Title
Discuss and consider action to approve a resolution with the caption reading: "Resolution Expressing Official Intent to Reimburse Certain Expenditures" (advanced project costs from Certificates of Obligation issuance)
Summary
This resolution will allow the City of Pflugerville to expend funds for the projects that will be funded by the certificates of obligation bond previously considered in this agenda prior to the receipt of the bond funds. The sale of the certificates of obligation will be complete and funding received on October 20, 2020. The City can expend up to $3 million of funds for the relevant projects prior to October 20, 2020, and allow the bond funds to reimburse the operating accounts upon the sale of the debt for those expenditures. The general and utility funds have balances available to cover the anticipated expenditures through the funding date.
The resolution was prepared by Mr. Richard Donoghue, bond counsel. Mr. Donoghue will be available at the City Council meeting to address any questions about this resolution.
Prior City Council Action
Resolution authorizing the publication of Notice of Intention to Issue Certificates of Obligation is a separate item on this agenda.
Deadline for City Council Action
Action is requested on July 28, 2020.
Fiscal Impact
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X_
Amount: __n/a__
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A __ Required_X_ Date Completed:_07/22/20_
Supporting documents attached:
Reimbursement Resolution
Proposed 2020 Issuance Project List
Issuance Schedule
Recommended Action
Approve the resolution expressing official intent to reimburse certain expenditures.