Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOT TO EXCEED $1,750,000 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 BOSTON MILLS ROAD BETWEEN TIMBERLINE TRAIL AND LAKE FOREST DRIVE.
Brief Description: This ordinance allows for the financing of the trail along Boston Mills Road from Timberline Trail (Reserve at River Oaks) to Lake Forest Drive as part of the connectivity plan.
Body
Legislative History
Resolution No. 22-74 authorized the engineering design for the Boston Mills Road trail project
Ordinance 23-117 authorized the issuance of $1,750,000 in notes to finance the trail project
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 Boston Mills Road as part of the connectivity plan. Design is to be finished in 2024 and construction is to take place in 2025.
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