HomeMy WebLinkAboutResolution - 2011-R0243 - Expect To Reimburse Self For Expenditures - 06/09/2011Resolution No.
June 9, 2011
Item No. 5.3
2011-RO243
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 obligations the interest on which is
excludable from gross income for federal income tax purposes ("tax-exempt obligations")
pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the "Code");
WHEREAS, the Issuer will make, or has made not more than 60 days prior to the date
hereof, payments with respect to the acquisition, construction, reconstruction or renovation of the
property listed on Exhibit A attached hereto,
WHEREAS, the Issuer has concluded that it does not currently desire to issue tax-exempt
obligations to finance the costs associated with the property listed on Exhibit A attached hereto;
WHEREAS, the Issuer desires to reimburse itself for the costs associated with the
property listed on Exhibit A attached hereto from the proceeds of tax-exempt obligations to be
issued subsequent to the date hereof; and
WHEREAS, the Issuer reasonably expects to issue tax-exempt obligations to reimburse
itself for the costs associated with the property listed on Exhibit A attached hereto.
NOW, THEREFORE, be it resolved that:
Section 1. The Issuer reasonably expects to reimburse itself for all costs that have been
or will be paid subsequent to the date that is 60 days prior to the date hereof and that are to be
paid in connection with the acquisition, construction, reconstruction or renovation of the property
listed on Exhibit A attached hereto from the proceeds of tax-exempt obligations to be issued
subsequent to the date hereof.
Section 2. The Issuer reasonably expects that the
tax-exempt obligations issued to reimburse the Issuer for the
listed on Exhibit A attached hereto will not exceed $1,250,000.
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maximum principal amount of
costs associated with the property
ADOPTED THIS 9th day of June , 2011, by the City Council of the City of
Lubbock, Texas.
CITY OF LUBBOCK, TEXAS
Mayor, City of Lubbock, Texas
ATTEST:
City cretary, City of Lubb ck, exas
APPROVED AS TO CONTENT:
Chief Anancial Officer, City of Lubbock, Texas
-2-
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Resolution No. 2011-RO243
EXHIBIT A
Acquisition and installation of boiler replacements for Lubbock Preston Smith International
Airport.
A-1
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