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CL- 1763 New Business   Item #:   E.    
City Council Regular Meeting
Meeting Date: 10/05/2017  
Subject:    Reimbursement Resolution
From: Michael Adkins

COUNCIL ACTION
Business Meeting:     10/05/2017
SUMMARY
The City's FY 2018 Capital and Special Projects Plan, which City Council adopted on June 20, 2017, budgets for the issuance of bonds to pay for several of the capital projects.  If expenditures are incurred for these projects before the bonds are issued and proceeds are received, the attached Reimbursement Resolution will allow the use of bond proceeds as reimbursement.  At a later date, City Council will be asked to take other formal actions to authorize and issue the bonds.  Bonds are expected to be issued in December 2017.
BACKGROUND
The FY 2018 bonds are expected to be issued in December 2017 and will fund the following approved capital projects:
 
Fire Equipment    $   300,000
Roof Replacements         250,000
Park/Rec Enhancements         331,000
Stormwater Improvements         200,000
HVAC Upgrades         284,000
Road Improvements      1,275,000
School Improvements      2,000,000
Electric Substations      2,000,000
Electric Transformers      5,900,000
RECOMMENDATION
Staff recommends City Council adopt the attached Resolution of Official Intent to Reimburse Expenditures with Proceeds of a Borrowing.

Attachments
Resolution

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