Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOT TO EXCEED $1,000,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF IMPROVING THE CITY’S RECREATIONAL FACILITIES BY INSTALLING AND IMPROVING A MULTIPURPOSE TRAIL ALONG VALLEY VIEW ROAD BETWEEN STATE ROUTE 91 AND HUNTING HOLLOW DRIVE AND CONTINUING ON HUNTING HOLLOW DRIVE TO PROSPECT ROAD.
Brief Description: This ordinance allows for the financing of the trail along Valley View Road between SR 91 and Hunting Hollow Drive and on Hunting Hollow Drive to Prospect Road as part of the connectivity plan.
Body
Legislative History
Ordinance No. 23-118 authorized the issuance of $1,000,000 in notes to finance the project. The engineering and design was done in house by City staff.
Purpose & Explanation
The purpose of this ordinance is to allow for the issuance of notes to pay for the cost of the trail to be constructed along Valley View Road between SR 91 and Hunting Hollow Drive and on Hunting Hollow Drive to Prospect Road as part of the connectivity plan.
Construction was completed in 2024. This note will eventually be rolled into a larger bond issue that will permanently finance the project. The Parks Fund is to repay the debt.
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 approval of the Ordinance to allow for timely issuance of the notes.
Submitted by,
Thom Sheridan, City Manager
Jeff Knoblauch, Asst. City Manager/Finance Director