Suzy Ageton George Karakehian KC Becker Tim ... - City of Boulder

CI T Y O F B O U L D E R
CITY COUNCIL AGENDA ITEM
MEETING DATE: December 6, 2011
AGENDA TITLE:
Consideration of a motion to adopt a resolution declaring the City of Boulder’s official intent
to reimburse itself with the proceeds of a future bond issue that will occur in the first quarter
of 2012.
PRESENTERS:
Jane S. Brautigam, City Manager
Bob Eichem, Chief Financial Officer
Tracy Winfree, Director of Public Works for Transportation
Susan Richstone, Comprehensive Planning Manager
Chris Meshuk, Planner II
Abbie Poniatowski, Senior Business Manager
EXECUTIVE SUMMARY:
On November 1, the citizens of Boulder approved a ballot issue that authorized the city to issue
up to 49 million dollars in capital improvement bonds to fund various capital improvements. The
projected issuance date for these bonds is in the first quarter of 2012. A reimbursement
resolution (Attachment A), is a formality required by federal tax law to allow the city to
reimburse itself for costs made prior to receipt of the bond proceeds. It does not authorize the
sale of the bonds.
STAFF RECOMMENDATION:
Suggested Motion Language: Staff requests council considerati on of this matter and action in
the form of the following motion:
Motion to approve Resolution __ (Attachment A) declaring the City of Boulder’s official intent
to reimburse itself with the proceeds of a future bond issue that will occur in the first quarter of
2012 .
Agenda Item 3G Page 1