Item Coversheet

Council Communication

Department: Finance
Case/Project No.:
Submitted by: Finance Department 		Resolution 23-45
ITEM 7.B.		Council Action: 2/13/2023
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 FY24 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 FY24 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 FY24.
ATTACHMENTS:
DescriptionTypeUpload Date
GO Bond ProcessOther1/31/2023
FY24 CIPOther1/31/2023
Resolution 23-45Resolution2/7/2023