Title
A resolution expressing intent to reimburse expenditures from proceeds of future obligations.
Body
As in previous years, City staff and outside legal counsel have prepared a resolution which is necessary to acknowledge that certain funds may be spent prior to the issuance of bonds and that the City is treating a portion of the bonds being sold as “reimbursements” of the amounts spent prior to the date the bonds are issued. This resolution is required so that the City follows the arbitrage rebate requirements of the Internal Revenue Service Treasury Regulations.
Proposed bond sale amounts for projects identified for the 2023 issuance are:
Certificates of Obligation $60,083,600 (includes $200,000 cost of issue)
Water and Sewer Revenue Bonds $32,576,900
Total $92,660,500
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Drafter
Cindy L. Smith
Head of Department
Cindy L. Smith