With commencement of constructing the water transmission line from the O. H. Ivie Reservoir and a water treatment plant, the City expects to pay expenditures in connection with this project prior to the issuance of certificates of obligations to finance the project. However, so that Abilene can proceed with the project prior to the sale of the certificates, the Resolution needs to be approved by the City Council. The Resolution allows Abilene to enter into contracts prior to the delivery of the certificates of obligation funds. The certificates of obligation to support any cost associated with these projects is expected to be sold on February 22, 2001. Any expenditures on the project will be paid by the Water Utility Fund and then may be reimbursed upon delivery of the certificates of obligation money, which is estimated about March 29, 2001.
Staff recommends approval.
Councilman Brown moved to approve the Resolution expressing official intent to reimburse pre-construction costs with certificates of obligation for the O. H. Ivie project. The Council reconvened from executive session and reported no action taken.