Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $1,000,000 FOR THE PURPOSE OF PAYING COSTS OF IMPROVING THE CITY’S ELECTRIC SYSTEM BY ACQUIRING AND INSTALLING A NEW DISTRIBUTION TRANSFORMER, TOGETHER WITH THE NECESSARY REGULATORS, CONTROL EQUIPMENT AND APPURTENANCES THERETO.
Brief Description: This ordinance allows for the permanent financing of Hudson Public Power’s replacement of a distribution transformer at its’ Eastside substation (located on Stow Road, across the street from Hudson City School District’s baseball complex).
Body
Legislative History
Ordinance 21-101allowed the issuance of $1,000,000 in notes to temporarily finance the transformer. This project was also included in the 2021-2025 Five Year Plan adopted December 2020.
Purpose & Explanation
This ordinance allows for the permanent financing of the new transformer at the Eastside substation. In 2021, we temporarily financed the purchase and installation with a note issuance. We want to issue bonds to permanently finance the project and combine the sale of bonds with the other capital projects.
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 pass this ordinance to allow the timely sale of bonds.
Submitted by,
Thom Sheridan, City Manager
Jeff Knoblauch, Asst. City Manager/Finance Director