TITLE
Consider a memorandum/resolution authorizing proceeding with issuance of certificates of obligation and further directing the publication of notice of intention to issue City of Killeen, Texas, combination tax and revenue certificates of obligation.
SUMMARY
AGENDA ITEM
Resolution authorizing proceeding with issuance of certificates of obligation and further directing the publication of notice of intention to issue City of Killeen, Texas, combination tax and revenue certificates of obligation
ORIGINATING DEPARTMENT
Finance
BACKGROUND INFORMATION
A reimbursement resolution allows the City to expend funds for specific projects and/or procurements and then be reimbursed for those expenditures from the proceeds of a debt issuance. Over the past few years, City Council has authorized reimbursement resolutions for projects and/or procurements that are now complete. A brief history of those reimbursement resolutions includes the following:
On October 8, 2013, City Council approved a reimbursement resolution (CCMR 13-120R) for costs related to the construction of Mustang Creek Road and Prewitt Ranch Road. The not to exceed debt issuance amount established in the resolution was $500,000. The total project cost of $552,032 was paid on May 1, 2015; $500,000 of the project cost is eligible for reimbursement.
On January 27, 2015, City Council approved a reimbursement resolution (CCMR 15-010R) for costs related to the purchase of vehicles and equipment for the Solid Waste department. The not to exceed debt issuance amount established in the resolution was $2,445,000. Total related purchases from May 2015 through October 2015 were $2,686,065; $2,445,000 of the vehicle and equipment purchase is eligible for reimbursement.
On August 11, 2015, City Council approved a reimbursement resolution (CCMR 15-093R) for the cost of renovating, improving, and equipping the Cornerstone building. The not to exceed debt issuance amount established in the resolution was $...
Click here for full text