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<br />REtEST FOR CITY COUNCIL AGENDA 1M <br /> <br />AGENDA DATE Aoril26.1999 <br /> <br />REQUESTED BY Jeff Litchfield. Finance Director/ACM <br /> <br />_ REPORT; XX RESOLUTION; _ ORDINANCE; <br /> <br />On January 16, 1999, the voters of La Porte passed a bond election authorizing the issuance of <br />debt to complete certain capital projects. One of those projects was the City Hall Addition. <br /> <br />While preliminary work has began on this project, it is not desirable for us to issue debt at this <br />time. Since we are ready to move forward with further design of this project, we recommend <br />the City Council approve a resolution that allows the City to reimburse itself from future bond <br />proceeds for expenditures that are made prior to the issuance of the debt. This is a position that <br />we have taken on several other projects in the past. <br /> <br />The attached resolution gives us the option to reimburse ourselves from future bond proceeds <br />for certain costs associated with the above mentioned project. <br /> <br />ACTION REQUIRED BY COUNCIL: <br /> <br />Approve Resolution declaring intention to reimburse certain expenditures with borrowing <br />proceeds. <br /> <br />FUND N/A <br /> <br />ACCT NUM: <br /> <br />FUNDS AVAILABLE: <br /> <br /> <br />F 0 n... <br />ERA, CITY MANAGER <br /> <br />4/z.zJqq <br />~ <br />