TITLE
A Resolution of the Mayor and City Council of the City of Maricopa, Arizona, approving and authorizing an Interfund Balance Loan in an amount not to exceed $6,000,000.00; authorizing the taking of all other actions necessary to consummate the transaction contemplated by this Resolution; and declaring an emergency. Discussion and Action.
AGENDA ITEM DESCRIPTION
The City Council previously approved certain expenditures from the City’s General Fund, some of which are HURF eligible, related to the design and construction of the State Route 347 overpass. The eligible expenditures made by the City from the General Fund will be reimbursed by the City’s HURF over a period of time. The City intends to reimburse the General Fund with HURF monies for the eligible expenditures related to the design and construction of the State Route 347 overpass.
As part of the adoption of the Fiscal Year 17-18 Operating Budget, the Mayor and City Council will authorize the reimbursement of $500,000.00 from HURF to the City General Fund.
Beginning in Fiscal Year 18-19 and in each Fiscal Year thereafter until the General Fund is reimbursed in full for eligible expenditures, the City Council shall determine the amount of HURF monies to be used to reimburse the General Fund for HURF eligible expenditures.
The date of the expenditures will be after June 1, 2017, and not to exceed $6,000,000.00, the amount originally authorized by the Mayor and City Council to be paid from General Fund.
STAFF RECOMMENDATION
Staff recommends the Mayor and City Council adopt the resolution approving an Interfund Balance Loan.