HomeMy WebLinkAboutResolution - 2001-R0402 - Reimbursement Of Expenditures (Debt) For Water Improvements - 10/11/2001Resolution No. 2001-Ro402
October 11, 2001
Item No. 33
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 water
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
$6,980,000.
Passed by the City Council this 11th day of October 2001.
WINDY SIVON, MAYOR
ATTEST:
Rebecca Garza, City Secretary
APPROVED AS TO CONTENT:
Beverly Hodg'e,�
Managing Drector of
APPROVED AS TO FORM:
kfin M. Knight
Assistant City Attorney
JMK:cp Cityatt/John/Reimbursement-6.Res & ecdoes
October 2, 2001
Resolution No. 2001—RO402
CITY OF LUBBOCK
WATER CERTIFICATES OF OBLIGATION, SERIES 2002
Tentative schedule of projects funded by this issue
SW Lubbock Water Distribution Funded by 2002 CO: $3,490,000 Total Cost: $5,500,000
This is a multi -phase project to fund improvements recommended by Black & Veatch in the Water
Distribution System Master Plan. The improvements are necessary to maintain minimum system pressure
requirements of the TNRCC. Phase I will be the construction of a new pump station (PS) near Frankfrod
and Spur 327. Phase II will be the construction of a 30" supply line from LH B to the New Pump station.
Phase III will be the construction of a pump station, elevated storage, Distribution system improvements,
and expansion of the LH B pump station to supply water to the new Frankford PS and the New southwest
pressure zone.
Lake Alan Henry Recreational Improve. Funded by 2002 CO: $1,190,000 Total Cost: $2,109,938
This project will provide for the implementation of a planning document entitled "Comprehensive
Recreational Area Master Plan for Lake Alan Henry". This plan is needed to meet the water utilities
strategic issue that provides for a recreational plan to improve public recreational facilities at LAH.
Funding for FY 2001-02 will include the construction of items identified by Lubbock citizens as the
priority items needed to improve recreational facilities including a restroom, septic system, electric
distribution, the construction of road ways and 50 pull-through recreational vehicle camping sites, the
installation of 3 piers and the construction of hiking trails.
Water Lines ahead of Marsha Sharp Fwy Funded by 2002 CO: $2,300,000 Total Cost: $2,475,000
This project is the relocation of existing and installation of new water lines ahead of the Marsha Sharp
Freeway construction. The first 2 projects, according to TXDOT, are Loop 289 to Chicago and Memphis
to Ave. L. Right of way is to be cleared by July 2002.