Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $2,340,000 FOR THE PURPOSE OF PAYING COSTS OF INSTALLING AND IMPROVING SIDEWALKS ALONG MIDDLETON ROAD, INCLUDING CONSTRUCTING RELATED DRAINAGE FACILITIES, TOGETHER WITH NECESSARY RELATED IMPROVEMENTS AND APPURTENANCES THERETO.
Brief Description: This ordinance authorizes the sale of bonds to finance the Middleton Road sidewalk project.
Body
Legislative History
Resolution 22-36 authorized advertising for competitive bids and enter into contracts for the 2022 sidewalk improvement projects, which included Middleton Rd. This project was also included in the 2022-2026 Five Year Plan adopted in November 2021.
Purpose & Explanation
Staff will competitively sell 20 years bonds to permanently finance the cost of the Middleton Rd sidewalk from SR 91 to Highpoint Park.
The awarded cost of the project was $2,125,980 with a 10% contingency for a total of $2,338,578. We rounded the issuance to $2,340,000.
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