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COUNCIL AGENDA MEMO — November 4 2008 1[4 <br /> DEPARTMENT: FINANCE <br /> AGENDA ITEM: RESOLUTION DECLARING THE CITY'S INTENT TO BE <br /> REIMBURSED FOR CERTAIN CAPITAL EXPENDITURES FROM THE ISSUANCE OF <br /> DEBT <br /> Approved By: Date: <br /> Department Head: <br /> Finance Director: Mark Woodfill <br /> City Manager: Steve Norwood /%7,?, ba7 j©(Z4f/C j <br /> • <br /> BACKGROUND <br /> Federal Treasury Regulation Section 1.150-2 requires municipalities to declare their <br /> intent to reimburse themselves for capital expenditures through a debt issue prior to, or <br /> within, 60 days of the expenditure. The FY 2009 budget identifies several water and <br /> sewer project that will be financed through the issuance of debt. <br /> ITEM <br /> The projects, which are intended to be financed with debt, are scheduled throughout the <br /> year; therefore, in order to minimize the cost of financing, these projects need to be <br /> consolidated into one bond issue. Funds for these projects will be advanced through <br /> short-term internal borrowing, then, when the bonds are issued, the affected funds will <br /> repay these short-term loans with the bond proceeds. <br /> Recommended Action: MOVE to adopt Resolution No. 3910-0916. <br /> 1 <br />