HomeMy WebLinkAboutResolution - 2011-R0445 - Intent To Reimburse Self For Project Costs Using Tax Exempt Obligations - 10/13/2011Resolution No. 2011-RO445
October 13, 2011
Item No. 5.3
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;
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 projects listed on Exhibit A attached hereto;
WHEREAS, the Issuer has concluded that it does not currently desire to issue
debt obligations to finance the costs associated with the projects listed on Exhibit A
attached hereto;
WHEREAS, the Issuer desires to reimburse itself for the costs associated with
the projects listed on Exhibit A attached hereto from the proceeds of debt obligations
to be issued subsequent to the date hereof; and
WHEREAS, the Issuer reasonable expects to issue debt 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 expects to reimburse itself for 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 projects listed on Exhibit A attached hereto from
the proceeds of debt obligations to be issued subsequent to the date hereof.
Section 2. The Issuer reasonably expects that the maximum principal amount
of debt obligations issued to reimburse the Issuer for the costs associated with the
property listed on Exhibit A attached hereto will not exceed $114,673,154.
ADOPTED THIS 13th
the City of Lubbock, TX
day of October , 2011, by the City Council of
<-��/-Z -
TOM MARTIN, MAYOR
ATTEST:
Rebe ca Garza
City Secretary
APPROVED AS TO CONTENT:
Andy Burcham
Chief Financia! Officer
APPROVED AS TO FORM:
EXHIBIT A
Resolution No. 2011-RO445
Cost Estimate
AIRPORT
Airport Terminal Boiler Replacement S 1,250,000
CITY FACILITIES
City Hall Improvements 300,000
Multi -Company Fire Station #18* 2,250,000
Citywide Fuel System Upgrades 267,300
New Fire Station No. 19* 250,000
STREETS
Sign Upgrades and Replacement
174,317
Traffic Signals/Controllers
300,000
34th Street Reconstruction - Indiana Avenue to Avenue Q*
15,725,000
PARKS
500,000
Park Playground Equipment
705,304
Mackenzie Restroom (Broadway Entry)
261,547
Garden and Arts Center Renovations
333,500
SOLID WASTE
Cell VI Expansion Landfill 69 500,000
STORM WATER
Storm Water Vault Replacement
150,000
Northwest Lubbock and Maxey Park Project
33,350,000
Storm Sewer Repair and Replacement
500,000
82nd and Quaker Drainage Improvements
500,000
Phase 11 Street Maintenance Program
9,339,999
WASTEWATER SYSTEM
300,000
Lift Station Rehabilitation
250,000
Sewer Line Replacement
250,000
Sewer Tap Replacements
250,000
Land Application Office Renovation
50,000
South Lubbock Sanitary Sewer System Expansion Phase 1
6,000,000
Sewer Extensions Ahead of Gateway Projects
1,000,000
Dedicated Land Disposal Facility
1,000,000
SEWRP Solids Handling Facility Improvements
1,000,000
WATER
Lake Alan Henry Repairs/Maintenance
3,000,000
Water Treatment Plant Improvements
2,000,000
Pumping System Improvements
200,000
Water Lines Ahead of Street Paving
250,000
Low Head B and Pump Station No. 9 Rehabilitation
9,500;000
Pump Station Emergency Electric Generators
300,000
LAH Wildlife Mitigation Area Improvements
250,000
ELECTRIC
Distribution Transformers 3,000,000
Underground Distribution 3,000,000
Overhead Distribution 3,000,000
MASTER LEASE PURCHASES 14,216,187
TOTAL S 114,673,154
'General Obligation Bonds. These projects were approved by the voters in the 2009 bond election.