Consideration and Action regarding Resolution No. 2020-08 Declaring Intention to Reimburse an Amount not to Exceed $8,500,000 for Certain Capital Expenditures with Proceeds from Debt; and Placing Time Restrictions on the Issuance of Tax-Exempt Obligations.

At the February 18th City Council Meeting, City staff presented capital projects that could be considered for design ahead of the bond election anticipated in November 2020.  The City Council approved a list of projects and the estimated cost of design.  They include:

Knowles Drive Reconstruction Design/Construction Documents ($2.5 M)

Central Fire Station Design/Construction Documents ($1.2 M)

North Old Decatur Design & Reconstruction ($750,000)

Sidewalk and ADA Improvements ($1 M)

Boaz/Old Decatur Intersection Improvements ($1 M)

Saginaw Boulevard Signal Upgrade at McLeroy Blvd ($500,000)

After opening the bids for the Bailey Boswell overpass project, the anticipated project overage of $1,550,000 is added.

The total estimated reimbursement of fund balance from a future debt issuance is $8,500,000.

Staff recommends approval of Resolution No 2020-08 declaring intention to reimburse an amount not to exceed $8,500,000 for certain capital expenditures with proceeds from debt; and placing time restrictions on the issuance of tax-exempt obligations.