Title
Consider a resolution expressing official intent to reimburse certain project expenditures for roads, trails, parks, sports and recreation facilities, and public safety.
Body
This resolution allows for project costs related to 1) design, engineering, and construction of roadway and pedestrian improvements through Old Settlers Park; 2) design, engineering, and construction of parks and trails improvements and expansions; 3) design, engineering, and construction for multiple facility remodels and expansions; 4) design and construction of public safety facilities; and 5) design, engineering, and construction of arterial road additions, expansions and improvements.
This resolution will allow these projects to move forward using existing cash and then reimburse the funds once the General Obligation Bonds (GO) and Certificates of Obligation (CO) are issued.
CO debt can only be used for equipment, land and projects specifically defined as public works under the CO Act, including streets, public safety facilities and park and recreation facilities.
This resolution is for $296.5 million projected to be spent over the next 12 to 24 months, and consists of the following:
o Future CO bonds:
o Arterial Road additions/expansions/improvements $80.0 million
o Bob Bennett facility expansion $32.0 million
o Parks, Recreation, and Sports Facilities $48.1 million
o Public Safety Facilities $13.0 million
o Future GO bonds:
o Proposition A - Parks, Recreation, and Sports $99.7 million
o Proposition B - Public Safety $23.7 million
This resolution is required to meet IRS rules and regulations regarding the use of tax-exempt funds.
Recommended Action
Staff recommends approval