HomeMy WebLinkAboutResolution - 2002-R0350 - Resolution To Reimburse Expenditures For Public Works - 09/17/2002Resolution No. 2002-RO350
September 17, 2002
Item No. 54
A RESOLUTION declaring expectation to reimburse expenditures for costs of
public works projects in the North Overton Area Tax Increment Financing
Reinvestment Zone with proceeds of future debt.
WHEREAS, the City of Lubbock, Texas (the "City") plans to issue tax exempt
obligations to finance the costs of public works projects in North Overton Area Tax Increment
Financing Reinvestment Zone, City of Lubbock, Texas, to wit: street improvements, including
land acquisition, drainage, utilities, signage, lighting, curbs, gutters, landscaping, park
improvements and storm sewer improvements (collectively, the "Projects"); and
WHEREAS, prior to the issuance of such obligations, the City will make expenditures for
the Projects from existing funds on hand, and it is the intent of the City to reimburse such funds
with the proceeds of sale of such obligations; and
WHEREAS, under Trees. Reg. - 1.150-2 (the 'Regulation"), an official intent to
reimburse expenditure with the proceeds of tax exempt obligations must be made within 60
days of the date of the original expenditure; and
WHEREAS, the City desires to preserve its ability to reimburse the expenditures with
proceeds of tax-exempt obligations.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
LUBBOCK, TEXAS THAT the City reasonably expects to reimburse capital expenditures with
respect to the Projects paid with funds on hand from the proceeds of sale of tax exempt
obligations hereafter to be issued, and this resolution shall constitute a declaration of official
intent under the Regulation. The maximum principal amount of tax exempt obligations expected
to be issued for the Projects is $3,270,000.
PASSED AND ADOPTED this Sept. 17 , 2002.
CITY OF LUBBOCK, TEXAS
T. J. Patte son, Senior Council Member
ATTEST:
City Secretary
LUBBOCK TIF C_02002_REIM RES
(2).DOC
City Manager's Office
InterOffice Memo
To: Bob Cass, City Manager
From: Andy Burcham, Cash & Debt Manager
Date: September 5, 2002
Subject: Agenda Comments — September 17, 2001 City Council Meeting
CITY OF LUBBOCK
AGENDA ITEM SUMMARY
ITEM &SUBJECT:
# Consider a resolution declaring expectation to reimburse expenditures with
proceeds of future debt.
BACKGROUND/DISCUSSION:
The City of Lubbock plans to issue tax exempt obligations to finance the costs of
public works projects in North Overton Area Tax Increment Financing Reinvestment
Zone for the purpose of street improvements, including land acquisition, drainage,
utilities, signage, lighting, curbs, gutters and landscaping ("Projects').
Prior to the issuance of these obligations, the City will make expenditures for the
Projects from existing funds on hand, and it is the intent of the City to reimburse such
funds with the proceeds of sale of such obligations.
The bond proceeds are expected to be delivered within the 2003-2004 fiscal year.
The City must declare its intent to reimburse bond -funded construction costs that are
incurred prior to the bond issuance for the costs to be eligible for reimbursement with
bond proceeds.
SUMMARY/RECOMMENDATION:
This resolution allows reimbursement of authorized costs incurred in advance of
the bond issuance in order that projects may be completed within prescribed timeframes.
Staff recommends approval of this resolution to reimburse no more than $1,010,000.