HomeMy WebLinkAboutResolution - 2006-R0587 - Authorized Issue Certificates Of Obligation - Tax & Waterworks System Surplus - 12/07/2006Resolution No. 2006-RO587
December 7, 2006
Item No. 6.10
A RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE 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, the City desires to reimburse itself for the costs associated with the projects
listed on Exhibit A hereto (the "Certificate Projects") from the proceeds of the Certificates to be
issued subsequent to the date hereof;
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 fourteenth (14th) 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 reasonably expects to reimburse itself for all costs that have been
or will be paid subsequent to the date that is 60 days prior to the date hereof and that are to be
paid in connection with the Certificate Projects, from proceeds of the Certificates.
Section 5. The City reasonably expects that the maximum principal amount of the
Certificates issued to reimburse the City for the costs associated with the Certificate Projects will
not exceed $27,000,000..
Section 6. This resolution shall take effect from and after the date of its passage.
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FINALLY PASSED, APPROVED AND EFFECTIVE this 7th clay of December, 2006.
CITY OF LUBBOCK, TEXAS
Aim` i
DAVID A. MILLER, MAYOR
ATTEST:
Rebecca Garza, City Secretary
LUB200171005
Dallas Resolution Authorizing Publication of Notice --2006 Bonds and Cos.DOC
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Resolution No. 2006—RO587
Exhibit A
NOTICE OF INTENTION TO ISSUE CITY OF
LUBBOCK, TEXAS TAX AND WATERWORKS
SYSTEM SURPLUS REVENUE CERTIFICATES OF
OBLIGATION, SERIES 2007
NOTICE IS HEREBY GIVEN that on January 12, 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 $27,000,000 principal amount of certificates of obligation for the purpose of paying
contractual obligations to be incurred for the following purposes, to wit: (i) designing,
developing, constructing, improving, extending and expanding streets, thoroughfares, freeways
and other public ways of the City and related utility relocation, right-of-way protection and
acquisition and storm drainage improvements, including participation in joint projects with the
State through the Texas Department of Transportation relating to US 62/Marsha Sharp Freeway
(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 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 December 7, 2006.
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/s/ Rebecca Garza
City Secretary
City of Lubbock, Texas