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File #: 21-0587    Name: Reimbursement resolution
Type: Resolution Status: Agenda Ready
File created: 12/22/2020 In control: City Council Legislative Meeting
On agenda: 1/26/2021 Final action:
Title: Consideration of a Resolution Declaring the Official Intent of the City of Alexandria, Virginia to Reimburse Itself for Certain Capital Expenditures from Proceeds of General Obligation Bonds.[ROLL-CALL VOTE]
Attachments: 1. 21-0587_Att 1 - Reimbursement Resolution, 2. 21-0587_Final Resolution
City of Alexandria, Virginia
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MEMORANDUM

DATE: JANUARY 20, 2021

TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL

FROM: MARK B. JINKS, CITY MANAGER /s/

DOCKET TITLE:
TITLE
Consideration of a Resolution Declaring the Official Intent of the City of Alexandria, Virginia to Reimburse Itself for Certain Capital Expenditures from Proceeds of General Obligation Bonds.[ROLL-CALL VOTE]
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ISSUE: Consideration of a resolution declaring the official intent of the City of Alexandria, Virginia to reimburse itself for certain capital expenditures from proceeds of general obligation bonds.

RECOMMENDATION: That City Council adopt this Resolution declaring the City's intent to reimburse itself from the proceeds of future debt obligations for capital expenditures for certain projects paid or to be paid on a temporary basis with existing cash resources.

BACKGROUND: The proposed resolution declares the City intent to use on hand bond resources to make expenditures and then reimburse itself from the proceeds of future debt obligations for capital expenditures. These expenditures of up to $120 million for projects already approved in the Capital Improvement Program in FY 2020 and FY 2021. The obligations are anticipated to finance projects for the Alexandria City Public Schools in the amount of $90 million, projects related to city buildings and facilities in the amount of $10 million and sewer infrastructure projects totaling $20 million.

Prior to the end of the Fiscal Year, staff will return to City Council to request authorization for the issuance of General Obligation Bonds for capital projects approved in the FY 2020, FY 2021 and FY 2022 Capital Improvement Programs. It is expected that the actual authorization request and subsequent issuance will be sized to minimize borrowing costs and more closely align borrowing with project cash flow. Budget authority is needed to comme...

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