Legislation Details

File #: 26-0808    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 #: 220780
Title: Requesting approval to appropriate $2,381,625 from the Street Reconstruction and Resurfacing Stabilization Fund to the Somerville Avenue Streetscape Bond Fund to pay down capital expenses.
Indexes: Finance-Assessing, Finance-Auditing, Finance-Budget, Finance-Grants Development, Finance-Procurement & Contracting Services, Finance-Treasury, Infrastructure-Capital Projects, Infrastructure-Engineering
Code sections: Stabilization Fund -

Agenda Summary

title

Requesting approval to appropriate $2,381,625 from the Street Reconstruction and Resurfacing Stabilization Fund to the Somerville Avenue Streetscape Bond Fund to pay down capital expenses.

 

body

Official Text

To the Honorable City Council:

 

The Mayor respectfully requests that this Council appropriate $2,381,625 from the Street Reconstruction and Resurfacing Stabilization Fund to the Somerville Avenue Streetscape Bond Fund (Fund 51465) for the purpose of funding streetscape expenses with cash in lieu of borrowing. Said amount of $2,381,625 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 $2,992,509 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