HomeMy WebLinkAboutResolution - 2014-R0052 - Authorize Public Notice - Intent To Issue Certificates Of Obligation - 02/27/2014Resolution No. 2014- R0052
February 27, 2014
Item No. 6.17
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 certificates of obligation 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 and, if determined to be in the best interests of the City, to refund
outstanding electric light and power system revenue bonds; and
WHEREAS, the City Council has found and determined that a notice of intention to issue
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 issue a
notice of intention to issue the Certificates in substantially the form set forth in Exhibit A hereto
incorporated herein by reference for all purposes. The notice as set forth in Exhibit A 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 of Lubbock, Texas.
Section 3. The City Secretary of the City is hereby authorized and directed to issue a
notice of intention to sell Revenue Bonds in substantially the form set forth in Exhibit B hereto
incorporated herein by reference for all purposes. The notice as set forth in Exhibit B shall be
published once a week for a period of thirty (30) days prior to the date set forth in the notice for
passage of the ordinance authorizing the Revenue Bonds. Such notice shall be published in a
newspaper of general circulation in the area of the City of Lubbock, Texas.
Section 4. This resolution shall take effect from and after the date of its passage.
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Resolution No. 2014- R0052
February 27, 2014
Item No. 6.17
ADOPTED THIS 27th day of February, 2014, by the City Council of the City of
Lubbock, Texas.
CITY OF LUBBOCK, � XAS
GL . RO RTSON, MAYOR
ATTEST:
Reb ca Garza, City Secre
APPROVED AS TO CONTENT:
Q.
Pamela Moon, Executive Director of Finance
APPROVED AS TO FORM:
r12r
Jerry . Kyle, Jr., Bond Counsel
Signature Page for Notice of Intent Resolution
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Resolution No. 2014- R0052
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 April 10, 2014, the City Council of the City of
Lubbock, Texas, at 3:00 p.m. at a regular meeting of the City Council 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, intends to pass one or more ordinances authorizing the
issuance of not to exceed $80,000,000 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) 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; (ii) relocation and upgrading of public utility
infrastructure in the Central Business District; (iii) park and recreation system improvements;
(iv) upgrading of public safety radio communication systems; (v) renovations and improvements
to the Lubbock Preston Smith International Airport facilities, including runway improvements;
(vi) construction, improvement and equipment of fire department facilities; (vii) animal shelter
expansion; (viii) renovation, improvement and expansion of Solid Waste Department facilities;
(ix) improvements, renovations, replacements, relocations and extensions to the City's
Wastewater System, including Southeast Water Reclamation Plant and office/warehouse
replacement facility; (x) improvements, renovations, replacements, relocations and extensions to
the City's Waterworks System (collectively, with items (i) -(ix), the "Project") and (xi) 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 27, 2014.
A-1
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Resolution No. 2014- R0052
Exhibit B
NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS
ELECTRIC LIGHT AND POWER SYSTEM REVENUE BONDS
On the 10th day of April, 2014, during its regular meeting scheduled to begin at 3:00 p.m.
in the City Council Chambers at the Municipal Complex, 1625 13th Street, Lubbock, Texas, the
City Council of the City of Lubbock, Texas, plans to pass one or more ordinances authorizing the
issuance and sale of (i) electric light and power system revenue bonds in the maximum amount
not to exceed $23,000,000 to acquire, purchase, construct, improve, renovate, enlarge, and/or
equip property, buildings, structures, facilities, and/or related infrastructure for Lubbock Power
& Light and (ii) electric light and power system revenue bonds in a maximum amount to be
determined by the City Council on such date to refund outstanding electric light and power
system revenue bonds. 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 Advisors
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 27, 2014.
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Resolution No. 2014- R0052
MINUTES AND CERTIFICATION PERTAINING TO
PASSAGE OF A RESOLUTION
STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
On the 27th day of February, 2014, 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 Victor Hernandez )
Karen Gibson, Mayor Pro Tem Floyd Price ) Members of
Todd R. Klein ) the Council
Jim Gerlt )
Latrelle Joy )
James Loomis, City Manager
Pamela Moon, Executive Director of Finance
Rebecca Garza, City Secretary
and all of said persons were present, except, NA , 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: 7 NOES: 0 ABSTENTIONS: 0
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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 the 27th
day of February, 2014.
Rebe ca Garza, City Secretary
City o-Lubbock, Texas
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