Agenda

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Item # 3.

Council Meeting

Meeting Date:	08/10/2021
Department:	Finance
Pillars:	Gold Standard in Financial Health
Milestones:	Continuously improve processes and policies to include the voice of the customer and ensure the policies are easily accessible

AGENDA CAPTION:

Consider Action on a Resolution Establishing the Town's Intention to Reimburse Itself for Prior Lawful Expenditures of Funds Relating to Constructing Various City Improvements (Authorized 2019 Bond Projects such as Improvements to Parks Facilities and Repairs at Existing Municipal Facilities) in the Amount of $8,095,000.

BACKGROUND:

On November 18, 2019, the Council passed a Resolution canvassing and declaring the results of the November 5, 2019 Special Bond Election. Proposition C in this election passed with 825 votes ‘for’ and 389 votes ‘against’. Proposition D in this election passed with 755 votes ‘for’ and 457 votes ‘against’.

Proposition C asked for authorization for the sale of $6,723,002 in general obligation bonds for parks and recreation improvements and facilities.

Proposition D asked for authorization for the sale of $7,395,000 in general obligation bonds for improvements to existing municipal buildings, including roof and HVAC replacements, as well as needed repairs to address American with Disabilities Act (ADA) compliance.

On June 22, 2021, staff presented a plan to Council to issue $3,145,000 from Proposition C and $4,950,000 from Proposition D with proceeds to be delivered on September 14, 2021.

This agenda item seeks passage of a Resolution authorizing the reimbursement of up to $3,145,000 for parks and recreation improvements and facilities and $4,950,000 for improvements to existing municipal buildings, including roof and HVAC replacements, as well as needed repairs to address American with Disabilities Act (ADA) compliance from future bond sales. Several HVAC units are anticipated to be replaced prior to the September 14, 2021 anticipated delivery of funds. Additionally, improvement projects at the Addison Athletic Club and other facilities are anticipated to begin later this Summer, prior to the September 14, 2021 anticipated delivery of funds. This Resolution must be passed within 60 days of the expenditure of the funds to be legally compliant.

RECOMMENDATION:

Administration recommends approval.

Attachments
Resolution - Reimbursement for Propositions C and D