Title
Consideration and action with respect to "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 December 12, 2017. The City can expend funds for the relevant projects prior to December 12, 2017, 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
Approval of this resolution allows the City to pay expenditures on projects and reimburse to the general operating funds once bond funding is complete.
Projected Future City Council Action
A tentative financing schedule for the bond issuances is attached to this agenda item.
Fiscal Impact
The general and utility funds have balances available to cover the anticipated expenditures through the funding date of December 12, 2017.
Staff Recommendation
Approve the resolution.
Drafter
Lauri Gillam
Assistant City Manager