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Home My WebLink AboutResolution - 3180 - Awards Sale Of Certificates Of Obligation, Series 1989 - 08/10/1989Resolution # 3180 August 10, 1989 Item #23 A RESOLUTION awarding the sale of "CITY OF LUBBOCK, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 1989"; and resolving other matters incident and related to the sale of said Certificates. WHEREAS, on the 13th day of July, 1989 and the 27th day of July, 1989, the City Council of the City of Lubbock, Texas, passed and adopted on first and second reading, respectively, an ordinance authorizing the issuance of $3,800,000 "CITY OF LUBBOCK, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 1989", dated August 15, 1989 (the "Certificates"); and WHEREAS, bids for the purchase of the Certificates have been received by the Council and publicly opened, read aloud and tabulated; and WHEREAS, it is hereby found and determined that the bid of NCNB Texas _&--'Asaac- ates for the purchase of the Certificates was the best bid received, that said bid was submitted in accordance with the terms and conditions set forth in the "Notice of Sale and Bidding Instructions" and should be accepted and the Certificates sold to said bidder; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS: SECTION 1: That the bid submitted by NCNB TAxac A As"0ciates for the purchase of the $3,800,000 "CITY OF LUBBOCK, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 1989", at an effective interest rate of 116.841625 %, attached hereto as Exhibit A and incorporated herein by reference, is hereby accepted and said Certificates are hereby sold to said bidder at the price of par and accrued interest to the date of delivery, plus a premium of $ -0- - SECTION 2: That, in accordance with the bid accepted by the Council, the Certificates shall bear interest at the per annum rates in accordance with the following schedule: Year of Principal Interest Stated Maturity Amount Rate(s) 1990 $190,000 9 % 1991 190,000 9 % 1992 190,000 9 % 1993 190,000 9 % 39498 1994 190,000 9 % 1995 190,000 9 $ 1996 190,000 9 $ 1997 190,000 9 $ 1998 190,000 9 $ 1999 190,000 9 2000 190,000 6.75 $ 2001 190,000 6.8 $ 2002 190,000 6.1 $ 2003 190,000 6 % 2004 190,000 6 $ 2005 190,000 6 $ 2006 190,000 6 $ 2007 190,000 6 $ 2008 190,000 6 $ 2009 190,000 6 $ -2- PASSED AND ADOPTED, this August 10, 1989. CITY OF LUBBOCK, TEXAS e ' /Mayor ATTEST: Cit Secretary (City Seal) -3- 39498 NOTICE OF SALE { CITYOFLUBBOCK .TEXAS The City Council of the City of Lubbock, Texas, will receive sealed bids at the City Council Chambers, Municipal Complex, 1025 13th Street, Lubbock, Taxes AFFIDAVIT OF PUBLICATION until 11:00 A.M.. Central Daylight Time, Thursday. August 10. 1909. $Or the following described Certifi• Cites of Obligation: " THE STATE OF TEXAS ' Cny N Lubbock, Texas,' COMicates e(Obligatkn, ' COUNTY OF LUBBOCK § Series IM § Dated August 15, 19"';'PrIncloal due February is of each war as CITY OF LUBBOCK § follows: S19OX00 each year 1990. through 2009: Interest payable Feb- ruary 15, 1990• and each August 15 and February 15 thereafter. The CIM reserves the right. at is op. BEFORE ME, the and rsig Svc, i, authority on tion• to redeem Certificates atObli. personally appeared gallon maturing on and after Feb ruary 15, 2000. an February 15, 1999, or any Interest payment date after beingb e duly sworn, deposes and says tha thereatier.at the Par vaiue"wmvf the A C Co n V tea n a d esplus a«rged Interest to the date of the Lubbock Ava l aneh fixed far payment. Earths. inter. and that a true and correct co rrnatiarn nmay be abtainLd from the copy o f the 'NOTICE Division of Finance• City of Lub• hereby attached, was published in said ODGc•F"O*7rfromBox `stSout•west paper o n the as 79.53': or from First Southwest dates: Company. 500 First City Center. IM Pacific Av. Dallas. Texas J u! V 9• 16t 2 3 0 30 August 6. 