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k" REQUEST FOR COUNCIL ACTION Date: 09/12/11 Item No.: 7. g City Manager Approval Item Description: Adopt a Resolution Acknowledging the City's Intent to Issue Fire Station Capital Improvement Bonds 11 BACKGROUND 2 By previous action(s), the City Council has continued to move forward with the construction of a new fire 3 station. In order to finance the construction, the Council is expected to formally authorize the issuance of 4, capital improvement bonds in the coming months. However, the City is expected to incur significant 5 project costs for construction management and architectural services to receiving any bond proceeds. 6 "7 To ensure that these project costs can be internally repaid through a subsequent bond issue, the City needs 8 to adopt a resolution declaring its intent to do so. The attached resolution was prepared by the City's Bond 9 Counsel and upon its adoption the City will have satisfied the reimbursement requirement as prescribed by 110 State Statute and IRS regulations. 11 POLICY OBJECTIVE 12 Adopting the attached resolution to fund the project as described above is required under State Statutes and 13 IRS regulations. '14, FINANCIAL IMPACTS 15 Not applicable. Subsequent discussions regarding the financial impacts are expected to take place at a 116 future Council meeting. 1 7 STAFF RECOMMENDATION 11 111",,'1�111 Staff recommends the Council approve the attached resolution declaring the City's intent to issue capital 119 improvement bonds to reimburse itself for the costs associated with the construction of a new fire station. 2o REQUESTED COUNCIL ACTION 2 1 Motion to approve the attached resolution declaring the City's intent to issue capital improvement bonds to 22 reimburse itself for the costs associated with the construction of a new fire station. Prepared, by: Chris Miller, Finance Director Attachments: A: Resolution declaring the City's intent to issue cap tat improvement bonds. 25 Page I of 5