HomeMy WebLinkAboutResolution - 2020-R0119 - Authorizing Publicationand Posting Of Notice Of Intent To Issue Bonds - 03_24_2020Resolution No. 2020 - u n t t 4
March 24, 2020
Item No. SA5
A RESOLUTION AUTHORIZING PUBLICATION AND POSTING OF
NOTICES OF INTENTION TO ISSUE CITY OF LUBBOCK TEXAS WATER
AND WASTEWATER SYSTEM REVENUE BONDS AND COMBINATION
TAX AND REVENUE CERTIFICATES OF OBLIGATION
WHEREAS, the City of Lubbock, Texas (the "City"), pursuant to Chapter 1502, Texas
Government Code, as amended, is authorized to issue its water and wastewater system revenue
bonds (the "Bonds") for the purposes set forth in Exhibit A hereto; and
WHEREAS, the City Council of the City has found and determined that a notice of
intention to issue the Bonds should be published in accordance with the requirements of applicable
law and the City's charter; and
WHEREAS, 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 B
hereto; and
WHEREAS, the City Council of the City has found and determined that a notice of
intention to issue the Certificates should be published and posted 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 Bonds, in substantially the form set forth in Exhibit A hereto (the
"Bond Notice") incorporated herein by reference for all purposes. The Bond Notice shall be
published once a week for a period of thirty (30) days prior to the date set forth in the Bond Notice
for passage of the ordinance authorizing the Bonds. Such Bond 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
and post a notice of intention to issue the Certificates, in substantially the form set forth in Exhibit
B 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 later than the forty-sixth (461h) day before the date set forth in the
Certificate Notice for passage of the ordinance authorizing issuance of the Certificates. Such
Certificate Notice shall be published in a newspaper of general circulation in the area of the City.
4126-5046-1475.1
In addition, the Certificate Notice shall be posted continuously on the City's website for at
least forty-five (45) days before the date set forth in the Certificate Notice for passage of the
ordinance authorizing issuance of the Certificates.
Section 4. For purposes of the Certificate Notice and Section 271.049(e), Texas Local
Government Code, the City Council hereby designates the public securities identified in the
attached Exhibit C as self-supporting (collectively, the "Self -Supporting Debt"), the debt service
on which the City currently pays (and intends to continue paying) firom sources other than ad
valorem tax receipts. The City expects to continue to pay debt service on the Self -Supporting Debt
from sources other than ad valorem tax receipts; however, in the event that such other sources are
not budgeted in amounts sufficient to pay debt service in respect to the Self -Supporting Debt, the
City may be required to levy and collect ad valorem taxes sufficient to offset any deficiency in the
amounts provided by such other sources.
Section 5. The Mayor, the City Manager, the Chief Financial Officer, the City
Secretary and other officers and agents of the City are hereby authorized and directed to do any
and all things necessary or desirable to carry out the provisions of this resolution.
Section 6. This resolution shall take effect from and after the date of its passage.
[Signature Page Folloivs. ]
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4126-5046-1475.1
Resolution No. 2020-Rol 19
Exhibit A
NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS
WATER AND WASTEWATER SYSTEM REVENUE BONDS
NOTICE IS HEREBY GIVEN that on May 12, 2020, at 4:30 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 $64,500,000 total principal amount of water and wastewater system revenue bonds, in
one or more series (collectively, the "Bonds"), for the following purposes, to wit: (i) paying the
costs of acquiring, purchasing, constructing, improving, renovating, enlarging and equipping
property, buildings, structures, facilities and related infrastructure for the City's water and
wastewater system, (ii) funding capitalized interest on the Bonds, (iii) funding the reserve fund
requirement for the Bonds, and (iv) paying the costs of issuing the Bonds.
THIS NOTICE is given in accordance with law and as directed by the City Council of the
City of Lubbock, Texas on March 24, 2020.
