HomeMy WebLinkAboutResolution - 2541 - Notice Of Sale General Obligation Bonds & Electric & Power System Revenue Bonds - 03/12/1987a� f
Resolution #2541
March 12, 1987
Agenda Item #28
A RESOLUTION by the City Council of the City of
Lubbock, Texas, relating to the the issuance and
sale of $5,960,000 "CITY OF LUBBOCK, TEXAS,
GENERAL OBLIGATION BONDS, SERIES 1987," and
$7,000,000 "CITY OF LUBBOCK, TEXAS, ELECTRIC
LIGHT AND POWER SYSTEM REVENUE BONDS, SERIES
1987" authorizing the publication of the Notices
of Sale pertaining to each issue of the bonds;
and declaring an emergency.
WHEREAS, Notices of Sale have been prepared by First
Southwest Company, the City's financial advisor, in connection
with the issuance and sale of $5,960,000 "City of Lubbock,
Texas, General Obligation Bonds, Series 1987" and $7,000,000
"City of Lubbock, Texas, Electric Light and Power System
Revenue Bonds, Series 1987" and submitted to the Council and
staff of the City for review and comments; and
WHEREAS, the Council finds and determines that the
aforesaid documents pertaining to the sale of each issue of
bonds should be approved and authorization should be given to.
the City Secretary to proceed with the publication of an
advertisement for the sale of the bonds in accordance with
Article VIII, Section 5 of the City Charter of the City; and
WHEREAS, it is hereby determined that the necessity
for the immediate preservation of the public peace, property,
healthy 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 to be financed by the sale of bonds 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
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,
LUBBOCK: BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SECTION 1: That the Notice of Sale prepared in
connection with the issuance and sale of $5,960,000 "CITY OF
LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1987" is
hereby approved, such document being attached hereto as Exhibit
A and incorporated herein by reference and made a part of this
resolution for all purposes.
SECTION 2: That the Notice of Sale prepared in
connection with the issuance and sale of $7,000,000 "CITY OF
LUBBOCK, TEXAS, ELECRTIC LIGHT AND POWER SYSTEM REVENUE BONDS,
SERIES 1987" is hereby approved, such document being attached
hereto as Exhibit B and incorporated herein by reference and
made a part of this resolution for all purposes.
SECTION 3: First Southwest Company is further
authorized and directed to prepare for each issue of bonds an
"Official Statement" and an additional "Notice of Sale," both
of which are for distribution to prospective bidders with
respect to said Bonds, and the same shall be reviewed by this
Council at the meeting to be held on March 26, 1987.
SECTION 4: 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 in the
best interests of the City of Lubbock to provide for
improvements to be made with the proceeds from the sale of the
bonds herein described 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 cretary,
City of Lubbock, Texas
Ranette Boyd
(City Seal)
-2-
B. ayor, City of Lubbock, Texas
C. McMinn
EXHIBIT A
NOTICE OF SALE
CITY OF LUBBOCK, TEXAS
The City Council of the City of Lubbock, Texas, will receive
sealed bids at the City Council Chambers, Municipal Complex, 1625
13th Street, Lubbock, Texas, until 11:00 A.M., Central Daylight Time,
Thursday, April 23, 1987, for the following described Bonds:
$5,960,000 City of Lubbock, Texas, General Obiication
Bonds, Series 1987
Dated April 15, 1987; principal due February 15
of each year as follows: $260,000 in 1988; $3,30,000
each year 1989 through 2007; interest payable February
15, 1988, and each August 15 and February 15
thereafter. The City reserves the right, at its
option, to redeem Bonds maturing on and after Fe:ruary
15, 1998, on February 15, 1997, or any it-erest
payment date thereafter, at the par value thereof
Plus accrued interest to the date fixe-- for pay.ent.
Further information may be obtainer from tie Division of
Finance, City of Lubbock, P. 0. Box 2000, Lubbock, Texas 79457; or from
First Southwest Company, 800 Dallas Building, 1807 Commerce St., Dallas,
Texas 75201, Financial Consultants to the City.
Ranette Sovd
City Secretary
City of Lubbock
(City Seal)
V. ►
EXHI'IS iT -B
NOTICE OF SALE
CITY OF LUBBCCK, TEXAS
The City Council of the City of Lubbock, Texas, will receive
sealed bids at the City Council Chambers, Municipal Complex, 1625
13th Street, Lubbock, Texas, until 11:00 A.M., Central Daylight Time,
Thursday, April 23, 1987, for the following described Bonds:
$7,000,000 City of Lubbock, Texas, Electric Licht
and Power System Revenue Bonds, Series 1987
Dated April 15, 1987; principal due April 15 of
each year as follows: $350,000 each year 1988 through
2007; interest payable Octcber 15, 1987, ane each
April 15 and October 15 thereaftier. The City reserves
the right, at its option, to redeem Bonds maturing
on and after April -15, 1C98, on April 15, 1997,
or any interest payment date thereafter, at the
par value thereof plus accr.;ed interest to the date
fixed for payment.
Further information may be obtained from the Division of
Finance, City of Lubbock, P. 0. Box 2000, Lubbock, Texas 79457; or from
First Southwest Ccmpany, 800 Dallas Building, 1807 Commerce St,, Dallas,
Texas 75201, Financial Consultants to the City.
(City Seal)
Ranette Boyd
City Secretary
City of Lubbock