HomeMy WebLinkAboutResolution - 2010-R0420 - Redeem Certain Oustanding Revenue Bonds & Authorize Payment Thereof - 09/02/2010Resolution No. 2010-80420
September 2, 2010
Item No. 2.5
A RESOLUTION CALLING FOR REDEMPTION CERTAIN
OUTSTANDING ELECTRIC SYSTEM REVENUE BONDS AND AUTHORIZING THE
PAYMENT THEREOF
WHEREAS, the City of Lubbock, Texas, has heretofore issued and there are currently
outstanding its electric light and power system revenue bonds, among others, entitled "Electric
Light and Power System Revenue Bonds, Series 1998," dated as of January 1, 1998, maturing on
April 15 in each of the years 2011 through 2018, inclusive, presently outstanding in the
aggregate principal amount of $3,680,000 (the "1998 Bonds") and "Electric Light and Power
System Revenue Refunding and Improvement Bonds, Series 1999," dated as of January 15,
1999, maturing on April 15 in each of the years 2011 through 2019, inclusive, presently
outstanding in the aggregate principal amount of $4,305,000 (the "1999 Bonds"); and
WHEREAS, the City presently has on hand lawfully available funds sufficient in amount
to redeem the outstanding 1998 Bonds and 1999 Bonds; and
WHEREAS, the City Council finds and determines that it is in the best interests of the
City that the 1998 Bonds and the 1999 Bonds should be called for redemption and such lawfully
available fiords should be applied to the redemption of the 1998 Bonds and the 1999 Bonds as
provided herein; and
WHEREAS, the meeting at which this Resolution is considered is open to the public as
required by law, and the public notice of the time, place and purpose of said meeting was given
as required by Chapter 551, Texas Government Code, as amended;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY:
Section 1. Findings. The findings and determinations set forth in the preambles
hereof are hereby incorporated by reference as if repeated in full.
Section 2. Redemption of 1998 Bonds and 1999 Bonds. The 1998 Bonds and the
1999 Bonds are hereby called for redemption and shall be redeemed from lawfully available
funds of the City on October 15, 2010 (the "Redemption Date") at a redemption price equal to
the principal amount thereof plus interest accrued thereon to the Redemption Date.
Section 3. Payment of Redemption Price. (a) The City shall deposit with the paying
agent/registrars (the "Paying Agent/Registrar") for the 1998 Bonds and the 1999 Bonds, from
lawfully available funds of the City, an amount sufficient to pay the principal of and accrued
interest on the 1998 Bonds and 1999 Bonds on the Redemption Date.
(b) Following the giving of notice of redemption as hereinafter provided and the
deposit of the redemption price with the Paying Agent/Registrar as required hereby, the 1998
Bonds and 1999 Bonds shall no longer be outstanding for any purpose, shall cease to accrue
interest, and the owners thereof shall be entitled to payment solely from the amounts deposited
with the Paying Agent/Registrar for such purpose.
Section 4. Notice of Redemption. (a) The City Secretary is hereby authorized and
directed to cause to be delivered to the Paying Agent/Registrar a certified copy of this
Redemption Resolution
Resolution, the delivery of which shall constitute delivery of notice of redemption of the 1998
Bonds and 1999 Bonds as required by the Ordinances authorizing the issuance thereof (the "Prior
Ordinances").
(b) The Paying Agent/Registrar is hereby authorized and directed to give notice of
redemption to the owners of the 1998 Bonds and the 1999 Bonds as required by and in
accordance with the Prior Ordinances.
Section 5. Actions to Be Taken. The officers of the City are hereby authorized and
directed to take any and all actions required to be taken to effect the purposes of this Resolution
in accordance with the terms of the Prior Ordinances and the laws of the State of Teams.
Section 6. Effective Date. This Resolution shall be effective immediately upon its
adoption.
Redemption Resolution
PASSED, APPROVED AND EFFECTIVE THIS September 2, 2010..
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TOM ARTIN, Mayor
ATTEST:
4CCA GARZA, City Secreta
[SEAL]
APPROVED AS TO CONTENT:
By: " t�v�
ANDY BtJRCHAM, Chief Financial Officer
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