Report to Mayor and City Council
Tuesday, September 17, 2024
Consent
SUBJECT:
Title
CONSIDER ADOPTING RESOLUTION NO. 24-092 AMENDING THE FISCAL YEAR 2024-25 BUDGET IN THE GENERAL FUND AND SPECIAL REVENUE FUNDS, AND AMENDING THE FISCAL YEAR 2024-25 CAPITAL IMPROVEMENT PROGRAM TO INCORPORATE VARIOUS CAPITAL PROJECTS TO BE FUNDED, IN PART, BY THE 2024 LEASE REVENUE BONDS (CITY COUNCIL)
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I. SUMMARY
On July 16, 2024, the City Council and the Carson Public Financing Authority authorized and directed execution of certain financing documents and directed certain related actions in connection with the issuance of its 2024 Lease Revenue Bonds in an aggregate principal amount not to exceed $92,000,000. This strategy was intended to provide immediate funding for high priority capital projects without depleting the City's General Fund Reserves.
On September 12, 2024, bond revenues were to be deposited into the General Fund Reserve ahead of this meeting. As such, staff is seeking City Council approval to allocate proceeds from the Lease Revenue Bonds, now in the City's General Fund Reserve, to various capital projects. Consequently, staff is requesting City Council approve amendment of the Fiscal Year 2024-25 5-year Capital Improvement Program to reflect the high priority projects not previously listed.
II. RECOMMENDATION
Recommendation
ADOPT Resolution No. 24-092 "A RESOLUTION OF THE CARSON CITY COUNCIL AMENDING THE FISCAL YEAR 2024-25 BUDGET IN THE GENERAL FUND AND SPECIAL REVENUE FUNDS, AND AMENDING THE FISCAL YEAR 2024-25 CAPITAL IMPROVEMENT PROGRAM TO INCORPORATE VARIOUS CAPITAL PROJECTS TO BE FUNDED, IN PART, BY THE 2024 LEASE REVENUE BONDS"
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III. ALTERNATIVES
TAKE another action deemed appropriate by the City Council as allowed by law.
IV. BACKGROUND
On July 16, 2024 the City Council and the Carson Public Financing Authority adopted Resolution Nos. 24-071 and 24-01-CPFA respectively, authorizing and directing execution of certain ...
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