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<br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: <br /> <br />November 9, 2009 <br /> <br />Appropriation <br /> <br />Requested By: Michael G. Dolbv, Director of Finance <br /> <br />Source of Funds: <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 - <br /> <br />Amount Requested: <br /> <br />N/A <br /> <br />Exhibits: <br /> <br />Budgeted Item: <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />During budget workshops, staff discussed with council the opportunity to pursue debt issuances <br />for drainage, community/ convention center, public works improvements and parks <br />improvements. <br /> <br />We anticipate issuing debt in the spring of2010. However, because we are moving forward with <br />planning , engineering and other design projects, 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 /> <br />/1 /1 ;:'1 <br /> <br />Date <br />