In November 2010 , the council accepted the anonymous donation of $2,000,000 for the new Library building.  With this donation, the Library Foundation has been able to proceed with the design for the new Library building. The Library Foundation will continue to accept donations for the project.  After the election approving the levy for the construction of the Library building, the bond sale amount will be determined after accounting for the amount of the donations received. In the event that City expenses are not covered by the donations, this resolution allows the City to reimburse those expenses from the bond sale proceeds.
Reimbursement resolutions are required by the Internal Revenue Service for any bonded project where there  may be  a need to reimburse funds for costs incurred before the bond sale.

The City Council may:

• Approve the resolution and proceed with the project with the ability to reimburse expenses when the bonds are sold; or
• Not approve the resolution

This will not result in additional costs to the project.

Staff recommends City Council approve the attached resolution.