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Sisk: <br /> <br />Asti-Caranci: <br /> <br />Phare: <br /> <br />Sisk: <br /> <br />Asti-Caranci <br /> <br />Sisk: <br /> <br />you did not meet the exceptions to <br />the arbitrage requirement. The <br />yield restriction also relates to <br />that. Once these funds are <br />reimbursed, as of the date of <br />reimbursement, the monies are not <br />considered proceeds of the bond <br />issue. If they are not proceeds of <br />the bond issue, technical term, then <br />they are the City's money, not <br />considered proceeds of the bond <br />issue. They can then be utilized by <br />the City without restriction under <br />the arbitrage requirements. <br /> <br />Why did the issue of reimbursement <br />and the adoption of this resolution <br />come up now? Was it ever discussed <br />before this? Why didn't we take the <br />action earlier? <br /> <br />It was in December, when the City <br />finally decided to fund the <br />treatment plant through the Colorado <br />Water Resource Power Company. Some <br />of these funds have been spent the <br />last six months prior to that. <br /> <br />The finances were still being <br />debated with no decisions being made <br />until the last quarter of '91. The <br />engineering work was being done <br />since the beginning of the year. <br /> <br />Will the~ expenditure be the <br />expenditures contracted from this <br />date forward, from the adoption of <br />this Resolution? If there's any <br />work that was done previous to today <br />but not billed until January 31, <br />1992, how would that be effected? <br /> <br />I would 'think you could not <br />reimburse yourself for that. It <br />would have to be for funds expended <br />from the date of adoption until you <br />close. <br /> <br />Any work that would have been done <br />between January 1, 1992 and January <br />21, 1992 would fall outside this <br />Resolution? <br /> <br />17 <br /> <br /> <br />