HomeMy WebLinkAboutResolution - 2798B - Notice Of Sale-Revenue Bonds-EL&P System, Series 1988 - 03/24/1988Resolution #2798'B .-'3.,&
March 24, 1988 0,111
Item 33
A RESOLUTION by the City Council of the City of
Lubbock, Texas, relating to the issuance and
sale of $17,000,000 "City of Lubbock, Texas,
Electric Light and Power System Revenue
Bonds, Series 1988", including the approval
and distribution of a Notice of Sale and an
Official Statement, and declaring an
emergency.
WHEREAS, a Notice of Sale and an Official Statement
have been prepared by First Southwest Company, the City's
financial advisor, in connection with the issuance and sale of
$17,000,000 "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER
SYSTEM REVENUE BONDS, SERIES 1988" and submitted to the Council
and staff of the City for review and comments; and
WHEREAS, the Council hereby finds and determines that
the information and data contained in such Official Statement
pertaining to the City and its financial affairs is true and
correct in all material respects and no material facts have
been omitted therefrom which are necessary to make the
statements therein, in the light of the circumstances under
which they were made, not misleading; and
WHEREAS, the Council further finds and determines that
the aforesaid documents pertaining to the sale of such
obligations should be approved and authorization should be
given to the City's financial advisor to proceed with the
distribution of such documents for the purpose of soliciting
bids for the purchase of said bonds; now, therefore,
WHEREAS, it is hereby determined that the necessity
for the immediate preservation of the public peace, property,
health or safety of the citizens of the City of Lubbock and to
serve the best interests of the City of Lubbock by providing
the improvements to be financed by the sale of obligations at
the earliest possible date constitute and create an emergency
and an urgent public necessity requiring the suspension of any
rules providing for ordinances or resolutions to be read more
than one time or at more than one meeting of the City Council
and that this Resolution be declared an emergency measure to
become effective immediately from and after its passage; now,
therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LUBBOCK:
SECTION 1: That the Notice of Sale and the Official
Statement prepared in connection with the issuance and sale of
6-4. Rev.
$17,000,000 "CITY OF LUBBOCK, TEXAS, ELECTRIC LIGHT AND POWER
SYSTEM REVENUE BONDS, SERIES 1988" are hereby approved, such
documents being on file in the office of the City Secretary and
incorporated herein by reference as a part of this resolution
for all purposes.
SECTION 2: That the City's financial advisor is
hereby authorized and directed to proceed with the mailing and
distribution of said Notice of Sale and Official Statement for
purposes of soliciting bids for the purchase of said bonds.
SECTION 3: That the fact that it is
immediate preservation of the public peace,
or safety of the citizens of the City of Lul
interests of the City of Lubbock to Prov.
improvements to be financed by the issu
obligations at the earliest possible date coi
an emergency and an urgent public necess
suspension of any rules providing fol
resolutions to be read more than one time oz
meeting of the City Council, and such rules
accordingly suspended, and this Resolution is
emergency measure, and shall take effect an)
immediately from and after its passage on the
necessary for the
property, health,
)bock and the best
de funds for the
nce and sale of
)stitute and create
ty requiring the
ordinances and
at more than one
and provisions are
declared to be an
I be in full force
date shown below.
PASSED AND APPROVED, this the 24th day of March, 1988.
C{ w
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ayor, City of Lubbock, Texas
ATTEST:
Cit Secretary,
City of Lubbock, Texas
(City Seal)
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