City of Somerville header
File #: 24-0476    Version: 1
Type: Mayor's Request Status: Approved
File created: 4/2/2024 In control: City Council
On agenda: 4/11/2024 Final action: 5/1/2024
Enactment date: 4/25/2024 Enactment #: 216983
Title: Requesting authorization to borrow $7,310,000 in a bond, and to appropriate the same amount for the FY 2024 Water Main Rehabilitation program as part of the Massachusetts Water Resource Authority's Local Water System Assistance Program.
Indexes: Finance-Assessing, Finance-Auditing, Finance-Budget, Finance-Grants Development, Finance-Procurement & Contracting Services, Finance-Treasury, Infrastructure & Asset Management, Infrastructure-Engineering
Code sections: Bond/BAN -
Attachments: 1. Water Main Rehab_Capital Program Request Sheet_FY24 CIP, 2. Appropriation Order (Water System Improvements FY24) - March 2024_$7.31M

Agenda Summary

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Requesting authorization to borrow $7,310,000 in a bond, and to appropriate the same amount for the FY 2024 Water Main Rehabilitation program as part of the Massachusetts Water Resource Authority's Local Water System Assistance Program.

 

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Official Text

To the Honorable City Council:

 

The Mayor respectfully requests that this Council appropriate $7,310,000 in order to conduct design, construction, and related water main distribution work as part of the recurring Water Main Rehabilitation program. A portion of this appropriation ($3,043,566) will be funded through participation in the MWRA Local Water Service Assistance Program (LWSAP) that provides interest-free loans to perform water systems improvements projects. To meet this appropriation, the Treasurer will be authorized to borrow $7,310,000 as provided by MGL Chapter 44. Debt service will be paid from the Water Enterprise fund.

 

Appropriate staff will be available to answer any questions about this bond you may have. Thank you for your consideration of this matter.

 

Respectfully,

Katjana Ballantyne, Mayor