HomeMy WebLinkAboutResolution - 2009-R0459 - Authorizing Publication Of Notice Of Intent To Issue Certificates Of Obligation - 11/05/2009Resolution No. 2009-Rfl459
November 5, 2009
Item No. 5.4
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, the City desires to reimburse itself for the costs associated with the projects
listed on Exhibit A hereto (the "Certificate Projects") from the proceeds of the Certificates to be
issued subsequent to the date hereof;
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.
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Section 4. The City reasonably expects to reimburse itself for all costs that have been
or will be paid subsequent to the date that is 60 days prior to the date hereof and that are to be
paid in connection with the Certificate Projects, from proceeds of the Certificates.
Section 5. The City reasonably expects that the maximum principal amount of the
Certificates issued to reimburse the City for the costs associated with the Certificate Projects will
not exceed $168,000,000.
Section 6. This resolution shall take effect from and after the date of its passage.
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ADOPTED THIS 5th day of November, 2009, by the City Council of the City of
Lubbock, Texas.
CITY OF LUBBOCK, TEXAS
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Mayor, City of Lubbock, Texas
ATTEST:
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City Secretary, City of Lubbock, xas
APPROVED AS TO CONTENT:
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Chief Financial Officer, City of Lubbock, Texas
APPROVED AS TO FORM:
Atto ey
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Resolution No. 2009-RO459
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 December 16, 2009, the City Council of the City of
Lubbock, Texas, at 7:30 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 $168,000,000 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 acquisition and construction of a raw water transmission
line, pump stations, reservoir and water treatment plant and related improvements to enable Lake
Alan Henry to serve as a water supply for the City; (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 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) renovations
and improvements to the Lubbock Preston Smith International Airport facilities; (vii)
improvements, relocations and extensions to the City's Wastewater System including water
reclamation plant improvements (collectively, with items (i) -(vi), the "Project") and (viii)
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 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.
TRIS NOTICE is given in accordance with law and as directed by the City Council of the
City of Lubbock, Texas on November 5, 2009.
A-1
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Resolution No. 2009--RO459
Exhibit B
NOTICE OF INTENTION TO ISSUE CITY OF
LUBBOCK, TEXAS GENERAL OBLIGATION BONDS
On the 16th day of December, 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 $24,600,000 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 bands 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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Resolution No. 2009—RO459
City of Lubbock, TX
Finance Department
2010 Certificates of Obligation
Project Listing
Airport
Airport Facility Improvements $ 275,000
Replace Passenger Loading Bridges 5,800,000
Total Airport 6,075,000
Gateway Projects
Indiana Avenue — 103`d to FM 1585 11,576,000
Total Gateway Projects 11,576,000
Lubbock Power And Light
Overhead Distribution 2,250,000
Underground Distribution 3,000,000
Total Lubbock Power And Light 5,250,000
Central Business District TIF
Public Utility Engineering and Coordination 250,000
Total Central Business District TIF 250,000
North Overton TIF
Right of Way Acquisition 1,971,671
GGB East 480,000
Total North Overton TIF 2,451,671
Solid Waste
Cell Development 350,000
Leachate Pond Landfill 69 311,250
Total Solid Waste 661,250
Storm Water
Street Maintenance Program 9,065,980
Northwest Lubbock and Maxey Park 1,500,000
McAlister Park Cut and Fill Master Plan 25,000
Total Storm Water 10,590,980
Wastewater
Sewer Tap Replacement 650,000
Water Reclamation Plant Replacements 300,000
Northwest Water Reclamation Plant 2,000,000
Sewer Extensions ahead of Gateway Projects 1,211,970
Total Wastewater 4,161,970
Water
Pumping System Improvements 384,485
Water Meter Replacements 1,000,000
LAH Raw Water Line/Pump Stations 49,872,081
LAH Water Treatment Plant & Terminal Reservoir 66,400,000
Total Water 117,656,566
Total Certificates Of Obligation $ 158,673,437
City of Lubbock, TX
Finance Department
2010 General Obligation Bonds
Project Listing
City Facilities
Municipal Auditorium Renovation
Civic Center Renovation
Mahon Library
Total 2004 bond Election
Traffic Signal Upgrades
34th Street - University Avenue to Avenue Q (U.S. 84)
34th Street - Indiana Avenue to University Avenue
Quaker Avenue - 98th to 114th
114th Street - University Avenue to Slide Road (FM 1730)
Milwaukee & 98th Street
Fire Station #16 - 114th Street and Quaker Avenue
Fire Station #18 - 66th Street and Oakridge Avenue
Total 2009 Bond Election
Total General Obligation Bonds
4,500,000
1,450,000
1,895,000
7,845,000
725,000
1,800,000
2,100,000
7,750,000
480,000
750,000
2,500,000
250,000
16,355,000
$ 24,200,000