HomeMy WebLinkAboutResolution - 2350 - Notice Of Sale - Certificates Of Obligation - Tax & Sewer Subordinate Lien - 06/26/1986Resolution #2350
June 26, 1986
Agenda Item #22
A RESOLUTION by the City Council of the City of
Lubbock, Texas, relating to the issuance and
sale of $4,200,000 CITY OF LUBBOCK, TEXAS,
COMBINATION TAX AND SEWER SYSTEM SUBORDINATE
LIEN REVENUE CERTIFICATES OF OBLIGATION,
Series 1986, and authorizing the publication
of a Notice of Sale pertaining to said cer-
tificates of obligation.
WHEREAS, a Notice of Sale has been prepared by First
Southwest Company, the City's financial advisor, in connection
with the issuance and sale of $4,200,000 "CITY OF LUBBOCK,
TEXAS, COMBINATION TAX AND SEWER SYSTEM SURBORDINATE LIEN
REVENUE CERTIFICATES OF OBLIGATION, SERIES 1986" and submitted
to this Council and the staff of the City for review and com-
ments; and
WHEREAS, this Council finds and determines that the
aforesaid Notice of Sale should be approved and authorization
should be given to said First Southwest Company to proceed with
the publication of an advertisement for the sale of the certif-
icates of obligation in accordance with Article VIII, Section 5
of the City Charter of the City of Lubbock; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LUBBOCK:
SECTION 1: That the Notice of Sale prepared in connec-
tion with the issuance and sale of $4,200,000 CITY OF LUBBOCK,
TEXAS, COMBINATION TAX AND SEWER SYSTEM SUBORDINATE LIEN
REVENUE CERTIFICATES OF OBLIGATION, Series 1986, is hereby
approved, such document being attached hereto as Exhibit A and
incorporated herein by reference and made a part of this reso-
lution for all purposes.
SECTION 2: That First Southwest Company, the City's
financial advisor, is hereby authorized and directed to cause
such Notice of Sale of the certificates of obligation (such
Notice of Sale to read substantially as set forth in Exhibit A
attached hereto) to be published in the official newspaper of
the City, such publication to occur once each week for a period
of thirty (30) days prior to the date stated in said Notice of
Sale for the receipt of bids for the certificates of obligation
in accordance with Article VIII, Section 5 of the City Charter
of the City.
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 im-
provements herein contemplated at the earliest possible date
constitutes and creates an emergency and an urgent public ne-
cessity 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 June, 1986.
�, C • � ',/lam
Mayor, City of Lubbock, Texas
ATTEST:
City S etary,
City of Lubbock, Texas
(City Seal)
APPROVED AS TO CONTENT:
Robert IMassengale, Ass' taut Tity Manager
for Financial Services
APPROVED AS TO FORM:
C_
—/�� 4
J n C. Ross, Jr., C'ty Attorney
1 7 3 7 E
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"EXHIBIT All
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
St., Lubbock, Texas, until 11:00 A.M. Central Daylight Time, Thursday,
July 31, 1986, for the following described Certificates of Obligation:
$4,200,000 City of Lubbock, Texas, Combination Tax
and Sewer System Subordinate Lien Revenue Certificates
of Obligation, Series 1986
Dated: July 15, 1986; principal due February 15 of each
year as follows: $725,000 in 1987; $775,000 in 1988;
$850,000 in 1989, $900,000 in 1990; $950,000 in 1991;
interest payable February 15, 1987, and each August 15
and February 15 thereafter. The Certificates are non -
optional for prior 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 Company, 800 Mercantile Dallas Building, 1807 Commerce St.,
Dallas, Texas 75201, Financial Consultants to the City.
(City Sea[)
Ranette Boyd
City Secretary
City of Lubbock