ITEM TITLE:
Consider approving a resolution of the City of Lawton, Oklahoma (the “City”) establishing and declaring its official intent to reimburse the City’s general fund on behalf of one or more of the public trusts of which the City is the beneficiary for preliminary and other expenditures relating to the construction, equipping, renovating, and improving of certain capital improvement projects for the benefit of the City, said reimbursement being anticipated to be funded from the proceeds of the bonds issued for the same said construction, equipping, renovating, and improving of certain capital improvement projects for the benefit of the City; and containing other provisions relating thereto.
INITIATOR: Dewayne Burk, Deputy City Manager
STAFF INFORMATION SOURCE: Dewayne Burk, Deputy City Manager; Rebecca Johnson, Finance Director
BACKGROUND: The Projects to be funded and reimbursed for preliminary and other expenditures consists of certain costs related to capital improvement projects for the benefit of the City including certain park and recreational facilities and certain public buildings projects including Elmer Thomas Amphitheater and Boardwalk project, Lawton Youth Sports Facility and other capital improvements and the financing of costs related to the issuance of the Bonds.
EXHIBIT: Resolution 25-
KEY ISSUES: N/A
FUNDING SOURCE: The funds for the reimbursement will come from the anticipated bond proceeds of an issuance of indebtedness by one or more of the City’s public trusts.
STAFF RECOMMENDED COUNCIL ACTION: Approve/adopt Resolution 25-____.