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May 10, 2016 <br />Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Whitaker, Wright <br />Nays: None <br /> <br />16 - 148 - Adoption of an ordinance to amend the FY 2016 - 2020 Capital <br />Improvement Program and the revenue side of the FY 2015 - 2016 Capital <br />Improvement Fund budget by moving $929,132 from the Operating Transfers line <br />item to the Bond Proceeds line item, and to increase the maximum projected <br />amount of General Obligation bonds, notes, and other debt instruments to be <br />issued by $929,132. <br />Vision Principle: Efficient Service Delivery. <br /> <br />Background: <br /> <br /> The Westhaven Elementary roof $929,132 project was approved as part of the <br />Adopted Capital Improvement Program for FY2016, with a transfer from the schools as <br /> <br />the funding source. <br /> <br />Discussion: <br /> <br /> The engineering design is almost completed and will be ready for bid in the <br /> <br />summer of 2016. <br /> <br /> At the time of adoption, the Schools anticipated that these dollars would be <br />available from the close-out of their FY2015 operating budget. However, this did not <br /> <br />occur. <br /> <br /> The change in funding source will allow this project to move forward in the <br />procurement process. <br /> <br /> This project may qualify to be eligible for Qualified Zone Academy Bonds <br />(QZAB’s) which are US government debt issued at a nominal interest rate. <br /> <br />Financial Impact <br /> <br /> The City will be responsible for the debt service on this project. <br /> <br />Staff Recommends: <br /> <br /> Adoption of an ordinance to change the funding source for the Westhaven <br />Elementary Roof project. Vision Principle: Efficient Service Delivery. <br /> <br />Next Steps Following Council Action: <br /> <br /> <br /> The Department of Finance will amend the financial system. <br /> <br />Motion by Dr. Edmonds, and seconded by Dr. Whitaker, to adopt the following <br />ordinance, and was adopted by the following vote: <br /> <br />“ORDINANCE TO AMEND THE FY 2016 - 2020 CAPITAL IMPROVEMENT <br />PROGRAM AND THE REVENUE SIDE OF THE FY 2015 - 2016 CAPITAL <br />IMPROVEMENT FUND BUDGET BY MOVING $929,132 FROM THE OPERATING <br />TRANSFERS LINE ITEM TO THE BOND PROCEEDS LINE ITEM, AND TO <br />INCREASE THE MAXIMUM PROJECTED AMOUNT OF GENERAL OBLIGATION <br />BONDS, NOTES, AND OTHER DEBT INSTRUMENTS TO BE ISSUED BY $929,132.” <br /> <br /> <br />Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Whitaker, Wright <br />Nays: None <br /> <br />- New Business - <br /> <br />16 - 149 - Boards and Commissions <br /> <br />Dr. Edmonds offered the following nominations: <br /> <br />Council Liaison to PRHA <br /> <br />Dr. Mark Whitaker to replace Danny Meeks. <br /> <br />Motion by Dr. Edmonds, and seconded by Mr. Cherry, to close nominations and <br />the above nomination was adopted by the following vote: <br /> <br /> <br /> <br /> <br /> <br /> <br />