1g Bg 7520). Financial "ueCensus tans to the City. `L Ratio"* Boyd City Secretary City of Lubbock the date of the first of such publications being at least thirty (30) days prior to the date of the public sale for the obligations referred to therein. AUg%WN TO AND SUBSCRIBED 1989. (Notary Seal) FRANCES HERNANDEZ �.� N01317 Pt:b!iC, State of Texas r ✓ My Commission Expires 7.6.91 tC 399313 +��co �n t Mangy �a-r BEFORE ME, this the Tth day of A—'tl 2 Gly a,. Notary Public, tate of ;n - My Commission Expires: OFFICIAL BID PoRM Honorable Mayor and City Council City of Lubbock, Texas Members of the City Council: August 10, 1989 Reference is made to your Official Statement and Notice of Sale and Bidding Instructions, dated July 13, 1989, of $3,800,000 CITY OF LUBBOCK, TEXAS CERTIFICATES OF OBLIGATION, SERIES 1989, both of which constitute a part hereof. For your legally issued Certificates, as described In said Notice of Sale and Bidding Instructions and Official Statement, we will pay you par and accrued interest from date of Issue to date of delivery to us, plus a cash premium of $ for Certificates maturing and bearing interest as follows: Our calculation (which is not a part of this bid) of the Interest cost from the above is: Total Interest Cost $ Z '` S'O Less Premium -- p NET INTEREST COST $ Z Q �> 60 EFFECTIVE INTEREST RATE Interest Rate % We are having the Certificates of the following maturities at a premium of $—��—' insured by the Purchaser to rating agencies). – exct rtg any Lo be paid by The Initial Certificate shall be registered in the name of NCNB TEXAS NATIONAL BAN advise Ms. Sherry Burger, Trust Operations Officer Cor a will National Association, P.O. Box 841, Lubbock, Texas 79408 (8 6t 763-3471 Extas311),n the Payoe ing Agent/Registrar, our registration instructions at least five business days prior to the date set for Initial Delivery. A Cashier's Check of the NCNB TEXAS Bank, DALL4S TEXAS of $76,000.00, which represents our ood Faith Deposit Qs attar ed ee eto or asci been made availabletheuto you prior to the opening o1 this bid), and is submitted in accordanc¢�with the terms as set forth in the Official Statement and Notice of We and Bidding Instructions. We agree to accept delivery of and make payment for the Certificates in immediately available funds in the Corporate Trust Division, Texas Commerce Bank National Association, Lubbock, Texas, not later than 10:00 AM, CDT, on August 30, 1989, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Notice of Sale and Bidding Instructilns. The undersigned agrees to complete, execute, and deliver to the City, at least six business days prior to delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect accompanying the Notice of Sale and Bidding Instructions, with such changes thereto as may be acceptable to the City. Respectfully submitted, NCNB TEXAS & Associates "see list attached" B uthore d Repre e LeslaS F. Parrish, Vice President ACCEPTANCE CL SE The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas, this the loth day of August, 1989.. ' Mayor A, Tt City of Lubbock, Texas ity ecretary Principal Interest Maturity Amount Rate 2-13-1990 $190,000 Q ` 96 190,000 2-13-2003 190,000 2-13-1991 190,000 �% 2-13-1992 190,000 —% 2-13-1993 190,000 / % 2-13-1994 190,000 190,000 2-13-1993 190,000 2-13-1996 190,000 C�% 7 % 2-13-1997 190,000 =% 2-13-1998 190,000 S—% 2-13-1999 190,000 5_% Our calculation (which is not a part of this bid) of the Interest cost from the above is: Total Interest Cost $ Z '` S'O Less Premium -- p NET INTEREST COST $ Z Q �> 60 EFFECTIVE INTEREST RATE Interest Rate % We are having the Certificates of the following maturities at a premium of $—��—' insured by the Purchaser to rating agencies). – exct rtg any Lo be paid by The Initial Certificate shall be registered in the name of NCNB TEXAS NATIONAL BAN advise Ms. Sherry Burger, Trust Operations Officer Cor a will National Association, P.O. Box 841, Lubbock, Texas 79408 (8 6t 763-3471 Extas311),n the Payoe ing Agent/Registrar, our registration instructions at least five business days prior to the date set for Initial