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AI# 11944  Regular City Council Meeting 6.18. 09/26/2023:

Information

Agenda Item

Resolution - Lubbock Power & Light: Consider a resolution authorizing publication of a Notice of Intention to issue Electric Light and Power System Revenue Bonds.

Item Summary

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 to fund certain obligations of Lubbock Power & Light; Specifically, the Revenue Bond is designated, $80,000,000, to make the Partial Requirements Settlement payment to Southwest Public Service Company (SPS).   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 SPS Partial Requirements Settlement payment financed with the Revenue Bonds will not exceed the $80,000,000 total principal amount of Electric Light & Power 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 Electric Light & Power System.

Staff/Board Recommending

D. Blu Kostelich, Chief Financial Officer, City of Lubbock Harvey Hall, Chief Financial Officer, Lubbock Power & Light Electric Utility Board

Attachments Council Resolution - LP&L Publication of Notice to Sell Bonds LPandL Notice of Intent EUB Resolution - LP&L Publication of Notice to Sell Bonds

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