HomeMy WebLinkAboutResolution - 2003-R0060 - Resolution Declaring Expectation To Reimburse Expenditures - 02/13/2003Resolution No. 2003-R0060
February 13, 2003
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 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
$11,885,000.
Passed by the City Council this 13th day of Februa 0
1/41/ 1,ert
^ARC MG GAL, MAYOR
ATTEST:
Rebecca Garza, City Secretary
OVED AS TO
Beverly Hods
Managing Di
APPROVED AS TO FORM:
,Torm M. Knight ;.
Assistant City Attorney
JMK:mt CityatUJohn/Reimbursement-8.Res & ccdocs
February 3, 2003
Resolution No. 2003—R0060
CITY OF LUBBOCK
$11,885,000 GENERAL OBLIGATION BONDS, SERIES 2003
Tentative schedule of projects funded by this issue
PARKS PROJECTS
Park Benches/Seating Area Funded by 2003 GO: $127,600 Total Cost: $330,000
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 2003 GO: $2,043,950 Total Cost: $2,885,217
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.
Irrigation/Lighting Funded by 2003 GO: $2,179,600 Total Cost: $2,987,000
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. The existing manual
irrigation systems will be replaced with automated systems. 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. More cost-efficient lighting schedules will also be able to be
coordinated with the automated system.
STREETS PROJECTS
Various State -Federal Match Funded by 2003 GO: $3,110,993 Total Cost: $3,110,993
Local matching funds necessary to qualify for Federal & State funding on transportation projects. Local
match typically consists of 100% of right-of-way costs and 20% of design and construction costs. These
funds will be used on an as -needed basis as projects come up.
Drainage Improvements Funded by 2003 GO: $122,894 Total Cost: $1,136,000
Construction of various drainage improvement needs throughout the City.
98`s Street: Frankford Ave. to Slide Rd. Funded by 2002 GO: $3,165,000 Total Cost: $3,765,000
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.
TRAFFIC CONTROL PROJECTS
Computer system design Funded by 2003 GO: $939,963 Total Cost: $4,685,200
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 2003 GO: $195,000 Total Cost: $440,000
These are locations that will warrant a new signal, major modification to an existing signal and/or school
flashing zone beacons.