HomeMy WebLinkAboutResolution - 2007-R0035 - Express Intent To Reimburse Self For Costs - 01/25/2007Resolution No. 2007-R0035
January 25, 2007
Item No. 5.9
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 1956, 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 $63,000,000.
1209294v.1 LLTB200/1
ADOPTED THIS 25" day of January, 2007, by the City Council of the City of Lubbock,
Texas.
ATTEST:
e..
Re ecca Garza, City Secretary
APPROVED AS TO FORM:
Welter Taffe, AWmey
& Elkins, Attorneys at Law
APPROVED AS XO CONTENT:
y
inancial
1209294v.I LUB200/1
CITY OF LUBBOCK, TEXAS
i
a
DAVID A. NALLER, MAYOR
-2-
Resolution No. 2007-R0035
EXHIBIT A
ANIMAL SHELTER
Animal Shelter Facility
GATEWAY STREETS
Erskine Street: Frankford to Salem
Slide Rd: Loop 289 to Erskine
STREETS
50th Street: Slide/Loop 289
Traffic Signals
N&E Lubbock Residential Infrastructure Development
Seal Coat Program
Various Traffic Signal Installation, Equipment and Upgrades
ADMINISTRATIVE FACILITIES
City Hall Fire Code Compliance
City Hall Interior Renovations
CEMETERY
Demolition and Construction of Cemetery Business Office Building
ENVIRONMENTAL
5th and 1 Remediation
FIRE
New Fire Station # 16 @ 116th & Quaker
LIBRARY
Replacement of Godeke Roof
PARKS
Burgess -Rushing Tennis Center & Citywide Court Improvements
Irrigation Automation & Control System
Miller Park Redevelopment
Park Pavillion Construction
Park Playground Replacement
McAlister Restroom and Improvements
Andrews Park Improvements
AIRPORT
Terminal Improvements Project
A-1
1209294.1 LUB200/ 1
Cost Estimate
$ 891,000
7,417,200
3,195,000
2,807,000
100,000
200,000
620,000
40,000
280,000
235,000
200,000
150,000
1,950,000
1,021,000
500,000
100,000
200,000
275,000
300,000
200,000
418,100
Cost Estimate
TIF
Water, sewer, electric, drainage, park and street improvements and extensions, 1,655,707
including utility relocations, sidewalks, amenities, street lighting and
landscaping, all located within the City's North Overton Tax Increment
Financing District
SOLID WASTE
Cell Development 500,000
Monitoring Wells & Pumps 242,430
Leachate Storage Tanks 623,100
STORM WATER
425,000
Master Drainage Plan Update
600,000
Video Inspection of Storm Sewers
804,000
South Lubbock Storm Sewer Project
3,055,000
Hood & Hamilton Drainage Project
650,000
Park Area Drainage Channel Repair
210,000
26th and Ave. D Drainage Project
115,000
Dupree Grading, Drainage and Irrigation
335,000
SEWER SYSTEM
Lift Station rehabilitation
425,000
Sewer Line Replacement
300,000
Installation of Sewer Lines Ahead of Street Paving
350,000
Sewer Tap Replacement
450,000
Wastewater Collection Vehicle Storage Facility
125,000
Land Application Office Renovation
120,000
WATER
Bailey County Supply Line Evaluation
600,000
Major Water Line Replacement (34th Street)
4,000,000
Downtown Water System Improvements
4,000,000
Parks Conversion to Ground Water
1,300,000
Water Line Replacement
255,000
Water Lines Ahead of Street Paving
300,000
Water Meter Replacements
805,000
Lake Alan Henry Pipeline ROW Acquisition
2,500,000
Water Extension to Youth Sports Complex
1,000,000
ELECTRIC
Lubbock Business Center Miscellaneous Renovations 100,000
Overhead Electric Service Distribution 2,250,000
Underground Electric Service Distribution 3,500,000
Distribution Transformers 2,000,000
r;J
1209294v. t LUB20011
Service Distribution Meters and Materials
Marsha Sharp Freeway Phase N Transmission and Distribution Lines
New Northwest Substation
New Northwest Transmission Line
A-3
1209294v.1 LUB20011
Cost Estimate
300,000
500,000
3,500,000
1,000,000
THE STATE OF TEXAS cwe Y t
COUNTY OF LUBBOCK I o
Before me Ashley C. McGaha a Notary Public in and for Lubbock County Li*
P{
day personally appeared Krista Ramirez of the Southwestern PF
CF
Corporation, publishers of the Lubbock Avalanche -Journal - Morning, and Sunday, who being by' N
f' R
did dispose and say that said newspaper has run continuously for more than fifty-two weeks pri .`OR
�L.
insertion of this Legal Notice i CH,
No.
printed copy of the Legal (Notice
Avalanche -Journal on the following date.
I a
wi* k
Inside Sales Manager
LUBBOCK AVALANCHE -JOURNAL
Morris Communication Corporation
Subscribed and sworn to before me this
Pk'
at Lubbock County, Texas an! WR<
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is a true copy of the original and was printed in the L-uuuwn
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" ( /� I �_ W-XI't, -
NOTARY PUBLI in and for the State of Texas
my commission Expires 311512010
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