Laserfiche WebLink
Page 1 of 1 <br /> <br />CONSENT ITEM – 6L <br /> <br />MEMORANDUM <br /> <br />DATE: June 11, 2018 <br /> <br />TO: Honorable Mayor and City Councilmembers <br /> Dave Perrault, City Administrator <br /> <br />FROM: Gayle Bauman, Finance Director <br /> <br />SUBJECT: Bond Sale Reimbursement Resolution <br /> <br /> Budgeted Amount: Actual Amount: Funding Source: <br /> N/A N/A N/A <br /> <br />Council Should Consider <br /> <br />Motion to adopt the attached Resolution 2018-042 relating to financing certain proposed project <br />costs and establishing compliance with reimbursement bond regulations under the Internal <br />Revenue Code. <br /> <br />Background <br /> <br />The City anticipates issuing bonds for certain utility projects. Proceeds from the sale of these <br />bonds will finance the construction of public improvements. The City must first comply with <br />IRS regulations regarding reimbursement requirements prior to issuance of any such bonded <br />debt. <br /> <br />Discussion <br /> <br />Projects to be paid for with the bond proceeds will incur costs prior to the issuance of the bonds <br />and thus must be declared by the City for possible future reimbursement. The enclosed <br />resolution as drafted, establishes compliance with IRS reimbursement regulations for the <br />projects. <br /> <br />Attachment <br /> <br />Attachment A: Resolution 2018-042