HomeMy WebLinkAboutResolution - 2009-R0411 - Intent To Reimburse Self For Expenses Using Tax Exept Obligations - 10/08/2009Resolution No. 2009-RO411
October 8, 2009
Item No. 5.3
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 obligations the interest
on which is excludable from gross income for federal income tax purposes ("tax-exempt
obligations") pursuant to Section 103 of the Internal Revenue Code of 1986, as amended
(the "Code");
WHEREAS, the Issuer will make, or has made not more than 60 days prior to the
date hereof, payments with respect to the acquisition, construction, reconstruction or
renovation of the property listed on Exhibit A attached hereto;
WHEREAS, the Issuer has concluded that it does not currently desire to issue tax-
exempt obligations to finance the costs associated with the property listed on Exhibit A
attached hereto;
WHEREAS, the Issuer desires to reimburse itself for the costs associated with the
property listed on Exhibit A attached hereto from the proceeds of tax-exempt obligations
to be issued subsequent to the date hereof; and
WHEREAS, the Issuer reasonably expects to issue tax-exempt obligations to
reimburse itself for the costs associated with the property listed on Exhibit A attached
hereto.
NOW, THEREFORE, be it resolved that:
Section 1. The Issuer reasonably expects to reimburse itself for all costs that have
been or will be paid subsequent to the date that is 60 days prior to the date hereof and that
are to be paid in connection with the acquisition, construction, reconstruction or
renovation of the property listed on Exhibit A attached hereto from the proceeds of tax-
exempt obligations to be issued subsequent to the date hereof
Section 2. The Issuer reasonably expects that the maximum principal amount of
tax-exempt 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.
A-1
ADOPTED THIS
City of Lubbock, Texas.
I_1
a Gare; City S
APPROVET--) AS TO CONTENT:
Andy Bur ham, Chief Financial Officer
vw:ccdocs/Master Lease Reimbursement 2010 Projects (2)
October ,
by the City Council of the
CITY OF LUBBOCK,
Tom Martin, Mayor
A-2
Resolution No. 2009-RO411
EXHIBIT A
CITY FACILITIES
Municipal Auditorium Renovation*
Civic Center Renovation*
TOTAL GENERAL OBLIGATION BONDS
AVIATION
Airport Facility Improvements
Replace Passenger Loading Bridges
GATEWAY PROJECTS
Indiana Avenue — 103" to FM 1585
LUBBOCK POWER AND LIGHT
Overhead Distribution
Underground Distribution
Distribution Transformers
NORTH OVERTON TIF
Right of Way Acquisition
GG13 East
SOLID WASTE
Cell Development
Leachate Pond Landfill 69
STORM WATER
Street Maintenance Program
Northwest Lubbock and Maxey Park
McAlister Park Cut and Fill Master Plan
WASTEWATER
Sewer Tap Replacement
Water Reclamation Plant Replacements
Land Application Office Renovation
Electrical Facility
SEWRP Improvements Phase III Solids Handling
South Lubbock Sanitary Sewer System Expansion
SEWRP Improvements Phase IV Plant 3 Improvements
Sewer Extensions ahead of Gateway Projects
Cost Estimate
$ 4,500,000
1,450,000
275,000
5,800,000
11,576,000
2,250,000
3,000,000
2,000,000
1,971,671
900,000
350,000
311,250
9,065,980
1,500,000
25,000
650,000
300,000
100,000
125,000
9,573,030
10,000,000
3,000,000
3,000,000
TOTAL CERTIFICATES OF OBLIGATION $ 180.706.497
MASTER LEASE PURCHASES
Scheduled Master Lease purchases for various city $ 7,938,462
departments include the purchase of vehicles,
machinery, electronics, and other necessary equipment.
TOTAL $ 1
*General Obligation Bonds. These projects were approved by the voters in an election held in May 2004.
Cost Estimate
WATER
Supplemental Water Supply for LAH
S 800,000
Bailey County Wellfield Improvements
346,580
Water Treatment Plant Improvements
5,372,000
Pumping System Improvements
884,485
Water Lines Ahead of Street Paving
400,000
Water Meter Replacements
1,000,000
LAH Raw Water Line/Pump Stations
41,000,000
LAH Water Treatment Plant & Terminal Reservoir
62,0100,000
Water Extensions ahead of the Gateway Projects
1,611,761
Parks Backflow Assembly Conversion
1,518,740
TOTAL CERTIFICATES OF OBLIGATION $ 180.706.497
MASTER LEASE PURCHASES
Scheduled Master Lease purchases for various city $ 7,938,462
departments include the purchase of vehicles,
machinery, electronics, and other necessary equipment.
TOTAL $ 1
*General Obligation Bonds. These projects were approved by the voters in an election held in May 2004.