Legislation Details

File #: 26-0807    Version: 1
Type: Mayor's Request Status: Approved
File created: 5/11/2026 In control: City Council
On agenda: 5/14/2026 Final action: 6/3/2026
Enactment date: 5/28/2026 Enactment #: 220779
Title: Requesting approval to appropriate $999,000 from the Facility Construction and Renovation Stabilization Fund to the Building Improvements Bond Fund to pay down building renovation expenses.
Indexes: Finance-Assessing, Finance-Auditing, Finance-Budget, Finance-Grants Development, Finance-Procurement & Contracting Services, Finance-Treasury, Infrastructure-Capital Projects
Code sections: Stabilization Fund -

Agenda Summary

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Requesting approval to appropriate $999,000 from the Facility Construction and Renovation Stabilization Fund to the Building Improvements Bond Fund to pay down building renovation expenses.

 

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Official Text

To the Honorable City Council:

 

The Mayor respectfully requests that this Council appropriate $999,000 from the Facility Construction and Renovation Stabilization Fund to the Building Improvements Bond Fund (Fund 518022) for the purpose of funding building renovation expenses with cash in lieu of borrowing. Said amount of $999,000 was slated to be borrowed in the City's annual borrowing market event in June 2026 for expenses already incurred. By paying down these expenses with capital cash, the City will save an estimated $1,374,202 in debt service over the life of the loan. This action also opens up capacity in future years for additional capital projects.

 

Appropriate staff will be available to answer any questions you may have. Thank you for your consideration of this matter.

 

Respectfully Submitted,

Jake Wilson, Mayor