TO: Honorable Mayor and Council
FROM: Charlie Cassens, City Manager
SUBJECT:Title
Adopt Resolution No. 15-2954 Declaring Intent to Reimburse Expenditures Made Prior to the Date of Issuance from Proceeds of Bonds or Other Obligation Issued by or On Behalf of the City for the Expansion and Improvement of the Wastewater System
Body
FUNDING SOURCE:
Wastewater Utility Fund
PURPOSE:
To adopt a resolution to satisfy U.S. Treasury regulations to allow the City to reimburse itself for expenses on a particular project in anticipation of bond proceeds.
BACKGROUND:
A required component of the City's plan to restructure the existing Greater Arizona Development Authority ("GADA") loan into a new Water Infrastructure Finance Authority ("WIFA") loan is the inclusion of a new wastewater project in the transaction.
The Mulberry Effluent Basin project (SS2630) was identified and ultimately approved by WIFA as this new project. Prior to these actions, the City initiated this project and expended approximately $25,000 on the design phase. Adoption of this resolution enables the City to reimburse itself for these and any other expenses on the project, after the WIFA transaction is complete.
COMMUNITY IMPACT:
Incorporating this project into the GADA loan restructuring allows this valuable effluent reuse project to move forward with 100% funding realized from the financial transaction.
FISCAL IMPACT:
This Resolution enables the City to reimburse itself for any pre-paid expenses related to this project.
ATTACHMENTS:
Resolution No. 15-2954
SUGGESTED MOTION:Recommended Action
I move to adopt Resolution No. 15-2954 declaring official intent to reimburse expenditures made prior to the date of issuance from proceeds of bonds or other obligations issued by or on behalf of the City for the expansion and improvement for the Wastewater System.