HomeMy WebLinkAboutResolution - 2008-R0400 - Resolution Expressing Intent To Finance Expenditures - 10/23/2008Resolution No. 2008—R0400
October 23, 2008
Item No. 5.2
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 obligations the interest on which is
excludable from gross income for federal income tax purposes ("tax-exempt obligations")
pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the "Code");
WHEREAS, the Issuer will make, or has made not more than 60 days prior to the date
hereof, payments with respect to the acquisition, construction, reconstruction or renovation of the
property listed on Exhibit A attached hereto;
WHEREAS, the Issuer has concluded that it does not currently desire to issue tax-exempt
obligations to finance the costs associated with the property listed on Exhibit A attached hereto;
WHEREAS, the Issuer desires to reimburse itself for the costs associated with the
property listed on Exhibit A attached hereto from the proceeds of tax-exempt obligations to be
issued subsequent to the date hereof; and
WHEREAS, the Issuer reasonably expects to issue tax-exempt obligations to reimburse
itself for the costs associated with the property listed on Exhibit A attached hereto.
NOW, THEREFORE, be it resolved that:
Section 1. The Issuer reasonably expects to reimburse itself for all costs 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, reconstruction or renovation of the property
listed on Exhibit A attached hereto from the proceeds of tax-exempt obligations to be issued
subsequent to the date hereof.
Section 2. The Issuer reasonably expects that the maximum principal amount of
tax-exempt obligations issued to reimburse the Issuer for the costs associated with the property
Iisted on Exhibit A attached hereto will not exceed $152,698,209.
ADOPTED THIS 23rd day of October , 2008, by the City Council of the City of
Lubbock, Texas.
CITY OF LUBBOCK, TEXAS
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TOM MARTIN, MAYOR
ATTEST:
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RE CCA GARZA, CITY SEC ARY
EXHIBIT A
CITY FACILITIES
Visitors Information Center
Library Renovations*
Municipal Auditorium Renovations*
Civic Center Renovation*
Police Department and Municipal Courts Renovation*
City Hall System Repair
New Fire Station No. 17
GATEWAY STREETS
Overpass — Loop 289 at Slide Road
Gateway Streets Right -of -Way Coordination
Slide Road from 4th Street North to Loop 289
Quaker Avenue and 114th Street
Indiana Avenue —103rd to Farm to Market 1585
Ash Avenue — Farm to Market 1294 to County Road 5800
98th Street, Frankford Avenue, and Milwaukee Avenue
Milwaukee Avenue 100th Street to Farm to Market 1585
Lubbock Business Park Boulevard
STREETS
Resolution No. 2008-RO400
Cost Estimate
$ 4,590,000
250,000
5,000,000
1,450,000
1,002,500
300,000
162,671
12,500,000
500,000
4,144,000
2,000,000
1,000,000
5,600,000
2,000,000
1,500,000
585,000
34"' Street and University Avenue Intersection Reconstruction* 1,395,000
Traffic Signals 200,000
North and East Lubbock Residential Street Infrastructure 575,000
Street Maintenance Program 8,932,000
PARKS
Park Pavilions 214,000
Park Playground Replacement 400,000
Tax Increment Finance
Water, sewer, electric, drainage, park, and street improvements and 1,896,402
extensions, including utility relocations, sidewalks, amenities, street
lighting, and landscaping, all located within the City's North Overton
Tax Increment Financing District.
SOLID WASTE
Leachate Evaporation Pond 250,110
STORM WATER
Vault Replacement 300,000
Storm Sewer Repair and Replacement 600,000
Northwest Lubbock and Maxey Park Project 1,000,000
Cost Estimate
WASTEWATER SYSTEM
Electrical Facility $ 140,000
Sewer Line Replacements 660,000
Installation of Sewer Lines Ahead of Street Paving 350,000
Sewer Tap Replacements 650,000
Water Reclamation Plant Replacements 950,000
South Lubbock Sanitary Sewer System Expansion 1,000,000
Southeast Water Reclamation Plant Improvements Phase III 1,000,000
Lift Station Rehabilitation 310,000
Sewer Lines Ahead of Sharp Freeway 1,000,000
Major Sewer Lines Replacement 1,000,000
WATER
Supplemental Water Supply for Lake Alan Henry
500,000
Water Treatment Plant Improvements
1,700,000
Pumping System Improvements
222,390
Parks Conversion to Ground Water
500,000
Water Line Replacement
550,000
Water Lines Ahead of Street Paving
360,000
Water Meter Replacements and Program
5,980,891
Lake Alan Henry Raw Water Line/Pump Stations
41,000,000
Lake Alan Henry Water Treatment Plant and Terminal Reservoir
500,000
Eastport Water Renovation
1,250,000
Irrigation Automation and Control Systems
1,422,960
Airport Industrial Area Water System Improvements
2,200,000
ELECTRIC
Canyon West Infrastructure 600,000
Service Distribution 300,000
Underground Electric Service Distribution 3,500,000
Distribution Transformers 2,200,000
Substation Transformer Replacement 500,000
$128,692,924
MASTER LEASE PURCHASES
Scheduled Master Lease purchases for various city departments include $ 24,005,285
the purchase of vehicles, machinery, electronics, computer hardware
and software, and other necessary equipment.
TOTAL $152,698,209
"General Obligation Bonds. These projects were approved by the voters in an election held in May 2004.