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<br /> <br /> <br /> <br /> Form B-52 <br /> 7/18/91 <br /> DEPARTMENT OF FINANCE <br /> <br /> REQUEST FOR COUNCIL ACTION <br /> <br /> <br /> DEPARTMENT: Finance DATE: 12/19/08 <br /> <br /> <br /> STAFF CONTACT: Mike Okumoto PHONE: x8303 <br /> <br /> <br /> A. REQUEST: <br /> <br /> Request to amend Ordinance 04-59, as amended by Ordinance 04-154, authorizing the issuance of general <br /> obligation bonds for financing public improvements. The request is to add language in which the County <br /> states that it may incur some capital expenditures in advance of the issuance of the bonds and declares its <br /> intention to reimburse itself in such cases. <br /> <br /> <br /> <br /> <br /> <br /> B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEETS AS NEEDED)' <br /> <br /> The language to be added to the 2004 bond authorization ordinance is the same as language that is <br /> included in all subsequent bond ordinances. U.S. Treasury regulations require that the County declare its <br /> intention to use funds to reimburse itself for capital expenditures made in advance of the bond issuance. <br /> Because we will sometimes be using certain short-term options, such as bond anticipation notes, to supply <br /> funds for CIP in advance of the bond issuance, this language must be included. This provides us with <br /> important flexibility to manage cash flow and debt to the best advantage of the County. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> SIGNED: DATE: DEC 1 Z~r~ <br /> Department H fad <br />