Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $1,140,000 FOR THE PURPOSE OF PAYING COSTS OF IMPROVING THE CITY'S RECREATIONAL FACILITIES BY INSTALLING AND IMPROVING A GRAVEL TRAIL FROM BARLOW ROAD TO VETERAN'S WAY, INCLUDING CONSTRUCTING A PEDESTRIAN BRIDGE AND RELATED DRAINAGE FACILITIES, TOGETHER WITH NECESSARY RELATED IMPROVEMENTS AND APPURTENANCES THERETO.
Brief Description: This ordinance authorizes the sale of bonds to finance the Veteran's Trail Phase 3 that runs from Veteran's Way Park to Cascade Park, along Ellsworth Meadows Golf Course and down to Barlow Road to connect with the existing sidewalk.
Body
Legislative History
Resolution 22-29 authorized advertising for competitive bids and enter into a contract for the Veteran's Trail Phase 3. This project was also included in the 2022-2026 Five Year Plan adopted in November 2021.
Purpose & Explanation
Staff will competitively sell 20 years bonds to permanently finance the cost of the Veteran's Trail Phase 3. The trail runs from Veteran's Way Park to Cascade Park, along Ellsworth Meadows Golf Course to Barlow Rd. The project also includes a pedestrian bridge replacement at Cascade Park.
The awarded cost of the project was $1,094,716 with a 4% contingency for a total of $1,138,505. We rounded the issuance to $1,140,000.
Legal Authority for Proposed Legislation
Pursuant to Charter Section 6.04, Contracts & Purchasing:
Competitively bid and advertised for two consecutive weeks; bid tab attached: [Yes/No/NA])
Joint or Cooperative Purchase Program
Professional Services
X Other
Fiscal Impact
Currently Budgeted (Account #, $)
Supplemental Appropriation Required (Account #, $)
X Appropriation Not Required
Does this legislation require use of an emergency clause?
Yes [if so, explain why]
X No
Recommendation
Suggested Action
Staff recommends Council authorize the sale of bonds to finance this project.
Submitted by,
Thom Sheridan,...
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