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Universal City council authorizes short‑term borrowing tied to $20 million utility bond issue
Summary
Council approved a resolution allowing the city to borrow from the general fund reserve if water infrastructure becomes available before the planned $20 million utility bond funding; staff said the authority would be in place for up to three years and primarily used until bond funding in September.
Council approved a resolution to finance and reimburse expenditures related to previously authorized utility bonds. Staff told the council that at the prior meeting the council had given the OK to issue $20,000,000 in utility bonds and that the adopted resolution allows the city to temporarily borrow from the general fund reserve if water‑infrastructure work becomes available before the bonds are funded. "At the last council meeting, you did give the okay to go ahead and issue $20,000,000 in utility bonds," staff said, and added the short‑term borrowing authority would remain for up to three years but likely only be needed through September.
The item passed on a voice vote. Staff said borrowed funds would be returned to the reserve when bond proceeds are received. Council discussion on the item was limited; the mayor called for the vote and the motion carried.
