HomeMy WebLinkAboutResolution - 3136 - Issuance & Sale Of CGO Bonds & CCO - 06/22/1989Resolution #31.36
June 22, 1989
Item #25
"A RESOLUTION by the City Council of the City of
Lubbock, Texas, relating to the issuance and
sale of $7,445,000 "CITY OF LUBBOCK, TEXAS,
GENERAL OBLIGATION BONDS, SERIES 1989" and
$3,800,000 "CITY OF LUBBOCK, TEXAS,
CERTIFICATES OF OBLIGATION, SERIES 1989",
authorizing the publication of the Notices
of Sale pertaining to each issue of
obligations and other matters incident and
related thereto."
WHEREAS, Notices of Sale have been prepared by First
Southwest Company, the financial advisor of the City of
Lubbock, Texas (the "City"), in connection with the issuance
and sale of $7,445,000 "City of Lubbock, Texas, General
Obligation Bonds, Series 1989" and $3,800,000 City of Lubbock,
Texas, Certificates of Obligation, Series 1989", and submitted
to the City Council and staff of the City for review and
comments; and
WHEREAS, the Council finds and determines that the
aforesaid documents pertaining to the sale of each issue of
obligations should be approved and authorization should be
given to the City Secretary to proceed with the publication of
an advertisement for the sale of the obligations in accordance
with Article VIII, Section 5 of the City Charter of the City;
now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LUBBOCK:
SECTION 1: That. the Notice of Sale prepared in
connection with the issuance and sale of $7,445,000 "CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1989" is
hereby approved, such document being attached hereto as Exhibit
A and incorporated herein by reference and made a part of this
resolution for all purposes.
SECTION 2: That the Notice of Sale prepared in
connection with the issuance and sale of $3,800,000 "CITY OF
LUBBOCK, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 1989" is
hereby approved, such document being attached hereto as Exhibit
B and incorporated herein by reference and made a part of this
resolution for all purposes.
SECTION 3: First Southwest Company is further
authorized and directed to prepare for each issue of
obligations an "Official Statement" and an additional "Notice
of Sale," both of which are for distribution to prospective
bidders with respect to said obligations.
PASSED AND ADOPTED on this 22nd day of June, 1989.
e ,
ayor, ity of Lubbock, Texas
ATTEST:
City Secretary,
-City Lubbock, Texas
( City Seal)
-2-
3879B
EXHIBIT A
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., Central Daylight
Time, Thursday, August 10, 1989, for the following described Bonds:
$7,445,000 City of Lubbock, Texas, General
Obligation Bonds, Series 1989
Dated August 15, 1989; principal due February 15 of each
year as follows: $370,000 each year 1990 through 2000
and $375,000 each year 2001 through 2009; interest payable
February 15, 1990, 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, 2000,
on February 15, 1999, 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. 0. Box 2000, Lubbock, Texas 79457; or from First
Southwest Company, 500 First City Center, 1700 Pacific Avenue, Dallas,
Texas 75201, Financial Consultants to the City.
Ranette Boyd
City Secretary
City of Lubbock
(City Seal)
EXHIBIT B
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., Central Daylight
Time, Thursday, August 10, 1989, for the following described Certifi-
cates of Obligation:
$3,800,000 City of Lubbock, Texas Certificates
of Obligation, Series 1989
Dated August 15, 1989; principal due February 15 of each
year as follows: $190,000 each year 1990 through 2009;
interest payable February 15, 1990, and each August 15
and February 15 thereafter. The City reserves the' right,
at its option, to redeem Certificates of Obligation maturing
on and after February 15, 2000, on February 15, 1999,
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. 0. Box 2000, Lubbock, Texas 79457; or from First
Southwest Company, 500 First City Center, 1700 Pacific Avenue, Dallas,
Texas 75201, Financial Consultants to the City.
Ranette Boyd
City Secretary
City of Lubbock
(City Seal)