HomeMy WebLinkAboutResolution - 2020-R0346 - Authorizing Publication and Posting of Notices of Intention to Issue Bonds and Certificates of ObligationResolution No. 2020 — R 0346
September 22, 2020
Item No. 8.8
A RESOLUTION AUTHORIZING PUBLICATION AND POSTING OF
NOTICES OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS WATER
AND WASTEWATER SYSTEM REVENUE BONDS AND COMBINATION
TAX AND REVENUE CERTIFICATES OF OBLIGATION
WHEREAS, the City of Lubbock, Texas (the "City"), pursuant to Chapter 1502, Texas
Government Code, as amended, is authorized to issue its water and wastewater system revenue
bonds (the "Bonds") 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 the Bonds should be published in accordance with the requirements of applicable
law and the City's charter; and
WHEREAS, 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 B
hereto; and
WHEREAS, the City Council of the City has found and determined that a notice of
intention to issue the Certificates should be published and posted 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 publish
a notice of intention to issue the Bonds, in substantially the form set forth in Exhibit A hereto (the
"Bond Notice") incorporated herein by reference for all purposes. The Bond Notice shall be
published once a week for a period of thirty (30) days prior to the date set forth in the Bond Notice
for passage of the ordinance authorizing the Bonds. Such Bond Notice shall be published in a
newspaper of general circulation in the area of the City.
Section 3. The City Secretary of the City is hereby authorized and directed to publish
and post a notice of intention to issue the Certificates, in substantially the form set forth in Exhibit
B hereto (the "Certificate Notice") incorporated herein by reference for all purposes.
The Certificate Notice shall be published once a week for two consecutive weeks, the date
of the first publication being not later than the forty-sixth (46t") day before the date set forth in the
Certificate Notice for passage of the ordinance authorizing issuance of the Certificates. Such
Certificate Notice shall be published in a newspaper of general circulation in the area of the City.
4135-6502-0199.1
In addition, the Certificate Notice shall be posted continuously on the City's website for at
least forty-five (45) days before the date set forth in the Certificate Notice for passage of the
ordinance authorizing issuance of the Certificates.
Section 4. For purposes of the Certificate Notice and Section 271.049(e), Texas Local
Government Code, the City Council hereby designates the public securities identified in the
attached Exhibit C as self-supporting (collectively, the "Self -Supporting Debt"), the debt service
on which the City currently pays (and intends to continue paying) from sources other than ad
valorem tax receipts. The City expects to continue to pay debt service on the Self -Supporting Debt
from sources other than ad valorem tax receipts; however, in the event that such other sources are
not budgeted in amounts sufficient to pay debt service in respect to the Self -Supporting Debt, the
City may be required to levy and collect ad valorem taxes sufficient to offset any deficiency in the
amounts provided by such other sources.
Section 5. The Mayor, the City Manager, the Chief Financial Officer, the City
Secretary and other officers and agents of the City are hereby authorized and directed to do any
and all things necessary or desirable to carry out the provisions of this resolution.
Section 6. This resolution shall take effect from and after the date of its passage.
[Signature Page Follows.]
2
4135-6502-0199.1
Resolution No. 2020 — R 0346
September 22, 2020
Item No. 8.8
ADOPTED THIS 22"d day of September 2020, by the City Council of the City of Lubbock,
Texas.
CITY OF LUBBOC TEXAS
DANIEL M. POPE, MAYOR
ATTEST: f
Rebecca Garza, City Secretary
APPROVED AS TO CONTENT:
D. BluK s ich, Chief Financial Officer
APPROVED AS TO FORM:
-CX %-
Jerry V. I le, Jr., Bond Counsel
Signature Page for Notice oflntent Resolution
4135-6502-0199.1
Resolution No. 2020-R 0346
Exhibit A
NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS
WATER AND WASTEWATER SYSTEM REVENUE BONDS
NOTICE IS HEREBY GIVEN that on November 17, 2020, at 4:30 p.m. at a regular
meeting of the City Council of the City of Lubbock, Texas, to be held in the City Council Chambers
at Citizens Tower, 1314 Avenue K, Lubbock, Texas, the regular meeting place of the City Council,
the City Council intends to pass one or more ordinances authorizing the issuance of not to exceed
$13,000,000 total principal amount of water and wastewater system revenue bonds, in one or more
series (collectively, the "Bonds"), for the following purposes, to wit: (i) paying the costs of
acquiring, purchasing, constructing, improving, renovating, enlarging and equipping property,
buildings, structures, facilities and related infrastructure for the Water and Wastewater System, (ii)
funding capitalized interest for the Bonds, (iii) funding the reserve fund requirement for the Bonds,
and (iv) paying the costs of issuing the Bonds.
