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AI# 11970  Regular City Council Meeting 5.3. 10/10/2023:

Information

Agenda Item

Resolution - Finance: Consider a resolution expressing intent to finance expenditures to be incurred for various capital projects and equipment approved by the City Council in the FY 2023-24 Operating Budget and Capital Program, and to reimburse the City from the proceeds of obligations that will be issued after the expenditure of funds to pay costs of such projects and equipment.

Item Summary

The City will issue bonds during FY 2023-24 to fund projects that the City Council approved in the FY 2023-24 Capital Program. To allow capital projects to be completed within prescribed timeframes, the design, engineering, and construction costs may be incurred prior to delivery of the bond proceeds. For the costs to be eligible for reimbursement with bond proceeds, the City must declare its intent to reimburse bond-funded costs that are incurred prior to the bond issuance.   Total cost of $99,400,000 is divided into 3 categories: General Fund is $84,700,000 Internal Service Fund is $4,850,000 Storm Water Fund is $9,850,000 The annual debt service is budgeted through the annual operating budget process and is included in long term financial planning and rate models. The annual payments are made from the annual revenues of the respective Enterprise and Governmental Funds where the projects are incurred.

Fiscal Impact

The maximum principal amount of obligations to be issued will not exceed $99,400,000. The issuances will be through a General Obligation issuance not to exceed $57,700,000, self-supporting Certificates of Obligation not to exceed $30,850,000, and a Tax Note not to exceed $10,850,000.

Staff/Board Recommending

D. Blu Kostelich, Chief Financial Officer

Attachments Reimbursement Resolution

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