CITY COMMISSION AGENDA ITEM

Department:	Finance Department		Commission Meeting Date:  Feb. 5, 2019
Staff Contact:	Jeremy Willmoth, Finance Director
Recommendations/Options/Action Requested:
Adopt Resolution No. 7280, authorizing various public improvements and the issuance of general obligation bonds and/or temporary notes to finance all or a portion of the costs of certain improvements.
Executive Summary:		There were a number of projects included in the 2017-2021 Capital Improvement Plan (CIP), the 2018-2022 CIP, and the 2019-2023 CIP that were identified to be paid for with general obligation bonds. Each of these CIP’s were adopted as part of the budget process for the respective year. In order to use tax exempt financing, the City must adopt a resolution and publish notice of the City’s intent is to issue tax exempt general obligation bonds to pay for said improvements. All projects that are anticipated to be financed using general obligation bonds in the upcoming 2019 general obligation bond issuance are identified in the attached resolution in Exhibit A. It should be noted that a number of these projects have already received prior authorization by the City Commission. Exhibit A identifies projects that have already received authorization and are remaining as initially presented, projects that have received authorization, but an amendment is being requested, and projects that have not received prior authorization but were identified to be financed using general obligation bonds in the upcoming year. Staff is moving towards having a similar authorizing resolution as part of the budget process moving forward. This will help ensure that debt funded projects identified in the Capital Improvement Plan receive the proper authorization in a timely manner.
Strategic Plan Critical Success Factor		Effective Governance and Professional Administration Sound Fiscal Stewardship Commitment to Core Services
Fiscal Impact (Amount/Source):		Projects were identified throughout the budget process and repayment of bonds were included in the 2019 Budget.
Attachments:		Resolution No. 7280

Reviewed By: (for CMO use only)

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