HomeMy WebLinkAboutResolution - 2019-R0097 - LP&L Reimbursement - Bond - 03/26/2019 Resolution No. 2019- R0097
March_2 2019
Item No.719
A 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 103of the
Internal Revenue Code of 1986, as amended (collectively, the "Obligations");
WHEREAS, on October 25, 2018, the Issuer adopted a resolution expressing its intent to
reimburse capital expenditures associated with certain projects in an amount not to exceed
$250,000,000 (the "Prior Reimbursement Resolution");
WHEREAS, the Issuer desires to reimburse itself for (i) capital expenditures associated
with certain additional projects (the "Additional Projects") and (ii) capital expenditures in excess
of the amounts budgeted for certain projects identified in the Prior Reimbursement Resolution
(the "Augmented Amounts");
WHEREAS, this resolution supplements the Prior Reimbursement Resolution to include
the Additional Projects and the Augmented Amounts;
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
Resolution No.2019-_Ron9l
March,5 2019
Item No.-7—L9
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 $33.500.000.
[Signature Page Follows]
Resolution No. 2019- Rol()97
March-26 2019
ltern No.y Lq
ADOPTED THIS 26th day of March, 2019, by the City Council of the City of Lubbock,
Texas.
CITY OF LUBBOCK, TEXAS
DANIEL M. POPE, MAYOR
ATTEST:
Rebe ca Garza, City Setar
APPROVED AS TO CONTENT:
D. Blu Koste ich, Chief Financial Officer
APPROVED AS TO FORM:
Jerry V. le, Jr., Bond Counsel
Exhibit A
Lubbock Power and Light Additional Updated Total
Amount Cost Estimate
Additional Projects
Substation Rebuild—Slaton $150,000 $150,000
69/115kV Line Rebuild: Holly-Slaton 870,000 870,000
Red Raider Substation Distribution Feeders 4,985,000 4,985,000
Abernathy to North Transmission Line 1,550,000 1,550,000
Abernathy to Wadsworth Transmission Line 2,750,000 2,750,000
Wadsworth to New Oliver to Farmland Transmission Line 1,000,000 1,000,000
Augmented Amount Projects
Substation Capacity Upgrade—McDonald $721,198 $991,198
69 kV Line Rebuild -Thompson to Vicksburg 430,000 1,045,000
115kV Line Construction -Northwest to Mackenzie 4,228,802 5,318,802
Autotransformer- Southeast 1,500,000 2,610,000
Autotransformer- Vicksburg 400,000 2,095,000
Autotransformer- Mackenzie 1,000,000 3,315,000
Substation Rebuild - Holly 4,060,000 7,230,000
Substation Rebuild - Oliver 6,855,000 7;575,000
69/115kV Line Rebuild: Holly-Southeast 2,155,000 2,505,000
Total $32,655,000 $43,990,000
A-1