HomeMy WebLinkAboutResolution - 4550 - Use Of ED Sales Tax For Cancelled DOD Project To Fund State Psychiatric Hospital - 07_14_1994Resolution No. 4550
July 14, 1994
Item #36
RESOLUTION
WHEREAS, the 1/2 cent Economic Development Sales Tax collected for the
Department of Defense Finance and Accounting Center project produced tax receipts of
$4,858,617 (plus any accrued interest) during the period July 1, 1993, and December 31,
1993; and
WHEREAS, the City Council of the City of Lubbock had committed itself to conduct
a public hearing with regard to utilization of such funds for another purpose in the event the
Defense Department project was not obtained; and
WHEREAS, the Defense Department project was cancelled by the Secretary of
Defense after Lubbock had submitted its proposal; and
WHEREAS, the City Council conducted a public hearing on June 23, 1994, with
regard to proposals for the use of said funds at which hearing recommendations of citizens
and the City staff were received; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. THAT, having given due consideration to public and staff input received
on this issue, it is the decision of the City Council of the City of Lubbock that the best use of
such funds will be to use the funds to defease the bonds issued to fund the new State
Psychiatric Hospital, which will require approximately $3,642,408, and hold any remaining
funds in reserve.
SECTION 2. THAT the staff of the City of Lubbock is hereby authorized and directed
to implement this decision as directed by City Council.
Passed this 14th day of
ATTEST:
&g��k " —
etty Xf .iohnson, ity Secretary
CONTENT:
Ellis, Director of Business Relations/
is Development
APPROVED AS TO FORM:
D6fiald G. Vandiver, First
City Attorney
June 23, 1994