Delivery. A Cashier's Check of the NCNB TEXAS Bank, DALL4S TEXAS of $76,000.00, which represents our ood Faith Deposit Qs attar ed ee eto or asci been made availabletheuto you prior to the opening o1 this bid), and is submitted in accordanc¢�with the terms as set forth in the Official Statement and Notice of We and Bidding Instructions. We agree to accept delivery of and make payment for the Certificates in immediately available funds in the Corporate Trust Division, Texas Commerce Bank National Association, Lubbock, Texas, not later than 10:00 AM, CDT, on August 30, 1989, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Notice of Sale and Bidding Instructilns. The undersigned agrees to complete, execute, and deliver to the City, at least six business days prior to delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect accompanying the Notice of Sale and Bidding Instructions, with such changes thereto as may be acceptable to the City. Respectfully submitted, NCNB TEXAS & Associates "see list attached" B uthore d Repre e LeslaS F. Parrish, Vice President ACCEPTANCE CL SE The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas, this the loth day of August, 1989.. ' Mayor A, Tt City of Lubbock, Texas ity ecretary Principal Maturity Amount 2-13-2000 $190,000 2-13-2001 190,000 2-13-2002 190,000 2-13-2003 190,000 2-13-2004 190,000 2-13-2003 190,000 2-I3-2006 190,000 2-13-2007 190,000 2-13-2008 190,000 2-13-2009 190,000 Our calculation (which is not a part of this bid) of the Interest cost from the above is: Total Interest Cost $ Z '` S'O Less Premium -- p NET INTEREST COST $ Z Q �> 60 EFFECTIVE INTEREST RATE Interest Rate % We are having the Certificates of the following maturities at a premium of $—��—' insured by the Purchaser to rating agencies). – exct rtg any Lo be paid by The Initial Certificate shall be registered in the name of NCNB TEXAS NATIONAL BAN advise Ms. Sherry Burger, Trust Operations Officer Cor a will National Association, P.O. Box 841, Lubbock, Texas 79408 (8 6t 763-3471 Extas311),n the Payoe ing Agent/Registrar, our registration instructions at least five business days prior to the date set for Initial Delivery. A Cashier's Check of the NCNB TEXAS Bank, DALL4S TEXAS of $76,000.00, which represents our ood Faith Deposit Qs attar ed ee eto or asci been made availabletheuto you prior to the opening o1 this bid), and is submitted in accordanc¢�with the terms as set forth in the Official Statement and Notice of We and Bidding Instructions. We agree to accept delivery of and make payment for the Certificates in immediately available funds in the Corporate Trust Division, Texas Commerce Bank National Association, Lubbock, Texas, not later than 10:00 AM, CDT, on August 30, 1989, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Notice of Sale and Bidding Instructilns. The undersigned agrees to complete, execute, and deliver to the City, at least six business days prior to delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect accompanying the Notice of Sale and Bidding Instructions, with such changes thereto as may be acceptable to the City. Respectfully submitted, NCNB TEXAS & Associates "see list attached" B uthore d Repre e LeslaS F. Parrish, Vice President ACCEPTANCE CL SE The above and foregoing bid is hereby in all things accepted by the City of Lubbock, Texas, this the loth day of August, 1989.. ' Mayor A, Tt City of Lubbock, Texas ity ecretary �C�3 Texas NCNB Texas 901 Main Street, 22nd Floor P.O. Box 630306 Dallas, Texas 75283-0306 $11,245,060 CITY OF LUBBOCK, TEXAS $ 7,445 GENERAL OBLIGATION $ 3,800 CERTIFICATES OF OBLIGATION SELLING: AUGUST 10, 1989 NCNB TEXAS ) JT. TEXAS COMMERCE BANK ) TEXAS AMERICAN BANK ) THE NORTHERN TRUST CO. ) SOUTHWEST SECURITIES ) SOUTHEAST BANK, N.A. ) BNE CAPITAL MKTS. ) MGRS. BANCTEXAS DALLAS, N.A. BOATMEN'S NATIONAL BANK OF ST. LOUIS CREWS & ASSOCIATES, INC. FIRST TENNESSEE BANK OF MEMPHIS NORWEST INVESTMENT SERVICES OPPENHEIMER & CO. STEPHENS, INC. Funds Management Group