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<br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: October 23. 2006 <br />Requested By: Michael Dolbv If <br />Department: FINANCE <br /> <br />Appropriation <br /> <br />Source of Funds: N/A <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 />Golf Course Cart Paths and Tunnel Improvements <br /> <br />$ 386,166 <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 further design, we recommend the City <br />Council approve a resolution that allows the City to reimburse itself from future bond proceeds <br />for expenditures that are made prior to the issuance of the debt. This is a position that we have <br />taken on several other projects in the past as recommended by bond counsel and required by <br />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 /> <br />;pfo <br /> <br />Date <br />