By Gary Lloyd
TRUSSVILLE — The Trussville City Council last week approved a resolution that plans for the city to be reimbursed if it spends funds up front for lighting at the Trussville Sports Complex and public park.
According to the resolution, the city proposes to issue approximately a $2.5 million aggregate principal amount of its general obligation warrants for the purpose of paying the costs of acquiring and constructing various capital improvements to the lighting system in the sports complex and public park.
The improvements are expected to reduce energy consumption by at least 20 percent.
City officials expect the warrants will be issued no later than Dec. 1, 2014. Prior to the issuance, the city expects to incur certain costs in connection with the improvements and proposes to expend certain moneys in payment of such costs prior to the issuance of the warrants.
The city will allocate to itself, from the proceeds of the warrants, moneys to reimburse itself for the expenditures made prior to the issuance of the warrants. It’s expected that the maximum amount of the proceeds won’t exceed million.
Pending the issuance of the warrants, the city will pay acquisition and construction costs out of its general fund, according to the resolution.
Contact Gary Lloyd at news@trussvilletribune.com and follow him on Twitter @GaryALloyd.