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Committee recommends resolution allowing reimbursement of capital purchases from future bond proceeds
Summary
The committee recommended a routine resolution that would allow the city to reimburse prior capital purchases from future bond proceeds if borrowing is later used to fund the projects; staff said the action refreshes a prior authorization and does not itself commit funds.
Administrator Randy (identified in the packet), speaking for staff, said the resolution is a routine step that permits the city to reimburse eligible capital expenditures from the proceeds of future borrowing if and when bonds are sold. Staff noted the city had previously authorized a similar declaration in December 2024 but did not need to use it at that time; this action refreshes that authority so the city can reimburse prior purchases when bond proceeds become available.
"This resolution allows us to do that reimbursement if needed," the administrator summarized. The committee moved to recommend the resolution to council and approved the recommendation unanimously on roll call.
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