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HomeMy WebLinkAboutResolution - 2001-R0400 - Resolution Declaring Expectation To Reimburse Debt To Gen. Purpose Improvements - 10/11/2001Resolution No. 2001-RO400 - October 11, 2001 Item No. 31 RESOLUTION DECLARING EXPECTATION TO REIMBURSE EXPENDITURES WITH PROCEEDS OF FUTURE DEBT STATE OF TEXAS COUNTY OF LUBBOCK § WHEREAS, the City of Lubbock (the "Issuer") intends to issue debt for general purpose improvements for said City (the "Project"), and further intends to make certain capital expenditures with respect to the Project and currently desires and expects to reimburse such capital expenditures with proceeds of such debt;. and WHEREAS, under Treas. Reg. § 1.150-2 (the "Regulation"), to fund such reimbursement with proceeds of tax-exempt obligations, the Issuer must declare its expectation to make such reimbursements; and WHEREAS, the Issuer desires to preserve its ability to reimburse the capital expenditures with proceeds of tax-exempt obligations. NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE ISSUER THAT the Issuer reasonably expects to reimburse capital expenditures with respect to the Projects with proceeds of debt hereafter to be incurred by the Issuer, and that this resolution shall constitute a declaration of official intent under the Regulation. The maximum principal amount of obligations expected to be issued for the Project is $9,400,000. Passed by the City Council this 11th day of October 2001. WINDY SIT , M YOR ATTEST: Rebecca Garza, City Secretary IAPPROVED AS TO CONTENT: Beverly Ho Managing Pjeector of Fi APPROVED AS TO FORM: 'Assistant City Attorney JMK:cp Cityatt/John/Reimbursement-7.Res & ccdocs October 2, 2001 Resolution No. 2001-R0400 CITY OF LUBBOCK GENERAL OBLIGATION BONDS, SERIES 2002 Tentative schedule of projects funded by this issue PARKS PROJECTS McAlister Park Development Funded by 2002 GO: $839,307 Total Cost: $1.998,525 This project will complete the development of a four-plex designed little league baseball field. It will include: irrigation, pressbox, concession stand, lighting, fencing, and ADA accessible parking. The project will free up the existing fields for practice facilities and establish a tournament -grade facility. Park Benches/Seating Area Funded by 2002 GO: $176,400 Total Cost: $202,400 This project will provide for 66 benches throughout the parks to allow for passive recreation and serve as functional viewing for playgrounds and activity areas. Canyon Lakes Dam #4 Funded by 2002 GO: $350,000 Total Cost $786,667 This project will provide for Dam #4 to impound water to more fully develop the Canyon Lakes System. This dam is needed to assure a continuous, navigable body of water between North Loop 289 and Interstate 27. This project will construct and dam with excavations to the stream bed to provide adequate water below Dam #3 to allow for navigation, ties to existing trails in Aztlan Park, realignment of roads and modest landscaping. Fiesta Plaza @ Buddy Holly Rec Area Funded by 2002 GO: $334,323 Total Cost;, $500,000 This project will provide for irrigation, stage area, retaining wall capstones, fountain and steps down to the water that will be constructed within the natural topography of the Buddy Holly Recreational Area. This will be suitable for such events as the Annual Fiestas Cinco de Mayo, Los Dias de los Muertos and Dia de la Independencia, and musical events. Sandlewood Neighborhood Park Funded by 2002 GO: $339,400 Total Cost:' $526,000 This project will require the acquisition of a minimum of 5 acres of land for the development of a neighborhood park in the southeast planning quadrant. The development will include irrigation, security lighting, turf grass, ADA accessible parking, trees, benches, and an ADA accessible playground. Chapel Hill Neighborhood Park Funded by 2002 GO: $185,400 Total Cost: $306,000 This project will require the acquisition of a minimum of 3 acres of land for the development of a neighborhood park in the northeast planning quadrant. The development will include irrigation, security lighting, turf grass, ADA accessible parking, trees, benches, and an ADA accessible playground. West End Neighborhood Park Funded by 2002 GO: $405,400 Total Cost: $526,000 This project will require the acquisition of a minimum of 5 acres of land for the development of a neighborhood park in the southeast planning quadrant. The development will include irrigation, security lighting, turf grass, ADA accessible parking, trees, benches, and an ADA accessible playground. Smithlawn Hts Neighborhood Park Funded by 2002 GO: $267,370 Total Cost:, $387,970 This project will develop approximately 10 by providing irrigation, security lighting, turf grass, ADA accessible parking, trees, benches, basketball court, picnic shelters, picnic pavilion and an ADA accessible playground. Northridge Neighborhood Park Funded by 2002 GO: $341,400 Total Cost: $526,000 This project will require the acquisition of a minimum of 5 acres of land for the development of a neighborhood park in the southeast planning quadrant. The