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<br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: <br /> <br />March 27 .2006 <br /> <br />Appropriation <br /> <br />Requested By: Michael Dolby. Asst Director of Finance <br /> <br /> <br />ource of Funds: N/A <br /> <br />Department: FINANCE <br /> <br />Account Number: N/A <br /> <br />Report: <br /> <br />Resolution: XX Ordinance: <br /> <br />Amount Budgeted: <br /> <br />Exhibits: <br /> <br />Resolution 2006- <br /> <br />Amount Requested: <br /> <br />N/A <br /> <br />Exhibits: <br /> <br />Budgeted 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 projects: <br /> <br />TIRZ Infrastructure <br />Various Water Sewer Projects <br /> <br />$650,000 <br />$350,000 <br /> <br />While preliminary work has not begun on this project, it is not desirable for us to issue debt at <br />this time. However, because we are moving forward with an agreement from the TIRZ; we <br />would like to begin the design phase of this project. Therefore, we recommend the City Council <br />approve a resolution that allows the City to reimburse itself from future bond proceeds for <br />expenditures that are made prior to the issuance of the debt. This is a position that we have taken <br />on several other projects in the past as recommended by bond counsel and required by federal <br />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 by Council: Approve resolutions declaring intention to reimburse certain <br />expenditures with borrowing proceeds. <br /> <br />Approved for City Council A2enda <br /> <br /> <br />, 1-~~-D~ <br />Da1e <br />