Board Agenda - September 04, 2007

2. Approve reimbursement resolution

Presenter: Richard Matkin

Purpose: A - Request decision - closure required

Time: 5 minutes

Description:

The adoption of a reimbursement resolution provides the District the ability to reimburse the expenditures made from existing M & O funds that involve the acquisition, renovation and equipping of a facility for the Employee Child Care Center that will open during the 2008-09 school year. Proceeds from tax-exempt obligations will be issued hereafter. Pursuant to the IRS regulation, 1.150-2, the reimbursement must occur not later than 18 months after the date the original expenditure is paid or after the date the new facility is placed in service, but in no event more that 3 years after the original expenditure is paid. The reimbursement resolution offers the District flexibility as to when this project will need to be included in a bond program presented to the voters for their approval.

Recommendation:

The administration recommends adoption of the reimbursement resolution.

Business Impact:

The amount of available funds from Operating to be used for this project is limited to the maximum indicated in the reimbursement resolution.

Summary:

Appendix:

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