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Council adopts reimbursement resolution to allow pre-bond water purchases to be reimbursed
Summary
Council adopted Resolution 2025-08 enabling the city to reimburse prior expenditures for water-system property and design from future bond proceeds as the city prepares to issue debt for a water storage capacity project.
Belgrade's City Council unanimously adopted Reimbursement Resolution 2025-08 so the city can reimburse itself for certain near-term purchases and design costs for a planned water storage capacity project once bond proceeds are issued.
Finance staff said the city has begun the debt-issuance process for the new storage project and needs the reimbursement resolution to ensure that earlier qualifying expenditures can be paid from bond proceeds when the bonds close. "We have begun the process of issuing debt for the new water storage capacity project, and we expect that that will be completed by the end of the fiscal year. However, we need to make a proper property purchase and... get started with the design. So this is a reimbursement resolution that will allow us to reimburse ourselves," the finance director said.
Council asked procedural questions; staff confirmed these specific bonds require the reimbursement declaration. The council then adopted the resolution with a roll-call vote recorded in the transcript; each council member present voted aye and the motion passed unanimously.
Staff said they expect bond closing by the end of the fiscal year and will return with financing documents and implementation steps.
