Title
Consider/Discuss/Act on a Resolution Authorizing Reimbursement of Expenditures with Proceeds of Future Debt (General Obligation Bonds)
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: June 16, 2015
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Approve resolution for future debt proceeds (General Obligation Bonds)
ITEM SUMMARY:
· This resolution allows the City to initiate capital projects prior to the issuance of bonded debts, and to reimburse itself from the bond proceeds after the debt issuance.
· While it is not anticipated that a reimbursement will be needed, this resolution will ensure that in the event funds are expended from other sources, they will be reimbursed by bond proceeds received in July 2015.
BACKGROUND INFORMATION:
· Staff anticipates issuing $52.3 million in 2006 and 2010 voter authorized general obligation bonds.
· These bonds will be issued to fund streets, traffic, public safety facilities and public works facilities projects.
· Staff does not anticipated that funds will be needed.
· The City must declare its expectation to reimburse the capital expenditures from the bond proceeds.
FINANCIAL SUMMARY:
· In the event that funds are needed, projects will be brought to Council with necessary budget amendments.
BOARD OR COMMISSION RECOMMENDATION: N/A