HomeMy WebLinkAboutResolution - 2009-R0020 - Issue Notice Of Intent To Issue Certificates Of Obligation - 01/22/2009Resolution No. 2004-R0020
January 22, 2004
Item No. 5.3
A RESOLUTION AUTHORIZING PUBLICATION OF NOTICES
OF INTENTION TO ISSUE GENERAL OBLIGATION BONDS
AND 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 certificates of obligation should be published in accordance with the
requirements of applicable law;
WHEREAS, in addition to the Certificates, the City intends to issue general obligation
bonds (the `Bonds") to fund various public improvements and, if determined to be in the best
interests of the City, to refund outstanding obligations of the City to achieve debt service
savings;
WHEREAS, the City Council has found and determined that a notice of intention to issue
general obligation 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 (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 general obligation 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 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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ADOPTED THIS 22nd day of January, 2009, by the City Council of the City of
Lubbock, Texas.
CITY OF LUBBOCK, TEXAS
Mayor, City of Lubbock, Texas
ATTEST:
City S cretary, City of Lubbock, Texa
t�)
APPROVED AS TO CONTENT:
L.�
Chief Financial Officer, City of Lubbock, Texas
APPROVED AS TO FORM:
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Resolution No. 2009-R0020
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 February 26, 2009, the City Council of the City of
Lubbock, Texas, at 7:301 a.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 an ordinance authorizing the issuance of not to
exceed $67,000,000 principal amount of certificates of obligation for the purpose of paying
contractual obligations to be incurred for the following purposes, to wit: (i) improvements to the
City's Solid Waste Disposal System; (ii) improvements and renovations to the City's Municipal
Drainage Utility System; (iii) improvements, replacements, relocations and extensions to the
City's Waterworks System including airport water system improvements; (iv) improvements and
extensions to City streets including sidewalks, street lighting, traffic signals/controllers,
landscaping, utility improvements, extensions, relocations and acquisition of land and rights-of-
way
ights-oiway in connection therewith; (v) improvements and extensions to the City's Electric System,
including installation of distribution lines, renovations and relocations of existing distribution
lines; (vi) park and park facilities improvements and renovations; (vii) construction of a fire
station at 63rd Street and Indiana Avenue; (viii) renovations and improvements to City Hall
(collectively, with items (i) -(vii), the "Project") and (ix) payment of professional services of
attorneys, financial advisors 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 forty (40)
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 this series of 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 22, 2009.
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Resolution No. 2009-R0020
Exhibit B
NOTICE OF INTENTION TO ISSUE CITY OF
LUBBOCK, TEXAS GENERAL OBLIGATION BONDS
On the 26th day of February, 2009, during its regular meeting scheduled to begin at 7:30
a.m., the City Council of the City of Lubbock, Texas, plans to pass an ordinance authorizing the
sale of (i) general obligation bonds in the maximum amount not to exceed $3,000,000 to fund
various public improvements and (ii) general obligation bonds in a maximum amount to be
determined by the City Council on such date to refund outstanding obligations of the City. The
meeting will be held in the City Council Chambers at the Municipal Complex, 1625 13th Street,
Lubbock, Texas. A complete description of the bonds being authorized may be obtained from
the Division of Finance, City of Lubbock, P.O. Box 2000, Lubbock, Texas 79457, or from RBC
Capital Markets, 2711 N. Haskell Avenue Cityplace, Suite 2500, Dallas, Texas 75204, Financial
Advisors to the City.
B-1
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