HomeMy WebLinkAboutResolution - 2014-R0350 - Intent To Reimburse Self For Capital Expenditures Using Tax Exempt Obligations - 10/09/2014RESOLUTION 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 $195,000,000.
HOU:3479486.1
ADOPTED THIS day of , 2014, by the City Council of the City of
Lubbock, TX.
ATTEST:
Rebe ca Garza
City ecretary
APPROVED AS TO CONTENT:
MOM ..
- 11! 0111,11
Executive Director of Finance
APPROVED AS TO FORM:
CYO"L
Jerry NV. Kyle, Jr.
Bond Counsel
HOU:3499486.1
EXHIBIT A
CERTIFICATES OF OBLIGATION
Cost Estimate
Administrative Services
City Hall Elavator Installation $ 667,000
Airport
Runway 1711/351, Construction Phase Ill 1,431,008
Airfield Asphalt Repair 5,000,000
Central Business District TIF
Underground Utilities 3,000,000
Parks
Park Playground Replacement 848,685
Park Pavillions 382,686
Lewis Ball Field Complex Facility Improvements 82,446
Lakewood Development 566,192
Gateway
98th Street - University Avenue to US 87 2,939,527
Internal Service
Upgrade 800 MHZ Radio System to P25 Compliance 3,400,000
Library
Patterson Branch Library Renovations 700,000
Public Safety
Animal Shelter Expansion 100,000
New Fire Station # 1 4,765,000
Emergency Operations Center 658,800
Police Department New Facility 10,200,000
Streets
Traffic Signal Controllers 300,000
Street Maintenance Program 6,324,815
Communication System Expansion 350,000
Solid Waste
Cell 5 Development 2252
Cell VI Final Expansion at 69
Storm Water
Northwest Lubbock and Maxey Park Project
Street Intersection Drainage Improvements
Wastewater
Sewer Line Replacement
Sewer Lines Ahead of Street Paving
Water Reclamation Plant Replacements
Sewer Tap Replacements
$ 1,177,048
35,000
18,000,000
50,000
400,000
460,000
300,000
300,000
EXHIBIT A
Water
Bailey County Wellfield Improvements 14,000,000
Pumping System Improvements 500,000
Water Line Replacements 500,000
Water Lines Ahead of Street Pavings 250,000
Water Meter Replacements 450,000
Bailey County Welifield Disinfection System 2,500,000
Pump Station 10 11000,000
157,733,373
REVENUE BONDS
Cost Estimate
Northwest Water Reclamation Plant
53,000,000
SEWRP Solids Handling Facility Improvements
1,000,000
South Lubbock Sanitary Sewer Expansion Phase 1
95,166
South Lubbock Sanitary Sewer Expansion Phase II
16,000,000
Major Sanitary Sewer Mains Rehabilitation
6,000,000
Water
Bailey County Wellfield Improvements 14,000,000
Pumping System Improvements 500,000
Water Line Replacements 500,000
Water Lines Ahead of Street Pavings 250,000
Water Meter Replacements 450,000
Bailey County Welifield Disinfection System 2,500,000
Pump Station 10 11000,000
157,733,373
REVENUE BONDS
MASTER LEASE
Cost Estimate
Master Lease Purchase 12,597,726
Total S 190,906,099
Cost Estimate
Lubbock Power and Light
Air Switch Replacement
100,000
Massengale Station Outage - Medium Term
1,325,000
Substation Land Acquisition
2,000,000
Downtown Redevelopment Underground
1,000,000
Substation Breaker Replacements
500,000
69 KV Line Rebuild - Coop to Slaton
3,000,000
Quaker Storm Water Project - Feeder Rebuild
300,000
Oliver Substation Transformer Capacity Upgrade
2,500,000
Northwest Substation Feeder Circuits
200,000
Milwaukee Autotransformer
2,400,000
Mobile Substation
2,500,000
Indiana URD Cable Replacement
3,000,000
Overhead Fault Indicators
100,000
Dispatch Control Room Upgrade/Remodel
500,000
Brandon Station Outage - Medium Term
750,000
Massengale Station Outage - Long Term
400,000
20,575,000
MASTER LEASE
Cost Estimate
Master Lease Purchase 12,597,726
Total S 190,906,099
ANDREWS
ATTORNEYS K U RT H LLP
September 25, 2014
VIA OVERNIGHT DELIVERY
Ms. Pamela Moon, CPA
Executive Director of Finance
City of Lubbock, Texas
1625 13th Street
Lubbock, Texas 79401
Re: City of Lubbock, Texas - Reimbursement Resolution
Dear Pam:
111 Congress Avenue. Suite 1700
Austin, Texas 78101
512.320.9200 Phone
512.320.9292 Fax
endrewskunh.com
Jerry V. Kyle, Jr.
512.320.9211 Phone
512.542.5211 Fax
urryxyloCandrewskurin
Per your request, enclosed please find six (6) copies of a reimbursement resolution, signed by
me, as the City's Bond Counsel.
Following approval of the resolution by the City Council and execution by the appropriate City
officials, please send me one (1) fully executed copy of the resolution.
Please call me at 512.320.9271 if you have any questions.
Sincerely,
TJV
. Kyle, Jr.
Encls.
cc: Gregg H. Jones (Firm)
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HOU:3480058.1