HomeMy WebLinkAboutResolution - 2024-R0476 - Reimbursement From Proceeds Of Obligations After Expenditure Of Funds - 10/08/2024MINUTES APPROVED AND CERTTFIED TO BE TRUE AND CORRECT, and to correctly
reflect the duly constituted officers and members of the City Council of said City, and the attached
and following copy of said Resolution is hereby certified to be a true and correct copy of an official
copy thereof on file among the offcial records of the City, all on this the 8th day of October, 2024.
City Secretary
City of Lubbock, Texas
[SEAiI]
Signature Page
Certificate for Resolution
Expressing Intent to Finance Expenditures
4146-7292-I 171. I
RESOLUTION EXPRESSING INTENT TO
FINANCE EXPENDITURES TO BE 1NCURR�,D
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;
W�3EREAS, 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;
WI�EREAS, 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 $135,000,000.
[Signature page followsJ
4142-5250-8242 I
ADOPTED THIS 8`h day of October, 2024 by the City Council of the City of Lubbock,
Texas.
ATTEST:
_�
MARK MCBRA , MAYOR
COURTNEY PAZ, City Secretary
APPROVED AS TO CONTENT:
�
CHERYL B OCK, Interim Chief Financial Officer
APPROVED AS TO FORM:
JERRY . {YLE, JR., Bond Counsel
4142-5250-8242.1
�
EXHIBIT A
The acquisition, construction, renovation, improvement and equipment of projects, including but
not limited to:
Category & Project
General Fund
Residential Unpaved Roadways: East of I-27 - 22B
114th Street from Indiana Avenue to University Avenue —
22B
114th Street from Frankford Avenue to Slide Road — 22B
Upland Ave from 19th Street to 34th Street -� 22B
Upland Ave: 4th St to 19th St - 22B
Cemetery Irrigation System
Internal Transfer
Vehicle Replacements FY 24-25 Tax Note
Airport
Extend Taxiway L, Taxiline Addition, and Apron Expansion
Water/Wastewater
Lake 7 Design and Land Acquisition
West Lubbock Water System Expansion
Pump Station 11 B
East SOth Street Water Line Extension
Southwest Lubbock Sanitary Sewer Expansion
SEWRP Plant #4 Primary Clarifer Rehabilitation
Cost Estimate
$4,000,000
2,500,000
13,800,000
11,500,000
11,500,000
2,000,000
8,558,447
5,600,000
22,276,000
28,000,000
5,000,000
2,000,000
1,000,000
2,500,000
Total
$45,300,000
8,558,447
5,600,000
$60,776,000
Total
$120,234,447
4142-5250-8242. I