2023-2175 RESOLUTION NO. 2023-2175
A resolution authorizing the reimbursement of the Hedberg Public Library fund balance for
construction costs for its Youth Services area project.
WHEREAS, the Common Council intends to renovate the youth section of the Hedberg Public Library,
including building construction and related equipment and furniture in 2024; and
WHEREAS, the Common Council intends to fund this building improvement through the 2024 General
Fund Note Issue with new borrowed funds up to the amount of$380,000 in 2024 in the form of the
issuance of tax-exempt general obligation promissory notes; and
WHEREAS, these borrowed funds would reimburse the Hedberg Public Library's fund balance for
construction costs of this 2023 project; and
WHEREAS, this reimbursement would allow for better fiscal management by extending the life of the
library's fund balance for operating and unforeseen costs; and
WHEREAS, such above proposed public projects and purposes and the issuance of such promissory
notes will be beneficial to the City and in the best interest of the community; and
WHEREAS, this project provides an improved building environment for young library users and fulfills a
task of the City's Strategic Plan Objective to "Actively manage City facilities."
NOW THEREFORE, BE IT RESOLVED, by the Common Council of the City of Janesville that:
The proposed reimbursement resolution is approved and that City and Library Administrations are fully
authorized to spend up to $380,000 on the Hedberg Public Library Youth Services area building
improvement through the 2024 General Fund Note issue with new borrowed funds; No funds from
sources other than the Notes identified above are, or are expected to be, reserved, allocated on a long-
term basis, or otherwise set aside by the City of Janesville for this acquisition or project, except as
permitted by the Internal Revenue Code of 1986, as amended. This declaration of official intent is
consistent with the budgetary and financial circumstances of the City of Janesville.The purpose of this
Resolution is to satisfy the "official intent requirement" of Treasury Regulation Section 1.150-2.
ADOPTED: November 27, 2023 Motion by: Consent
Second by: Consent
Councilmember Aye Nay Pass Absent
APPROVED: Benson X
Burdick X
1/1 Jackson X
L�l Marshick X
Kevin M. Lahner, City Manager Miller X
Neeno X
Williams X
ATTEST:
Lorena Rae Stottler, City Clerk-Treasurer
APPROVED AS TO FORM:
Wald Klimczyk, City Attorney
Proposed by: Hedberg Public Library
Prepared by: Hedberg Public Library