HomeMy WebLinkAboutResolution - 2017-R0490 - Intent To Finance Expenditures - 12/18/2017Resolution No. 2017-RO490
Item No. 7.15
December 18, 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 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, but not more than 18
months after the date hereof, and that are to be paid in connection with the 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 that the maximum principal amount of Obligations
issued to reimburse the Issuer for the costs associated with the property listed on Exhibit A attached
hereto will not exceed $60,000,000.
HOU:3847414.1
Exhibit A
• Public Safety Improvements Project, consisting of police facilities and municipal court facilities,
including parking, infrastructure and other costs related thereto
HOU:3847414.1
ADOPTED THIS 18th day of December , 2017, by the City Council of the City of
Lubbock, Texas.
DANIEL M. POPE, MAYOR
ATTEST:
APPROVED AS TO CONTENT:
D. Blu Koste ich
Chief Financial Officer
APPROVED AS TO FORM:
C �)
Jerry V. le, Jr.
Bond Counsel
HOU:3847414.1