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<br />G <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: <br /> <br />November 14. 2005 <br /> <br />Appropriation <br /> <br />Requested By: Cynthia Alexander. Assistant City Mana2er <br /> <br />Source 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 />Resolution 2005- <br /> <br />Amount Requested: <br /> <br />N/A <br /> <br />Exhibits: <br /> <br />Exhibits: <br /> <br />Budgeted Item: <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />On February 2,2002, the voters of La Porte passed a bond election authorizing the issuance of <br />debt to complete certain capital projects. The City of La Porte issued General Obligation Bonds <br />for the following project: <br /> <br />Police Headquarters <br /> <br />up to $10,500,000 <br /> <br />We are 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 projects. <br /> <br />Action Required bv Council: Approve resolutions declaring intention to reimburse certain <br />expenditures with borrowing proceeds. <br /> <br />Approved for Citv Council Ae:enda <br /> <br />Date <br /> <br />Debra B. Feazelle, City Manager <br />