Legislation Details

File #: 11-0035    Version: 1 Name:
Type: Resolution Status: New Business Item
File created: 4/4/2011 In control: City Council
On agenda: 4/11/2011 Final action:
Title: Consider a Resolution relating to the Declaration of Intent by the City of Rock Hill, South Carolina, to reimburse certain expenditures prior to the issuance by the City of its General Obligation Bonds. Strategic Goal: Quality Public Services: Complete all planned electric, water, and sewer infrastructure improvements and Provide for the orderly development and expansion of other facilities and infrastructure
Attachments: 1. Reimbursement Resolution GO Bonds.pdf
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Title

Consider a Resolution relating to the Declaration of Intent by the City of Rock Hill, South Carolina, to reimburse certain expenditures prior to the issuance by the City of its General Obligation Bonds.

Strategic Goal:  Quality Public Services: Complete all planned electric, water, and sewer infrastructure improvements and Provide for the orderly development and expansion of other facilities and infrastructure

 

Body

This resolution authorizes the City to reimburse itself up to $8 million from an upcoming General Obligation Bond for costs incurred in the construction of the new operations center prior to issuance of the bond in August 2011.  This resolution allows us to continue on the advanced construction schedule while maintaining the original schedule of the first debt service payment in FY 12-13.