Contact Name: Kenneth Flatto
committee
Referred to Committee: Budget & Appropriations Committee
Submitting Department: Finance
title
Proposed Approval of General Obligation Bonds - To Fund Certain Capital Improvement Projects
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WHEREAS, the City Council of the City has previously adopted and approved the City’s Five-Year Capital Plan for Fiscal Years 2026-2030 (the “2026-2030 Capital Plan”), as amended, in the total amount of $152,067,378; and
WHEREAS, on May 12, 2026, the City Council of the City adopted and approved the Ciyy's Five-Year Capital Plan for Fiscal Years 2027- 2031 (the " 2027- 2031 Capital Plan") in the total amount of$ 763,056, 121; and
WHEREAS, the City Council has determined it to be in the best interest of the City to add an additional project to the City's 2027- 2031 Capital Plan in Fiscal Year 2027 (the “Additional FY 2027 Capital Plan Approved Project”) in the total amount of $750,000 as more particularly listed on the Exhibit A attached hereto; and
RESOLVED, that the City Council hereby authorizes the Officials in connection with the issuance of the Bonds to allocate any unused bond proceeds to other City projects authorized for bonding, consistent with the applicable tax and other laws, as deemed to be necessary or advisable and in the best interests of the City by the Officials; and be it further
RESOLVED, that the Officials are hereby authorized to apply for and accept any available State or federal grant in aid of the financing of the Projects, and to take all action necessary or proper in connection therewith; and be it further
RESOLVED, that the Resolution shall become effective upon passage.