Label
GOBondsLevisSq Series C -Levis Square Park Improvements
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 $1,225,000 to provide funds to pay costs of reconfiguring, redeveloping and otherwise improving the City's Levis Square Park by grading, landscaping and carrying out other site improvements, constructing a gateway, sidewalks and other walkways and water and storm water drainage improvements and facilities and service connections therefor and acquiring and installing lighting, park furnishings, furniture, equipment and plantings, together with necessary appurtenances and work incidental thereto, to provide a safe and usable public park space, 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 $1,225,000 of general obligation bonds to provide approved debt funding for costs of reconfiguring, redeveloping and otherwise improving the City's Levis Square Park as contemplated 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 $1,225,000. 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 fifteen years.
The fiscal impact of this ordinance is as follows:
- The amount of funds requested: $0
- The expenditure budget line item: 5040-14800-1135001STDSTD
- New revenue generated (operational revenue...
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