Posting Language
Title
Approve a resolution declaring the City’s official intent to reimburse itself from the proceeds of tax-exempt obligations in an aggregate maximum principal amount of $210,000,000 for expenditures related to the acquisition and construction of electric utility capital improvement projects.
De
Lead Department
Austin Energy
Fiscal Note
Funding is available in the Austin Energy Capital Budget. A fiscal note is attached.
For More Information:
John Davis, AE Budget Director, 512-505-3724; Nabil Khazei, AE Financial Manager III, 512-322-6538.
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 no later than 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 City Council’s intent to authorize the reimbursement for costs associated with acquisition and construction of electric utility capital improvements from the following funds.
|
FUND |
FUND DESCRIPTION |
|
3120 |
E-Alternate Energy Capital |
|
3220 |
E-Power Production Capital |
|
3230 |
E-Transmission Capital |
|
3240 |
E-Distribution Substations Capital |
|
3250 |
E-Distribution Capital |
|
3310 |
E-Support Services Capital |