Agenda

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Item # 5.

Work Session and Regular Meeting

Meeting Date:	05/26/2020
Department:	Finance
Pillars:	Gold Standard in Public Safety
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 Intent to Reimburse Prior Lawful Expenditures of Funds Relating to Constructing Various City Improvements in the Amount of $600,000.

BACKGROUND:

On November 18, 2019, the Council passed a Resolution canvassing and declaring the results of the November 5, 2019 Special Bond Election. Proposition E in this election passed with 812 votes ‘for’ and 399 votes ‘against’.

Proposition E asked “Shall the City Council of the Town of Addison, Texas, be authorized to issue general obligation bonds of the Town in the amount of $600,000 for the purpose of providing funds for traffic control systems and facilities, and levying of a tax in payment thereof.”

This agenda item seeks passage of a Resolution authorizing the reimbursement of up to $600,000 for traffic control systems and facilities from future bond sales. A contract for such traffic control systems and facilities is before the Council for consideration at the May 26, 2020 Council meeting. 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 Traffic Control Systems