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120 <br /> <br />May 6. 1997 <br /> <br />The Municipal Finance Commission has endorsed the recommended level of $8 <br />million in new General Obligation Bonds. <br /> <br />It is recommended that when the CIP is adopted by the City Council, the funds <br />necessary for accomplishing the year's projects be appropriated at the same <br />time. This would prevent the Council from having to take separate action on each <br />CIP project throughout the year. The funds would be appropriated and be <br />available for use within each expenditure category within the CIP (see Financial <br />Impact). <br /> <br />Financial Impact: <br /> <br />· Capital Improvement Fund: <br /> <br />Drainage and Street Improvements <br />Education <br />Industrial and Economic Development <br />Leisure Services <br />Public Safety <br />Municipal Facilities <br />Miscellaneous <br /> <br />$ 4,335,161 <br />1,673,476 <br />928.000 <br />3,662,000 <br />788,878 <br />1,930,675 <br />1,336~073 <br /> <br />Total Capital Improvement Fund <br /> <br />$14,654.263 <br /> <br />Public Utilities Capital Improvement Fund $ 3,513,252 <br /> <br />· Debt service on the new bonds musl be included in future operating budgets until <br /> the debt is fully retired. <br /> <br /> Motion .by ME. Martin, and seconded by Mr. Berm, to adopt the following <br />resolution to include the reduction of a cash contribution of $500,000 for the <br />Churchland High School air quality improvement. <br /> <br /> Motion by Mr. Martin, and seconded by Mr. Clemons, to consider separately <br />the purchase of the three properties adjoining the new I.C. Norcem High School site <br />from adoption of the Capital Improvement Plan, and was <br />adopted by unanimous vote. <br /> <br /> Amended motion by Mr. Martin, and seconded by Mr. Benn, to adopt the <br />Capital Improvement Plan excluding consideration for the purchase of the three <br />properties adjoining the new I. C. Norcom High School site, and was adopted by the <br />following vote: <br /> <br /> "A RESOLUTION APPROVING THE FIVE YEAR CAPITAL IMPROVEMENT <br />PLAN FOR 1997-98 THROUGH 2001-02, AND THE ONE YEAR CAPITAL <br />-IMPROVEMENT PROGRAM FOR 1997-98. ., <br /> <br /> WHEREAS,.the City Manager has submitted to the City Council the Capital <br /> Improvement Plan for 1997-98 through 2001-02, and a one year Capital <br /> Improvement Program for 1997,98; and <br /> <br /> .: WHEREAS, the planning commission and the MuniCipal Finance Commission <br />have reviewed and commented on the plan and program; and <br /> <br /> WHEREAS, a public hearing has been held to receive public comments on <br />the five year Capital Improvement Plan and on the one year Capital Improvement <br />Program; and . <br /> <br /> WHEREAS~ the Council has considered the five year Capital Improvement <br />Plan and the one year Capital Improvement Program and finds them to be in the <br />proper form and expressive of Council policies in regard to necessary capital <br />improvements. <br /> <br /> <br />