HomeMy WebLinkAboutResolution - 2017-R0357 - Intent To Finance Expenditures - 10/12/2017Resolution No.2017-R0357
Item No.6.2
October 12,2017
RESOLUTION EXPRESSING INTENT TO
FINANCE EXPENDITURES TO BE INCURRED
WHEREAS,the City of Lubbock,Texas (the "Issuer")is a political subdivision of the State of
Texas authorized to finance its activities by issuing debt obligations, which may include obligations the
interest on which is excludable from gross income under Section 103 of the Internal Revenue Code of
1986,as amended (collectively,the "Obligations");
WHEREAS, the Issuer will make or has made, not more than 60 days prior to the date hereof,
payments for capital expenditures with respect to the acquisition, construction, reconstruction, renovation
or equipment of the projects listed on Exhibit A attached hereto;
WHEREAS,the Issuerhas concluded that itdoes not currently desire to issue Obligations to
finance costs associated with the projects listed on Exhibit A attached hereto;
WHEREAS, the Issuer desires to reimburse itself for capital expenditures associated with the
projects listedon Exhibit A attached hereto from the proceeds of Obligations to be issued subsequent to
the date hereof;and
WHEREAS, the Issuer reasonably expects to issue Obligations to reimburse itself for the costs
associated with the projects listed on Exhibit A attached hereto.
NOW,THEREFORE,be it resolved that:
Section 1.The Issuer reasonably expectsto reimburseitselffor capitalexpendituresthat have
beenor will be paidsubsequentto the datethat is60 days priorto the date hereof,but not morethan 18
months afterthedate hereof,andthatareto be paidin connection withthe acquisition,construction,
reconstruction, renovation or equipment of the projects listed on Exhibit A attached hereto from the
proceeds of Obligations to be issued subsequent to the date hereof.
Section 2. The Issuer reasonably expects thatthe maximum principal amount of Obligations
issuedto reimbursethe Issuerforthe costsassociatedwiththe propertylistedon ExhibitA attached
hereto will not exceed $47,000,000.
HOU:3830390.1
ADOPTED THIS 12th day of October , 2017, by the City Council of the City of
Lubbock, Texas.
DANIEL M. POPE, MAYOR
ATTEST: .
Re ecca Garza
City Secretary
APPROVED AS TO CONTENT:
D. Blu Kost lich
Chief Financial Officer
APPROVED AS TO FORM:
Cy -I
1
Jerry . Kyle, Jr.
Bond Counsel
HOU:3830390.1
EXHIBIT A
Project List
Airport
Terminal Building Remodel
Consolidated Rental Car Facility Construction
Internal Service
Secondary Data Center - 10 yrs
Solid Waste Vehicle Replacement FY 2017-18 - Tax Note
General Fund Vehicle Replacement FY 17-18 - Tax Note
Transit Vehicle Replacement FY 17-18 - Tax Note
Gateway
Upland Avenue - 66th Street to 82nd Street
98th Street from Upland Avenue to Milwaukee Avenue
Cost Estimate Term
10,500,000 20 yrs
16,000,000 20 yrs
5,260,000
10 yrs
1,100,000
7 yrs
1,300,000
7 yrs
2,890,000
7 yrs
2,470,000 20 yr
2,700,000 20 yr
$ 42,220,000