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CITY COMMISSION
AGENDA ITEM |
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Department: |
Public Works |
Commission Meeting
Date: May 2, 2017 |
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Staff Contact: |
Matt Bond, P.E., Stormwater Engineer |
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Recommendations/Options/Action
Requested: |
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Adopt Resolution No. 7203 authorizing the issuance of General Obligation Bonds in the amount of $2,000,000 for the Maple Street Pump Station and amending Resolution No. 7141. |
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Executive Summary: |
While reviewing documents in preparation to issue General Obligation (G.O.) bonds for the Maple Street Stormwater Pump Station, Bond Council discovered a discrepancy in the memoranda that were presented to the City Commission on September 15, 2015 and November 1, 2016. The memoranda stated that G.O. bonds in the amount of $1,750,000 would be issued for construction. The minutes also reflect the intent to issue $1,750,000 in G.O. bonds for the project. In reality though, Resolution No. 7141 allocated an amount of $2,000,000 for the construction of the project. The total project costs were $6,200,000 which is funded with G.O. bonds in the amount of $2,000,000 and Infrastructure Sales Tax in the amount of $4,200,000. Resolution No. 7203 amends Resolution No. 7141 to reflect the correct cost of the project which includes the $2,000,000 in the issuance of general obligation bonds. |
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Strategic Plan
Critical Success Factor |
Innovative Infrastructure and Asset Management Core Services |
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Fiscal Impact
(Amount/Source): |
The Maple Street Pump Station project is complete. Adoption of Resolution No. 7203 is recommended to correct the discrepancy in the Commission’s prior action to authorize G.O. debt funding for the Maple Street Pump Station project. Resulting from adoption of Resolution No. 7203, the City will initiate the process of issuing $2,000,000 in G.O. debt for this project. |
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Attachments: |
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Reviewed By: (for CMO use only) |
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