Item Coversheet

BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT

Item No. 6.H.
For Meeting of: December 3, 2019

ITEM TITLE:Resolution for reimbursement of expenses from bond proceeds for Yakima Convention Center Expansion
SUBMITTED BY:

Steve Groom, Director of Finance and Budget

SUMMARY EXPLANATION:

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.

ITEM BUDGETED:NA
STRATEGIC PRIORITY:Public Trust and Accountability
APPROVED FOR SUBMITTAL BY THE CITY MANAGER
RECOMMENDATION:
Adopt Resolution
ATTACHMENTS:
DescriptionUpload DateType
Cover Memo10/29/2019Cover Memo
Resolution10/31/2019Resolution
Reimbursement Rules summary - Pacifica Law Group10/29/2019Cover Memo