Print
Reading Mode
Back to Calendar
Return
AI# 10945
Special City Council Meeting
4.
08/16/2022:
Agenda Item
Resolution - City Manager:
Consider a resolution declaring the intent of the City Council and its commitment to create a contract with the voters stipulating that the proceeds from the bonds shall be used for the projects identified in the ordinance calling the November 8, 2022 Bond Election and directing the City Manager to implement the November 8, 2022 bond program in accordance with specific projects and programs set forth in the resolution and the propositions approved by the voters.
Item Summary
This resolution explicitly states the Lubbock City Council's intent to create a contract with Lubbock voters regarding the use of the $200 million requested in the November, 2022 bond election. Should the bond election pass, this resolution lists the projects that will be funded with the proceeds, including the initial estimated cost for each proposed project. These bond funds will not be used on any other roadway project unless all of the projects listed in this resolution are substantially complete and funds remain. Should the listed projects be substantially complete and funds remain, the resolution requires a three-step process to fund additional street and roadway projects. First, the projects must be similar in nature to those in Exhibit A. Second, the projects must comply with state law related to use of the bond proceeds. Finally, the Lubbock City Council must approve by affirmative vote any additional project(s).
The resolution further states that funds from the bond election cannot be used for street maintenance projects. Put another way, all funds must be used for new and/or roadway expansion projects.
Fiscal Impact
Passage of this resolution does not create an independent fiscal impact.
Staff/Board Recommending
Jarrett Atkinson, City Manager
Attachments
Lubbock November 2022 Bond Election - Resolution of Intent - 1
AgendaQuick ©2005 - 2024 Destiny Software Inc.
All Rights Reserved.