This resolution authorizes the City to publish a notice of intent in the Lubbock Avalanche Journal to issue Electric Light & Power System Revenue Bonds (Revenue Bonds). The Revenue Bonds are being issued for the following purposes: 1. Acquire, purchase, construct, improve, renovate, enlarge, and/or equip property, buildings, structures, facilities, and/or related infrastructure for Lubbock Power & Light; and, 2. Refund certain obligations of Lubbock Power & Light; Specifically, the Revenue Bonds are designated in part, $70,000,000, to fund the Substation Capacity Upgrade - Northeast, ERCOT Transmission/Distribution Service Provider System, Distribution System Upgrade-Improvements-Expansion, Substation Capacity Upgrade - Co-op, Substation Capacity Upgrade - Vicksburg, 4kV Distribution Conversion, Yellowhouse Substation Capacity Upgrade, McDonald Substation Capacity Upgrade, Red Raider Substation Distribution Feeders, Downtown Redevelopment, Substation Capacity Upgrade - Thompson, and Fiberoptic Communications projects. The before mentioned projects relate to Capital Improvements to move remaining 30 percent of customers to ERCOT. In addition to capital expenditure, $90,000,000 of these funds will be used to reimburse for the Partial Requirements Settlement payment to Southwest Public Service Company (SPS). 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. |