HomeMy WebLinkAboutResolution - 2021-R0414 - Intent to Finance Expenditures for Various Capital Projects 10.26.21Resolution No. 2021-R0414
Item No. 7.1
October 26, 2021
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, including 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, renovation, improvement
and equipment of the projects listed on Exhibit A attached hereto;
WHEREAS, the Issuer has concluded that it does 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 listed on 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 expects to reimburse itself for capital expenditures 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, renovation, improvement and 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 that the maximum principal amount of Obligations
issued to reimburse the Issuer for the costs associated with the projects listed on Exhibit A attached hereto
will not exceed $59,300,000.
41464457-0930.1
ADOPTED THIS 26^' day of October, 2021 by the City Council of the City of Lubbock, Texas.
DANIEL M. POPE, MAYOR
ATTEST:
__u w
Rebecca GarLa
City Secretary
APPROVED AS TO CONTENT:
D. u Ku s
Chief Financial Officer
APPROVED AS TO FORM:
Jeny Kyl , r.
Bond Couns
414e4457n930.1
EXHIBIT A
General Fund
114th Street - Quaker Avenue to Indiana Avenue
Internal Service
Public Safety CAD, Mobile, and RMS Software
Solid Waste Vehicle Relacement FY 21-22 Tax Notes
Water/Wastewater
SEWRP Effluent Pump Station #2 Improvements
South Lubbock Sanitary Sewer Extension Phase IV
Lubbock Power and Light
Red Ralder Substation Distribution Feeders
Yellowhouse Substation Capacity Upgrade
Fiberoptic Communications
Distribution System Upgrade - Improvements - Expansion
Downtown Redevelopment
Substation Capacity Upgrade - Co-op
Substation Capacity Upgrade - Northeast
Substation Capacity Upgrade - Thompson
Substation Capacity Upgrade - Vicksburg
McDonald Substation Capacity Upgrade
Total
Cost Estimate
Totals
3,000,000
$ 3,000,000
4,000,000
1,100,000
$ 5,100,000
6,000,000
2,200,000
$ 8,200,000
1,565,000
1,335,000
903,238
6,445,000
1,377,489
5,670,000
7,555,000
2,740,000
8,660,000
1,410,000 $ 37,660,727
$ 53,96O,727
4146-4457-0930.1