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Regular City Council Meeting
7.1.
10/26/2021:
Information
Agenda Item
Resolution - Finance:
Consider a resolution expressing intent to finance expenditures to be incurred for various capital projects and equipment, which were approved by the City Council in the FY 2021-22 Budget and Capital Program, and to reimburse the City from the proceeds of obligations that will be issued after the expenditure of funds, to pay costs of such projects and equipment.
Item Summary
The City will issue bonds during FY 2021-22, to fund projects that the City Council approved in the FY 2021-22 Capital Program. To allow capital projects to be completed within prescribed time frames, design, engineering, and construction costs may be incurred prior to delivery of the bond proceeds. For the costs to be eligible for reimbursement with bond proceeds, the City must declare its intent to reimburse bond-funded costs that are incurred prior to the bond issuance.
Total cost of $53,960,727 is divided into 4 categories:
General Fund is $3,000,000.
Internal Service Fund is $5,100,000.
Water/Wastewater Fund is $8,200,000.
Lubbock Power & Light is $37,660,727.
The annual debt service is budgeted through the annual operating budget process and is included in long term financial planning and rate models. The annual payments are made from the annual revenues of the respective Enterprise and Governmental Funds where the projects are incurred.
Fiscal Impact
The total cost of projects funded is $53,960,727, and the maximum principal amount of Obligations to be issued will not exceed $59,300,000.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments
Resolution & Exhibit A
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