SUBJECT
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A Resolution expressing official intent to reimburse costs associated with designing, acquiring, constructing, improving, and equipping a Sports Complex Venue Project and related infrastructure.
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PREVIOUS COUNCIL ACTION
Presentation of the Debt Overview delivered by Noe Hinojosa of Estrada‑Hinojosa, a Division of TRB Capital Markets, on May 21, 2026.
BACKGROUND
The Sports and Community Venue-Operations Fund will advance an amount not to exceed $11,550,000 to cover costs associated with a sports complex venue. This reimbursement resolution authorizes the reimbursement of up to $11,550,000 to the Sports and Community Venue Fund from the proceeds of a proposed bond issuance.
In order to perform this reimbursement, the City needs to have in place a reimbursement resolution. The resolution attached allows the City to reimburse itself for any costs incurred 60 days prior to its adoption. The resolution does not specifically authorize the issuance of the debt at this time, and does not fix the exact amount of the future debt we will issue. The attached resolution states the official intention of the City Council to fund projects with debt, and additionally states that some proceeds of this debt, if and when issued for the purposes of funding capital improvements, will be used to pay for costs incurred prior to the date of the new debt being issued.
The reimbursement resolution included with this agenda item is required if the City will be reimbursing itself from proceeds of bonds to be issued, as we intend to do.
COMMITTEE RECOMMENDATION
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STAFF RECOMMENDATION
recommendation
Staff recommends the adoption of the proposed resolution.
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Fiscal Impact
Fiscal Year: 2026
Budgeted Y/N?: N
Source of Funds: Sports and Community Venue Fund
Account #: 256
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
No financial impact at this time.