CITY COMMISSION AGENDA ITEM

Department:	Finance Department		Commission Meeting Date: Nov. 6, 2018
Staff Contact:	Danielle Buschkoetter, Interim Finance Director
Recommendations/Options/Action Requested:
Adopt Resolution No. 7273 authorizing repair, reconstruction and replacement of the pavement at Fire Station No. 5, pursuant to Charter Ordinance No. 40, and the issuance of General Obligation Bonds to pay the costs thereof.
Executive Summary:		The 2019-2023 Capital Improvement Plan, adopted by the City Commission on August 14, 2018, includes pavement replacement at fire medical facilities that totals $3,000,000. Of that entire project $2,230,800 will be financed using General Obligation Bonds while it is anticipated that the remaining $769,200 will be funded by the County. The pavement replacement at Fire Station No. 5 is anticipated to be $368,820.18 and will be completed as part of the 19^th Street Reconstruction -Phase B, which is occurring adjacent to the property. As staff begins to move forward on the remaining pavement replacement items at other fire medical facilities, similar resolutions will be brought forward. To use general obligation bonds to finance pavement replacement at Fire Station No. 5, the City must adopt a resolution that the City’s intent is to issue tax exempt general obligation bonds to pay for a portion of the improvements. The purpose of Resolution No. 7273 is to set $368,820.18 as the maximum principal amount (not including financing costs) the City would finance with tax-exempt general obligation bonds.
Strategic Plan Critical Success Factor		Effective Governance/Professional Administration Safe, Healthy, and Welcoming Neighborhoods Innovative Infrastructure and Asset Management Core Services Sound Fiscal Stewardship
Fiscal Impact (Amount/Source):		Repayment of bonds are included in the 2019-2023 Capital Improvement Plan and 2019 budget.
Attachments:		Resolution No. 7273

Reviewed By: (for CMO use only)

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