HomeMy WebLinkAboutResolution - 2017-R0019 - Resolution Approving Certficates Of Obligation - 01/12/2017Resolution No.2017-R0019
January 12,2017
Item No.J7J?
A RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE TAX AND WATERWORKS SYSTEM SURPLUS
REVENUE CERTIFICATES OF OBLIGATION
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;
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 "Notice")incorporated herein by reference for all purposes.The Notice shall be
published once a week for two consecutive weeks, the date of the first publication being not later
than the day before the thirtieth (30th) day prior to the date set forth in the Notice for passage of
the ordinance authorizing the Certificates.Such Notice shall be published in a newspaper of
general circulation in the area of the City.
Section 3.This resolution shall take effect from and after the date of its passage.
[Signaturepage follows]
HOU:3743882.2
Resolution No. 2017- goo 19
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 23, 2017, 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 $30,000,000 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) design, relocation, upgrading and replacement of public utility
infrastructure and construction of gateways and green spaces in the Central Business District;
(ii) 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, rights -of -way
and equipment in connection therewith; (iii) improvements, renovations, replacements,
relocations and extensions to the City's Wastewater System; (iv) improvements, renovations,
replacements, relocations and extensions to the City's Waterworks System (collectively, with
items (i)-(iii), the "Project"); and (v) 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 January 12, 2017.
A-1
HOU:3743882.3
Resolution No. 2017- R W 19
January 12, 2017
Item No. _7_9
ADOPTED THIS January 12, 2017, by the City Council of the City of Lubbock, Texas.
CITY OF LUBBOCK, TEXAS
DANIEL M. POP , MAYOR
ATTEST:
Rebe ca Garza, City Secretar
APPROVED AS TO CONTENT:
i & C.&"
Linda Cuellar, Acting Executive Director of Finance
APPROVED AS TO FORM:
Jerry V. gy1e, Jr., Bond Counsel
Signature Page for Notice of Intent Resolution
HOU:3743882.2