HomeMy WebLinkAboutResolution - 2008-R0139 - Notice Of Intent To Issue Certificates Of Obligation - 04/24/2008Resolution No. 2008-80139
Item No. 5.4
A RESOLUTION AUTHORIZING PUBLICATION OF NOTICE
OF IN'T'ENTION TO ISSUE COMBINATION 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; and
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;
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. This resolution shall take effect from and after the date of its passage.
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ADOPTED THIS 244th day of April, 2008, by the City Council of the City of Lubbock,
Texas.
CITY OF LUBBOCK, TEXAS
l
Mayor, Ci of Lubbock, Texas
ATTEST.
CPAL-e� '5'\' /"--
City cretary, City of Lubbock, Texas
APPROVED AS TO FORM:
Texas
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Resolution No. 2008-RO139
Exhibit A
NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK,
TEXAS COMBINATION TAX AND WATERWORKS SYSTEM
SURPLUS REVENUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that on June 12, 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 $22,615,000 principal amount of certificates of obligation for the purpose of paying
contractual obligations to be incurred for the following purposes, to wit: (i) acquisition of land,
easements and rights -of way, and planning, design and engineering services, as well as special
engineering services that include supporting environmental investigations, surveying and
geotechnical studies, all in connection with the planning, design and construction of a raw water
transmission line, pump station and water treatment plant improvements to enable Lake Alan
Henry to serve as a water supply for the City (the "Project") and (ii) 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%0) 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 the surplus net revenues of
the City's Waterworks System.
THIS NOTICE is given in accordance with law and as directed by the City Council of the
City of Lubbock, Texas on April 24, 2008,
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