ITEM TITLE:
Consider approving up to $4,700,000.00 of available GO Bond funds to current street projects that meet the criteria established and approved by the public, specifically for mill & overlay initiatives, outlined in the GO Bond Issues of 2018, 2019, 2020, 2021, and 2024.
INITIATOR: Rebecca Johnson, Finance Director
STAFF INFORMATION SOURCE: Rebecca Johnson, Finance Director
BACKGROUND:
The fiduciary responsibility of the City is to allocate and align projects in order to provide fluid and prudent use of said allocations. GO Bond allocations have projects in design phase which will not be completed in time to allow the City to spend said funds within the GO Bond Funding Agreements time frames. There are alternative approved capital projects that are currently being funded via the city's general fund that can effectively meet the spending requirements. Specifically, the city has several mill and over lay projects that have been identified as allowable under the GO Bond Funding Agreements.
Staff is recommending that council approve utilizing a portion of the available GO Bond Funds into current ready projects with the direction to budget the deferred funding apportionment from the city's general fund back to the GO Bond Funded projects in FY26 when the projects will be ready to implement.
EXHIBIT: N/A
KEY ISSUES: Does the City Council wish to authorize the apportionment of the available General Obligation Bonds Series listed for the purpose indicated?
FUNDING SOURCE: 2018, 2019, 2020, 2021, and 2024 Series GO Bond Funds, totaling approximately $4,700,000.00
STAFF RECOMMENDED COUNCIL ACTION: Approve up to $4,700,000.00 of available GO Bond funds to current street projects that meet the criteria established and approved by the public, specifically for mill & overlay initiatives, outlined in the GO Bond Issues of 2018, 2019, 2020, 2021, and 2024 thereby authorizing the City of Lawton's compliance with GO Bond Funding Agreement expenditure guidelines...
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