HomeMy WebLinkAboutResolution - 2007-R0312 - Authorize Publication Of Notice Of Intent To Issue GO Bonds - 07/12/2007Resolution No. 2007-R0312
July 12, 2007
Item No. 5.11
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.
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Section 4. This resolution shall take effect from and after the date of its passage.
FINALLY PASSED, APPROVED AND EFFECTIVE this 12th day of July, 2007.
CITY OF LUBBOCK, TEXAS
DAVID W MILLER, MAYOR
ATTEST:
P" ece<--e --
Re'be ca Garza, City Secretary
APPROVED AS TO CONTENT:
QY4 4;: 7
JO-Wrfej, C16 Financial Officer
Prepared by Jennifer Taffe
LUB200/71010
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Resolution No. 2007-80312
Exhibit A
NOTICE OF INTENTION TO ISSUE CITY OF
LUBBOCK, TEXAS TAX AND WATERWORKS
SYSTEM SURPLUS REVENUE CERTIFICATES OF
OBLIGATION, SERIES 2007A
NOTICE IS HEREBY GIVEN that on August 23, 2007, 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 $70,000,000 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, renovation of the Land Application office and construction of a vehicle storage facility; (ii)
improvements to the City's Solid Waste Disposal System, including cell excavation and lining,
installation of groundwater wells and construction of a leachate storage facility; ('iii) engineering
and other professional services for: (a) conducting a study regarding reuse of Canyon Lake
system effluent and (b) updating the City's master plan for stormwater drainage; (iv) drainage
improvements, including the acquisition, construction and repair of structures and equipment and
facilities for the City's Municipal Drainage Utility System and video inspection of the System
and updating of the City's GIS system in connection therewith; (v) improvements, replacements,
relocations and extensions to the City's Waterworks System including engineering studies, the
acquisition of land 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; (vi) renovations and improvements to the City's Municipal building; (vii)
improvements and extensions to City streets including sidewalks, street lighting, landscaping and
utility improvements, extensions and relocations; (viii) improvements and extensions to the
City's Electric System, including installation of distribution lines, renovations and relocations of
existing distribution lines, Lubbock Business Center renovations, equipment purchases and
substation construction; (ix) 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; (x) park and park facilities improvements and renovations; (xi)
demolition of the existing and construction of a new City cemetery office building; (xii) Godeke
Library roof replacement; (xiii) remediation of police firing range to prepare property for
another City use to be determined by the City Council; (xiv) design, engineering, equipping and
acquisition of land, specifically Lots 13 through 24, Block 231, Original Town in the 1800 block
of Crickets Avenue, for a new visitor information center; (xv) construction of a new animal
shelter facility; (xvi) construction of a fire station at 116th and Quaker; and (xvii) renovations
and improvements to the Lubbock Preston Smith International Airport terminal (collectively,
with items (i)-(xvi), the "Project") and (xviii) 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
LUB200/71010
Dallas Notice of Intention Resolution
A- I
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.
GIVEN THIS July 12, 2007.
LUB200/71010
Dallas Notice of Intention Resolution
A-2
Resolution Pio. 2007—RO312
Exhibit B
NOTICE OF INTENTION TO ISSUE CITY OF
LUBBOCK, TEXAS GENERAL OBLIGATION BONDS,
SERIES 2007
On the 23rd day of August, 2007, 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 $2,000,000 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 RBC
Capital Markets, 2711 N. Haskell Avenue Cityplace, Suite 2500, Dallas, Texas 75204, Financial
Advisors to the City.
LUB200/71010
Dallas Notice of Intention Resolution
IM
MINUTES AND CERTIFICATION PERTAINING TO
PASSAGE OF A RESOLUTION
STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK §
On the 12th day of July, 2007, the City Council of the City of Lubbock, Texas, convened
in a regular meeting at the regular meeting place thereof, the meeting being open to the public
and notice of said meeting, giving the date, place and subject thereof, having been posted as
prescribed by Chapter 551, Texas Government Code, as amended; and the roll was called of the
duly constituted officers and members of the City Council, which officers and members are as
follows:
David A. Miller, Mayor Linda DeLeon )
Tim Gilbreath, Mayor Pro Tem Floyd Price )
Todd R. Klein ) Members of
Phyllis S. Jones ) the Council
John Leonard )
and all of said persons were present except Phyllis S. ,Tones , thus constituting a
quorum. Whereupon, among other business, a written Resolution bearing the following caption
was introduced:
A RESOLUTION AUTHORIZING PUBLICATION OF NOTICES
OF INTENTION TO ISSUE GENERAL OBLIGATION BONDS
AND TAX AND WATERWORKS SYSTEM SURPLUS REVENUE
CERTIFICATES OF OBLIGATION
The Resolution, a full, true and correct copy of which is attached hereto, was read and
reviewed by the City Council. Thereupon, it was duly moved and seconded that the Resolution
be passed and adopted.
The Presiding Officer put the motion to a vote of the members of the City Council, and
the Resolution was passed and adopted by the following vote:
AYES: 6
e,
NOES: 0
ABSTENTIONS: 0
4
vvi
LUB200/71011
Dallas 1296009_1.DOC
MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT, and to
correctly reflect the duly constituted officers and members of the City Council of said City, and
the attached and following copy of said Resolution is hereby certified to be a true and correct
copy of an official copy thereof on file among the official records of the City, all on this the
day of August, 2007.
[SEAL]
LUB200/71011
Dallas 1296009_I.DOC
City S cretary
City of Lubbock, Texas
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