Label
GOBondsSidewalks Series D -Sidewalk 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 $1,000,000 to provide funds to pay costs of constructing, reconstructing and rehabilitating sidewalks, including, where necessary, driveway approaches and pedestrian ramps, between certain termini on certain designated streets in the City, together with necessary 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 $1,000,000 of general obligation bonds to provide approved debt funding for costs of sidewalk construction, reconstruction and rehabilitation projects to be 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 $1,000,000. 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 twenty 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, grants, if any): $1,000,000
- Revenue budget line item (if any):5040-14800-1135001STDSTD
- Are funds budgeted in the current fiscal year (yes/no)?: Yes.
- Is this a capital project (yes/no)? Yes.
- If yes, is it new or existing (new/existing)? Existing.
- What section of t...
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