HomeMy WebLinkAboutResolution - 2018-R0382 - Intent To Finance Expenditures - 10/25/2018Resolution No. 2018- jg03S?
October 25, 2018
Item No. 62
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 103 of the
Internal Revenue Code of 1986, as amended (collectively, 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, 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
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 $250,000,000.
Exhibit A
Cost Estimate
General Fund - Public Safety
Public Safety Improvements Project $50,000,000
Internal Service
Fuelmaster Upgrade FY 18-19 471,760
Municipal Hill Car Wash FY 18-19 250,000
General Fund Vehicle Replacement FY 18-19 2,200,000
Airport Fund
Terminal Building Remodel — Airport 3,134,501
Terminal Building Remodel - PFC 15,337,161
Water/Wastewater Fund
Automated Metering Infrastructure 18,500,000
Annexation Water Lines for Fire Protection 8,265,000
Lubbock Power and Light
GIS Software Solution - 10 Years 510,000
Operations System Upgrades - 10 Years 615,000
Downtown Redevelopment Underground — 20 Years 600,000
Substation Capacity Upgrade - McDonald — 20 Years 270,000
Future Substation - North — 20 Years 2,835,000
Distribution Capacitor Banks — 20 Years 9851000
Dunbar -Manhattan Heights Underground Conversion — 20 Years 1,210,000
Substation Switchgear and Breaker Replacement — 20 Years 1,335,000
South Plains Mall Expansion — 20 Years 410,000
69 kV Line Rebuild - Thompson to Vicksburg - 30 Years
615,000
115kV Line Construction - Northwest to Mackenzie - 30 Years
1,090,000
Autotransformer - Southeast - 30 Years
1,110,000
69/115kV Line Rebuild: Brandon -Vicksburg - 30 Years
4,800,000
69/115kV Line Rebuild: Brandon -Erskine - 30 Years
385,000
69/115kV Line Rebuild: Erskine -Mackenzie - 30 Years
3,240,000
Autotransformer - Co-op - 30 Years
1,790,000
Auto transformer - Vicksburg - 30 Years
1,695,000
Autotransformer - Mackenzie - 30 Years
2,315,000
Substation Rebuild - Holly - 30 Years
3,170,000
Substation Rebuild - Oliver - 30 Years
720,000
Future Substation - New Oliver 345kV - 30 Years
6,885,000
Future Substation - North Addition 345kV - 30 Years
6,885,000
Future Substation - New Wadsworth 345kV - 30 Years
6,885,000
69/115kV Line Rebuild: Holly -Southeast - 30 Years
350,000
A-1
Lubbock Power and Light (cont.)
Substation Upgrades - 30 Years
69/115kV Line Rebuild: Co-op - Mackenzie - 30 Years
69/115KV Line Reconductor: Holly -Wadsworth - 30 Years
69/115KV Line Reconductor: Co-op -Wadsworth - 30 Years
115 kV Line Construction - Northwest to North Sub - 30 Years
115kV Line Construction - Chalker to New Oliver - 30 Years
115kV Line Construction - Oliver to New Oliver - 30 Years
115kV Line Construction - Red Raider Tap - 30 Years
345kV Line Construction - ERCOT Interconnection - 30 Years
Total
1,410,000
4,950,000
320,000
485,000
9,800,000
14,725,000
8,905,000
795,000
43,155,000
$233,408,422
Resolution No. 2018-R0382
October 25, 2018
Item No.
Texas.
ADOPTED THIS 25"' day of October, 2018, by the City Council of the City of Lubbock,
ATTEST:
Reb kca Garza, City Secreta
APPROVED AS TO CONTENT:
D. Blu Koste ch, Chief Financial Officer
APPROVED AS TO FORM:
L
Jerry V. yle, Jr., Bond Counsel
CITY OF LUBBOCK, TEXAS
DANIEL M. POPE, MAYOR