HomeMy WebLinkAboutResolution - 2008-R0141 - Approve Issue Of Special Revenue Bonds, Vintage Township Public Facilities Corp - 04/24/2008Resolution No. 2008-80141
Item No. 5.7
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LUBBOCK APPROVING THE ISSUANCE OF SPECIAL
REVENUE BONDS BY VINTAGE TOWNSHIP PUBLIC
FACILITIES CORPORATION AND RESOLVING OTHER
MATTERS IN CONNECTION THEREWITH AND PROVIDING
AN EFFECTIVE DATE
WHEREAS, pursuant to Chapter 303, Texas Local Government Code, as amended (the
"PFC Act"), the City of Lubbock, Texas (the "City") caused to be created the Vintage Township
Public Facilities Corporation (the "Corporation"), a Texas nonprofit corporation, to perform one
or more essential governmental functions on behalf of the City, specifically, to assist the City in
financing, refinancing, providing or otherwise assisting in the acquisition, construction and
maintenance of certain public facilities benefiting the Vintage Township Public Improvement
District (the "District"), established by the City pursuant to Chapter 372, Texas Local
Government Code, as amended (the "PID Act'); and
WHEREAS, the City Council of the City has approved and accepted the Service and
Assessment Plan (the "Plan") with respect to the District in accordance with the requirements of
the PID Act; and
WHEREAS, the City has authorized the issuance of its Vintage Township Public
Improvement District Special Assessment Revenue Bonds, Series 2008A (City of Lubbock,
Texas) (the "City Series 2008A Bonds") and its Vintage Township Public Improvement District
Special Assessment Revenue Bonds, Series 2008B (City of Lubbock, Texas) (the "City Series
2008B Bonds," and, together with the City Series 2008A Bonds, the "City Bonds"), payable
from Assessments (as defined in the Plan, the "Assessments") for the purpose of (i) paying the
costs of the improvement projects identified in the Plan, (ii) paying interest on the City Bonds
during and after the period of acquisition and construction of such improvement projects, and
(iii) establishing such other funds as may be necessary or desirable with respect to the City
Bonds; and
WHEREAS, the City has requested the Corporation to issue its bonds for the purpose of
assisting the City in financing the acquisition and construction of public facilities benefiting the
District by purchasing the City Bonds with the proceeds of such bonds; and
WHEREAS, the City desires to approve the issuance by the Corporation of its bonds
designated (i) "Vintage Township Public Facilities Corporation Special Revenue Bonds (Vintage
Township Public Improvement District Project), Series 2008A" (the "Corporation Series 2008A
Bonds"), in the aggregate principal amount of $ . for the purpose of providing funds to
purchase the City Series 2008A Bonds, and (ii) "Vintage Township Public Facilities Corporation
Special Revenue Bonds (Vintage Township Public Improvement District Project), Series 2008B"
(the "Corporation Series 2008B Bonds" and, together with the Corporation Series 2008A Bonds,
the "Corporation Bonds"), in the aggregate principal amount of $ , for the purpose of
providing funds to purchase the City Series 2008B Bonds, and to approve the purchase of the
City Bonds pursuant to a bond purchase contract between the City and the Corporation; and
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WHEREAS, the Corporation Series 2008A Bonds an(
Bonds are to be payable from and secured solely by the amounts receivea ay the Uorporation
from the City in repayment of the City Series 2008A Bonds and the City Series 2008E Bonds,
respectively; and
WHEREAS, the Corporation Bonds will be offered and sold pursuant to a limited
offering memorandum prepared in connection therewith; and
WHEREAS, the City Council finds and determines that the Corporation Bonds should be
issued for the purposes herein specified, that the purchase of the City Bonds from the proceeds of
the Corporation Bonds should be authorized and approved; and
WHEREAS, the meeting at which this Resolution is considered is open to the public as
required by law, and the public notice of the time, place and purpose of said meeting was given
as required by Chapter 551, Texas Government Code, as amended;
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LUBBOCK, TEXAS, THAT:
Section 1. Findings. The findings and determinations set forth in the preamble
hereof are hereby incorporated by reference for all purposes as if set forth in full herein.
Section 2. Approval of Issuance of Cor2oration Bonds. (a) The issuance of the
Corporation Bonds pursuant to the terms and provisions of an Indenture of Trust (the
"Indenture"), between the Corporation and The Bank of New York Trust Company, N.A., as
trustee (the "Trustee"), is hereby authorized and approved. The Bonds shall be secured by and
payable solely from payments received by the Trustee in connection with the repayment of the
City Bonds as specified and described in the Indenture and from no other source. The Bonds
shall be dated, shall mature on the date or dates and in the principal amounts, shall bear interest,
shall be subject to redemption and shall have such other terms and provisions as set forth in the
Indenture.
Section 3. Purchase of City Bonds. The purchase by the Corporation of the City
Series 2008A Bonds from the proceeds of the Corporation Series 2008A Bonds and the purchase
of the City Series 2008B Bonds from the proceeds of the Corporation Series 2008B Bonds
pursuant to the bond purchase contract (the "City Purchase Contract"), between the Corporation
and the City, is hereby authorized and approved and the execution and delivery by the
Corporation of the City Purchase Contract, in the substantially final form presented herewith, are
hereby approved.
Section 4. City Information Contained in Limited Offering Memorandum. The use
of information pertaining to the City and the District including descriptions of the District and
the security for the payment of the City Bonds set forth in the Limited Offering Memorandum
(the "Memorandum") prepared in connection with the offering and sale of the Corporation
Bonds is hereby authorized, ratified and approved.
Section 5. Necessary Actions. Each officer, employee or agent of the City is hereby
expressly authorized, directed and empowered to take any and all actions necessary to carry out
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the purposes and intent of this Resolution and to do and perform all acts and things and to
execute, acknowledge and deliver in the name of the City such agreements, certificates, and
other instruments and documents as they may determine to be necessary or desirable in order to
carry out the terms and provisions of this Resolution and the issuance of the Corporation Bonds,
such determination to be conclusively evidenced by the performance of such acts and things and
the execution of any such agreements, certificates or other documents.
Section 6. Effectiveness. This Resolution shall be in full force and effect from and
after its passage, and it is accordingly so resolved.
Passed by the City Council this 24th day of Aril 2008.
ATTEST:
Q92e'-��' -
REB CA GARZA, City ecretary
APPROVED AS TO FORM:
JE ER JAFFE, Bon Counse
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Dallas 1309110v.3
CITY OF LUBBOCK, TEXAS
By:
DAVID A. MILLER, Mayor