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Approve Project Ordinance Amendments to Recognize Capital Financing Proceeds for FY 2020-21.
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Staff:
Department:
Amy Oland, Director
Business Management Department
Overview: The Town recently completed the issuance of $3.205 million of general obligation two-thirds bonds and $4.755 million of general obligation referendum bonds. In order for these funds to be available to spend on the identified list of capital projects, Council must enact project ordinance amendments recognizing receipt of these funds.
Recommendation(s):
That the Council:
1. Enact the attached project ordinance amendment to establish a budget for the 2021 Parks and Recreation, Public Safety and Streets and Sidewalks Two-Thirds Bonds Fund;
2. Enact the attached project ordinance amendment to establish a budget for the 2018 Affordable Housing Bond Fund.
Key Issues:
Two-Thirds Bonds - On May 12, 2021, the Town closed on $3,205,000 of General Obligation Two-Thirds Bonds. The total amount of the proceeds, including a bond premium, is $3,511,731; $3,441,972 of that amount is available for project use and $69,759 is to pay costs associated with the financing.
The proceeds will be used for the following projects:
* Cedar Falls Park Tennis Complex Reconstruction - Remove the current tennis courts and reconstruct the complex to improve drainage. Project would include five tennis courts, four junior courts, new LED lighting, fencing, walkways and amenities.
* Hargraves Park Tennis Court Improvements - Resurface existing tennis courts, replace fencing, and install LED lights.
* Ephesus Park Technical Assessment and Tennis & Pickleball Courts -Conduct engineering assessment of current complex conditions and subsurface conditions to produce recommendations and cost estimates on options for how to effectively address existing issues and a short-term repair option of the noted issues.
* Hargraves Park Playground Surface Replacement - Repair the poured-in-place surfacing that is crack...
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