08-10-1994 Council Agenda - Laserfiche WebLink

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project costs, and said official is hereby authorized and directed to consult with the City's financial advisor and bond counsel concerning the requirements of the Regulations in general and their application in particular circumstances. (d) The Council shall be advised from time to time as to the Declarations made and on the desirability and timing of the issuance of reimbursement bonds relating to project expenditures for which Declarations have been filed, including recommendations on the timing of the issuance of such bonds so that the "Reimbursement Period Requirement" described in the Regulations can be met. 3. Reimbursement Allocations. The City Administrator shall also be responsible for making the "reimbursement allocations" described in the Regulations, being generally the transfer of the appropriate amount of proceeds of the reimbursement bonds to reimburse the source of temporary financing used by the City to make payment of the prior costs of the projects. Each allocation shall be evidenced by an entry on the official books and records of the City maintained with respect to the bonds, shall specifically identify the actual prior expenditure being reimbursed or, in the case of reimbursement of a fund or account in accordance with Section 1.103 -18, the fund or account from which the expenditure was paid, and shall be effective to relieve the proceeds of the bonds from any restriction under the bond resolution or other relevant legal documents for the bonds, and under any applicable state statute, which would apply to the unspent proceeds of the bonds. Adopted this 10th day of August, 1994. Page 9