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HomeMy WebLinkAboutResolution - 2010-R0455 - Intent To Finance Expenditures For Property Listed In Exhibit A - Obligations - 09/27/2010Resolution No. 2010-RO455 September 27, 2010 Item No. 5.2 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 obligations the interest on which is excludable from gross income for federal income tax purposes ("tax-exempt obligations") pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the "Code"); WHEREAS, the Issuer will make, or has made not more than 60 days prior to the date hereof, payments with respect to the acquisition, construction, reconstruction or renovation of the property listed on Exhibit A attached hereto; WHEREAS, the Issuer has concluded that it does not currently desire to issue tax-exempt obligations to finance the costs associated with the property listed on Exhibit A attached hereto; WHEREAS, the Issuer desires to reimburse itself for the costs associated with the property listed on Exhibit A attached hereto from the proceeds of tax-exempt obligations to be issued subsequent to the date hereof; and WHEREAS, the Issuer reasonably expects to issue tax-exempt obligations to reimburse itself for the costs associated with the property listed on Exhibit A attached hereto. NOW, THEREFORE, be it resolved that: Section 1. The Issuer reasonably expects to reimburse itself for all costs 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, reconstruction or renovation of the property listed on Exhibit A attached hereto from the proceeds of tax-exempt obligations to be issued subsequent to the date hereof. Section 2. The Issuer reasonably expects that the maximum principal amount of tax-exempt obligations issued to reimburse the Issuer for the costs associated with the property listed on Exhibit A attached hereto will not exceed $200,976,922. A-1 153409v.1 LUB200/71016 ADOPTED THIS 27th day of September , 2010, by the City Council of the City of Lubbock, Texas. CITY OF LUBBOCK, TEXAS lrHi1 A4/ Mayor, City of Lubbock, Texas ATTEST: S?Ak" Cit ecretary, City of Lubbo , exas APPROVED AS TO CONTENT: Chief Financial Officer, City of Lubbock, Texas APPROVED AS TO FORM: A-2 153409v.1 LUB200/71016 City of Lubbock, TX Finance Department Exhibit A Resolution No. 2010—RO455 Fund Project Issuance Amount Tax and Waterworks System Surplus Revenue Certificates of Obligation, Series 2011: Airport Passenger Loading Bridges $ 5,800,000 Phase II Runway 8/26 Improvements 1,304,698 7,104,698 CBD TIF Underground Utilities 1,500,000 1,500,000 Gateway Quaker Avenue - 114th Street to FM 1585 6,934,594 6,934,594 General Fund - Parks Park Pavilions 291,950 Park Playground Replacement 671,079 Berl Huffman Restroom 175,000 1,138,029 General Fund - Public Works Traffic Signals/Controllers 300,000 Sign Upgrades and Replacement 151,168 North Quaker Street Lighting 134,123 82nd Street and University Avenue Intersection 1,354,914 1,940,205 Internal Service Citywide Fuel System Upgrades 267,300 267,300 Solid Waste Cell Development 2252 6,674,820 Cell VI Expansion Landfill 69 1,211,146 Landfill 69 & 2252 Drainage Improvements 552,900 8,438,866 Storm Water Phase II Street Maintenance Program - 10 Year 9,201,970 McAlister Park Cut and Fill Master Plan 3,064,706 12,266,676 Wastewater 98th Street Sanitary Sewer Remediation 6,150,000 Major Sewer Line Replacement 1,000,000 Lift Station Rehabilitation 500,000 Sewer Line Replacement 150,000 Sewer Lines Ahead of Street Paving 500,000 Sewer Tap Replacements - 10 Year 650,000 Water Reclamation Plant Replacements - 10 Year 100,000 Land Application Office Renovation 80,000 SEWRP Improvements Digester 8 & 9 11,500,000 South Lubbock Sanitary Sewer Syst. Exp Phase I 13,000,000 Sewer Extensions Ahead of the Gateway Projects 1,500,000 Northwest Water Reclamation Plant 3,000,000 SEWRP Solids Handling Facility Improvements 2,500,000 *This project was approved in an election held in May 2004. "These projects were approved in an election held in November 2009. All bonds or certificates will be issued with a 20 -year term, unless noted otherwise. City of Lubbock, TX Finance Department Exhibit A Fund Project Issuance Amount Wastewater (continued) Dedicated Land Disposal Facility $ 3,000,000 Northwest Loop Sewer Upgrade Phase 2,000,000 Corrosion and Odor Control Centers Pilot Project 500,000 46,130,000 Water LAH Repairs/Maintenance 2,000,000 Tank Rehabilitation at the Water Treatment Plant 400,000 Water Treatment Plant Improvements - 10 Year 5,872,000 Pumping System Improvements - 10 Year 1,500,000 Water Line Replacement 570,000 LAH Raw Water Line/Pump Stations 15,129,475 Irrigation Automation & Control Systems 585,000 LAH Treated Water Pipeline 38,500,000 Water Extensions ahead of the