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City of Missoula, Montana Item to be Referred to City Council Committee Committee: A & F Item: Reimbursement Resolution for Energy Conservation Projects Date: August 5, 2010 Prepared by: Brentt Ramharter Initiated by: Brentt Ramharter Action Required: Approve: “RESOLUTION DECLARING THE OFFICIAL INTENT OF THE CITY OF MISSOULA, MONTANA TO REIMBURSE CERTAIN ORIGINAL EXPENDITURES RELATED TO THE ACQUISITION OF CERTAIN CAPITAL EQUIPMENT FROM THE PROCEEDS OF TAX-EXEMPT BONDS TO BE ISSUED BY THE CITY OF MISSOULA, MONTANA AFTER THE PAYMENT OF SUCH ORIGINAL EXPENDITURES” Recommended Motion: I move the City Council approve the : “RESOLUTION DECLARING THE OFFICIAL INTENT OF THE CITY OF MISSOULA, MONTANA TO REIMBURSE CERTAIN ORIGINAL EXPENDITURES RELATED TO THE ACQUISITION OF CERTAIN CAPITAL EQUIPMENT FROM THE PROCEEDS OF TAX-EXEMPT BONDS TO BE ISSUED BY THE CITY OF MISSOULA, MONTANA AFTER THE PAYMENT OF SUCH ORIGINAL EXPENDITURES” Timeline: Referral to committee: August 5, 2010 Committee discussion: August 11, 2010 Deadline: Have Council approve at August 16, 2010 meeting Background and Alternatives Explored: This is a standard resolution that the city passes each year in advance of undertaking a proposed bonded debt financing, in this case for the energy conservation projects brought to committee last week for approval. The IRS requires that the City disclose our financing intent. We indicate that we will reimburse ourselves up to $1.0 million in costs, which should cover the maximum amount of projects undertaken. Financial Implications: This must be approved by the City if we are to proceed with the financing of the energy conservation projects. Attachments: Resolution