Label
GOBondsLandfill
Finance
Melanie Campbell (x1252)/Jamie Takacs (x1468)
Revised
Title
Providing for the issuance and sale of bonds in the maximum principal amount of $4,100,000 for the purpose of paying costs of constructing a new disposal cell including excavation and installation of a composite liner and liner system tie-ins, installation of a leachate drainage system, expansion and construction of the leachate and gas collection and control systems, construction of engineering and environmental controls and infrastructure for erosion control and stormwater drainage, and constructing and improving access/haul roadways, and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This is one of a series of ordinances that authorize the issuance of general obligation bonds the City plans to issue in November 2023.
This Ordinance authorizes the issuance and sale of bonds in the maximum principal amount of $4,100,000 to provide approved debt funding for constructing a new disposal cell including excavation and installation of a composite liner and liner system tie-ins, installation of a leachate drainage system, expansion and construction of the leachate and gas collection and control systems, construction of engineering and environmental controls and infrastructure for erosion control and stormwater drainage, and constructing and improving access/haul roadways, together with necessary appurtenances and work incidental thereto. With the issuance of the bonds authorized by this Ordinance, the City's outstanding debt will be increased by not more than $4,100,000. The bonds will be subject to statutory direct debt limits and the statutory and constitutional indirect debt limitation and reduce the City's legal borrowing capacity.
The Director of Finance, as fiscal officer of the City, has certified to this Council that the estimated life or period of usefulness of the improvement described in Section 2 is at least five years the estimated maximum maturity o...
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