HomeMy WebLinkAboutResolution - 2005-R0155 - Intent To Finance Expenditures- North Overton Area TIFRZ- Tax Exempt Obligations - 04/14/2005Kesolution No. 2005-KO155
April 14, 2005
Item 23
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 listed on Exhibit A attached hereto will not exceed $11,500,000.
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ADOPTED THIS 14th day of April , 2005, by the City Council of the
City of Lubbock, Texas.
ATTEST:
Ci Secretary, City of Lubbock, as
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CITY OF
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City of Lubbock, Texas
EXMBIT A
The public works projects in the North Overton Area Tax Increment Financing
Reinvestment Zone include street improvements (including land acquisition, drainage,
utilities, signage, lighting, curbs, gutters, landscaping), park improvements and storm
sewer improvements.
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A-1