City of Somerville, Massachusetts - File #: 197414

• File #: 197414
• Version: 1
• Type: Mayor's Request
• Status: Approved
• File created: 7/8/2014
• In control: City Council
• On agenda: 7/10/2014
• Final action: 9/23/2014
• Enactment date: 7/10/2014
• Enactment #: 197414
• Title: Requesting an appropriation and authorization to borrow $2,000,000 in a bond for a feasibility study and schematic design for the renovation and/or construction of the High School.
• Code sections: Bond/BAN -

Date	Ver.	Action By	Action	Result
9/25/2014	8	BOA	Mayoral Approval
9/23/2014	7	City Council	Approved
9/22/2014	6	Finance	Approved
9/11/2014	5	City Council	Referred for recommendation
7/10/2014	4	City Council	Referred for recommendation

  Agenda Text

title

Requesting an appropriation and authorization to borrow $2,000,000 in a bond for a feasibility study and schematic design for the renovation and/or construction of the High School.

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Official Text

To the Honorable Board:

I respectfully request an appropriation of  two million dollars ($2,000,000) and the authorization to borrow two million dollars ($2,000,000)  for the purpose of paying costs for a feasibility study regarding the renovation and/or construction of Somerville High School and for the purpose of paying costs related to the development of a schematic design for the renovation and/or construction of Somerville High School.

Said appropriation shall include the payment of all costs incidental or related thereto, and for which the City of Somerville may be eligible for a grant from the Massachusetts School Building Authority ("MSBA"), said amount to be expended under the direction of the School Building Needs Commission.

The Mayor and the City Treasurer, with the approval of the Board of Aldermen, are authorized  to issue not exceeding $2,000,000 bonds of the City to meet said appropriation and pending the issuance thereof the making of temporary borrowings for such purpose is hereby approved; that the Mayor and the City Treasurer are the officers authorized to issue and sell said bonds or bond anticipation notes in accordance with the provisions set forth herein and under and pursuant to Chapter 44 of the General Laws of Massachusetts, or pursuant to any other enabling authority.

The City of Somerville acknowledges that the MSBA's grant program is a non-entitlement, discretionary program based on need, as determined by the MSBA, and any costs the City of Somerville incurs in excess of any grant approved by and received from the MSBA shall be the sole responsibility of the City of Somerville and that the amount of borrowing authorized pursuant to this vote shall be reduced by any grant amount set forth in an Agreement that may be executed between the City of Somerville and the MSBA.

Respectfully,

Joseph A. Curtatone

Mayor