Item Coversheet

Council Communication

Department: Finance
Case/Project No.:
Submitted by: Finance Department/Danielle Bemis 		Resolution 24-41
ITEM 5.E.		Council Action: 2/12/2024
Description

Resolution declaring an official intent under Treasury Regulation 1.150-2 to issue debt to reimburse the City for certain original expenditures paid in connection with specified projects.

Background/Discussion

The City of Council Bluffs intends to issue General Obligation Bonds for FY25 CIP projects.  This resolution allows the City to reimburse itself from the bond proceeds for expenses incurred for these specific projects prior to the official sale date of the bonds. A copy of the approved FY25 CIP is attached.
Recommendation

This is Step 4 of the General Obligation Bonding process, which is to request approval of the reimbursement resolution. It is in the best interest of the City to continue to move forward in the process of proposing the issuance of General Obligation Bonds to satisfy the funding requirements for capital improvement projects for FY25.
ATTACHMENTS:
DescriptionTypeUpload Date
GO Bond ProcessOther2/1/2024
FY25 CIPOther2/1/2024
Resolution 24-41Resolution2/7/2024