B | Consideration and Adoption of Resolution No. 2023-04: 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 related to the November 2022 election for proposition 441 and 442 projects as approved by voters, and establishing an effective date. | ||||||
Management Services Director Rick Tadder stated that the resolution will allow the City to reimburse itself for expenditures made on November ballot measure projects that are currently being planned or may be under construction in advance of issuing the debt (bonds) for the projects. Federal regulations provide that the City may reimburse itself for expenditures incurred prior to the issuing of debt so long as this type of resolution is adopted. Without the resolution, only City construction expenditures incurred after the issuance of debt would be allowed. Mr. Tadder also noted that he will be strategic in issuing debt to ensure the best rates and timing. He intends to issue a portion of the debt later in the year and a subsequent resolution will be brought forward to Council to authorize that. |
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Moved by Councilmember Miranda Sweet, seconded by Councilmember Khara House to read Resolution No. 2023-04 by title only. | |||||||
Vote: 6 - 0 - Unanimously | |||||||
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 RELATED TO THE NOVEMBER 2022 ELECTION FOR PROPOSITION 441 AND 442 PROJECTS AS APPROVED BY VOTERS, AND ESTABLISHING AN EFFECTIVE DATE
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Moved by Councilmember Jim McCarthy, seconded by Councilmember Miranda Sweet to adopt Resolution No. 2023-04. | |||||||
Vote: 6 - 0 - Unanimously | |||||||