TO: Mayor and City Council
FROM: James V. Capparelli, City Manager
SUBJECT:
title
Resolution Declaring Official Intent to Reimburse Certain Capital Expenditures from the Proceeds of Future Debt Issues
end
BACKGROUND:
The City of Joliet has chosen to purchase water from the City of Chicago as an alternate water source. The City of Joliet has spent funds in advance of borrowing to begin the project. In order to reimburse the City from future borrowings it is necessary to adopt a resolution stating its intent to reimburse certain capital expenditures.
RECOMMENDATION:
recommendation
It is recommended to adopt the attached resolution.