Minutes 11/23/1993 - Laserfiche WebLink

Home Browse Search

November 23, 1993 CITY MANAGER'S REPORT 93-455 Letter from the City Manager recommending adoption of an ordinance to appropriate $326,000 from the Capital Improvements Fund for asbestos abatement and demolition of the former Harry Hunt Jr. High School. "The School Board has requested asbestos abatement and demolition of the old Harry Hunt Jr. High School to prepare for construction of the new I. C. Norcom High School. Separate bids were received on November 9 and November 10, 1993 for the asbestos removal and demolition of the school. The bids received are competitive and favorable with today's construction market (see Attachment No. 1}. The total anticipated project costs are as follows: Construction Contracts: Asbestos Removal: {Asbestos Control Services, Demolition: (Old Dominion Demolition) BCM Engineers (Asbestos Monitoring) Contract Administration and Inspection Contingencies TOTAL ANTICIPATED PROJECT COST Inc.) $ 63,916 $189,860 $ 37,000 $ 10,224 $ 25,000 $326,000 The Director of Public Works recommends that $326,000 be appropriated to complete this work. The combined construction time for these projects is three months. The School Board has retained possession of the building and site and will award the contracts at their December 9, 1993 meeting. I concur with the Director of Public Works and recommend your approval of this appropriation. With your approval, the balance in the Capital Improvements Fund will be $10,310,204." Motion by Mr. King, and seconded Mr. Clemons, to adopt the following ordinance and was adopted by the following vote: "AN ORDINANCE TO APPROPRIATE $326,000.00 FROM THE CAPITAL IMPROVEMENTS FUND FOR ASBESTOS ABATEMENT AND DEMOLITION OF THE FORMER HARRY HUNT JR. HIGH SCHOOL." Ayes: Clemons, Epperson, Griffin, King, Pitts, Webb Nays: Hawks 93-456 - Letter from the City Manager reconunending adoption Of an ordinance to appropriate $44,000 from the Capital Improvements Fund and'S16,000 from the Public Utility Capital Improvements Fund for the necessary funding associated with refunding of prior bonds issued~in January and April, 1992. "The financial markets cohtinue to present opportunities for municipalities to issue debt including the refunding of existing debt the City has outstanding. Through the substitution of new debt at interest rates lower than when the bonds were originally issued (paying off the old more expensive debt), we have another opportunity to decrease our annual payments. The Director of Finance has found after reviewing previous issues which would be eligible for refunding under the State requirements, that two prior issues, the general obligation series of January and April 1992 could be candidates for savings through refunding.