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Approve a resolution declaring the City’s official intent to reimburse itself from proceeds of tax-exempt general obligation debt in the total amount of $131,680,000 to finance the design and construction of building renovation projects at various City facilities, a Waller Creek park, citywide mobility improvements, and enhancements and improvements to the animal services facility; the expansion of the Workday human resources management systems; technology system upgrades; and acquisition of vehicles, related equipment, and dispatch radio consoles. Funding: The issuance of $131,680,000 in tax-exempt general obligation bonds will occur in August 2027 or later. A fiscal note is attached.
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Lead Department
Austin Budget and Organizational Excellence.
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Fiscal Note
The issuance of $131,680,000 in tax-exempt general obligation bonds will occur in August 2027 or later. A fiscal note is attached.
For More Information:
Kerri Lang, Director of Budget and Organizational Excellence, 512-974-2283; Kimberly Olivares, Director of Financial Services, 512-974-2924.
Additional Backup Information:
For the City to spend money today and reimburse itself from the issuance of debt obligations in the future, a reimbursement resolution is required by state and federal law. The resolution must contain certain information to protect the tax-exempt status of the future issuance. Failure to adopt a qualified declaration of official intent will prohibit the City from reimbursing the cost with the proceeds of tax-exempt obligations. Reimbursement debt generally must be issued 18 months after either the date the expenditure was made or the date that the project with respect to which the expenditure was made is placed in service, whichever is later.
This action expresses Council’s intent to authorize the reimbursement of costs associated with Fiscal Year 2026-2027 Approved Capital Budget items for general obligation debt, as described below:
Certificates of Obl...
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