Title
Approving a Resolution Expressing Official Intent to Reimburse Certain Expenditures.
Summary
This resolution will allow the City of Pflugerville to expend funds for the projects that will be funded by the certificates of obligation and general obligation (limited tax) bonds previously referenced in this agenda, prior to the receipt of the bond funds. The sale of the certificates of obligation and general obligation (limited tax) bonds will be complete and funding received on April 7, 2015. The City can expend funds for the relevant projects and allow the bond funds to reimburse the operating accounts upon the sale of the debt for those expenditures.
The resolution was prepared by Mr. Richard Donoghue, the city's bond counsel. Mr. Donoghue will be at the City Council meeting to address any questions about this resolution.
Deadline for City Council Action
This resolution allows the City to reimburse expenditures on these projects to the general or utility operating funds. Approving this resolution tonight allows this process to begin.
Projected Future City Council Action
The next action to be taken by the City Council will be on Feburary 24, 2015, to approve the preliminary official statement and consider authorizing an issuance to refund exisiting certificate of obligation debt.
On March 10, 2015, at its regular meeting, Council will conduct a public hearing and award the sale of the certificates. A tentative financing schedule is attached to this agenda item.
Fiscal Impact
Both the general and utility funds have balances sufficient to cover the expenditures through the funding date of April 7, 2015.
Staff Recommendation
Approve the resolution.
Drafter
Lauri Gillam
Assistant City Manager