Agenda - View Meetings (All)

AI# 13038 Image of Lubbock City Logo 2021

Regular City Council Meeting

7.2.

12/03/2024:

Information

Agenda Item

Ordinance (Single Reading) - Finance: Consider approval of an ordinance providing for the issuance of City of Lubbock, Texas, Water and Wastewater System Revenue Bonds, in one or more series, in a principal amount 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 Southeast Water Reclamation Plant #4 Primary Clarifier Rehabilitation; providing for the award of the sale thereof in accordance with specified parameters; approving an official statement; approving execution of a purchase contract; and enacting other provisions relating thereto.

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

2025 WWW Parameters Ordinance