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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 6/14/2021 | | DEPARTMENT: | Budget | | DIRECTOR: | Karen Rhodes-Whitley, Director of Budget and Research | | AGENDA ITEM: | Arbor Hills Nature Preserve and Willow Creek Erosion Control project Reimbursement Resolution | | RECOMMENDED ACTION: | Adoption of Resolutions |
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| | | | | | | | ITEM SUMMARY Resolution No. 2021-6-4(R): To declare official intent to reimburse certain expenditures made prior to the issuance of tax-exempt obligations, and providing an effective date. Adopted
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| | | | | | | | PREVIOUS ACTION/PRESENTATION On September 14, 2020, City Council adopted the Community Investment Program (CIP) Ordinance for the 2020-21 fiscal year, which included appropriations for the Municipal Drainage Fund of $47,829,400. |
| | | | | | | | BACKGROUND Reimbursement resolutions have been approved in the past on an as-needed basis by the City Council to fund CIP projects before the City can issue bonds that provide the projects intended funding.
This resolution will allow the City of Plano to reimburse itself for costs that have been paid for construction services for the Arbor Hills Nature Preserve and Willow Creek Erosion Control project, which was included in the May 2021 bond issuance, from proceeds of the Municipal Drainage Bond sale. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This item has no fiscal impact.
Proceeding with construction services for existing Municipal Drainage projects included in the 2021 bond issuance relates to the City’s Strategic Plan Critical Success Factor of Excellent, Innovative and Accountable City Government.
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