Label
GOBondsStreets Series B -Street Improvement Program
Department of Finance
M. Campbell (x1252), B. Benner (x1194), J. Takacs (x1468)
(Revised)
Title
Providing for the issuance and sale of bonds in a maximum aggregate principal amount of $4,000,000 to provide funds to pay costs of improving the City's street system by improving certain designated streets between certain termini by grading, constructing, reconstructing, rehabilitating and otherwise improving the pavement base, bridges, curbs, drainage improvements, driveway approaches, pedestrian ramps and sidewalks, sanitary sewers, storm sewers and waterlines, widening, adjusting radius cutbacks, manholes and catch basins, preparing the surface and surfacing and resurfacing, and installing traffic signs, signals and signalization, where necessary, in each case together with the necessary appurtenances and work incidental thereto, 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 sell in 2020.
This ordinance authorizes the sale of up to $4,000,000 of general obligation bonds to provide approved debt funding for costs of street construction, reconstruction, rehabilitation and resurfacing projects included in the City's 2020 Capital Improvement Program. With the issuance of the bonds authorized by this ordinance, the City's outstanding debt will be increased by not more than $4,000,000. The bonds will be subject to legal debt limits and reduce the City's legal borrowing capacity.
The Director of Finance, as the fiscal officer of this City, has certified to this Council that the estimated life or period of usefulness of each class of the improvements described in Section 2 is at least five years and that the maximum maturity of the Bonds described in Section 2 is at least twenty years.
The fiscal impact of this ordinance is as follows:
- The amount of funds requested: $0
- The expendi...
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