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Approve Project Ordinance Amendment to Recognize Limited Obligation Financing Proceeds.
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Staff:
Department:
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.
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?
Attachments:
* 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)
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