HomeMy WebLinkAboutResolution - 2005-R0578 - Express Intent To Finance Expenditure To Be Incurred - 12/15/2005Resolution No. 2005-RO578
December 15, 2005
Item 5.17
RESOLUTION EXPRESSING INTENT TO
FINANCE EXPENDITURES TO DE 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 $90,310,000.
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ADOPTED THIS 15`h day of December, 2005, by the City Council of the City of
Lubbock, Texas.
ATTEST:
Ci y Secretary, City of Lubbock, exas
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CITY OF LUBBOCK, TEXAS
Mayor Pro Tem, City of Lubbock, Texas
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EXHIBIT A
Cost Estimate
SOLID WASTE
Biosolids Composting Project $ 100,000
Cell Development 3,627,000
78th & Quaker Flare 2,179,960
Realignment of Gas Pipeline at #69 668,400
6,575,360
STORMWATER
Northwest Lubbock Master Plan and Maxey Park Study 200,000
South Lubbock Storm Sewer Project 4,000,000
4,200,000
WASTEWATER
Water Resources Master Plan
6,000,000
Sewer Lines Ahead of Marsha Sharp Freeway
1,200,000
Sewer System Master Plan
150,000
98th Street Compaction Repair
8,500,000
Lubbock Land Application Remediation Wells
270,000
16,120,000
WATER
SW Pump Station (West Pressure Zone)
1,800,000
Water Lines Ahead of Marsha Sharp Freeway
1,200,000
Water Facilities Security Improvements
500,000
South Lubbock Well Field
5,350,000
Parks Conversion to Ground Water
350,000
Increase Sandhills Production
1,480,000
Comprehensive Water Line Changeouts
4,200,000
WTP Particle Counter Replacement
150,000
Water Treatment Plant Evaluation
250,000
Pump System Evaluation
250,000
Eastport Water Renovation
600,000
Acquisition of Water Rights (CRMWA)
20,000,000
36,130,000
ADMINISTRATIVE SERVICES
Municipal Building HVAC Renovations 530,150
Municipal Building Generator Installation 198,000
Municipal Building ADA Compliance 114,500
842,650
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PARKS
STREETS
Cost Estimate
Mackenzie Park Border Fence Phase 1 S 30,000
Irrigation Automation & Control System 250,000
Lubbock Challenger Little League Sports 192,000
Community Center Renovations - Various Locations 150,000
Park Pavilions 200,000
Park Playgrounds 06 200,000
Park ADA Upgrades 75,000
1,097,000
50th Street: Slide/Loop 289
275,000
98th Street from Frankford Ave. to Slide Rd
2,878,000
Ongoing Street Lighting
50,000
Erskine @ N. University Street Drainage
484,000
Broadway Brick Repairs
150,000
3,837,000
GATEWAY STREETS
Erskine Street: Frankford to Salem
1,024,000
Slide Rd: Loop 289 to Erskine
355,000
Loop 289: 4th Street, Slide
1,470,000
2,849,000
TIF
Water, sewer, electric, drainage, park and street improvements and
extensions, including utility relocations, sidewalks, street lighting,
landscaping and irrigation, all located within the City's North Overton
Tax Increment Financing District.
5,684,119
Public Infrastructure (Convention Center)
4,000,000
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9,684,119
ELECTRIC
Cost Estimate
Overhead Distribution
S 1,250,000
Underground Distribution
2,250,000
Distribution Transformers
1,100,000
Spare Substation Transformer
400,000
Service Distribution
300,000
Oliver Substation Breaker Expansion
90,000
Northeast Substation Breaker Retrofit
48,000
Brandon LM2500 Hot Section Overhaul
700,000
LBC Miscellaneous Renovations
100,000
6,238,000
PARKS — GENERAL OBLIGATION
Miller & Andrews Park Redevelopment 826,000
826,000
STREETS — GENERAL OBLIGATION
Regis Corridor Enhancement Project 365,000
City -Wide Traffic Signal Communications Upgrade 245,093
Traffic Signals — New Locations 100,000
Low/Moderate Income Area Street Paving 450,000
N. University "Gateway" Project 750,000
1,910,093
TOTALS $ 90,309,222
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