HomeMy WebLinkAbout20E - BONDS LOCAL STREET IMRPOVREQUEST 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
Appropriation Adjustment Accepting
Band Proceeds for Local Street Improvements
January 7, 2008
Page 2
ENVIRONMENTAL IMPACT
There are no environmental impacts associated with this action.
FISCAL IMPACT
The approved appropriation adjustment will allow the $60,890,493.33
million in Gas Tax Bond Proceeds to be received into Special Gas Tax
Revenue Account No. 29-01-5820 and facilitate the inter-fund transfer
from the Special Gas Tax Expenditure Account (Account No. 29-013-6800-58)
to the Residential Street Improvement Revenue Account (Account No. 58-01-
5990-29). Appropriations to the Residential Street Improvement
Expenditure Account No. 58-552-6631 will be made as expenditures are
incurred.
APPROVED AS TO FUNDS AND ACCOUNTS:
.1
James G. Ro s /~ Francisco
Executive Director V"'~Executive
Public Works Agency Finance &
Gutierrez
Director
Management Services Agency
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