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HomeMy WebLinkAboutResolution - 4788 - Notices Of Intention To Issue Certificates Of Boligation, Etc. - 03/23/1995I A RESOLUTION by the City Council of the City of Lubbock, Texas, approving and authorizing publication of notices of intention to issue certificates of obligation, notices of sale with respect to such certificates of obligation and with respect to general obligation bonds, and a notice of public hearing. WHEREAS, the City Council of the City of Lubbock, Texas, has determined that certificates of obligation should be issued in accordance with the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271, for the purpose of paying contractual obligations to be incurred for (i) Civic Center improvements and (ii) professional services rendered in connection therewith; and WHEREAS, the City Council of the City of Lubbock, Texas, has determined that certificates of obligation should be issued in accordance with the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271, for the purpose of paying contractual obligations to be incurred for (i) apron improvements at the freight development area at the City's airport and (ii) professional services rendered in connection therewith; and WHEREAS, the City Council of the City of Lubbock, Texas, has determined that general obligation bonds should be issued in accordance with the provisions of general law and the City's charter for the purpose of paying contractual obligations to be incurred for library facilities improvements, park improvements, fire department emergency traffic control system, and costs of issuing such bonds; and WHEREAS, prior to the issuance of said certificates of obligation, this Council is required to give notice of its intention to issue the same in the manner and time provided by law and deems it appropriate to publish a notice of sale with respect to such bonds and certificates in accordance with the procedure set forth in the City's charter; now, therefore BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS: Section 1: That the City Secretary is hereby authorized and directed to cause notice to be published of this Council's intention to issue certificates of obligation in the principal amount not to exceed $2,000,000 for the purpose of paying contractual obligations to be incurred for (i) Civic Center improvements and (ii) professional services rendered in connection therewith, such certificates to be payable from ad valorem taxes and a pledge of the surplus revenues of the City's hotel occupancy tax. The notice hereby approved and authorized to be given shall read substantially in the form and content of Exhibit A hereto 100831/D235990 attached and incorporated herein by reference as a part of this resolution for all purposes. Section 2: That the City Secretary is hereby authorized and directed to cause notice to be published of this Council's intention to issue certificates of obligation in the principal amount not to exceed $900,000 for the purpose of paying contractual obligations to be incurred for (i) apron improvements at the freight development area at the City's airport and (ii) professional services rendered in connection therewith, such certificates to be payable from ad valorem taxes and a lien on and a pledge of the surplus revenues of the City's Airport. The notice hereby approved and authorized to be given shall read substantially in the form and content of Exhibit B hereto attached and incorporated herein by reference as a part of this resolution for all purposes. Section 3: That each such notice of intention to issue certificates of obligation shall be published once a week for two consecutive weeks in a newspaper having general circulation in the City of Lubbock, Texas, the date of the first publication of such notice to be at least fifteen (15) days prior to the date stated therein for the passage of the ordinance authorizing the issuance of the certificates of obligation. Section 4: That the City Secretary is hereby authorized and directed to cause a notice of sale to be published relating to the sale of certificates of obligation and general obligation bonds. The notice of sale hereby approved and authorized to be published shall read substantially in the form and content of Exhibits C, D, and E hereto attached and incorporated herein by reference as a part of this resolution for all purposes. Section 5: That the City Secretary is hereby authorized and directed to cause the notices of sale approved in Section 4, above, to be published once each week for a period of thirty days. Section 6: That the City Secretary is hereby authorized and directed to cause a notice of public hearing relating to the certificates of obligation to be issued for airport purposes (described in Section 2, above) to be published relating to the public hearing to be held prior to the sale of such certificates. The notice of public hearing hereby approved and authorized to be published shall read substantially in the form and content of Exhibit F hereto attached and incorporated herein by reference as a part of this resolution for all purposes. Section 7: That the City Secretary is hereby authorized and directed to cause the notice of public hearing approved in Section 6, above, to be published once, with the date of publication to be at least fourteen days prior to the date stated therein as the date of the public hearing. 