title
Approve Project Ordinance Amendments to Recognize Capital Financing Proceeds for FY 2022-23.
body
Staff:
Department:
Amy Oland, Director
Business Management
Overview: The Town recently issued $1,980,000 of general obligation two-thirds bonds and $12,945,000 of general obligation referendum bonds. 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:
* Enact the attached project ordinance amendment to establish a budget for the 2023 Public Safety Two-Thirds Bonds Fund;
* Enact the attached project ordinance amendment to amend the budget for the 2015 Streets and Sidewalks Bond Fund;
* Enact the attached project ordinance amendment to amend the budget for the 2018 Affordable Housing Bond Fund; and
* Enact the attached budget ordinance amendment to amend the Public Housing Fund budget.
Key Issues:
Two-Thirds Bonds - On March 7, 2023, the Town closed on $1,980,000 of general obligation two-thirds bonds. The total amount of the proceeds, including a bond premium, is $2,256,505; $2,222,918 of that amount is available for project use and $33,587 is to pay costs associated with the financing.
The proceeds will be used for the following project:
* Public Safety Radio Equipment ($2,256,505) - Replacement radios for the Town's police and fire departments that will be P25 Phase 2 ready to meet the new requirements set forth by the NC Department of Public Safety's Voice Interoperability Plan for Emergency Responders (VIPER) system.
Enactment of the attached project ordinance amendment will establish the 2023 Two-Thirds Bonds Fund project budget in the amount of $2,256,505 from the proceeds of the issuance of general obligation two-thirds bonds.
Referendum Bonds - On March 8, 2023, the Town closed on $12,945,000 of general obligation streets & sidewalks ($7,700,000) and affordable housing ($5,245,000) refer...
Click here for full text