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<br />.. <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: <br /> <br />Februarv 13. 2006 <br /> <br />Appropriation <br /> <br />Requested By: Michael Dolbv.CPA Asst Finance Director <br /> <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 />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 />Harris County will be widening Sens Road in the near future and the City is anticipating <br />extending the Bay Area Blvd trunk sewer and installing, upgrading and relocating the utility <br />systems for Sens Road. <br /> <br />While preliminary work has begun on these projects, it is not desirable for us to issue debt at this <br />time. However, because we are moving forward with the engineering phase, we recommend the <br />City Council approve a resolution that allows the City to reimburse itself from future bond <br />proceeds for expenditures that are made prior to the issuance of the debt. This is a position that <br />we have taken on several other projects in the past as recommended by bond counsel and <br />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 City Council Aeenda <br /> <br />