100831/D235990 -2 - PASSED AND APPROVED, ATTEST: - (&tt-, a �a_ city cretary (SEAL) thik the 23 100831/D235990 -3 Exhibit A NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK TEXAS, CERTIFICATES OF OBLIGATION TAKE NOTICE that the City Council of the City of Lubbock, Texas, shall convene at 10:00 o'clock A.M. on the 11th day of May, 1995, at 1625 13th Street, Lubbock, Texas, and, during such meeting, the City Council will consider the passage of an ordinance authorizing the issuance of certificates of obligation in an amount not to exceed $2,000,000 for the purpose of paying contractual obligations to be incurred for (i) Civic Center improvements and (ii) professional services rendered in connection therewith, such certificates to be payable from ad valorem taxes and a pledge of the surplus revenues of the City's hotel occupancy tax. The certificates are to be issued, and this notice is given, under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271. City cretary City of Lubbock, Texas 100831/D235990 -4 - Exhibit B NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS, CERTIFICATES OF OBLIGATION TAKE NOTICE that the City Council of the City of Lubbock, Texas, shall convene at 10:00 o'clock A.M. on the 11th day of May, 1995, at 1625 13th Street, Lubbock, Texas, and, during such meeting, the City Council will consider the passage of an ordinance authorizing the issuance of certificates of obligation in an amount not to exceed $900,000 for the purpose of paying contractual obligations to be incurred for (i) apron improvements at the freight development area at the City's airport and (ii) professional services rendered in connection therewith, such certificates to be payable from ad valorem taxes and a lien on and a pledge of the surplus revenues of the City's Airport. The certificates are to be issued, and this notice is given, under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271. City ecret y City of Lubbock, Texas 100831/D235990 -5- Exhibit C NOTICE OF SALE CITY OF LUBBOCK, TEXAS The City Council of the City of Lubbock, Texas, will receive sealed bids at the City Council Chambers, Municipal Complex, 1625 13th Street, Lubbock, Texas, until 11:00 A.M., May 11, 1995, for the following described Certificates of Obligation: $2,000,000 City of Lubbock, Texas Tax and Hotel Occupancy Tax Surplus Revenue Certificates of Obligation. Series 1995 Dated May 15, 1995; principal due February 15 of each year as follows: 1996, $265,000; 1997, $310,000; 1998, $330,000; 1999, $345,000; 2000, $365,000; and 2001, $385,000; interest payable February 15, 1996, and each August 15 and February 15 thereafter. Further information may be obtained from the Division of Finance, City of Lubbock, P.O. Box 2000, Lubbock, Texas 79457; or from First Southwest Company, 1700 Pacific Avenue, Suite 500, Dallas, Texas 75201, Financial Consultants to the City. &<'- a 0'� ity ecretar City of Lubbock, Texas (City Seal) 100831/D235990 -6- Exhibit D NOTICE OF SALE CITY OF LUBBOCK, TEXAS The City Council of the City of Lubbock, Texas, will receive sealed bids at the City Council Chambers, Municipal Complex, 1625 13th Street, Lubbock, Texas, until 11:00 A.M., May 11, 1995, for the following described Certificates of Obligation: $900,000 City of Lubbock, Texas Tax and Airport Surplus Revenue Certificates of Obligation. Series 1995 Dated May 15, 1995; principal due February 15 of each year as follows: 1996, $150,000; 1997, $170,000; 1998, $180,000; 1999, $195,000; and 2000, $205,000; interest payable February 15, 1996, and each August 15 and February 15 thereafter. Further information may be obtained from the Division of Finance, City of Lubbock, P.O. Box 2000, Lubbock, Texas 79457; or from First Southwest Company, 1700 Pacific Avenue, Suite 500, Dallas, Texas 75201, Financial Consultants to the City. A C::�JtL ityecretary City of Lubbock, Texas (City Seal) 100831/D235990 -7 Exhibit E NOTICE OF SALE CITY OF LUBBOCK, TEXAS The City Council of the City of Lubbock, Texas, will receive sealed bids at the City Council Chambers, Municipal Complex, 1625 13th Street, Lubbock, Texas, until 11:00 A.M., May 11, 1995, for the following described Bonds: $4,690,000 City of Lubbock, Texas General Obligation Bonds, Series 1995 Dated May 15, 1995; principal due February 15 of each year as follows: 1996 and 1997, $230,000 each year; and 1998 through and including 2015, $235,000 each year; interest payable February 15, 1996 and each August 15 and February 15 thereafter. The City reserves the right, at its option, to redeem Bonds maturing on and after February 15, 2006, on February 15, 2005, or any date thereafter, at the par value thereof plus accrued interest to the date fixed for payment. Further information may be obtained from the Division of Finance, City of Lubbock, P.O. Box 2000, Lubbock, Texas 79457; or from First Southwest Company, 1700 Pacific Avenue, Suite 500, Dallas, Texas 75201, Financial Consultants to the City. 6d, -A C---, ity S cretar City of Lubbock, Texas (City Seal) 100831/D235990 -8 Exhibit F PUBLIC NOTICE NOTICE IS HEREBY GIVEN that the City of Lubbock, Texas (the "City") will hold a public hearing on April 24, 1995, commencing at 8:30 o'clock A.M. in the City Council Chambers, City Hall, located at 1625 13th Street, Lubbock, Texas, to provide an opportunity for all interested persons to be heard with respect to the proposed issuance and sale in 1995 of the City's Tax and Airport Surplus Revenue Certificates of Obligation in one or more series in an aggregate principal amount not to exceed $900,000 (the "Certificates"). The proceeds of the Certificates will be utilized by the City for the purpose of paying contractual obligations to be incurred for (i) apron improvements at the freight development area at the City's airport and (ii) professional services rendered in connection therewith, as provided and limited by the Internal Revenue Code of 1986, as amended, and Subchapter C of Chapter 271 of the Texas Local Government Code, as amended. The improvements to be constructed with the proceeds of the Certificates will be owned by the City and will be located at the City's existing City Airport. The Certificates would be payable from ad valorem taxes and a lien on and a pledge of the surplus revenues of the City's Airport. All interested persons are invited to attend the hearing to express their views with respect to the issuance of the Certificates. In lieu of attendance at the meeting, written comments may be submitted to the City addressed to the undersigned: CITY OF LUBBOCK, TEXAS 1625 13th Street Lubbock, Texas 79401 &,t-, (�),i, ity lbec etary 100831/D235990 -9-