HomeMy WebLinkAboutResolution - 2008-R0086 - Express Intent To Reimburse Self Through Tax Exempt Obligations - 03/13/2008Resolution No. 2008-R0086
March 13, 2008
Item No. 4.3
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
Lubbock Preston Smith International Airport facilities including roadway, signage, terminal, and
airfield drainage improvements and safety mitigation (collectively, the "Project");
WHEREAS, the Issuer has concluded that it does not currently desire to issue tax-exempt
obligations to finance the costs associated with the Project;
WHEREAS, the Issuer desires to reimburse itself for the costs associated with the Project
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 Project.
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 Project 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 Project
will not exceed $10,000,000.
Dallas Airport Project Reimbursement Resolution
ADOPTED THIS 13th day of March, 2008, by the City Council of the City of Lubbock,
Texas.
CITY OF LUBBOCK, TEXAS
Mayor, City of Lubbock, Texas
F.1169-mv
City S cretary, City of Lubbock, e s
APPROAcial
FORM:
Ch' F'er, Cit of Lubbock, Texas
-2-
1332294v.] LUB200/1