Legislation Details

File #: 26-0818    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 #: 220782
Title: Requesting approval to appropriate $3,940,905 from the Street Reconstruction and Resurfacing Stabilization Fund to the Street Resurfacing Bond Fund to pay down street reconstruction and resurfacing 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

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Requesting approval to appropriate $3,940,905 from the Street Reconstruction and Resurfacing Stabilization Fund to the Street Resurfacing Bond Fund to pay down street reconstruction and resurfacing expenses.

 

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Official Text

To the Honorable City Council:

 

The Mayor respectfully requests that this Council appropriate $3,940,905 from the Street Reconstruction and Resurfacing Stabilization Fund  to the Street Resurfacing Bond Fund (Fund 517723) for the purpose of funding street reconstruction and resurfacing expenses with cash in lieu of borrowing. Said amount of $3,940,905 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 $4,951,742 in debt service over the life of the loan. This action 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