HomeMy WebLinkAboutResolution - 2801 - Notice Of Intent To Issue Certificates Of Obligation - 03/24/1988Resolution #2801 3G
` March 24, 1988
Item 36 C1�/
A RESOLUTION approving and authorizing publication
of notice of intention to issue certificates
of obligation; and declaring an emergency.
WHEREAS, the City Council of the City of Lubbock, Texas,
has determined that certificates of obligation should be issued
under and pursuant to the provisions of Subchapter C of Chapter
271, Local Government Code and Tex. Rev. Civ. Stat. Ann.
article 1269]-4.1, as amended, for the purpose of paying
contractual obligations to be incurred for (i) the construction
of public works, to wit: improving, enlarging, equipping,
repairing, operating, or maintaining (any or all) a municipal
golf course and related facilities, including the purchase of
materials, supplies and equipment therefor, and (ii)
professional services; and
WHEREAS, prior to the issuance of such certificates, the
City Council is required to publish notice of its intention to
issue the same in a newspaper of general circulation in the
City, said notice stating (i) the time and place the Council
tentatively proposes to pass the ordinance authorizing the
issuance of the certificates, (ii) the maximum amount proposed
to be issued, (iii) the purposes for which the certificates are
to be issued and (iv) the manner in which the Council proposes
to pay the certificates; 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 the Council's
intention to issue certificates of obligation in the principal
amount not to exceed $750,000 for the purpose of paying
contractual obligations to be incurred for (i) the construction
of public works, to wit: improving, enlarging, equipping,
repairing, operating, or maintaining (any or all) a municipal
golf course and related facilities, including the purchase of
materials, supplies and equipment therefor, and (ii)
professional services, such certificates to be payable from ad
valorem taxes and a lien on and pledge of the net revenues
derived from the operation and ownership of the City's
municipal golf course facilities, such pledge of net revenues
being junior and subordinate to any prior pledge of net
revenues of the City's golf course facilities which may
hereafter be made. The notice hereby approved and authorized
to be published shall read substantially in the form and
content of Exhibit A hereto attached and incorporated herein by
reference as a part of this resolution for all purposes.
SECTION 2: That the City Secretary shall cause the
aforesaid notice to be published in a newspaper of general
circulation in the City, once a week for two consecutive weeks,
the date of the first publication to be before the fourteenth
day before the date stated therein for the first reading of the
ordinance authorizing the issuance of the certificates of
obligation.
PASSED AND ADOPTED, this the 24th day of March, 1988.
Mayor, City of Lubbock, Texas
EST:
Cit Secretary, Cit of
Lubbock, Texas
(City Seal)
-1-
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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 9--00 o'clock A.M. on the �
day of -April , 1988, at its regular meeting place in the
City Hall of said City, and, during such meeting, the City
Council will consider the first reading of an ordinance
authorizing the issuance of certificates of obligation in an
amount not to exceed $750,000 for the purpose of paying
contractual obligations to be incurred for (i) the construction
of public works, to wit: improving, enlarging, equipping,
repairing, operating, or maintaining (any or all) a municipal
golf course and related facilities, including the purchase of
materials, supplies and equipment therefor, and (ii)
professional services, such certificates to be payable from ad
valorem taxes and a lien on and pledge of the net revenues
derived from the operation and ownership of the City's
municipal golf course facilities, such pledge of net revenues
being junior and subordinate to any prior pledge of net
revenues of the City's golf course facilities which may
hereafter be made. The certificates are to be issued, and this
notice is given, under and pursuant to the provisions of
Subchapter C of Chapter 271, Local Government Code.
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Cit Secretary, Cit of
Lubbock, Texas