HomeMy WebLinkAboutResolution - 2022-R0488 - Intent to Finance Street Bond ElectionResolution No. 2022 R_0_488
December 6, 2022
Item No. 5.4
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, which projects were approved by the
qualified voters of the Issuer at an election held within and for the Issuer on November 8, 2022;
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 $200,000,000.
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ADOPTED THIS 6`h day of December, 2022 by the City Council of the City of Lubbock, Texas.
ATTEST:
v'60"-A-,
Rebec a Garza
City Secretary
APPROVED AS TO CONTENT:
i
D. Blu Kost 1ch
Chief Financial Officer
APPROVED AS TO FORM:
(7� -
Jerry V. Kyl (Jr.
Bond Couns
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EXHIBIT A
The acquisition, construction and reconstruction of street improvements, including but not limited to
sidewalks, utility line relocation and traffic signalization, necessary and related storm drainage facilities
and the acquisition of land and rights -of -way therefor.
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