Title
Resolution - A Resolution of the City Council of the City Of Mansfield, Texas Declaring Official Intent to Reimburse Itself for the Prior Lawful Expenditure of Funds Relating to Capital Expenditures from the Proceeds of Tax-Exempt Obligations to be Issued by the City for Authorized Purposes; Placing Time Restrictions on the Issuance of Tax-Exempt Obligations; Finding that the Meeting at Which this Resolution is Passed is Open to the Public as Required by Law; And Declaring an Effective Date
Requested Action
Consider a Resolution authorizing the reimbursement of funds from future debt obligations to enable the City to begin the planning, designing, and equipping of City parks, including trails, sports and recreational facilities, parking and related infrastructure, street improvements, and the acquisition of land for the above.
Recommendation
Staff recommends approval of the Resolution.
Description/History
During discussion of the City’s capital projects, City staff proposed the Geyer Commons development to include historical homes and improvements to Brown St. Additionally, City staff, with Council’s approval, was able to secure 100 acres of park land for future development for our residents.
Justification
Approval of this resolution allows the City to expend current general fund dollars in advance of receiving the bond proceeds for the design of certain portions of Geyer Commons and to reimburse the City for the general fund dollars expended in the for the 100 acres of parkland acquired last month.
Funding Source
General Fund
Prepared By
Vanessa Ramirez