Posting Language
Title
Approve a resolution declaring the City of Austin’s official intent to reimburse itself from proceeds of tax-exempt obligations, in the amount of $75,545,000, for the acquisition of administrative offices for governmental functions of the City. Related to items #4 and #15.
De
Lead Department
Financial Services Department.
Fiscal Note
A fiscal note is attached.
For More Information:
Kim Olivares, Deputy Chief Financial Officer, Financial Services Department, 512-974-2924.
Additional Backup Information:
For the City to spend money and reimburse itself from the issuance of tax-exempt debt obligations in the future, a reimbursement resolution is required. The resolution must be approved by Council not more than 60 days after the date that the cost to be reimbursed is paid. Failure to adopt a qualified declaration of official intent will prohibit the City from reimbursing the cost with the proceeds of tax-exempt debt obligations. Tax exempt debt obligations used for reimbursement must generally be issued 18 months after the later of, the date the expenditure was made, or the date that the project, with respect to which the expenditure was made, is placed in service.
This action expresses the Council’s intent to authorize the reimbursement for costs associated with Fiscal Year 2023-2024 Capital Budget items for general obligation debt as described below:
Certificates of Obligation - $75,545,000 for the acquisition of administrative offices for governmental functions of the City.