HomeMy WebLinkAboutResolution - 2013-R0363 - Intent To Reinburse Self For Capital Expenditures Using Tax Exempt Obligations - 10/24/2013Resolution No. 2013-RO363
October 24 2013
Item No. 5.2
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 $130,000,000.
HOU:3359599.1
ADOPTED THIS 24th day of October , 2013, by the City Council of the City of
Lubbock, TX.
WCAMERTSON, MAYOR
ATTEST:
'yReScca Garza
ecretary
APPROVED AS TO CONTENT:
(�" m�'
Pamela Moon
Executive Director of Finance
APPROVED AS TO FORM:
L
Jerry V. yle, Jr.
Bond Counsel
HOU 3359599 1
EXHIBIT A
Cost Estimate
Certificates of Obligation
Airport
Runway 17R/35L Construction Phase II $ 2,638,446
Central Business District TIF
Underground Utilities 2,472,148
Parks
Park Playground Replacement 793,163
Mose Hood Park Restroom 300,000
Gateway
98th Street - University Avenue to US 87 1,560,348
Internal Service
Upgrade 800 MHZ Radio System to P25 Compliance 3,490,000
Public Safety
Multi -Company Fire Station No. 19 1,000,000
Animal Shelter Expansion 400,000
Streets
Sign Upgrades and Replacement
150,000
Traffic Signal Controllers
300,000
Street Maintenance Program
9,622,300
Communication System Expansion
350,000
Solid Waste
Southside Office Building Expansion 275,380
Wastewater
Sewer Line Replacement
390,000
Sewer Lines Ahead of Street Paving
250,000
Water Reclamation Plant Replacements
300,000
SEWRP Solids Handling Facility Improvements
40,000,000
South Lubbock Sanitary Sewer Expansion Phase II
1,000,000
SEWRP Emergency Generator and Switch Gear
926,517
Office/Warehouse Replacement Facility - WW
1,250,000
Water
Water Line Replacements
500,000
Water Lines Ahead of Street Pavings
800,000
Water Meter Replacements
450,000
Locate and Replace Water Valves
700,000
BCWF Supply Line/Pumping System
16,000,000
Pump Station Emergency Electric Generators
5,700,000
Taste and Odor Control
100,000
South Lubbock Water Treatment Plant Expansion
1,000,000
Electrical Distribution Oil Contact Recloser Units
250,000
Office/Warehouse Facility Replacement - Water
1,250,000
Total Certificates of Obligation
94,218,302
EXHIBIT A
Master Lease Purchase 13,673,293
Total $ 128,641,595
Cost Estimate
Revenue Bonds
Lubbock Power and Light
Substation Land Acquisition
2,000,000
230 kV Transmission Loop
6,300,000
69 kV Transmission Line Reconductoring
1,500,000
Cooke Station Outage
4,850,000
Massengale Outage
1,500,000
Brandon Outage
3,500,000
General Plant Outage
1,100,000
Total Revenue Bonds
20,750,000
Master Lease Purchase 13,673,293
Total $ 128,641,595