HomeMy WebLinkAboutResolution - 2012-R0373 - Express Intent To Reimburse Self For Capital Expenditures - 09/27/2012Resolution N0. 2012-RO373
RESOLUTION EXPRESSING INTENT TO
FINANCE EXPENDITURES TO BE INCURRED
WHEREAS, the City of Lubbock, Texas (the "Issuers') 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 $95,000,000.
ADOPTED THIS lith day of September , 2012, by the City Council of the City of
Lubbock, TX
C. RTSON, MAYOR
ATTEST:
Q'&"
Rebe ca Garza
City Secretary
APPROVED AS TO CONTENT:
� J
Cheryl Brock
Budget Director
APPROVED AS TO FORM:
Jerry . Kyle, Jr.
Bond Counsel
EXHIBIT A
AIRPORT
Runway 17RI35L Rehab Construction
CITY FACILITIES
Multi- Company Fire Station #19*
Animal Shelter Expansion
STREETS
Traffic Signals/Controllers
34th Street Reconstruction - Indiana to Avenue Q*
Street Maintenance Program
PARKS
Garden and Arts Center Renovations
Llano Estacado Lake {Lake #2} Pavilion
STORM WATER
Northwest Lubbock and Maxey Park Project
WASTEWATER
Lift Station Rehabilitation
Sewer Line Replacement
Sewer Lines Ahead of Street Paving
Sewer Tap Replacements
Water Reclamation Plant Replacements
South Lubbock Sanitary Sewer System Exp Phase 1
Northwest Water Reclamation Plant
SEWRP Solids Handling Facility improvements
Canyon Lakes Sanitary Sewer Mains Rehabilitation
SEWRP Emergency Generator and Switch Gear
INTERNAL SERVICE
Upgrade 800 MHZ Radio System to P25 Compliance
LUBBOCK POWER AND LIGHT
Downtown Redevelopment Underground
MGL 6 & 7 Cooling Tower Replacement
Additional MCC for Cooke Station
CK 2 Boiler Feed Pumps Overhaul
GT3 Major Overhaul
Critical Valve Overhauls
Refurbish CK Startup Transformer
Underground Distribution
Overhead Distribution
Distribution Transformers
Cooke LEMS Replacement
CK 2 Boiler Controls Replacement
CK 2 Cooling Tower Mechanical Refurbishment
MASTER LEASE PURCHASES
TOTAL
* General Obligation Bonds. These projects were approved by the voters in the 2009 bond election.
Cost Estimate
$ 1,065,153
2,250,000
750,000
300,000
5,725,000
9,480,099
100,000
414,169
5,500,000
1,000,000
380,000
750,000
400,000
600,000
13,758,726
18,500,000
1,500,000
1,500,000
450,000
2,825,000
290,000
2,175,000
300,000
100,000
850,000
150,000
200,000
2,100,000
1,200,000
2,300,000
150,000
550,000
150,000
15,3 84, 544
$ 93,147,691