Consent 1.N.
Regular City Council Meeting
- Meeting Date:
- 09/14/2009
- TITLE
- Resolution Establishing Compliance with Reimbursement under Internal Revenue Code
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The Inner Belt Loop is being designed with the intention of starting right-of-way acquisition next summer and construction in late 2010. Design and land acquisition costs may precede the City issuing revenue bonds to finance the project. The attached resolution allows the City to reimburse those expenses from the bond sale proceeds.
ALTERNATIVES ANALYZED
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 and delay land acquisition and design work until the bonds are sold.
FINANCIAL IMPACT
This resolution will have no financial impact on the project.
RECOMMENDATION
Staff recommends City Council approve the attached resolution.