HomeMy WebLinkAboutResolution - 2019-R0362 - Expressing Intent To Finance Expenditures To Be Incurred - 10/08/2019 Resolution No. 2019-R0362
Item No. 6.4
October 8,2019
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, the interest on which is excludable
from gross income under Section 103 of the Internal Revenue Code of 1986, as amended
(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, reconstruction or
renovation 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 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, but not more than 18
months after the date hereof, and that are to be paid in connection with the acquisition, construction,
reconstruction or renovation 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 property listed on Exhibit A attached
hereto will not exceed$246,000,000.
4154-3809-8719.1
ADOPTED THIS_th_day of or_tnber ,2019, by the City Council of the City of Lubbock,
Texas.
DANIEL M. POPE, MAYOR
ATTEST:
Reb cca Garza
City ecretary
APPROVED AS TO CONTENT:
D. lu Kosteli h
Chief Financial Officer
APPROVED AS TO FORM:
1
Jerry V. IUJr.
Bond COU
4154-3809-8719.1
Exhibit A
Cost Estimate
Gateway
Upland Avenue- 66th Street to 82nd Street $ 3,600,000
Indiana Avenue from 130th Street to 146th Street 4,500,000
Internal Service
Enterprise Resource Planning System 1,250,000
General Fund Vehicle Replacement 4,330,000
Water/Wastewater
Lowhead C Pump Station and Supply Line 27,811,427
Elevated Storage Tanks 9,400,000
Water Treatment Plant Improvements Phase III 13,000,000
NWTP 8 MG Ground Storage Tank 8,450,000
Lubbock Power and Light
Downtown Redevelopment Underground 1,105,000
Future Substation X-Fab 8,850,000
Autotransformer- Co-op 810,000
Autotransformer- Mackenzie 275,000
Substation Rebuild - Holly 530,000
Substation Rebuild -Oliver 510,000
Future Substation - New Oliver 345kV 9,925,000
Future Substation - North Addition 345kV 9,925,000
Future Substation - New Wadsworth 345kV 4,220,000
69/115kV Line Rebuild: Holly-Southeast 4,875,000
69/115kV Line Rebuild: Holly-Slaton 4,130,000
Substation Upgrades 2,215,000
Substation Breaker Replacements 350,000
115kV Line Construction - Northwest to X-Fab 3,215,000
South Plains Mall Expansion 425,000
Red Raider Substation Distribution Feeders 515,000
Abernathy to North Transmission Line 29,745,000
Abernathy to Wadsworth Transmission Line 62,075,000
Wadsworth to New Oliver to Farmland Transmission Line 20,225,000
TTU Switchgear Upgrade 1,110,000
LP&L-GIS Office Renovation 1,115,000
Substation Rebuild - Northeast 505,000
Total $ 238,991,427