DATE: April 2, 2024
TO: Mayor and City Council
FROM: Director of Public Works
SUBJECT
Title
Adopt a Resolution Declaring the City of Hayward’s Intention to Issue Tax-Exempt Obligations and Preserving the Ability for the City to Reimburse Itself for Expenses Associated with the Water Resource Recovery Facility (WRRF) Project
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RECOMMENDATION
Recommendation
That the City Council adopts a resolution (Attachment II) regarding the intention to issue tax-exempt obligations and preserving the ability for the City to reimburse itself for expenses associated with the Water Resource Recovery Facility (WRRF) including a new administration building, facility improvements, and a primary effluent flow equalizer and other associated project costs, Project Nos. 07760, 07786 and 07749, respectively.
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SUMMARY
The City is currently undertaking the design, engineering and funding alternatives for the Water Resource Recovery Facility (WRRF) projects, formerly known as Water Pollution Control Facility (WPCF). The City may elect to finance certain portions of its Capital Improvement Program from tax-exempt obligations. Federal tax law allows the City to reimburse itself from the proceeds of tax-exempt obligations for capital costs that the City pays prior to the issuance of such tax-exempt obligations. In order to reimburse itself, the City Council must adopt a resolution stating its intent to reimburse itself should tax-exempt obligations be issued.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution