Agenda Text
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Requesting an appropriation of $375,000 from the Receipts Reserved for Appropriation Acct. to the Algonquin Gas Loop Project Stabilization Fund.
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Official Text
To the Honorable Board:
I hereby request, subject to the approval of your Honorable Board, an appropriation of three hundred seventy five thousand ($375,000.00) from Receipts Reserved for Appropriation to the Algonquin Gas Loop Project Stabilization Fund under the provisions of Chapter 40, Section 5B of the Massachusetts General Laws.
The City of Somerville received a check in the amount of $375,000.00 from Spectra Energy -Algonquin Gas Transmission, LLC resulting from an Amendment to the mitigation agreement between the City and Spectra Energy -Algonquin Gas Transmission, LLC as dated April 17, 2008 and October 2008, respectively.
The purpose of the Algonquin Gas Loop Project Stabilization Fund is to fund the complete construction of the street, sidewalk, and related work on the streets stipulated in the Agreement. In the event that surplus funds remain upon completion of the street, sidewalk, and related work, said funds may be used by the City to complete other street and/or sidewalk or related projects throughout the City.
Respectfully submitted,
Joseph A. Curtatone
Mayor