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<br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: <br /> <br />June 27 2005 <br /> <br /> <br />Appropriation <br /> <br />Requested By: C nthia Alexander Director of Finane <br /> <br />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 2005- <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 />Bayshore Water / Sewer Replacement <br /> <br />up to $ 350,000 <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 construction and construction phase <br />services, we recommend the City Council approve a resolution that allows the City to reimburse <br />itself from future bond proceeds for expenditures that are made prior to the issuance of the debt. <br />This is a position that we have taken on several other projects in the past as recommended by <br />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 />This action will allow the City to reimburse the Utility Fund to improve its financial condition as <br />we have been drawing down the fund balance. <br /> <br />Recall that during last year's budget discussions we noted that this year Council would be <br />presented with a new utility rate model, with proposed increases, for your consideration. <br /> <br />Action Required bv Council: Approve resolutions declaring intention to reimburse certain <br />expenditures with borrowing proceeds. <br /> <br /> <br />6~~!ocr <br />Date I' I <br />