HomeMy WebLinkAboutResolution - 2016-R0365 - Reimburse Self For Capital Expenditures - 10/13/2016Resolution No.2016-R0365
Item No.7.13
October 13,2016
RESOLUTION EXPRESSING INTENT TO
FINANCE EXPENDITURES TO BE INCURRED
WHEREAS,the City of Lubbock, Texas (the"Issuer") is a politicalsubdivision of the State of
Texas authorized to finance itsactivitiesby issuingdebt obligations,the intereston which isexcludable
from gross incomeunder Section 103 of the Internal RevenueCode of 1986,as amended (the
"Obligations");
WHEREAS,the Issuerwill make orhasmade,not morethan60 days priorto the datehereof,
payments forcapitalexpenditureswith respectto the acquisition,construction,reconstruction or
renovation of the projectslisted on Exhibit A attachedhereto;
WHEREAS,the Issuerhasconcludedthat it does not currentlydesireto issueObligationsto
financecosts associatedwith the projectslisted on Exhibit A attachedhereto;
WHEREAS,the Issuer desires to reimburse itself for capital expenditures associatedwith the
projects listedon Exhibit A attached heretofromthe proceeds of Obligations to be issued subsequent to
the date hereof;and
WHEREAS,the Issuer reasonably expects to issue Obligations to reimburse itself for the costs
associated with the projects listed on Exhibit A attached hereto.
NOW,THEREFORE,be it resolved that:
Section 1.The Issuer reasonably expects to reimburse itself for capital expenditures that have
been orwill be paid subsequent to the datethat is 60 days priorto the date hereof, but not more than 18
months after the date hereof, and that areto be paid in connection with the acquisition,construction,
reconstruction orrenovation ofthe projects listed on Exhibit A attachedhereto from the proceeds of
Obligations to be issued subsequent to the date hereof.
Section 2. The Issuerreasonablyexpects thatthe maximum principalamount of Obligations
issued to reimburse the Issuer forthe costs associatedwith the property listed on Exhibit A attached
hereto will not exceed $180,000,000.
HOU:3720679.1
ADOPTED THIS 13th day of October 2016, by the City Council of the City of
Lubbock, Texas.
DANIEL M. PO E, MAYOR
ATTEST:
ebe ,ca Garza
City ecretary
APPROVED AS TO CONTENT:
Linda Cuellar
Acting Executive Director of Finance
APPROVED AS TO FORM:
CYV
Jerry V. Wyle, Jr.
Bond Counsel
HOU:3720679.I
EXHIBIT A
CERTIFICATES OF OBLIGATION
Airport
Terminal Building Remodel
Central Business District TIF
Underground Utilities
Gateways
Utility Infrastructure Upgrades/Relocations
Streets
Erskine Street - Indiana Avenue to Quaker Avenue
Street Maintenance Program Phase II - 10 yrs
98th Street from Upland Avenue to Milwaukee Avenue
Solid Waste
Landfill 69 Groundwater Remediation - 5 yrs
Storm Water
Northwest Lubbock and Maxey Park Project
Wastewater
Lift Station Rehabilitation - 10 yrs
Major Sanitary Sewer Mains Rehabilitation
SEWRP Improvements Plant 3
Water
Water Treatment Plant Improvements - 10 yrs
South Lubbock Water Treatment Plant Expansion
Bailey County Wellfield Improvements
Pump Station 10
Lowhead C Pump Station and Supply Line
Cost Estimate
$ 17,000,000
3,000,000
800,000
700,000
350,000
5,395,392
3,200,000
500,000
35,000,000
500,000
2,000,000
1,000,000
2,0002000
2,000,000
14,000,000
12,000,000
750,000
100,195,392
EXHIBIT A
REVENUE BONDS
Cost Estimate
Lubbock Power and Light
Substation Land Acquisition
$ 5,000,000
Fiberoptic Communication - 30 yrs
155,000
Feeder Circuits - Northwest
205,000
69/115 kV Line Rebuild - Thompson to Vicksburg - 30 yrs
980,000
115kV Line Construction - Northwest - Mackenzie - 30 yrs
15,250,000
69/115 kV Line Rebuild - Chalker to Thompson - 30 yrs
1,575,000
69/115 kV Line Rebuild - Chalker to Oliver - 30 yrs
1,475,000
Autotransformer Southeast - 30 yrs
850,000
Substation Battery Replacement - 10 yrs
200,000
Substation RTU Replacement - 10 yrs
150,000
MGL - Control System Upgrade - 10 yrs
2,600,000
Customer Service Information System - 10 yrs
2,000,000
69/115 kV Line Rebuild - Brandon - Vicksburg - 30 yrs
300,000
69/115 kV Line Rebuild - Brandon - Erskine - 30 yrs
30,000
69/115 kV Line Rebuild - Erskine - Mackenzie - 30 yrs
2,200,000
115kV Bus Expansion - Mackenzie - 30 yrs
1,000,000
Substation Capacity Upgrade - McDonald
5,000,000
Substation Capacity Upgrade - Slaton
400,000
Future Substation - North
500,000
Autotransformer - Co-op - 30 yrs
400,000
Autotransformer - Vicksburg - 30 yrs
400,000
Autotransformer - Mackenzie - 30 yrs
400,000
Substation Rebuild - Holly - 30 yrs
1,500,000
Substation Rebuild - Oliver - 30 yrs
3,000,000
Substation Rebuild - Co-op - 30 yrs
300,000
Substation Rebuild - Slaton - 30 yrs
900,000
Future Substation - New Oliver 345kV - 30 yrs
1,600,000
Future Substation - North Addition 345kV - 30 yrs
1,600,000
Future Substation - New Wadsworth 345kV - 30 yrs
1,600,000
Future Substation - Red Raider
500,000
69/115 kV Line Rebuild - Holly -Southeast - 30 yrs
250,000
69/115 kV Line Rebuild - Holly-Slaton - 30 yrs
200,000
Infrastructure Upgrade - Lubbock State School
600,000
69/115 kV Line Rebuild - Southeast -Oliver - 30 yrs
1,800,000
CKE - GT3 Inlet Filter House
600,000
CKE - Gas Yard Metering Station
100,000
MGL - Office/Warehouse
1,500,000
Substation Office Renovation
115,000
69/115 kV Line Rebuild - Co-op - Mackenzie - 30 yrs
275,000
69/115 kV Line Reconductor - Holly -Wadsworth - 30 yrs
100,000
69/115 kV Line Reconductor - Co-op - Wadsworth - 30 yrs
100,000
57.710.000
VEHICLE DEBT FINANCING PROGRAM
Vehicle Debt Financing 10,513,840
Total $ 168,419,232