AGENDA ITEM REPORT
TITLE:
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A RESOLUTION EXPRESSING THE INTENT OF THE CITY TO UTILIZE TAX-EXEMPT DEBT IN AN AGGREGATE PRINCIPAL AMOUNT NOT EXCEEDING $1,000,000 TO REIMBURSE THE CITY FOR AMOUNTS ADVANCED BY THE CITY TO PAY THE COSTS OF ROADWAY IMPROVEMENTS.
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BACKGROUND:
The City has initiated a Comprehensive Street Improvements Program (the “Project”), which includes milling and resurfacing, striping, sidewalk and ADA improvements, and aesthetic enhancements to the City’s roadways. The Project will be financed through the issuance of debt.
DISCUSSION:
The City intends to finance the cost of such Project with the proceeds of tax-exempt bonds, notes, or other obligations to be issued in the future in one or more series. The City expects to initially pay certain costs of the Project with funds other than proceeds of the tax-exempt financing and to reimburse itself for such expenditures with proceeds from the tax-exempt financing.
RECOMMENDATION:
Staff recommends approval of this Resolution.
FISCAL IMPACT:
REVENUES: $ 0
EXPENDITURES: $ 0
BUDGETED? Yes
NOTES: Funding was appropriated in the 2017 Capital Projects Fund - Comprehensive Street Improvement Program Account #3291541-6859-6859.