Consent 1.K.
Regular City Council Meeting
- Meeting Date:
- 11/09/2009
- TITLE
- Resolution Establishing Compliance with Reimbursement Under Internal Revenue Code
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The City does not anticipate the Department of Natural Resources and Conservation issuing revenue bonds for the 2010 annual wastewater replacement project until January. However, the City needs to expend monies related to the project before funds are available from the bond sale proceeds. The following 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 design work and construction 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.