DEPARTMENT: Finance
FILE TYPE: Regular Action
TITLE
title
Adoption Of Reimbursement Resolution For Lebanon Hills Maintenance Facility Project
end
PURPOSE/ACTION REQUESTED
Adopt the reimbursement resolution for the Lebanon Hills Maintenance Facility project to allow for certain expenditures to be financed temporarily from sources other than bond funds to allow for reimbursement through bond dollars if the County Board chooses to bond for the project at a later date.
SUMMARY
The County funds the building portion of the capital improvement program (CIP) with dollars from the General Fund that are in excess of the minimum General Fund balance policy set by the County Board if they are available. The Lebanon Hills Maintenance Facility project is included in the 2024-2028 CIP at an estimated total cost of $25,600,000. The project is spread over two years with $16,000,000 included in 2024 and $9,600,000 in 2025.
County staff has raised concerns about the amount of General Fund dollars that will be available in 2024 and 2025 available for building projects. With that in mind, County staff discussed one of the possible solutions with our financial advisor. The County may consider bonding for some or most of the costs associated with the Lebanon Hills Maintenance Facility project. The County Board has already awarded contracts on this project and work is underway.
The County Board contracted with Ehlers, Inc. to prepare a financial plan that is expected to include municipal bond financing and the County Board expects to take action on that plan within the next few months. The County Board may adopt a resolution that would allow for the reimbursement of the Lebanon Hills Maintenance Facility project costs for a period 60 days prior to the date the resolution is passed and ending prior to the later of 18 months of the date of such expenditures or the date on which the project is placed in service. Adopting the resolution allowing for the reimbursement of costs through ...
Click here for full text