HomeMy WebLinkAboutResolution - 2018-R0019 - Intent To Finance Expenditure - 01/11/2018Resolution No. 2018-R0019
Item No. 8.15
January 11, 2018 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, the interest on which is excludable
from gross income under Section 103 of the Internal Revenue Code of 1986, as amended (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 or
renovation 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 or renovation 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 $110,000,000.
HOU:3855046.1
ADOPTED THIS 11 th day of January, 2018, by the City Council of the City of Lubbock, Texas.
DANIEL M. POPE, MAYOR
ATTEST:-
Rebe a Garza
City S retary
APPROVED AS TO CONTENT:
D. Blu Koste ich
Chief Financial Officer
APPROVED AS TO FORM:
Jerry V. Vle, Jr.
Bond Counsel
HOU:3855046.1
EXHIBIT A
HOU:3855046.1
Lubbock Power and Light
FY 2017-18 Bond Issuance
Project Listing
Exhibit A
Project Issuance
Number Project Name Amount
10-Year Term
8625 Field Asset Inventory & Data Verification $ 2,650,000
92457 Customer Service Information Systems 38,885,000
92537 GIS Software Solution 2,115,000
Total 10-Year Term $ 43,650,000
20-Year Term
92282
Downtown Redevelopment Underground
$
530,000
92462
Substation Capacity Upgrade - McDonald
1,040,000
92464
Future Substation - North
2,345,000
92523
Distribution Capacitor Banks
895,000
92524
Milwaukee Ave Underground Feeders
885,000
92525
New Slide Road Feeder Line
865,000
92538
Mobile Substation
2,555,000
Total 20-Year Term
$
9,115,000
30-Year Term
92459
69/115kV Line Rebuild: Brandon -Erskine
$
85,000
92331
Fiber Optic Communications
1,195,000
92403
69/115kV Line Rebuild: Thompson -Vicksburg
1,030,000
92404
115kV Line Construction - Northwest to Mackenzie
9,530,000
92405
69/115kV Line Rebuild: Chalker -Thompson
1,620,000
92406
69/115kV Line Rebuild: Chalker -Oliver
1,315,000
92407
Autotransformer - Southeast
720,000
92458
69/115kV Line Rebuild: Brandon -Vicksburg
250,000
92460
69/115kV Line Rebuild: Erskine -Mackenzie
155,000
92466
Autotransformer - Co-op
1,800,000
92467
Autotransformer - Vicksburg
2,015,000
92468
Autotransformer - Mackenzie
2,015,000
92469
Substation Rebuild - Holly
4,070,000
92470
Substation Rebuild - Oliver
1,555,000
92472
Substation Rebuild - Slaton
7,950,000
92473
Future Substation - New Oliver 345kV
1,535,000
92474
Future Substation - North Addition 345kV
1,535,000
92475
Future Substation - New Wadsworth 345kV
1,535,000
92477
69/115kV Line Rebuild: Holly -Southeast
2,575,000
92478
69/115kV Line Rebuild: Holly-Slaton
2,385,000
92484
Substation Relay Upgrade
3,510,000
92499
69/115kV Line Rebuild: Co-op to Mackenzie
200,000
92500
69/115kV Line Reconductor - Holly to Wadsworth
110,000
92501
69/115kV Line Reconductor - Co-op to Wadsworth
390,000
92526
115kV Line Construction - Northwest to XFAB
1,385,000
92533
115kV Line Construction - Chalker to New Oliver
1,025,000
92534
115kV Line Construction - Oliver to New Oliver
1,890,000
Total 30-Year Term
$
53,380,000
Total Issuance
$ 106,145,000