HomeMy WebLinkAboutResolution - 2540 - Notice Of Intent To Issue Revenue Bonds, Light & Power System Improvements - 03/12/1987Resolution #2540
March 12, 1987
Agenda Item 27
A RESOLUTION by the City Council of the City of
Lubbock, Texas, approving and authorizing
the giving of notice of intention to issue
revenue bonds; and declaring an emergency.
WHEREAS, the City Council of the City of Lubbock,
Texas, has determined that revenue. bonds in the principal sum
of $7,000,000 should be issued in accordance with the
provisions of Articles 1111 et seq. and 2368a, V.A.T.C.S., to
finance the cost of improving and extending the electric light
and power system of the City; and
WHEREAS, prior to the issuance of said revenue bonds,
this Council is required to give notice of its intention to
issue the same in the manner and time provided by law; and
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WHEREAS, it is hereby determined that the necessity
for the immediate preservation of the public peace, property,
health or saftey of the citizens of the City of Lubbock and to
serve the best interest of the City of Lubbock by providing the
improvements and extensions to the electric light and power
system at the earliest possible date constitutes and creates an
emergency and an urgent public necessity requiring the
suspension of any rules providing for ordinances or resolutions
to be read more that 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, TEXAS:
Section 1: That the City Secretary is hereby
authorized and directed to cause notice to be published of this
Council's intention to meet on the 23rd day of April, 1987, to
pass an ordinance and take such action as will be necessary to
authorize the issuance of revenue bonds in the total principal
amount of $7,000,000 for the purpose of improving and extending
the electric light and. power system of the City. The notice
hereby approved and authorized to be given 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 such notice shall be published once a
week for two consecutive weeks in a newspaper having general
circulation in the City of Lubbock, Texas, and the date of the
first publication of such notice to be at least fourteen (14)
days prior to the date stated therein for the passage of the
ordinance authorizing the issuance of the revenue bonds.
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Section 3: That the fact that it is necessary for the
immediate preservation of the public peace, property, health or
saftey of the citizens of the City of Lubbock and in the best
interests of the City of Lubbock to provide funds for the
improvements and extensions to the electric light and power
system at the earliest possible date constitutes and creates 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 be an
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 12th day of March, 1987.
ATTEST:
City S retary
Ranette Boyd
(SEAL)
1 7 7 4 D
ayor, City of Lubbock, Texas
B. C. McMinn
NOTICE OF INTENTION TO ISSUE
CITY OF LUBBOCK, TEXAS, REVENUE BONDS
NOTICE IS HEREBY GIVEN that the City Council of the
City of Lubbock, Texas, will convene at its re-gular meeting
place in the City Hall of Lubbock, Texas at 9:00 o'clock
A..M. on the 23rd day of April, 1987, to pass an ordinance and
take such action as may be deemed necessary to authorize the
issuance of revenue bonds in the aggregate principal amount of
$7,000,000 for the purpose of improving and extending the
electric light and power system of the City. Such bonds shall
mature not later than December 31, 2024, shall bear interest at
such rate or rates (not to exceed 15% per annum) as determined
by the City Council and said bonds, 'together with certain
outstanding and unpaid revenue bonds of the City, shall be
payable solely from and equally secured by a first lien on and
pledge of the net revenues of the City's electric light and
power system.
The holder of such bonds shall never have the right to
demand payment out of any funds raised or to be raised by
taxation.
This Notice is issued pursuant to authority and
direction of the City Council of the City of Lubbock, Texas,
and in accordance with the provisions of Article 2368a,
V.A.T.C.S.
J
v
.City S cretary, City of
Lubbock, Texas
Ranette Boyd
1 7 7 5 D