(1) Staff recommends approval of the resolution to expedite the Capital Improvement Bond Revenue Series 2007 for $24,000,000.
(2) Staff recommends approval of the resolution as presented which provides necessary flexibility to City in event of need to reimburse City for funds spent in advance of the bond issue closing date.
(1) The Finance Team with respect to the issuance of the tax exempt financing shall consist of D.A. Davidson & Co. Inc. as Financial Advisor; Akerman Senterfitt as Bond Counsel; Holland & Knight, LLP, as Disclosure Counsel; SunTrust as Lead Underwriter; and RBCDain Rauscher as Co-Manager. The City Manager is hereby authorized to execute and deliver to the various members of the Finance Team supplemental or amended engagement letters in customary form, as needed.
(2)This reimbursement resolution is required by U.S Department of Treasury if the City is to be reimbursed from the proceeds of bond sales for costs incurred prior to the new bond issue.
All costs associated with the bond issue financing and acquisition, construction, improvement and repair of various capital improvements will be reimbursed to the City from the bond proceeds.
All reimbursements will be made to the fund accounts from which the payments were made.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________________
Deputy C.M. ___________________
City Manager _________RS__________
Account No. _________________
Project No. ___________________
WF No. ______________________