HomeMy WebLinkAboutResolution - 2022-R0411 - Intent to Finance ExpendituresResolution No. 2022-RO411
Item No. 6.1
October 11, 2022
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, renovation,
improvement and 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 BY THE CITY COUNCIL OF THE CITY OF
LUBBOCK, TEXAS, 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 and that
are to be paid in connection with the acquisition, construction, renovation, improvement and
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 projects listed on
Exhibit A attached hereto will not exceed $42,000,000.
[Signature page follows]
4146-4457-0930. l
Texas.
ADOPTED THIS 1 lch day of October, 2022 by the City Council of the City of Lubbock,
ATTEST:
Reb e ca Garza
City S cretary
APPROVED AS TO CONTENT:
— /)� &§ L2ZC
D. Blu Ko elich
Chief Financial Officer
APPROVED AS TO FORM:
Jerry V. , Jr.
Bond Counsel
4146-4457-0930.1
Ti YuiRiT A
Cost Estimate Totals
General Fund
Transfer Station 17,050,014 $ 17,050,014
Internal Service
General Fund Vehicle Relacement FY 22-23 Tax Notes 4,775,084 $ 4,775,084
Water/Wastewater
North Terminal Storage Reservoir Improvements 6,000,000
Southeast Lubbock Water System Expansion 1,500,000
West Lubbock Water System Expansion 1,875,000
Downtown Sewer Line Replacement 6,500,000 $ 15,875,000
Total $ 37,700,098
4146-4457-0930.1