Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $850,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF INSTALLING AND IMPROVING A MULTIPURPOSE TRAIL AND SIDEWALKS IN VARYING WIDTHS ALONG BARLOW ROAD, TOGETHER WITH ALL NECESSARY DRAINAGE AND RELATED IMPROVEMENTS AND APPURTENANCES THERETO.
Brief Description: This ordinance allows for the financing of the sidewalk/trail installation on West Barlow Road from State Route 91 to Nicholson Drive.
Body
Legislative History
This project was included in the 2021-2025 Five Year Plan adopted December 2020.
Purpose & Explanation
The purpose of this Ordinance is to finance the installation of a sidewalk on W. Barlow Rd. from SR 91 to Nicholson Drive. The Parks Fund is expected to repay the debt on this project.
Timing Considerations
Staff recommends Council pass this ordinance to allow for timely sale of the notes.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Does this legislation require use of an emergency clause?
Yes
X No
Recommendation
Suggested Action
Staff recommends Council pass this ordinance to allow for timely sale of the notes.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Asst. City Manager/Finance