HomeMy WebLinkAboutResolution - 2016-R0055 - Notice Of Intent To Issue Bonds - 02/11/2016Resolution No. 2016-80055
February 11, 2016
Item No. (y$_
A RESOLUTION AUTHORIZING PUBLICATION OF NOTICES OF
INTENTION TO ISSUE TAX AND WATERWORKS SYSTEM SURPLUS
REVENUE CERTIFICATES OF OBLIGATION AND ELECTRIC LIGHT AND
POWER SYSTEM REVENUE BONDS
WHEREAS, the City of Lubbock, Texas (the "City"), pursuant to Subchapter C,
Chapter 271, Texas Local Government Code, as amended, is authorized to issue its certificates of
obligation (the "Certificates") for the purpose of paying contractual obligations to be incurred for
the purposes set forth in Exhibit A hereto;
WHEREAS, the City Council of the City has found and determined that a notice of
intention to issue the Certificates should be published in accordance with the requirements of
applicable law;
WHEREAS, the City also intends to issue electric light and power system revenue bonds
(the "Revenue Bonds") to fund acquisition, construction, improvement, renovation, enlarging
and/or equipping of property, buildings, structures, facilities, and/or related infrastructure for
Lubbock Power & Light as set forth in Exhibit B hereto; and
WHEREAS, the City Council has found and determined that a notice of intention to issue
the Revenue Bonds should be published in accordance with the provisions of the City Charter;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF LUBBOCK, TEXAS, THAT:
Section 1. The findings and determinations set forth in the preambles hereto are
hereby incorporated by reference for all purposes.
Section 2. The City Secretary of the City is hereby authorized and directed to publish
a notice of intention to issue the Certificates, in substantially the form set forth in Exhibit A
hereto (the "Certificate Notice") incorporated herein by reference for all purposes. The
Certificate Notice shall be published once a week for two consecutive weeks, the date of the first
publication being not less than the day before the thirtieth (30th) day prior to the date set forth in
the Certificate Notice for passage of the ordinance authorizing the Certificates. Such Certificate
Notice shall be published in a newspaper of general circulation in the area of the City.
Section 3. The City Secretary of the City is hereby authorized and directed to publish
a notice of intention to issue the Revenue Bonds, in substantially the form set forth in Exhibit B
hereto (the "Revenue Bond Notice") incorporated herein by reference for all purposes. The
Revenue Bond Notice shall be published once a week for a period of thirty (30) days prior to the
date set forth in the Revenue Bond Notice for passage of the ordinance authorizing the Revenue
Bonds. Such Revenue Bond Notice shall be published in a newspaper of general circulation in
the area of the City.
Section 4. This resolution shall take effect from and after the date of its passage.
[Signature page follows]
HOU:3607299.1
Resolution No. 2016
February 11, 2016
Item No. 6,g_
ADOPTED THIS February 11, 2016, by the City Council of the City of Lubbock, Texas.
CITY OF LUBBOCK, TEXAS
GLEN L ABERTSON MAYOR
ATTEST:
Reb ca Garza, City Secretary
APPROVED AS TO CONTENT:
CL i' — Cmc .SLC.
Linda Cuellar, Acting Executive Director of Finance
APPROVED AS TO FORM:
Jerry V. kyle, Jr., Bond Counsel
Signature Page for Notice of Intent Resolution
HOU:3607299.1
Resolution No. 2016- R0055
MINUTES AND CERTIFICATION PERTAINING TO
PASSAGE OF A RESOLUTION
STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
On February 11, 2016, the City Council of the City of Lubbock, Texas, convened in a
regular meeting at the regular meeting place thereof, the meeting being open to the public and
notice of said meeting, giving the date, place and subject thereof, having been posted as
prescribed by Chapter 551, Texas Government Code, as amended; and the roll was called of the
duly constituted officers and members of the City Council, which officers and members are as
follows:
Glen C. Robertson, Mayor
Jim Gerlt, Mayor Pro Tem
Victor Hernandez
Floyd Price
Jeff Griffith
Karen Gibson
Latrelle Joy
James Loomis, City Manager
Linda Cuellar, Acting Executive Director of Finance
Rebecca Garza, City Secretary
Members of
the Council
and all of said persons were present, except N/A , thus constituting a quorum.
Whereupon, among other business, a written Resolution bearing the following caption was
introduced:
A RESOLUTION AUTHORIZING PUBLICATION OF NOTICES OF
INTENTION TO ISSUE TAX AND WATERWORKS SYSTEM SURPLUS
REVENUE CERTIFICATES OF OBLIGATION AND ELECTRIC LIGHT AND
POWER SYSTEM REVENUE BONDS
The Resolution, a full, true and correct copy of which is attached hereto, was read and
reviewed by the City Council. Thereupon, it was duly moved and seconded that the Resolution
be passed and adopted.