A- I
4126-5046-1475.1
Resolution No. 2020- RO l 19
Exhibit B
NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that on May 12, 2020, at 4:30 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 $8,900,000 total principal amount of certificates of obligation, in one or more series
(collectively, the "Certificates"), bearing interest at any rate or rates not to exceed the maximum
interest rate authorized by law, as shall be determined within the discretion of the City Council at
the time of issuance of the Certificates, and maturing over a period of not to exceed twenty-one
(21) years from their date of issuance, for the purpose of paying contractual obligations to be
incurred for the following purposes, to wit: (i) construction, renovation, improvement and
extension of City streets and related infrastructure, vehicles and equipment, including sidewalks,
street lighting, traffic signals/controllers and traffic signal communication systems, signage,
drainage, landscaping, utility improvements, extensions, relocations and acquisition of land and
rights -of -way in connection therewith (collectively, 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. 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 Water and Wastewater System, such pledge of surplus net
revenues being limited to $1,000. The estimated combined principal and interest required to pay
the Certificates on time and in full is $12,155,671. Such estimate is provided for illustrative
purposes only and is based on an assumed interest rate of 4.25%. Market conditions affecting
interest rates vary based on numerous factors beyond the control of the City, and the City cannot
provide any assurance regarding the rate of interest that the Certificates will bear upon their
issuance. As of the date of this notice, the aggregate principal amount of outstanding public
securities of the City secured by and payable from ad valorem taxes (excluding public securities
secured by an ad valorem tax but designated by the City as self-supporting) is $207,436,142, and
based on the City's expectations, as of the date of this notice the combined principal and interest
required to pay all of the outstanding public securities of the City secured by and payable from ad
valorem taxes (excluding public securities secured by an ad valorem tax but designated by the City
as self-supporting) on time and in full is $271,915,831.
THIS NOTICE is given in accordance with law and as directed by the City Council of the
City of Lubbock, Texas on March 24, 2020.
B-1
4126-5046-1475.1
Resolution No. 2020-g(lug
Exhibit C
SELF-SUPPORTING DEBT
Self -Supporting
Public Securities Designated as Self -Supporting
Principal
General Obligation Refunding Bonds, Taxable Series 2019A
$32,450,000
Tax Notes, Series 2019
3,731,967
General Obligation Refunding Bonds, Series 2019
8,150,000
Tax and Water and Wastewater System Surplus Revenue Certificates of Obligation, Series 2019
20,060,000
Tax Notes, Series 2018
3,628,43 l
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2018A
8,550,000
General Obligation Refunding Bonds, Series 2018
71,335,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2018B
13,735,000
Tax Notes, Series 2017
2,818,725
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2017A
15,970,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2017
29,750,000
General Obligation Refunding Bonds, Series 2016A
23,925,000
General Obligation Refunding Bonds, Series 2016
23,085,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2016
35,735,000
General Obligation Refunding Bonds, Taxable Series 2015
24,995,000
General Obligation Refunding Bonds, Series 2015
80,725,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2015
65,720,000
General Obligation Refunding Bonds, Series 2014
26,785,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2014
16,360,000
General Obligation Refunding and Improvement Bonds, Series 2013
9,945,000
General Obligation Refunding Bonds, Taxable Series 2013
4,290,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2013
27,190,000
General Obligation Bonds, Series 2012
8,490,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2012
5,422,886
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2011
5,831,850
General Obligation Bonds, Series 2011
1,205,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2010C
23,295,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2010
11,450,000
Total
$604,628,858
C-1
4126-5046-1475.1
Resolution No. 2020 - JRQ 1.19
March 24, 2020
Item No. jj 5
ADOPTED THIS 24"' day of March 2020, by the City Council of the City of Lubbock.
Texas.
CITY OF LUBB0 ' '. TEXAS
❑ANIEL M. POPE. Mi YOR
.ATTEST:
Retie •a Csar/a. City Sec etur�
APPROVED AS TO CONTENT:
_ l_ _
D. Blu Kosteiich. Chief' Financial Officer)
APPROVED AS TO FORM:
Jerry V. K r . Jr., Brand Counsel
Signaftwe Pclge,for Notice of livem Resolwion
4 Q(P-5046-1473.I