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<br />Agenda Date Requested: J ulv 23. 2007 Appropriation <br /> " <br />Requested By: Michael Dolbv. Interim Director of Financpj .- Source of Funds: N/A <br />Department: FINANCE -& Account Number: N/A <br />Report: Resolution: XX Ordinance: Amount Budgeted: <br />- - <br />Exhibits: Resolution 2007- Amount Requested: N/A <br />Exhibits: Budgeted Item: <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The City of La Porte intends to issue Certificates of Obligation Bonds for the following project: <br /> <br />Municipal Court Building <br /> <br />up to $2,800,000 <br /> <br />Weare moving forward with further design and we recommend the City Council approve a <br />resolution that allows the City to reimburse itself from future bond proceeds for expenditures that <br />are made prior to the issuance of the debt. This is a position that we have taken on several other <br />projects in the past as recommended by bond counsel and required by federal law. <br /> <br />The attached resolutions give us the option to reimburse ourselves from future bond proceeds for <br />certain costs associated with the above-mentioned project. <br /> <br />Action Required bv Council: Approve resolution declaring intention to reimburse certain <br />expenditures with borrowing proceeds. <br /> <br /> <br />Date <br /> <br />71)7/0 '7 <br />, <br />