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Regular City Council Meeting
Ordinance Single Reading - Finance:
Consider approval of an ordinance providing for the issuance of City of Lubbock, Texas, Water and Wastewater system revenue bonds, in one or more series; 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.
The City’s bonds, to be designated “City of Lubbock, Texas, Water and Wastewater System Revenue Bonds, Series 2021,” or such other designation or designations as set forth in the Pricing Certificate, are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas, including specifically Chapter 1371, Chapter 1502, and Article VIII of the Charter of the City.
The Bonds shall be issued in one or more series, from time to time, on the dates and in the principal amount designated in the Pricing Certificate, for the purposes of:
(i) paying the costs of acquiring, purchasing, constructing, improving, renovating, enlarging and equipping property, buildings, structures, facilities and related infrastructure for the System;
(ii) funding capitalized interest on the Bonds;
(iii) funding the reserve fund requirement for the Bonds; and
(iv) paying the costs of issuing the Bonds.
The aggregate principal amount of all Bonds issued pursuant to this Ordinance shall not exceed $13,000,000.
D. Blu Kostelich - Chief Financial Officer
City of Lubbock WW Rev Bonds Series 2021 - Ordinance
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