Agenda Item # 9.f.
City Commission Regular Meeting
- Meeting Date:
- 10/05/2015
- Re
- Authorization of $1.4 Million Advance to Fund FY 2016 Capital Improvement Plan
SUBJECT:
Approval of the investment of $1.4 million from the available HUD Bond resources to fund the FY 2016 capital improvement projects presented during the budget workshop.
SUMMARY:
In an attempt to address the improvement necessities to the city’s aging infrastructure, during FY 2016 budget workshops staff presented a source to fund capital improvement projects. Staff is advocating using $1.4 million of the HUD Bond debt prepayment funds to begin the capital improvements. The funds will be financed as a loan with a rate of 3% for 8 years, which will help meet the debt service requirements.
RECOMMENDATION:
Approve the investing of $1.4 million dollars from the available HUD Bond resources to fund the capital improvement projects
ALTERNATIVES:
Recommend other financing sources
RESPONSIBLE STAFF:
Finance Director & Chief Accountant
COORDINATED WITH:
City Manager & Deputy City Manager
Fiscal Impact
- Budgeted Y/N:
- Y
- Fiscal Year:
- 2016
- Account:
- Amount:
- $1.4 M
OTHER INFORMATION:
The advance monthly payments will be $16,421.40, annually 197,056.80. The cumulative amounts are principal, $1,400,000 and interest $176,454.47.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Finance Department (Originator) | 09/18/2015 11:53 AM | |
| City Manager | rbradshaw | 09/28/2015 10:13 AM |
- Form Started By:
- Johnna Morris
- Started On:
- 09/18/2015 10:35 AM
- Final Approval Date:
- 09/28/2015