Attached is a Resolution prepared by the City's bond counsel, Norton Rose Fulbright, US LLP., that authorizes the reimbursement of expenditures with the proceeds of future debt from Waterworks and Sewer System (WW&SS) Revenue Bonds, Series 2021. The bonds are for the purpose of providing funds for constructing, acquiring, purchasing, renovating, enlarging, equipping, and improving water and sewer system properties and facilities, including the acquisition of land and rights-of-way for Sloan Creek Lift Station ("the Project") and further intends to make certain capital expenditures with respect to the Project and currently desires and expects to reimburse the capital expenditures with proceeds of such debt.

The specific project for the issuance is for the Sloan Creek Lift Station. The maximum principal amount of obligation expected to be issued for the Project is $11,000,000.

Depending upon the final interest rates, the debt payment associated with the issuance of $11,000,000 in new improvement bonds is expected to be an increase in the average annual debt service amount of approximately $720,000. The debt issuance will be structured to mature in 20 years. The debt payments will begin in fiscal year 2022.

Staff recommends that the City Council to adopt a Resolution declaring the expectation to reimburse expenditures with proceeds of future debt from Waterworks and Sewer System (WW&SS) Revenue Bonds, Series 2021 for the Sloan Creek Sewer Trunk Project.

I make a motion to adopt Resolution No. ____________ declaring the expectation to reimburse expenditures with proceeds of future debt from Waterworks and Sewer System (WW&SS) Revenue Bonds, Series 2021 for the Sloan Creek Sewer Trunk Project..