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AI# 12899  Regular City Council Meeting 7.6. 10/08/2024:

Information

Agenda Item

Resolution - Finance: Consider a resolution authorizing publication of Notice of Intent to issue City of Lubbock, Texas, Water and Wastewater System Revenue Bonds, not to exceed $66,000,000 for the following projects: Lake 7 Design and Land Acquisition, West Lubbock Water System Expansion, Pump Station 11B, East 50th Street Water Line Extension, Southwest Lubbock Sanitary Sewer Expansion and SEWRP Plant #4 Primary Clarifier Rehabilitation.

Item Summary

The Water and Wastewater System Revenue Bonds (the "Bonds") are being issued for the following purposes: Paying the costs of acquiring, purchasing, constructing, improving, renovating, enlarging and equipping property, buildings, structures, facilities and related infrastructure for the System; Funding capitalized interest on the Bonds; Funding the reserve fund requirement for the Bonds; and, Paying the costs of issuing the Bonds. Specifically, the Bonds are designated to fund the following projects: Lake 7 Design and Land Acquisition West Lubbock Water System Expansion Pump Station 11B East 50th Street Water Line Extension Southwest Lubbock Sanitary Sewer Expansion SEWRP Plant #4 Primary Clarifier Rehabilitation

Fiscal Impact

The total amount of the Project costs financed with the Revenue Bonds will not exceed the $66,000,000 total principal amount of one or more series of Water and Wastewater System Revenue Bonds. The annual debt service payments for the Bonds are budgeted through the annual operating budget process and are included in long-term financial planning and rate models. The annual payments are made from all or part of the net revenues of the City's Water and Wastewater System.

Staff/Board Recommending

Cheryl Brock, Interim Chief Financial Officer

Attachments Resolution - 2025 WWW Notice of Intent

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