The Presiding Officer put the motion to a vote of the members of the City Council, and
the Resolution was passed and adopted by the following vote:
AYES: 4_ NOES: 3_ ABSTENTIONS:
HOU:3607299.I
MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT, and to
correctly reflect the duly constituted officers and members of the City Council of said City, and
the attached and following copy of said Resolution is hereby certified to be a true and correct
copy of an official copy thereof on file among the official records of the City, all on this day,
February 11, 2016.
Re e a Garza, City Secre
City o ubbock, Texas
[SEAL]
-2-
HOU:3607299.1
Resolution No. 2016-un055
Exhibit A
NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS
TAX AND WATERWORKS SYSTEM SURPLUS REVENUE
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that on March 24, 2016, at 5:15 p.m. at a regular meeting
of the City Council of the City of Lubbock, Texas, to be held in the City Council Chambers at
the Municipal Complex, 1625 13th Street, Lubbock, Texas, the regular meeting place of the City
Council, the City Council intends to pass one or more ordinances authorizing the issuance of not
to exceed $136,000,000 total principal amount of one or more series of certificates of obligation
(the "Certificates") for the purpose of paying contractual obligations to be incurred for the
following purposes, to wit: (i) construction, renovations, improvements, upgrades, equipment
and acquisition of land, buildings and other facilities related to (a) a new City Hall and (b) a new
police facility; (ii) construction, renovations, improvements, upgrades, and equipment of
facilities at Municipal Hill; (iii) renovations and improvements to the Lubbock Preston Smith
International Airport facilities, including terminal building remodeling and runway
improvements; (iv) design, relocation and upgrading of public utility infrastructure and
construction of gateways and green spaces in the Central Business District; (v) upgrading of
public safety radio communication systems; (vi) construction of public improvements and
infrastructure renovations in North Overton; (vii) construction, improvement and equipment of a
new emergency operations center; (viii) renovations, improvements and extensions to City
streets, including sidewalks, street lighting, traffic signals/controllers and traffic signal
communication systems, signage, landscaping, utility improvements, extensions, relocations and
acquisition of land and rights-of-way in connection therewith; (ix) renovation, improvement and
expansion of Solid Waste Department facilities; (x) improvements, renovations, replacements,
relocations and extensions to the City's Wastewater System, including the Northwest Water
Reclamation Plant; (xi) improvements, renovations, replacements, relocations and extensions to
the City's Waterworks System (collectively, with items (i) -(x), the "Project"); and (xii) payment
of professional services of attorneys, financial advisors, engineers and other professionals in
connection with the Project and the issuance of the Certificates. The Certificates shall bear
interest at a rate not to exceed fifteen percent (15%) per annum and shall have a maximum
maturity date of not later than 21 (twenty-one) years after their date. Said Certificates shall be
payable from the levy of a direct and continuing ad valorem tax, levied within the limits
prescribed by law, against all taxable property within the City sufficient to pay the interest on
said Certificates as due and to provide for the payment of the principal thereof as the same
matures, as authorized by Subchapter C, Chapter 271, Texas Local Government Code, as
amended, and from all or a part of the surplus net revenues of the City's Waterworks System,
such pledge of surplus net revenues being limited to $1,000.
THIS NOTICE is given in accordance with law and as directed by the City Council of the
City of Lubbock, Texas on February 11, 2016.
A-1
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Resolution No. 2016-unns5
Exhibit B
NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS
ELECTRIC LIGHT AND POWER SYSTEM REVENUE BONDS
NOTICE IS HEREBY GIVEN that on March 24, 2016, at 5:15 p.m. at a regular meeting
of the City Council of the City of Lubbock, Texas, to be held in the City Council Chambers at
the Municipal Complex, 1625 13th Street, Lubbock, Texas, the regular meeting place of the City
Council, the City Council intends to pass one or more ordinances authorizing the issuance of
electric light and power system revenue bonds in the maximum amount not to exceed
$31,000,000 to acquire, purchase, construct, improve, renovate, enlarge, and/or equip property,
buildings, structures, facilities, and/or related infrastructure for Lubbock Power & Light. A
complete description of the bonds being authorized may be obtained from the Finance
Department, City of Lubbock, P.O. Box 2000, Lubbock, Texas 79457; or from RBC Capital
Markets, 200 Crescent Court, Suite 1500, Dallas, Texas 75201, Financial Advisor to the City.
THIS NOTICE is given in accordance with law and as directed by the City Council of the
City of Lubbock, Texas on February 11, 2016.
HOU:36072993