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AI# 11177
Regular City Council Meeting
5.4.
12/06/2022:
Information
Agenda Item
Resolution - Finance:
Consider a resolution expressing intent to finance expenditures to be incurred for various capital projects approved by the Citizens of Lubbock in the November 8, 2022 Street Bond Election, 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.
Item Summary
The City will issue bonds during FY 2022-23, to fund a portion of the projects that the Citizens of Lubbock approved in the November 8, 2022 Street Bond Election. To allow 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.
A total cost of $48,300,000 is planned for FY 2022-23, and divided into the projects listed below.
92811 - 98th Street: Alcove Avenue to Upland Avenue - 22B is $12,000,000.
92812 - Upland Avenue: 4th Street to 19th Street - 22B is $3,200,000.
92813 - 34th Street: Upland Avenue to Milwaukee Avenue - 22B is $2,700,000.
92814 - 34th Street: Ave Q to I-27 and Quaker Avenue to Slide Road - 22B is $7,500,000.
92815 - Upland Avenue: 34th Street to 50th Street - 22B is $4,000,000.
92817 - Dunbar/Manhattan Heights - 22B is $6,500,000.
92819 - Milwaukee Avenue: North City Limits to 4th Street - 22B is $3,500,000.
92821 - 146th Street: Quaker Avenue to Indiana Avenue - 22B is $3,200,000.
92825 - 82nd Street and Milwaukee Avenue - 22B is $5,700,000
Fiscal Impact
The total cost of projects funded is $48,300,000, and the maximum principal amount of Obligations to be issued will not exceed $200,000,000, to be issued in one or more series.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments
GO Reimbursement Resolution
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