Gateway Projects 2,000,000 Locate and Replace Water Valves - 10 Year 1,200,000 67,756,475 Total Funding - Certificates of Obligation $ 153,476,843 Tax and Waterworks General Obligation Bonds, Series 2011: General Fund - Public Safety Police Department & Municipal Courts Renovations* $ 445,000 445,000 General Fund - Streets Traffic Signal Upgrades** 4,025,000 34th Street Reconstruction - Indiana to Ave. Q** 16,825,000 114th Street - University Ave. to Slide Road** 2,730,000 Milwaukee and 98th Street** 5,900,000 29,480,000 Total Funding - General Obligation Bonds $ 29,925,000 Electric Light & Power System Revenue Bonds, Series 2010 LP&L Underground Distribution - 10 Year $ 3,000,000 Overhead Distribution - 10 Year 3,000,000 Total Funding - LP&L Revenue Bonds $ 6,000,000 FY 2010-11 Master Lease Program Airport 1 1/2 Ton Pickup $ 19,570 1 Tractor 38,110 1 1/2 Ton Pickup - 4WD 24,720 82,400 Cemetery 1 Backhoe 82,400 82,400 *This project was approved in an election held in May 2004. "These projects were approved in an election held in November 2009. All bonds or certificates will be issued with a 20 -year term, unless noted otherwise. City of Lubbock, TX Finance Department Exhibit A Fund Project Issuance Amount Community Development - Field 1 1/2 Ton Pickup $ 19,750 19,750 Fleet 1 Wireless Portable 4 Post Lift System 45,000 45,000 General Fund - Animal Services 13/4 Ton Pickup with utility bed 25,750 2 3/4 Ton Pickups with utility bed 74,000 General Fund - Facilities 1 1/2 Ton Pickup 19,570 General Fund - Fire 1 Inflatable Rescue Boat 15,000 2 Sport Utility Vehicles 60,000 1 Suburban 50,000 1 1250 Pumper 455,000 1 105' Platform Ladder Truck -Refurbished 475,000 1 Flashover Container 30,000 6 Thermal Imaging Cameras 60,000 General Fund - Health 6 Small Pickups - Extended Cabs 156,000 General Fund - Libraries 3 Self Check Machines 55,611 General Fund - Parks 1 1/2 Ton Extended Cab Pickup 25,073 1 Power washer Trailer 4,120 5 16' Trailers 32,445 1 20' Trailer 6,600 3 All Terrain Vehicles 20,085 1 Vermeer Stump Grinder 69,010 1 Show Mobile 133,055 1 Trencher with Backhoe 133,900 1 20' Trailer 20,870 1 Skid Steer 35,020 General Fund - Police - Administration 13/4 Ton Pickup 30,000 1 1/2 Ton Pickup 25,000 General Fund - Police - Investigations 8 Unmarked Full -Size Sedans 208,000 2 1/2 Ton Pickups 53,000 General Fund - Police - Patrol 3 1/2 Ton Pickup 82,500 63 Marked Full -Size Sedans 2,205,000 General Fund - Police - Training 1 4 -Door Sedan 25,000 General Fund - Street Drainage 1 1/2 Ton Pickup 22,000 General Fund - Streets 1 12 Yard Dump Truck 174,500 1 Bobcat 88,000 General Fund - Traffic 1 20k GVWR Truck with Utility Bed 85,000 1 20k GVWR Platform Truck 129,000 General Fund - Vector Control 2 1/2 Ton Pickups 39,140 5,122,249 Information Technology 13/4 Ton Cargo Van 19,580 400 Desktops, Laptops, and GIS Workstations 358,000 377,580 *This project was approved in an election held in May 2004. **These projects were approved in an election held in November 2009. All bonds or certificates will be issued with a 20 -year term, unless noted otherwise. City of Lubbock, TX Finance Department Exhibit A Fund Project Issuance Amount 21,125 1 Backhoe 82,400 Radio Shop 1 Sport Utility Vehicle $ 28,653 365,650 57 Radios 200,000 13/4 Ton Pickup with Hoist 1 800 MHz Radio System 350,000 28,529 13/4 Ton Pickup with Service Body 578,653 Solid Waste 13/4 Ton Pickup 21,125 23,229 18 Solid Waste Trucks 2,853,810 1 Expedition 1 Front End Loader 162,724 30,223 1 Grader 273,623 1 Autosampler for Gas Chromatograph 1 Glass Pulverizer 150,000 924,410 Total Funding - Master Lease Program 3,461,282 Storm Water 1 1/2 Ton Pickup 19,570 1 1/2 Ton Pickup - Extended Cab 4x4 30,223 1 Front End Loader 162,724 2 Arrow Boards 7,200 1 Generator 3,000 222,717 Wastewater 2 Utility Trailer 8,240 2 1 Ton Pickups - 4WD & Flatbed 70,448 1 Tractor 169,950 1 Pioneer Pump 45,000 1 Laboratory Glassware Washer/Disinfector 15,000 5 Center Pivots 250,000 2 30 Ft. Grain Drills 100,000 658,638 Water 5 Trailers 43,775 13/4 Ton Pickup 21,125 1 Backhoe 82,400 1 C7500 Truck 87,550 1 Excavator 365,650 13/4 Ton Pickup with Service Body 32,455 13/4 Ton Pickup with Hoist 46,875 1 Small Pickup - Extended Cab 28,529 13/4 Ton Pickup with Service Body 32,455 1 Boat Trailer 8,755 1 Sport Utility Vehicle 23,229 1 20' Pontoon Boat 25,281 1 Expedition 28,653 13/4 Ton Pickup - Extended Cab 4X4 30,223 13/4 Ton Pickup with Service Body 32,455 1 Autosampler for Gas Chromatograph 35,000 924,410 Total Funding - Master Lease Program $ 11,575,079 *This project was approved in an election held in May 2004. **These projects were approved in an election held in November 2009. All bonds or certificates will be issued with a 20 -year term, unless noted otherwise.