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Home My WebLink AboutResolution - 2003-R0209 - Issuance Of Electric Light And Power System Revenue Bonds - 05_22_2003Resolution No. 2003-RO209 May 22, 2003 Item No. 59 RESOLUTION NO. A RESOLUTION approving and authorizing publication of notice of sale with respect to revenue bonds. WHEREAS, the City Council of the City of Lubbock, Texas, has determined to issue electric light and power system revenue bonds in the principal amount of $22,935,000 and, in connection therewith, the sale of such bonds is to be advertised in a newspaper once a week for a period of 30 days; now, therefore BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS: The City Secretary is hereby authorized and directed to cause a notice of sale relating to the sale of electric light and power system revenue bonds to be published once a week for a period of thirty (30) days; such notice of sale to read substantially in the form and content of Exhibit A hereto attached and incorporated herein by reference as a part of this resolution for all purposes. PASSED AND APPROVED, this May 22, 2003. ATTEST: Cit ecretary (City Seal) LUBBOCK EL&P REV 2003-NOS RES.DOC Resolution No. 2003-RO209 May 22, 2003 Item No. 59 Exhibit A NOTICE OF SALE $22,935,000 City of Lubbock, Texas, Electric Light and Power System Revenue Refunding and Improvement Bonds, Series 2003 On the 24th day of July, 2003, the City Council of the City of Lubbock, Texas, plans to sell the above referenced bonds during its regular meeting scheduled to begin at 10:30 o'clock A. M.. A complete description of the Bonds being authorized and sold may be obtained from the Division of Finance, City of Lubbock, P.O. Box 2000, Lubbock, Texas 79457; or from First Southwest Company, 1700 Pacific Avenue, Suite 500, Dallas, Texas 75201, Financial Consultants to the City. Rebecca Garza City Secretary City of Lubbock, Texas LUBBOCK EL&P REV 2003-NOS RES.DOC Underground Distribution FY 02-03 Funded by 2003 Rev: $ 300,000 Underground Distribution FY 03-04 Funded by 2003 Rev: $2,500,000 This project will provide for engineering design, construction, labor and materials to provide service to customers requiring underground electric service. This project is required to meet normal system growth resulting from change-overs to LP&L, new housing subdivisions, underground service requirements of LP&L commercial/industrial customers and increased electrical requirements of existing LP&L customers. Service Distribution FY 02-03 Funded by 2003 Rev: $ 500,000 Service Distribution FY 03-04 Funded by 2003 Rev: $ 500,000 This project will provide for engineering design, construction, labor and materials required to install services and metering equipment for new and existing customers. This project is required to meet normal system growth resulting from change-overs to LP&L, new housing subdivisions and increased electrical requirements of existing LP&L customers. Distribution Transformers FY 02-03 Funded by 2003 Rev: � 800,000 Distribution Transformers FY 03-04 Funded by 2003 Rev: $ 800,000 This project will provide funds for the purchase of distribution transformers for the electric distribution system growth, maintenance and improvements. This project is required to meet normal system growth resulting from change-overs to LP&L, new housing subdivisions and increased electrical requirements of existing LP&L customers. Erskine Substation Capacity Increase Funded by 2003 Rev: $ 100,000 This project will provide funds to increase the capacity at Erskine Substation, which serves the north and northwest portions of the City. This substation load capacity increase is required for the new and expanding development that is occurring in the north and northwest portions of the City. This substation transformer capacity increase will be realized by relocating the substation transformer that is to be replaced at Mackenzie Substation to Erskine Substation. Mackenzie Sub to Milwaukee Ave. Transmission Line Funded by 2003 Rev: $ 250,000 This project will provide funds to rebuild approximately seven (7) miles of 69KV transmission line between the Mackenzie Substation and the Milwaukee Substation. Load flow studies indicate that under certain outage conditions, service to the North and West portions fo the City could be affected. This project will upgrade existing 4/OACSR and 477MCM ACSR to 795ACSS conductor. This project will be completed in phases and will require five (5) years to complete. De Gasification Unit Funded by 2003 Rev: $ 200,000 This project will allow for the purchase of a hot -oil de -gasification unit. This unit will clean and de -gasify the oil in LP&L substation transformers. LP&L currently has nine (9) of existing 50 substation transformst on our system that the Ciyt of Lubbock insurere is recommending be de - gasified. The remaining substation transformers will require de -gasification over the next 2-3 years. The outsourcing of thi project for the current nine (9) transformers to be de -gasified will cost approximately $100,000. 82na Street Transmission Rebuild Funded by 2003 Rev: $ 300,000 This project will provide funds to rebuild and upgrade an existing 5 miles of 69KV transmission line between Cooke Station and Oliver Substation. Load flow studies indicate that under certain outage conditions this line may become overloaded and adversely effect the availability of service to the south part of the LP&L transmission system and the City of Lubbock. This project will upgrade existing 477MCM ACSR to 795ACSS conductor. Marsha Sharp Freeway Phase 1-3 Relocation Funded by 2003 Rev: $ 850,000 By state and federal highway policies, utilities within the proposed freeway corridor must be relocated prior to the letting of highway construction contracts. This project will provide funds for the engineering design, construction, labor and materials required to relocate LP&L transmission and distribution lines located within the Marsha Sharp Freeway Corridor. Gas Turbine #2 Evaporative Cooler Provide evaporative colling for Gas Turbine #2. Summary/Recommendation: Funded by 2003 Rev: $ 70,000 As this action is the first necessary step to proceed with a bond issuance, staff recommends passage of this resolution. Pricing date is set for July 22, 2003. Resolution No. 2003-RO209 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. On the 22Id day of May, 2003, a regular meeting of the City Council of the City of Lubbock, Texas, was held at a meeting place within the City; the duly constituted members of the Council being as follows: MARC McDOUGAL JIM GILBREATH ) FRANK W. MORRISON ) VICTOR HERNANDEZ ) T. J. PATTERSON ) GARY BOREN ) TOM MARTIN ) MAYOR COUNCILMEMBERS and all of said persons were present at said meeting, except the following: . Among other business considered attached resolution entitled: at said meeting, the "A RESOLUTION approving and authorizing publication of notice of sale with respect to revenue bonds." was introduced and submitted to the Council for passage and adoption. After presentation and due consideration of the resolution, and upon a motion being made by Tom Martin and seconded by Gary Boren ., the resolution was finally passed and adopted by the Council to be effective immediately by the following vote: voted "For" 0 voted "Against" abstained all as shown in the official Minutes of the Council for the meeting held on the aforesaid date. 2. The attached resolution is a true and correct 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, advance notice of the time, place and purpose of the meeting was given to each member of the Council; and that said meeting and the deliberation of the aforesaid public business was open to the public and written notice of said meeting, including the subject of the above entitled resolution, was posted and given in advance thereof in compliance with the provisions of V.T.C.A., Government Code, Chapter 551, as amended. 45316177.1 IN WITNESS WHEREOF, I have hereunto signed my name officially and affixed the seal of said City, this the 22"d day of May, 2003. CQ A City tecretary City of Lubbock, Texas (City Seal) 45316177.1 2