HomeMy WebLinkAboutResolution - 2017-R0178 - Intent To Finance Expenditures - 05/25/2017Resolution No.2017-R0178
Item No.6.6
May 25, 2017 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 debt obligations,the interest on which is excludable
from gross income under Section 103 of the Internal Revenue Code of 1986,as amended (the
"Obligations");
WHEREAS,the Issuer will make or has made, not more than 60 days prior to the date hereof,
payments for capital expenditures with respect to the acquisition,construction,reconstruction or
renovation of the projects listed on Exhibit A attached hereto;
WHEREAS,the Issuer has concluded that it does not currently desire to issue Obligations to
finance costs associated with the projects listed on Exhibit A attached hereto;
WHEREAS,the Issuer desires to reimburse itself for capital expenditures associated with the
projects listed on Exhibit A attached hereto from the proceeds of Obligations to be issued subsequent to
the date hereof;and
WHEREAS,the Issuer reasonably expects to issue Obligations to reimburse itself for the costs
associated with the projects listed on Exhibit A attached hereto.
NOW,THEREFORE,be it resolved that:
Section 1. The Issuer reasonably expects to reimburse itself for capital expenditures that have
been or will be paid subsequent to the date that is 60 days prior to the date hereof, but not more than 18
months after the date hereof,and that are to be paid in connection with the acquisition,construction,
reconstruction or renovation of the projects listed on Exhibit A attached hereto from the proceeds of
Obligations to be issued subsequent to the date hereof.
Section 2. The Issuer reasonably expects that the maximum principal amount of Obligations
issued to reimburse the Issuer for the costs associated with the property listed on Exhibit A attached
hereto will not exceed $18,500,000.
HOU:3781981.1
ADOPTED THIS 25th day of May , 2017, by the City Council of the City of
Lubbock, Texas.
DANIEL M. POPE, MAYOR
ATTEST:
Rebe ca Garza
City Secretary
APPROVED AS TO CONTENT:
Linda Cuellar
Executive Director of Finance
APPROVED AS TO FORM:
CY 4--
Jerry 4. Kyle, Jr.
Bond Counsel
HOU:3781981.1