HomeMy WebLinkAboutResolution - 2007-R0540 - Intent To Issue Tax&Wastewater System Surplus Revenue Certificates Of Obligation - 11/20/2007Resolution No. 2007-80540
November 20, 2007
Item No. 5.5
A RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE TAX AND WASTEWATER 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 4. This resolution shall take effect from and after the date of its passage.
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ADOPTED THIS 20th day of November , 2007, by the City Council of the City of
Lubbock, Texas.
CITY OF LUBBOCK, TEXAS
Mayor, City of Lubbock, Texas
ATTEST:
Oit,y
Secret , City of Lubbock, Texas
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LUB2oon i m
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1331584v.1 LLJB200/1
Resolution No. 2007-RO540
Exhibit A
NOTICE OF INTENTION TO ISSUE CITY OF
LUBBOCK, TEXAS TAX AND WASTEWATER
SYSTEM SURPLUS REVENUE CERTIFICATES OF
OBLIGATION, SERIES 2008
NOTICE IS HEREBY GIVEN that on January 10, 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 $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 Wastewater System, including plant improvements to the Southeast
Water Reclamation Plant (SEWRP) (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%) 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 Wastewater 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 November 20, 2007.
Cit Secretary, City of Lub ck, Texas
A-1
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