Agenda Text
title
Requesting approval to appropriate $115,000 from the remaining balance of $416,933 from the Argenziano School Construction Project to fund the construction of an outdoor Ice Skating Rink adjacent to the Veterans Memorial Ice Rink.
body
Official Text
To the Honorable Board:
I hereby request, subject to the approval of your Honorable Board, an appropriation of $115,000 from the remaining balance of $416,933 from the Argenziano School Construction Project to fund the construction of an outdoor ice skating rink adjacent to the Veterans Memorial Ice Rink on Somerville Avenue.
The Argenziano School Construction Project has been completed. An unexpended balance of $416,933 remains from the $35,728,596 appropriated. Chapter 44, Section 20 of the Massachusetts General Laws states that the remaining proceeds “may at any time be appropriated by a city, town, or district for any purposes for which a loan may be incurred for an equal or longer period of time than that for which the original loan, including temporary debt, was issued.”
The Argenziano School Construction Project was authorized under Ch.44, Section 7, Subsection 3 of the M.G.L., which prescribes a borrowing period of twenty (20) years.
Similarly, the borrowing for new building construction for the Outdoor Ice Skating Rink would be authorized under Ch.44, Section 7, Subsection 3 of the M.G.L. which also prescribes a borrowing period of twenty (20) years. The new building construction costs for the Outdoor Ice Skating Rink constitute a “like purpose” so the unexpended balance from the Argenziano School Construction Project may be appropriated to defray costs for the construction.
The total cost of the project, which includes targeted renovations to the existing Veterans Memorial Ice Rink, is expected to be approximately $2.7 million. Debt service expenses will be secured by program revenues and outside sources.
Favorable action by your Honorable Board will eliminate the need to borrow $115,000 as part of the construction costs. A two-thirds vote of your Honorable Board is required to approve this measure.
Thank you for your consideration.
Respectfully submitted,
Joseph A. Curtatone
Mayor