HomeMy WebLinkAboutResolution - 2023-R0487 - Expenditures For Capital Projects And Equipment And Reimbursement - 10/10/2023Resolution No. 2023-R0487
Item No. 5.3
October 10, 2023
RESOLUTION EXPR�SSING 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");
W��EREAS, 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;
Wf�EREAS, 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
W��EREAS, 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 $99,400,000.
[Signattrre page followsJ
4128-3097-8378 I
ADOPTED THIS 10'h day of October, 2023 by the City Council of the City of Lubbock,
Texas.
ATTEST:
Courtney Paz
City Secretary
APPROVED AS TO CONTENT:
D. u Kos ich
Chief Financial Officer
APPROVED AS TO FORM:
Jerry V. Kyl Jr.
Bond Counsel
aizs-3o9�-a3�s i
ADOPTED THIS 10'h day of October, 2023 by the City Council of the City of Lubbock,
Texas.
ATTEST:
Courtney Paz
City Secretary
APPROVED AS TO CONTENT:
. u Kos lich
Chief Financial Officer
APPROVED AS TO FORM:
.
Jerry V. yl , Jr.
Bond Co sel
4128-3097-8378 I
ADOPTED THIS 10`h day of October, 2023 by the City Council of the City of Lubbock,
Texas.
I:��I��.��i
Courtney Paz
City Secretary
APPROVED AS TO CONTENT:
�
D. Blu Kosteli
Chief Financial Officer
APPROVED AS TO FORM:
�
Jerry V. y , Jr.
Bond Counsel
4128-3097-8378. I
ADOPTED THIS 10�h day of October, 2023 by the City Council of the City of Lubbock,
Texas.
TRAY PAYNE, MAYOR
ATTEST:
Courtney Paz � �O
City Secretary es not nee
is page d° ree of the
Th , ed qll th
s�gn re tabbed
APPROVED AS TO CON'1 bP. ture pages a a�h
S�gna ;nning of e
at the beg
D. Blu Kostelich do�ument.
Chief Financial Officer
APPROVED AS TO FORM:
Jerry . yle, Jr.
Bond Counsel
4128-3097-8378. I
EXHIBIT A
General Fund
34th Street: Upland to Milwaukee Ave
Upland Ave: 34`�' Street to 50'�' Street
Upland Ave: 19`�' Street to 34'�' Street
Milwaukee Ave: North City Limits to 4'�' Street
I 14`�' Street: Frankford Ave to Slide Road
146`�' Street: Quaker to Indiana
Upland Ave: 50'�' Street to 66`�' Street
Upland Ave: 66'�' Street to 82"d Street
Solid Waste Transfer Station
WTRDF Cell Construction
Internal Service Fund
General Fund Vehicle Replacement FY 23-24 Tax Notes
Storm Water
Upland Ave & 66`�' Street Playa Drainage Improvements
Playa Lake 054 Lateral Extension
TOTAL
Cost Estimate
$13,800,000
13,500,000
3,200,000
13,000,000
2,200,000
8,800,000
3,200,000
6,000,000
14,000,000
7,000,000
$4,850,000
$2,850,000
7,000,000
Totals
$84,700,000
$4,850,000
$9,850,000
$99,400,000
4128-3097-8378. I
RESOL UTION EXPRESSING INTENT TO FINANCE EXPENDI T URES
TO BE INCURRED
Please have the Mayor, City Secretary and Chief Financial Officer execute each tabbed
signature page.