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Board approves reimbursement resolution, names outside counsel and municipal advisor
Summary
Trustees approved a reimbursement resolution allowing future financing to reimburse general fund expenditures, appointed outside counsel (Dinsmore) and named PNC Capital Markets as the district's independent registered municipal advisor; solicitor summarized the resolution's two purposes.
The board voted to approve a reimbursement resolution that would allow the district to reimburse general fund dollars later if the district completes a financing. Solicitor explained that the resolution "does two things: 1, if there's any funds from now moving forward expended of general fund dollars, later on, if there's a financing, we can go back and reimburse the general fund." The motion also appointed outside counsel to follow through on financing work.
Separately, the board approved retaining PNC Capital Markets LLC to serve as the district's independent registered municipal advisor, contingent on solicitor review. The board recorded votes consistent with other finance-related agenda items. Meeting minutes show the board will return final documents for solicitor review before contracts become effective.
