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<br />REQJtT FOR CITY COUNCIL AGENDA ITEI <br /> <br />AGENDA DATE Julv 26. 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 approved a Section 4B 'Yz cent Sales Tax. One of <br />the projects planned to be built with the revenues from the new tax is a Community Library. The <br />retailers in the City began collecting this tax on July 1, 1999. The City will receive its first <br />payment in September. The City expects to collect about $900,000 in revenue over the next <br />year. <br /> <br />While preliminary work has began on the Community Library, it is not desirable for us to issue <br />financing debt at this time. Since we are ready to move forward with further design of this <br />project, we recommend the City Council approve a resolution that allows the City to reimburse <br />itself from future bond proceeds for expenditures that are made prior to the issuance of the debt. <br />This is a position that 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 />7-zz-Qq <br />DATE <br />