HomeMy WebLinkAboutResolution - 2183 - Notice Of Intent - Issue Revenue Bonds & Set Public Hearing - Park Improvements - 10/24/1985Resolution #2183
A RESOLUTION by the City Council of the City of
Lubbock, Texas, approving and authorizing
the giving of (i) notice of intention to
issue revenue bonds and (ii) notice of in-
tention to hold public hearing with respect
to an issue of industrial development bonds.
WHEREAS, the City Council of the City of Lubbock, Texas,
has determined that revenue bonds in the principal sum of
$2,500,000 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 constructing improvements to the City's Parks System;
and
WHEREAS, prior to the issuance of said revenue bonds,
this Council is required to give notice of its intention to (i)
issue the same in the manner and time provided by law and (ii)
hold a public hearing with respect to the issuance of such
bonds and the facilities to be financed with the proceeds of
such bonds; 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 14th day of November, 1985, to hold a
public hearing and pass an ordinance and take such action as
will be necessary to authorize the issuance of revenue bonds in
the total principal amount of $2,500,000.00 for the purpose of
constructing improvements to the City's Parks System. The
notice hereby approved and authorized to be given shall read
substantially in the form and content of Exhibit A hereto at-
tached 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 published in and
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 holding
the public hearing and the passage of the ordinance authorizing
the issuance of the revenue bonds.
PASSED AND APPROVED, this 24th
day
of
October,
1985.
Mayor,X-tyoLubbo
Texas
ATTEST:
City ecretary
(Seal)
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Resolution #2183
NOTICE OF INTENTION TO HOLD A PUBLIC HEARING
WITH RESPECT TO AN ISSUE OF INDUSTRIAL DEVELOPMENT BONDS
AND 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 regular meeting place in
the City Hall of Lubbock, Texas, at 9:30 o'clock A.M. on the
14th day of November, 1985, 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 $2,500,000
for the purpose of constructing improvements to the City's
Parks System. Such bonds shall mature not later than December
31, 2006, shall bear interest at such rate or rates (not to
exceed 15% per annum) as determined by the City Council and
said bonds shall be payable solely from and secured by a lien
on and pledge of the net revenues of the City's Parks 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.
Immediately prior to passage of the ordinance authoriz-
ing the issuance of such bonds, the City Council will hold a
public hearing concerning the issuance of such bonds and the
facilities to be financed with the proceeds of such bonds (the
"Project"). The Project consists of a water sports facility
including swimming pools, a bathhouse, picnic area, pool
beaches, and other buildings or property functionally related
and subordinate to the Project. The maximum aggregate face
amount of obligations to be issued with respect to the Project
is $2,500,000. The initial operator of the Project will be
FantaSea Isle of North America. The Project will be located on
approximately twenty-five acres of land located in the south-
east corner of Mackenzie State Park adjacent to the South
Plains Fair Grounds and fronting on East Broadway in the City
of Lubbock, Texas..,
This Notice is issued pursuant to authority and direc-
tion of the City Council of the City of Lubbock, Texas, and in
accordance with the provisions of Article 2368a, V.A.T.C.S.
City Secretary,
City of Lubbock, Texas
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AFFIDAVIT OF PUBLICATION
THE STATE OF TEXAS §
COUNTY OF LUBBOCK §
CITY OF LUBBOCK
BEFORE ME, the undersigned authority, on this day per-
sonally appeared Robert R. Norris who after being by me
duly sworn, deposes and says that (s)he is the Publisher of the
Avalanche -Journal, which is a newspaper published in and having
general circulation in the City of Lubbock, Texas, and that a
true and correct copy of the "NOTICE OF INTENTION TO HOLD A
PUBLIC HEARING WITH RESPECT TO AN ISSUE OF INDUSTRIAL
DEVELOPMENT BONDS AND TO ISSUE CITY OF LUBBOCK, TEXAS, REVENUE
BONDS", hereto attached, was published in said paper on the
following dates:
October 25
1985;
November 1 1985;
the date of the first publication of said notice being at least
fourteen (14) days prior to the date stated therein for holding
the public hearing and the passage of the ordinance authorizing
the issuance of the revenue bonds.
SWORN TO AND SUBSCRIBED BEFORE ME, this the 2nd day of
December . 1985.
Notary Public In and for
the State of Texas 1 /
My Commission Expires:
(Notary Seal)
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LEGAL NOTICES
Release Number R- 4-2,
Newspaper Lubbock Avalanche -Journal
Date October 24, 1985
Address P. 0. Box 491 Lubbock, Texas 79408
City Department City Secretary
Department Head Ranette Boyd
Account Number 10-1003-43434 Days Published Fri., Oct. 25 and Fri. Nov. 1 , 1985
Description Notice to Issue Industrial Development Bonds
Approximate Cost $202,92
Publisher's Affidavits
Approximate No. of Words
'� `' Approval
267
g
CERTIFICATE OF CITY SECRETARY
THE STATE OF TEXAS §
COUNTY OF LUBBOCK
CITY OF LUBBOCK
I, the undersigned, City Secretary of the City of
Lubbock, Texas, DO HEREBY CERTIFY as follows:
1. That on the 24th day of October, 1985, the City
Council of the City of Lubbock, Texas convened in regular ses-
sion at its regular meeting place in the City Hall of said
City; the duly constituted members of the Council being as
follows:
ALAN HENRY
T. J. PATTERSON )
GEORGE CARPENTER }
E. JACK BROWN )
ROBERT A NASH )
JOAN BAKER )
MAGGIE TREJO )
COUNCILMEMBERS
and all of said persons were present at said meeting,
the following:
Among other business considered at said meeting, the
resolution entitled:
except
attached
"A RESOLUTION by the City Council of the City of
Lubbock, Texas, approving and authorizing
the giving of (i) notice of intention to
issue revenue bonds and (ii) notice of in-
tention to hold public hearing with respect
to an issue of industrial development bonds."
