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<br />. <br /> <br />. <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: <br /> <br /> <br />Appropriation <br /> <br />Requested By: Cynthia Alexander. <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 />Exhibits: <br /> <br />Resolution 2003- <br /> <br />Amount Requested: <br /> <br />N/A <br /> <br />Exhibits: <br /> <br />Budgeted Item: <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />On February 2,2002, the voters of La Porte passed a bond election authorizing the issuance of <br />debt to complete certain capital projects. Included in those projects were: <br /> <br />Youth Baseball Complex and Westside Park Improvements <br /> <br />$3,200,000 <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 />Aporoved for City Council Al!enda <br /> <br /> <br />~~u~b.e1L <br /> <br />. tf-;;23 -J3 <br /> <br />Date <br />