HomeMy WebLinkAboutResolution - 2552 - Approve Official Statement For $5,960,000 General Obligation Bonds - 03/26/1987Resolution #2552
March 26, 1987
Item #20-B
A RESOLUTION by the City Council of the City of
Lubbock, Texas, relating to the issuance and
sale -of $5,960,000 "City of Lubbock, Texas,
General Obligation Bonds, Series 1987,1-
including
987,"including the approval and distribution of
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
$5,960,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1987" 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 general
obligation bonds 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,
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
$5,960,000 "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1987" 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 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
general obligation 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 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 26th day of March, 1987.
ATTEST:
City ecretary,
City of Lubbock, Texas
(City Seal)
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1 9 1 3 0
Mayor, City of Lubbock, Texas