HomeMy WebLinkAboutResolution - 2798A - Notice Of Sale-General Obligation Bonds, Etc.- Series 1988 - 03/24/1988Re sol A ion #2798-A ate. A
March 24, 1988
Item 33 c r
A RESOLUTION by the City Council of the City of
Lubbock, Texas, relating to the issuance and
sale of $6,560,000 "City of Lubbock, Texas,
General Obligation Bonds, Series 1988", and
$750,000 "City of Lubbock, Texas,
Combination Tax and Golf Course Revenue
Certificates of Obligation, 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
$6,560,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1988" and $750,000 "CITY OF LUBBOCK, TEXAS, COMBINATION
TAX AND GOLF COURSE REVENUE CERTIFICATES OF OBLIGATION, 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 obligations; and
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 interest 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 CityCouncil
and that this Resolution be declared an emergency measure to
become effective immediately from and after its passage; now,
therefore,
GEN. 4a,
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
$6,560,000 CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1988" and $750,000 "CITY OF LUBBOCK, TEXAS, COMBINATION
TAX AND GOLF COURSE REVENUE CERTIFICATES OF OBLIGATION, SERIES
1988" is hereby approved, such document 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
hereby authorized and directed
distribution of said Notice of
purposes of soliciting bids
obligations.
City's financial advisor is
to proceed with the mailing and
Sale and Official Statement for
for the purchase of said
SECTION 3: That the fact that it is necessary for the
immediate preservation of the public peace, property, health,
or safety of the citizens of the City of Lubbock and the best
interests of the City of Lubbock to provide funds for the
improvements to be financed by the issuance and sale of the
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 and
resolutions to be read more than one time or at more than one
meeting of the City Council, and such rules and provisions --are
accordingly suspended, and this Resolution is declared to -bean
emergency measure, and shall take effect and be in full force-.
immediately from and after its passage on the date shown below.
PASSED AND APPROVED, this the 24th day of March, 1988.
C
'Mayor, City of Lubbock, Texas
ATTEST:
Cit Secretary,
City of Lubbock, Texas
(City Seal)
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