HomeMy WebLinkAboutResolution - 2007-R0541 - Expect To Reimburse Self For Costs Of Capital Project - 11/20/2007Resolution No. 2007-RO541
November 20, 2007
Item No. 5.6
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 Intemal Revenue Code of 1386, 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 $187,266,814.
1332294v.1 LUB200/1
ADOPTED THIS 20th day of November , 2007, by the City Council of the City of
Lubbock, Texas.
CITY OF LUBBOCK, TEXAS
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Mayor, City of L bbock, Texas
ATTEST:
wzity Secr ary, City of Lubbock, Texas
l GGv,RzA
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1332294v.1 LLTB200/1
EXHIBIT A
Resolution No. 2007-RO541
Cost Estimate
HOTEL
Visitors Information Center $ 1,650,000
GATEWAY STREETS
Erskine Street: Frankford to Salem 16,073,200
Slide Rd: Loop 289 to Erskine 3,962,500
Slide Rd: from 4t'' Street north to Loop 289 2,398,000
4t' Street: W of Loop 289 to E of Loop 289 3,216,000
Slide Rd: Marshall to Clovis Road 1,107,000
Loop 289: SW of Erskine to NE of Quaker 8,060,000
Loop 289: SW of 4t' to SW of Erskine 13,408,000
STREETS
34"' & University Intersection Reconstruction 295,000
Traffic Signals 100,000
N&E Lubbock Residential Street Infrastructure 325,000
Street Maintenance Program 8,800,000
ADMINISTRATIVE FACILITIES
City Hall Fire Code Compliance 300,000
CULTURAL AND ARTS
Buddy Holly Center Re -roof 255,000
Municipal Auditorium Renovations 5,000,000
FIRE
New Fire Station #17 150,000
LFD — Maintenance Shop Extension 79,000
F94TI, WW
Landwer House Re -roof 121,000
Parks Greenhouse 75,000
Park Pavilions 200,000
Park Playground Replacement 2.75,000
TIF
Water, sewer, electric, drainage, park and street improvements and extensions, 6,287,747
including utility relocations, sidewalks, amenities, street lighting and
landscaping, all located within the City's North Overton Tax Increment
Financing District
A-1
1332294v.1 LUB200/1
COO Estimate
SOLID WASTE
Cell Development $ 3,735,000
Leachate Evaporation Pond 260,000
Leachate Storage Tanks 356,667
STORM WATER
South Lubbock Storm Sewer Project 8,250,000
WASTEWATER SYSTEM
500,000
Lift Station rehabilitation
260,000
Sewer Line Replacements
320,000
Installation of Sewer Lines Ahead of Street Paving
365,000
Sewer Tap Replacements
600,000
Wastewater Collection Vehicle Storage Facility
78,000
Land Application Optimization
500,000
Sewer System Master Plan
800,000
Effluent Discharge Line Evaluation
300,00
Water Reclamation Plant Replacements
525,000
Sewer Lines Ahead of Marsha Sharp Freeway
2,000,000
Southeast Water Reclamation Plant Improvements
66,000,000
WATER
Supplemental Water Supply for Lake Alan Henry
500,000
Major Water Line Replacement (34th Street)
6,000,000
Downtown Water System Improvements
6,000,000
Parks Conversion to Ground Water
3,000,000
Water Line Replacement
320,000
Water Lines Ahead of Street Paving
1,100,000
Water Meter Replacements
3,750,000
Lake Alan Henry Pipeline Final Design
5,000,000
Lake Alan Henry Fencing
250,000
Lake Alan Henry Pipeline ROW Acquisition
1,250,000
Eastport Water Renovation
750,000
Regional Water Supply Projects
1,500,000
SW Pump Station
200,000
Water Lines Ahead of Marsha Sharp Freeway
1,500,000
ELECTRIC
CKI Cooling Tower Piping 105,000
Overhead Electric Service Distribution 2,250,000
Underground Electric Service Distribution 2,500,000
Distribution Transformers 824,700
Northwest Substation 1,000,000
A-2
1332294v.1 LLTB200/1
Northwest Transmission Line
A-3
1332294v.1 LUB200/1
Cost Estimate
1,000,000
$195,286,814