City Council Meeting


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  F.2.f.       
Meeting Date: 10/19/2021  
Submitted For: Chris Glover Contact: Sydney Elliott, Youth and Business Coordinator

COUNCIL ACTION
Motion by Councilmember Marks with a second by Mayor Pro Tem Byrd to approve as presented. Motion passes 7-0.
AGENDA ITEM:
Consider approving a Resolution authorizing the City Manager to advance the City's Moseley Pool Renovation Project account with $2,000,000 from the General Fund to be reimbursed from proceeds of future Certificates of Obligation as provided for in the City's FY 2022 Budget and in accordance with Internal Revenue Service requirements.
BACKGROUND:
On November 17, 2020, the City Council voted to enter into a professional services contract with Brinkley Sargent Architectural Firm to design the expansion and renovation project for Moseley Pool. Staff has worked diligently with Brinkley Sargent to redesign the existing facility to encompass more interactive features, additional water areas, and newly constructed indoor facilities that feature an air-conditioned party area. On September 7, 2021, the City Council authorized the City Manager to execute a professional services contract with Reeder General Contractors, Inc. for the Moseley Pool Renovation Project.
FINDINGS:
In order to move expeditiously on the Moseley Pool Renovation Project, a notice to proceed has been issued in advance of the bond issuance requiring that early payments be made from funds on hand. A reimbursement resolution is required stating the City's intent to reimburse itself with funds received from a future debt issuance in order to comply with Internal Revenue Service (IRS) requirements for the use of future tax-exempt debt instruments to fund current projects. The project is scheduled to be completed in Spring 2022.
FINANCIAL IMPACT:
The principal and interest costs for the proposed debt will be financed by ad valorem tax revenues. The impact of this bond sale is projected to be within the limits outlined in informational documents in the FY2022 Budget provided to the City Council and DeSoto citizens.
RECOMMENDATION:
Staff recommends that the City Council approve a Resolution authorizing the City Manager to advance the City's Moseley Pool Renovation Project account with $2,000,000 from the General Fund to be reimbursed from proceeds of future Certificates of Obligation as provided for in the City's FY 2022 Budget and in accordance with Internal Revenue Service requirements
MANAGEMENT REVIEW
Attachments
Reeder General Contractors
Resolution


    

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