HomeMy WebLinkAbout07-060
DATE SUBMITTED: February 26,2007
BILL # 0'1- o<.ou
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
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liD. 30;;.7
SUBJECT: Resolution authorizmg the
Director of Financial Services and Finance
Officer to designate certain expenditures for
potential reimbursement from debt proceeds
Committee Meeting Date: March 14, 2007
COUNCIL MEETING Date: March 21, 2007
Department: Financial Services
Presenter: Laura Lyon
Phone: 473-5722
SUMMARY: The City of Bremerton periodically issues tax-exempt debt obligations for the purpose
of financing various City capital improvement projects. In order to maintain maximum flexibility in
the conduct of such debt issuances and to ensure compliance with the United States Department of
Treasury regulations regarding the City's ability to reimburse itself for qualified expenditures made
prior to the final issuance ofthe debt obligation - authorization is needed for the Director of Financial
Services and the Finance Officer to identify qualified capital projects for potential reimbursement and
to make official certification of intent to do so in accordance with Treasury Regulation Section 1.150-
2.
ATTACHMENTS: Resolution and explanatory memo.
FISCAL IMP ACTS (Include Budgeted Amount): None.
COMMITTEE CHAIR
COUNCIL PRESIDENT:
CONSENT AGENDA ~
GENERAL BUSINESS 0
PUBLIC HEARING 0
APPROVALS:
DEP ARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR:
MAYOR:
RECOMMENDED MOTION:
Move to approve Resolution No. 3oa.7 authorizing the Director of Financial Services and the
Finance Officer to designate certain expenditures for potential reimbursement from bonds that may be
authorized and approved by the City Council in the future.
COUNCIL ACTION: i~rove
o Deny
o Table
o Continue 0 No Action