSE AND PROVIDING FOR
PUBLICATION.
ORDINANCE NO.9655
AN ORDINANCE AMEND-
ING ZONING ORDINANCE NO.
7094 AND THE OFFICIAL MAP
OF THE CITY OF LUBBOCK t
MAKING THE FOLLOWING I
CHANGES: ZONE CASE NO. 21W
C. A ZONING CHANGE FROM A-2
LIMITED TO CHURCH AND
CHURCH RELATED USES TO A-2
LIMITED TO A CHILD CARE FA-
CILITY ON A TRACT OF LAND
OUT OF SECTION 29, BLOCK A-
K, LUBBOCK, TEXAS; SUBJECT
TO CONDITIONS; PROVIDING A
_P.F ALTY; PROVIDING A SAV-
AIGS CLAUSE AND PROVIDING
.FOR PUBLICATION.
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ORDINANCE No, 964,
Ll
- AN ORDINANCE ABANDON.
-ING AND CLOSING A TWO FOOT
INDERGROUNDSTREET�
.LIGHT CABLE EASEMENT LO.
-CAME D I N E LON IE PAR K
,SOUTH ADDITION TO THE CITY
'OFLUBBOCK, LUBBOCK COON.
TY, TEXAS, AS MORE PARTICU.
�`LARLY DESCRIBED HEREIN.
AFTER IN THIS ORDINANCE;
-DIRECTING THE CITY ENGI.
"NEER TO MARK THE OFFICIAL
'MAPS OF THE CITY OT RE.
AND
SAID
ABANDONMENT
A NO CLOSING; PROVIDING A
SAVINGS CLAUSE;
1 1; AND PRO.
VI 0 NG FOR P ATION,
ORDINANCE NO, 964
ORDINANCE AMEND.
ING SECTION 21-59 OF THE
CODE OF ORDTHE
CITY OF LUBBOCKINANCE OF , TEXAS,
WITH REGARD TO WATER SER.
VICE TO FEDERAL, STATE OR
I:OCAt GOVERNMENTS AND
CITY PROPERTY OR FACILI.
TIES; PROVIDING A SAVINGS
9"Ult AND PROVIDING FOR
PUR"ATION.
ORDINANCE No. gao
AN ORDINANCE AUTHORIZ.
ING THE ISSUANCE OF "CITY
Of LUBBOCK, TEXAS, GENgft.
At. -OBLIGATION BONDS, SE.
T PESCIFYING THE
EAR AND FEATURES OF
SAID BONDS; LEVYING A CON.
TINUING DIRECT ANNUAL AD
VALOREM TAX FOR THE PAY. ,Eft
MENT OF SAID BONDS; AND
RESOLVING OTHER MATTERS
(NCMENT AND RELATED TO jj
TJlEJSSUANCE, SALE, PAY.
FENT AND DELIVERY OF SAID
BONDS, INCLUDING THE AP-
P R O V A L O F P A Y I N G
AGENT/REGISTRAR AGREE-
MENT AND THE APPROVAL
AND DISTRIBUTION OF AN OF-
FICIAL STATEMENT PERTAIN-
ING THERETO; AND PROVID-
ING AN EFFECTIVE DATE.
I
ORDINANCE NO. 1461
AN ORDINANCE AUTHORIZ.
ING THE ISSUANCE OF "CITY.
OF LUBBOCK, TEXAS. TAX AND
WATERWORKS SYSTEM CLIMIT-
ED PLEDGE) REVENUE CER-
TIFICATES OF OBLIGATION,
SERIES IM"; LEVYING AN AD
VALOREM TAX UPON ALL TAX-
ABLE PROPERTY IN THE CITY
AND PROVIDING FOR A LIMIT-
ED PLEDGE OF THE NET REV.
ENUES OF THE CITY WATER-
• WORKS SYSTEM FOR THE PAY-
.'MENT OF SAID CERTIFICATES;
PRESCRIBING THE TERMS AND
DETAILS OF SUCH CERTIFI-
CATES AND RESOLVING OTHER
MATTERS INCIDENT AND RE-
LATED TO THE ISSUANCE,
SALE, SECURITY, PAYMENT
AND DELIVERY OF SAID CER.
TIFICATES, INCLUDING THE
APPROVAL OF A PAYING
AGENT/REGISTRAR AGREE-
MENT AND THE APPROVAL
I AND DISTRIBUTION OF AN OF-
FICIAL STATEMENT PERTAIN.
IN
G THERETO; AND PROVID-
ING AN EFFECT,VE DATE.
A ORDINANCE NO. 9662
AN ORDINANCE AUTHORIZ-
ING THE ISSUANCE OF "CITY
OF LUBBOCK, TEXAS, AIRPORT
III GENERAL OBLIGATION BONDS,
SERIES IM", SPECIFYING THE
TERMS AND FEATURES OF
L SAID BONDS; LEVYING A CON-
TINUING DIRECT ANNUAL AD
VALOREM TAX FOR THE PAY-
.IMENT OF SAID BONDS; AND
RESOLVING OTHER MATTERS
INCIDENT AND RELATED TO
,THE ISSUANCE, SALE, PAY-
MENT AND DELIVERY OF SAID
BONDS, INCLUDING THE AP.
P R 0 V A L 0 F A P A Y I N G
AGENT/REGISTRAR AGREE-
MENT AND THE APPROVAL
AND DISTRIBUTION OF AN OF-
FICIAL STATEMENT PERTAIN-
ING THERETO; A PROVIDING
AN EFFECTIVE DATE.
ORDINANCE NO. 9663
AN ORDINANCE AUTHORIZ.
ING THE ISSUANCE OF "CITY
OF LUBBOCK, TEXAS, TAX AND
AIRPORT SURPLUS REVENUE
CERTIFICATES OF OBLIGA-
TION, SERIES l"T'; LEVYING
AN AD VALOREM TAX UPON
ALL TAXABLE PROPERTY IN
THE CITY AND PROVIDING FOR
A PLEDGE OF THE SURPLUS
REVENUES OF THE CITY'S AIR.
PORT FOR THE PAYMENT OF
SAID CERTIFICATES; PRE-
SCRIBING THE TERMSAND DE-
TAILS OF SUCH CERTIFICATES
AND RESOLVING OTHER MAT-
TERS INCIDENTAND RELATED
TO THE ISSUANCE, SALE, SECU-
RITY, PAYMENT AND DELIV-
ERY OF SAID CERTIFICATES,
INCLUDING THE APPROVAL OF
PAYING AGENT/REGISTRAR
AGREEMENT AND THE AP-
PROVAL AND DISTRIBUTION
OF AN OFFICIAL STATEMENT
PERTAINING THERETO; AND
PROVIDING AN EFFECTIVE
�DATE.
R-18M
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