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<br />e <br /> <br />e <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Requested By: <br /> <br /> <br />Aoorooriation <br /> <br />Agenda Date Requested: <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 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 finance the following project: <br /> <br />Automated Meter Reading <br /> <br />up to $ 2,625,000 <br /> <br />We are moving forward with the implementation phase, we recommend the City Council <br />approve a resolution that allows the City to reimburse itself from future debt proceeds for <br />expenditures that are made prior to the issuance of the debt. This is a position that we have taken <br />on several other projects in the past as recommended by bond counsel and required by federal <br />law. <br /> <br />The attached resolutions give us the option to reimburse ourselves from future proceeds from <br />debt funding for 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 />Approved for Citv Council A2enda <br /> <br /> <br />}/1/f8fi~ <br />Date ( I <br />