To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Mark Marlowe, P.E., Director of Castle Rock
Nichol Bussey, Business Solutions Manager
Paul Rementer, Enterprise Fund Analyst
Title
Resolution Approving of the Town of Castle Rock Expressing the Intent of the Town to be Reimbursed for Certain Expenses Relating to the Construction of Certain Water and Sewer Improvements (Castle Rock Water expenditures that will be eligible for reimbursement with future bond and/or loan proceeds)
Body
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Executive Summary
This resolution authorizes the Town of Castle Rock to declare its official intent to be reimbursed for certain capital expenditures made in connection with the construction of water and sewer improvements prior to the completion of tax-exempt financing. This declaration is required under federal tax regulations to preserve the Town’s ability to reimburse eligible costs from future financing proceeds, which may include water and sewer enterprise revenue bonds or other legally available financing mechanisms.
Budget Impact
There is no immediate fiscal impact associated with adoption of this resolution. It preserves the Town’s ability to reimburse eligible project costs from future tax-exempt financing proceeds, allowing project work to proceed without jeopardizing reimbursement eligibility under federal tax requirements.
Staff Recommendation
Staff recommends approval of the resolution as introduced.
Proposed Motion
“I move to approve the Resolution as introduced by title.”
Alternative Motions
“I move to approve the Resolution as introduced by title, with the following conditions: (list conditions).
“I move to continue this item to the Town Council meeting on _____ date to allow additional time to (list information needed).”
Attachments
Staff Report
Attachment A: Resolution