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Home My WebLink AboutResolution - 2003-R0205 - Notice Of Intention To Issue Drainage Utility System Certificates Of Obligation - 05/22/2003Resolution No. 2003-80205 May 22, 2003 Item No. 55 RESOLUTION NO. A RESOLUTION approving and authorizing publication of (i) notice of intention to issue drainage utility system certificates of obligation and (ii) notice of sale with respect to such certificates of obligation. WHEREAS, the City Council of the City of Lubbock, Texas, has determined that certificates of obligation should be issued in accordance with the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271, for the purpose of paying contractual obligations to be incurred for (i) drainage improvements, including the acquisition, construction and repair of structures, equipment and facilities for the City's Municipal Drainage Utility System, and (ii) professional services rendered in connection with such project and the financing thereof; and WHEREAS, the City has determined to take bids for the purchase of such certificates of obligations and prior to the issuance of said certificates of obligation, this Council is required to give notice of its intention to issue the same in the manner and time provided by law and to publish a notice of sale with respect thereto in accordance with the provisions of the City's Charter; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS: SECTION 1: The City Secretary is hereby authorized and directed to cause notice to be published of this Council's intention to issue certificates of obligation in the principal amount not to exceed $40,135,000 for the purpose of paying contractual obligations to be incurred for (i) drainage improvements, including the acquisition, construction and repair of structures, equipment and facilities for the City's Municipal Drainage Utility System, and (ii) professional services rendered in connection with such project and the financing thereof, such certificates to be payable from ad valorem taxes and a lien on and pledge of the net revenues of the City's Solid Waste Disposal System. The notice hereby approved and authorized to be given shall read substantially in the form and content of Exhibit A hereto attached and incorporated herein by reference as a part of this resolution for all purposes, and such notice shall be published in a newspaper of general circulation in the City, once a week for two consecutive weeks, the date of the first publication to be at least fifteen (15) days prior to the date stated therein for the passage of the ordinance authorizing the issuance of the certificates of obligation. SECTION 2: The City Secretary is hereby authorized and directed to cause a notice relating to the sale of certificates of obligation to be published once a week for a period of thirty (30) days; such notice of sale to read substantially in the form and content of Exhibit B hereto attached and incorporated herein by reference as a part of this resolution for all purposes. SECTION 3: It is officially found, determined, and declared the meeting at which this Resolution 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 Resolution, was given, all as required by V.T.C.A., Government Code, Chapter 551, as amended. LUBBOCK MDUS C_O 2003 -INTENT NOS RES.DOC SECTION 4: This Resolution shall be in force and effect from and after its passage on the date shown below. PASSED AND APPROVED, this May 22, 2003. ATTEST: City Secretary (City Seal) LUBBOCK MDUS C_O 2003 -INTENT NOS RES.DOC 2 Resolution No. 2003-10205 Exhibit A NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS, CERTIFICATES OF OBLIGATION TAKE NOTICE that the City Council of the City of Lubbock, Texas, shall convene at 10:30 o'clock A.M. on the 24th day of July, 2003, at the City Council Chambers, Municipal Complex, 1625 13th Street, Lubbock, Texas, and, during such meeting, the City Council will consider the adoption of an ordinance authorizing the issuance of certificates of obligation in an amount not to exceed $40,135,000 for the purpose of paying contractual obligations to be incurred for (i) drainage improvements, including the acquisition, construction and repair of structures, equipment and facilities for the City's Municipal Drainage Utility System, and (ii) professional services rendered in connection with such project and the financing thereof, , such certificates to be payable from ad valorem taxes and a lien on and pledge of the net revenues of the City's Municipal Drainage Utility System. The certificates are to be issued, and this notice is given, under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271. Rebecca Garza City Secretary City of Lubbock, Texas LUBBOCK MDUS C_O 2003 -INTENT NOS RES.DOC Resolution No. 2003-80205 Exhibit B NOTICE OF SALE $40,135,000 City of Lubbock, Texas, Tax and Municipal Drainage Utility System Surplus Revenue Certificates of Obligation, Series 2003 On the 24'h day of July, 2003, the City Council of the City of Lubbock, Texas, plans to sell the above referenced certificates of obligation during its regular meeting scheduled to begin at 10:30 o'clock A.M.. A complete description of the Certificates being authorized and sold may be obtained from the Division of Finance, City of Lubbock, P.O. Box 2000, Lubbock, Texas 79457; or from First Southwest Company, 1700 Pacific Avenue, Suite 500, Dallas, Texas 75201, Financial Consultants to the City. Rebecca Garza City Secretary City of Lubbock, Texas LUBBOCK MDUS C_O 2003 -INTENT NOS RES.DOC Resolution No. 2003-RO205 CERTIFICATE OF CITY SECRETARY THE STATE OF TEXAS § COUNTY OF LUBBOCK § CITY OF LUBBOCK § I, the undersigned, City Secretary of the City of Lubbock, Texas, DO HEREBY CERTIFY as follows: 1. On the 22nd day of May, 2003, a regular meeting of the City Council of the City of Lubbock, Texas, was held at a meeting place within the City; the duly constituted members of the Council being as follows: MARC McDOUGAL MAYOR JIM GILBREATH FRANK W. MORRISON VICTOR HERNANDEZ T. J. PATTERSON GARY BOREN TOM MARTIN COUNCILMEMBERS and all of said persons were present at said meeting, except the following: . Among other business considered at said meeting, the attached resolution entitled: "A RESOLUTION approving and authorizing publication of (i) notice of intention to issue certificates of obligation for drainage improvements and (ii) notice of sale with respect to such certificates of obligation." was introduced and submitted to the Council for passage and adoption. After presentation and due consideration of the resolution, and upon a motion being made by Tom Martin and seconded by Gary Boren , the resolution was finally passed and adopted by the Council to be effective immediately by the following vote: 7 voted "For" 0 voted "Against" abstained all as shown in the official Minutes of the Council for the meeting held on the aforesaid date. 2. The attached resolution is a true and correct copy of the original on file in the official records of the City; the duly qualified and acting members of the City Council of said City on the date of the aforesaid meeting are those persons shown above and, according to the records of my office, advance notice of the time, place and purpose of the meeting was given to each member of the Council; and that said meeting and the deliberation of the aforesaid public business was open to the public and written notice of said meeting, including the subject of the above entitled resolution, was posted and given in advance thereof in compliance with the provisions of V.T.C.A., Government Code, Chapter 551, as amended. 45316166.1 IN WITNESS WHEREOF, I have hereunto signed my name officially and affixed the seal of said City, this the 22nd day of May, 2003. City gecretary City of Lubbock, Texas (City Seal) 45316166.1 2