The purpose of this Mayor and Council Communication (M&C) is to appropriate $10,000,000 into the 2018 Bond Program Proposition A Street Construction/Recon/Rehabilitation programmable to fund future contracts that will be awarded through separate M&Cs at a later date.
The Street Construction/Recon/Rehabilitation programmable project budget summary is as follows:
|Category||Programmable||Current Budget||Additional Approp.(After this M&C)|
|Funding Source||2018 Bond Program||$17,802.00 ||$10,000,000.00||$10,017,802.00|
The action in this M&C is not included in the FY2019-2023 Capital Improvement Plan (CIP) and will amend an existing programmable project (Street Construction/Recon/Rehabilitation) and its FY2019 budget.
Funds for this project are included in the 2018 Bond Program. Available resources within the General Fund will be used to provide interim financing until debt is issued. Once debt associated with the project is sold, bond proceeds will reimburse the General Fund in accordance with the statement expressing official Intent to Reimburse that was adopted as part of the ordinance canvassing the bond election (Ordinance No. 23209-05-2018).
This funding is for ALL COUNCIL DISTRICTS. This M&C does not request approval of a contract with a business entity.