File #: ID#17-3290    Version: 1 Name: Approve Reimbursement Resolution 17-10
Type: Action Item Status: Passed
File created: 2/27/2017 In control: Finance
On agenda: 3/16/2017 Final action: 3/16/2017
Title: Establish the intent to reimburse certain Water and Sewer project costs incurred with proceeds from a future tax-exempt financing and adopt Resolution 17-10.
Attachments: 1. 17-10 (2).pdf, 2. Exhibit A - Res 17-10 Project Schedule.pdf

SUBJECT/RECOMMENDATION:

Title

Establish the intent to reimburse certain Water and Sewer project costs incurred with proceeds from a future tax-exempt financing and adopt Resolution 17-10.

 

Body

SUMMARY: 

 

A Water and Sewer System rate study that was completed in July of 2016 anticipated the need to do a new money bond issue in 2018 to finance the various Water and Sewer System capital projects planned at the time of the rate study.

 

Approximately $78,000,000 of the planned Fiscal Year 2017 and Fiscal Year 2018 projects (Exhibit A) will be financed with the tax-exempt bonds to be issued in Fiscal Year 2018.

 

Adoption of Resolution 17-10 establishes the City’s intent to be reimbursed from the proceeds of a bond issue in 2018 for up to $78,000,000 of capital project expenditures made prior to the issuance of the bonds.