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AI# 10459
Regular City Council Meeting
8.7.
02/08/2022:
Information
Agenda Item
Resolution - Finance:
Consider a resolution authorizing publication and posting of notices of intention to issue City of Lubbock, Texas Water and Wastewater System Revenue Bonds.
Item Summary
This resolution authorizes the City to publish a notice of intent in the Lubbock Avalanche Journal to issue both Water and Wastewater System Revenue Bonds (Revenue Bonds).
The Revenue Bonds are being issued for the following purposes:
1. Paying the costs of acquiring, purchasing, constructing, improving, renovating, enlarging and equipping property, buildings, structures, facilities, and related infrastructure for the System;
2. Funding capitalized interest on the Bonds;
3. Funding the reserve fund requirement for the Bonds; and,
4. Paying the costs of issuing the Bonds (collectively, with items 1-3, the "Project").
Specifically, the Revenue Bonds are designated to fund the Southeast Water Reclamation Plant (SEWRP) Effluent Pump Station #2 Improvements, and the South Lubbock Sanitary Sewer Extension Phase IV.
All projects funded through this Revenue Bond issuance were discussed and approved during the budget process. No changes were made to the scope or funding source from what was presented during the budget approval process.
Fiscal Impact
The total amount of the Project costs financed with the Revenue Bonds will not exceed the $8,200,000 total principal amount of one or more series of Water and Wastewater System Revenue Bonds. The annual debt service payments for the Revenue 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
D. Blu Kostelich, Chief Financial Officer
Attachments
Resolution - Authorizing Publication of Notice of Intent
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