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<br />e <br /> <br />e <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: <br /> <br />Januarv 23.2006 <br /> <br />Appropriation <br /> <br />Requested By: Michael Dolb <br /> <br /> <br />Source of Funds: Nt A <br /> <br />Department: FINANCE <br /> <br />Account Number: NtA <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 />NtA <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 />Sports Complex Joint Venture <br /> <br />$ 2, 000,000 <br /> <br />We are anticipating preliminary work to begin on these projects, and it is not desirable for us to <br />issue debt at this time. However, because we are moving forward with design and construction <br />phase services, we recommend the City Council approve a resolution that allows the City to <br />reimburse itself from future bond proceeds for expenditures that are made prior to the issuance of <br />the debt. This is a position that we have taken on several other projects in the past as <br />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 City Council Ae:enda <br /> <br /> <br />/-/~-a~ <br /> <br />Date <br /> <br />S:\FIShare\AGENDA ITEMS\cosportscomplex.doc <br />