development will include irrigation, security lighting, turf grass, ADA accessible parking, trees, benches, and an ADA accessible playground. Skyview Neighborhood Park Funded by 2002 GO: $516,000 Total Cost:` $526,000 This project will require the acquisition of a minimum of 3 acres of land for the development of a neighborhood park in the northeast planning quadrant. The development will include irrigation, security lighting, turf grass, ADA accessible parking, trees, benches, and an ADA accessible playground. Irrigation/Lighting Funded by 2002 GO: $230,000 Total Cost: $807,400 This project will provide for the centralized automation and operation of automatic irrigation systems and lighting throughout the City's park system. Centralized control of systems operation will improve efficiency of operation by allowing for rapid adjustment to plant water requirements resulting from daily weather conditions and by reporting changes in electrical demand resulting from faulty lighting fixtures. This reduces overtime needed to readjust time clocks in the field as well as monitoring system performance and automatically halting the operation of damaged systems thus saving water. Automation of the lighting system will reduce time needed to check individual light fixtures and will better indicate faulty systems resulting in more timely and responsive maintenance. Miller Park subsurface drainage Funded by 2002 GO: $260,000 Total Cost: $524.000 This project will provide for sub -surface drainage systems in Miller Park, which has storm water being directed across the park by way of grass swales. The swale method has numerous problems: (1) standing stagnate water; (2) insects & odors; (3) health concerns; & (4) liability issues stemming from erosion. This project will enhance aesthetics, address health concerns, reduce liabilities of the park and consolidate open space for recreational activities. STREETS PROJECTS Curb Ramps Funded by 2002 GO: $375,000 Total Cost: $2,039,107 This project would provide for the installation of approximately 200-350 curb ramps and audible pedestrian signal retrofits at high priority locations throughout the City. The purpose of the project is to improve pedestrian access for disable individuals in accordance with the Americans with Disabilities Act regulations. Although the project will not provide ramps at all intersections, ramp construction at the high priority locations will result in significant progress toward compliance with the Federal mandate. Frankford: 82"d Street to 98th Street Funded by 2002 GO: $2,675,000 Total Cost: $2,776,000 This project provides for the construction of this T-2 thoroughfare street (88 feet wide) from 82nd Street to 981h Street. The completed project will provide for 3 lanes of traffic in each direction plus a continuous left turn lane. 98th Street: Frankford Ave. to Slide Rd. Funded by 2002 GO. $500,000 Total Cost: $600,000 This project provides for the construction of this T-2 thoroughfare street (88 feet wide) from Frankford Avenue to Slide Road. The completed project will provide for 3 lanes of traffic in each direction plus a continuous left turn lane. Frankford Ave. @ 1 91 St. Intersection Funded by 2002 GO: $200,000 Total Cost: $390,000 This project provides construction of additional width at the 19th Street intersection to increase capacity for additional traffic resulting from the construction of a grade separation at Loop 289 and Frankford Avenue. Dip Reconstruction Funded by 2002 GO: $200,000 Total Cost: $500,000 This project provides for reconstruction of asphalt dip sections with concrete valley gutters in various locations. Approximately 200 dip sections will be reconstructed. Subdivision/Assessment & Paving Funded by 2002 GO: $125,000 Total Cost: $384,384 This project provides for the City's participation in the paving costs associated with the platting of new subdivisions. Cost include extra width paving quantities on collector and thoroughfare streets and/or other costs encountered that are not attributable to the developer. These funds are also available for the City's participation in the cost of assessment paving programs. TRAFFIC CONTROL PROJECTS Computer system design Funded by 2002 GO: $985,000 Total Cost: $3,432,962 This project consists of design and construction of central traffic computer hardware, software and communications for replacement of the existing system with new equipment and methods. This system will improve the ability to monitor existing signalized intersections, respond to malfunctions sooner and will begin replacing existing electronics before they fail (they have already exceeded their design life). This will also allow new controllers to communicate with the new traffic computer system in an efficient and dependable manner. The communications replacements will be based on the City's communications master plan. Traffic Signal new locations Funded by 2002 GO: $95,000 Total Cost: $245,000 These are locations that will warrant a new signal, major modification to an existing signal and/or school flashing zone beacons.