Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $1,685,000 FOR THE PURPOSE OF PAYING COSTS OF IMPROVING THE CITY’S WATER SYSTEM BY CONSTRUCTING WATER MAINS IN SEASONS ROAD, TOGETHER WITH ALL NECESSARY AND RELATED APPURTENANCES THERETO.
Brief Description: This ordinance authorizes the sale of bonds to finance construction of the water line on Season’s Road that will extend the existing water line from 695 Seasons Road to the westerly corporation line with Boston Township. This extension will service the health care facilities that are being constructed at the Season’s Road and SR 8 interchange.
Body
Legislative History
Resolution 22-43 authorized advertising for bids and enter into a contract for the Seasons Road water line project.
Purpose & Explanation
Staff will competitively sell 20 years bonds to permanently finance the cost of the water line extend our water service the remaining portion of Seasons Road to the Boston Township border. This line will provide service to the health care facilities that are to be constructed at SR 8 and Seasons Road interchange.
The awarded cost of the project was $1,529,975 with a 10% contingency for a total of $1,682,973. We rounded the issuance to $1,685,000.
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, City Manager
Jeff Knoblauch, Asst City Manager/Finance Director