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Council amends borrowing-intent resolution, adds $60 million upper figure
Summary
The council adopted a resolution declaring official intent to reimburse project expenditures from future borrowing and approved an amendment setting a $60,000,000 not-to-exceed figure in section 2; staff clarified the resolution does not obligate issuance of debt.
The Common Council considered and adopted a resolution declaring the city’s official intent to reimburse certain project expenditures from proceeds of future borrowing and approved an amendment to set a $60,000,000 not-to-exceed figure in the resolution’s section 2.
Administrator Windy clarified to the council that the resolution does not itself obligate the city to issue debt; rather, it permits the city to reimburse interim expenditures from proceeds if bonds are later issued. Windy said the figure would cover current cost estimates and noted bid ranges from prior analysis. A motion to amend section 2 to specify $60,000,000 passed by roll call; the council then voted to approve the resolution as amended.
The amendment and adoption were recorded in the meeting minutes; staff noted future formal approvals would still be required for any specific borrowing steps.
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