HomeMy WebLinkAboutResolution - 2008-R0096 - Issue Notice Of Intent To Issue GO Bonds, Revenue Certificates Of Obligation - 03/13/2008Resolution No. 2008-80096
Larch 13, 2008
Item No. 4.4
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, in addition to the Certificates, the City intends to issue general obligation
bonds (the `Bonds") for various public improvements;
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.
LUB200/1
Dallas Notice of Intent Resolution 2008 COs & GOs
ADOPTED THIS 13th day of March, 2008, by the City Council of the City of Lubbock,
Texas.
CITY OF LUBBOCK, TEXAS
r
Mayor, City of Lubbock, Texas
ATTEST:
City ecretary, City of Lubbock, as
APPVED AS TO FORM
Cl ' ;fn ci ficer, C' y of Lubbock, Texas
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Dallas Notice of Intent Resolution 2008 COs & GOs
-2-
Exhibit A
NOTICE OF INTENTION TO ISSUE CITY OF
LUBBOCK, TEXAS TAX AND WATERWORKS
SYSTEM SURPLUS REVENUE CERTIFICATES OF
OBLIGATION, SERIES 2008
NOTICE IS HEREBY GIVEN that on April 24, 2008, 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
$95,000,000 principal amount of certificates of obligation for the purpose of paying contractual
obligations to be incurred for the following purposes, to wit: (i) improvements and extensions to
the City's Sewer System, including relocation of and renovations to existing sewer lines, and
engineering and other professional services in connection with the City's Sewer System Master
Plan; (ii) improvements to the City's Solid Waste Disposal System, including cell and leachate
evaporation pond development; (iii) drainage improvements as part of the South Lubbock Storm
Sewer Project, including the acquisition, construction and repair of structures and equipment and
facilities for the City's Municipal Drainage Utility System; (iv) improvements, replacements,
relocations and extensions to the City's Waterworks System including final design and
acquisition of land and rights-of-way for a pipeline that will transport water from the Lake Alan
Henry reservoir to the City and conversion of certain city parks from potable water to
groundwater irrigation systems; (v) improvements and extensions to City streets including
sidewalks, street lighting, landscaping, utility improvements, extensions, relocations and
acquisition of land and rights-of-way in connection therewith; (vi) improvements and extensions
to the City's Electric System, including installation of distribution lines, renovations and
relocations of existing distribution lines, equipment purchases and substation construction; (vii)
water, sewer, electric, drainage, park and street improvements and extensions, including utility
relocations, sidewalks, street lighting, street furniture, landscaping and necessary right-of-way
acquisition, all located within the City's North Overton Tax Increment Financing Zone; (viii)
park and park facilities improvements and renovations; (i x) re -roofing of the Buddy Holly
Center; (x) construction of a fire station at 63`d Street and Indiana Avenue and expansion of the
Lubbock Fire Department maintenance shop; (xi) renovations and improvements to the Lubbock
Preston Smith International Airport facilities (collectively, with items (i) -(x), the "Project") and
(xii) 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 March 13, 2008,
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Dallas Notice of Intent Resolution 2008 COs & GOs I
A-1
Exhibit B
NOTICE OF INTENTION TO ISSUE CITY OF
LUBBOCK, TEXAS GENERAL OBLIGATION BONDS,
SERIES 2008
On the 30th day of April, 2008, the City Council of the City of Lubbock, Texas, plans to
pass an ordinance authorizing the sale of the above -referenced general obligation bonds in the
maximum amount not to exceed $3,000,000 during its regular meeting scheduled to begin at 7:30
a.m. to 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 RISC
Capital Markets, 2711 N. Haskell Avenue Cityplace, Suite 2500, Dallas, Texas 75204, Financial
Advisors to the City.
LUB2001i
Dallas Notice of Intent Resolution 2008 COs & GOs