HomeMy WebLinkAboutResolution - 2016-R0056 - Intent To Finance Expenditures Using Obligations - 02/11/2016Resolution No. 2016-R0056
Item No. 6.9
February 11, 2016
RESOLUTION AMENDING 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 debt obligations, the interest on which is excludable
from gross income under Section 103 of the Internal Revenue Code of 1986, as amended (the
"Obligations");
WHEREAS, pursuant to a "Resolution Expressing Intent to Finance Expenditures to be Incurred"
approved by City Council on October 8, 2015 (the "Prior Resolution'), the Issuer expressed its intent to
reimburse itself for certain capital expenditures with respect to the acquisition, construction,
reconstruction and renovation of projects listed on Exhibit A thereto from the proceeds of Obligations to
be issued subsequent to the date of approval of the Prior Resolution;
WHEREAS, the Issuer desires to amend the Prior Resolution for the purpose of including North
Overton TIF Public Improvements as an additional project (the "Additional Project') on Exhibit A to the
Prior Resolution and thereby expressing its intent to reimburse itself for capital expenditures with respect
to the Additional Project paid subsequent to the date that is 60 days prior to, but not more than 18 months
after, the date of adoption of this resolution; and
WHEREAS, the Issuer reasonably expects to issue Obligations to reimburse itself for the costs
associated with the Additional Project.
NOW, THEREFORE, be it resolved that:
Section 1. Exhibit A to the Prior Resolution is hereby amended and restated to include the
Additional Project. The amended and restated Exhibit A is attached hereto.
Section 2. The Issuer reasonably expects to reimburse itself from the proceeds of Obligations to
be issued subsequent to the date hereof for capital expenditures that have been or will be paid subsequent
to the date that is 60 days prior to the date hereof, but not more than 18 months after the date hereof, in
connection with the acquisition, construction, reconstruction or renovation of the Additional Project.
Section 3. The Issuer confirms its previously expressed expectation that the maximum principal
amount of Obligations issued to reimburse the Issuer for the costs associated with the property listed on
Exhibit A attached hereto will not exceed $182,000,000; and, except as amended by this resolution, the
Prior Resolution is ratified, confirmed and approved.
HOU:3626866.1
ADOPTED THIS 11th day of February 2016, by the City Council of the City of
Lubbock, TX.
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ATTEST:
Rebeca Garza
City cretary
APPROVED AS TO CONTENT:
Linda Cuellar
Acting Executive Director of Finance
APPROVED AS TO FORM:
Cy -
Jerry VLkyle, Jr.
Bond Counsel
HOU:3626866.1
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CERTIFICATES OF OBLIGATION
Cost Estimate
Administrative Services
Municipal Facilities Replacements/Renovations - 20 yrs $ 52,800,000
Airport
Terminal Building Remodel - Design Only - 20 yrs 283,605
Runway 17R/351, Construction Phase III - 20 yrs 669,774
Central Business District TIF
Underground Utilities - 20 yrs 750,000
Gateways - Revenue - 20 yrs 1,500,000
Internal Service
Upgrade 800 MHZ Radio System to P25 Compliance - 10 yrs 3,335,000
North Overton TIF
North Overton TIF Public Improvements - 10 yrs 1,500,000
Public Safety
Emergency Operations Center - 20 yrs 6,070,000
Streets
Erskine Street - Indiana Avenue to Quaker Avenue - 20 yrs 1,478,515
Street Maintenance Program - 10 yrs 7,832,650
Communication System Expansion - 20 yrs 350,000
34th Street - Quaker Avenue to Slide Road - 20 yrs 750,000
Solid Waste
Cell 5 Development 2252 - 10 yrs 4,985,333
Cell VI Final Expansion at 69 - 7 yrs 536,767
Landfill 69 Gas Collection System Replacement - 7 yrs 352,550
Wastewater
Sewer Line Replacement - 20 yrs
400,000
Sewer Lines Ahead of Street Paving - 20 yrs
300,000
Water Reclamation Plant Replacements - 10 yrs
500,000
Northwest Water Reclamation Plant - 20 yrs
18,500,000
SEWRP Emergency Generator and Switch Gear - 10 yrs
250,000
Drying Bed Rehabilitation - 20 yrs
655,000
Water
Water Treatment Plant Improvements - 10 yrs 6,000,000
Water Lines Ahead of Street Pavings - 20 yrs 1,300,000
Bailey County Wellfteld Supply Line/Pumping System - 20 yrs 12,000,000
Bailey County Wellfield Disinfection System - 20 yrs 500,000
123,599,194
irl Originally approved on October 8, 2015 and amended and restated on February 11, 2016.
REVENUE BONDS
MASTER LEASE
Master Lease Purchase 15,491,390
Total $ 166,211,784
Cost Estimate
Lubbock Power and Light
Substation Relay Upgrade - 30 yrs
$ 510,500
Substation Land Acquisition - 20 yrs
2,000,000
Downtown Redevelopment Underground - 10 yrs
510,500
Substation Breaker Replacements - 30 yrs
765,750
69 kV Transmission Line Reconductoring - 30 yrs
510,500
15kV System Reconductor or Rebuild - 10 yrs
255,250
Mobile Substation - 20 yrs
2,500,000
Chalker Capacity Upgrade - 20 yrs
4,500,000
69 kV Line Rebuild - Thompson to Vicksburg - 30 yrs
750,000
11 5k Line Construction - Northwest to Mackenzie - 30 yrs
5,000,000
69 kV Line Rebuild - Chalker to Thompson - 30 yrs
1,500,000
69 kV Line Rebuild - Chalker to Oliver - 30 yrs
1,500,000
Southeast Substation Autotransformer - 30 yrs
1,000,000
69kV Capacitor Upgrade - Vicksburg - 30 yrs
250,000
69kV Capacitor Upgrade - Chalker - 30 yrs
250,000
69kV Capacitor Upgrade - Slaton - 30 yrs
250,000
Substation Battery Replacement - 10 yrs
120,000
Substation RTU Replacement - 10 yrs
150,000
Massengale Station - Medium Term - 10 yrs
4,798,700
27,121,200
MASTER LEASE
Master Lease Purchase 15,491,390
Total $ 166,211,784