Presenter/Contact
Presenter
Martie Simpson, Finance Director
Contact Info
(830) 221-4385 - msimpson@nbtexas.org
Subject Header
SUBJECT:
Title
Approval of a resolution relating to establishing the City’s intention to reimburse itself for the prior lawful expenditure of funds relating to the construction of various city improvements from the proceeds of tax-exempt obligations to be issued by the city for authorized purposes; authorizing other matters incident and related thereto; and providing an effective date.
Body
BACKGROUND / RATIONALE:
Attached is a reimbursement resolution prepared by McCall Parkhurst and Horton, the City’s bond counsel. This resolution will allow the City to pay for costs associated with the remaining projects related to the 2013 Bond Program. The remaining debt will be issued during the current fiscal year. Available cash will be used to pay for these costs prior to the debt issuance. Once the debt is issued, the cash used will be repaid from the debt proceeds. This reimbursement resolution is for an amount not to exceed $7,991,000 for the remaining authorized funds for the recreation center in the amount of $5,518,509 and the land purchase for the sports complex in the amount of $2,472,491.
The City can reimburse itself for the expenditure of funds up to eighteen months after payment is made.
ADDRESSES A NEED/ISSUE IN A CITY PLAN OR COUNCIL PRIORITY:
|
X |
Yes |
City Plan/Council Priority: |
Strategic Priorities: Maintain fiscal stability of City operations |
FISCAL IMPACT:
This reimbursement resolution is for an amount not to exceed $7,991,000 for the remaining authorized funds for the recreation center in the amount of $5,518,509 and the land purchase for the sports complex in the amount of $2,472,491 and will reduce the City’s cash balances in the short term. However, sufficient cash reserves are available for this action.
Recommendation
COMMITTEE RECOMMENDATION:
N/A
STAFF RECOMMENDATION:
Staff recommends approval of a resolution relating to establishing the City’s intention to reimburse itself for the prior lawful expenditure of funds relating to the construction of various City improvements (bond projects) from the proceeds of tax-exempt obligations to be issued by the City for authorized purposes; authorizing other matters incident and related thereto; and providing an effective date.