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Approve Project Ordinance Amendment to Recognize Limited Obligation Financing Proceeds.
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Staff: |
Department: |
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Amy Oland, Director |
Business Management Department |
Overview: The Town recently completed the issuance of $16.161 million of limited obligation bonds (LOBS) for the East Rosemary Parking Deck project ($12 million), purchase of a ladder truck ($2.3 million), purchase of furniture & fixtures for the new police station ($1.7 million), and the issuance costs associated with the financing ($161K). In order for these funds to be available to spend on the identified capital projects, Council must enact the project ordinance amendment recognizing receipt of these funds.
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Recommendation(s): |
That the Council:
• Enact the attached project ordinance amendment to amend the budget for the 2021/2024 Limited Obligation Bonds Fund.
Key Issues:
On June 18, 2024, the Town closed on the issuance of $16.161 million of limited obligation bonds (LOBS). $12,000,000 is for the East Rosemary Parking Deck project, $2,300,000 is for the purchase of a ladder truck, $1,700,000 is for the purchase of furniture & fixtures for the new police station, and $161,000 to pay costs associated with the financing.
For the financing proceeds to be recognized and appropriated so they can be spent, the project ordinance must be enacted before the end of the fiscal year (June 30th).
Enactment of the attached project ordinance amendment would recognize and appropriate the LOBS proceeds for the costs necessary to complete the East Rosemary Parking Deck project, purchase of a ladder truck, and purchase of furniture & fixtures for the new Police Station.
Where is this item in its process?
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Attachments: |
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• Project Ordinance - 2021/2024 LOBS Fund |
AN ORDINANCE TO AMEND THE CAPITAL PROJECTS ORDINANCE FOR THE ROSEMARY PARKING DECK, PUBLIC ROADWAY IMPROVEMENTS, LADDER TRUCK, AND FURNITURE & FIXTURES FOR THE NEW POLICE STATION FUNDED FROM LIMITED OBLIGATION BONDS (2024-06-28/O-1)
BE IT ORDAINED by the Council of the Town of Chapel Hill that pursuant to Section 49 of Chapter 159 of the General Statutes of North Carolina, that the capital projects ordinance established for the East Rosemary Parking Deck and public roadway improvements for Elliott Road be amended to include the costs necessary to complete the East Rosemary Parking Deck, for the purchase of a ladder truck, and for the purchase of furniture & fixtures for the new Police Station funded from limited obligation bonds. The ordinance is hereby amended as follows:
“SECTION I
The capital projects as authorized by the Town Council include the Rosemary Street Parking Deck and Ephesus Fordham Phase II - Elliott Road Reconstruction funded from the 2021 Limited Obligation Bonds and the Rosemary Street Parking Deck, Ladder Truck, and Furniture & Fixtures for the new Police Station from the 2024 Limited Obligation Bonds for projects extending beyond one year.
SECTION II
The Manager of the Town of Chapel Hill is hereby directed to proceed with implementation of these projects within terms of funds appropriated herein.
SECTION III
Revenues anticipated to be available to the Town to complete the project are hereby amended as follows:
SECTION IV
Amounts appropriated for capital projects are hereby amended as follows:
SECTION V
The Manager is directed to report annually on the financial status of the project in an informational section to be included in the Annual Budget, and shall keep the council informed of any unusual occurrences.
SECTION VI
Copies of this amended projects ordinance shall be entered into the minutes of the Council and copies shall be filed within five days of adoption with the Manager, Business Management Director and Town Clerk.”
This the 28th day of June, 2024.
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The Agenda will reflect the text below and/or the motion text will be used during the meeting. |
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PRESENTER: Amy Oland Business Management Director
RECOMMENDATION: That the Council enact the project ordinance, the Council amends the capital project budget for the costs necessary to complete the Rosemary Deck Project, purchase a ladder truck, and purchase furniture & fixtures for the new Police Station funded by the 2024 Limited Obligation Bonds.