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HomeMy WebLinkAbout93-15 Resolution No. 93-15 RESOLUTION EXPRESSING OFFICIAL INTENT REGARDING CERTAIN EXPENDITURES TO BE REIMBURSED FROM PROCEEDS OF DEBT WHEREAS, the City of Elgin (the "Issuer" ) has developed a list of capital projects (the "Projects" ) described in Exhibit A hereto; and WHEREAS, expenditures relating to such projects will be paid on or after the passage of this resolution (the "Expenditures" ) ; and WHEREAS, the Issuer reasonably expects to reimburse itself for the Expenditures by incurring debt. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS: Section 1 . The Issuer reasonably expects to reimburse the Expenditures with proceeds of debt to be incurred by the Issuer. Section 2 . The maximum principal amount of debt expected to be issued for reimbursement of the Expenditures is $4,500,000 . Section 3. This resolution is a declaration of official intent under Treas . Reg. Section 1 . 103-18 . Section 4 . The Issuer will comply with the applicable state or local law governing the public availability of records relating to its official acts with respect to this resolution. Section 5. All actions of the officers, agents and employees of the Issuer that are in conformity with the purposes and intent of this resolution, whether taken before or after the adoption hereof, are hereby ratified, confirmed and adopted. Section 6 . This resolution shall be in full force and effect immediately upon its adoption. sl George VanDeVoorde George VanDeVoorde, Mayor Presented: January 27, 1993 Adopted: January 27, 1993 Omnibus Vote: Yeas 6 Nays 0 Recorded: Attest: sl Dolonna Mecum Dolonna Mecum, City Clerk Exhibit A Project Amount Annual Street Rehabilitation $ 2, 100,000 FBCC Purchase 1, 100, 000 Golf Course Rehab 750,000 Hemmens Parking Reconstruct 140,000 Esplanade/Grove Engineering 75, 000 Photogrametric Mapping 140,000 Linden Avenue Resurfacing 90,000 Tyler Creek Bank Stabilization 90,000 Summit Bridge EIS Update 15,000 Total $ 4,500, 000 • �n JE 1: 1 Agenda Item No. January 8, 1993 TO: Mayor and Members of the City Council FROM: Larry L. Rice, City Manager SUBJECT: 1993 G.O. Bond Priority List At the completion of the budget hearings this past month, the City Council set the 1993 bond issue amount at $4 .5 million. The Council then directed that I bring a prior- ity list of projects from the original $7 million package for it to consider. This agenda item provides that proposed priority package - and further includes a resolution for Council adoption which enables expenditures to be made for projects prior to the actual sale of the bonds later this spring. PROJECTS Project Amount Annual Street Rehabilitation $2, 100,000 FBCC Purchase 1, 100,000 Golf Course Rehab 750,000 Hemmens Parking Reconstruct 140,000 Esplanade/Grove Engineering 75,000 Photogrametric Mapping 140,000 Linden Avenue Resurfacing 90,000 Tyler Creek Bank Stabilization 90,000 Summit Bridge EIS Update 15,000 Total $4,500,000 In reducing the amount of the bond issue, the Council agreed to revisit the possible purchase of the Casa Linda property at a future date if an appropriate price could be worked out. The Engineering staff believes it can complete some of the proposed engineering work in-house. Considera- tion of the remaining projects will be deferred until a fu- ture date. Mayor and Members of the City Council January 8, 1993 Page 2 ENABLING RESOLUTION This past year the federal government imposed a require- ment that bond issue proceeds could not be expended until the actual sale of the bonds . Historically, public agencies expend such proceeds anytime within the budget year in which the bonds are sold. I have recently learned that the adop- tion of the attached resolution enumerating the specific projects for which the bonds are to be expended is sufficient to satisfy the federal ruling. The attached sample resolu- tion is therefore suggested to adopted at the January 27th Council meeting. RECOMMENDATION The City Council is asked to determine the projects to be included in the 1993 bond issue, and to authorize prepara- tion of the Resolution of Intent. i Larry L. Rice, C' Manager LLR:daw Attachment