HomeMy WebLinkAboutResolution - 2015-R0032 - Issue Debt Obligation Amending Expression Of Intent To Finance Expenditures - 01/22/2015Resolution No. 2015-R0032
Item No. 5.4
January 22, 2015
RESOLUTION AMENDING EXPRESSION OF 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, pursuant to a resolution approved by the Issuer's City Council on October 9, 2014,
the Issuer expressed its intent to issue up to $195,000,000 of Obligations to reimburse the Issuer for costs
associated with capital expenditures for the acquisition, construction, reconstruction or renovation of
various projects, including up to $10,200,000 to pay costs associated with a new facility for the Issuer's
Police Department ("New Facility");
WHEREAS, the Issuer now expects to use the New Facility as a new City Hall and to renovate
certain existing facilities for use as a new Police Department facility and for other municipal purposes, as
listed on Exhibit A attached hereto (collectively, the "Municipal Facilities Replacement and Renovation
Projects"); and,
WHEREAS, the Issuer desires to amend its previously expressed intent to reimburse up to
$10,200,000 of costs associated with the Issuer's Police Department from the proceeds of Obligations
and, by adoption of this resolution, express the Issuer's intent to reimburse up to $10,200,000 of capital
expenditures associated with the Municipal Facilities Replacement and Renovation Projects from the
proceeds of Obligations to be issued subsequent to the date hereof;
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 Municipal Facilities Replacement and Renovation Projects, 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 costs associated with the Municipal Facilities Replacement and
Renovation Projects listed on Exhibit A attached hereto will not exceed $10,200,000.
HOU:351I019.1
ADOPTED THIS 22nd day of January 2015, by the City Council of the City of
Lubbock, Texas.
EN C. R BERTSON, MAYOR
ATTEST:
Rebec a Garza
City S(cretary
APPROVED AS TO CONTENT:
Pamela Moon
Executive Director of Finance
APPROVED AS TO FORM:
Jerry \ . Cyle, Jr.
Bond Counsel
HOU:351I019.1
The Municipal Facilities Replacement and Renovation Projects consist of the acquisition of land and
buildings, the construction of new facilities, and renovations, improvements and upgrades to existing
municipal facilities for a new City Hall, a new Police Department facility and other municipal purposes.
HOU:3511019.1