City of Somerville, Massachusetts - File #: 213623

• File #: 213623
• Version: 1
• Type: Mayor's Request
• Status: Approved
• File created: 4/25/2022
• In control: City Council
• On agenda: 4/28/2022
• Final action: 6/9/2022
• Enactment date: 4/28/2022
• Enactment #: 213623
• Title: Requesting the appropriation and transfer of $10,827,440.61 from various available proceeds to the Somerville High School Construction Project thereby reducing the amount authorized to be borrowed for the project by a like amount.
• Code sections: Appropriation/Budget -

Date	Ver.	Action By	Action	Result
6/14/2022	6	BOA	Mayoral Approval
6/9/2022	5	City Council	Approved
5/24/2022	4	Finance	Kept in committee
4/28/2022	3	City Council	Referred for recommendation

  Agenda Text

title

Requesting the appropriation and transfer of $10,827,440.61 from various available proceeds to the Somerville High School Construction Project thereby reducing the amount authorized to be borrowed for the project by a like amount.

body

Official Text

To the Honorable City Council:

I respectfully request an appropriation of $10,827,440.61 and transfer of $10,827,440.61 from the available proceeds in the below listed funds to the Somerville High School Construction Fund (Fund 5139) for the purpose of paying costs of the construction of Somerville High School thereby reducing the amount authorized to be borrowed for such project by a like amount.

Available proceeds for transfer:

$3,673,158 - Bond Anticipation Note Premium- Fund 3679

$7,500.00   - Unexpended Proceeds -SHS Roof Repairs - Fund 5066

$31, 894.41 -Unexpended Proceeds -SHS Room 143 -Fund 5085

$6,776.20    -Unexpended Proceeds -SHS Auditorium -Fund 5100

$7,108,112  - Funds from USQ D2 Disposition - Fund 3207

The formal appropriation order drafted by bond counsel is attached to this communication.

My staff will be available to address any questions you may have. Thank you for your consideration of this item.

Respectfully Submitted,

Katjana Ballantyne, Mayor