The Lubbock City Council approved a reimbursement resolution Oct. 28 that lets the city begin capital work now and reimburse expenditures from future bond issuance when market timing is optimal.<\/p>\n
City staff said the resolution sets a maximum principal amount of $173 million to cover projects listed in the adopted budget and exhibit A, with an estimated hard cost of about $157.6 million once issuance costs are excluded. Projects identified include segments of Upland Avenue improvements, voter\u2011approved 2022 and 2024 road bond projects, vehicle replacements (tax notes), the next phase of the West Lubbock water system expansion and planned Lubbock Power & Light projects.<\/p>\n
City budget staff explained that reimbursement resolutions permit the city to incur preliminary design, right\u2011of\u2011way acquisition and construction\u2011phase costs before selling bonds. \u2018\u2018We do this so we can go ahead and start construction on projects and hold issuing the debt until the optimal time in the market,\u2019\u2019 the city manager said. Staff noted some projects had other funding sources layered in, such as MPO dollars and ARPA funds.<\/p>\n
The council voted to approve item 5.5 after staff presentation and Q&A about the kinds of costs that will be reimbursed \u2014 notably engineering, professional services and right\u2011of\u2011way acquisition for multi\u2011year road bond projects.<\/p>\n","protected":false},"excerpt":{"rendered":"The Lubbock City Council approved a reimbursement resolution Oct. 28 that lets the city begin capital work now…\n","protected":false},"author":2,"featured_media":29684,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[168,170,169],"class_list":["post-29683","post","type-post","status-publish","format-standard","has-post-thumbnail","category-lubbock","tag-lubbock","tag-lubbock-headlines","tag-lubbock-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/29683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=29683"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/29683\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/29684"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=29683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=29683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=29683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}