Laserfiche WebLink
AGENDA ITEM 6Nii <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: April 11, 2005 <br />TOPIC: Resolution No. 05 -55, Declare Intent to Bond, Well No. 5. <br />VOTE REQUIRED: 3/5 Vote required <br />BACKGROUND: <br />The City is required to declare its intent to reimburse project costs from bond <br />proceeds prior to encumbering project costs. This is a non - binding declaration <br />that must take place in order to finance projects in this manner. The Well No. 5 <br />Improvements project may be financed through bond proceeds. <br />At this time, it is uncertain if the City will bond for the well drilling or the <br />pumphouse structure construction. The City Finance department is reviewing <br />the long -term cash flow of the Trunk and Area Fund that will pay for this project <br />and they want to have the bonding possibility if it means the most financially <br />responsible payment of this project. Again, this is a non- biding declaration. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Adopt Resolution No. 05 -55, Declare the City's Intent to Bond for Well No. 5. <br />3. Not adopt Resolution No. 05 -55. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution No. 05 -55 be adopted. <br />• <br />