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Consideration and Adoption of Resolution No. 2019-42: A resolution of the Flagstaff City Council, declaring, for the purposes of Section 1.150-2 of the Federal Treasury Regulations, official intent to be reimbursed in connection with certain capital expenditures relating to the Municipal Court Facilities Project, Water Projects, Wastewater Projects and Stormwater Projects, and establishing an effective date. |
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Management Services Director Rick Tadder addressed Council stating that the resolution is a procedural requirement related to the Federal Treasury Regulations allowing the City to reimburse itself for expenditures made on voter-approved projects and water, wastewater, and stormwater projects that are currently being planned or under construction in advance of issuing the debt. The City issues debt when most appropriate and beneficial for the City. It is a favorable time now and staff is looking to issue debt later in the calendar year. |
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Moved by Councilmember Jamie Whelan, seconded by Councilmember Jim McCarthy to read Resolution No. 2019-42 by title only.
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Vote: 6 - 0 - Unanimously |
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A RESOLUTION OF THE FLAGSTAFF CITY COUNCIL, DECLARING, FOR PURPOSES OF SECTION 1.150 2 OF THE FEDERAL TREASURY REGULATIONS, OFFICIAL INTENT TO BE REIMBURSED IN CONNECTION WITH CERTAIN CAPITAL EXPENDITURES RELATING TO THE MUNICIPAL COURT FACILITIES PROJECT, WATER PROJECTS, WASTEWATER PROJECTS, AND STORMWATER PROJECTS, AND ESTABLISHING AN EFFECTIVE DATE |
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Moved by Councilmember Jamie Whelan, seconded by Councilmember Jim McCarthy to adopt Resolution No. 2019-42.
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Vote: 6 - 0 - Unanimously |
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