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September 28, 1999 <br /> <br />Recommendation: <br /> <br />· Adoption of an ordinance to appropriate $9,432,089 in the Capital Improvement <br />Fund for school construction. <br /> <br />Purpose and Need: <br /> <br />· The school system has developed a comprehensive, long-range facilities plan that <br />identifies and prioritizes school facility needs. This plan includes a funding strategy that <br />encompasses the use of state lottery proceeds, City general obligation bonds and <br />school year-end savings. <br /> <br />· The school system has accumulated $9,423,089 from FY99 year-end savings, <br />additional state funds received in FY99 and Qualified Zone Academy Bonds (QZABs) to <br />be used for school construction. The amounts are as follows: <br /> <br />FY98 funds returned <br />but not yet appropriated <br />FY98 encumbrances cancelled <br /> in FY99 <br />FY99 unspent appropriation <br />School lottery proceeds <br /> (half of total amount received) <br /> <br />$ $665,744 <br /> <br /> 188,910 <br /> 1,298,148 <br /> <br /> 1,328,523 <br /> <br />Cash available <br /> <br />$ 3,481,325 <br /> <br />QZABs 5,950,764 <br /> <br />Total $ 9,432,089 <br /> <br />· The City Council must appropriate these amounts to provide the schools the <br />authorization to spend. <br /> <br />Financial Impact: <br /> <br />· The financial impact is favorable. The total appropriation available in cash is <br />$3,481,325. An allocation of $5,950,764 is available in QZABs that are interest free and <br />are a substitution of future general obligation bond authorization. As QZABs are <br />interest free, the ultimate costs associated with these bonds is lower than the general <br />obligation debt. <br /> <br />· The City/Schools have already been approved for $4,950,764 of QZAB <br />authorization. Should the state not approve the additional $1,000,000 in <br />allocation, the corresponding appropriation will lapse. <br /> <br />QZAB <br /> <br /> Motion by Mr. Pitts, and seconded by Mr. Moody, to adopt the following <br />ordinance, and was adopted by the following vote: <br /> <br />"AN ORDINANCE TO APPROPRIATE $9,423,089 IN THE CAPITAL IMPROVEMENT <br />FUND FOR IMPLEMENTATION OF THE SCHOOL FACILITIES PLAN." <br /> <br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley <br />Nays: None <br /> <br />99 - 220 - Adoption of a resolution canceling the regularly scheduled November 9, 1999 <br />City Council meeting. <br /> <br />Consensus of Council to cancel the meeting as several members will be out of <br />town on City business. <br /> <br />Recommendation: <br /> <br />· Adoption of a resolution canceling the regularly scheduled November 9, 1999 City <br />Council Meeting. <br /> <br /> <br />