Title
A resolution expressing official intent to reimburse, from the proceeds of obligations to be issued by the City, the costs of the Residential Street Reconstruction Program, and of street, road, alley, sidewalk and screening wall projects, water and sewer system improvements, municipal building improvements and acquisition of vehicles and equipment and computer equipment and software for municipal departments.
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 is in compliance with the arbitrage rebate requirements of the Internal Revenue Service Treasury Regulations.
Proposed bond sale amounts for projects identified for the 2018 issuance are:
General Obligation Bonds $25,000,000
Certificates of Obligation 17,660,000
Water and Sewer Revenue Bonds 8,745,000
Total $51,405,000
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Drafter
Debbie Mol
Head of Department
Debbie Mol