THIS NOTICE is given in accordance with law and as directed by the City Council of the
City of Lubbock, Texas on September 22, 2020.
A-1
4135-6502-0199.1
Resolution No. 2020-R 0346
Exhibit B
NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that on November 17, 2020, at 4:30 p.m. at a regular
meeting of the City Council of the City of Lubbock, Texas, to be held in the City Council Chambers
at Citizens Tower,1314 Avenue K, Lubbock, Texas, the regular meeting place of the City Council,
the City Council intends to pass one or more ordinances authorizing the issuance of not to exceed
$7,600,000 total principal amount of certificates of obligation, in one or more series (collectively,
the "Certificates"), bearing interest at any rate or rates not to exceed the maximum interest rate
authorized by law, as shall be determined within the discretion of the City Council at the time of
issuance of the Certificates, and maturing over a period of not to exceed twenty-one (21) years
from their date of issuance, for the purpose of paying contractual obligations to be incurred for the
following purposes, to wit: (i) construction, renovation, improvement and extension of City streets
and related infrastructure, vehicles and equipment, including sidewalks, street lighting, traffic
signals/controllers and traffic signal communication systems, signage, drainage, landscaping,
utility improvements, extensions, relocations and acquisition of land and rights -of -way in
connection therewith (collectively, the "Project"), and (ii) payment of professional services of
attorneys, financial advisors, engineers and other professionals in connection with the Project and
the issuance of the Certificates. 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 said 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 Water and Wastewater System, such pledge of surplus net revenues being limited to
$1,000. The estimated combined principal and interest required to pay the Certificates on time
and in full is $7,996,295. Such estimate is provided for illustrative purposes only and is based on
an assumed interest rate of 1.32%. Market conditions affecting interest rates vary based on
numerous factors beyond the control of the City, and the City cannot provide any assurance
regarding the rate of interest that the Certificates will bear upon their issuance. As of the date of
this notice, the aggregate principal amount of outstanding public securities of the City secured by
and payable from ad valorem taxes (excluding public securities secured by an ad valorem tax but
designated by the City as self-supporting) is $213,741,142, and based on the City's expectations,
as of the date of this notice, the combined principal and interest required to pay all of the
outstanding public securities of the City secured by and payable from ad valorem taxes (excluding
public securities secured by an ad valorem tax but designated by the City as self-supporting) on
time and in full is $273,712,733.
THIS NOTICE is given in accordance with law and as directed by the City Council of the
City of Lubbock, Texas on September 22, 2020.
In
4135-6502-0199.1
Resolution No. 2020-R 0346
Exhibit C
SELF-SUPPORTING DEBT
Self -Supporting
Public Securities Designated as Self -Supporting
Principal
Tax Note, Series 2020
$ 2,400,000
Combination Tax and Revenue Certificates of Obligation, Series 2020
7,045,000
General Obligation Refunding Bonds, Taxable Series 2019A
32,450,000
Tax Note, Series 2019
3,731,967
General Obligation Refunding Bonds, Series 2019
8,150,000
Tax and Water and Wastewater System Surplus Revenue Certificates of Obligation, Series 2019
20,060,000
Tax Note, Series 2018
3,628,431
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2018A
8,550,000
General Obligation Refunding Bonds, Series 2018
71,335,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2018B
13,735,000
Tax Note, Series 2017
2,818,725
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2017A
15,970,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2017
29,750,000
General Obligation Refunding Bonds, Series 2016A
23,925,000
General Obligation Refunding Bonds, Series 2016
23,085,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2016
35,735,000
General Obligation Refunding Bonds, Taxable Series 2015
24,995,000
General Obligation Refunding Bonds, Series 2015
80,725,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2015
65,720,000
General Obligation Refunding Bonds, Series 2014
26,785,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2014
16,360,000
General Obligation Refunding and Improvement Bonds, Series 2013
9,945,000
General Obligation Refunding Bonds, Taxable Series 2013
4,290,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2013
27,190,000
General Obligation Bonds, Series 2012
8,490,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2012
5,422,886
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2011
51831,850
General Obligation Bonds, Series 2011
1,205,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2010C
23,295,000
Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2010
11,450,000
Total
$614,073,858
C-1
4135-6502-0199.1