Agenda Text
title
Requesting approval to appropriate and transfer $8,964,735 from the Facility Construction Stabilization Fund to the Somerville High School Construction fund to pay costs of the construction of Somerville High School, 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 that your Honorable City Council appropriate $8,964,735 and transfer $8,964,735 from the Facility Construction and Renovation Stabilization Fund 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 the project by a like amount.
The prime purpose for establishing the Facility Construction and Renovation Stabilization Fund was to create a vehicle for accumulating reserves for the construction of Somerville High School. The Fund was established in 2014. The appropriation of $8,964,735 constitutes the current balance of the fund.
My staff will be available to answer any questions you may have. Thank you for your consideration of this matter.
Respectfully Submitted,
Katjana Ballantyne, Mayor