Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Portland approves resolution to preserve bond reimbursement option for capital projects
Summary
The council approved Resolution Number 9 22 on Nov. 19, allowing the city to reimburse prior capital expenditures from proceeds of a future tax-exempt bond issuance; the city’s financial advisor will present a financing plan in February.
Portland City Council voted Nov. 19 to approve Resolution Number 9 22, establishing the city’s intent to reimburse prior lawful capital expenditures from the proceeds of future tax-exempt obligations.
City finance staff said the resolution provides flexibility for costs already incurred on capital projects that will be funded by a planned bond issuance. "Back in August, the city council did approve our five-year capital improvement plan," Miss Martin told the council, noting projects such as the Fifth and Elm improvements and utility line replacements are already underway and may need interim funding. The city’s financial advisor, Victor Quiroga, is scheduled to present the bond financing plan and notice of intent in February.
Council member Sutton moved to approve Resolution 9 22; the motion was seconded and council approved the resolution in open session. The resolution does not itself issue bonds; it preserves the procedural ability to reimburse prior capital spending when tax-exempt bond proceeds become available.
