SUBJECT:
Consideration and Action regarding Resolution No. 2022-17, Declaring intention to reimburse an amount not to exceed $4,000,000 for certain capital expenditures with proceeds from debt; and placing time restrictions on the issuance of tax-exempt obligations.
BACKGROUND/DISCUSSION:
At the July 5, 2022 City Council meeting, the City Council approved playground improvements at Highland Station Park. In order to make the improvements in advance of the debt issuance, a resolution of intent to reimburse is necessary.
FINANCIAL IMPACT:
The $4 million park bonds are scheduled to be issued in the summer of 2023. The General Fund balance will provide a loan to the Capital Projects Fund to allow for the playground improvements in advance of the debt issuance. The General Fund will be reimbursed once the debt is issued.
RECOMMENDATION:
Staff recommends consideration and action on the resolution declaring intention to reimburse capital expenditures with proceeds from debt; and placing time restrictions on the issuance of tax-exempt obligations. |