City of Rock Hill - File #: 10-0130

• File #: 10-0130
• Version: 1
• Type: Resolution
• Status: New Business Item
• File created: 7/21/2010
• In control: City Council
• On agenda: 7/26/2010
• Final action: 7/26/2010
• 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 Combined Utility System Revenue bond Anticipation Notes. Strategic Goal: Ensure the Provision of Quality Public Services Strategic Objective: Provide for the orderly development and expansion of facilities and infrastructure.

Date	Ver.	Action By	Action	Result
7/26/2010	1	City Council

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 Combined Utility System Revenue bond Anticipation Notes.

Strategic Goal: Ensure the Provision of Quality Public Services

Strategic Objective: Provide for the orderly development and expansion of facilities and infrastructure.

Body

Upon the completion of second reading of the ordinance providing for the issuance of Utility System Bond Anticipation Notes (BANs)- the Finance staff will be able to work with the banks to solicit bids for this one year bank note.  Since several of the projects to be funded by the BANs are already underway - the City needs to reimburse itself for the work that has already been completed.  Federal tax law requires that the City pass a resolution that authorizes this reimbursement.  Funds have already been expended for the new operations center and the South Cherry Road widening project.  This resolution will allow for reimbursement to the City's utility system for expenses already incurred.  Staff recommends approval of the resolution.