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PUB recommends reimbursement ordinance authorizing up to $384 million in potential bond proceeds for capital program
Summary
Treasury staff presented a reimbursement ordinance to allow the city to spend on capital projects now and reimburse with future bond proceeds. The ordinance catalogs planned capital projects across utilities and sets an aggregate maximum principal amount not to exceed $383,998,218.
Brandy Klingle, Treasury Manager, presented a reimbursement ordinance on Oct. 13 that would declare the city’s intent to reimburse capital expenditures with proceeds from a future bond sale. The Public Utility Board voted to recommend the ordinance to City Council.
What staff described: The ordinance is a procedural first step in a bond sale cycle and not an authorization to immediately issue all bonds. It notifies that the city intends to reimburse itself with future bond proceeds for certain capital projects and allows projects to begin using available cash…
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