Laserfiche WebLink
CITY COUNCIL <br />AGENDA ITEM 6D(iii) <br /> <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br /> <br />MEETING DATE: September 10, 2018 <br /> <br />TOPIC: Consideration of Resolution No. 18-91,Declare Intent to <br />Reimburse from Bond Proceeds, LaMotte Area Street and Utility <br />Improvements. <br /> <br />VOTE REQUIRED: 3/5 <br /> <br />INTRODUCTION <br /> <br />Staff is requesting council approval to declare the City’s intent to reimburse itself from bond <br />proceeds for the proposed 2018 LaMotte Area Street Reconstruction Project. <br /> <br />BACKGROUND <br /> <br />On August 14, 2017 the City Council authorized the preparation of plans and specifications for <br />the LaMotte Reconstruction Project. The project includes street reconstruction, drainage <br />improvements, and sanitary sewer replacement. The estimated project cost is $1,529,000. <br /> <br />The projects will be financed by a combination of General Obligation Street Reconstruction <br />Bonds ($1,217,125), sewer operating funds ($242,225) and grant funds from RCWD ($39,500) <br />and MCES ($30,150). The Internal Revenue Code requires cities to declare their intent to <br />reimburse project costs incurred prior to receipt of bond proceeds. Preliminary expenditures such <br />as architectural, engineering, surveying, bond issuance, and similar costs are exempt from this <br />provision. <br /> <br />Approval of the Intent to Bond resolutions does not obligate the City issue bonds. <br /> <br />RECOMMENDATION <br /> <br />Staff is recommending adoption of Resolutions No. 18-91. <br /> <br />ATTACHMENTS <br /> <br />1. Resolution No. 18-91