was introduced and submitted to the Council for passage and
adoption. After presentation and due consideration of the
resolution, a motion was made by Mayor Pro Tem Carpenter that the
resolution be finally passed and adopted. The motion was sec-
onded by Councilman Brown and carried by the following vote:
5 voted "For" 2 voted "Against" 0 abstained
all as shown in the official Minutes of the Council for the
meeting held on the aforesaid date.
M
2. That the atatached resolution is a true and cor-
rect copy of the original on file in the official records of
the City; the duly qualified and acting members of the City
Council of said City on the date of the aforesaid meeting are
those persons shown above and, according to the records of my
office, each member of the Council was given actual notice of
time, place and purpose of the meeting and had actual notice
that the matter would be considered; and that said meeting, and
deliberation of the aforesaid public business, was open to the
public and written notice of said meeting, including the sub-
ject of the entitled resolution, was posted and given in ad-
vance thereof in compliance with the provisions of Article
6252-17, Section 3A, V.A.T.C.S.
IN WITNESS WHEREOF, I have hereunto signed my name offi-
cially and affixed the seal of said City, this the 24th day of
October, 1985.
.(City Seal)
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City Secretary,
City of Lubbock, Texas
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DUMAS, HUGUENIN, BOOTHMAN & MORROW
2001 BRYAN TOWER, SUITE 1400
DALLAS, TEXAS 75201
TELEPHONE (214) 969-0969
2200 INTERFIRST PLAZA
300 CONVENT STREET
SAN ANTONIO, TEXAS 78205
TELEPHONE (5121 224-5622
VIA FEDERAL EXPRESS
Mr. Robert Massengale
City of Lubbock
916 Texas Avenue
Lubbock, Texas 79457
FULBRIGHT & JAWORSKI OFFICES
BANK OF THE SOUTHWEST BUILDING
HOUSTON, TEXAS 77002
TELEPHONE (713) 651-5151
TELEX 76-2829
IISO CONNECTICUT AVE.,N.W.
WASHINGTON, D.C. 20036
TELEPHONE (202) 452-6800
TELEX 89-2602
AMERICAN BANK TOWER, SUITE 1740
221 WEST SIXTH STREET
AUSTIN, TEXAS 78701
TELEPHONE 1512) 474-5201
October 17, 1985
Re : Notice of Intention
Dear Robert:
2200 INTERFIRST PLAZA
300 CONVENT STREET
SAN ANTONIO, TEXAS 78205
TELEPHONE (S121224 -567S
2001 BRYAN TOWER
SUITE 1400
DALLAS, TEXAS 75201
TELEPHONE (214) 969-1969
2 ST. JAMES'S PLACE
LONDON, SWIA INP
TELEPHONE (01) 629-1207
TELEX 28310
We have prepared and are enclosing herewith the proceed-
ings necessary for the giving of notice of the City's intention
to issues paJrk reverrue ones, to wit:
1. Four copies of the Certificate of the City
Secretary certifying the resolution authorizing the notice.
When completed and executed, all copies are to be returned to
US.
2. Two copies of the resolution. When executed, one
copy is for the records of the City and one copy is to be re-
turned to us.
3. A copy of the Notice to be supplied to the news-
paper for publication. The notice is to be published in a
newspaper having general circulation in the City of Lubbock,
once a week for two consecutive weeks, the date of the first
publication to be no later than October 31, 1985.
4.
Five copies of an
Affidavit of Publication to
be
completed by an official of the
newspaper after publication
of
the Notice
(twice). A clipping
of the Notice as it actually
appeared in
the newspaper is to be attached to each copy of
the
Affidavit.
When completed and
executed, one copy of
the
Affidavit is
for the records of
the City and four copies
of
each Notice
are to be returned to
us.
Mr. Robert Massengale
October 17, 1985
Page 2
In order to draft the ordinance authorizing the bonds,
we will need the terms agreed upon by the bank that will pur-
chase the bonds as soon as possible. We will provide you with
an appropriate form of ordinance authorizing the bonds as soon
as we can.
We expect our legal fees in connection with this issue
of bonds to be approximately $25,000. As this fee is substan-
tially higher (based on a ratio of principal amount of bonds)
than the City pays in connection with the issuance of tradi-
tional revenue or general obligation bonds, we thought we
should advise you of such fact. It is customary in industrial
development bond financings for the ultimate beneficiary of the
bonds (Fanta Sea Isle of North America) to pay to the issuer of
the bonds (the City) at closing of the Bond issue the amount of
our fee. We thought this information might be useful to the
City in connection with the negotiations concerning the sub -
concession agreement with Fanta Sea Isle.
Please call us if you have any questions.
Very truly yours,
Mark S. Westergard
For the Firm
MSW/lc
Enclosures