HomeMy WebLinkAboutResolution - 2016-R0423 - Issue Certificates Of Obligtion - 11/17/2016D-
Resolution No. 2016- R0423
November 17, 2016
Item No. 7.1
A RESOLUTION AUTHORIZING PUBLICATION OF A 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 less
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.
[Signature page follows]
HOU:3717183.2
Resolution No.2016- R0413
November 17, 2016
Item No. _7,1
ADOPTED THIS November 17, 2016, by the City Council of the City of Lubbock,
Texas.
CITY OF LUBBOCK, TEXAS
(0&"
DANIEL M. POPE, MAYOR
TTEST: p�
Rebecca Garza, City Secretary
APPROVED AS TO CONTENT:
CA'nn2L C4QZA-
Linda Cuellar, Acting Executive Director of Finance
APPROVED AS TO FORM:
Jerry VLkyle, Jr., Bond Counsel
Signature Page for Notice oflntent Resolution
HOU:3717I832
Resolution No. 2016- RM3
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 January 12, 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 $35,000,000 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, improvements, renovations,
relocations and extensions to the City's storm water facilities and infrastructure, including the
Northwest Lubbock Drainage Improvements Project (the "Project"); and (ii) 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 November 17, 2016.
A-1
HOU:3717183.2
Resolution No.2016-R0423
MINUTES AND CERTIFICATION PERTAINING TO
PASSAGE OF A RESOLUTION
STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
On November 17,2016, 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;andthe roll was called of the
duly constituted officers and members of the City Council,which officers and members are as
follows:
Daniel M. Pope,Mayor Juan A.Chadis )
Latrelle Joy,Mayor Pro Tem Shelia Patterson Harris )Members of
Jeff Griffith )the Council
Karen Gibson )
Steve Massengale )
James Loomis,City Manager
Linda Cuellar,Acting Executive Director of Finance
Rebecca Garza,City Secretary
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 A NOTICE OF
INTENTION TO ISSUE TAX AND WATERWORKS SYSTEM SURPLUS
REVENUE CERTIFICATES OF OBLIGATION
The Resolution, a full,true and correct copy of which is attached hereto, was read and
reviewed bythe City Council.Thereupon,it was duly moved and seconded that the Resolution
be passedand adopted.
The Presiding Officer putthe motion to a vote of the members of the City Council,and
the Resolution was passedandadoptedby the following vote:
AYES:_Z NOES: _a ABSTENTIONS:_q.
HOU:3717183.2
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,
November 17, 2016.
�& 0Y - A)rt:
Re ecca Garza, City Secre
City of Lubbock, Texas
[SEAL-
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HOU:3717183.2