City of Somerville, Massachusetts - File #: 203651

• File #: 203651
• Version: 1
• Type: Mayor's Request
• Status: Approved
• File created: 6/8/2017
• In control: City Council
• On agenda: 6/8/2017
• Final action: 6/22/2017
• Enactment date: 6/8/2017
• Enactment #: 203651
• Title: Requesting approval to create the Green Line Extension Stabilization Fund for the purpose of funding the city's $50,000,000 contribution to MassDOT.
• Code sections: Stabilization Fund -

Date	Ver.	Action By	Action	Result
6/26/2017	6	BOA	Mayoral Approval
6/22/2017	5	City Council	Approved
6/22/2017	4	Finance	Recommended to be discharged with no recommendation
6/8/2017	3	City Council	Referred for recommendation

  Agenda Text

title

Requesting approval to create the Green Line Extension Stabilization Fund for the purpose of funding the city's $50,000,000 contribution to MassDOT.

body

Official Text

To the Honorable Board:

I respectfully request that your Honorable Board vote to create the Green Line Extension Stabilization Fund under the provisions of Chapter 40, Section 5B. This Fund will be used for the purpose of accumulating monies to apply to the $50 million committment made by the City of Somerville to MassDOT  toward the Green Line Project Funding Gap. Monies may be applied to any debt service payment, including principal and interest, that may be incurred by the City of Somerville in fulfilling the requirements of the Project Funding Agreement with MassDOT.

Respectfully,

Joseph A. Curtatone, Mayor