File #: 18-3685    Version: 1 Name: Resolution - Reimburse Costs of Projects 2019 Bonds
Type: Agenda Item Status: Passed
File created: 9/7/2018 In control: City Council
On agenda: 9/17/2018 Final action: 9/17/2018
Title: A resolution expressing official intent to reimburse, from the proceeds of obligations to be issued by the City, the costs of street, road, alley, sidewalk and screening wall projects, water and sewer system improvements, drainage system improvements, municipal building improvements, acquisition of vehicles and equipment, and computer equipment and software for municipal departments.
Attachments: 1. Resolution - Intent to Reimburse

Title

A resolution expressing official intent to reimburse, from the proceeds of obligations to be issued by the City, the costs of street, road, alley, sidewalk and screening wall projects, water and sewer system improvements, drainage system improvements, municipal building improvements, 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 2019 issuance are:

 

Certificates of Obligation                       $22,080,000

Water and Sewer Revenue Bonds                     14,020,000

Drainage Revenue Bonds                         8,300,000

Total                     $44,400,000

 

Recommended/Desired Action

Staff recommends approval of the resolution.

 

Attachment(s)

Resolution

 

Drafter

Debbie Mol

 

Head of Department

Debbie Mol