Title
Order: That the City adopt a plan to fund completion of streets where roadwork has already begun.
Body
Ordered: That the City adopt the following plan to fund the completion of streets where roadwork has already begun:
Proposal for Road Work to be Completed
Current Year:
Needed - $4,500,000
Source:
Water and Sewer Enterprise Surplus - $2,000,000
City Reserve - $1,700,000
Chapter 90 Funds FY 2017 $800,000
Total $4,500,000
Future Years:
That the Mayor enter into a written agreement with the Council that Chapter 90 funds in the amount of $665,000 will be set aside each year to pay off a $10,000,000 bond over twenty years.