Loading...
HomeMy WebLinkAboutA002 - Email dated December 12, 2014 between Finance Director and Public Works Director * Page 1 of 3 Fw: Re: ISURP Bond Reimbursement Resolution Duane R Pitcher to: Diane R Voss 12/12/2014 01:34 PM Show Details Duane Pitcher, CPA, CPFO Director of Finance City of Ames 515 Clark Avenue P.O. Box 811 Ames, Iowa 50010 Phone (515) 239-5114 -----Forv,,art , r,,�her/COA on 12/12/2014 01:33PM ----- To: John C Joiner/COA@COA From: Duane R Pitcher/COA Date: 12/10/2014 01:30PM Cc: Bob Kindred/COA@COA, Steve Schainker/COA@COA, Tracy Warner/COA@COA Subject: Re: ISURP Bond Reimbursement Resolution John, The request to take this resolution to the 12/16 meeting was initiated by the Managers' Office. If we take to the 12/16 meeting we will need the estimate this week, preferably by Thursday. A little background, though we likely need a bond reimbursement resolution for ISURP it is not needed at this time. IRS regulations require that if we intend to use tax exempt bonds to reimburse project costs already incurred (not qualified planning) the governing board must pass a resolution providing notice of intent no later than 60 days after the project costs are incurred. Reimbursement bonds must then be issued no later than 18 months after the date that project costs were incurred. My plan was to take the reimbursement resolution to council with our other G.O. bond related resolutions for the FY 15/16 budget including the public hearing and pre-levy resolution. Assuming that we do not incur project costs (not including planning and design) prior to early January 2015 that schedule will work. That said we can take the reimbursement resolution to any council meeting but will need an estimate of project costs to be incurred prior to the bond issue. Will proceed either way. FYI, we should not just include the entire amount - IRS regs require some process (though not well defined) for estimating expenditures prior to bond issue to be reimbursed. The City PW Director or Engineer estimate of costs to be incurred based on a project plan would meet the requirement. Let me know how you would like to proceed. Thanks, Duane file://C:ADocuments and Settings\diane.voss\Local Settings\Temp\notesElEF34\—web908... 12/12/2014 Page 2 of 3 Duane Pitcher, CPA, CPFO Director of Finance City of Ames 515 Clark Avenue P.O. Box 811 Ames, Iowa 50010 Phone (515) 239-5114 -- - John To: Duane R Pitcher/COA@COA From: John C Joiner/COA Date: 12/10/2014 10:40AM Cc: Bob Kindred/COA@COA, Steve Schainker/COA@COA, Tracy Warner/COA@COA Subject: Re: ISURP Bond Reimbursement Resolution Good morning, Duane, Steve asked that a draft CIP sheet be created, which Tracy has done. We can review at our meeting on the 15th. Thanks, John r Iloiner@city.ames.ia.us www.CityofAmes.org p9 Duar: t0:19:19 r„d -Jahn, Steve would like to take a bond �'ImbUCSi'il Cli {')i�_iCi;a 1 tii C:0!. llCl) t0 COvel SpenC!ing on the on- Duane R Pitcher/COA o: John C Joiner/COA@COA -c: Bob Kindred/COA@COA, Steve Schainker/COA@COA Date; 12/09/2014 10:19 AM Subjec ISURP Bond Reimbursement Resolution John, Steve would like to take a bond reimbursement resolution to council to cover spending on the file://C:ADocuments and Settings\diane.voss\Local Settings\Temp\notesElEF34\—web908... 12/12/2014 • Page 3 of 3 ISURP TIF improvements prior to our bond issue in FY 15/16 - the issue will likely close in late summer early fall 2015. Please provide an estimate on the amount of spending for the ISURP project to be funded by bonds prior to the issue. Thanks, Duane Duane Pitcher, CPA, CPFO Director of Finance City of Ames 515 Clark Avenue P.O. Box 811 Ames, Iowa 50010 Phone (515) 239-5114 file://C:ADocuments and Settings\diane.voss\Local Settings\Temp\notesElEF34\—web908... 12/12/2014