HomeMy WebLinkAboutResolution - 2001-R0401 - Expectation To Reimburse Debt To Sewer Improvements - 10/11/2001Resolution No. 2001-Ro401
October 11, 2001
Item No. 32
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 sewer
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
$1,510,000.
Passed by the City Council this 11th day of October 2001,
AWINDYIT N, MAYOR
ATTEST:
Rebecca arza, City Secretary
VED AS TO
Beverly Ho(w,0 f
Managing Weetor of
APPROVED AS TO FORM:
Assistant City
JMK:cp Cityatt/Jobn/Reimbursement-5.Res & ccdocs
October 2, 2001
Resolution No. 2001-RO401
CITY OF LUBBOCK
SEWER CERTIFICATES OF OBLIGATION, SERIES 2002
Tentative schedule of projects funded by this issue
Sewer Lines ahead of Marsha Sharp Frwy Funded by 2002 CO: $1,360,000 Total_ Cost: $1.485.000
This project funds the relocation of existing and installation of new sanitary sewer lines ahead of the
Marsha Sharp Freeway construction. The first projects, according to TXDOT, are Loop 289 to Chicago
and from Memphis to Ave. L. Utilities are to be cleared by July 2002.
HLAS Transmission System Improve. Funded by 2002 CO: $150,000 Total Cost: $900.000
Improvements to the Hancock Land Application Site (HLAS) transmission system to increase flow. The
first phase of the project is the replacement of approximately 2 miles of the existing 15" pipeline with 36"
pipeline. This will increase the possible flow to HLAS from its current limit of about 7 MGD to 10 MGD.