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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: JANUARY 7, 2008 TITLE: APPROPRIATION ADJUSTMENT ACCEPTING BOND PROCEEDS FOR LOCAL STREET IMPROVEMENTS r ~, CITY MA GER CLERK OF COUNCIL USE ONLY: APPROVED ^ As Recommended ^ As Amended ^ Ordinance on 15` Reading ^ Ordinance on 2"d Reading ^ Implementing Resolution ^ Set Public Hearing For_ CONTINUED TO FILE NUMBER RECOMMENDED ACTION Approve an appropriation adjustment recognizing $60,890,493.33 in bond proceeds into the Special Gas Tax Fund and appropriating the same amount into the Residential Street Improvement Fund for the Local Street Improvement Program. DISCUSSION The City's Pavement Management System has identified preventive maintenance and capital improvement needs to extend the life of the pavement and to improve the overall condition of neighborhood streets. Based on this strategy, a $100 million investment over the next five years will be made for rebuilding and repairing neighborhood streets. These improvements will include grind and overlay, asphalt recycling, reconstruction, and critical concrete repair of sidewalk curb and gutter. On December 3, 2007 the City Council approved the financing structure for funding of Local Street Improvement Program. The financing included $60 million in bonds. The installment-sale Certificate of Participation uses Gas Tax revenues as the pledge to repay the certificates. The remaining $40 million of improvements will be funded from Measure M, CDBG, Propositions IB and 42 revenues. The bond proceeds were made available to the City on December 26, 2007. To utilize the bond funds for preparation of plans and contract documents and to construct the street improvement projects, an appropriation adjustment recognizing the funds in proper accounts is necessary. 20E-1