Ordinance Single Reading - Finance: Consider approval of an ordinance providing for the issuance of City of Lubbock, Texas, Combination Tax and Revenue Certificates of Obligation, in one or more series; levying a tax and pledging surplus water and wastewater system revenues in payment thereof; providing for the award of the sale thereof in accordance with specified parameters; approving an official statement; approving execution of a purchase contract; and enacting other provisions relating thereto.
Item Summary
The City's certificates of obligation (the "Certificates") are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas, specifically Subchapter C, Chapter 271, Texas Local Government Code, as amended, Chapter 1371 and Article VIII of the City's Home-Rule Charter.
The Certificates may be issued, from time to time, in one or more series, on the dates and in the aggregate principal amount designated in the Pricing Certificate therefor for the purpose of paying contractual obligations to be incurred for the following purposes, to wit: The bonds may be issued, from time to time, in one or more series, on the dates and in the aggregate principal amount designated in the Pricing Certificate, for the purpose of: (i) construction, renovation, improvement and extension of City streets and related infrastructure, vehicles and equipment, including sidewalks, street lighting, traffic signals/controllers and traffic signal communication systems, signage, drainage, landscaping, utility improvements, extensions, relocations and acquisition of land and rights-of-way in connection therewith; (ii) construction, improvement, renovation and equipment of fire department facilities and acquisition of land, buildings and other facilities related thereto (collectively, the "Project"), and (iii) payment of professional services of attorneys, financial advisors, engineers and other professionals in connection with the Project and the issuance of the Certificates.
Fiscal Impact
The aggregate principal amount of all Bonds issued pursuant to this ordinance shall not exceed $30,000,000.