12-12-16 Regular Meeting of the La Porte City Council

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REQUEST FOR CITY COUNCIL AGENDA ITEMREQUEST FOR CITY COUNCIL AGENDA ITEM December 12, December 12, AppropriationAppropriation Agenda Date Requested:Agenda Date Requested: 20162016 N/AN/A Source of Funds:Source of Funds: Michael Dolby, Director of Michael Dolby, Director of N/AN/A Account Number:Account Number: Requested By:Requested By: Finance Finance Amount Budgeted:Amount Budgeted: FinanceFinance Department:Department: N/AN/A Amount Requested:Amount Requested: Report:Resolution:Resolution:Ordinance:Ordinance: Budgeted Item:Budgeted Item:YESYESNONO Other: AttachmentsAttachments : : 1.Plan of Finance 11 22 16Plan of Finance 11 22 16 2.ResolutionResolution 3.Debt CapacityDebt Capacity SUMMARY & RECOMMENDATIONSSUMMARY & RECOMMENDATIONS During Council budget workshops, Staff presented several key wastewater infrastructure improvement During Council budget workshops, Staff presented several key wastewater infrastructure improvement projects that require funding. Staff applied for and received approval of a loan of ($10,635,000) through projects that require funding. Staff applied for and received approval of a loan of ($10,635,000) through the Texas Water Development Board. the Texas Water Development Board. Staff is requesting to move forward with funding the projects through a certificate of obligation. Staff is Staff is requesting to move forward with funding the projects through a certificate of obligation. Staff is requesting permission to publish a notice of intent to issue debt in a newspaper of general circulation requesting permission to publish a notice of intent to issue debt in a newspaper of general circulation within the City for two consecutive weeks. The date of the first publication is to be at least thirtywithin the City for two consecutive weeks. The date of the first publication is to be at least thirty--one one days (31) before date set as passage of ordinance authorizing the sale.days (31) before date set as passage of ordinance authorizing the sale. Timing for this funding is as follows:Timing for this funding is as follows: Council gives Notice of Intent to Issue: December 12, 2016Council gives Notice of Intent to Issue: December 12, 2016 Council meets to approve Issuance: January 23, 2017Council meets to approve Issuance: January 23, 2017 Anticipated Closing: February 15, 2017Anticipated Closing: February 15, 2017 Action Required of Council:Action Required of Council: Consider approval or other action regarding a resolution authorizing publication of a notice of intention to Consider approval or other action regarding a resolution authorizing publication of a notice of intention to issue certificates of obligation.issue certificates of obligation.