This resolution enables the city to take necessary steps to ensure that appropriate expenditures of the convention center expansion project could be reimbursed from debt, should any be expended prior to issuance of the debt.
Rules and procedures exist to document reimbursable expenses since it is common for the timing of the debt issuance to not coincide exactly with some of the preliminary expenditures.
This authorizes the City Manager or Director of Finance and Budget to execute a certificate of intent when costs of the convention center expansion project are made that should be reimbursed from debt issuance. |