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<br />e <br /> <br />e <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Ma 12 2003 <br /> <br /> <br />Agenda Date Requested: <br /> <br />Appropriation <br /> <br />Requested By: Cynthia Alexander. Director of Fina <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 />Resolution 2003- <br /> <br />Amount Requested: <br /> <br />N/A <br /> <br />Exhibits: <br /> <br />Exhibits: <br /> <br />Budgeted Item: <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The City of La Porte has intends to issue Certificates of Obligation Bonds for the following <br />projects: <br /> <br />Canada Road Paving & Drainage <br />Canada Road Utility Installation <br /> <br />1,900,000 <br />700,000 <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 land acquisition and further design, we <br />recommend the City Council approve a resolution that allows the City to reimburse itself from <br />future bond proceeds for expenditures that are made prior to the issuance of the debt. This is a <br />position that we have taken on several other projects in the past as recommended by bond <br />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 />Aooroved for City Council Al!enda <br /> <br /> <br />5"-& --d) <br /> <br />Date <br />