Minutes 05/22/2001 - Laserfiche WebLink

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May 22, 2001 01 - 165 - Public hearing on a proposed resolution authorizing the City to contract a debt and issue general obligations bonds of the City in the principal amount of $4,240,000 to finance the cost of various public improvement projects. There were no speakers. - City Manager's Report - 01 -166 - Adoption of the following resolutions approving the five-year Capital Improvement Plan for 2001-2006 and the issuance of General Obligation Bonds to provide the necessary funds for the various improvement projects, and adoption of an ordinance appropriating the funds necessary for implementing the Capital Improvement Fund and the Public Utilities Capital Improvement Fund. a. Adoption of a resolution approving the 2001 through 2006 Capital Improvement Plan. b. Adoption of a resolution authorizing the issuance of General Obligation Bonds in the amounts of $4,240,000 for the 2001 Capital Improvement Plan; and of $56,335,000 (inclusive of the $4,240,000), the total of bonds authorized and unissued for General Public Improvements and Public Utility Capital Improvements. c. Adoption of an ordinance appropriating $7,075,365 in the Capital Improvement Fund and $5,324,000 in the Public Utilities Capital Improvement Fund. Recommendations: (a) Adoption of a resolution approving the 2001-2002 through 2005-2006 Capital Improvement Plan (CIP). (b) Adoption of a resolution authorizing the issuance of General Obligation Bonds in the amounts of $4,240,000 for the 2001 Capital Improvement Plan and of $56,335,000 (inclusive of the $4,240,000), the total of bonds authorized and unissued for General Public Improvements and Public Utility Capital Improvements. (c) Adoption of an ordinance appropriating $7,075,365 in the Capital Improvement Fund and $5,324,000 in the Public Utilities Capital Improvement Fund. Purpose and Need: · The CIP is the City's plan for major construction projects over the next five years. It is a primary means of carrying out the City Council's goals for neighborhood quality and economic development. · The City Council held a joint public hearing with the Planning Commission on April 10, 2001 on the proposed CIP. The Planning Commission has endorsed the proposal. · The Planning Commission recommends adoption of the proposed CIP, including the modifications proposed by the City Manager. · The City Council held a public hearing on the authorization of $4,240,000 in General Obligation Bonds to fund the 2001 CIP. · As the City plans to sell bonds in June for all outstanding authorizations, a resolution in the amount of $56,335,000 is needed to combine the prior authorizations. Financial Impact: · All the funds expected to be expended by the City as a result of adopting the proposed CIP are recommended to be appropriated at the time of adoption. · Debt service on the new bonds must be included in future operating budgets until the debt is fully retired.