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Home My WebLink AboutResolution - 2003-R0204 - Capital Expenditures Reimbursement For North Overton Area - 05_22_2003Resolution No. 2003—RO204 May 22, 2003 Item No. 53 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. STATE OF TEXAS COUNTY OF LUBBOCK § 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 proceeds of sale of such obligations; and WHEREAS, under Treas. 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 $3,800,000. Passed by the City council this ATTEST: 22nd day of May 2003. T. J. Patterson, Senior Council Member Reffecca Garza, City Secretay 0 AS CONTENT: APPROVED AS andiver, Assistant City Resolution No. 2003-RO204 May 22, 2003 Item No. 53 RESOLUTION NO. A RESOLUTION approving and authorizing publication of (i) notice of intention to issue certificates of obligation for improvements in the North Overton Tax Increment Financing Reinvestment Zone and (ii) notice of sale with respect to such certificates of obligation. WHEREAS, the City Council of the City of Lubbock, Texas, has determined that certificates of obligation should be issued in accordance with the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271, for the purpose of paying contractual obligations to be incurred for (a) the construction of public works in North Overton Tax Increment Financing Reinvestment Zone, City of Lubbock, to wit: water and sewer improvements and extensions and street improvements, including sidewalks, street lighting, landscaping, street furniture and utility relocations and (b) professional services rendered in relation to such projects and the financing thereof; and WHEREAS, the City has determined to take bids for the purchase of such certificates of obligations and prior to the issuance of said certificates of obligation, this Council is required to give notice of its intention to issue the same in the manner and time provided by law and to publish a notice of sale with respect thereto in accordance with the provisions of the City's Charter; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS: SECTION 1: The City Secretary is hereby authorized and directed to cause notice to be published of this Council's intention to issue certificates of obligation in the principal amount not to exceed $3,800,000 for the purpose of paying contractual obligations to be incurred for (a) the construction of public works in North Overton Tax Increment Financing Reinvestment Zone, City of Lubbock, to wit: water and sewer improvements and extensions and street improvements, including sidewalks, street lighting, landscaping, street furniture and utility relocations and (b) professional services rendered in relation to such projects and the financing thereof, and such certificates shall be payable from ad valorem taxes and from a pledge of tax increment revenues on deposit in the tax increment fund established for North Overton Tax Increment Financing Reinvestment Zone, City of Lubbock, Texas. The notice hereby approved and authorized to be given shall read substantially in the form and content of Exhibit A hereto attached and incorporated herein by reference as a part of this resolution for all purposes, and such notice shall be published in a newspaper of general circulation in the City, once a week for two consecutive weeks, the date of the first publication to be at least fifteen (15) days prior to the date stated therein for the passage of the ordinance authorizing the issuance of the certificates of obligation. SECTION 2: The City Secretary is hereby authorized and directed to cause a notice relating to the sale of certificates of obligation to be published once a week for a period of thirty (30) days; such notice of sale to read substantially in the form and content of Exhibit B hereto attached and incorporated herein by reference as a part of this resolution for all purposes. SECTION 3: It is officially found, determined, and declared the meeting at which this Resolution is adopted was open to the public and public notice of the time, place, and subject matter of the public business to be considered at such meeting, including this Resolution, was given, all as required by V.T.C.A., Government Code, Chapter 551, as amended. 45313740.1 SECTION 4: This Resolution shall be in force and effect from and after its passage on the date shown below. PASSED AND APPROVED, this May 22, 2003. ATTEST: cp'" -""- `r� 4' � �� -111-�� City Secretary (City Seal) 45313740.1 2 CITY OF LUBBOCK, TEXAS t T. J. Patterson, Senior Council Member Exhibit A NOTICE OF INTENTION TO ISSUE CITY OF LUBBOCK, TEXAS, CERTIFICATES OF OBLIGATION FOR IMPROVEMENTS IN THE NORTH OVERTON TAX INCREMENT FINANCING REINVESTMENT ZONE TAKE NOTICE that the City Council of the City of Lubbock, Texas, shall convene at 10:30 o'clock A.M. on the 241h day of July, 2003, at the City Council Chambers, Municipal Complex, 1625 13th Street, Lubbock, Texas, and, during such meeting, the City Council will consider the adoption of an ordinance authorizing the issuance of certificates of obligation in an amount not to exceed $3,800,000 for the purpose of paying contractual obligations to be incurred for (a) the construction of public works in North Overton Tax Increment Financing Reinvestment Zone, City of Lubbock, to wit: water and sewer improvements and extensions and street improvements, including sidewalks, street lighting, landscaping, street furniture and utility relocations and (b) professional services rendered in relation to such projects and the financing thereof, and such certificates shall be payable from ad valorem taxes and from a pledge of tax increment revenues on deposit in the tax increment fund established for North Overton Tax Increment Financing Reinvestment Zone, City of Lubbock, Texas. The certificates are to be issued, and this notice is given, under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271. Rebecca Garza City Secretary City of Lubbock, Texas 45313740.1 Exhibit B NOTICE OF SALE $3,800,000 City of Lubbock, Texas, Tax and Tax Increment Revenue Certificates of Obligation, Series 2003 (North Overton Tax Increment Financing Reinvestment Zone) On the 241" day of July, 2003, the City Council of the City of Lubbock, Texas, plans to sell the above referenced certificates of obligation during its regular meeting scheduled to begin at 10:30 o'clock A.M.. A complete description of the Certificates being authorized and sold may be obtained from the Division of Finance, City of Lubbock, P.O. Box 2000, Lubbock, Texas 79457; or from First Southwest Company, 1700 Pacific Avenue, Suite 500, Dallas, Texas 75201, Financial Consultants to the City. Rebecca Garza City Secretary City of Lubbock, Texas 45313740.1