HomeMy WebLinkAboutResolution - 2015-R0328 - Express Intent To Finance Expenditures - 10/08/2015Resolution No. 2015-RO328
Item No. 4.4
October 8, 2015
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, the Issuer will make or has made, not more than 60 days prior to the date hereof,
payments for capital expenditures with respect to the acquisition, construction, reconstruction or
renovation of the projects listed on Exhibit A attached hereto;
WHEREAS, the Issuer has concluded that it does not currently desire to issue Obligations to
finance costs associated with the projects listed on Exhibit A attached hereto;
WHEREAS, the Issuer desires to reimburse itself for capital expenditures associated with the
projects listed on Exhibit A attached hereto from the 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 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, and that are to be paid in connection with the acquisition, construction,
reconstruction or renovation of the projects listed on Exhibit A attached hereto from the proceeds of
Obligations to be issued subsequent to the date hereof.
Section 2. The Issuer reasonably expects 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.
HOU:3594938. f
ADOPTED THIS 8th day of October 2015, by the City Council of the City of
Lubbock, TX.
GL?N C. RO RTSON, MAYOR
ATTEST:
APPROVED AS TO CONTENT:
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Linda Cuellar
Acting Executive Director of Finance
APPROVED AS TO FORM:
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Jerry V. Kyle, Jr.
Bond Counsel
HOU3594938.1
EXHIBIT A
CERTIFICATES OF OBLIGATION
Administrative Services
Cost Estimate
Municipal Facilities Replacements/Renovations S 52,800,000
Airport
Terminal Building Remodel - Design Only 283,605
Runway 17R/35L Construction Phase 111 669,774
Central Business District TIF
Underground Utilities 750,000
Gateways - Revenue 1,500,000
Internal Service
Upgrade 800 MHZ Radio System to P25 Compliance 3,335,000
Public Safety
Emergency Operations Center 6,070,000
Streets
Erskine Street - Indiana Avenue to Quaker Avenue 1,478,515
Street Maintenance Program 7,832,650
Communication System Expansion 350,000
34th Street - Quaker Avenue to Slide Road 750,000
Solid Waste
Cell 5 Development 2252 4,985,333
Cell VI Final Expansion at 69 536,767
Landfill 69 Gas Collection System Replacement 352,550
Wastewater
Sewer Line Replacement
400,000
Sewer Lines Ahead of Street Paving
300,000
Water Reclamation Plant Replacements
500,000
Northwest Water Reclamation Plant
18,500,000
SEWRP Emergency Generator and Switch Gear
250,000
Drying Bed Rehabilitation
655,000
Water
Water Treatment Plant Improvements 6,000,000
Water Lines Ahead of Street Pavings 1,300,000
Bailey County Wellfield Supply Line/Pumping System 12,000,000
Bailey County Wellfield Disinfection System 500,000
122,099,194
EXHIBIT A
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MASTER LEASE
Master Lease Purchase 15,491,390
Total $ 164,711,784
Cost Estimate
Lubbock Power and Light
Substation Relay Upgrade
$ 510,500
Substation Land Acquisition
2,000,000
Downtown Redevelopment Underground
510,500
Substation Breaker Replacements
765,750
69 kV Transmission Line Reconductoring
510,500
15kV System Reconductor or Rebuild
255,250
Mobile Substation
2,500,000
Chalker Capacity Upgrade
4,500,000
69 kV Line Rebuild - Thompson to Vicksburg
750,000
115kV Line Construction - Northwest to Mackenzie
5,000,000
69 kV Line Rebuild - Chalker to Thompson
1,500,000
69 kV Line Rebuild - Chalker to Oliver
1,500,000
Southeast Substation Autotransformer
1,000,000
69kV Capacitor Upgrade - Vicksburg
250,000
69kV Capacitor Upgrade - Chalker
250,000
69kV Capacitor Upgrade - Slaton
250,000
Substation Battery Replacement
120,000
Substation RTU Replacement
150,000
Massengale Station - Medium Term
4,798,700
27,121,200
MASTER LEASE
Master Lease Purchase 15,491,390
Total $ 164,711,784