HomeMy WebLinkAboutResolution - 2009-R0431 - Provide For Establishment Of Bond Advisory Committee - 10/08/2009Resolution No. 2009—RO431
October 8, 2009
Item No. 5.18
RESOLUTION
WHEREAS, on Tuesday, November 3, 2009, an election is to be held to
determine whether the Council of the City of Lubbock (the "City") shall be authorized to
issue bonds to fund various projects in the City (the "Bond Election"); and
WHEREAS, the City Council desires to establish the Lubbock Bond Advisory
Committee to render advice and assist in matters related to the City's bond financed
projects in the event that one or more of the propositions in the Bond Election pass; and
WHEREAS, in the event that one or more of the propositions in the Bond
Election pass, the Lubbock Bond Advisory Committee shall be appointed and serve as set
forth below; and
WHEREAS, the goal of the Lubbock Bond Advisory Committee is to review the
expenditure of the City's bond proceeds and the progress of the City's 2009 general
obligation bond financed projects and to advise and make recommendations to the City
Council on such matters; and
WHEREAS, the creation of the Lubbock Bond Advisory Committee if one or
more of the propositions in the Bond Election pass is important to ensure timely
expenditures of bond proceeds and oversee the City's projects that are financed by bonds;
NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
1. THAT in the event that one or more of the propositions in the Bond
Election pass, the Lubbock Bond Advisory Committee (the "Committee") shall be
empanelled by the City Council of the City of Lubbock and shall perform the following
duties:
a. The Committee shall review and make recommendations to the
Lubbock City Council regarding the expenditures of funds and
proceeds obtained from the City's 2009 general obligation bonds.
b. The Committee shall review and make recommendations to the
Lubbock City Council regarding the progress of the City's 2009
general obligation bond financed projects.
2. THAT in the event that one or more of the propositions in the Bond
Election pass, the Committee, to consist of seven (7) members, each of whom shall have
been a member of the Citizen Advisory Committee ("CAC"), which was created pursuant
to Resolution No. 2009-80069, dated February 12, 2009.
3. THAT the Committee shall meet at times and locations established by a
majority of the Committee, as it deems advisable or advantageous. A simple majority of
the Committee shall constitute a quorum, and shall be required for any action to be taken
by the Committee. All meetings and procedures shall be consistent with the policies of
the City of Lubbock concerning Advisory Commissions and Boards.
4. THAT the Committee shall issue a written report to the City Council of
the City of Lubbock on a periodic basis. The Committee shall present such reports to the
City Council of the City of Lubbock upon request.
5. THAT in the event that all of the propositions in the Bond Election fail,
the Committee shall not be established and no appointments shall be made.
Passed by the City Council this 8th day of October , 2009.
TOM MARTIN, MAYOR
ATTEST:
Rebec a Garza, City -Secretary
OVED AS' ``T��\\ LATENT:
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R.. Klein, Council an
OVER AS TO FORM:
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ccdom Res. LbkBondAbCommittee.091509
9.28.09